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 Transactions Volume, Exchange Direction and Asymmetry of Volatility in Emerging Market: Evidence From Tunisian Stock Exchange

2020 ◽  
Vol 11 (6) ◽  
pp. 318
Author(s):  
Jaber Yasmina
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Emerging Market ◽  
Explanatory Power ◽  
Trading Activity ◽  
Auto Correlation ◽  
The Asymmetry ◽  
The Impact ◽  
The Relationship

This study is an attempt to explain the relationship between intraday return and volume in Tunisian Stock Market. Indeed, former researches avow that the trading activity have the main explanatory power for volatility. However, most theories measure the activity of transactions through the size of exchange or the number of transactions. Nevertheless, these components are not aware enough of the importance of the direction of exchange when explaining the phenomenon of asymmetry of volatility. In the most of studies, the technique “Augmented Tick Test” (ATT) is employed so as to identify the direction of exchange. Such technique is adapted for the markets directed by orders like the Tunisian financial market. Again, this paper shows that the impact of the direction of exchange differs according to the market trend. In other words, if the returns are positive, the transactions of sale (of purchase) generate a decrease (increase) of volatility; whereas, they induce an increase (drop) of volatility if returns are negative. This result stresses the significance of exchange direction in explaning the asymmetry of volatility. Moreover, throughout this study, one may affirm that “Herding trades” are at the origin of the increase of volatility, while the “Contrarian trades” reduce volatility. Similarly, the identification of the direction of exchange enables us to affirm that the transactions of the initiates are characterized by the absence of returns auto- correlation; whereas, the transactions carried out by uninformed investors present an auto- correlation of the returns. In fact, the sign of this correlation varies according to transaction direction.

COMMODITY EXCHANGE AS AN INNOVATION-INSTITUTIONAL ELEMENT OF THE DEVELOPMENT OF INTERNATIONAL COMMODITY MARKETS

2019 ◽  
pp. 52-59
Author(s):  
Andrii BLAHODATNYI
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Precious Metals ◽  
Commodity Markets ◽  
Asia Pacific ◽  
Stock Exchanges ◽  
Commodity Exchange ◽  
International Commodity ◽  
Futures Options ◽  
Geographical Regions

The article examines the role of the commodity exchange as an innovative and institutional element in the development of international commodity markets. The current trends in the development of the international commodity stock market have been determined, compared to the volumes of world futures and options for 2018-2019, the number of outstanding contracts and their changes have been investigated. The transformation processes inherent in the international commodity exchange are considered and characterized. The structure of the international stock market by geographical regions is reflected. Trading volumes in different regions of 2019 are compared to 2018. Analysis of futures, options index of the capital index, interest rate trading, energy futures, options trading and precious metals trade have been done. The results of the world's largest stock exchanges by volume of trading in 2018-2019 are presented. One of the criteria examined is the volume of trading on the Intercontinental Exchange, which is due to the lower level of activity on all its subsidiaries in Europe, North America and the Asia-Pacific region. The current state of stock exchange trade in Ukraine is analysed, examples of obstacles for the effective functioning of stock exchanges of Ukraine are given. The development of commodity exchanges in Ukraine over recent years is considered, with an indication of the tendency of their development. Examples of commodities are indicated that will be used for the development of the commodity stock market of Ukraine. The statistical information on the number and structure of exchanges by specialization, their characteristics and role are investigated. The conclusions on the stock role market in an economy have been formed. The international experience of trading on the exchanges is generalized. The evolution of the stock market from the fair to the modern electronic stock market with its advantages and convenience is noted. The conclusions of the development of stock exchange trade in Ukraine are summarized: namely obstacles to its development and misunderstanding of advantages. Suggestions for successful development of stock exchange trading are given in accordance with world experience and national peculiarities. Key words: commodity exchange, futures, option, stock trading, international commodity exchanges, agricultural products, market infrastructure, stock exchange.

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 O SETOR DE CONSUMO CÍCLICO SEGUNDO AÇÕES NEGOCIADAS NA B3: O SEGMENTO DE ELETRODOMÉSTICOS, PRODUTOS DIVERSOS,TECIDOS,VESTUÁRIOE CALÇADOS

2020 ◽  
Vol 3 (4) ◽  
pp. 37-46
Author(s):  
Rafael Gutierres Castanha ◽  
Andreia de Fatima Costa Miranda ◽  
Lucas Alves de Pontes
Keyword(s):  
Stock Market ◽  
Correlation Coefficient ◽  
Financial Market ◽  
Stock Price ◽  
Stock Exchange ◽  
Methodological Approach ◽  
Price Variability ◽  
Pearson’S Correlation Coefficient ◽  
Home Appliances ◽  
The Stability

By analyzing a portion of the Brazilian financial market, according to the daily value of its shares traded on the largest stock exchange in the country, the B3 stock exchange, offering possibilities to understand more clearly the behavior of the stock market according to growth, decrease, and even the stability of the values traded on the stock market in question. Thus, this research presents an analysis using Pearson's correlation coefficient and offers elements to affirm or refute the idea of proximity between companies in the same sector or not. By proposing the application of this methodology in the segment of home appliances, miscellaneous products, and fabrics, clothing and footwear, it is possible to point out how closely these companies are interconnected in terms of stock price variability. Thus, the objective was to observe not only the behavior of the stock price of the companies of the sector in question during a given period, as well as the intensity of variation between the same measures by the correlation coefficient, but also to evaluate the use of this coefficient as a proposal. methodological approach to assess the proximity between the companies. As a result, it was concluded that the largest proximityis between companies of the same segment.

scholarly journals Measuring Co-Movements and Linkages between Nigeria and the UAE Stock Exchanges: Is there Opportunity for Portfolio Building?

2020 ◽  
Vol 1 (2) ◽  
pp. 106-122
Author(s):  
Shafiu Abdullahi
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Market Integration ◽  
Stock Exchange ◽  
Portfolio Diversification ◽  
Empirical Literature ◽  
Stock Exchanges ◽  
Financial Contagion ◽  
Stock Market Integration ◽  
Short Run

Purpose: The main objective of this study is to examine the relationship between Nigerian Stock Exchange and Dubai stock exchange with the aim of finding out the direction of movements between their respective indices. Approach/Methodology/Design: The methodology adopted for the analysis is ARDL cointegration model and the Generalized Method of Moment (GMM). This is because of their known efficiency in detecting patterns between variables. Findings: The result of the short-run analysis using GMM shows that there is existence of short-run causality between the Dubai financial market (DFM) and the Nigerian stock exchange (NSE). Thus, for investors looking for short- run arbitrage opportunity between the markets, they shall look elsewhere. But, the result of bound testing has shown lack of cointegration between the two markets. This is a sign of existence of opportunities for portfolio diversification between Nigeria stock exchange and Dubai financial market, since the two markets are not cointegrated in the long-run. Practical Implications: The study helps bridge the empirical literature gap in stock market integration and portfolio diversification with reference to the Nigeria and UAE. It will, therefore, guide local and foreign investors with interest in Nigeria and UAE Stock Exchanges. It will also guide Nigerian and UAE policy makers to understand the market better, especially as it concerns financial contagion. Originality/value: This study provides further evidence on stock market integration in emerging markets. New researches shall adopt different methodology such as use of volatility tracking models to measure volatility linkage between the markets.

scholarly journals Effect of Liberalization of Amman Stock Market on the Prices Fluctuation for the Period (1994-2015)

2018 ◽  
Vol 10 (1) ◽  
pp. 274
Author(s):  
Ahmad Abdalla Alrafaya
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Stock Exchange ◽  
Market Liberalization ◽  
Price Changes ◽  
Stock Market Liberalization ◽  
Amman Stock Exchange ◽  
The Relationship ◽  
Second Period ◽  
Speed And Accuracy

This study aimed to identify the relationship between the information and fluctuations in stocks return following the liberalization process of financial market, and illustrate the effect of liberalization of Amman Stock Exchange on price fluctuations, and the trend of this influence. To achieve this goal the researcher depended on the data of the daily stocks returns for Amman stock market for the period (1994-2015).The study was based on the analytical descriptive method. The period from which the financial data were taken was divided into two periods: first, the pre-liberalization of the financial market (1994-2000), and the second period, the post-liberalization which extended from 2001 to 2015, the appropriate statistical analysis was conducted through (e-views) program, and using the (GARCH) model.The results showed that there is an effect of the stock market liberalization on the fluctuations pattern in the Jordanian Stock Exchange, the speed and accuracy of information flow to the market has increased after stock market liberalization, it also appeared that there are some events and factors such as wars and catastrophes which lead to strong and illogical fluctuations in the stock market, and that the variation in price changes before the liberalization period was integrated variation which indicates that news have perpetual influences on price changes.

scholarly journals Certain aspects of current state of domestic financial market

2021 ◽  
Vol 11/3 (-) ◽  
pp. 8-12
Author(s):  
Maryna BORMOTOVA ◽  
Tetiana MASHOSHYNA ◽  
Olena TROINIKOVA
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Securities Market ◽  
Financial Resources ◽  
National Commission ◽  
Financial Instruments ◽  
Global Indices ◽  
Banking Institutions ◽  
High Level ◽  
Investment Process

Introduction. The financial market, as a combination of exchange and redistribution relations associated with the processes of purchase and sale of financial resources is a complex system that is an indicator of the development of the economy as a whole. In the context of global challenges, the development trends of the financial market and its components are expanding. The securities market today occupies an increasing segment of the financial market, despite the fact that it is under development. Recently, it is characterized by a high level of dynamism. And already now it has positive results for the participants. Purpose. A study of the securities market, the structure of its financial instruments and the circle of participants. Results. Modern financial processes are characterized by the emergence of new financial instruments and technologies, which expands and forms an alternative to the placement and attraction of financial resources outside of banking institutions and increases the circle of participants. An example is the emergence of Internet trading. Internet trading is a system of securities work that gives the investor access to exchange information, and also makes it possible to conclude transactions on the purchase and sale of securities on the exchange in real time using a special certified program installed on a personal computer. The expansion of the range of financial instruments that contribute to the increase of the circle of participants in the financial process in the stock market occurred at the expense of Bonds of Internal Government Loans of Ukraine, whose income rates are higher then bank. They became the first hryvnia instruments included in the global indices of debt securities MVIS (MV Index Solutions. Also in October this year, the National Commission on Securities and Stock Market decided to allow the circulation of foreign securities in Ukraine. As a result, today Ukrainian investors can use the opportunity to invest in 85 securities of foreign issuers. All this makes it possible to obtain additional financial resources for both individual (households) and collective entities (communities). Conclusion. Domestic government bonds are effective financial instruments for the majority of participants in the investment process in the stock market are the first hryvnia instruments to be included in the the global MVIS debt securities indices. There is also a tendency to expand the circle of participants and the structure of financial instruments of the Ukrainian stock market due to the possibility of purchasing state securities by territorial communities, as well as admission of foreign securities by the Cabinet of Ministers of Ukraine.

scholarly journals Evolution of Professional Participants in Russian Securities Market

2019 ◽  
Vol 29 (3) ◽  
pp. 416-424
Author(s):  
Irina Alekseeva ◽  
Ksenia Ovchinnikova
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Public Involvement ◽  
Scientific Literature ◽  
Regulatory Framework ◽  
Securities Market ◽  
Sharp Decline ◽  
Investment Activity ◽  
Market Participants ◽  
Domestic Stock

The securities market is one of the most important segments of the financial market of any state. The development of the Russian securities market can be judged on the basis of the development of its participants, their evolution. An analysis of today’s economic scientific literature shows an insufficient coverage of the evolution of professional participants in the domestic stock market. The article considers the changes in the composition of professional participants of the securities market, analyzes the regulatory framework that have given rise to these changes. It brings forth the reasons for the changes and expectations of financial market participants from the changes, presents the dynamics of the number of over the period of 2008–2018. The article reveals a sharp decline in the number of professional participants, determines the causes of this trend. It places an emphasis on the significance of including the investment advisors in the ranks of professional participants of the securities market in order to increase public involvement in the investment activity.

scholarly journals Influence of speculative operations on the investment capital: Anempirical analysis of capital markets

2021 ◽  
Vol 234 ◽  
pp. 00084
Author(s):  
Anna Slobodianyk ◽  
George Abuselidze
Keyword(s):  
Financial Market ◽  
Significant Role ◽  
Capital Market ◽  
Crucial Role ◽  
Stock Exchange ◽  
Securities Market ◽  
Economic Agents ◽  
Market Participants ◽  
Existence And Stability ◽  
Investment Capital

The article is devoted to substantiation of significance of speculative operations and follows the goal to study their condition and development. The purpose of this article is to reveal the essence of the speculative component of the movement of investment capital in stock exchange. It is substantiated that existence and stability of the securities market plays a significant role in development of financial market, which in turn becomes a key element in the mechanism of economy. The authors emphasize that the liquid market continues to function even with a large number of economic agents while price fluctuation of securities have a little change. It has been established that speculation can be carried out on the stock exchange both using cash and in futures transactions. However, operating with cash transactions has fewer combinations and in general less profitable, thus the main arena of speculators becomes the market of future transactions. It has been proven that speculative profits are possible during both “bullish games” and in shorting’s, thus becoming an important tool for additional attraction of investments. Consequently, speculations have a crucial role in achieving a balance between capital market participants.

Sign in / Sign up

Export Citation Format

Share Document