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28формування едино! поштово! територи. унiфiкацiя поштових тарифiв та одиниць ваги. забезпечення свободи транзиту. врегулювання суперечок шляхом арбпражу. встановлення центрально! установи, Мшнаро-дного Бюро, утримання яко! фшансуеться всiма кра!нами-членами.
перiодичнi збори Конгресу. Сприяння розвитку мiжнародних поштових послуг та поштова технiчна допомога кра!нам-чле-нам ВПС.
ВПС об'еднуе кра!ни-члени в едину поштову територiю з фшсованими мiжнародними пошто-вими тарифами. Кожен його член погоджуеться пе-редавати пошту iнших кра!н найкращими з доступ-них засобiв. Укра!на е також членом Всесвiтнього Поштового Союзу.
Висновки. Мiжнародна торгiвля стала все бшьш доповнюватися рiзними формами м1жнарод-ного руху факторiв виробництва (капталу, робочо! сили i технологi!), в результат якого за кордон стали перемщатися вже не тiльки готовий товар, але i фактори його виробництва. Прибуток, укладе-ний в щт товару, почав створюватися вже не пльки
в рамках нацюнальних кордонiв, а й за кордоном. Закономiрним результатом розвитку мшнародно! торгiвлi товарами i послугами та мшнародного руху факторiв виробництва стала глобал1защя еко-номiки та рiзнi форми штеграцшних процессiв.
Список використаноТ лггератури
1. Мiжнароднi валютно-фiнансовi вщно-сини: Щдручник для ВНЗ. — 5-те вид. перероб. i доп. / Боринець С.Я. — К., 2008. — 582 с.
2. Управлшня зовнiшньоекономiчною дiяльнi-стю: Навч.посiбник/Щiд. заг.ред. А.1. Кредiсова/-К., 1997.-448с.
3. Дахно I. 1.М1жнародне приватне право: Навч. поаб. — 2-е вид.,— К.: МАУП, 2004. — 312 с.
4. Економжа зарубiжних кра!н:Пвдруч-ник/А.С.Фшпенко, 1.В.Бураковський та iн.; за ред.А.С. Фшпенка. -К.: КНДУ, 1999. -384 с.
5. Мiжнароднi економiчнi ввдносини: Навч. по-сiб. / В.В.Козак та iн.;К.: Знання, 2008.- 406 а
6. Киреев А.П. Международная экономика.В 2-х ч.-Ч.1.Учебное пособие для вузов.-М.:МО,1999.-416с.
THE IMPACT OF FINANCIAL TECHNOLOGIES ON THE DEVELOPMENT OF THE WORLD STOCK MARKET
Kukhtyn O.
Candidate for a Degree of the Department of International
Management and Marketing Ternopil National Economic University Ternopil, Ukraine
ABSTRACT
The main directions of development of the world stock market under the influence of financial technologies and instruments are described in the article. The influence of high-frequency trading on the stock market is shown. Attention is paid to possible risks associated with automatic trading on exchanges. The use of robo-advisor in the stock market was noted.
Keywords: world stock market, innovative technology, computerization, technological innovations, financial instruments, global transformation, world exchanges.
Problem statement. Stock markets were substantially transformed in the 21st century by the influence of technological and information innovations. The development of technologies gradually transformed the classical stock market, where the key role was taken by people, in the technological market the key role played computer technologies [1, P. 2]. In recent years there has been a tendency to increase the number of concluded deals with securities, volumes of trade turnover, and the process of conclusion of the transaction is practically instantaneous.
The computer technologies have become the main means of economic and financial activity due to the increased level of automation, the development of technology of artificial intelligence, big data processing, new analytical tools.
To execute transactions on the stock market today, various trading terminals are developing, brokerage systems are created which can cope with high load, also
there is creating of high-speed communication channels, and new technologies are put into operation.
Analysis of the latest researches and publications. The influence of technological and informational innovations on the transformation of the stock market is studied both by Ukrainian and foreign scientists. Among the Ukrainian scientists who are engaged in the study of this problem the works of O. Chernyak, I. Va-silchenko, V. Yaschuk, V. Tchaikovsky, O. Lyubkina, S. Naumenkova, O. Shevchenko, E. Redziuk, O. Che-modurov should be mentioned.
Technological innovations in the stock market are at the center of attention of such foreign scientists. Such as J. Brogaard, T. Hendershott, R. Riordan [2], A. Chaboud, B. Chiquoine, E. Hjalmarsson, C. Vega [3], F. Fabozzi, S. Focardi, C. Jones [4], A. Gerig, G. Shorter, R. Miller [5].
Taking into account the rapid development of various branches of technology and informatics that directly affect and transform the world stock market, it is necessary to analyze permanently the development of stock processes and further research on this issue.
The aim of the article is to determine the impact of information technology on processes in the stock market, namely the deployment of programme trading and robo traders on world exchanges and robo-advisors for making investment decisions.
Presentation of the main material. There is no operation in the stock market where information technologies are not used as of today's date. The securities market has changed considerably in recent years by the influence of global communications. The development of technology has gradually transformed the stock market into a market saturated by computers and technological innovations.
Modern computer technologies have opened up the possibility of practically instantaneous constraint on a global scale. They became simultaneously the main means and environment of financial activity. Not only the exchange of business information, but also the full cycle of financial transactions is carried out with the help of information technology now [6, P. 99].
According to IMF Managing Director Christine Lagarde, the volume of investments in the field of financial technologies for the period from 2010 to 2015 has increased fourfold and amounted to $ 19 billion a year. Innovations in the field of financial technology take on various forms and types - from lending between individuals to high-frequency trading, big data processing, and robo-advizing [7].
Financial institutions are one of the first to introduce the most advanced and expensive technologies. But the most active implementers of new technologies are exchanges, including the stock. With the advent of the Internet and virtual technologies, stock trading went into virtual space.
Any stock exchange is first of all a high-tech company which has trading and clearing systems, developed IT-infrastructure, large-scale development and a wide range of different services [8]. Today, the stock market is in demand by mathematicians, physicists and programmers.
Now stock exchanges use the most advanced software and hardware. In order for an investor to make an agreement, various trading terminals are being developed, broker systems that can deal with severe load are created, high-speed communication channels are being built, new technologies are put into operation [9]. Without powerful servers, mercantile system and broad communication line, fast passing data and execution of transaction are not possible.
One of the areas in the financial industry most that is rapidly developing in recent years is high-frequency trading (HFT). Its essence is the use of high-frequency market databases and an analyst in search of short-term strategies for supply and demand for financial instruments with predictable behavioral characteristics [10]. This type of trade is based on the use of computer programs for trading transactions in financial markets which are able to obtain stock information, independently handle it in accordance with a given algorithm and automatically carry out trading operations. HFT companies usually hold their securities in the market for less than a minute. Similar transactions are calculated by thousands per day, occupy a fraction of a second and are often traded with net income of less than a cent per share.
High-frequency trading (HFT) has long been a significant share of the volume of transactions on world exchanges. Robo traders play an important role in all virtual worlds due to their high percentage in trading volumes. However, the most widespread HFT acquired in the United States.
Source: [11], [12] Fig. 1.
Percentage of high-frequency trading in exchange trade volumes in the U.S. stock markets in 2004-2015, %
As it is seen from the data in Fig. 1, since 2008, more than half of the transactions in the U.S. stock market was high-frequency trading. The largest share of HFT in stock turnover was in 2009 and amounted to 60.8%, in subsequent years it slightly decreased. From 2013, the share of HFT in the U.S. stock market actually stabilized and amounted to 48.3% in 2013, 48.4% in 2014, and 48.5% in 2015. That is, in fact, half of all transactions in the U.S. stock market are concluded by robo traders.
In the stock markets of other countries, the share of high-frequency trading is somewhat lower, but it also plays a significant role both in the stock markets of Europe and in the Asian stock markets.
In most cases, investors use special programs to create and test trade strategies that have a powerful software and hardware system in working with charts and programming their own indicators and trade strategies [13]. Some robo traders can simultaneously monitor several hundreds of financial instruments put to the purpose to analyses of dozens of technical analysis indicators.
Requirements for employees employed by HFT-companies include: higher technical education; technical skills and ability to conduct independent research in this area; knowledge in the field of computer technology, electrical engineering, experience with a certain type of software, such as graphics subsystems and programmable gate arrays.
High-frequency traders are willing to spend a lot of money on developing the necessary software for trading strategies and buying special gadgets that accelerate the introduction of trading orders. They are doing their utmost to reduce the latency. Therefore, in addition to the cost of developing and implementing a trading robot, traders pay for direct market access or co-location. Often, an additional millisecond of latency can lead to a trader's loss of profit instead of profit, since his trading robot outstrips others.
As there is informatization of markets, an important factor is the speed of the computers connection, which is measured in milliseconds and even in micro and nanoseconds. To rate increase of decision-making, high-frequency traders use sophisticated equipment, which enables them to track and analyze large data sets and make investment decisions based on reveal the trends.
Worldwide costs of stock trading equipment are growing billions of dollars annually, but despite this, these technologies bring so high profits that any costs for their development and implementation occupy themselves.
However, automated trade also gives rise some risks, which are primarily related to the ability to overload the trading system and overwhelm the market. For example, seven of ten of the New York Times described the large-scale drop in stock exchanges, were in one way or another related to engineering and network problems [14].
Failures of commutators and errors in the transition to a new system of calculation caused serious losses to world stock exchanges. Consequently, processes taking place on the world stock market, with the
introduction of modern information and communication technologies, become unmanageable and difficult to regulate. Therefore, an important task is to improve the stock market management system, namely, the introduction of numerous norms and rules and the transformation of existing or the creation of new regulatory institutions in order to prevent abuses in the market.
In addition to the use of robots for trading, one of the trends in the financial sector in 2017 were robo-ad-visors [15], which are used for making investment decisions.
Robo-advisors are now a convenient and cheap tool for non-professional investors in the stock market. It is a financial welfare management service that enables you to automatically, on-line, generate investment decisions that are formed on the basis of algorithmic processing of information. These works are significantly different from the robo traders, which require the user's professional tuning for specific financial instruments. Robo-advisors are designed for personal use by unprofessional users and presented by programs with access through a computer or mobile device.
Robo-advisors assesses consumer information for risk assessment and target analysis. It evaluates consumer information services to determine risk aversion and to analyze investment objectives. After processing customer data and available information from the stock market, the robo-advisors offer ways to create an optimal investment portfolio.
The development of artificial intelligence technologies and data processing methods will lead to the widespread distribution of more sophisticated robotic counseling systems for adopting various financial decisions and their implementation depend on the user's desire. By forecasts of analysts by 2020, about 5% of all investments will be carried out by robo-advisors, the size of assets under their management will be about 2.2 trillion dollars [16].
Conclusions. The rapid development of information technologies, communications and communications has caused significant changes in the stock market. There is widespread use of automated trading in the conduct of stock transactions. To provide and implement trading strategy in the stock market, algorithms, powerful computers and high-speed lines are used. A new trend in the stock market was the emergence of robots-consultants, which are cheap and effective tool for non-professional investors.
An important task is to improve the system of regulation of operational stock markets in order to prevent abuses and manipulations in prices for financial instruments and, accordingly, ensure financial stability and prevent deep systemic crises in the market in the future.
References
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2. Brogaard J., Hendershott T., Riordan R. High Frequency Trading and Price Discovery. - Available at: http://papers.ssrn.com/sol3/papers.cfm7abstract id =1928510.
3. Chaboud A., Chiquoine B., Hjalmarsson E., Vega C. Rise of the Machines: Algorithmic Trading in the Foreign Exchange Market. - Available at: https://federalre-
serve.gov/pubs/ifdp/2009/980/ifdp980.pdf.
4. Fabozzi F., Focardi S., Jonas C. High Frequency Trading: methodologies and market impact. - Available at: https ://www. cona-tum.com/presscites/HFTMMI.pdf.
5. Shorter G., Miller R. High-Frequency Trading: Background, Concerns, and Regulatory Developments. 2014. - Available at: http://fas.org/sgp/crs/misc/R43608.pdf.
6. Zadorozhny G. About financial-virtual technologies and tools as forms of realization of financial and intellectual power in the conditions of globalization / Zadorozhny G. V., Halina O. V. // Social economy. -2012. - .№ 1. January-March. - P. 97-113. [in Russian].
7. Lagarde C. Fintech - A Brave New World for the Financial Sector? - Available at: https://blogs.imf.org/2017/03/21/fintech-a-brave-new-world-for-the-financial-sector.
8. Why is the exchange an IT company? - Available at: https://habrahabr.ru/com-pany/moex/blog/241141 [in Russian].
9. Stock Market Technologies: Brokerage Trading System. - Available at: https://habrahabr.ru/com-pany/itinvest/blog/218431/ [in Russian].
10. High Frequency Trade (HFT): Do regulators need to strengthen control over this type of trade? -
Available at: https://utmagazine.ru/posts/1460-wsokochastotnava-torgovlva-hft-i-neobhodimo-li-regulyatoram-usilivat-kontrol-za-dannym-vidom-tor-govli.html [in Russian].
11. Regan M. Robots Are Eating Your Retirement. Bloomberg, 2016. - Available at:https ://www.bloomberg.com/gadfly/articles/2016-01-15/robots-are-eating-your-retirement-in-volatile-stock-market.
12. Volodin S. Development the algorithmic trading in global financial markets: causes, tendencies and perspectives / S. Volodin, A. Yakubov // Finance and Credit, 2017, vol. 23, iss. 9, pp. 532-548 [in Russian].
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ОСОБЛИВОСТ1 РОЗВИТКУ ПРОЦЕСУ 1НТЕРНАЦЮНАЛ1ЗАЦИ ВАЛЮТИ В РАМКАХ ГЕОПОЛ1ТИЧНОГО П1ДХОДУ
Лизун М. В.
Тернопшьський нацюнальний eKOHOMinmu утверситет, Украша, докторант кафедри мiжнародноi ernHOMirn, к.е.н., доцент,
FEATURES OF THE CURRENCY INTERNATIONALIZATION PROCESS IN THE FRAMES OF GEOPOLITICAL APPROACH
Lyzun M. V.
Ternopil National Economic University, Ukraine, Doctoral student of Department ofInternational Economics,
Ph.D., Associate Professor
АННОТАЦ1Я
В статп систематизовано дослвдження щодо валютно! iнтернацiоналiзацп в рамках геополгшчного щдходу. Розглянуто аспекти класифжацп мiжнародних валют та ix функцiй, виокремлено передумов ix становлення та розвитку. Розкрито критерп для досягнення статусу мiжнародноi валюти. Визначено переваги та потенцшш загрози вiд iнтернащоналiзацп валюти для держави-емггента.
ABSTRACT
The article systematizes the researches on currency internationalization within the framework of a geopolitical approach. The aspects of classification of international currencies and their functions are considered, the preconditions of their formation and development are outlined. The criteria for achieving the status of international currency are outlined. The advantages and potential threats of the currency internationalization for the issuing state are determined.
Ключовi слова: iнтернацiоналiзацiя валюти, мiжнародна валюта, валютний ринок, центральний банк, мiжнародна торпвля, «неможлива тршця», «неможлива четвiрка», «шрамща валют», топ-валюта
