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The Efficient Development of the National Securities Market as an Imperative of Ukraine’s Economic Growth
Tymoshenko O. V., Hudyma L. O.

Tymoshenko, Olena V., and Hudyma, Liliia O. (2020) “The Efficient Development of the National Securities Market as an Imperative of Ukraine’s Economic Growth.” Business Inform 3:293–298.
https://doi.org/10.32983/2222-4459-2020-3-293-298

Section: Finance, Money Circulation and Credit

UDC 336.76

Abstract:
The development of the stock market largely characterizes the level of the country’s economy as in general, as it allows to obtain additional financial resources through instruments such as securities. Since the stock market of Ukraine began its formation not so long ago, it can be argued that there are certain shortcomings of its functioning, because it is still at the stage of development. The article analyzes the development of the national securities market, defines the impact of the efficient functioning of the stock market on the overall economic development of the country. The structure of trading volumes in the securities market with financial instruments has been researched and the dominant role of the domestic government loan bonds (OVDPs) in their structure has been concluded. It is determined that the vast majority of securities trades are carried out on the over-the-counter market. The main organizers of trade, namely, «PFTS» and «Perspective», which have the largest share of exchange contracts with securities (92%) are allocated. It is concluded that there are insufficient government intervention and weak legislative framework, lack of adequate infrastructure and an adequate level of transparency. It is defined that the domestic stock market is inferior in terms of capitalization of stock exchanges to other countries, so it needs the support om the part of the State and measures to improve it. Directions to improve the development of the securities market in Ukraine are proposed, which consist in overcoming the structural imbalances of the economy; improving and harmonizing the legislation governing the stock market; ensuring a high level of openness and transparency in the stock market.

Keywords: stock market, securities, financial instruments, stock exchange, volume of trading in the securities market, government bonds.

Fig.: 2. Tabl.: 2. Bibl.: 12.

Tymoshenko Olena V. – Doctor of Sciences (Economics), Associate Professor, Professor, Department of Fashion and Show Business, Kyiv National University of Culture and Arts (36 Yevhena Konovaltsia Str., Kyiv, 01601, Ukraine)
Email: [email protected]
Hudyma Liliia O. – Master, Department of International Relations, Kyiv National University of Culture and Arts (36 Yevhena Konovaltsia Str., Kyiv, 01601, Ukraine)
Email: [email protected]

List of references in article

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Pakhomova, I. H., and Vashchenko, Ye. O. “Suchasnyi stan fondovykh birzh Ukrainy“ [The Current State of Stock Exchange of Ukraine]. Efektyvna ekonomika. 2017. http://www.economy.nayka.com.ua/?op=1&z=5872
“Richnyi zvit Natsionalnoi komisii z tsinnykh paperiv ta fondovoho rynku za 2018 rik“ [Annual Report of the National Commission on Securities and Stock Market for 2018]. https://www.nssmc.gov.ua/documents/rtchniy-zvt-nktspfr-za-2018-rk/
Matskiv, R. T. Fultynska N. F. “Diialnist fondovykh birzh v Ukraini na suchasnomu etapi“ [Activity of Stock Exchange in Ukraine at the Modern Stage]. Infrastruktura rynku. 2019. http://market-infr.od.ua/journals/2019/31_2019_ukr/100.pdf
Kushvara, Ya. Yu. “Rozvytok fondovykh birzh v Ukraini“ [Development of Stock Exchanges in Ukraine]. Stratehichni oriientyry. 31.10.2018. http://libfor.com/index.php?newsid=3318
Reznik, N. P., and Diachenko, Ya. Ye. “Problemy ta perspektyvy formuvannia fondovykh birzh v Ukraini“ [Problems and Prospects of Forming of Exchange Stocks in Ukraine]. Suchasni pytannia ekonomiky i prava, no. 1 (2018): 119-128.
Ofitsiinyi sait svitovoi federatsii birzh. https://focus.world-exchanges.org/issue/february-2019/market-statistics
Okuneva, O. V., and Pohrebna, A. S. “Derzhavni tsinni papery na fondovomu rynku Ukrainy“ [Government Securities on the Ukrainian Stock Market]. Molodyi vchenyi. Seriia «Ekonomichni nauky». 2018. http://molodyvcheny.in.ua/files/journal/2018/10/87.pdf
Hryhorash, T. F., Miahkov, O. S., and Voievodskyi, H. Yu. “Oblihatsii yak instrument zaluchennia hroshovykh resursiv“ [Bonds as a Tool for Attracting Money Resources]. Pryazovskyi ekonomichnyi visnyk. Seriia «Hroshi, finansy i kredyt». 2019. http://pev.kpu.zp.ua/journals/2019/3_14_uk/61.pdf
“Protsedura kupivli OVDP dlia fizychnykh osib 2020“ [Procedure for Purchasing IGLBs for Individuals 2020]. Finsee: veb-sait. https://finsee.com/купівля-овдп/
“Statystyka OVDP, shcho perebuvaiut v obihu“ [Statistics of IGLBs in Circulation]. Ministerstvo finansiv Ukrainy. https://mof.gov.ua/uk/ovdp-shho-perebuvajut-v-obigu
Khilukha, O. A. “Oblihatsii vnutrishnyoi derzhavnoi pozyky yak instrument investytsiinoi polityky korporatyvnoho pidpryiemstva“ [Domestic Government Loan Bonds as a Corporate Investment Policy Tool]. Visnyk Kyivskoho natsionalnoho universytetu tekhnolohii ta dyzainu. Seriia «Ekonomichni nauky». 2019. https://er.knutd.edu.ua/bitstream/123456789/13279/1/V135_P100-108.pdf

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