New competitive principles, which exist on the domestic and world stock markets
of financial derivatives, require the search for new competitive strategies in these
conditions.
Improvement of legislative regulation on the stock market of financial
derivatives in Ukraine. A fully fledged stock market of financial derivatives can
become a mechanism for ensuring economic and financial stability, as well as
conducting the necessary transformational changes on the path to world integration,
particularly in the conditions of reforming in the economic system of Ukraine.
The slow development of the stock market of financial derivatives in the country
significantly reduces the competitiveness of Ukraine on the market of foreign
investment capital.
The stock market of financial derivatives in Ukraine is still in its infancy. In the
short history of its formation the necessary infrastructure has already been built up by
the joint efforts of state institutions and market participants, a certain legislative
framework has been established, and large-scale propaganda work is being conducted
to attract domestic investors of individuals and legal entities towards the possibilities
of investment in financial derivatives.
However, world experience shows that it is impossible to successfully achieve the
progressive development of stock trade by financial derivatives in Ukraine as the main
source of accumulation of investment capital that is necessary for the creation and
development of business in the absence of a full and consistent state policy which is
aimed at improving the regulation of this financial segment.
The level of development of the financial derivative’ market has long been an
important indicator of the competitiveness of any country’s economy as well as
Ukraine. Thus, one of the components which has influence on the indicators of the
Global Competitiveness Index of all countries of the world (calculated by the World
Economic Forum) remains a set of indicators of the development of financial markets
in countries.
The complexity of the organization and implementation of primary public
issuance of financial derivatives in the Ukrainian market of financial instruments
significantly reduces the possibility of further access of market participants to
investment instruments. The lack of interest of investors to purchase of financial
derivatives is primarily due to the low professional level, the less interest in risk
management, the uncertainty of key business strategies, etc.
All the above, in a certain way, also refers to the poor regulation of the procedure
for trade by financial derivatives on the territory of Ukraine, especially considering
transactions with financial derivatives on world stock exchanges, as well as the
procedure for obtaining and levying income from these operations by non-resident
investors.
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