РОЗВИТОК ТА ІНСТИТУЦІЙНІ ТРАНСФОРМАЦІЇ ФОНДОВОГО РИНКУ УКРАЇНИ

Abstract

The article examines the development and institutional transformations of the Ukrainian stock market. It has been confirmed that in Ukraine there is a pronounced bank-centric nature of the financial system by comparing indicators of the ratio of capitalization of listed companies and bank loans to Ukraine's GDP. It was determined that the Ukrainian stock market during the research period is constantly developing and transforming and attracts the attention of both domestic and foreign investors. Ukraine follows international standards in the field of exchange activity and works to improve the regulatory framework for market development. The most important institutional transformations in the domestic stock market under the influence of legislative changes are characterized. Separate quantitative aspects of the development of the domestic stock market for 2012-2022 were analyzed. It was noted that the transformations of the stock market were characterized not only by changes in the quantitative indicators of the development of the securities market of Ukraine, but also had a significant impact on the institutional, regulatory, intermediary, technical and information infrastructure of the domestic stock market. The most important directions of the transformation of the stock market of Ukraine, in particular of an institutional and digital nature, are substantiated. The key aspects of the transformation of the stock market related to digitalization processes are highlighted: electronic trading is a tool that allows you to trade securities online directly through electronic trading platforms; increasing transparency promotes quick and effective dissemination of information about companies, their financial condition and development prospects; the growing role of robot-advisors who can provide investment advice, analyze markets and predict risks; increasing the availability of services for small investors through digital platforms; changes in the structure of the market due to digital technologies lead to changes in the structure of the stock market, in particular, to an increase in the role of alternative trading platforms and a decrease in the importance of traditional exchanges. In the institutional environment, increased requirements for companies wishing to go through the listing procedure on the stock exchanges contributed to the exit of inefficient and fictitious issuers, ensuring a higher level of investor confidence in the market. However, we note that this has also led to a narrowing of the number of companies willing and able to meet these requirements, which may limit investment opportunities in the market.