PROBLEMS AND PROSPECTS FOR DEVELOPING OPERATIONS OF BANKS WITH SECURITIES IN UKRAINE

Abstract

The article reveals modern trends, the main problems of development of operations of Ukrainian banks with securities are allocated, as well as the ways to solve them are proposed. The authors analyze the current state of banks' securities operations in Ukraine and determine that the issuing activity of banks tends to decrease, while the investment activity of banks in the securities market is growing. It is established that most of the investment operations of banks in the stock market belong to operations with government bonds and NBU certificates of deposit, which reduces the level of diversification of securities portfolios, inhibits economic growth in Ukraine and reduces potential profits of banks. The main problems that hinder the development of banks' operations with securities in Ukraine are presented and characterized. It is established that the low level of development of the securities market not only slows down the intensification of banks in the stock market, but also reduces the quality of rating agencies, and hence the reliability of financial instruments of Ukrainian issuers, including banks, in the international and domestic markets. In order to reduce the existing problems, a list of measures is proposed that will positively affect the volume and quality of banks' operations with financial instruments and will contribute to their further development and improvement. In order to substantiate the most attractive areas of financial investment for Ukrainian banks, a fundamental analysis of the macroeconomic analysis of the economies of Ukraine and the United States, which simulates two types of investment portfolios and evaluates their effectiveness, mainly in terms of profitability but also risk. The simulation results showed that the portfolio of securities with financial instruments of American issuers provides a higher level of yield compared to the portfolio containing securities of only domestic issuers. It is proposed to include in the securities portfolio of Ukrainian banks new financial instruments, in particular "green" bonds and derivatives that will hedge currency and interest rate risk.