23.09.2026
The National Bank of Ukraine (NBU) has responded to Energy Club’s request and proposed holding an online working meeting on the organisation of clearing for derivatives contracts and the development of an appropriate risk management system. Representatives of the energy market, its regulators, the Settlement Centre and the NBU have been invited to participate in the discussion.
Energy Club approached the National Bank with a request to support the development of exchange-traded instruments for hedging price risks in the electricity market. In particular, the request concerned establishing cooperation between the Ukrainian Energy Exchange and the Settlement Centre to organise clearing for cash-settled futures contracts based on the Day-Ahead Market (DAM) index.
Such an instrument does not involve the physical delivery of electricity and can be used to hedge against electricity price fluctuations. Its practical implementation requires further work on trading conditions, ensuring sufficient liquidity and establishing a reliable system for fulfilling financial obligations.
In a letter dated 22 September 2026 and signed by NBU Deputy Governor Yurii Heletii, the National Bank stated that it supports the gradual development of the derivatives market in Ukraine. At the same time, the functioning of such a market should be preceded by a thorough analysis of the risks involved and the role of the central counterparty.
The NBU noted that obligations under derivatives contracts concluded on a regulated market must be cleared through a central counterparty. According to the information provided in the response, the Settlement Centre is currently the only institution in Ukraine holding the relevant licence, with the National Bank being its majority shareholder.
To assess the proposed model, the NBU considers it necessary to address, in particular:
The NBU also emphasised that, under the current operating principles, the Settlement Centre would not assume additional risks associated with guarantees and settlements under these derivatives instruments. Therefore, the proposed model requires a comprehensive assessment that takes into account the positions of producers, suppliers, traders, market makers, market operators, the National Energy and Utilities Regulatory Commission (NEURC), and the Ministry of Energy of Ukraine.
It is precisely to discuss the principles for building a risk management system that the NBU proposed holding a joint online working meeting. The specific parameters of the instrument and the conditions for its launch remain subject to further consideration.
It should be recalled that on 26 August 2026, Energy Club held an online meeting entitled “Cash-settled futures on the DAM index: opportunities, launch conditions and market risks”. The meeting was moderated by Energy Club Vice President and former Deputy Minister of Energy of Ukraine Maksym Nemchynov. The speaker was Anton Shevchenko, Project Manager at the Ukrainian Energy Exchange, who is involved in researching and developing this instrument.
The meeting focused on the futures concept, the legal prerequisites for its implementation, and practical issues related to liquidity, collateral, clearing and risk management.
