№ 12/2019

Fìnansi Ukr. 2019 (12): 53–70https://doi.org/10.33763/finukr2019.12.053

MARKET OF FINANCIAL SERVICES

KLYMENKO Kateryna ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0001-8295-1333

Scientific approaches to the reform of Ukraine’s capital market infrastructure

The article provides a comprehensive analysis of the development problems accumulated during the restructuring of the Ukrainian capital market. The purpose of the article is to determine the ways and develop proposals on the directions of the capital market reform in Ukraine. During the study, the following methods are used: observation and comparison, synthesis and analysis, statistical surveys, systematic approach and structural analysis. It is determined that the main ways to overcome these problems would be based on the Memorandum between the National Commission for Securities and Stock Market (NCSSM) and the NBU on Cooperation in the Development of the Capital Markets Infrastructure in Ukraine and the Comprehensive Program of Ukrainian Financial Sector Development until 2020. The paper also emphasizes the need for the adoption of the draft Law “On Amendments to Some Legislative Acts of Ukraine on Simplifying Investment Attraction and Introduction of New Financial Instruments” No. 2284 and the Strategy of Ukrainian Financial Sector Development until 2025. The article stresses that in order to support the development and functioning of capital markets in Ukraine in the long-term, it is necessary to provide for the implementation of the relevant provisions of EU legislation (in particular, CSDR, EMIR, MiFID ІІ, MiFIR, PFMI) and international standards, in particular the principles of IOSCO on the functioning of the capital markets infrastructure and the relevant practices of the EU Member States. This will allow the government: to facilitate the e?ective development of derivative ?nancial instruments markets; to build trading infrastructure on the basis of uni?ed approaches; to provide capital market participants with a broader range of ?nancial services; promote the e?ciency and reliability of the functioning of the capital markets, etc.

Keywords:capital market, infrastructure, regulated markets, reform, strategic development, regulation, EU directives

JEL: D24, G23, G28

Klymenko K. . Scientific approaches to the reform of Ukraine’s capital market infrastructure / K. Klymenko // Фінанси України. - 2019. - № 12. - C. 53-70.

Article original in Ukrainian (pp. 53 - 70)

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