National Securities and Stock Market Commission takes control of about 10% of exchange commodity market – head

By the end of 2021, the National Securities and Stock Market Commission took control of about 10% of the commodity market, Head of the National Commission Ruslan Magomedov has said.

"There are areas, for example, agriculture, which we did not even undertake. Returning to the issue of salaries and people who prepare the standard and can do something, there is a very limited number of them. Now, I cannot increase it because of the meager salaries," the head of the National Commission in said an exclusive interview with Interfax-Ukraine.

"One can run faster, of course. You know, software developers have a saying: Fast, Cheap or Good? Pick Two. We now have high quality and cheap, so not fast. If there is a financial and personnel opportunity, we will run faster. There is no sense in reducing quality," Magomedov said.

He also said that the National Securities and Stock Market Commission needs additional powers, in connection with which he expressed hope for the adoption of bill No. 5865, which passed the first reading in parliament on December 14, in the first quarter of 2022.

"Commodity exchanges have been licensed in our country since July 1, and the Commission has already been accused of creating a monopoly [with the Ukrainian Energy Exchange]. But for some reason no one says that July 1 passed unnoticed for most commodity exchanges. They were trading and continue trading. The National Commission, as their new regulator, cannot even write them a request, because we do not have such powers," Magomedov said.

At the same time, the head of the National Securities and Stock Market Commission said that the regulator has already achieved good results in the timber market, and large volumes of exchange trading are also recorded in the energy market. According to the National Commission, since July 1, the value of contracts concluded on three licensed exchanges amounted to UAH 111.9 billion: the Ukrainian Energy Exchange – UAH 111.66 billion, and the Ukrainian Universal Exchange – UAH 320 million.

Magomedov recalled that recently the Ukrainian Interbank Currency Exchange received a commodity exchange license. "There were six packages of documents in total, three of them have already received licenses, I hope there will be one more soon – the Ukrainian Exchange," the head of the regulator said.

Source: www.en.interfax.com.ua