MARKET OF FINANCIAL SERVICES
SOMCHENKOV Oleksandr Anatoliyovych
PROSPECTIVE DIRECTIONS OF REPO ACTIVITY IN UKRAINE
The paper states that trade repositories are key elements in the market for OTC derivatives, forming centralized information registers about the concluded transactions. Their main system functions are to ensure market transparency, to control the process of accumulating and sharing risks, to detect abuses in the course of operations and prevent them, to assist regulators in exercising powers, which ultimately affect the stability of national financial systems functioning. The first repo platform The Depository Trust & Clearing Corporation (DTCC) was created in 2006 for credit default swaps, which eventually turned into a global repository infrastructure based on a single portal — DTCC Global Trade Repository (GTR). A standard set of tools, operations which are serviced by GTR, includes the following derivatives: those of interest rate, credit, foreign exchange and commodities, as well as stock-based instruments and indicators. It is emphasized that the development and adoption of the regulatory framework of derivatives in Ukraine should provide a basis for legalization, regulation and development of the national market for these instruments and its OTC segment in particular. Creating a trade repository on the basis of one of the professional participants in the domestic stock market against its regulatory framework activates the development of appropriate relationships, accelerates solving current problems. Given the experience of GTR, a national repository can play a leading role in the reform of other securities markets. In particular, the adaptation of a repository technology to the circulation of bills service will fill them with new content, bring the market to a fundamentally different level. In the process of preparing reports a particular group of notes is going to arise by which the repository can provide a wide range of services to ensure adequate transparency and efficiency in the relevant market.
Keywords:stock market infrastructure, trade repository, reporting securities, derivatives, promissory note.
JEL: G20, G21.
SOMCHENKOV O. A. PROSPECTIVE DIRECTIONS OF REPO ACTIVITY IN UKRAINE / O. A. SOMCHENKOV // Фінанси України. - 2016. - № 7. - C. 116-0.
| Article original in Ukrainian (pp. 116 - 127) | Download | Downloads :136 |
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