CC BY
26- комплекс проблем, для виршення яких ви-користовують в едносл eKOHOMi4Hi, техшчш, управлiнськi, сощальш, психологiчнi аспекти;
- розв'язування ускладнених проблем;
- значне зростання взаемозв'язшв м1ж об'ек-тами штелектуально! власностц
- динамiчнi процеси ситуацiй, що зазнають змiн;
- дефiцит штелектуальних ресурсiв;
- покращення рiвнiв автоматизаци та стандартизации;
- зростання конкурентоспроможносл [1112].
Висновки. Отже, штелектуальний потенцiал являеться дуже важливим iнструментом для досяг-нення конкурентоспроможносл сучасних шдприемств та бiзнес структур. 1нтелектуальний потенцiал вiдiграе суттеву роль у формуванш гос-подарсько! дiяльностi та функцiонуваннi тдприем-ства в щлому.
Тобто, розкриття змiсту поняття «штелекту-альний потенцiал тдприемства», узагальнюючи iснуючi пiдходи до його визначення, надае мож-ливiсть глибше усввдомити його сутнiсть та ме-хашзм створення, що являеться актуальним в сього-деннi, i пiдкреслюе те, що цей потенщал виступае неввд'емною характеристикою сучасних шдприемств, що дотримуються вектору шно-вацiйного розвитку та намагаються слвдувати тен-денцiям iнтелектуалiзацil економiки.
Список лiтератури
1. Ежова Р.А. Управление интеллектуальным потенциалом как новая парадигма устойчивого развития современной организации: дис. канд. екон. наук: 22.00.08 / Р.А. Ежова; Пятигорский Государственный Технологический ун-т. - П., 2010. - 199 с.
2. Петренко В.П. Управлшня процесами ште-лектокористування в соцiально-економiчних системах: наукова монографiя / В.П. Петренко. - 1вано-Франшвськ: Нова Зоря, 2006. - 352 с.
3. Титова Е.В. К вопросу об инновационном развитии и ценности интеллектуального потенциала / Е. В. Титова // Экономические науки. - 2010. -
№ 12(73). - С. 7-12.
4. Фшиппова С.В. 1нтелектуальний потенщал як головний чинник формування штелектуального катталу / С. В. Фшиппова, К. В. Ковтуненко // Вюник Нащонального ушверситету «Львiвська полггехшка». Менеджмент та щдприемництво в Укрш'ш: етапи становлення i проблеми розвитку. -2013. - №776. - С.81-86. - Режим доступу: http://nbuv.gov.ua/UJRN/VNULPM_2013_776_15
5. Молша О.В. Интеллектуальный потенциал региона / О.В. Молша // Вюник сощальноеконом. дослщж. / ОДЕУ. - 2010. - Вип. 40. - С. 365-372.
6. Касаткина В.В. Интеллектуализация экономики: теоретический анализ / В.В. Касаткина // Автореф. дис .к-та экон. наук: - Москва, 2011. - 22 с.
7. Перерва П.Г. 1нтелектуальний потенщал як економiчна категорiя [Електронний ресурс] / П.Г. Перерва, Л.С. Марч// Вюник НТУ «ХП1». -№15(1291). - 2018. - с 53-63. - Режим доступу: http://repository.kpi.kharkov.ua/bitstream/KhPI-Press/36345/1/vestnik_KhPI_2018_15_Pererva_Intel-ektualnyi.pdf
8. Диба Л.М. Сутнють понять штелектуаль-ний потенцiал та штелектуальний каптал як еко-номiчних категорiй [Електронний ресурс] / Л.М. Диба // Економiчний вiсник ушверситету. - 2011. -Вип. 17. - Режим доступу: http://www.nbuv.gov.ua/por-tal/soc_gum/Evu/2011_17_1/Dyba.pdf
9. Мойсенко 1.П. Проблеми структурного аналiзу iнтелектуального потенщалу пiдприeмств//Актуальнi проблеми економiки -2007. - 166с.
10. Ситник Й.С. 1нтелектуальний потенщал як фактор iнтелектуалiзацiï систем менеджменту тдприемства: Економiчний вюник - 2012. - 277с.
11. Мойсенко 1.П. Управлшня штелектуаль-ним потенщалом: Монографiя - 2007. - 304с.
12. Река Г.В. 1нтелектуальний каштал та ште-лектуальний потенщал: критерп розмежування // Науковий вюник. - 2009. -232с
CONSOLIDATION AND DEVELOPMENT OF STOCK MARKET INFRASTRUCTURE
Mishchenko A.
Finance department Phd student Kyiv National Economic University named after Vadym Hetman
Kiev, Ukraine
Abstract
This article is devoted to the analysis of the infrastructure of the domestic stock market. The article describes the main structural elements of the stock market, the basic principles and objectives of exchange work. The main issues of the securities market are highlighted. An assessment of the current state of the stock market regulation system in Ukraine has been made. Characteristic features of the current state of the Ukrainian securities market regulation system are: underdeveloped technical and functional infrastructure subsystems inhibit market development, lack of an effective regulatory system for self-regulatory organizations and inefficiency of trade control and regulatory systems in the securities markets. It is emphasized that the stock market plays a major role in the redistribution of national resources and is therefore necessary for the successful development of a market
economy. Restoration, regulation and development of the stock market and its infrastructure are of paramount importance to the government.
Keywords: stock market, stock market infrastructure, organized trade, professional stock market participants.
Introduction. The issues of expanding the production of competitive products and increasing the export potential of both the real sector of the economy and the regions of Ukraine are of particular importance at the present stage of socio-economic development of Ukraine within intensified competition and instability in world markets. Investment resources play an important role in solving this problem. It should be noted that the efficiency of the economy during its modernization, technical and technological renewal largely depends on the increase in investment. This is due to the fact that investments contribute to the growth of production efficiency, competitiveness of enterprises, increase employment and welfare. Ukraine is in dire need of investment funds that can be used for these purposes. The ensurance of the effective functioning of the securities market allows to solve this problem.
Free access to the stock market for any participant, whether an investor or a issuer of securities, requires an appropriate system that will ensure and regulate this. And such a system for servicing the securities market is called its infrastructure. Thus, in our country it is somewhat difficult for anyone to enter the market, which, of course, may be due to insufficient development of the infrastructure of the stock market, namely the availability of all necessary institutions and effective interaction between them within the securities market.
The work of well-known Ukrainian and foreign economists is devoted to the study of the concept of infrastructure, its role and significance for the economy in general. Domestic researchers focus primarily on the reform of the stock market and its infrastructure, its liberalization and adaptation to modern global financial markets. They are Y. Kravchenko, I. Kryvovyazyuk, N. Kuznetsov, V. Pavlov, A. Peresad and O. Tsven. Foreign researchers are Z. Bodi, Y. Borchard. C. Wolfen, L. J. Hitman, Y. Zolotov, N. Cameron, T. Cargill, A. Kane, M. Kohn, T. Manakova, A. Marcus, T. Murray, L. Popova, P. Rose, P. Samuelson, J. Stiglitz, V. Sharp, and G. Shatt.
However, the analysis of the current economic scientific literature reveals quite significant differences regarding the interpretation of the essence and identification of the elements of the financial infrastructure.
Scientific novelty of the research. The work is a comprehensive study of the formation and development of stock market infrastructure as a system that determines the solution of theoretical and practical problems that are important economic and social importance in reforming the modern Ukrainian economy.
The methodological basis of the study was the dialectical approach, systemic and functional - structural methods of research, comparative analysis. During the research, the scientific works of domestic and foreign scientists on the problems of the functioning of the stock market its individual units and levels were used.
1. The role of the stock market as part of the financial market.
The securities market is a part of the financial market that issues and trades securities, through which free financial resources are directed to various sectors of the economy. Its condition characterizes the development of the state economy. The securities market is a part of the financial market that issues and trades securities, through which free financial resources are directed to various sectors of the economy. Its condition characterizes the development of the state economy. If stock market functions effectively, it promotes the accumulation of capital. The stock market is a mechanism that helps issuers to accumulate financial resources of investors, and investors to increase their savings by investing financial resources in securities [1, p. 144].
So, the stock market is a part of the financial market (the other part of it is the market of bank loans), where the issue and purchase and sale of securities is carried out. It is both an indicator of a market economy and its main financial lever. The main task to be performed by the stock market is to provide conditions for attracting investments in enterprises, access of these enterprises to cheaper capital compared to bank loans.
The circulation of securities is becoming one of the main sectors of the financial sector, without which it is useless to hope for the proper functioning of the complex mechanism of a market economy. Property reform is accompanied by the restructuring of the national economy and determines the creation of the stock market, which, in turn, contributes to consolidating the results of this reform.
The specific efficiency of the stock market and securities depends on ensuring the following goals and solving the following tasks [2]:
1. Accumulation of funds of the population and enterprises (savings, temporarily free capital).
2. Concentration of funds, creating conditions for the formation of large capital capable of solving complex economic problems.
3. Increasing the share of capital investment in gross national product and national income, which contributes to the recovery and strengthening of the financial system of the state and the creation of the necessary capital reserves.
4. Attracting domestic and foreign capital into the economy of Ukraine as a result of creating an investment mechanism and expanding the sphere of influence of capital on economic processes.
5. Stabilization of the national currency through restraint of inflation, protection of the interests of the population and enterprises.
6. Promoting the efficiency of enterprise management, especially joint-stock one.
7. Creating conditions for integration into the world economic system through the reproduction of general principles and standards of the stock market. Ensuring participation in the process of internationalization of the world stock market.
The task of the stock market is to provide the most complete and fastest outflow of savings into investments (financial assets) at a price that would suit both parties. The solution of this problem is based on the activities of the general structure of the stock market, consisting of three substructures:
- securities that are the subject of trade in the securities market (it is determined WHAT is sold and purchased);
- participants (subjects) of the securities market (it is determined WHO purchases and sells securities);
- process (technology) of stock activity (determined HOW the securities are traded) [2].
2. Notion of a stock market infrastructure.
The infrastructure of the stock market is a link between the investor and the issuer, ensuring the accumulation of funds by the investor and directing financial flows to the acquisition of securities of issuers, giving the highest yield. It is known that term "infrastructure" originates from the Latin words infra - below and structure - foundation.
On the other hand, infrastructure means components of the general, having a subordinate, auxiliary character and ensuring the normal operation of the system as a whole.
The rapid rise of joint-stock companies and the increase in the issuance of securities, bonds and other capital resources by enterprises, the introduction by the government of our country of short-term securities for long-term investment programs by municipalities, lead to sustainable formation and expansion of the securities market. The gross value of these organizations, specialized in the provision of services and production of goods of interest and needs of the leading members of the stock market took the title of the infrastructure of the securities market [2].
There are various definitions of the stock market infrastructure, for example, Y. Kolupaev [6] defines the infrastructure of the stock market as an organization that supports the sale of securities and participants in this trade on the basis of professional training, which includes:
- stock market agents who perform securities transactions
- trading system organizers (exchanges and over-the-counter), offering services to agents, dealers and brokers for concluding transactions by organizational and technical means;
- clearing centers;
- depositories and registrars, which organize the delivery of securities during the execution of transactions;
- center for settlements of banking operations, which perform money transfers;
- in the provision of telecommunications and computer services, various elements and structures of the securities market have to create group of technical support centers. They act as auxiliary basis with the purpose to provide management of companies to various forms of collective investment [8, p. 15].
To organize the operation of the securities market, it is necessary to create a system of trade and clearing centers, deposit and settlement centers, which can be
interconnected in the center of the technological chain and form its structure.
Y. Kolupaev characterizes the infrastructure of the financial market as the entire banking system, stock exchanges, brokerage and insurance companies, audit firms, i.e. the functioning of the infrastructure of the securities market is impossible in the absence of one of the above elements [8, p. 17].
According to the definition of J. Macey, market infrastructure is an organization, exchanges, various brokerage firms, investment banks, pension funds, insurance companies, financial institutions, fiscal systems, legislation governing the relationship of economic entities that are directly participants in the securities market [3, c. 25].
The infrastructure of the securities market is usually understood as a set of technologies used in the market for the conclusion and execution of transactions, materialized in various technical means, institutions, norms and rules. In parallel with the development of the securities market itself is the development of infrastructure, with the turnover of growth in it.
As long as the number of transactions is small and the market turnover is small, the maintenance of the infrastructure is expensive, so it remains at a primitive level. In particular, the procedures for the transfer of securities are complicated, the search for a partner in the transaction is random, there are almost no guarantees of the transaction. As the turnover grows, the implementation of certain stages of purchase and sale becomes an independent type of business.
The main goal of building a model of financial market infrastructure is the effective functioning of its institutions regardless of external factors. Providing investor protection, as well as accounting for securities rights, the market infrastructure allows participants to reproduce a real model of the economy with all the pros and cons that currently exist. The document "Principles for financial market infrastructures" notes that the developed infrastructure contributes to the progress of the country, as well as provides an adequate level of market liquidity, converts risks [3, p.26].
In the event of a failure of financial infrastructure institutions, they can become sources of financial shocks in the market and lead to liquidity imbalances and credit losses of market participants. Therefore, the importance of improving the infrastructure of the Ukrainian securities market is due to the fact that improvements in this area will allow even closer integration of the national financial market into international capital markets. Protection of ownership of securities, speed and cheapness of operations are measures that should improve the day-to-day organization of securities market institutions. The need for financial infrastructure is that it is a center of attraction for investors and issuers. The stock market infrastructure provides the creation of organizational, technological and legal environment for the effective functioning of the system of interaction between the stock market and the real economy.
3. Components and functions of the stock market infrastructure.
The infrastructure of the modern stock market includes: issuers; investors; government bodies for regulation and coordination of the stock market, as well as self-regulatory organizations of professional participants on the stock market; professional stock market participants.
Issuers are legal entities, executive bodies or local self-government bodies which perform actions for the placement of equity securities in accordance with the law on the securities market. With the help of the issue of securities, an economic entity forms its own capital, and attracts debt. State authorities or local authorities, issuing securities, attract borrowed capital, thus solving the urgent problem of obtaining free funds. Equity capital is formed through the issue of shares, which is the responsibility of legal entities acting in the form of open and closed joint stock companies. Debt capital is formed by issuing bonds. At the same time, the volume of government bonds on the securities market exceeds the volume of bonds issued by private business entities. The issuer forms the primary securities market. In the secondary securities market, the issuer can redeem his own securities, in addition, he has obligations to the owners of the securities issued by him [2, p. 182].
Investors are legal entities or individuals, as well as the state, investing funds (their own or attracted) in securities in order to obtain profit or other positive effect. The investment process promotes the redistribution of free resources and their investment in those sectors of the economy where it is needed at the moment. At the same time, the investor expects to receive a profit, the volume of which is determined by the volume of investments, the scope of investment activity, the specific economic situation in the industry and other factors. Investing money in securities (portfolio investments) is a specific set of securities with varying degrees of security, risk and profitability. It can consist of securities of one type or several; change its structure depending on market conditions [8, p. 155].
This type of investment activity is largely risky. Taking into account the possible growth prospects of the value of securities, the investor determines what goal the issuer pursues by investing money in securities, i.e. forming his investment portfolio. If the investor's goal is to protect against inflation, then his portfolio will contain fairly reliable securities of large stable issuers. However, such a portfolio would be low yielding. If the investor's goal is speculative activity, playing on the stock market on the exchange rate difference of securities, then the investment portfolio of such an investor will be very unreliable, the securities in it will be distinguished by a high degree of risk, but at the same time high yield, which makes a portfolio of this type attractive.
Depending on the investment objectives and, therefore, the type of portfolio, the following groups of investors can be distinguished. The first group is a conservative investor who is not inclined to take risks and does not chase excess profits. He is not inclined to risk his savings and his portfolio does not guarantee him high returns, but he insures against possible losses. The second group is a moderate investor who also does not
seek excessive risk, but does not forget about the calculation of profit. The third group is an aggressive investor who strives for high profits as soon as possible. At the same time, an aggressive investor aims at a speculative game on the exchange rate difference in the value of securities. The fourth group includes an investor without a goal, who invests money in securities without clear goals [2, p. 80].
The state may perform the functions of an issuer of government securities and carry out investment operations for the purchase and / or sale of securities of other issuers. On the other hand, the state in any sphere of public life always performs a regulatory function, which manifests itself in its rule-making, regulatory, control and supervisory functions, as well as in the possibility of applying measures of influence to participants in the stock market. The state at the legislative level establishes guarantees of the rights and legitimate interests of investors in the securities market.
Professional participants of the securities market are legal entities that carry out activities classified by the Law on Securities and Stock Market [8] as professional activities. Their main task is to provide potential sellers and buyers with the opportunity to conclude a transaction with securities and legalize the transfer of ownership of securities.
Depending on the functions performed on the securities market, professional participants are divided into intermediaries - professional market traders and entities that make up the infrastructure of the stock market, serve the securities market and ensure its activities. Stock market intermediaries are brokers and dealers, as well as managers. The professional market participants forming the market infrastructure are clearing organizations, depositories, registrars and trade organizers [9, p. 58].
The main functions of the stock market infrastructure are:
- providing stock market participants with objective information;
- regulation of relations between participants in the securities market;
- regulation of the issue, circulation and redemption of securities;
- providing the main participants with consulting services;
- intermediary function between issuers and investors;
- organization and streamlining of relationships arising in the process of securities circulation;
- ensuring the stability of the stock market, increasing liquidity, reducing risks, increasing the reliability of securities [9, p.48].
The critical point is the ability to reduce relative transaction costs through standardization of this stage of the transaction and the transition to mass production, so that this type of business is able to finance itself from contributions from the parties of the transaction. It should be noted that the costs of the parties include not only direct costs (for finding a partner, paperwork, etc.), but also indirect ones that are realized in risks. In other words, costs should (with some weight) include losses that can occur as a result of improper execution
of the transaction. With the purpose to organize such market, there are created structures, trading within which participants are exempted from certain types of risk. These risks are assumed by the market infrastructure, for which it has to be maintained.
The organization of the infrastructure of a particular segment depends on the development of the market, its turnover, the nature of its participants and the instruments circulating on it. However, there are some common features of the segment infrastructure that are repeated in the infrastructure of the market as a whole. They are defined by infrastructure objectives, which can be divided into two main groups:
- risk management in the securities market;
- reduction in the unit cost of operations. To build an effective risk management system, it is necessary to make adequate administrative, technological and financial decisions, supported by relevant legally significant documents.
With high turnover on the exchange, control over each individual transaction, even a standardized one is
very troublesome and expensive. For its implementation, the so-called clearing systems are introduced, the tasks of which are precisely to control that all transactions concluded on the exchange are correctly addressed and verified. The task of the clearing system is to establish and confirm the parameters of all transactions concluded in this system and sometimes to summarize. The functioning of the securities market is impossible without professional participants who form an integral part of the infrastructure of this market.
O. Mozghovyi specifies as professional participants:
- brokers, dealers, trustees;
- trading organizers and stock exchanges;
- depositories and registers;
- settlement and clearing organizations [9, p.
156].
Based on different points of view on this issue, the author developed the stock market infrastructure (Fig.1).
Figure 1. The components of the securities market infrastructure [9, p,47]
Such an infrastructure system can provide comprehensive support for the securities market and effective interaction between its main participants. At the same time, representatives of the securities trading sector and the asset management sector are both participants in the securities market infrastructure and active participants in the market that need their own infrastructure. This dualism of stock market infrastructure elements needs further analysis in the framework of further research.
The trading sector includes intermediaries in securities trading - brokers, as well as the stock exchange in general. In the case of exchange trading, their standardization is widely used to speed up and reduce the cost of transactions. That is why not everyone is allowed to take part in them, but only those who have bound themselves with rather strict obligations and proved their ability to fulfill them.
4. Stock market infrastructure in Ukraine.
The subject of the securities market is a person (natural or legal) which is capable by law to have and to exercise his rights and legal obligations directly or through representatives of law and, i.e. has civil legal personality. The concept of the subject of the stock market merges two general characteristics, namely, the ability to participate and actual participation in various legal relationships that arise in the stock market.
The concept of "subject" is broader than the concept of "participant", because not all the potential of in-
dividuals are of interest, but only their special properties and qualities, which provide the opportunity to participate in the stock market. The legislator also uses the term "participant in the stock market" and defines that it is the issuers of securities, investors and persons engaged in professional activities in this market [2, p. 141].
Stock market participants are issuers, investors, self-regulatory organizations and professional stock market participants.
Issuer is a legal entity, the Autonomous Republic of Crimea or city councils, as well as the state in the person of its authorized bodies state power, which places issued securities on its own behalf and undertakes obligations to their owners.
Investors in securities are individuals and legal entities, residents and non-residents who have acquired ownership of securities in order to obtain income from invested funds and / or acquire the relevant rights granted to the owner of securities in accordance with the law.
Institutional investors are common investment institutions (mutual and corporate investment funds), investment funds, mutual funds of investment companies, private pension funds, insurance companies, other financial institutions which perform transactions with financial assets in the interests of third parties at their own expense or expense of these persons, also at the expense of financial assets attracted from other persons
in order to make a profit or preserve the real value of financial assets [2, p. 142].
Self-regulatory organization of professional stock market participants is a non-profit association of stock market participants engaged in professional activities in the stock market of securities trading, asset management of institutional investors, depository activities (activities of registrars and custodians), formed in accordance with criteria and requirements of the National Securities and Stock Market Commission.
Professional stock market participants are legal entities which perform professional activities on the stock market according to the license issued by the National Securities and Stock Market Commission, the types of which are defined by the laws of Ukraine [8].
The securities sector comprises 709 professional market participants but retail business is underdeveloped. Despite improvements in corporate governance and disclosure requirements being gradually introduced since 2015, investors' rights are still not adequately protected. The equity market is not developing, and Eurobonds remain the main investment instrument. It is estimated that the turnover of the shadow market exceeds by far (over 100 times) the value of the real market's transactions. There are a similar number of collective investment funds but the legal and regulatory framework is weak and structural change is needed in the type of funds available. Collective investment funds are seen as a market with good potential for development, especially in the situation where public trust in banks is undermined [4].
Considerable challenges remain to be overcome if Ukraine is to develop a fully functioning market infrastructure. Ukraine's stock exchanges suffer from a lack
Trading organizers are stock exchanges. The members of the stock exchange can be only stockbrokers who have a license to conduct professional activities on the stock market and have undertaken to comply with all rules, regulations and standards of the stock exchange.
The stock exchange is organized market in which the owners of securities perform the purchase and sale transactions through members of the exchange, acting
of liquidity and transparency. Only three stock exchanges are currently active. Their average daily turnover is only about USD 100,000. About two thirds of the officially reported transactions are over-the-counter. The clearing and settlement infrastructure needs improvement too.
There are following types of professional activity on the stock market of Ukraine:
- securities trading activities;
- asset management activities of institutional investors;
- depository activity;
- activities on the organization of trade in the stock market;
- clearing activities;
- activities for the administration of private pension funds;
- property management activities to finance construction and / or real estate transactions [4].
Professional activity in the stock market is carried out exclusively on the basis of a license issued by the National Securities and Stock Market Commission (except for the professional activity of the Central Securities Depository and depository activity of the National Bank of Ukraine).
Professional activity in securities trading includes:
- brokerage activities;
- dealer activity;
- underwriting;
- securities management activities.
Table 1
as intermediaries. The contingent of members of the exchange consists of individual securities dealers and credit and financial institutions [2, p.136].
The range of securities which are traded on the stock exchange is limited. The company have to meet the requirements of the members of the exchange in terms of sales, profit, number of shareholders, market value of shares, frequency and nature of reporting etc. with the purpose to be among the companies' securities of which are admitted to exchange trading (in other
The total number of entities that had licenses to implement professional activities [12]
Professional participants As of 31.12.2016 Change, % As of 31.12.2017 Change, % As of 31.12.2018 Change, % As of 31.12.2019 Change, %
Securities traders 302 -18.20% 270 -10.60% 242 -10.4% 221 -6.68%
Depositary insti- 232 -9.00% 210 -9.50% 198 -5.70% 186 -6.06%
tutions
Assets
management com- 300 -6.30% 299 -0.30% 299 0.00% 297 -0.67%
panies
Clearing 1 0.00% 1 0.00% 1 0.00% 1 0.00%
Stock exchanges 8 -20.00% 5 -37.50% 5 0.00% 4 -20.00%
words, to be accepted for quotation). Members of the exchange or the state body supervising their activities shall establish the rules to perform exchange transactions; mode that regulates the admission to quotations. Together with the order of operations, they form the core of the exchange as a mechanism that serves the movement of securities [12, p. 55].
The stock exchange is primarily a place where the seller and buyer of securities find each other, where prices for these securities are determined by supply and demand for them, and the process of buying and selling is governed by rules and regulations, i.e. it is a organized securities market.
Securities (stocks, bonds, etc.) function as goods in this market and the rates of these securities are prices of these goods. Common in the stock market is setting prices for goods depending on demand and supply for them. But, unlike the market, not all goods can be sold on the exchange, but can only admitted to it, on the one hand, and on the other hand, the methods of purchase and sale on the exchange are much more diverse than on the market, but more regulated [12, p.58].
The state, as have been already mentioned, is also a specific participant in the securities market, which has the competence of the issuer, investor, and in some cases a professional stock market participant, and the competence of regulation and control and supervision of the securities market.
Another the key components of the stock market infrastructure are clearing organizations, central counterparties, central depositories, repositories, money transfer and transfer systems.
A clearing organization (clearing house) is a central processing institution that provides bilateral or multilateral netting (offsetting) of mutual claims and obligations through which financial institutions agree to exchange payment instructions or other financial obligations (e.g. securities). Clearing organizations can be created both to work on a specific trading platform, and to serve the national market of a country as a whole [12, p.59].
Central Securities Depository is a settlement institution for the infrastructure of the securities market, traditionally carrying out the functions of dematerializa-tion and immobilization of securities in Western markets, and also playing the role of a center for settlement of securities; represents an entity engaged in the registration of financial instruments in the form of accounting records in open custody accounts and thus ensuring the effective transfer of ownership of these instruments without the need for exchanging physical certificates.
Repository is an organization that maintains a centralized electronic record (database) of data on transactions with financial instruments. An important function of the repository is to provide information that helps reduce risk, as well as improving operational efficiency and effectiveness and ensuring cost savings for individual organizations and the market as a whole. One of the tasks of the central bank of any state is to develop certain elements of the financial infrastructure, which in turn increases the transparency and security of financial operations, as well as the manageability of the entire financial system [13].
Ukraine implements the Strategy of Ukrainian financial sector development until 2025. Its main purpose is to create a financial system capable of ensuring sustainable economic development through efficient redistribution of financial resources in the economy based on building a fully-fledged market competitive environment in line with EU standards. The Strategy is based on the following basic principles:
- regulatory approximation of Ukraine's financial services to EU rules and regulations;
- liberalization of financial markets and acquisition of the internal market regime with the EU in the field of financial services;
- balance of economic interests through the formation of market competitive environment;
- independence and efficiency of regulators, supervision based on risk assessment;
- transparency and high standards of disclosure to financial sector participants and regulators;
- responsibility and trust between financial sector actors and regulators;
- integrity of the financial system, comprehensive protection of the rights of creditors, consumers and investors [14].
The implementation of this Strategy is ensured through the introduction of a number of interconnected measures aimed at comprehensive reform of the financial sector. It should be noted that financial market infrastructure cannot do it without research and staffing institutions of the financial market. In most cases, these institutions combine these two aspects.
After all, when training specialists for work in the financial market, educational institutions, in turn, are engaged in research work. In order to work in the stock market, in general, we need certified specialists who take the appropriate courses in educational institutions designated by the state regulator.
The composition and structure of infrastructure elements is determined by their need in the market and depends on the model of development of the financial market, the economic potential of the country and the tasks that are solved by the state in one or another period of time [14].
Optimizing the infrastructure management strategy and tactics requires a comprehensive approach to financial infrastructure development, which should cover global and regional issues:
- more liquid financial markets open to cross-border financial flows, with a high level of control and effective protection for national and foreign investors;
- effective mechanisms for coordination of macroeconomic and monetary policy, choice of priorities to take into account national policy problems;
- regional mobility to address important social issues such as poverty, migration, aging, etc.;
- global financial integration, which is not contrary to national policy.
5. The problems of the development of stock market infrastructure in Ukraine.
The study of global trends in the development of stock market models and their infrastructure indicates the existence of convergence processes of existing models. At the same time, the most pronounced trend
towards convergence is demonstrated by the US and German markets, which are the main representatives of two completely opposite models of securities market infrastructure organization. The main convergence processes include:
- merger and acquisition processes;
- increasing the focus of banks on the universality of their operations;
- significant strengthening of the positions of institutional investors, such as: insurance companies, pension funds and collective investment institutions;
- expanding the circle of professional participants in the securities market;
- interaction of stock exchanges on an interethnic basis;
- active creation of mega-regulators that monitor and control all operations carried out on stock markets;
- unification of the activities of professional participants in the framework of standardization of operations.
Assessment of the state of development of the Ukrainian stock market infrastructure allows us to indicate the presence of almost all global processes that accompany the convergence of existing models of stock markets and their infrastructures. The country's focus on the universality of their operations is clear, financial conglomerates are created on the basis of banks, providing services typical of securities companies, insurance companies and portfolio managers, and the general state of the stock market is characterized by the predominance of bank capital [12, p. 60].
The main problems of the stock infrastructure in Ukraine, in our opinion, are:
- liquidity shortage and its high concentration,
- infrastructure fragmentation,
- flow of trade activity abroad,
- insufficient development of the primary market,
- slow growth in attracting private investment,
- the state has no public strategy for the development of the stock market,
- lack of trust of infrastructure organizations to each other,
- chronic underfunding of all infrastructure entities,
- unacceptably high level of risks.
Thus, to ensure the smooth and highly efficient functioning of the stock market, it is necessary to stimulate the development and improvement of the infrastructure of the securities market, also paying special attention to finding sources of funding for the necessary reforms and changes.
Addressing the composition of participants in the securities market of Ukraine, we can talk about the predominance of bank capital in this segment of the financial market of the country. Therefore, it is commercial banks in the course of their professional activities in the market, first of all, should be interested in ensuring the smooth operation of its infrastructure-forming elements, and therefore should act as one of the main initiators of necessary changes and provide certain
sources of funding to ensure a high level of development of the stock market of Ukraine as a whole [14].
Conclusions. The modern institutional environment of the stock market should be a rational and coherent structure of institutional agreements that mediate the interaction of market agents, state and society, ensuring economic security and reducing transaction costs of financial market agents with mutual coordination of their interests. The results of activities in emerging financial markets, which include Ukraine, depend mainly on the level of awareness of economic agents about the specifics of the institutional infrastructure and the degree of adaptation to it. Incomplete formation of the institutional environment allows to manipulate the insider information, to distort the terms and results of agreements between stock market participants deliberately in order to capture promising (or competing) business and redistribute spheres of influence in high-income sectors of the economy.
The introduction of block-chain technologies will make it possible to reduce transaction costs, simplify the existing cumbersome infrastructure for authenticating transactions and reduce commission costs for securities market participants. The use of block-chain technologies should start with the National bank of Ukraine, National Securities and Stock Market Commission and the Ministry of Finance of Ukraine as key participants on the stock market, demonstrating to all institutional investors and issuers norms of behavior effective for the development of the financial system as a whole. The synergistic effect of the interaction of the elements of the institutional infrastructure of the stock market will ultimately be expressed in the reduction of risks of leakage of insider information and loss of control over the property and income of economic agents.
References
1. Алейшкова Н.М. Функцюнування фондового ринку Украши в умовах економiчноï не-стабшьносп фшансового середовища. Вюник ОНУ ÍMem I.I. Мечникова. 2016. № 4 (46). С. 144-149.
2. Ferrarini G. Reforming Securities and Derivatives Trading in the EU: From EMIR to MIFIR'. Journal of Corporate Law Studies, 2015. P.141-154.
3. Macey J. Regulating Exchanges and Alternative Trading Systems: A Law and Economics Perspective. Journal of Legal Studies, 2018. P.20-27
4. Mulherin J. Prices are Property: The Organization of Financial Exchanges from a Transaction Cost Perspective. Journal of Law and Economics, 2014. P.54-71
5. Lee, S. Alford, M. Cresson, J. and Gardner, L. (2017), "The Effects of Information Communication Technology on Stock Market Capitalization: A Panel Data Analysis", Business and Economic Research, Vol. 7, No. 1. URL: https://pdfs.seman-ticscholar.org/0b99/9f4027f32cf556fa749784bc06808 b9457eb.pdf
6. Колупаев Ю. Б. Обгрунтування напрямку перспективного розвитку фондового ринку Украши. Ефективна економжа. 2018. №8. C.10-18
7. Калинець К.С. Аналiз свггового досввду ор-гашзацп фондовоï бiржi в контексп можливостей
його використання в Укрш'ш. Регюнальна економка. 2009. № 3. С. 182-191.
8. Кицюк I. В. Розвиток фондового ринку Украни в контекст eвроiнтeгрaцiйних процeсiв. Науковий вюник Ужгородського нaцiонaльного унiвeрситeту. CepiH: Мiжнaроднi eкономiчнi вщно-сини та свггове господарство. 2016. Вип. 6 (1). С. 155-158.
9. Мозговий О.М. Фондовий ринок: тдруч-ник К.: КНЕУ. 2013. 537 с.
10. Поплавська М. В. Особливосп формування фондового ринку Украни. Економжа та держава. 2011. № 2. С. 79-81.
11. Про цшш папери i фондовий ринок: Закон Украни в1д 23.02.2006 № 3480-IV URL: http://za-kon3.rada.gov.ua/laws/show/3480-15.
12. PiHHHH 3BiT HKUP®P 2019. URL: https://www.nssmc.gov.ua/documents/pro-zatver-dzhennia-richnoho-zvitu-natsionalnoi-komisii-z-tsinnykh-paperiv-ta-fondovoho-rynku-richnyi-zvit-nktspfr-za-2019-rik/
13. Principles for Financial Market Infrastructures. Committee on Payment and Settlement Systems. 2012. April. URL: http://www.bis.org/cpmi/publ/d101.htm
14. Strategy of Ukrainian financial sector development until 2025. URL: https://bank.gov.ua/admin_uploads/article/Strategy_F S_2025_eng.pdf?v=4I
СРАВНИТЕЛЬНЫЙ АНАЛИЗ ТРАНСПОРТНО-ЛОГИСТИЧЕСКОГО ПОТЕНЦИАЛА ВЕНГРИИ И РОССИИ В УСЛОВИЯХ ЭКОНОМИЧЕСКОЙ НЕСТАБИЛЬНОСТИ ВНЕШНЕЙ
СРЕДЫ
Тойменцева И.А.
Самарский государственный экономический университет, профессор кафедры маркетинга, логистики и рекламы, д.э.н,
Федоренко Р.В.
Самарский государственный экономический университет, начальник отдела аспирантуры, докторантуры и работы диссертационных советов, к.э.н,
Цегледи Т.
Университет Шопрона, Венгрия
COMPARATIVE ANALYSIS OF THE TRANSPORT AND LOGISTICS POTENTIAL OF HUNGARY AND RUSSIA IN THE CONDITIONS OF ECONOMIC INSTABILITY OF THE EXTERNAL
ENVIRONMENT
Toymentseva I.
Samara State University of Economics, Professor Department of Marketing, Logistics and Advertising,
Doctor of Economics, Fedorenko R.
Samara State University of Economics, head of the department ofpostgraduate studies, doctoral studies
and work of dissertation councils, candidate of economic sciences,
Czegledy T.
University of Sopron, Sopron, Hungary
Аннотация
В статье представлена сравнительная характеристика транспортно-логистической инфраструктуры Венгрии и России, рассматриваются вопросы развития экономик этих стран в условиях нестабильности внешней среды, последствий пандемии. Особое внимание уделено разработке совместных проектов этих стран, прежде всего в фармацевтической и пищевой промышленностях, а также авторы выявили основные тенденции, которые будут наблюдаться на транспортно - логистическом рынке многих стран.
Abstract
The article presents a comparative characteristic of the transport and logistics infrastructure of Hungary and Russia, examines the issues of the development of the economies of these countries in the conditions of instability of the external environment, the consequences of the pandemic. Special attention is paid to the development of joint projects of these countries, primarily in the pharmaceutical and food industries, and the authors also identified the main trends that will be observed in the transport and logistics market of many countries.
Ключевые слова: транспортно-логистическая инфраструктура, экологически чистые технологии, безопасность, надежность, интермодальный терминал, хаб, автономный транспорт.
Keywords: transport and logistics infrastructure, environmentally friendly technologies, safety, reliability, intermodal terminal, hub, autonomous transport.
