Home Newsroom Latest News Thomas Murray performs audit for the National Depositary of Ukraine
Thomas Murray performs audit for the National Depositary of Ukraine Print
Wednesday, 06 February 2019 14:26

 

 

Thomas Murray, a company with more than 20 years of rating practice that maintained proprietary assessments of over a 140 Central Securities Depositories (CSDs) globally, will review the National Depository of Ukraine’s (NDU) business processes. Now it’s Ukraine’s CSD turn to be assessed for compliance with the PFMI IOSCO standards.

 

“For the National Depository of Ukraine, this is an important step towards its transparency and openness. This indeed will contribute to building credibility in the eyes of our stakeholders. In addition, the International Evaluation Depository Review will help us to understand whether we need to update business processes and corporate governance to meet international standards. Through being in line with these standards the NDU, as a representative of stock market infrastructure, can contribute to the implementation of international standards in the financial market of Ukraine. And this, in turn, would otherwise facilitate the grounds for its revival”, explains Mindaugas Bakas, CEO of the National Depository of Ukraine.

 

It’s noteworthy that the expert assessment by Thomas Murray has a strong reputation in the international financial markets. The ratings provided by the company, as well as their expert conclusion of compliance with the CPMI-IOSCO PFMI standards are an important indicator for foreign investors. Given this, they consider entering financial market of the country.

 

The EBRD facilitates the audit of the National Depository of Ukraine. Fady Alrayyes, Associate, EBRD’s Local Currency and Capital Markets Development team:

“The EBRD is supporting the NDU’s aspiration to be compliant with the CPMI-IOSCO PFMI, internationally recommended standards for Financial Market Infrastructures. Because of the complexity of this task, the Bank engaged a leading consulting firm, Thomas Murray, which will support NDU completing its self-assessment on the observance level of the PFMI.  Upon the completion, the NDU should be able to demonstrate to its stakeholders its compliance status and work on further consolidation of the post-trade market infrastructure. This work is carried out in the context of the EBRD support for the development of capital markets in Ukraine”, says Fady Alrayyes, Associate, EBRD’s Local Currency and Capital Markets Development team.

 

This program is being implemented under the EBRD’s the Local Currency and Capital Markets Initiative aimed at stimulating local currency lending and promoting the development of local capital market of Ukraine.