Zinchenko F. Global Financial and Institutional Transformation of Stock Exchanges

The dissertation is devoted to a comprehensive study of the processes of global transformation of stock exchanges in the modern financial and institutional format of their development, to identify and summarize the trends prevailing in this field. The thesis describes the qualitative and quantitative changes in the global stock market at the current stage of its development, identifies the content and factors of internationalization of stock exchange activities, investigates the essence of the global stock exchange networking which, due to financial globalization and development of information and communication technologies take form of, firstly, the expansion of own exchange network through the use of transcontinental optical fiber communication channels between world financial centers, and secondly - the integration of networks of several exchanges, which takes various organizational and legal forms. The current trends of institutional transformation of stock exchanges as profit-oriented corporations are identifies and analyzes, among which is universalization. The analysis and evaluation of the market conditions, trends and financial parameters of the global stock exchange market are conducted. The influence of modern IT environment and processes of digitization on stock exchange activity is defined. The dissertation summarizes the European experience in building and operating regulated markets for financial instruments. Possible directions of implementation of European practices of organized markets functioning in Ukraine are outlines and proposed.