[Last updated: 1 January 2024, unless otherwise noted]

The Ukrainian Exchange (commonly referred to as the UX), which was established in October 2008, is one of the largest exchanges in Ukraine. The UX is the leading local market operator and offers trading in a wide array of financial instruments, ranging from shares to various types of derivatives.

In 2009, the Ukrainian Exchange launched the UX Index, the first real time shares index in Ukraine. The UX Index tracks sic highly capitalized local companies that have the most liquid shares. The UX Index is widely recognized as the main benchmark for the Ukrainian equities market. UX markets operate on robust electronic platforms that support direct market access and algorithmic trading.

The UX offers two trading platforms—the Stock Market and the Derivatives Market. The Stock Market is the main operations market of the UX. This summary focuses on the Stock Market platform only.

Within the Stock Market, the UX offers, among other things, the order-driven market segment, which is the main market of the UX designed for securities with high liquidity. Companies who wish to list their securities on this market have to comply with the disclosure and financial requirements of the UX. Foreign companies can list shares and depositary receipts on this market, as a secondary listing. The UX recognizes the difference between primary and secondary listings. However, under current rules, foreign companies may not list their securities as a primary listing.

Securities of a foreign company are admitted to trading on the UX by way of adding them to the Stock List. Securities may be added to the UX's Stock Registry if certain higher standards have been met. Therefore, for the purpose of this summary the term "admission to trading" is used where in other jurisdictions the term "listing" is used in similar circumstances.

As of January 2024, the aggregate market capitalization of securities admitted to trading on the UX was UAH62.971 billion (approximately US$1.65 billion).

Historically, the UX has been widely used by local companies operating in the energy, metallurgy, machinery construction and finance industries. However, the UX does not specialize in any particular industry.

As of 1 January 2024, there are 58 domestic companies members of the UX.

Any proposed admission to trading is subject to requirements of the UX, and general regulatory oversight by the National Securities and Stock Market Commission (the NSSMC). There are also currency control requirements established by the National Bank of Ukraine (the NBU) which may need to be met to enable securities to be traded at the UX. The UX sets out specific requirements which must be met by a foreign issuer to enable its securities to be admitted to trading there, whereas the NSSMC performs general oversight and regulation of securities in Ukraine. A foreign company seeking admission to the trading on the UX, or any stock exchange in Ukraine, must first obtain a permit from the NSSMC for circulation of its securities in Ukraine.

Due to the full-scale military invasion of Ukraine by the Russian Federation, which began on 24 February 2022, martial law has been introduced in Ukraine, and as a result, special legislation has been enacted in various areas, including in capital markets. Currently, the NSSMC prohibits professional capital market participants (such as Ukrainian operators of organized markets (the UX or any stock exchange in Ukraine), securities traders (investment firms) etc.) from establishing business relations and/or carrying out any transactions with, or for the benefit of, and/or making any distributions to, among others, persons related the Russian Federation and the Republic of Belarus.