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INTERNATIONAL CONNECTIONS
In 2002 Ukrainian Stock Exchange continued the
activity on international arena in the world financial markets
sphere.
During the account period were strengthened the
connections of USE with Warsaw, Frankfurt, Korea, Istanbul,
Macedonian, Armenian and Bulgarian Stock Exchanges.
Within the year USE has been holding the
information exchange with Federation of European Stock Exchanges (FESE).
Being an active member of Capital Markets
Development Working Group in Organization for Economic Cooperation
and Development (OECD), Ukrainian Stock Exchange had continuing to
prepare recommendations for the development of Emerging Capital
Markets.
USE is a member of the Federation of Euro-Asian
Stock Exchanges (FEAS), member of the Executive Committee of the
Federation.
5-9 September 2002, Ukrainian Stock Exchange
organized and carried out meetings of the Executive Committee and 8th
General Assembly of the Federation of Euro-Asian Stock Exchanges.
It was a significant event organized according to
the world standards. Almost all FEAS Members took part in the
Assembly. Chief executive officers of stock exchanges from various
countries visited Ukrainian Stock Exchange with great pleasure.
President of Ukraine Mr. Leonid Kychma and Prime-minister of Ukraine
forwarded their greetings to the Assembly’s participants. Both
exchange employees and Ukrainian state figures met foreign
colleagues. During the Assembly meeting there were discussed
questions on cooperation, experience exchange of practical activity
in order to develop emerging markets. The 8th General
Assembly was elective. In the process there was approved a new
structure of Executive Committee, President and Vice-President of
the Federation were elected. USE was elected as a member of
Executive Committee for the new term. To the post of President of
Federation unanimously was elected President of Istanbul Stock
Exchange Mr. Osman Birsen for a new term. To the post of
Vice-President of Federation unanimously was elected Chairman of the
Board of Ukrainian Stock Exchange Mr. Valentin Oskolsky.
Upon the termination of Assembly the Federation’s
experts organized the IT-seminar. There were discussed such
questions as creation, implementation, use and improvement of
different technologies and software. Istanbul Stock Exchange shared
its electronic trading experience with the participants.
8th General Assembly of the Federation
of Euro-Asian Stock Exchanges was really significant event in 2002.
It effort the opportunity for FEAS Members to share its successes
and experience, to discuss the problem questions, to solve problems
both the Federation as a whole and individual Member in particular.
General Assembly promoted the friendly relationship strengthening
between stock exchanges and between personalities.
PARTICIPATION IN DEVELOPMENT OF SECURITIES
LEGISLATION AND NORMATIVE BASE OF USE
One of the main segments of Ukrainian
Stock Exchange activity in 2002, as in previous years, remains the
participation in Ukrainian Securities Legislation development and
its improvement. During the year USE specialists took part actively
in working out the drafts of normative and legislative documents, at
the head of Securities and Stock Market State Commission (SSMC) in
order to fulfill the Measures for Realization the Main Future
Outlooks of Capital Market Development during the years 2001-2005,
approved by the Cabinet of Ministers Decision # 1046 dated 14.08.01
in order to fulfill the President Decree “On Additional Measures for
Capital Market Development in Ukraine” #198 dated 26.03.01. The
realization of the President Decree provide economic reforms
implementation, increase of capital market role in a process of
investments attraction, improvement of legal, economic and
organizational methods of capital market state regulations.
Towards the end of the year Coordination &
Experts Council (CEC) resumed its activity. Ukrainian Stock Exchange
became a member of both CEC and CEC Working Group for working out
the Regulation on Securities Market Functioning. As a result Working
Group worked up the alternative draft Regulation and forward it to
the Securities and Stock Market State Commission.
During the year USE continued its work on
improvement and working out of normative exchange documentation. In
order to bring exchange regulations in conformity with legislation
and SSMC acts USE worked up Membership Regulation and made new
edition of Regulation on Securities Admission to USE Quotation. In
order to create normative basis for implementation the new
technology of exchange electronic trading USE General Meeting moved
the amendments to USE Rules. In order to implement new Internet
services and decrease of USE members expenses USE approved the
amendments to Price List of USE Services Tariffs.
In the end of the year USE
finished the work on documentation and software of exchange
electronic securities trading based on double continued auction
principles. USE has the aim to implement in the nearest future
System of Electronic Trading (SELT). The System is a totality of
technical and telecommunication software for trading on-line.
In November USE transferred to Ministry of
Education and Science the software “Ukrainian Stock Exchange System
of Electronic Trading” (SELT USE. Version 1.0) to get intellectual
property rights
At the beginning of the year Exchange
Council and USE Board approved Regulation of securities Trading
Performance in SELT USE and Regulation on Access to the SELT USE.
After that the Regulations were forwarded to Securities and Stock
Market State Commission for approval.
SCIENTIFIC,
METHODICAL,
PUBLISHING &
INFORMATION ACTIVITY
Ukrainian Stock Exchange keeps various and fruitful scientific
&
methodical,
publishing and information activity.
Normative documents worked up by USE specialists are used by
Securities and Stock Market State Commission,
other stock exchanges and participants of national securities
market. They are the manuals for students of economic institutes.
Ukrainian Stock Exchange is the co-founder
of Kyiv Slavonic University,
Kyiv Institute of Investment Management,
International Institute of Capital Market (Moscow city).
In the Kyiv Slavonic University USE leads the faculty of economy and
management; specialty is securities market. USE specialists read
lecturers to students at USE building. Head of the faculty is
Chairman of the Board of Ukrainian Stock Exchange, academician V.
Oskolsky.
USE specialists try to chare its theoretical and practical
experience. As a result at year end USE initiated creation of
Student
Stock Exchange.
It is a first Student Stock Exchange in Ukraine. Students of Kyiv
Slavonic University perform real trading in primary and secondary
markets using USE basis. Youth began play this unique, serious and
really adult game "Student
Stock Exchange”
with great desire. Everyone has an opportunity to become exchange
specialist and then broker. Hence, storing theoretical and practical
knowledge, accumulating experience future market professionals will
enter the market armed to the teeth and ready to win.
Ukrainian Stock Exchange keeps its publishing activity. At the end
of the year USE prepared a new book and published it at the
beginning of year 2003. The book is called
Securities Market from “A” to “Z”.
The authors are Chairman of the Board of USE
Mr.
Valentin Oskolsky
and Director General
Mrs. Hanna Yatsyuk.
Maintenance of regular information about
securities market situation and exchange activity is the one of the
main USE task and the basis of exchange securities market
transparency.
From the beginning of its practical
activity USE issued the newspaper: February – October 1992 the name
was “Hermes”; October 1992 – June 1994 the name was “The Fact”, from
July 1994 until now the name is informational edition “Hermes” in
newspaper “Business Ukraine”. In 1999 it was registered in Ministry
of Information as an official edition of Ukrainian Stock Exchange.
In edition trading information, exchange bulletins, activity
reviews, notes about SRO members, normative, analytics and
information materials are published.
Service USE-Info conducted the permanent
connections with mass media agencies for informational exchange
(they are “Ukrinform”, “Interfax-Ukraine”, “Infinservice” and
others), newspapers and journals (they are Ukrainian Investment
Newspaper, “Capital Market”, “Ukraine-Business” and others).
From July 1998 USE has launched its web
site in global network Internet, it provides equal access to
operative exchange information of all participants both exchange and
over-the-counter securities markets, national and foreign investors.
Web structure is constantly improving in order to provide the
maximum services, and be informative and convenient for users.
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