Особливості інтеграції фондового ринку України у світовий фондовий ринок

Abstract

The article is aimed at examining the current state and peculiarities of integration of Ukraine’s stock market into the world stock market. The article analyzes the current state of the stock market of Ukraine. It is defined that according to the criterion of «capitalization of the stock market/GDP», Ukraine’s stock market can be characterized as underestimated and having the potential for growth. The tendency to reduce the number of professional stock market participants and the gradual consolidation of securities trading in two stock exchanges was noted: «PFTS» and «Perspektyva». Most operations in Ukraine’s stock market take place in the secondary market. It is recognized that the stock market in our country is practically not used by issuing enterprises to attract financial resources. As for the issuers, most of them are represented by the so-called «blue chips». Among the extant problems of Ukraine’s stock market, low liquidity of securities was noted, which remains so due to the insider nature of the stock market. In addition, the phenomenon of price manipulation is present. But, despite the existing problems, the process of integration of the Ukrainian stock market into the world stock market continues. Thus, joining the process of virtualization of the world financial system, operations in the digital environment are gradually being transferred in Ukraine and information technologies are quickly introduced into the operations of stock exchanges. The Law of Ukraine «On Amendments to Certain Legislative Acts of Ukraine on Simplifying Investment Attraction and Introduction of New Financial Instruments» adopted in 2021 took into account the requirements of the modern world stock market related to the transformation of existing forms of securities and the emergence of their new types. This law provides for the construction of a new financial infrastructure in Ukraine. It is concluded that the leading role in the process of integration of Ukraine’s stock market into the world stock market belongs to the State, which, stimulating the development of the national stock market and establishing cooperation with international organizations operating in this sphere, regulates this process.