THE REFORM OF THE DOMESTIC STOCK MARKET IN THE CONTEXT OF THE TRANSFORMATION OF THE ECONOMIC MODEL OF UKRAINE
The paper studied and justified the formation of the Ukrainian stock market in the context of the transformation of the economic model of the country, taking into account the specific status of the Ukrainian economy. It offers effective and better approaches to reforming the domestic securities market, namely on the basis of nine stock exchanges to create a single multi-functional stock exchange in Ukraine; as well as custody services to centralize and standardize the registration of securities with the leading international clearing and settlement organizations in the field of securities.
Note that for the successful operation of the stock market of Ukraine there is a need for privatization of state property objects on a competitive basis with investment and development programs, followed by a mandatory representation of major assets on the permanent exchange trading. For this most important task is not a formal and functional and efficient operation of the State Property Fund of Ukraine, the Ministry of Economy of Ukraine, Antimonopoly Committee and the State Tax Service of Ukraine. They need to target corporate structure in Ukraine competition, systemic investment in new technologies, new markets and European standards of public relations and shareholders. It removes the possibility of having the privilege of monopoly or oligopolies, reduce the risks of hiding corporate earnings and dividend payments to shareholders.
In his address to the joint multi-Stock Exchange, according to the author, should be at least 15-50% of the shares of the largest domestic corporate entities in the amount of 100 to 500, which should be supported by strong finance companies and investment banks, which will carry out the actual role of market makers. Only
then will the stock market of Ukraine will meet European standards. Without these structural changes and effective operation of the authorized authorities (National securities and stock market commission of Ukraine, National Bank of Ukraine, the Ministry of Economy of Ukraine, Ministry of Finance of Ukraine, Antimonopoly Committee of Ukraine), the successful stock market by European standards cannot be built.
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Keywords: stock market, stock exchange, the reform of the Ukrainian stock market. |
FINANCIAL INSTITUTIONS
Redziuk Yevhenii
PhD, Associate Professor, Senior Research Fellow at the Institute of Economics and Forecasting of the National Academy of Sciences of Ukraine
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