Yanukovych signs controversial depository system bill

President Viktor Yanukovych signed into law a controversial bill on Ukraine’s depository system that prompted stock market participants to stage a one-hour halt in trading last week. The law envisages the creation of single depository and clearing centers that will be controlled by the state and the National Bank of Ukraine. The final text of the document has not yet been made available by the government. In an open letter two weeks ago to the president, the head of the Ukrainian Exchange’s council said Ukrainian stock market participants in particular opposed articles making the clearing center a monopoly (full disclosure: Concorde Capital CEO Igor Mazepa is the head of the Ukrainian Exchange’s council).