Why this matters now

In a report published Thursday, OECD experts advise Ukraine to consolidate its fragmented domestic equities market into a single centralized structure. This is not a technical recommendation — it is a response to a key practical problem: postwar reconstruction will require private capital that the state alone will not be able to provide.

Current state of the market

At present, two stock exchanges officially operate in Ukraine — PFTS and «Perspektyva», but trading on them is almost non-existent. According to the parliamentary financial committee’s assessment, the market has effectively degraded: about 1,600 public companies remain in the country, but only a few are active in trading.

"The stock market in Ukraine has degraded to such an extent that only 1,600 public companies remain in the country. Only six of them are present on the stock market."

— Danylo Hetmantsev, chair of the Verkhovna Rada Financial Committee (December 2024)

What exactly the OECD recommends

The key recommendations are simple in form but difficult to implement: a single exchange to increase liquidity, creation of a separate growth market for SMEs modeled on Poland’s NewConnect or Romania’s AeRO, and a review of listing requirements that today cut off medium-sized businesses from public sources of capital.

The report emphasizes that the reform is a priority but long-term: it will require economic stabilization and broader structural changes. Some steps have already been taken — in July 2025 Ukraine and the EBRD signed a memorandum to create an integrated exchange structure.

Concrete figures to know

In 2025 new rules in Ukraine set the capitalization threshold for the main market at 6 billion UAH (~125 million euros) — about 20 times higher than the previous threshold. For comparison: in Bulgaria, the Czech Republic and Romania the threshold is around 1 million euros, and in Poland — 15 million euros. Current Ukrainian requirements risk depriving a significant portion of medium-sized businesses of access to public capital.

What this will give Ukraine

A single, liquid exchange and a growth market could deliver three important outcomes: 1) an inflow of private investment into the reconstruction of infrastructure and industry; 2) an alternative source of financing for SMEs, stimulating job creation; 3) greater economic independence for the state, as the need for exclusively public financing would diminish.

Analysts note that neighboring countries that underwent similar capital market transformations saw noticeable effects in the form of an increase in the number of public companies and greater activity among domestic investors.

What steps are needed for implementation

Implementation requires practical actions: legislative regulation of the consolidation procedure, technical integration of trading and clearing systems, adaptation of listing requirements to local business realities, and the launch of a separate platform for growth companies. Support from international financial institutions, notably the EBRD, could speed up the process.

Conclusion

The OECD sends a clear signal: the capital market must become an instrument of reconstruction. This is not a quick win — but consistent reforms and partnership with international investors can turn declarations into real investments. Now the ball is in the court of lawmakers, regulators and market participants: can they turn the recommendation into action that will accelerate the country’s reconstruction?