With a view to specifying the rules for recording transactions involving the purchase/sale of foreign exchange and investment metals in the System for Confirmation of Deals in Ukraine’s Interbank Foreign Exchange Market run by the National Bank of Ukraine, on July 24, 2015, the Board of the National Bank of Ukraine adopted Resolution No 473 On Amendments to Some Regulations of the National Bank of Ukraine  (hereinafter – Resolution No 473).

Resolution No 473 provides for the following:

• to modify the approach to confirming transactions involving the purchase/sale of foreign exchange and investment metals in the System for Confirmation of Deals;
• to abolish the requirement to submit bids for being given the access to the System for Confirmation of Deals for performing transactions with other authorized banks;  The bids for being given the access to the System for Confirmation of Deals will be submitted only to carry out transactions with the National Bank of Ukraine;
• to reduce the information that a bank is required to indicate in its bid for being given the access to the System for Confirmation of Deals;
• to abolish the requirement for authorized banks to confirm transactions involving the purchase/sale of bullion coins with the National Bank of Ukraine.

Commenting on this resolution Director of the Open Market Operations Department Serhii Ponomarenko said: “This resolution significantly simplifies the registration procedure of transactions in the System for Confirmation of Deals for banks. From now on, banks will be able to immediately confirm agreements entered into between them. At the same time, the resolution is intended to ensure the transparency of information submitted by banks to this System.”