PFTS Stock Exchange

What PFTS Stock Exchange does

PFTS Stock Exchange (АТ «Фондова Біржа ПФТС», First Stock Trading System) is a private Ukrainian joint stock company founded in 1996 and headquartered in Kyiv that operates Ukraine's primary organized securities market. It runs an electronic trading platform supporting multiple venues — order-driven market (ринок заявок), quotation market (ринок котировок), REPO market, SWAP market with risk control, single-sided auctions for primary placements, and BTM derivative contracts. The exchange also offers central counterparty (CCP) clearing, asset listing, ratings publication, market analytics, and statistical data services, and publishes the PFTS Index, which has served as Ukraine's official index in S&P Emerging Markets since 1997.

Its core products cover Ukrainian government domestic bonds (OVDP, ~73.9% of trading volume), currency swaps (USD-UAH and EUR-UAH, launched June 17, 2024; ~24.2% of volume), foreign currency-denominated OVDP (launched July 26, 2022; ~7.3% of volume), corporate bonds, and shares/Investment certificates. As of July 1, 2026, the exchange admitted 382 financial instruments to trading and had 54 trading members (29 banks and 25 financial companies). H1 2026 trading volume reached 512 billion UAH (120% YoY), capturing 70.4% market share of Ukrainian securities trading; January-September 2025 volume was 633.4 billion UAH (182% YoY).

PFTS generates revenue primarily through transaction-based exchange trading fees charged to members for executing trades on its venues, with ancillary revenue from listing, CCP clearing, and data services. Its customer base is B2B and concentrated among Ukrainian commercial banks (including state-owned and private institutions such as Ukreximbank, Bank Alliance, OTP Bank, Globus, and PrivatBank) and financial companies, with the Ministry of Finance of Ukraine as the primary issuer of government bonds traded on the platform. Operations were suspended on February 24, 2022 due to the Russian invasion and subsequently resumed and expanded.

Name

PFTS Stock Exchange

Legal name

Акціонерне товариство «Фондова біржа ПФТС»

Website

https://pfts.ua

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

PFTS Stock Exchange is Ukraine's primary organized securities market operator, running an electronic trading platform for government bonds, corporate bonds, currency swaps, and shares, serving 54 trading members (mostly banks) and the Ministry of Finance.

Ownership category

akta.pro rank

Product category

Securities Exchange

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSAFACAI

Repo & Securities Financing Trading Venues

Financial & Insurance/Financial Exchanges & Market Infrastructure/Fixed Income & Bond Trading Venues

Keywords

• Securities exchange operations
• Government bond trading
• Currency swap trading
• Stock market indexing
• Electronic trading platform

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

Revenue model

1. Exchange Trading Fees: Revenue generated from trading fees charged to participants for securities trading on the exchange

Pricing tiers

Distribution channels1 record

Marketing channels3 records

Core offering

PFTS Stock Exchange operates Ukraine's primary organized electronic securities market, providing a trading platform where member banks and financial companies trade government bonds (OVDP), corporate bonds, shares, investment fund securities, and currency swaps (USD-UAH and EUR-UAH). The exchange also offers asset listing services, a Central Counterparty (CCP) for clearing, publication of the PFTS Index (Ukraine's official index in S&P Emerging Markets since 1997), and market analytics/ratings.

Product overview

PFTS Stock Exchange (АТ «Фондова біржа ПФТС») is Ukraine's primary organized securities market operator, offering an electronic trading system that facilitates trading in government bonds (OVDP), corporate bonds, shares, investment certificates, and currency swaps. The exchange operates multiple trading modes including the Order Market (ринок заявок), Quotation Market (ринок котирувань), REPO Market, SWAP Market with risk control, and single-sided auctions for primary bond placements. Key products include Ukrainian government domestic bonds (comprising approximately 73.9% of trading volume), foreign currency OVDP trading (7.3% of volume), corporate bonds (0.7%), currency swaps (24.2%), and shares of Ukrainian and foreign issuers (0.003%). The exchange also publishes the PFTS Index, Ukraine's official index in S&P Emerging Markets since 1997, and provides asset listing, ratings publication, market analytics, and statistical data services. As of July 2026, PFTS had 54 trading members (29 banks and 25 financial companies) and 382 financial instrument issues admitted for trading.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 512 billion UAH trading volume in H1 2026
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• CME Group: World's largest derivatives exchange operator offering currency (FX) futures and interest-rate products, including repo infrastructure. Relevant broad incumbent for benchmarking PFTS's currency swap and REPO risk-control model.
• Intercontinental Exchange (ICE): Global exchange operator and clearing venue with significant fixed income and repo trading infrastructure (e.g., ICE Bonds, Trayport). Useful as a broad incumbent benchmark for the product economics PFTS pursues in bonds, REPO and currency swaps.

Regional players

• Prague Stock Exchange (PSE): Primary Czech securities venue operating equity and bond markets under the CEESEG group alongside Vienna and Ljubljana. Useful comparable for a mid-sized emerging European bond-heavy exchange operating multiple trading modes.
• Warsaw Stock Exchange (GPW): The largest stock exchange in Central and Eastern Europe, offering equity, bond, and derivatives trading across multiple markets (including NewConnect for SMEs). Highly relevant regional comparable for product mix, CCP services, and index licensing economics applicable to a Ukrainian venue serving CEEMEA participants.
• Budapest Stock Exchange (BSE): Hungary's principal exchange trading equities, government and corporate bonds, and derivatives. Comparable as a single-country CEEMEA exchange with a strong local government-issuer relationship.
• Kazakhstan Stock Exchange (KASE): CIS-based universal exchange trading government securities, equities, currencies, and derivatives across multiple markets. Closest CIS comparable to PFTS in product breadth (bonds, FX swaps, REPO) and in operating in a frontier sovereign-debt-issuer context.
• Bucharest Stock Exchange (BVB): Main securities exchange in Romania trading equities, bonds, and structured products including local-government and corporate debt. Comparable to PFTS as a smaller emerging European exchange with a heavy local fixed-income franchise and government-issuer dependence.
• Nasdaq Tallinn (Baltic exchanges): Part of Nasdaq, Inc.'s Nordic-Baltic network operating exchanges in Tallinn, Riga, and Vilnius trading equities and fixed income. Relevant as a regional incumbent exchange operator addressing smaller emerging European capital markets.

Emerging players

• Astana International Exchange (AIX): Modern, internationally-backed exchange in Astana serving Central Asian issuers with equities, debt, and derivative products. Comparable to PFTS for emerging-market franchise-building and CCP-driven post-trade services.

Direct peers

• Ukrainian Exchange (Perspektiva): The other operating securities trading venue in Ukraine, specifically called out by the OECD as operating in parallel with PFTS in a bifurcated national market. Direct head-to-head competitor for the same domestic members, issuers, and trading flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/pftstwitt
• LinkedInlinkedin.com/company/pfts-stock-exchange

Revenue estimate

Valuation estimate

Number of profiles

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 PFTS Stock Exchange