ГЛОБАЛЬНІ ФОНДОВІ БІРЖІ: ЧИННИКИ ТА ТЕНДЕНЦІЇ РОЗВИТКУ

Abstract

The article examines the factors and development trends of global stock exchanges in modern conditions. The essence of the category “global stock exchange” is analyzed and its author’s definition is provided. Global stock exchanges are defined as the organizer of exchange trading, which unites trading platforms and other financial institutions of two or more continents. The main ways of competitive restrictions overcoming for modern stock exchanges are revealed: universalization; expansion of geographical presence through the opening of subsidiaries; cooperation and unification of efforts of different financial institutions on the basis of cooperation of different sectors representatives of the financial market; formation of new institutions by combining existing ones belonging to different segments of the financial market on the basis of model, functions, territories, etc. (financial conglomerates). The criteria by which global stock exchanges differ from international financial centers are formulated. The most important of them in descending order of importance are: stock trading platforms belonging to two or more continents; trades of the maximum possible range of financial instruments; international shareholders; subordination to two or more stock market regulators; availability of several headquarters; achieving the highest market capitalization in the region. The problems faced by participants in the securities market on the way to the formation of global stock exchanges are analyzed: unification of local legislation requirements and creation of uniform regulatory standards and standards of exchange disclosure of information, differences of institutional processes of the stock market formation, stability and efficiency of newly created global stock exchanges. It was determined that stock exchanges are important participants in the global financial space – global corporations whose main activities are to provide, manage and control large segments of the global financial infrastructure: from market data and indices to the creation and trading facilitation of financial products.