The NBU has repealed the requirement for banks to register agreements in the System for Confirmation of Deals in the interbank FX market of Ukraine (Val_Kli system), where information about all interbank agreements is recorded.

This marks the first step toward shifting away from from the use of the Val_Kli system for operations performed in the interbank FX market. This move to discontinue the use of the Val_Kli system  is envisaged  by the roadmap for improving operations of the interbank FX market that was presented by the NBU to the financial market participants last week.

According to this roadmap, the NBU plans to shift away from using the Val_Kli system and the System for the submission of information about interbank hryvnia loan purchase and sale agreements (the CredInfo2 system).  Instead, the NBU intends to switch to   trading information systems (TIS) operated by Bloomberg and Reuters. During the transition period banks will be able to register interbank agreements either through the Val_Kli system or the CredInfo2 system as is the case now, or one of the TIS systems.

Going forward, the NBU will retrieve information about these agreements from statistical reports submitted by banks. 

 The appropriate amendments to this effect  have been approved by NBU Board  Resolution No. 27 of 396 September 2016  On Amendments to Some NBU Regulations. This resolution shall come into effect from 1 November 2016.