Ukrainian Exchange
The Ukrainian Exchange was a Kyiv-based securities and derivatives exchange that became one of Ukraine’s principal organized trading venues before its operations were suspended and its licenses were revoked.
Last updated August 25, 2026
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Overview
The Ukrainian Exchange was a Ukrainian securities-market operator headquartered in Kyiv. Established during the modernization of Ukraine’s capital markets, it was created in 2008 through cooperation between major Ukrainian securities-market participants and the Russian Trading System, or RTS, stock exchange. Ukrainian broker-dealers initially held 51% of the exchange, while RTS held 49%. The exchange was registered as a legal entity in October 2008 and received a stock-exchange license from Ukraine’s securities regulator in December of that year. Official trading began on 26 March 2009 with more than 80 relatively liquid Ukrainian equities. In April 2009, the exchange introduced the UX Index, described as Ukraine’s first online stock index. Its initial value was set at 500, and its first basket contained ten liquid blue-chip shares. The exchange subsequently expanded beyond ordinary equity trading. In May 2009 it introduced a repo market using the RTS Plaza system, and in September of the same year it implemented central-counterparty technology intended to provide anonymous trading and strengthen settlement arrangements. A major development came on 27 May 2010, when the Ukrainian Exchange opened what was described as Ukraine’s first organized derivatives market. The first listed derivative was a futures contract linked to the UX Index. Options trading followed in April 2011. Over time, the derivatives offering included contracts linked to the US dollar–hryvnia exchange rate, the euro–US dollar exchange rate, gold, Brent crude oil, Bitcoin, corn, wheat, and the UX Index. In 2015, the exchange added futures on USDUAH, EURUSD, and gold, and in December 2016 it introduced contracts linked to Bitcoin and Brent crude oil. The exchange also supported fixed-income trading, particularly Ukrainian domestic government bonds. Its bond-market structure used order-book quotations expressed as a percentage of face value, with accrued interest incorporated into the settlement amount. It additionally conducted privatization auctions for blocks of shares in state-owned companies, with the State Property Fund of Ukraine acting as seller under the applicable privatization and exchange rules. By October 2010, 160 professional brokerage companies were registered as exchange members, with 23 offering their customers direct market access. Ownership changed in the first quarter of 2016, when Dragon Capital and UNIVER Investment Group acquired the stake previously held by the Moscow Exchange, the successor to RTS. The exchange later faced regulatory and technological restrictions connected with its use of software produced by the Moscow Exchange. Following a 2018 decision applying restrictive measures to entities using that software, the Ukrainian Exchange moved from its prior trading model to bilateral trade reporting beginning on 18 June 2018. Russia’s full-scale invasion of Ukraine caused another decisive interruption. On 24 February 2022, the exchange announced the suspension of its activities and daily operations. It encouraged citizens and businesses to sell Russian financial assets and currencies in support of Ukraine’s defense. On 2 March 2022, restricted trading resumed in military government bonds, enabling a limited market function and supporting state financing of the armed forces. In June 2024, Ukraine’s National Securities and Stock Market Commission revoked the exchange’s licenses. The regulator cited ownership of a significant interest by a person subject to Ukrainian sanctions. Following the license revocation, the Ukrainian Exchange no longer operated as a licensed exchange, bringing its active-market history to an end.
History
The Ukrainian Exchange emerged from an agreement between major Ukrainian securities-market participants and the RTS Stock Exchange to establish a new electronic exchange in Kyiv. The cooperation agreement was signed in May 2008. Ukrainian broker-dealers acquired a 51% shareholding, while RTS acquired 49%. The exchange was incorporated in October 2008 and obtained its stock-exchange license from Ukraine’s securities regulator in December. Trading began on 26 March 2009 with more than 80 liquid Ukrainian equities. On 27 April, the exchange launched the UX Index, an online benchmark based initially on ten leading stocks and assigned a starting value of 500. A repo market was added in May 2009 through the RTS Plaza system. In September 2009, central-counterparty technology was introduced to provide anonymous execution and support settlement guarantees. The exchange broadened its product range in 2010. On 27 May it launched Ukraine’s first organized derivatives market, beginning with futures on the UX Index. Options trading was added in April 2011. Later contracts covered the US dollar–hryvnia exchange rate, euro–dollar exchange rate, gold, Brent crude, Bitcoin, corn, and wheat. New futures on USDUAH, EURUSD, and gold were introduced in January 2015, followed by Bitcoin-index and Brent crude futures in December 2016. Equities remained a central activity, but the exchange also provided trading in Ukrainian domestic government bonds. Its fixed-income market used order-book trading, with quotations expressed as a percentage of bond face value and settlement values including accrued interest. Another activity was the organization of privatization auctions for blocks of shares in state-owned companies, with the State Property Fund of Ukraine acting as seller. The exchange’s membership expanded alongside its product development. By October 2010, 160 professional brokerage companies were registered, and 23 offered direct market access to their customers. In the first quarter of 2016, Dragon Capital and UNIVER Investment Group bought the Moscow Exchange’s stake in the exchange, changing its ownership structure. The exchange subsequently encountered regulatory pressure associated with software produced by the Moscow Exchange. In May 2018, Ukraine’s National Security and Defense Council adopted a decision applying restrictive measures to certain entities using that software. Because the technology was used by the Ukrainian Exchange and participating brokers, the exchange changed its operating model. From 18 June 2018, it switched to bilateral trade reporting. Russia’s full-scale invasion on 24 February 2022 led to the suspension of the exchange’s activities and daily operations. The exchange used its public communications to encourage the sale of Russian rubles, securities, bonds, exchange-traded funds, ADRs, and GDRs as a way to support Ukraine’s resistance. On 2 March, it resumed restricted activity through trading in military government bonds, preserving a limited market mechanism for government financing. In June 2024, the National Securities and Stock Market Commission revoked the Ukrainian Exchange’s licenses. The stated reason was that a person sanctioned under Ukrainian law held a significant interest in an owner of a significant interest in the licensee. The revocation ended the exchange’s status as an active licensed Ukrainian market operator.
- 2024
Licenses revoked
[1]Ukraine’s securities regulator revoked the exchange’s licenses over sanctioned ownership concerns.
- 2022
Operations suspended after invasion
[1]The exchange suspended operations on 24 February following Russia’s full-scale invasion of Ukraine.
- 2022
Military government-bond trading resumes
[1]Restricted trading resumed on 2 March through military government bonds.
- 2018
Switch to bilateral trade reporting
[1]The exchange changed its trading model after Ukrainian restrictive measures affected software associated with the Moscow Exchange.
- 2016
Ownership stake changes
[1]Dragon Capital and UNIVER Investment Group acquired the stake previously held by the Moscow Exchange.
- 2011
Options trading launched
[1]Options contracts were added to the exchange’s derivatives business.
- 2010
Derivatives market opened
[1]The exchange launched Ukraine’s first organized derivatives market with a UX Index futures contract.
- 2009
Official equity trading begins
[1]Trading opened on 26 March with more than 80 liquid Ukrainian stocks.
- 2009
UX Index launched
[1]The exchange introduced an online Ukrainian equity index based initially on ten blue-chip stocks.
- 2009
Repo market introduced
[1]A repo market began operating through the RTS Plaza system.
Products and positioning
A domestic Ukrainian organized-market platform focused on equities, government bonds, repo transactions, derivatives, and state-asset auctions. Its historical positioning combined electronic order-driven trading with central-counterparty and direct-market-access capabilities, before regulatory and geopolitical events constrained its operating model.
Cash equities · 2009
Equities
The exchange’s principal historical market was organized trading in Ukrainian shares. Official trading began with more than 80 liquid stocks, and the venue used order-driven and quote-driven mechanisms. Its equity activity supported the UX Index, which provided a benchmark for leading Ukrainian listed companies.
Equity index · 2009
UX Index
The UX Index was launched in April 2009 as an online benchmark for the Ukrainian equity market. It began with a value of 500 and an initial basket of ten liquid blue-chip stocks. The index also served as the underlying reference for the exchange’s first futures contract.
Fixed income
Government bonds
The Ukrainian Exchange provided a market for Ukrainian domestic government loan bonds. Orders were quoted as percentages of face value, while executed trade values incorporated accrued interest for the agreed settlement date. The exchange also supported military government-bond trading after the 2022 invasion.
Futures and options · 2010
Derivatives
The derivatives market opened in May 2010 with futures on the UX Index and later expanded to currency, commodity, energy, agricultural, and digital-asset references. Underlyings included USDUAH, EURUSD, gold, Brent crude, Bitcoin, corn, and wheat. Options were added in 2011.
Controversies
2024
License revocation over sanctioned ownership
Ukraine’s National Securities and Stock Market Commission revoked the Ukrainian Exchange’s licenses after identifying a sanctioned person among the owners of a significant interest connected to the licensee. The action removed the exchange’s authorization to operate as a licensed market venue.
Marketing campaigns
- 2022Support for Ukraine’s defense through asset sales
Ukraine
After suspending regular operations following the full-scale invasion, the exchange encouraged citizens and businesses to sell Russian rubles and Russian-linked financial instruments, including stocks, bonds, ETFs, ADRs, and GDRs, in support of Ukraine’s defense.
Outcome. The communication accompanied the suspension of ordinary exchange operations and the later resumption of restricted military-bond trading.
Brand decisions
2024
License revocationOtherBackground
The securities regulator cited the presence of a sanctioned person among owners of a significant interest connected with the licensee.
Action taken
The National Securities and Stock Market Commission revoked the Ukrainian Exchange’s licenses.
Aftermath
The exchange ceased to have authorization to operate as a licensed Ukrainian exchange.
2022
Suspend ordinary operations after the invasionStrategyBackground
Russia’s full-scale invasion of Ukraine began on 24 February 2022, creating exceptional security and market conditions.
Action taken
The exchange suspended its activities and daily operations and publicly encouraged the sale of Russian-linked financial assets in support of Ukraine’s resistance.
Aftermath
Restricted trading in military government bonds resumed on 2 March, providing a limited channel for government financing.
2022
Resume restricted military-bond tradingProduct launchBackground
The exchange had suspended regular operations after the invasion, while Ukraine needed functioning channels to issue and trade defense-related government debt.
Action taken
On 2 March, the exchange resumed restricted trading in military government bonds.
Aftermath
The exchange retained a limited role in supporting Ukraine’s wartime public financing, although normal operations did not return.
2018
Move to bilateral trade reportingStrategyBackground
Ukrainian restrictive measures targeted certain entities using software produced by the Moscow Exchange, and that software was used by the Ukrainian Exchange and participating brokers.
Action taken
Beginning on 18 June 2018, the exchange switched from its previous trading arrangement to bilateral trade reporting.
Aftermath
The change allowed the exchange to continue a reporting function while operating under a materially altered market structure.
Recent events
Freedom Holding completes purchase of a 20% stake in Ukrainian Exchange[3]
Reported:
Freedom Holding Corp. announced that it had completed the purchase of a 20% equity stake in Ukrainian Exchange, JSC, headquartered in Kyiv, Ukraine.
Sources3 sources
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