The Polish Power Exchange, the Commodity Exchange Clearing House and the Ukrainian Energy Exchange have signed a cooperation agreement, the aim of which is, among other things, to develop stock markets in Ukraine and tighten cooperation, the Stock Exchange reported.
The Warsaw Stock Exchange announced that the Polish Power Exchange (TGE) and the Commodity Clearing House (IRGiT) want to support the development of exchange markets on Ukraine and strengthen cooperation with local partners.
“This will be achieved, among others, by the memorandum signed last week with the Ukrainian Energy Exchange (UEEX),” it was reported.
The signed agreement includes, among others: entry of a TGE representative into the UEEX advisory board and creation of two teams whose task is to develop recommendations regarding the development of the product offer and the launch of settlement services in Ukraine.
Łukasz Goliszewski, vice-president of the management board of IRGiT, quoted in the WSE announcement, announced that a joint working team would be established to analyze several different variants under which the Chamber could become involved in business in Ukraine.
As he pointed out, what is being considered is primarily the Chamber’s capital involvement and the joint creation of a company in Ukraine that would be responsible for settling the Ukrainian market. “We are also analyzing the option of outsourcing services to the Ukrainian stock exchange,” he said.
The quoted president of the GPW management board, Marek Dietl, noted that since the beginning of the war, the GPW Capital Group has been supporting Ukraine in a humanitarian, but also institutional sense.
– We have signed an agreement with the National Securities and Exchange Commission of Ukraine and the European Bank for Reconstruction and Development, the aim of which is to revitalize the Ukrainian capital market. We also decided to deal with the commodity market – this is the second pillar of the GPW Capital Group – he said.
As Piotr Zawistowski, president of the management board of TGE, quoted in the release, said, cooperation with Ukraine “is a great opportunity.” “It is a huge market and I anticipate completion conflict in Ukrainewe will be able to connect with him and strengthen cooperation,” he said.
The Ukrainian side – indicated the WSE – has “high hopes” for the agreement with the Polish side.
– The strategic cooperation of our energy exchanges will bring benefits to both countries and will allow us, on the Ukrainian side, to take a more confident step towards integration with the European Union, drawing on the experience of our Polish colleagues – emphasized Oleksii Dubovskyi, chairman of the UEEX council, quoted in the release.
The Stock Exchange – according to information on the gpw.pl website – is the largest financial instruments exchange in the region of Central and Eastern Europe.
The total value of trading in shares on the main market in 2022 amounted to PLN 293.1 billion, and the total capitalization of domestic and foreign companies amounted to PLN 1,114 billion.
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