Exchange. The place where trade in commodities, services, securities, or currency takes place through brokers. The first exchanges in Ukraine were established in Odesa in 1796, in Kyiv in 1815, and in Kharkiv in 1818. The emancipation of the serfs in 1861 opened up new opportunities for investment. In 1865 a commodities exchange and a stock exchange were set up in Kyiv. The commodities exchanges in Odesa and Kremenchuk began to deal also in securities and foreign currency. Until 1917 commodities and stock exchanges were usually in one place. During the New Economic Policy period (1922–7) there were four private stock and currency exchanges in Ukraine—in Kharkiv, Odesa, Kyiv, and Berdychiv. In 1926 a state exchange was established in Kharkiv to compete with the private exchanges. For a time evening stock exchanges handled securities that were not accepted at the regular exchanges. In 1930 all exchanges in Ukraine were closed down.