Khoruzhyi S. The regulatory system of securities circulation on the securities exchange

In this paper were analyzed securities characteristic features, specifics of their circulation, patterns and causal relationships which determine the role of the securities exchange as a mechanism of increasing securities circulation capability and substantiated the component structure of the regulation system of the securities circulation on the securities exchange. The tendencies of the development of the securities exchange markets in the world and the influence of the integration and universalization of securities trading on the development of local securities markets are also examined in this paper. Based on the study of the statistical data on the securities circulation in Ukraine was proposed the comparative statistical approach to the calculation of complex of indicators (integral and individual coefficients of securities circulation) to assess the activity of the securities exchanges in countries, where is no dominance in circulation of securities on the securities exchange. Scientific approaches to the formation of the optimization principles of the regulation system of the securities circulation on the stock exchange in Ukraine were improved. Were revealed the main vectors of the state regulation development on the securities exchange. Were suggested the measures to eliminate the contradicting laws in legislation, to help organize better trading on the securities exchange and strengthen the role of market self-regulation and international cooperation.