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2007
February — PFTS Stock Exchange joined The International Association of Exchanges of the Commonwealth of Independent States countries. IAEx of CIS accounts for 20 members from 9 CIS countries. IAEx’s members are the major players on CIS securities and FOREX markets.
March — number of equities included to PFTS Index basket increased to 17. There were added equities of Azovstal, Ilyich Iron and Steel Works, Mariupol Heavy Machine Building Plant.
May — PFTS Stock Exchange signed Memorandum of Understanding and Cooperation Agreement with Warsaw Stock Exchange.
May — Annual meeting of PFTS Association was held. 5 members were elected to the PFTS Board: Dragon Capital, Millennium Capital, NRB Bank, Sincome, Troika dialog Ukraine. PFTS members changed “PFTS Stock Exchange Statute” and “PFTS Association Members Regulations”.
June — on May 14 PFTS Index hit a record high of 1000 points.
July — PFTS Board made decision to list Motor Sich on the PFTS 1st Tier Listing.
August — number of equities included to PFTS Index basket increased to 18. Motor Sich was added.
August — PFTS Stock Exchange signed Memorandum of Understanding and Cooperation Agreement with Vienna Stock Exchange.
September — launched UTX Index (Ukrainian Traded Index).
September — Tenth Annual International Capital Forum was held. Participants discussed Ukrainian capital markets infrastructure development and new financial instruments to be launched. There were also discussed strategies for Ukrainian companies going to make an IPO and future perspectives of Asset Management Companies.
October — new PFTS Trading Rules took effect. The Rules were changed according to the new Securities and Stock Market Commission regulations requirements. Changes dramatically affected PFTS Listing.
October — Securities and Stock Market Commission issued new license “Professional Activities: securities market trading organizer” for PFTS Stock Exchange. Previous license had been expired after 10 years period.
November — new PFTS site was launched: www.pfts.com.
November — PFTS Index updated new historical maximum on May 7th and reached 1183.72 points (+137.3%).
2006
February — 10th Anniversary of PFTS Association. During its first decade PFTS has obtained highest respect among investors and professional market participants on the securities market as in Ukraine as well as abroad.
February — For the first time in its history PFTS Index has exceeded a level in 400 points due to the growth of prices on stocks of the enterprises of telecommunication, power engineering and metallurgical sectors.
April — Due to the «price volatility» case with the stocks of Zaporizhstal which arose following the uncertainty of positions of major and minor investors of this metallurgical company, trades on Zaporizhstal stocks were suspended and were drawn out of PFTS Index basket.
May — PFTS Index basket was expanded by inclusion of stocks of Raiffeisen Bank Aval and Luganskteplovoz.
May — Following the consequences of corporate conflict which arose in the result of additional emission of stocks by Zaporizhstal PFTS made proposals to the necessary amendments to the SEC Regulation On the Order of Registration of the Issue of Stocks During the Reorganization of Companies (on Compulsory Purchase of Shares and Covering of Losses of Shareholders) and SEC Decision On Approval of Methodology of Calculation of Losses of the Shareholders during the Reorganization of Companies, that affirm acceptable conditions of purchase of stocks from minor shareholders and cover of losses. Amendments were registered by the Ministry of Justice on September 11, 2006.
June — PFTS Annual General Meeting took place. The Meeting adopted the decisions on changes to the Statute of PFTS Technical Centre on its renaming into PFTS Stock Exchange; adopted the results of PFTS activities in 2005 and Main Directives of PFTS Activities for 2006. 5 new members were elected to the PFTS Board: ART-Capital, Renaissance Capital Ukraine, Sokrat, Foyil Securities New Europe and Forum Bank.
June — State Securities and Stock Market Commission issued PFTS Stock Exchange the License on Performing Professional Activity on Organization of Trades on the Securities Market of Ukraine.
July — With the purpose of increasing of market liquidity PFTS has optimized the process of price-making on PFTS Quote-Driven Market through establishing requirements to the size of vertical spread, allowed for concluding agreements as well as setting up the sizes of maximal and minimal trading lots.
August — PFTS Index basket was expanded by inclusion of stocks of Poltava Ore Mining & Processing Plant and Sumy Machine Building Plant n.a. Frunze.
August — Signed agreement with Bloomberg on worldwide real-time dissemination of PFTS Stock Exchange trades.
September — Trading Rules of PFTS Stock Exchange were approved by the Securities Commission and became effective. The Rules order the procedures of listing and de-listing, requirements of admittance to submission and circulation of securities and other financial instruments, order of admittance to participation in trades, requirements and order of conclusion and execution of agreements, enforcement procedures on fulfillment of requirements and standards of professional activities by the participants of trades, order of conflict resolution, principles of disclose of trading information.
September — Ninth International Forum of the Capital Market Participants took place. Market participants have discussed the ways of increasing of effectiveness of the markets of financial instruments in Ukraine, questions of the development of the effective market infrastructure, strategy and specificity of the arrangement of the Ukrainian companies on IPO; have considered the prospects of development of activity of institutes of the mutual investments.
October — PFTS Index basket was further expanded to 14 securities by the inclusion of stocks of Ukrsotsbank.
October — With the purpose of increase of the liquidity of the Ukrainian securities market PFTS has renewed the activity of the institute of market-makers on the PFTS stock market. Seven investment companies (Donfinservice, Dragon Capital, KINTO Ltd., Concord Capital, Prospect Investments, Renaissance Capital Ukraine, SINCOM), which share in total volumes of trades composes 52%, implement functions of market-maker in sectors of stocks of 29 companies.
October — State Securities and Stock Market Commission of Ukraine prolonged the duration of Certificate on Registration of PFTS Association as Self-Regulatory Organization to May 11, 2009.
November — PFTS and Reuters realized joint project on disclosure of information on financial activities of 100 Ukrainian companies tradedat PFTS.
November — PFTS took up the decision on entrance to International Association of CIS Exchanges. This Association was founded in 2000 in Moscow with the aim of coordination of activities on development of regulated markets in accordance with international standards. Association unites 19 exchanges and 3 depositaries from nine CIS countries, which play a key role in servicing mutual financial circulation, operations with currencies, state securities, stocks and corporate bonds, spot market instruments.
December — On December, 29 PFTS Index reached its historical maximum (498.86 points) as a result of growth of prices of stocks of the enterprises of power engineering, communications, financial, metallurgical and chemical sectors of industry.
December — Number of PFTS Association members has grown from the beginning of year from 188 up to 214 investment companies and banks — the maximal parameter since 2000. 33 investment companies and 5 banks were accepted to PFTS Association in 2006.
2005
January —For the first time in its history PFTS Index has exceeded a level in 300 points due to growth of prices on stocks of the enterprises of power engineering, metallurgical, chemical and telecommunication sectors of the industry.
February — PFTS members have referred to the Cabinet of Ministers and Supreme Rada of Ukraine with the address concerning the rejection of the Decision of the Cabinet of Ministers of Ukraine #1707 from 12.21.04 About the Statement of the State Program of Development of National Depository System of Ukraine as such, that is not equitable to the National Interests of Ukraine. Professional securities market participants have informed representatives of executive and legislative power that as a result of performance of such program the costs of operations on the Ukrainian market can repeatedly increase, and Ukrainian securities — move to alternative registration systems abroad; state financing of such program will make impossible the further development of National Depository System based on the principles of market needs and self-regulation.
April — The longest period of PFTS Index decrease in 2005 has come to the end (decrease of PFTS index during 02.11-04.07.05 has made 20%).
June — General meeting of PFTS took place. General meeting approved the decisions on appeal of professional securities market participants to the Cabinet of Ministers of Ukraine on necessity of activisation of sales of the state share holdings on PFTS, the basic directions of PFTS activity for 2005, results of PFTS achievements in 2004 etc. The Meeting re-elected Boris Tymonkin (Head of the Board, Ukrsotsbank) as the Head of PFTS Board and Irina Zarya as the President of PFTS. 5 new members were elected to the PFTS Board: First Ukrainian International bank, Ukrsotsbank, KINTO Ltd., Concord Capital and On-Line Capital.
June — PFTS Members have referred to the Cabinet of Ministers of Ukraine with the Address to provide an openness, transparency of the process of privatization in Ukraine by the means of sale of the state share holdings on the regulated securities market. The Address especially emphasized, that sales should be completed on those organizers of trade where the circulation of securities is really turn out and which: create conditions for increase in liquidity and capitalization of the market; have independent structure of the property and the system of management; provide transparent and competitive ways of organization of trades and represent the indication of the securities market of Ukraine both for internal and for external investors.
June — PFTS has presented to SEC its proposals concerning improvement of regulation on the securities market. Besides, it was proposed to abandon obligatory reception of ratings by issuers and drawing up of cards of the account of operations by securities dealers, to reduce volume of the reporting which is presented by professional securities market participants to the SEC.
June — From the second half-year of 2005 settlements on all agreements concluded in PFTS are obligatory carried out through MFS Depository.
July — Extraordinary PFTS General Meeting, which has made a decision on creation of PFTS Stock Exchange, took place.
July — With the purpose of improvement of methodology of calculation of PFTS indexes, maintenance of their maximal representation and conformity to current market conditions, PFTS Index Committee was created.
July — Methodology of PFTS Index calculation was advanced. From August, 2005 at calculation of PFTS Index are considered only those stocks of joint-stock companies, which are in the free circulation on the securities market (there are not considered stocks, which are in the property of the State, issuer, strategic investors, management and labor or cross possession).
August— With the purpose of increase of the market liquidity the process of pricing in PFTS Quote Driven Market was optimized by an establishment of requirements to the size of horizontal spread within the limits of which it is allowed to conclude agreements in PFTS BTrader system.
September — On September, 13th PFTS Index reached its maximal value in 2005 (365.19 points) due to growth of prices of stocks of the enterprises of power engineering, metallurgical and chemical sectors of industry.
September — The stocks of Kryvorizhstal — largest Ukrainian metallurgical enterprise were included to the Quotation list of the 2nd Tier of PFTS Listing. From the beginning of trades in securities of Kryvorizhstal on PFTS their price has grown by 30.65% up to UAH 4.05 per stock.
September — Eighth International Forum of the Capital Market Participants was held. Market participants have discussed actual questions of state policy on the capital market, prospects for the development of the effective regulated securities market, strategy and specificity of an output of the Ukrainian companies on IPO, have considered prospects of development of activity of institutes of the mutual investments.
September — PFTS Arbitration Court was registered. PFTS Arbitration Court is constantly operating independent non-state body created for the resolution of disputes, which can arise from civil and economic interactions at accomplishment of professional activity on Ukrainian securities market.
October — With the purpose of standardization of document circulation and increase of efficiency of procedure of the conclusion and performance of agreements, PFTS conducted lead preparation for use of electronic document circulation and electronic digital signature for the agreements concluded in PFTS.
October — PFTS developed and presented to the National Bank of Ukraine draft of amendments to the Regulation on the Order of Foreign Investments to Ukraine, adopted by the Regulation of NBU Council #280 of 08.10.05. The draft is directed on elimination of factors of negative influence on the securities market, caused by particulate norms the Regulation on the Order of Foreign Investments to Ukraine, which leads to reduction of foreign investments into Ukrainian securities.
November — PFTS was accepted to the World Federation of Exchanges (WFE). WFE is the largest international professional association of stock exchanges, which unites 115 members, including NYSE, LSE, NASDAQ, Tokyo Stock Exchange, Moscow Interbank Currency Exchange, RTS etc.
December — The requirements to the procedures of PFTS listing and pricing on PFTS Quote Driven Market raised through increase of the minimal monthly average volume of trades for securities of PFTS List and optimization of prices on maximal and minimal lots, which are authorized to be exposed in quotations on stocks, which are included in PFTS quotation lists.
December — Number of PFTS members has grown from the beginning of year from 149 up to 188 investment companies and banks — the maximal parameter since 2001. 35 investment companies and 9 banks were accepted to PFTS in 2005.
2004
January — Changes in rules of PFTS Index calculation have come into force. According to new amendments Index calculation treats average price on the agreements accomplished during PFTS trading session and do not consider stakes of shares which are in a state ownership. The Index began to display dynamics of the prices of shares of the enterprises from «Index basket» which are in the free circulation on the market. As the result the influence of securities issued by privatized companies on PFTS Index has raised.
January — With the purpose of increasing the corporate culture in Ukraine PFTS announced the Third Pan-Ukrainian Competition of Annual Reports of Ukrainian Joint Stock Companies.
February — For the first time for last 6 years PFTS Index has exceeded its starting level of 100 points due to the growth of prices of shares of the enterprises of thermal power complex, chemical industry and telecommunication sector.
February—The process of pricing on the PFTS quote-driven market has been optimized by the establishment of requirements to volume of maximal lot and to the size of vertical spread for completing agreements in PFTS BTrader system. These preventive actions have raised the liquidity of the market, promoted the confidence to it from investors, first of all, foreign, have allowed to prevent the possibility of cases of market manipulations.
February — New standard requirements of accomplishing obligations on agreements completed on PFTS, which increase the possibility of making preferences on settlement schemes for PFTS trades participants, come into force. If previously standard conditions of accomplishing obligations under agreements made on PFTS basically fixed within flexible schedule of re-registration of the property rights on securities and term of payment was equal T+3, the new standard conditions provides for equally flexible conditions for re-registration and settlement. It is especially important for the market of debt securities where settlement is usually done the same day.
March — PFTS has begun trades in the state bonds issued with the purpose of repayment of a state duty on compensation to companies the tax to the added value. At present these securities are the most liquid state bonds on the secondary market.
March — Collectively with the newspaper «Business» PFTS held the Round table «What Restricts the Development of Ukrainian Securities Market?» Participants of the Round table have stated their comments and observations to the SEC decision # 62 On Ordering of Depository Activity according to which trades in securities without international ISIN code are being suspended. Market representatives also criticized proposed by SEC draft of regulation On the Order of Presenting to SEC of Administrative Data About Activity of Securities Dealers, which stipulates the increase in volume of the reporting of professional market participants to the state regulator.
April— Newrequirementstoinclusionandpresence ofsharesinquotation listsofPFTSListingwereapproved. In particular, market capitalization of the shares included in quotation lists of the 1st, 2nd and 3rd levels should not be lesser than UAH 200 mn, UAH 10 mn and UAH 0.5 mn accordingly.
June— PFTS General Meeting took place. Borys Tymonkin (Head of the Board, Ukrsotsbank) was re-elected as the Head of the PFTS Board.
June—PFTS members have presented Address to the candidates for elections of the President of Ukraine, which contained the record of quantitative and qualitative indicators which performance will assist an output of a financial system of Ukraine on a new level of development. Among them: creation of legal basis in corporate governance of joint-stock companies, quantitative increase in the free circulation of shares of the enterprises which are in a state ownership, impossibility of administrative redistribution of the property, optimization of the taxation of citizens on operations in the securities market, maintenance of real independence of judicial authority and consideration of corporate disputes in specialized courts etc.
June — Web-portal ІStock (www.іstock.com.ua) started the distribution of financial information of Ukrainian issuers prepared in accordance with the international standards of disclosure. ThepilotgroupofissuerswasselectedwithinJSCfromPFTSListing, whichregularlypresent theirfinancialreporting to PFTS.
July — The institute of market-makers on PFTS bond marketwas initiated. In 2004 the status of market-maker was obtained by UkrSibbank (on 11 bonds) and by Khreschatyk Bank (on 2 bonds).
July — In accordance to the requirements of PFTS Trading Code (p.4.34) the trades in Azot (Cherkassy) shares were suspended due to the violation of rights of minority shareholders of this company.
July — The final of PFTS Mini-football League. The first place was gained by ART-Capital, the second place — by ІNEKO, the third place was won out by Vostok-Maklerand the fourth place —obtained by Sokrat.
August — On the basis of PFTS Address to SEC concerning the necessity of actions on prevention of the situations similar to problems, which have arisen during registration of additional issue of shares of Mykolayiv Alumina Plant the Commission approved changes and amendments to the SEC Decision # 125 On the Order of Registration of Issues of Shares of JSC Aiming at Changes of Nominal Cost and Quantity of Shares without Alteration of the Size of the Statutory Capital in the part regarding impediment of cases on violation of the rights of minority shareholders during the process of denomination of shares.
August — Nyzhniodniprovsk Piping shares were excluded from PFTS Index basket and transferred to the quotation list of 3rd level of PFTS Listing due to sharp decrease in liquidity in sector of its shares after emergence of the information on possibility of additional issue of shares, aiming at increase of Statutory Fund for UAH 300 mn up to UAH 313.47 mn.
September — Due to the appearance of price instability situation after entering into the agenda of Ukrnafta Shareholders Meeting the draft of the decision on increase of the Statutory capital of the enterprise in 132.2 times, which would lead to infringement of the shareholders rights, PFTS has temporarily suspended trades in Ukrnafta securities.
September — The 7th International Forum of Capital Market Participants: Perspective Directions of Development and Structure of Risks was held. Participants of the Forum have discussed perspective directions of development to the Ukrainian issuers during the organization and realization of IPO, stressed the importance of active cooperation with the insurance companies, foreign investors and institutes of mutual investing. Participants of the Forum have also emphasized the urgent necessity of adoption of the Law On Joint-Stock Companies.
October — The Awarding presentation of the winners of the Third Pan-Ukrainian Competition of Annual Reports of Joint-Stock Companies was held. The all-round winners of the Competition, organized by PFTS, State Securities Commission and Ukrainian Investment Newspaper with the purpose of creation and increasing of investment attractiveness of Ukrainian issuers in the field of elaboration of corporate governance were announced: among industrial companies —Zaporizhstal; among financial institutions —State Export-Import Bank of Ukraine.
For the first time in the extent of Competition was held the Contest of Corporate Web-sites, which included 20 joint stock companies Absolute winners of the Contest of corporate sites became: among industrial companies — Kyivstar GSM; among financial institutions — UkrSibbank.
October —PFTS together with news agency Cbonds (www.cbonds.info) has begun the publication of the Ukrainian corporate bonds market indexes. PFTS-Cbonds and PFTS-Cbonds/TR Indexes are corresponding to the main principles of European Bonds Commission and calculated in the real-time mode with dissemination at the closing of PFTS Trading session.
November—Members of PFTS, Professional Association of Registrars and Depositories and Ukrainian Association of Investment Business signed the Address to Ukrainian People, the President, the Government and the Supreme Rada, in which promulgated their position concerning impossibility of recognition of decisions of Central Electoral Committee on results of Presidential elections.
November — During the events of Orange Revolution for the first time in its history PFTS index was not calculated during 10 trading sessions due to falling of liquidity of the market caused by revolutionary events.
November— New module Smart is supplemented to PFTS trading terminal BTrader. The new unit allows to receive information on investment characteristics of corporate, municipal and VAT-bonds.
December — Prompt growth of PFTS index. On December, 31 the value of the Index has reached 227.08% —the maximal size of the growth among the developing markets.
2003
January — with the purpose of increasing the corporate culture in Ukraine PFTS announced the Second Pan-Ukrainian Competition of Annual Reports of Ukrainian Joint Stock Companies.
February — the new Trading Code of PFTS came into force, due to that the procedure of listing on PFTS has been changed, increased the requirements concerning obligations of traders due to maintenance of securities quotations and disclosure of information on securities by issuers and participants of trades, which included to the PFTS Listing. This measures has also sustained the increase of parameters of liquidity (spreads of securities of 1-st and 2-nd tiers do not exceed 20 % and 100 % accordingly; increased the quantity of bilateral quotations), exemption from PFTS Listing or remittance to the lowest levels of securities with liquidity, that has decreased during last time.
March - PFTS organized and carried out the Round table "Development of the Eurobonds Market of the Ukrainian Issuers in Ukraine". The participants of the Round-table discussed the issues concerning the readiness of the legislation and current market infrastructure to the initiation of the market of eurobonds in Ukraine, necessity of creation of the internal market of eurobonds of Ukrainian issuers. Following the results of the discussion PFTS prepared and presented to the National Bank of Ukraine recommendations concerning realization of actions on creation of the eurobonds market in Ukraine.
May — PFTS General Meeting took place. On the first meeting of PFTS Board Borys Tymonkin, (Head of the Council, Ukrsotsbank) was re-elected as the Head of the PFTS Board.
July — The 2003 PFTS Mini-football league ended. The first place was gain by ІC ІNEKO, the second place won FC Sokrat, the third place - has win out by Art - capital/PANTEK and the fourth place - ITT-Іnvest/Ukrbudresursy
August — cooperatively with the State Department of Financial Monitoring PFTS hold the Internet-conference "On the Practical Application of the Law of Ukraine On Prevention and Resisting to Legalization (laundering) of the Incomes received by the Criminal Matter and the Control Over its Obedience on the Ukrainian Stock market of Ukraine”.
August —TheRequirements to a level of disclose of the information by issuers of bonds at passage of PFTS Listing procedure, requirements to a level of the liquidity, necessary for inclusion of bonds to the PFTS Listing are established, regulation on the institute of markets-makers of the of corporate bonds market is authorized.
September — Introduction of the new version of the "PFTS-TRADE" software, which takes into account requirements of SEC and the State Department of Financial Monitoring concerning realization by subjects of primary financial monitoring of the actions directed on prevention and counteraction of legalization of incomes, received by criminal matter.
September — the Sixth International Forum of Ukrainian Capital Market Participants was held on September 25-28. Following the results of the Forum PFTS adopted the Reference to the state authorities with summaries concerning the regulatory, legal and economic opportunities and restrictions directed on increase of capitalization, liquidity and efficiency of the Ukrainian capital market, as well as recommendations with regards to concrete actions of the Government in 2004-2005.
September — Internet Portal IStock (www.istock.com.ua), developed by PFTS presented in free and complimentary access information on financial activity of Ukrainian issuers of securities for 2002-2003 period. On the whole, the Istock portal databases maintains 22, 500 reports of more than 14,000 issuers for 1998-2003 period, over 10,000 reports of information about events which have taken place in the issuers activity (the ad-hoc information) and 4,000 corporate news of the issuers.
October — The Award Ceremony of the Winners of the Second Pan-Ukrainian Competition of Annual Reports of Joint-stock companies was held in Ukrainiskiy Dim building on October 29. Quantity of participants that have presented their annual reports on competition advanced in comparison to 2002 from 35 up to 49. The absolute winners of the Competition: among the industrial enterprises - JSC Zaporizhstal; and among financial institutions - OJSC Bank Nadra.
November — signing of the Agreements on Cooperation with National Mortgage Association and Athens Stock Exchange.
November — Adoption of amendments to the Rules of Calculation of PFTS Index. Since January 1, 2004 the shock holdings which are in state ownership are not taken into account upon PFTS index calculation. Thereof, the index began to display dynamics of the prices of securities of the enterprises from the "index basket", which are in a free float on the market; the influence on the index by securities of the enterprises that passed privatization: OJSC Zaporizhstal, OJSC Stirol, OJSC Nizhniodniprovskiy piping - has raised
November— municipal bonds of the Kyiv Municipal Council became the first obligations that were included in the 1st Tier of PFTS Listing
November — PFTS Board adopted the decision on election of new principalsof the PFTS Committees and Expert Councils. Leonid Rachlevskiy (Sokrat) was elected as the Head of PFTS Trading Committee, Dmytro Sapunov (Comex-Brok) was elected as the Head of the PFTS Committee on Settlements, Andriy Zhylinskiy (National Bank of Ukraine) was elected as the Head of the Council on Financial Instruments and Valeriy Glynianchuk (IТТ-Іnvest) was elected as the Head of the PFTS Expert Council on Corporate Governance .
December — PFTS Committee on Settlements adopted the decision on origination of the General Agreement, which should be applied instead of standard forms of agreements.
December — Prompt growth of the PFTS index has taken place. On the December 31, value of the Index made 85,43, namely, the increase of the Index from the beginning of the year has reached 57,9 %.
2002
January — free access to PFTS trading results is granted on Internet PFTS server by the address www.pfts.com/uk/tsystem/sstats_common.php. Everyone interested may get information to daily summing up of trades and to results of trades for the last/current week, month, year. As special spreadsheet is created for those who wants to analyze the latest changes within the PFTS index. This table reflects changes of the prices to shares included in calculation of this index.
