KIEV, Feb. 21 – Ukraine to plans develop hedging mechanisms and a forward exchange market, reads a memorandum by the Ukrainian authorities to the International Monetary Fund dated December 10, 2010 and posted on the IMF's Web site on February 18.

According to the memo, the realization of the plan is a structural benchmark for the Stand-By Arrangement financed by the IMF.

"With financial stability gaining deeper roots, we also intend to allow banks to better manage exchange risks by providing a framework for: forward transactions between banks to cover exposure due to client transactions and forward transactions between banks without underlying transactions by end-June 2011," the memo reads.