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PFTS Stock Exchange is acting as an organizer of securities trading since 1997 on the basis of the License granted by Ukrainian SEC.
PFTS Stock Exchange Trading System consists of «Quote-Driven» and «Order-Driven» markets. In addition PFTS performs the auctions of the State Property Fund, companies accomplishing the initial public offerings (IPO) or selling their own assets in securities.
To the eligible circulation on PFTS admitted the stocks, government bonds, municipal bonds, corporate bonds, state treasury notes, savings certificates, investment certificates and other types of securities that were issued in compliance with effective Ukrainian legislation.
Trade contracts are executed on PFTS exclusively in securities included in the PFTS Listing that consists of the list of all securities and other financial instruments that have been permitted for trades in PFTS in accordance with the procedures and terms envisaged by the PFTS Stock Exchange Trading Rules.
«The Quote-Driven Market» (QDM) is the major PFTS market built on the Dealer-Driven trading technology, which is based on the rules of competing quotes offered by trade participants and on acceptance of firm quotes. «Quote-Driven Market» is used for the secondary trades in stocks, state, municipal and corporate bonds and investment certificates.
«Order-Driven Market» is the market built on the order-driven market trading technology. Trading is performed with full preliminary deposition on assets, settlement is conducted in hryvnya using the «delivery versus payment» technology. There are two systems built on the order-driven market trading technology at PFTS. One of them is operated for sale of government securities, issued in a non-documentary form and accounted in the Depository of the National Bank of Ukraine. The other one is operated for sale of stocks and bonds, issued in a non-documentary form and accounted in the MFS Depository.
«PFTS Auctions» is a trading technology based on the principle of a unilateral auction, which presumes the performance of trades through submitting of competing proposals by the participants of auction on the buy or sell orders of the auction initiator. The auction technology is aimed to accomplish trades on any financial instrument, whatever its amount or specifics. This system has proved to be the most effective for initial public offerings and sales of big stakes of securities (s.c. block trades). This technology is used for accomplishment of auctions of the State Property Fund of Ukraine on sales of state assets in open joint stock companies.
