Oleh Zahnitko has acted as key expert to the EU assistance project to the National Securities and Stock Market Commission of Ukraine


Dr. Oleh Zahnitko, Banking and Finance partner at INTEGRITES, has acted as the key expert in the legal and regulatory issues on the EU-funded project “Assistance to the National Securities and Stock Market Commission (NSSMC) in improvement of Ukraine’s energy commodity markets and commodity products organized trading in Ukraine”. Launched in 2021, the project comes to completion in late April 2024.

In his position of the key expert, Dr. Zahnitko had the leading role in development of the regulatory model for the wholesale energy products and other commodity markets in Ukraine, comparative analysis of the Ukrainian laws and the EU primary acquis for identifying gaps and develop a plan for transposition. He also contributed to the standardization of wholesale energy products and recognition in Ukraine of the master agreements on physical and cash-settled products that are used within the EU.

Besides, Oleh played an active role in preparing the roadmap for the introduction of clearing of wholesale energy products, handbook for authorization of the trading venues, NSSMC strategy on communication channels with commodity market actors. He also presented and moderated in several trainings for the commissioners and the staff of the NSSMC, as well as commodity market regulators, in particular, the National Energy and Utilities Regulation Commission (NEURC).

Notably, Dr Zahnitko participated in study trips to Belgium, Germany, the Netherlands and Poland, where the project introduced Ukrainian officials to the General Directorates in the European Commission, national and regional regulators, self-regulatory organizations at the commodity and financial markets, operators of trading platforms and clearing institutions. The recommendations developed jointly by the project leader Dr. Jan Haizmann and Dr. OIeh Zahnitko became the foundation for the agreement on cooperation in the supervision of the wholesale energy product markets, which was signed by the NSSMC and the NEURC in early April this year.

"The stability of the rules for supervision, transparency and integrity should shape the stability of the commodity markets in Ukraine – wholesale energy products, renewable energy sources, agricultural products, etc. Prompt adoption of these two principles and the gradual introduction of regulatory practices will generate liquidity and indexes that at least the Black Sea countries and their continental neighbours could be guided by. The war makes it complicated to directly borrow the foreign experience, but crisis conditions create more sustainable models of contract performance and market functioning. Ukrainian experience has already enriched the practice of trade, regulation, and supervision of commodity markets," commented Dr. Zahnitko.


The aim of the EU project «Assistance to the National Securities and Stock Market Commission (NSSMC) in improvement of Ukraine’s energy commodity markets and commodity products organized trading in Ukraine» is to assist the NSSMC in strengthening the regulatory framework, ensuring the development of commodity market instruments, ensuring interaction between regulators and methods of commodity market supervision, taking into account European and international standards and best practices.

The project is funded by the EU and implemented by a consortium led by PwC EU Services with the participation of Correggio Consulting (both – Belgium), INTEGRITES (Ukraine) and Kantor Management Consultants (Greece).