An author's approach to revealing the essence of the definitions of "securities
market" and "securities market regulation" is proposed. It was emphasized that the
regulation of the securities market is a system of relations regarding emission,
circulation, control and supervision of compliance by market subjects with national
regulatory norms, ensuring their harmonization with the principles and international
standards of activity.
It is substantiated that the regulation of the securities market covers three
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hierarchical levels: international, national and institutional. The main forms of
regulation of the securities market are proposed to be legal regulation, licensing, the
application of measures of supervision, influence and control.
The approach to the regulation of the securities market has been improved,
taking into account the three-level hierarchical structure, target orientations and focus
on the development of the economy and harmonization with EU requirements. The
elements of the first level include the main subjects of regulation of the securities
market and stock exchanges, whose activities are regulated by the relevant legal
framework, clearly defined norms and rules, the second - forms, methods and levers
of influence on the development of the securities market, the third - organizational
and statistical elements, namely: department, audit, information processing, etc.
The areas of implementation of the normative and legal framework of Ukraine
on the regulation of the securities market in accordance with EU requirements,
directives and regulations, aimed at ensuring transparency, publicity, uniformity in
the regulation of securities, goods and capital markets, emission policy, circulation of
securities, financial protection of investors, their rights to securities.
The significant impact of the securities market and stock exchanges on the
development of economic processes in the EU countries, the world and Ukraine has
been proven. It was noted that the securities market includes exchange operations and
trading, i.e. securities trading, as an important component of international business.
The activity of the stock exchange is represented by operations with securities and
documents-agreements, as well as with their circulation, placement by such objects as
spheres of activity and reproduction, tangible objects.
Analytical studies of trends in the development and regulation of the securities
market in Ukraine and EU countries were carried out. Tendencies to decrease the
volume of trading in financial instruments at operators of organized capital markets,
monopolization of securities trading in Ukraine at two operators of organized capital
markets, reduction in the volume of share issuance and growth of transactions with
OVDPs, activation of trades in long-term, medium-term, discount, coupon short-term
OVDPs on the secondary market have been identified market, a significant emission
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of OZDP.
The theoretical and methodological provisions regarding the definition of stock
indices and their application during stock exchange trading have been deepened. It is
noted that the absolute and relative indicators of the dynamics of the development of
the securities market and the functioning of stock exchanges reflect the total market
capitalization of companies, quotations on various stock exchanges, the total value of
bonds issued around the world, or derivative financial instruments traded on specific
markets.
The algorithm of actions regarding optimization and decision-making
regarding participation in stock market trading under conditions of risk, taking into
account multivariability, with the development of an efficiency matrix, received
further development. The applied use of the matrix of profitability of shares and the
matrix of profitability of corporate bonds is proposed, with the proof of the most
profitable options for investing funds in shares, bonds, etc.
A methodical toolkit has been developed for the analysis of the stock market,
taking into account changes and fluctuations in interest rates, the level of investment
risks, liquidity and profitability of securities. The use of dispersion analysis of
securities is proposed, which allows to choose the best option according to the level
of profitability according to groups of securities and issuers, to estimate the optimal
level of potential profitability based on a multivariate approach to decision-making
by issuers of securities under risk conditions.
