№ 1/2016

Fìnansi Ukr. 2016 (1): 20–38

MARKET OF FINANCIAL SERVICES

BARANOVSKY Oleksandr ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-5505-5098

Background and factors of financial security of stocks market

Nature of stock market is investigated; correlation between concept “stock market” and “securities market” is defined. Role of the stock market in state functioning, integration of national economy to world economy is reviewed. Direct correlation of stock market security with security of cashflow, budget, debt, currency, investment an inflation security of the state and financial security of legal entities and individuals is pointed out. Necessity of mechanism of protection from external and internal threats, impact of negative factors on emission process, borrowings, dividends and interest is highlighted. This will allow to secure and effectively use financial, material, informational and human potential of the market. It was identified that ways of defining of economic security of the stock market prevail in economic literature. At the same time problems of financial security of the market as a core part of its economic security are omitted. Existing ways of defining substance of the economic security of the stock market as a condition, including its segments, institutes and participants; stock market in system of financial markets; systems of its regulation are described. Importance of ensuring of financial security of stock market is justified, peculiarities of treatment of financial security of stock market are identified, its substance and types are defined. Author’s definition of the financial security of stock market is presented. Necessity of the separation of the financial security of cash market (where agreement conclusion is aimed at its prompt realization) and futures market (derivatives market); state securities and corporate securities market; market of national, regional and foreign emitents and other its segments: shares, bonds, promissory notes, treasury stocks, saving shares, etc., exchange and off-exchange (primary and secondary) markets; emitents, undewriters, owners, buyers, organizators of trade, traders, institutes of joint investment, intermediaries (brokers), consultants, registrators, custodians, depositees securities. Factors which influence the level of financial security of the stock market are defined.

Keywords:financial markets, stock market, economic security of stock market, financial security of stock market, factors of financial security of stock market, mechanism of protection of stock market from external and internal threats.

JEL: G20, G28

BARANOVSKY O. . Background and factors of financial security of stocks market / O. . BARANOVSKY // Фінанси України. - 2016. - № 1. - C. 20-38.

Article original in Ukrainian (pp. 20 - 38)

Download

Downloads :220

1. Torkanovskij, V. S. (Ed.). (1994). Securities Market and Financial Institutions. St. Petersburg: AOL “Komplekt” [in Russian].
2. Gavrilov, V. V. (n. d.) Securities Market: Structure and Place in the Market System. Retrieved from rudocs.exdat.com/docs/index-48342.html?page=15 [in Russian].
3. Moshens`ky`j, S. Z. (2009). Theoretical and Methodological Principles of Ensuring Security of investment Ukraine through the mechanism of institutional investment in equity markets (Unpublished doctoral thesis). Nacіonal`ny`j іnsty`tut problem mіzhnarodnoyi bezpeky`, Kyiv [in Ukrainian].
4. Degtyareva, O. I., Korshunova, N. M., Zhukova, E. F. (2004). Securities Market and Stock Exchanges. Moscow: YUNITI-DANA [in Russian].
5. Klimenko, I. (2003). Financial Weapons of Mass Destruction. Companion, 11, 24–32 [in Russian].
6. Stock exchanges will lose billions of dollars due to changes in the age structure of the population (2012, January 4). RBC-Ukraine. Retrieved from www.rbc.ua/rus/news/fondovye-birzhi-poteryayut-milliardy-dollarov-iz-za-izmeneniya-04012012094400 [in Russian].
7. Коzorіz, M. A. (2008). The Capitalization of Stock Exchanges in Ukraine: Peculiarities and Problems. Regional economy, 4, 157–162 [in Ukrainian].
8. Danilova, T. N. (2004). Risk Assessment Flow of Capital in the Stock Market Using the Arbitrage Technology. Bulletin of the Nizhny Novgorod University named after N.I. Lobachevsky, 2,
31.7–322 [in Russian].
9. Payentko, T. V. (2011). Safety Stock Market in the Context of Strengthening the Financial Security of the State. Proceedings of the National University of the State Tax Service of Ukraine, 2, 210 [in Ukrainian].
10. European Parliament and the Council. (2003, January 28). Directive on insider dealing and market manipulation (market abuse). (2003/6/EC, OJ L 096). Retrieved from eur-lex.europa.eu/legal-content/EN/ALL/?uri=CELEX%3A32003L0006.
11. Economic and Social Committee (2002, January 17). Opinion on ‘Insider dealing and market manipulation (market abuse)’. (OJ C 80). Retrieved from eur-lex.europa.eu/legal-content/EN/ALL/?uri=celex:52012AE0819.
12. Rating of the "big three" will be out of fashion. (2013, February 13). Maanimo. Retrieved from maanimo.com/news/events/96341-reytingi-bolshoy-troyki-vyvedut-iz-mody [in Russian].