--- title: "Ukraine's Capital Market at KIEF TALKS: 271,000 Investors, 80% Government Bonds, and a Bet on Investment Accounts" description: "KIEF TALKS discussed the structural imbalance of Ukraine's capital market: 80% government bonds, 271,300 retail investors (12-fold growth since 2022), and Kyivstar, following its Nasdaq listing, became the first Ukrainian case of access to equity capital." date: 2026-09-22T07:14:00.000Z lang: en url: https://xab.info/en/posts/ukraine-capital-market-kief-talks-new-investment-instruments tags: [ukraine, capital-market, investment, nkcbfr, kyivstar, nasdaq, ovgz, retail-investors] publisher: "XAB.info" --- # Ukraine's Capital Market at KIEF TALKS: 271,000 Investors, 80% Government Bonds, and a Bet on Investment Accounts ![Panel discussion on the Ukrainian capital market at the KIEF TALKS conference: speakers on stage in front of an audience, with the KIEF logo and speaker Oleksandr Komarov on the screens](https://xab.info/media/2026/09/22/rynok-kapitala-ukrainy-kief-talks-novye-investicionnye-instrumenty/rynok-kapitala-ukrainy-kief-talks-novye-investicionnye-instrumenty-1.webp) ## 🎯 Key Points - Ukraine's securities market is 80% composed of domestic government bonds; the share of equity and other instruments is negligible - As of August 1, 2026, Ukraine has 271,300 retail investors β€” 12 times more than in 2022 - Currency restrictions and the inability to repatriate capital isolate the market from international investors - The NSSMC and Kyivstar signed a memorandum on capital market development in June 2026; a mechanism for investing in Kyivstar shares in hryvnia from Ukraine is under development - Market participants identify the introduction of investment accounts as a key solution for growing the number of investors The Kyiv International Economic Forum held a KIEF TALKS discussion titled "Ukraine's Capital Market: New Investment Instruments," attended by regulators, business representatives, and experts. The central issue was the structural imbalance of Ukraine's securities market: according to data presented at the event, approximately 80% of the market consists of domestic government bonds (DGBs), while the share of equity instruments and other capital-raising mechanisms remains negligible. Participants noted that sustainable economic development requires diversification of investment opportunities and the formation of long-term domestic capital, rather than reliance on a single type of instrument. ### Isolation from External Capital and Domestic Resources An additional challenge highlighted by the speakers was the current currency restrictions and the inability to freely repatriate capital. As a result, the Ukrainian market is virtually isolated from international investors. At the same time, significant financial resources are concentrated within the country: citizens' bank deposits and cash holdings kept outside the formal financial system. According to the discussion participants, these savings could become a source of long-term investments and new opportunities for the development of Ukrainian companies, provided that the appropriate instruments and infrastructure are created. ### The Regulator's Position: Oleksiy Semyiuk on the NSSMC's Mandate The Head of the National Securities and Stock Market Commission, Oleksiy Semyiuk, emphasized in his speech that the war has objectively changed the structure and opportunities of the market, yet "the market exists, it is functioning, and it must develop." According to him, the key areas of the regulator's work include expanding the range of instruments, simplifying business access to capital, strengthening investor protection, and the gradual formation of long-term domestic resources. Semyiuk specifically noted that market participants consider the introduction of investment accounts to be one of the key solutions, which, in his view, should encourage citizens to invest over longer periods and contribute to the formation of long-term domestic capital. "I want as many Ukrainians as possible to become owners of capital. I want people to be able not only to earn and save, but also to have the opportunity to invest and manage their savings," stated the head of the NSSMC. ### 271,300 Investors: 12-Fold Growth, but the Gap with Europe Persists According to NSSMC data, as of August 1, 2026, the number of Ukrainian citizens investing in financial instruments stands at 271,300. This is 12 times higher than the 2022 figure, indicating dynamic growth in public interest in the market. However, as the discussion participants emphasized, this figure remains significantly lower than in countries with developed capital markets: Poland has approximately 2 million retail investors, while in the United Kingdom and Japan the number is measured in tens of millions. The gap of several times over points to enormous growth potential but simultaneously calls for systematic work on building trust, investor protection, and instrument clarity. ### The Kyivstar Case: Ukraine's First Nasdaq Listing and a Memorandum with the NSSMC Particular attention during KIEF TALKS was given to the issue of Ukrainian access to company shares. The discussion was joined by Alexander Komarov, President of the Kyivstar Group of Companies. Following its Nasdaq listing, the company became the first with a Ukrainian operational core whose shares are available to international investors on the U.S. stock market. Komarov recalled that the listing was preceded by an extensive review of the ownership structure, beneficial owners, compliance procedures, and sanctions law compliance: "We underwent one of the most rigorous reviews existing in international capital markets, and today we can confidently say that Kyivstar Group Ltd. is one of the most transparent businesses in Ukraine." In June 2026, the NSSMC and Kyivstar signed a memorandum of cooperation on the development of Ukraine's capital market. One of the practical directions of this work is the development of a mechanism that will in the future allow Ukrainians to invest from Ukraine and in hryvnia in the shares of Kyivstar Group Ltd. traded on Nasdaq. Kyivstar is positioned as a stable company with a 28-year history, which, in the view of market participants, makes it a potential anchor instrument for building a culture of equity investment in Ukraine. ### Outlook: From Government Bonds to Equity Capital The participants of KIEF TALKS agreed that it is precisely the development of a culture of equity investment that can ensure the inflow of long-term resources into the real sector of the economy, create additional sources of financing for businesses, and contribute to the development of the capital market along the model successfully operating in European and North American countries. For this, according to the regulator, clear instruments, adequate investor protection, and trust in the market are necessary. Specific mechanisms, the NSSMC assured, are already under development, and their implementation will determine the pace of transforming the Ukrainian market from a predominantly bond-based one into a full-fledged multi-tiered capital market. ## πŸ” Fact-Check Verification - [Ukraine's Capital Market Needs New Instruments: What Was Discussed at KIEF TALKS](https://www.rbc.ua/ukr/news/ukrayinskomu-rinku-kapitalu-potribni-novi-1790005491.html) - ЕдинствСнный прСдоставлСнный ΠΏΠ΅Ρ€Π²ΠΈΡ‡Π½Ρ‹ΠΉ источник. Π‘ΠΎΠ΄Π΅Ρ€ΠΆΠΈΡ‚ прямыС Ρ†ΠΈΡ‚Π°Ρ‚Ρ‹ БСмСнюка ΠΈ ΠšΠΎΠΌΠ°Ρ€ΠΎΠ²Π°, статистику ΠΠšΠ¦Π‘Π€Π  (271,3 тыс. инвСсторов Π½Π° 01.08.2026), Π΄Π°Π½Π½Ρ‹Π΅ ΠΎ листингС Kyivstar Π½Π° Nasdaq ΠΈ ΠΌΠ΅ΠΌΠΎΡ€Π°Π½Π΄ΡƒΠΌΠ΅ июня 2026 Π³. Π˜ΡΡ‚ΠΎΡ‡Π½ΠΈΠΊ обрываСтся Π½Π° сСрСдинС Ρ†ΠΈΡ‚Π°Ρ‚Ρ‹ ΠšΠΎΠΌΠ°Ρ€ΠΎΠ²Π°. НСзависимого кросс-Ρ‡Π΅ΠΊΠΈΠ½Π³Π° Ρ†ΠΈΡ„Ρ€ ΠΏΠΎ Π²Ρ‚ΠΎΡ€Ρ‹ΠΌ источникам Π½Π΅ ΠΏΡ€ΠΎΠ²ΠΎΠ΄ΠΈΠ»ΠΎΡΡŒ. ## ❓ FAQ ### Q: How many Ukrainians are investing in financial instruments as of August 2026? **A:** According to NSSMC data, as of August 1, 2026, the number of Ukrainian citizens investing in financial instruments stands at 271,300. This is 12 times higher than in 2022, yet significantly lower than in developed markets: Poland has approximately 2 million retail investors, while the United Kingdom and Japan have tens of millions. ### Q: What are investment accounts and what are they for? **A:** Investment accounts are a mechanism that, according to KIEF TALKS participants and NSSMC head Oleksiy Semyiuk, should encourage citizens to invest over longer periods and contribute to the formation of long-term domestic capital. They are regarded as one of the key solutions for market development. ### Q: How will Ukrainians be able to invest in Kyivstar shares traded on Nasdaq? **A:** In June 2026, the NSSMC and Kyivstar signed a memorandum of cooperation. One of the practical directions is the development of a mechanism that will in the future allow Ukrainians to invest from Ukraine and in hryvnia in the shares of Kyivstar Group Ltd. traded on Nasdaq. The specific parameters of the mechanism were still being finalized at the time of the KIEF TALKS discussion. ### Q: Why is Ukraine's capital market isolated from international investors? **A:** The cause is the current currency restrictions and the inability to freely repatriate capital. As a result, foreign investors cannot freely enter the market or withdraw funds, which limits the inflow of external capital.