Особливості функціонування фондового ринку України: структурний аналіз

Abstract

У статті проведено критичний аналіз стану та динаміки функціонування фондового ринку України протягом 2006-2015 років. Розкрито особливості розвитку фондового сегменту фінансового ринку: досліджено динаміку обсягу торгів та розподілено їх за фінансовими інструментами. Наведено співвідношення операцій з цінними паперами на організованому та неорганізованому ринках, а також на фондових біржах країни зокрема. Автором здійснено структурний розподіл біржових контрактів з цінними паперами між первинним та вторинним ринком. Здійснено прогноз на 2016-2018 роки основних показників фондового ринку. Ключові слова: фондовий ринок, операції з цінними паперами, фінансові інструменти, фондові біржі.

The Ukrainian stock market formally has been existing for 25 years, but is still at the stage of institutional formation and significantly is lagging behind the stock markets of developed countries. As a result of the research activity of national stock market during the last 10 years it has been found that Ukraine is characterized by substantial predominance of the informal market over the stock ex-change, and the dominance of the secondary market over the primary one. It should be noted that the same situation can be observed in stock markets of developed countries. The stock market of Ukraine is also characterized by a limited number of instruments (a narrow range of securities). It has been established that the most prevalent are operations with deposit certificates, stocks, government bonds of Ukraine. It is necessary to pay attention that in the market trading structure transac-tions with derivative financial instruments are almost absent which reduces the level of risk among participants in the base assets market. So called «centralization» of trade in certain types of instruments leads to the impossibility to diversify the financial risks while investing, which at the same time reduces the desire of the stakeholders to participate in the stock market. According to the reports of the main regulator of the stock market of Ukraine, ten stock exchanges have a license for trading organization. It indicates a high fragmentation of the exchange structure, and leads to the decentralization of the supply and demand for securities, complicates the process of control, slows down distribution of information and promotes the development of fraud. Therefore, it is necessary to consolidate the stock market of Ukraine (to reduce the number of trading platforms). In order to deeper investigate the situation on the Ukrainian stock market forecast indicators of the trading volume have been calculated for the following years of 2016-2018 by the method of statistical relationships of equations that demonstrate positive trends of development of the national stock segment. Keywords: stock market, securities transactions, financial instruments, stock exchanges.