Sych O. Efficiency of commercial banks investment operations on financial market

Present problems of development of financial market in Ukraine have been determined; there are propositions concerning organization of investment process on financial market; there are complex of methodological recommendations on the questions of investment management in commercial banks; organization of commercial bank structure has been worked out; theoretical thesises of arbitrage has been approached; factor analysis of market determination of interest rate has been proposed. The stages of investment portfolio compilation which agree with bank liquidity and resource cost has been devised; method of authentic cash flows has been elaborated for management of debenture stock portfolio. Key words: financial market, financial instrument, investment process, interest rate, investment portfolio, cash flows, portfolio management, efficiency of management.