First Securities Trading System, the largest organizer of securities trading in Ukraine, plans to send all necessary documents to the State Commission on Securities and Stock Market for registration as a stock exchange in May. The new law on securities and stock exchanges makes it possible to receive the status of a stock exchange, a FSTS representative said.

The law was passed on Feb. 23 and was signed by the president last week. The law will go into effect in 30 days after its publication, which is expected to take place in the coming days. FSTS took more than a 90% share of domestic securities trade in June 2005. It is the second time it has tried to register as a stock exchange. In September, SCSSM refused the registration of such an entity, citing several legal reasons. The volume of organized trade of securities in the country made up US$2.9 billion in 2005.