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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 UKRAINIAN STOCK EXCHANGE Valentin Oskolsky Chairman of the Board 2004 can be characterized as a successful year for the Ukrainian Stock Exchange (USE) because of the increase of securities traders’ activity. The annual stock exchange turnover increased 72 times in comparison to 2003. The main reason for this leap was the initial public offering of options and its entrance in the secondary market. In 2004 the number of options issuers has increased and, of course, bids growth resulted from asks’ growth. In 2004 good progress was made from the legislation stand point. Starting from the 1st of January 2004 the Civil and Economic Codes became valid which is expected to encourage market activity. HISTORY AND DEVELOPMENT The 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 122 registered brokerage companies as USE members as of 1 January 2005. 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. PAGE 138 It is our belief that the chosen strategy of the USE will gradually result in the creation of a transparent, liquid, investment opportunity attractive to both national and foreign investors in the capital markets. The USE continues to work at technical trading improvements. Electronic trading was tested during 2004. 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 the absence of a real secondary market. Throughout the existence of the market the main trading sector was 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 is a member of the Coordinating Council for the functioning of securities markets 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”. 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 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 based on real exposure. It is our belief that the chosen strategy will gradually result in the creation of a transparent, liquid, investment opportunity attractive to both national and foreign investors in the capital markets. FUTURE OUTLOOK Plans for the USE in 2005 include: • putting into operation the System of Electronic Trading (SELT at USE); • expansion through SELT on the basis of secondary securities turnover and trading the internal state loan bonds; • creation of the conditions and basis for formation and development for a derivatives market; • implementation of a derivative market section in SELT USE; • participation of the USE in the privatization processes planned to be implementated by the State Privatization Program and the Law of Ukraine “On State Budget of Ukraine for 2005”; • 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 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 of international cooperation with foreign stock exchanges and international financial organizations. .
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT OCTOBER 2005 UKRAINIAN STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks Jan-05 0.001 0.001 0.003 0.003 Feb-05 0.001 0.001 0.003 0.003 Mar-05 0.0 0.0 0.0 0.0 Apr-05 0.39 0.20 8.4 4.2 May-05 94.0 31.3 1,899.7 633.2 Jun-05 0.01 0.01 0.30 0.30 TOTAL 94.4 5.3 1,908.3 106.3 Bonds Jan-05 n/a n/a n/a n/a Feb-05 n/a n/a n/a n/a Mar-05 n/a n/a n/a n/a Apr-05 n/a n/a n/a n/a May-05 n/a n/a n/a n/a Jun-05 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Other Jan-05 33.8 5.6 5.3 0.89 Feb-05 5.5 0.91 0.60 0.10 Mar-05 8.9 1.5 1.0 0.17 Apr-05 0.10 0.03 0.001 0.0002 May-05 0.07 0.04 0.001 0.0003 Jun-05 0.28 0.06 0.04 0.01 TOTAL 48.6 1.4 7.0 0.19 Market Capitalization US$ Millions Index Jan-05 574.0 0.0 Feb-05 574.5 0.0 Mar-05 575.0 0.0 Apr-05 602.4 0.0 May-05 838.2 0.0 Jun-05 838.3 0.0 CONTACT INFORMATION VOLUME BY TYPE Stocks Other Contact Name Mrs. Hanna Yatsyuk E-mail Hanna.Yatsyuk@ukrse.kiev.ua Website www.ukrse.kiev.ua 34% 66% MONTHLY MARKET CAPITALIZATION (US$ Millions) 900 800 700 600 500 400 300 200 100 0 Jan Feb Mar Apr May Jun PAGE 139
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