Kotlyarov S. Transformation of stock markets in the countries of Central and Eastern Europe

The process of transformation in the stock markets of the Central and Eastern Europe under conditions of regional and global financial integration. Identification of regularities and peculiarities attributed to stock markets establishment in the CEE countries and reasoning the suggested ways of Ukrainian stock market development subject to the priorities of the national strategy of economic development and financial globalization trends. Methods: Dialectic and historic, comparative micro and macro economic analysis, statistic methods, modeling. The research was focused on the conceptual principles of the stock market in the modern market economy, forms and trends of its internationalization. The prerequisites and peculiarities of the world stock market formation were studied. The CEE countries' stock markets were subject to the comparative analysis, the specific features of ten said markets establishment and development were identified in te rms of the fundamental transformational processes, the i.e.,the participants thereof and mechanisms for interoperation of the same, stock infrastructure; regulatory system. It was proved that the organizational and structural dynamics as well as efficiency of the national stock markets operation is reached subject to clearly defined model and strategy of development, well regulated legislative relations, well developed stock infrastructure, balanced financial liberalization. The problems of Ukrainian stock market establishment were studied and the ways were suggested for its efficient development in the context of the strategic priorities in the international integration policy. Stock market, studying process.