Yurii Boyko: The NSSMC is planning to create a single IT-hub on the capital markets

On September 15, 2021, Yurii Boyko, the Commissioner, took part in the Conference of capital markets of Ukraine: Prospects and realities in the modern digital world. The organizers are the National Depository of Ukraine, the Settlement Center for Servicing Contracts on Financial Markets and the Professional Association of Capital and Derivatives Markets Participants.

Commissioner Boiko was a speaker at the discussion panel “”Innovation vs Regulation”, where he discussed the issues of the IT-sector in Ukraine with the participants of the event. These are bureaucracy, over-regulation, lack of strategy, market demand, low qualification of IT-specialists due to the fact that there is no decent salary.

“But it’s not all bad. These are challenges that we solve through the implementation of projects such as RMS (register management system), SMMS (stock market monitoring system), electronic access to administrative services, as well as the development of a trade repository. The NSSMC, together with SMIDA, implements all these resources as the only IT-hub in the capital markets”, – Yurii Boyko said.

According to him, in the future it is planned to combine all these developments into a single CSMIS system (Comprehensive Stock Market Information System). It will allow to operate information to the regulator qualitatively, and will allow market participants to create a personal account in which it will manage the information on interaction with the NSSMC independently. The most important thing is that this communication will be two-way, and the participant will be able to qualitatively and simply use their own cabinet in terms of management and understanding of all processes of its activities. For example, if an employee’s certificate expires, a message will appear in the office indicating that such a date is approaching. Or the prudential indicator is approaching a critical value, it will be automatically notified to the participant in the cabinet.

“The fact that the FinTech panel was organized in the capital markets today is already good. But financial technology in our market is still at the starting point of development. It is clear that FinTech is a consequence of the state of the market, so our goal is to effectively develop the market. And FinTech, in turn, is an important component that facilitates work with customers for the market participant, providing quality and prompt service. The task of the regulator is to provide a regulatory framework for the development of FinTech and to be in line with modernity”, – the Commissioner said.