Ukraine launches fourth commodity exchange

MOSCOW. Aug 18 (Interfax) - Ukraine's National Securities and Stock Market Commission (NSSMC) has issued a license to Ukrainian Resource Exchange LLC (URX) to organize trading of products on commodity exchanges.

Ukrainian media reported, citing the commission statement that decision was made on August 16 and on the same day it granted URX a license for clearing activities.

URX's website said that the exchange board is chaired by Sergei Biryuk, a former member of the NSSMC and National Financial Services Commission. Other members of the board are Olga Nazarenko, a former chief economist in the corporate products, partnerships and sales department of Raiffeisen Bank Aval who has served as director of Regpharm LLC since 2021; and former National Depository of Ukraine CEO Sergei Rumpa, who has served as head of the Ukrainian Issuers association since 2016.

URX said its chief mission is to create a "reliable, advanced, efficient and competitive organized market for timber, agricultural products, fuel and energy resources, raw materials, metals and other types of exchange-traded commodities."

The NSSMC registry shows that clearing licenses are also held by the Ukrainian Energy Exchange, Ukrainian Universal Exchange and Ukrainian Trading Platform. The Ukrainian Interbank Currency Exchange also held a commodity exchange license, but the NSSMC suspended it in May 2022.