PONTON helps building a Trade Repository for Ukraine
Facilitating energy trading and regulation for an expanding market
In 2020, PONTON provided advice to the Ukrainian securities commission (NSSMC) on the provision of Trade Repositories based on Ukrainian law equivalent to EMIR, MiFIR and MiFID-II. The aim of such trade repository is to increase market transparency for capital and commodity markets in Ukraine, ensuring efficient functioning of the market, and mitigating risks to investors. The project was financed by USAID, through the DAI Kyiv project office. In the course of this consulting project, PONTON interviewed stakeholders and regulatory authorities in the Ukrainian financial markets and identified best practices from Western Europe. The project resulted in a final report, which is publicly available. (https://www.fst-ua.info/wp-content/uploads/2020/11/Ukraine_TRreport_ENG.pdf).
In 2021, PONTON implemented the findings of the report in a trade repository, which was implemented following agile methodology and the Minimum Viable Product (MVP) approach. The project was again financed by USAID, with the implementing partner being SMIDA, the IT operations, development and data security organization of the NSSMC. PONTON took the role of Product Owner and project manager, collecting feedback from stakeholders and testing and accepting the product. The TR focused on secure and easy collection of data following Western European data standards (EMIR Refit), data verification and application of business rules, and secure storage and ability to interrogate the reports using BI tools. The project was launched successfully and in time with functionality significantly above the functionality outlined in the MVP. In parallel to the project, PONTON advised the law firm drafting secondary legislation to implement the TR on matters of operational security and practicality.
The results of the project were presented to the Ukrainian regulatory authorities and other stakeholders on June 30, 2021. .