CMS Advises on Ukrainian Capital Markets Project Next-UA

CMS Advises on Ukrainian Capital Markets Project Next-UA

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CMS has acted as legal partner on the Next-UA capital markets consulting project, launched jointly by the Ukrainian government, USAID, the EBRD, and the American Chamber of Commerce in Ukraine.

According to CMS, the firm “worked with a consortium of high-profile technical and financial advisors, including Cirway Consulting, Afi, Araliya, Barva Invest, and D3 Consulting.”

The firm informed that the work was related to a “feasibility study aimed at proposing a working and commercially viable structure for the Ukrainian capital markets. The study covers both trade and post-trade pillars and takes into account the market’s perspective on the current state of play, based on a series of interviews with various stakeholders and key market participants. The study recommends a product and market structure that builds upon existing players and elements, and it also recommends best practices and innovations on which Ukraine could take a lead.”

“While it has always been a 'chicken and egg' question as to what comes first – volumes or infrastructure – Ukraine should now work on all fronts to maintain momentum and foreign investor interest, especially following the implementation of Ukraine’s New Capital Markets Law," commented CMS Partner Ihor Olekhov. "We believe the Next.UA study will breathe new life into the Ukrainian capital markets strategy and help to enable difficult but important decisions."

The CMS team was led by Olekhov and included Counsel Kateryna Chechulina, Senior Associates Mariana Saienko, Mykola Heletiy, Nataliya Nakonechna, Viktoriia Stavchuk-Mulundkar, and Volodymyr Kolvakh, and Associates Khrystyna Korpan, Iryna Kravchenko, Ihor Pavliukov, and Anatolii Doludenko.