№ 5/2018

Fìnansi Ukr. 2018 (5): 94–109

MARKET OF FINANCIAL SERVICES

MATSUK Zoriana ¹

¹Ivano-Frankivsk National Technical University of Oil and Gas
OrcID ID : https://orcid.org/0000-0002-4303-9875

Architectonics of the securities market infrastructure

The article reveals the correlation of the concepts of the “sphere of financial services” and the “infrastructure of securities market”. The research proves the presence of dialectic connection between these categories. The article determines the correlation of the concepts of the “elements of infrastructure” and the “system of infrastructure”. Emphasis is made on the need to review the infrastructure on the basis of organizational and essential features. In particular, based on the organizational features within the infrastructure of the securities market, the author identifies the main institutions that are directly involved in the trading of financial assets, and ancillary institutions that provide professional services to market participants and are not directly related to the movement of financial assets, yet form the conditions necessary for the implementation of the financial interests of market participants. By meaningful characteristics, the infrastructure of the securities market is a system that reflects the specific forms of economic relations, is based on allocation of individual institutions and includes formal and informal rules, characteristics of coercion and results of behavior. The presence of institutions on the securities market allows making conclusion about certain institutional support that is viewed by the author as a combination of formal and informal institutions. All elements of the infrastructure are interconnected and cannot function in isolation from each other. This ultimately optimizes the movement of financial assets to achieve a balance between the public needs for financial resources and the ability of the securities market to meet them to the extent necessary.

Keywords:architectonics, institution, institute, infrastructure, securities market, financial services

JEL: E02, G20

MATSUK Z. . Architectonics of the securities market infrastructure / Z. . MATSUK // Фінанси України. - 2018. - № 5. - C. 94-109.

Article original in Ukrainian (pp. 94 - 109)

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