The capital market of Ukraine has started its history with the addoption of the first normative document on the capital market - Law of Ukraine About Securities and Stock Exchange (1991). It was the first attempt of creation of centralized capital market.

          According to this law, the Ukrainian Stock exchange, with its branches practically in all regions of Ukraine was organized. Eventually the positions of the Law made impossible the originating and operation of other stock institutions of Ukraine.
          However centralization of the stock market was non-effective. With the change of the current legislation in Ukraine new stock enteties began to appear.
          Today the stock market of Ukraine is not centralized, unitized structure.
          The basis commodity of the stock market is a bond market of the internal state loan (OVDZ), the National Bank's deposit certificates, other liabilities, mainly of state institutes (for example, state securitis, which are emitted by the Ministry of finances of Ukraine or by the Pension Fund of Ukraine), securities of Ukrainian banks and emitters. As a rule, the incomes of their allotment made 15 per cent annually.
          The main market participants are banks, licensed stock jobbers, registrars, depositaries, exchanges and trade systems. The main participants of the stock market of Ukraine and for further will be banks. It is conditioned, first of all, by the existance of considerable financial resources for implementation of speculative operations.
          The stock market participants are organized in unions and associations including self-regulating ones. Professional association of the registrars and depositariess (PARD), is one of them and integrates about 270 companies of Ukraine.
          The unified stock index does not exist in Ukraine. Almost each registered stock institute (stock exchanges, systems and even the separate companies, which work on the stock market) have their own "exchange" indexes.
          In Ukraine there isn't also the unified list "of blue chips". However, for example the First stock trade system (PFTS) conducts own two (the first and the second) listings of the most attractive emitters of Ukraine. PFTS relegates to Ukrainian "blue chips" the following companies: JSC Centroenergo, JSC Dniproenergo, JSC Donbasenergo, JSC Kyivenergo, JSC Zapadenergo, JSC Ukrnafta.
          The most attractive companies in Ukraine are JSC Krivorizhsky plant of a mining equipment, AKB Aval, JSC Lvivgas, JSC Krasitel, JSC Khmelnickmolprom, JSC Rosava, JSC Electromashina, JSC Yenakyivsky metallurgical plant, JSC Novomoskovskyy tubal plant, JSC Karavay, JSC Dneproshina, Thecom, Kyivstar, GSM, Аrkada Fund and other.
          The liquidity of the stock market in Ukraine, especially during the last period, has become lower. One of the causes, by PFTS analytics, is the trade volume drop on securities of power engineergy and metallurgy companies and the process of bankruptcy as a form of so-called "of masked privatization".

          With allowance for specificities of the Ukrainian economical climate, the main sources of foreign exchange earnings in 2000 - 2001 are the incomes from the export operations and renewal of external financing on the part of international financial organizations (next tranches IMF according to the program EFF). However the structure of exports remains imperfect. Mainly raw materials and semi-manufacted goods are exported and first of all the metallurgical production.

          These factors cause preservations of a proposal level of a foreign exchange on domestic market of Ukraine.
          In 2001 high-gravity burden for economical development of Ukraine was a high level of the external liabilities before international financial organizations. With the purpose of refund of the external NBU's obligations, National Bank in 2001 actively participated on the exchange market and regularly bought up the rest of the proposals of a foreign exchange. So, only for September, 2001 the total NBU's currency reserves have grown by 492 million USD and have reached 2,688 million. USD.
          The currency market in Ukraine, from the point of view of exchange rate (HUA - USD) are rather stable during 1999 - 2001. And though the stability of the national currency has not market, directive nature, dynamics of exchange rate in 2001 prolonged the process of hrivna's revaluation (in 2000 - 19,6 per cent).
          The tendency of currency market in 2000 has resulted (for the first time for the last 5 years) the process of transfert of citizen's savings from the foreign currency to the national currency. Therefore hrivna's stability is importent for Ukrainian economy from the point of view of saving the low inflation level.