The Ukrainian Capital Market Needs New Instruments: What Was Discussed at KIEF TALKS

Ukrainians traditionally keep savings in cash, in deposits, or invest them in real estate. At the same time, options to invest in the Ukrainian economy through the stock market remain limited.

What is known about the Ukrainian securities market Today the Ukrainian securities market is approximately 80% comprised of government bonds (OWDP), while the share of other instruments remains small. Also read: Ukrainians massively invest in government bonds: deposits rose to a record level Government bonds play an important role in financing state needs and have already become a popular instrument among the population. The need for diversification of investments However, for the development of the capital market and the economy overall, diversification of investment opportunities and the formation of a long‑term domestic capital are required. An additional challenge is that due to current currency restrictions and the inability to freely repatriate capital, the Ukrainian market today is practically isolated from international investors. Meanwhile, domestically there is a significant pool of financial resources: citizens’ savings – bank deposits and cash kept outside the financial system. They can become a source of long‑term investments and new opportunities for the development of Ukrainian companies. "We understand the conditions under which the Ukrainian capital market operates today and what constraints businesses and investors feel. The war objectively changed its structure and possibilities. But for me, what matters is this: the market exists, it works, and it must develop. Our task is to create conditions for this: expand the range of instruments, simplify business access to capital, strengthen investor protection, and gradually form long‑term domestic resources. We understand where to move, and we are already working on concrete mechanisms," said Oleksiy Semeniuk, the head of the National Commission on Securities and Stock Market (NCCSFM). Introduction of personal investment accounts One of the key decisions called by market participants is the introduction of personal investment accounts. Semeniuk is convinced that they will stimulate citizens to invest for a longer term and help form long‑term domestic capital. According to the NCCSFM, as of 1 August 2026 year the number of citizens in Ukraine who invest in financial instruments is 271,3 thousand. This is 12 times more than in 2022 year. However, this figure remains significantly lower than in countries with developed capital markets. For comparison, Poland has about 2 million retail investors, and in the United Kingdom and Japan their numbers are measured in tens of millions. "I want as many Ukrainians as possible to become owners of capital. So that people can not only earn and save, but also have the opportunity to invest and manage their savings. But for this, there must be understandable instruments, proper investor protection, and trust in the market," emphasized Semeniuk. Access of Ukrainians to company shares The discussion paid special attention to the question of Ukrainians’ access to company shares. According to market participants, it is precisely the development of a culture of investing in equity that can ensure a flow of long‑term resources into the real economy, create additional sources of financing for businesses, and contribute to the development of the capital market based on a model that works successfully in European and North American countries. Also read: Why hryvnia bonds are better than foreign currency: economist explains the benefit for Ukrainians In the discussion participated Kyivstar Group of Companies president Oleksandr Komarov. Today this is a unique example for the Ukrainian capital market. After listing on Nasdaq, the company became the first Ukrainian operation with shares accessible to international investors on the American stock market. In June 2026, NCCSFM and Kyivstar signed a memorandum on cooperation to develop the Ukrainian capital market. One practical direction of this work is to develop a mechanism that in the future could give Ukrainians the opportunity to invest from Ukraine and in hryvnia in Kyivstar Group Ltd. shares traded on Nasdaq. "Kyivstar" is a stable and well‑known Ukrainian company with a 28‑year history. A year ago we started listing on Nasdaq, and this preceded a large‑scale ownership, beneficiary, compliance, and sanctions‑law compliance check," Komarov noted. "We passed one of the strictest checks that exist on international capital markets, and today we can confidently say that Kyivstar Group Ltd. is one of the most transparent businesses in Ukraine," he added. According to him, the company is ready to become the first practical case that opens up access for Ukrainian citizens to investments in international‑level shares and will help lay the foundation for a fully functioning capital market in Ukraine. In the long term, this could create prerequisites for the appearance of new public Ukrainian companies, expansion of the range of financial instruments for the population, and the formation of a culture of long‑term investing. What is needed to attract long‑term domestic capital Participants agreed that to attract long‑term domestic capital, Ukraine needs new investment opportunities, including: personal investment accounts; stock market of Ukrainian companies; corporate and municipal bonds; other instruments of the capital market. At the same time, the key condition for their success is trust in the state, reliable protection of investors’ rights, quality regulation, and the rule of law. Only under these conditions will Ukrainians be willing to direct their savings to the development of the country’s economy."

Recall that both citizens and businesses can purchase bonds—through banks, brokers, or the Diia app. The minimum investment amount starts from 1000 hryvnias, making this instrument accessible to a wide range of Ukrainians.