stock exchanges, it is necessary to use complex methodological approaches, among
which an important role will be played by both support from the state and strengthening
of regulation in the middle of the stock structure.
On the part of state regulation, it is possible to introduce a system of
standardization of stock exchanges, to introduce world trade technologies, to create a
favorable investment climate, to improve the legislative and legal framework and to
promote the training of specialists.
In the process of self-regulation, it is possible to improve the functioning of the
arbitration mechanism, to reorganize and optimize the work of the stock exchange
bodies, to create a mechanism for accelerating the conclusion of agreements and
minimize risks.
All these measures on both sides will lead to the process of certification and
quality control, to monitoring, to provide clearing and financial guarantees and to
strengthen the information function.
Unfortunately, despite all advantages of self-regulating stock exchange
organizations, it is not necessary to expect positive results at the final stage, because a
considerable role is assigned to the state administration in Ukraine, so the most of
functions of stock trading cannot be realized without support and intervention of the
state bodies. Although should not forget that excessive pressure on the part of the state
to internal work of stock exchanges may have also negative influence on the efficiency
of its work due to contradictions.
The next level of implementation of the state policy on stock trading is regional.
At this level, as in others, there is a set of mistakes on the part of the state bodies and
the lack of a clear mechanism of policy shaping for developing stock exchange
relations. Significant is the participation of local bodies and local governments in stock
exchange activities at the regional level. Of course, such participation involves
consistency of action both at the state level and directly at the level of the governing
bodies of stock exchanges.
Increasingly, there is a problem of participation of small business entities in stock
trading, since the stock market involves the wholesale purchase and sale of small
quantities of goods or raw materials, which effectively prevents the entry of small
commodity producers into the legalized wholesale market.
At the same time, functioning of small and medium-sized businesses is a priority
direction of the economy of many leading countries of the world.
The rapid development of a small business will positively influence the activation
of the market economy, give it flexibility, stimulate the resources of the population,
and mobilize the anti-monopoly potential.
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