Development of the exchange market for agricultural products: current trends and challenges

Abstract

Introduction. The development of the stock market of agricultural products is one of the important theoretical and practical problems of modern economic science and is the result of the effective implementation of economic policy. So far, an agreed theoretical and methodological approach to the interpretation of the stock market as an economic category, as well as its importance and role in the system of coordinates of the modern economic paradigm has not been formed, which determined the relevance of the topic. Methods. The research is carried out on the basis of the use of the dialectical method, as well as specific methods of conducting research in the framework of methodological tools of modern economic science, in particular, methodological approaches of the Association of the futures industry, which are used in the study of stock market derivatives. Results The article substantiates the main stages of the evolutionary development of the world stock market and the problem of the establishment of an effective exchange mechanism for the implementation of agricultural products in Ukraine. The peculiarities of the global development of the exchange market of agricultural products are revealed, on the basis of actual economic data, its key tendencies are determined and the hypothesis about the formation of a qualitatively new stage of the functioning of the world stock market, in particular, the market of commodity derivatives for agricultural products, is outlined. The role and place of the domestic stock market of agricultural products is highlighted in general terms, some aspects of its perspective development in Ukraine are outlined. Discussion. In the context of the possible priorities of designing a modern exchange mechanism, the advantages and economic consequences of the formation of a transparent exchange market of agricultural products are identified: transparency of market relations, reduction of transaction costs, strengthening the process of concentration of the market environment, reducing its asymmetry and stimulating the increase of the efficiency of the functioning of the agrarian market, in general. Keywords: exchange, stock market of agricultural products, commodity derivatives, futures, options, stock trading.