EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

  Oleksandr Trofimchuk

  Mykhailo Trofimchuk

Abstract

The purpose of the article is to research and critically evaluate the features of functioning and development the stock market in Ukraine. The main point is to substantiate modern tendencies and to find ways of more efficient development of the Ukrainian stock market. Methodology. The research is based on the analysis of the important aspects which characterize stock market development. They are the volume of trading activity that was done on stock exchanges, level of market capitalization, economic concentration, price policy on market services, and control over the insider information use and manipulation identification. Results. On the basis of volume of trading activity that was done on stock exchanges, features of stock market structure are determined. Comparative analysis between the stock market capitalization level of Ukraine and average world index of stock market capitalization is done. The level and dynamic of economic concentration is defined. Features of competition between Ukrainian stock exchanges are analyzed. Great attention in research is paid to problems of control over the insider information use and principles of manipulation identification by stock exchanges. Value/originality. The research showed that main amount of trading operations was done in “shadow” stock market, capitalization level decreased and stock market in Ukraine does not meet international standards of transparency. Further research should be focused on problems of ensuring the effective implementation of the basic principles of competition between market participants. Main point is to provide law mechanisms to increase transparency level of the national stock market and to increase share of organized stock market in Ukraine.

How to Cite

Trofimchuk, O., & Trofimchuk, M. (2015). EVALUATION OF THE MODERN TENDENCIES IN THE UKRAINIAN STOCK MARKET DEVELOPMENT. Baltic Journal of Economic Studies, 1(2), 148-153. https://doi.org/10.30525/2256-0742/2015-1-2-148-153
Article views: 214 | PDF Downloads: 126

##plugins.themes.bootstrap3.article.details##

Keywords

stock market, capitalization, competition on the stock market, organized stock market, stock exchanges.

References

Deeva N.E. (2009). Ukrainian stock market capitalization: problems of evaluation and reaction on crisis. Economic journal of Donbas, 4 (18), р. 115–121.

NSSMC: National Securities and Stock Market Commission (2013). Annual review and summary financial statements. [Electronic resource]. – Retrieved from: http://www.nssmc.gov.ua/activities/annual

Perspektiva Stock Exchange official web-site (2014). [Electronic resource]. – Retrieved from: http://fbp.com.ua

PFTS Stock Exchange official web-site (2014). [Electronic resource]. – Retrieved from: http://www.pfts.com/uk/pfts-report

SMIDA: Securities Market Infrastructure development Agency (2013) [Electronic resource]. – Retrieved from: http://www.smida.gov.ua

The World Bank Group (2012). GDP. [Electronic resource]. – Retrieved from: http://data.worldbank.org/indicator/NY.GDP.MKTP.CD

The World Bank Group (2012). Market capitalization of listed companies. [Electronic resource]. – Retrieved from: http://data.worldbank.org