№ 9/2021

Ekon Ukr. 2021 (9): 18–40https://doi.org/10.15407/economyukr.2021.09.018

FINANCE. TAXES. CREDIT

УДК 336.761

JEL: G12, G18, G23, G28, K22

SHYSHKOV Stanislav¹

¹PrJSC "Stock Exchange "Perspektiva", Research ID : http://www.researcherid.com/rid/
OrcID ID : https://orcid.org/https://orcid.org/0000-0003-4440-9572

MODERNIZATION OF THE INSTITUTIONAL FOUNDATIONS OF THE STOCK MARKET IN UKRAINE: PROSPECTS FOR UPDATING FINANCIAL INSTRUMENTS

The negative tendencies in the development of the financial market of Ukraine are stated, including the limitedness of the applied financial instruments. Despite the extensive list of types of securities and derivatives already available to market participants, investors' interest is concentrated almost exclusively on government securities, while transactions with corporate financial instruments are sporadic.
In the course of the study of the updated Ukrainian legislation in the field of capital markets it is substantiated that the declared purpose of introduction of new financial instruments does not correspond to the real content of legislative changes. It is, first of all, a cosmetic change of classification features or names and regulation at the legislative level of requirements for certain types of securities, which already existed before at the level of bylaws. Formally, the number of groups and types of securities available for circulation will even decrease after the legislation is updated. Perhaps the only noticeable expansion of the list of tools concerns the legislative design of certain categories of debt securities, the issue and circulation of which, however, did not contradict previous legislation.
It was found that a significant expansion of the classification features of derivatives is provided by atypical instruments, the use of which has not previously been prohibited by law, but it is not accompanied by changes in tax legislation; restricts the current freedom of contract for the parties to derivative contracts, even if they are concluded outside the regulated market, and leads to significant legal uncertainty due to the inclusion of a wide range of issues regarding the specifics of the use of derivatives in the scope of the regulator's powers to regulate them at the level of its own regulations, which obviously will not be developed in time, until the amendments come into force. It is substantiated that sporadic changes in the legislation related to the contradictory implementation of the European legal framework are insufficient to solve the real problems of financial market infrastructure development and expansion of its tools.

Keywords:stock market; stock exchange; securities; financial instruments; derivatives

Article original in Ukrainian (pp. 18 - 40)

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The article was received by the Editorial staff on May 12 , 2021

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