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National Bank of Ukraine Publishes the List of Banks Engaging in FX Intervention in the Form of a Request for Quotation in Q3 2018

5 July 2018

Press Release

 

The National Bank of Ukraine (NBU) has approved the list of banks eligible to engage in the NBU FX interventions with the best currency rate to be conducted in the form of a request for prices for foreign currency purchases/sales in Q3 2018 (hereinafter - interventions in the form of a request for quotation).

 

According to the banks’ selection criteria, 20 banks that had the best general rating among interbank market traders in the previous quarter will engage in FX interventions in the form of a request for quotation.  The overall composite rating is calculated based on individual rating scores assigned to a bank through the following three transparent criteria:

 

   the volume of bank’s FX purchases/sales from/to other market players and the NBU (the relative share in the rating included in the calculation of the overall rating is 50%),

   the volume of bank’s cashless FX purchases/sales (the relative share in this rating is 30%),

   the volume of bank's assets (the relative share in this rating is 20%).

 

According to the above criteria, in Q3 2018, ProCredit Bank JSC was included in the NBU’s list of banks eligible to participate in FX interventions in the form of a for quotation was expanded to include ProCredit Bank JSC, whereas Prominvestbank PJSC was excluded from the list.

 

Thereby, the following banks will be eligible to participate in the FX interventions in July-September:

 

ALFA-BANK PJSC

BANK CREDIT DNIPRO PJSC

CB GLOBUS PJSC

ING Bank Ukraine PJSC

INDUSTRIALBANK JSB

CREDIT AGRICOLE BANK PJSC

OTP BANK JSC

Oschadbank JSC

Pivdennyi JSB

CB PRIVATBANK PJSC

PROCREDIT BANK JSC

FUIB PJSC

Raiffeisen Bank Aval JSC

SBERBANK PJSC

CITIBANK PJSC

TASCOMBANK JSC

UКRGАZBАNК JSB

Ukreximbank JSC

UkrSibbank JSС

UКRSОTSBАNК PJSC

 

Please be reminded that interventions in the form of a request for quotation have been conducted since early 2017 and introduced in accordance with the NBU’s Foreign Exchange Market Intervention Strategy for 2016-2020.

 

In Q2 2018, the NBU did not buy currency through the FX interventions in the form of a request for quotation.  Instead, the Matching platform was used via which transactions were conducted by means of interventions as in the form of a request for quotation so at the single rate.

 

Starting from April 2018, the Ppocedure for carrying out interventions in the form of a request for quotation provides the possibility to do this in two ways. First variant – the way interventions were conducted previously – by requesting ask/bid prices for foreign currency in trading information systems and executing contracts with the trader offering the best price. Second variant is the way of selecting the best ask/bid price for foreign currency quoted by market traders in the current trading information systems and signing contracts with traders offering the best price (i.e. using Matching, a new platform for making deals in trade information systems).

 

In the first case, given the technical features of other platforms, only 20 institutions can participate in interventions in the form of a request for quotation, whereas all the banks can participate in the interventions on the Matching platform.

 

The list of banks engaging in the FX interventions in the form of a request for quotation for the previous quarter.

 


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Last modification   05.07.2018