The object is the functioning processes of the negotiable financial instruments market as a unity of trade venues, market participants and institutional environment. The purpose is the development of theoretical provisions and methodological foundations of the stability of negotiable financial instruments market and the justification of practical recommendations to support market stability, based on the study of modern international and domestic trends of the circulation of securities and derivatives. Methods are analysis, synthesis, comparison, analogy, semantic, classification, institutional analysis, normalization based on the integral distribution function, Generalized Auto-Regressive Conditional Heteroskedasticity, linear and rank correlation, TRAMO/SEATS, Hodrick-Prescott filter, global and bayesian vector autoregression, dynamic structural analysis, cluster analysis. The results are the conceptual justification of scientific and theoretical foundations and the development of practical recommendations to ensure the stability of the negotiable financial instruments market. Novelty – for the first time: a modern paradigm of stability of the negotiable financial instruments market with the allocation of two dimensions was proposed: terminological – by disclosing the essence of the concept of stability of the negotiable financial instruments market and market phenomena that determine its disturbances, and methodological – through the characteristics of tools for measuring the main features of market stability; scientific and methodological approaches for the identification of the relationship between systemic risk and stress in the negotiable financial instruments market, that involve the quantification of a possible cross-border contagion and cross-border comparative analysis of quantitative parameters of endogenous buildup of imbalances were developed; a scientific and methodological approach to assessing the level of sensitivity of investment funds to market shocks based on the calculation of the financial fragility index was proposed; the model of identification of global systemically important markets was constructed; Improved: the interpretation of the definition of «negotiable financial instruments»; scientific and methodological approach to the identification of market disturbances based on the calculation of the composite stress index in the negotiable financial instruments market; the project approach to the development of a complex programme of the stable development of the negotiable financial instruments market in Ukraine; conceptual approaches to the regulation of the negotiable financial instruments market in Ukraine based on the implementation of the objectives-based regulatory model; got further development: institutional approach to the interpretation of the negotiable financial instruments market; systematic approach to the forming of macroprudential policy; justification of the financialization on the basis of quantitative analysis of the role of financial assets and institutional investors in the economy; methodological approaches to the diagnosis of modern banking in the securities and derivatives market on the example of the EU that allowed to expand the existing proposals for structural reform of banking activities for the separation of commercial and investment operations; a scientific approach to the modeling of the conversion of contingent convertible bonds in the banking stocks; the identification of current trends in the development of the trade of negotiable financial instruments and its post-transaction service; the justification for the introduction of a model of a consolidated market operator of a network of trading platforms with post-transaction infrastructure using distributed ledgers, launch of a market of initial public offerings with differentiated requirements depending on the size of the issuing company, reformatting the models of functioning of institutional investors. The project was implemented in the activities of: the Financial Stability Department of the National Bank of Ukraine, PJSC Commercial Bank «Lviv», PJSC «Bank Sich», PJSC «Deutsche Bank DBU», CONSTANTA Venture Invest Asset Management Ltd., as well as in the educational process of the Ternopil National Economic University and Educational and Research Institute of Business Technologies «UAB» of the Sumy State University. The scope of use is the Committee on Financial Policy and Banking of the Verkhovna Rada of Ukraine and the National Securities and Stock Market Commission.
