Abstract
The article is concerned with the formulation of recommendations for the diagnostics of competitiveness of stock exchanges in Ukraine. The main stages of the study are described, the definitions and stages of economic diagnostics are given, and the features of the diagnostics of the competitiveness of economic entities are formulated. A brief characterization of three of the four existing capital market operators (stock exchanges) selected by the authors as objects of competitiveness diagnostics is presented. Based on a detailed analysis of the public reporting of stock exchanges, annual reports of securities issuers, audit reports, regulatory provisions governing exchange activities in Ukraine, and other open information, the article substantiates the choice of indicators of competitiveness of stock exchanges and provides the ratio for their determination. Indicators of competitiveness are determined for 2020–2021 (exclusion from the list of objects for diagnosing the competitiveness of the PFTS stock exchange is due precisely to the lack of relevant information for the implementation of the necessary calculations). In order to correctly determine the competitive status of capital market operators, the normalization of the values of the selected competitiveness indicators was carried out using their minimum and maximum values (which made it possible to abandon the formation of the object of comparison with the best hypothetical characteristics and allowed to use the maximum values of indicators of stock exchanges as guidelines for their competitiveness in the most important areas of activity). The integral indicator of the competitiveness of stock exchanges is proposed to be determined as a result of averaging the normalized values of the corresponding indicators. Based on the results of the carried out diagnostics of the competitive status of stock exchanges, general recommendations for improving their competitiveness are formulated, together with the promising directions for further research in this sphere.
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