Kyiv—Global law firm Dentons together with Bourse Consult advised DAI Global on the second phase of a delivery-versus-payment (DvP) study, which comprises the development of a roadmap for the Ukrainian securities market on developing a modern capital market post-trade structure in line with international best practices. The DvP study aims to present several options for the interconnection of the Ukrainian Central Securities Depository with the National Bank of Ukraine’s System of Electronic Payments (SEP), which is an RTGS system. This study is a part of the USAID Financial Sector Transformation Project, which is being implemented by DAI Global.

The new Capital Markets Law provides a basis for the development of Ukrainian capital markets. Based on the current legal framework, the Dentons and Bourse Consult team proposed a series of steps on the way to a target market structure for securities transactions, including legislative amendments to be introduced (such as clarification of the concept of “guaranteed security,” protection of collateral and default fund resources, access of a Central Counter Party (CCP) to the SEP, etc.).

The Dentons team consisted of Partner Natalia Selyakova and Associate Artur Savin.

About DAI Global

DAI Global is a private development company that tackles fundamental social and economic development problems caused by inefficient markets, ineffective governance and instability. DAI Global works with a wide range of clients, including national and local governments, bilateral and multilateral donors, private corporations, and philanthropies.

About Bourse Consult

Bourse Consult LLP is a European firm of consultants who specialize in capital markets.

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com