The National Depository of Ukraine

What The National Depository of Ukraine does

The National Depository of Ukraine (PJSC NDU) is the sole Central Securities Depository (CSD) of Ukraine, established in 1998-1999 under the Law of Ukraine on the National Depository System. It maintains unified depository records for all eligible securities in Ukraine, except those held by the National Bank of Ukraine, serving 10,932 issuers and 129 depositary institutions as of April 2026, with UAH 2,427 billion in depository assets under management. The company is a Public Joint Stock Company regulated by the National Securities and Stock Market Commission (NKCPFR), with a correspondent account at Clearstream Banking Luxembourg since 2010 and membership in ANNA, ECSDA, ISSA, and UkrSWIFT.

NDU's technology stack centers on a proprietary Information and Telecommunication System (SOI) using ISO 15022 messaging, supplemented by client-facing portals (VELETEN, Client Portal, RAN Portal for Agricultural Notes, LLC Portal) and proprietary DEPEND Q/DEPEND GUI software deployed at depository institutions. Core services include securities registration, ISIN allocation, corporate actions servicing, clearing operations (licensed October 2023), LEI code assignment, cross-border settlement, authorized safe-keeping for discontinued depositary institutions, and remote shareholders'/bondholders' meeting facilitation. A dedicated Agricultural Notes Register extends the platform into commodity-financing infrastructure, with a new FEODAL LLC partnership signed in June 2026.

Revenue is generated under NKCPFR-approved tariffs across separate schedules for issuers, depositary institutions, LLCs/ALCs, agricultural notes, authorized safe-keeping, foreign entities, and messaging services, billed monthly. The company distributes exclusively through direct institutional relationships, regulated by statute, with a supervisory board of independent and shareholder-representative directors overseeing a management board led by a Chairman of the Board.

Name

The National Depository of Ukraine

Legal name

Public Joint Stock Company "The National Depository of Ukraine" (ПАТ "Національний депозитарій України")

Website

https://csd.ua

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

101–250 employees

Short description

The National Depository of Ukraine (PJSC NDU) is Ukraine's statutory sole Central Securities Depository, providing depository record-keeping, ISIN allocation, clearing, and cross-border settlement for 10,932 issuers and 129 depositary institutions, with UAH 2,427 billion in assets under management.

Ownership category

akta.pro rank

Product category

Central Securities Depository Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

Central Securities Depository (CSD) & Securities Settlement Services (FSAAAOAD), Securities Clearing & Custody Services (DVP/RVP, Safekeeping) (FSABAJAD)

Keywords

• Central securities depository
• Securities depository services
• Clearing and settlement
• Corporate actions processing
• Legal entity identifier

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Revenue model

1. Depository Services to Issuers: Fees charged to securities issuers for account maintenance, corporate actions, register compilation, and notification services. Tariffs are approved by the National Securities and Stock Market Commission (NKCPFR).
2. Depository Services to Depositary Institutions: Fees for depositary institutions for securities account services, international operations, and clearing activities
3. LEI Services: Fees for new LEI code assignment, renewal, and transfer services with processing time of up to 12 business days
4. Authorized Safe-Keeping Services: Fees for custody services when depositary institutions transfer databases and documents to NDU as authorized custodian
5. Clearing Operations: Clearing activities performed by the Central Depository with settlement services through correspondent accounts
6. LLC Share Accounting: Services for accounting of limited liability company (TOV) and additional liability company (TDV) shares

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

The National Depository of Ukraine (PJSC NDU) is the sole Central Securities Depository (CSD) for all types of securities in Ukraine, providing unified depository record-keeping, securities registration, ISIN allocation, corporate actions servicing, cross-border transaction processing, and licensed clearing operations. It serves 10,932 issuers and 129 depositary institutions through its proprietary SOI information and telecommunication system, web client portals (VELETEN, Client Portal, RAN Portal, LLC Portal), and DEPEND Q/DEPEND GUI client software, operating under National Securities and Stock Market Commission (NKCPFR) tariffs.

Product overview

The National Depository of Ukraine operates a single unified central securities depository platform providing the complete infrastructure for securities depository record-keeping, registration, and circulation in Ukraine. The core central depository system is supplemented by client-facing web portals — the Client Portal (Кабінет Клієнта) for account management, VELETEN for general service access, and the Agricultural Notes Register Portal for agricultural notes — all built on the proprietary SOI (Information and Telecommunication System of Data Processing). Depository institutions connect via the proprietary DEPEND Q and DEPEND GUI software applications. NDU also provides licensed clearing operations, LEI code services, LLC equity accounting, remote shareholders'/bondholders' meeting facilitation, cross-border securities operations through correspondent depositories (Clearstream, Euroclear, DTC, Central Depository of Armenia), authorized safe-keeping services, and instruction status tracking.

Differentiator

Problem solved

Functional benefit

Brands

• VELETEN: Web-based platform for depository operations and client services
• DEPEND
• Кабінет Клієнта (Client Portal)
• Реєстр аграрних нот (Register of Agricultural Notes)

Products and services

• Central Depository Services to Securities Issuers Depository account opening and maintenance for securities issuers, including global certificate services, register compilation, notification services, and ISIN code allocation, mandated by Ukrainian law for all eligible securities in Ukraine. Serves 10,932 issuers as of April 2026.
• Depository Services to Depositary Institutions Securities account services for licensed depositary institutions, including international operations with foreign securities and clearing activities, serving 129 depositary institutions as of April 2026.
• Clearing Operations Licensed clearing activities performed by the Central Depository for professional capital market activities, with settlement through correspondent accounts. Licensed by the National Securities and Stock Market Commission (NKCPFR) in October 2023.
• Authorized Safe-Keeping Services Custody services as authorized custodian, accepting and maintaining databases, documents, copies, and archives of depositary institutions in cases of depository activity cessation.
• LEI (Legal Entity Identifier) Services Assignment, renewal, and transfer of international Legal Entity Identifiers in compliance with the ISO 17442 standard, with processing time of up to 12 business days and 12-month validity.
• LLC and ALC Share Accounting Services Maintenance of accounting records of equity shares in Limited Liability Companies (TOV) and Additional Liability Companies (TDV) in Ukraine, with public information disclosure via the LLC portal.
• Remote Shareholders' Meeting Services Services for conducting general shareholders' meetings by polling (remote voting) using NDU's depository system infrastructure, including electronic shareholders' meetings.
• Bondholders' Meeting Services Services for convening and conducting bondholders' meetings using the Authorized Electronic System (AES) and NDU's depository infrastructure, with information system conformity certificate from NKCPFR.
• Cross-Border Securities Operations Cross-border securities transactions, foreign issuer securities servicing, and admission of foreign issuers' securities to Ukrainian circulation, operating through correspondent accounts with Clearstream, Euroclear, DTC, and the Central Depository of Armenia. Supports settlement in USD, EUR, and GBP currencies.
• Agricultural Notes Registry Services Registry, registration, and digital ecosystem services for agricultural notes, supporting agricultural sector financing. Includes the public RAN information portal and the participant RAN Portal.
• DEPEND Q and DEPEND GUI Client Software Proprietary software product complex provided by NDU to depositary institutions for automated processing of depository activities and information flow between depository system participants. Includes DEPEND GUI as a graphical user interface module.

Quantifiable outcome

• UAH 2,427 billion in depository assets under management
• +3 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• FEODAL LLCcoreStrategic or Co-development Partner · 24 June 2026Partnership agreement for digitalization of agrofinancing through agricultural notes. NDU and FEODAL LLC signed a cooperation agreement aimed at creating prerequisites for further development of the digital ecosystem for agricultural notes. This supports Ukraine's agricultural sector financing infrastructure.
• Clearstream Banking LuxembourgcoreTechnology or IntegrationInternational Central Securities Depository (ICSD) providing cross-border securities settlement services. NDU opened an account with Clearstream in 2010. Supports settlement in USD, EUR, and GBP currencies. NDU BIC code: NADUUAUK, Clearstream BIC: CEDELULL.
• Central Depository of Armenia OJSCstrategicTechnology or IntegrationCorrespondent depository relationship with Central Depository of Armenia for cross-border securities operations. NDU account number: 7791200000013, CDAMAM22 BIC code.
• ANNA (Association of National Numbering Agencies)strategicOthersNDU is a member of ANNA, which establishes international standards for securities identification and numbering systems globally.
• ECSDA (European Central Securities Depositories Association)strategicOthersNDU is a member of ECSDA, the European association representing CSDs and promoting best practices in securities settlement.
• ISSA (International Securities Services Association)strategicOthersNDU is a member of ISSA, the international association for securities services providers.
• UkrSWIFTcoreTechnology or IntegrationMember of Ukrainian SWIFT network for international financial messaging and transaction processing.
• Association of Global CustodiansminorOthersAnnual participation in the Depositary Information Collection Project, providing information about NDU's services, performance indicators, financial instruments, and legislative changes to global custodians.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Depozitarul Central: Romania's national CSD, operating as a monopoly central securities depository for the Romanian capital market with similar services to NDU, including issuer registration, corporate actions, and settlement.
• KELER Központi Értéktár Zrt. Hungary's central securities depository and clearing house, providing combined CSD and CCP services — comparable to NDU's expanded role following its 2023 clearing license acquisition.
• KDPW (Krajowy Depozyt Papierów Wartościowych): Poland's national CSD, comparable to NDU as a domestic monopoly CSD for securities settlement, with similar services including depository record-keeping, clearing, and cross-border operations via international correspondents.
• CDCP (Centrální depozitář cenných papírů): Czech Republic's national CSD, providing depository, settlement, and registry services for the Czech capital market — directly comparable in scope and regulatory structure to NDU's role in Ukraine.
• Central Depository of Armenia OJSC: The national CSD of Armenia and an explicit correspondent partner of NDU. Both operate small national CSDs in post-Soviet jurisdictions with limited domestic capital markets, serving issuers and depositary institutions with depository and cross-border services.
• National Settlement Depository (NSD, Russia): Russia's national CSD and a peer in size and scope to NDU, providing depository, clearing, and settlement services. Relevant as a comparable emerging-market CSD with similar post-Soviet legal origins, though now operating under severe sanctions.

Broad incumbents

• Euroclear: International CSD serving as a major cross-border settlement hub for European securities. NDU has referenced Euroclear as a correspondent relationship — Euroclear represents the global incumbent CSD benchmark that NDU's infrastructure integrates with.
• SIX SIS Ltd: Switzerland's national CSD and a global securities services provider. Comparable to NDU as a regulated monopoly CSD with strong cross-border capabilities and international standards compliance (PFMI-IOSCO).
• Clearstream Banking Luxembourg: International CSD and NDU's primary cross-border correspondent since 2010, providing USD/EUR/GBP settlement. Clearstream is both a partner and the global standard for CSD-to-CSD correspondent relationships that NDU aspires to match operationally.

Emerging players

• Strate (Pty) Ltd: South Africa's national CSD, comparable to NDU as a single-jurisdiction emerging-market CSD with regulated monopoly status, providing depository, clearing, and settlement services to domestic capital markets.

Market position

Strengths1 record

Weaknesses1 record

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xtwitter.com/DepositoryPr
• YouTubeyoutube.com/@ndu4297
• Facebookfacebook.com/ndu.csd
• Instagraminstagram.com/national_depository_of_ukraine
• LinkedInlinkedin.com/company/national-depository-of-ukraine

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The National Depository of Ukraine