The Settlement Infrastructure of Ukrainian Stock Market: State and Directions for Reform

2020 ◽  
Vol 10 (2) ◽  
pp. 565
Author(s):  
Oleksandra V. KOLOHOIDA ◽  
Iryna V. LUKACH ◽  
Valeriia V. POIEDYNOK ◽  
Volodymyr I. BOBRYK
Keyword(s):  
Stock Market ◽  
Legal Status ◽  
Stock Exchange ◽  
Financial Instruments ◽  
Legal Personality ◽  
Market Participants ◽  
Clearing Functions ◽  
Market State ◽  
Exchange Markets ◽  
Banking Institution

The research defines the concepts of clearing and clearing activity. It explores the models of the clearing institutions’ organizational structure in EU countries. It also outlines the directions for the settlement and clearing infrastructure reform based on the diversification of the settlement and clearing functions. It should ensure the integrity of the stock market, the reduction of risks, the creation of an efficient and transparent system for the execution of transactions with securities; reduction of expenses of market participants; acceleration of payment terms for operations with securities and process of registration of property rights; differentiation of responsibility at different stages of performance of transactions. The author has defined the legal status of the Financial Settlements Center as a banking institution with a special legal personality of the conducting monetary settlements under transactions concerning securities and other financial instruments, made on the stock exchange and outside the stock exchange, if payments are made according to the principle of ‘supply against payment’. The study shows the need for the universal model of settlements to serve all the exchange markets. We offer to demonopolize the market of clearing services and to provide access for international clearing institutions. We also suggest transferring the settlement function to the Central Depositary and the clearing function – to clearing institutions.  

scholarly journals ADMINISTRATIVE AND LEGAL STATUS OF THE NATIONAL COMMISSION OF SECURITIES AND THE STOCK MARKET AS AN ENTITY REGULATION OF STOCK EXCHANGES

2020 ◽  
Vol 1 (4(106)) ◽  
pp. 72-78
Author(s):  
А. М. Вихристюк
Keyword(s):  
Stock Market ◽  
Legal Status ◽  
Stock Exchange ◽  
Legal Regulation ◽  
The State ◽  
National Commission ◽  
Stock Exchanges ◽  
Main Subject ◽  
Market Participants ◽  
Legal Relationship

The relevance of the article is that the stock market is the main system-forming channel of capital movement in today's globalized world. It is possible to reliably assess the real significance of the stock market and ensure the full realization of all its capabilities only if the study of risks, which is inevitably accompanied by this civilizational phenomenon. To the same extent, this fact highlights the problem of minimizing the financial risks that accompany the stock market and its infrastructure. The purpose of the article is to systematically analyze the norms of current legislation, as well as the positions of scholars of administrative law and economics, to reveal the administrative and legal status of the National Commission on Securities and Stock Market as a subject of stock exchange regulation. The article reveals the administrative and legal status of the National Commission on Securities and Stock Market as a legal position of the main subject of administrative and legal regulation of stock exchanges, endowed with authoritative regulatory and supervisory powers, within which the legal relationship between the state and stock market participants. The content of the administrative and legal status of the National Commission on Securities and Stock Market is determined. It is concluded that the administrative and legal status of the National Commission on Securities and Stock Market is the legal status of the main subject of administrative and legal regulation of stock exchanges, endowed with authoritative regulatory and supervisory powers, within which the legal relationship is established. between the state and stock market participants. In terms of content, the administrative and legal status of the National Commission on Securities and Stock Market is a voluminous category that includes tasks (regulation and control of stock exchanges); powers (transformed into administrative tools, which can be divided into the issuance of acts, provision of services, control and supervision, prosecution, cooperation in the development of the stock market).

scholarly journals UKRAINIAN STOCK MARKET: STATE AND PROSPECTS OF DEVELOPMENT

2020 ◽  
Vol 11 (87) ◽  
Author(s):  
Okseniuk Kateryna ◽  
Keyword(s):  
Stock Market ◽  
Innovation Policy ◽  
Stock Exchange ◽  
Securities Market ◽  
Stock Exchanges ◽  
Government Bonds ◽  
Market State ◽  
Legislative Framework ◽  
High Degree ◽  
Securities Trading

The article is devoted to the study of the current state, problems and prospects of development of the Ukrainian stock market. It is proved that the stock market is a tool for implementing the state's Innovation Policy and a priority factor in mobilizing financial and capital resources. Stock market commodities are securities (stocks, bonds, etc.). Trends, features of functioning and development of the Ukrainian stock market are analysed. The analysis of the main indicators of exchanges, the structure and volume of exchange contracts with securities is carried out. The structural distribution of exchange contracts by trading organizers is established. The analysis of operations with securities on the organized market, unorganized market and stock exchanges of the country is carried out. The largest volume of trading on financial instruments on trade organizers in 2019 was recorded with government bonds of Ukraine – UAH 295 billion according to the National Securities and stock market Commission, the exchange market during 2019 saw consolidation of securities trading on two stock exchanges “Perspektyva” and “PFTS Ukraine Stock Exchange”: 98.7% of the value of exchange contracts. Analysis of the main indicators that determine the state of the stock market has shown that the modern securities market of Ukraine is characterized by an extremely high degree of fragmentation, limited liquidity and a variety of types of securities, which, in turn, are the main obstacles to the development of the stock market and the capital market as a whole. Attention is focused on the main problems that hinder the functioning of the stock market. It is proved that the development of the stock market is hindered by: insufficient competitiveness of the domestic stock market; imperfect tax incentives for market development; low level of corporate governance development; imperfect regulatory and legislative framework of Ukraine; low liquidity and capitalization. The directions of development of the stock market of Ukraine are proposed: improving the efficiency of regulation of issuers; stimulating the inflow of investment to the stock market; ensuring reliable and efficient functioning of the market infrastructure; ensuring the functioning of the unified state policy for stimulating the improvement of the investment climate.

Financial Literacy about Stock Market among the Participants of Bombay Stock Exchange

2018 ◽  
Vol 6 (7) ◽  
pp. 173
Author(s):  
Rashmi Mate ◽  
Leena Dam
Keyword(s):  
Stock Market ◽  
Financial Literacy ◽  
Stock Exchange ◽  
Secondary Data ◽  
Basic Knowledge ◽  
Primary Data ◽  
Market Participation ◽  
Market Participants ◽  
Stock Market Participation ◽  
Financial Decision

Financial mistakes made at any stage of life can be costly. To avoid such mistakes, financial literacy is very important. Financial literacy is buzzword now days, and its importance has accepted all over the world. Financial literacy is required for any financial decision making.  But his term is subjective in nature. So it varies according to investors. Investing in stock market is still not so popular in India because of its complicated nature and lack of financial literacy. This paper attempts to find out the literacy levels of stock market participants of Bombay Stock Exchange. Stock market participation is strongly related to financial literacy. Previous research was focused on financial literacy and reasons behind less stock market participation. In this study, stock market participant’s financial literacy regarding stock market functions has been assessed. Those who participate in stock market are considered to be a risk taking investors, and it is expected that investor must have basic knowledge about stock market. BSE is one of the oldest stock market in world. So the participants of BSE will be the great population to test financial literacy levels. This study is based on primary data collected through a survey from BSE participants as well as on secondary data.

scholarly journals Do Banking and Financial Services Sectors Show Herding Behaviour in Indian Stock Market Amid COVID-19 Pandemic? Insights from Quantile Regression Approach

2021 ◽  
pp. 097639962110323
Author(s):  
P. K. Mishra ◽  
S. K. Mishra
Keyword(s):  
Stock Market ◽  
Quantile Regression ◽  
Financial Services ◽  
Stock Exchange ◽  
Financial Assets ◽  
Supply Chain Disruptions ◽  
Market Participants ◽  
Market Instability ◽  
Indian Stock Market ◽  
Stock Market Investment

In India, the coronavirus (COVID-19) pandemic-induced country-wide regulatory lockdown and consequential supply-chain disruptions and market instability have all posed serious challenges before the regulators and policymakers. Amid the pandemic, the stock market showed return volatilities primarily due to the unexpected investors’ behaviour. One of the behavioural biases is herding, which has the power to wreck the market equilibrium and shatter the market efficiency. Given that the pandemic has generated unprecedented spirals of uncertainties across the globe, thereby creating interruptions in the pattern of stock market investment decisions, this study examined the herding behaviour of 54 stocks of banking and financial services sectors listed in the national stock exchange. In the quantile regression framework, the study provides evidence of the presence of herding for public sector banking and financial services under the bull market conditions during the pandemic in the 90th quantile of the return distribution. This finding has implications for the mispricing of financial assets in these sectors. So, the study suggests removing information asymmetry among the market participants and devising policy initiatives for ensuring market stability.

scholarly journals ARTIFICIAL INTELLIGENCE AND ROBOTICS: THEORETICAL AND LEGAL PROBLEMS OF DIFFERENTIATION OF THE CONCEPTUAL APPARATUS

2020 ◽  
Vol 30 (5) ◽  
pp. 706-713
Author(s):  
I.R. Begishev ◽  
Z.I. Khisamova
Keyword(s):  
Artificial Intelligence ◽  
Legal Status ◽  
Point Of View ◽  
Legal Personality ◽  
Market Participants ◽  
Conceptual Apparatus ◽  
Self Development ◽  
Professional Market ◽  
High Level ◽  
And Robotics

A distinction is made between such concepts as “robotics” and “artificial intelligence”. These categories are not only multi-volume, but also semantically non-falling. After analyzing the conceptual apparatus of these terms, we can conclude that, in contrast to the first, the second is characterized by the presence of “intelligence”, self-development, etc. However, when discussing the legal status of robots and artificial intelligence, most scientists allow confusion of concepts, making attempts to justify the need to confer a legal status on robots, and not artificial intelligence. The question of considering robots and artificial intelligence as subjects of law, in principle, can be considered justified. However, it is premature to consider this issue, but the topic will not lose its relevance in the future. Among the currently available approaches to the consideration of robots and artificial intelligence as subjects of law, the path constructed by analogy with a legal entity from the point of view of the theory of fiction is the most justified. Approaches that offer to justify the legal personality of robots and artificial intelligence, taking into account the essence of animate subjects who have a real, and not just a formal legal will, will be developed only after the development of digital technologies reaches an objectively high level. When implementing these approaches, it is necessary to take into account the existence of legal and economic validity and social conditionality, as well as a possible theoretical and legal problem, the essence of which is as follows: if new legal entities with legal personality are introduced, the level of responsibility of professional market participants may decrease.

scholarly journals Institutions of collective investment in Ukraine: scale and consequences of investment dysfunction

2020 ◽  
Vol 2020 (2) ◽  
pp. 91-104
Author(s):  
Nataliya Shelud'ko ◽  
◽  
Stanislav Shishkov ◽  
Keyword(s):  
Stock Market ◽  
National Economy ◽  
Institutional Investors ◽  
Tax Burden ◽  
Financial Instruments ◽  
Conditional Performance ◽  
Market Participants ◽  
Economic Basis ◽  
Public Consciousness ◽  
Institutional Viability

The development of collective investment institutions (CIIs) in Ukraine is characterized by rather ambiguous and stable trends, which at first glance do not have any objective economic basis. The dynamics of CIIs activities in Ukraine demonstrates their steady invulnerability to the crises in the global and national economy, maintaining positions (in quantity terms) against the background of reduced number of both professional stock market participants and other institutional investors, and despite the decrease in the financial instruments in circulation, and the gradual formation in public consciousness of a neutral negative view of the functioning of the national stock market. The authors' assumption that the key to such institutional viability consists in the tax preferences for the CIIs, which is confirmed by the analysis. It is noted that in this case both the economic sense and the declared "collectivity" of this investment institution are distorted. The use of CIIs solely to ease the tax burden, with gross legal and tax violations creates risks for both the beneficiaries of such tax schemes and for the very existence of the institution. The specificity of "investment areas" outside the stock market, the highly conditional performance of the function of accumulation of investment resources and, correspondingly, the profanation of the CIIs' issuer function, in particular as to the fair distribution of investment income, distortions of the essence of the ideology of collective investment in combination with extremely loyal regulation on the part of the NSSMC all presently call into question the entire possibility of considering CIIs as a full-fledged component of the stock market.

scholarly journals MOSCOW EXCHANGE AND ITS POSITION AMONG THE WORLD'S LEADING EXCHANGES

2021 ◽  
Vol 10 (34) ◽  
Author(s):  
A.A TIMOFEEVA ◽  
◽  
D.E MARKOV ◽  
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Central Element ◽  
Precious Metals ◽  
Equity Capital ◽  
Modern World ◽  
Related Services ◽  
Market Participants ◽  
Investment Process

The development of the financial market is inextricably linked to the functioning of its individual elements, including infrastructure organizations. One of the key infrastructure elements of the stock market, as part of the financial market, is the stock exchange. An exchange is a necessary component of any successful economy in the modern world that organizes trading in stock and money market instruments, precious metals, or commodities. By creating and providing conditions for the interaction of many economic entities, the exchange facilitates the transfer of capital between financial market participants, providing a huge range of related services. It is through the exchange's interaction with participants in the investment process that investment resources are concentrated in the economy of a particular state, primarily in the form of debt and equity capital of both residents and foreign investors. In countries with developed market economies, the exchange sector is the central element of the entire financial system of the state. Rapid exchange processes can have the most effective impact on the overall economic development of the country, making the exchange the main financial center. The main exchange platform of the Russian Federation is the Moscow exchange. The article analyzes the activities of the Moscow exchange, provides various indicators of its work in comparison with the largest exchanges in the world, which allows us to determine its significance for the Russian economy and the stock market of the country, and to identify its position among the world's leading exchanges.

scholarly journals Does Twitter affect Stock Market Decisions?Financial Sentiment Analysis in Pandemic Seasons: A Comparative Study of H1N1 and COVID-19

2020 ◽  
Author(s):  
David Valle-Cruz ◽  
Vanessa Fernandez-Cortez ◽  
Asdrúbal López-Chau ◽  
Rodrigo Sandoval-Almazan
Keyword(s):  
New York ◽  
Social Media ◽  
Stock Market ◽  
Sentiment Analysis ◽  
Stock Exchange ◽  
New York Times ◽  
Twitter Data ◽  
Exchange Markets ◽  
Financial Indices ◽  
Very High

Abstract Backgroud:Investors are always playing with the fears and desires of buyers and sellers. Stock exchange markets are not the exception. Financial sentiment analysis allows us to understand the effect of reactions and emotions on social media in the stock market. In this research, we analyze Twitter data and financial indices to answer the question: How do polarity generated by the posts on Twitter influence financial indices behavior in pandemic seasons? Methods:The study is based on the sentiment analysis of influential Twitter accounts in this field and its relationship with the behavior of important financial indices. To achieve this, we tested four lexicons to detect polarity on Twitter. Results:Our findings shows that the period in which the markets reacted was 6 to 13 days after the information was shared and disseminated on Twitter in the COVID-19 season, and 1 to 2 day for H1N1 season. Furthermore, in our analysis, we found that the lexicons that got the best results for sentiment analysis on Twitter were S140 and Affin.Conclusions:Financial sentiment analysis is an important technique to forecasting stock market and polarity is the most widely used technique in the financial area. There is a relationship between the polarity in Twitter and the financial indexes behavior. The most influential Twitter accounts during the pandemic season were The New York Times, Bloomberg, CNN News, and Investing, presenting a very high relation between sentiments on Twitter and the stock market behavior.

META-ANALYSIS ON AMERICAN PRESIDENTIAL ELECTION - 2016 AND AMERICAN STOCK MARKET

2020 ◽  
Vol 38 (1) ◽  
Author(s):  
Farhan Ahmed ◽  
Salman Bahoo ◽  
Sohail Aslam ◽  
Muhammad Asif Qureshi
Keyword(s):  
Content Analysis ◽  
Stock Market ◽  
Event Study ◽  
Presidential Election ◽  
Republican Party ◽  
Stock Exchange ◽  
Meta Analysis ◽  
Composite Index ◽  
Stock Index ◽  
Political Event

This paper aims to analyze the efficient stock market hypothesis as responsive to American Presidential Election, 2016. The meta-analysis has been done combining content analysis and event study methodology. The all major newspapers, news channels, public polls, literature and five important indices as Dow Jones Industrial Average (DJIA), NASDAQ Stock Market Composit Indexe (NASDAQ-COMP), Standard & Poor's 500 Index (SPX-500), New York Stock Exchange Composite Index (NYSE-COMP) and Other U.S Indexes-Russell 2000 (RUT-2000) are critically examined and empirically analyzed. The findings from content analysis reflect that stunned winning of Mr Trump from Republican Party worked as shock for American stock market. From event study, findings confirmed that all the major indices reflected a decline on winning of Trump and losing of Ms. Clinton from Democratic. The results are supported empirically and practically through the political event like BREXIT that resulted in shock to Global stock index and loss of $2 Trillion.

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