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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 UKRAINIAN STOCK EXCHANGE Valentin Oskolsky Chairman of the Board It is our belief that the chosen strategy will gradually result in the creation of a transparent, liquid, investment attractive to both national and foreign investors, capital market. The Ukrainian Stock Exchange (USE) entered 2005 year with great expectations like an all others participants of the market. However, political changes and government replacements played its role for market development and investments processes. The annual stock exchange turnover decreased almost in 2 times from US$ 300 million in 2004 to US$ 156 million in 2005. Long term expected Law “On Joint-Stock Companies” that should make market more transparent still was not adopted by the Parliament. Nevertheless the USE continues to work at technical trading improvements. Electronic trading was launched. The USE also continued with arrangements to implement electronic documentation turnover and electronic digital signature according to Ukrainian legislation. One of the main problems of the Ukrainian market is still domination of unorganized (shadow) market under the organized exchange market. The other point is the absence of a real secondary exchange market. Most of transactions are conducted in OTC market. The main part of the exchange’s turnover as in previous years is the privatization market. Trading of state-owned shares was successfully performed through the USE, but we believe that our efforts on creating a free-float market in Ukraine will soon be realized. The USE provides educational activity. The USE as a co-founder of the Kiev Slavonic University continued its work with students, through the Securities Chair. Starting from 2002 there has been a Student Stock Exchange at the USE. Every student has an opportunity to become an exchange specialist and then a broker. Through gaining theoretical and practical knowledge, accumulating experience, students realize the importance of capital markets and can make their choice of future professions. It is our belief that the chosen strategy will gradually result in the creation of a transparent, liquid, investment attractive to both national and foreign investors, capital market. HISTORY AND DEVELOPMENT USE is a pioneer in the capital market of Ukraine, created according to Law “On Securities and the Stock Exchange”, and registered by decision of the Cabinet of Ministers on 29 October 1991. The USE is a closed joint-stock company with an authorized capital divided into 288 ordinary nominal shares belonging to legal entities. In 1997, according to the Law “On State Regulation of Securities Market in Ukraine”, the Securities and Stock Market State Commission re-registered the USE. Since June 1998 the USE has been a selfregulated organization. There are 117 registered brokerage companies as USE members as of 1 January 2006. The USE has 3 branches in the largest Ukrainian regions. In 1993, the USE became a pioneer of money privatization and implemented the exchange mechanism of price creation. The USE is a member of the Coordinating Council for the functioning of securities market charged by the President of Ukraine. It’s also a member of the Consulting & Experts Council in the SSMSC, the Ukrainian Chamber of Commerce and Industry, the Academy of Economic Science and the Academy of Engineering Science of Ukraine, the Board of Ukrainian Council on Economic Education and the Ukrainian Community “Intelligence of the Nation”. Chairman of the Board of USE Mr. Valentin Oskolsky is also President of Union of Economists of Ukraine and President of Article Numbering Association of Ukraine. The USE has created many educational programs in association with the Slavonic University. The official publication, “Hermes”, can be found in the daily newspaper “Ukraine Business”. FUTURE OUTLOOK Plans for the USE in 2006 include: • expansion through a System of Electronic Trading (SELT USE) into secondary securities turnover and trading the internal state loan bonds; • creation of the conditions and basis for formation and development of a derivatives market; • take actions to attract new members to operate in SELT USE; • participation in the privatization processes planned to be implemented by the State Privatization Program and the Law of Ukraine “On State Budget of Ukraine for 2006”; • improvement of technologies for trading State-owned shares of privatized companies; • promotion for the attraction of direct national and foreign investments to develop strategically important industry companies during the process of its privatization; • development of the electronic documentation turnover and electronic digital signature according to new Ukrainian legislation; • development of Exchange information areas, expansion of publishing, scientific, methodical and educational activities in order to prepare specialists for national capital market; and • strengthening the international cooperation with foreign stock exchanges and international financial organizations. 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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2006 UKRAINIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ millions # Shares millions Total Volume Average Daily Volume Total Volume Average Daily Volume Stocks Jan-06 0.7 0.2 12.7 4.2 Feb-06 0.05 0.02 0.94 0.47 Mar-06 0.86 0.43 17.4 8.7 Apr-06 0.80 0.16 16.3 3.3 May-06 2.2 1.1 53.0 26.5 Jun-06 0.0 0.0 0.0 0.0 TOTAL 4.6 0.33 100.3 7.2 Bonds Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.0 0.0 0.0 0.0 Mar-06 3.96 3.96 0.41 0.41 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-06 0.0 0.0 0.0 0.0 TOTAL 4.0 0.66 0.41 0.07 Other Jan-06 0.0 0.0 0.0 0.0 Feb-06 0.0 0.0 0.0 0.0 Mar-06 0.0 0.0 0.0 0.0 Apr-06 0.0 0.0 0.0 0.0 May-06 0.0 0.0 0.0 0.0 Jun-06 0.0 0.0 0.0 0.0 TOTAL 0.0 0.0 0.0 0.0 Market Capitalization (US$ millions) Index MONTHLY STOCK VOLUME VS INDEX (US$ millions) MONTHLY MARKET CAPITALIZATION (US$ millions) Jan-06 160.6 0.0 Feb-06 155.8 0.0 Mar-06 154.9 0.0 Apr-06 204.1 0.0 May-06 195.7 0.0 Jun-06 192.5 0.0 CONTACT INFORMATION 2.5 2.0 1.5 1.0 0.5 0.0 250 200 150 100 50 0 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun Contact Name Mrs. Hanna Yatsyuk E-mail hanna.yatsyuk@ukrse.kiev.ua Website www.ukrse.kiev.ua PAGE 141
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