Stock exchanges of Ukraine


The development of securities market in Ukraine reflects the contradictions of the transition period associated with the radical reform of the economic and social development. Despite the fact that over the last decade of the XX century have managed to create a workable and well-developed infrastructure and mechanisms for regulating the stock market, he in general and organized segment, represented by stock exchanges, are experiencing serious difficulties related to the specifics of the current phase of economic reforms in Ukraine.

In the stable functioning market economy, the stock market adjusts the investment processes, driving the huge flows of investment capital, contributing to a redistribution in favor of the more attractive sectors for investors, thus ensuring the country's economy as a whole

According to current practice in the world, the central component of the stock market is a stock exchange. Indicators of stock trading, in particular, the dynamics of exchange of securities, provide a reliable benchmark for investors. Stock markets in developed countries have focused a considerable and most of the highly liquid securities market. In most countries of their permanent address causes the existence of a stable secondary market, which is an essential and characteristic feature of the current active stock exchanges.

Unfortunately, these important qualities of Ukrainian stock exchanges do not yet have. The long-term permanent crisis in the economy, privatization of a certificate authority, is extremely low incomes of the overwhelming majority of the population does not have contributed to the creation of any full-blooded (in the conventional sense of the world), the stock market in general, nor the development of stock trading in securities and stock exchanges themselves in particular. While stock markets are actively involved in the process of monetary stage of privatization, they were not able to host more or less significant, liquidity and a stable secondary market for corporate securities.

Low-income Securities Market of Ukraine, which are due to small amounts of exchange trading of securities, are a serious obstacle to modernization, which would meet modern international standards. On the other hand, extremely low liquidity of the stock market makes it economically inefficient high cost of establishment and operation of the technical systems. Far from optimal and the very infrastructure of the organized securities market. Because of these and other reasons, the stock exchanges are facing the threat of total loss of their positions on the Ukrainian stock market.

This paper analyzes the problems of exchange segment of the securities market in Ukraine, identify prospects, foundation and develop ways of its development in the coming years in the Context of the realities of the socio-economic condition of the country.

The study is based on the results of monitoring and research of socio-economic conditions, state of the Ukrainian stock market, its problems and prospects, published in the works of scholars and practitioners, its own development and the practical experience gained over more than five years of intense activity of the first in the country Donetsk regional stock exchange.