№ 1/2018

№ 1/2018

Nauk. pr. NDFI 2018 (1): 108–118https://doi.org/10.33763/npndfi2018.01.108

SECURITIES MARKET

KLYMENKO Kateryna ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0001-8295-1333

Directions of capital market reform in Ukraine

The article provides a comprehensive analysis of the development problems accumulated during the restructuring of the Ukrainian capital market. The purpose of the article is to determine the ways and develop proposals on the directions of thefvvf capital market reform in Ukraine. During the study the following methods have been used: synthesis, observation and comparison, synthesis and analysis, statistical surveys, systematic approach and structural analysis. It is determined that the main ways to overcome these problems would be based on the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020 and the Memorandum between the NCSSM (The National Commission on Securities and Stock Market) and the NBU on Cooperation in the Development of the Capital Markets Infrastructure in Ukraine. The paper also emphasizes the need for the adoption of the draft Law "On Capital Markets and Regulated Markets". Characteristic features of the study are: using an integrated approach to resolving issues regarding the functioning of derivatives markets; the functioning of regulated markets and the development of their infrastructure; improvement of the order of issue of securities and information disclosure system on the capital markets in accordance with the requirements of European legislation; streamlining information services in the capital markets in accordance with international practices and European legislation; ensuring the protection of the rights of bondholders, in particular by creating a collegiate collection institution of bonds owners and a collective representative of corporate bonds owners in accordance with best international practices. The article stresses that in Ukraine, in order to support the development and functioning of capital markets in the long-term perspective, the following should be envisaged: the implementation of the relevant provisions of the EU legislation (in particular, CSDR, MiFID) and international standards, in particular the principles of IOSCO on the functioning of the capital markets infrastructure and the relevant practices of the EU Member States.

Keywords:capital market, regulated markets, reform, strategic development, regulation, directive

JEL: G23, G28

Klymenko K. . Directions of capital market reform in Ukraine / K. Klymenko // Наукові праці НДФІ. - 2018. - № 1. - C. 108-118.

Article original in Ukrainian (pp. 108 - 118)

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