scholarly journals State regulation of the securities market of the Republic of Kazakhstan

2021 ◽  
Vol 101 (1) ◽  
pp. 152-161
Author(s):  
R.K. Yelshibayev ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Government Regulation ◽  
State Regulation ◽  
Securities Market ◽  
Regulation System ◽  
Market Participants ◽  
Functional Capabilities ◽  
Wide Range ◽  
The Republic

Object: The purpose is to identify promising directions for the development of the securities market of the Republic of Kazakhstan and reform the system of its government regulation. Methods: The study used methods of empirical, subject-object, system, deductive and comparative analysis. Each of these methods was used adequately to its functional capabilities and resolving abilities for solving the corresponding stage research tasks. Findings: As a result of the research by the author:  features of the securities market as an object of government regulation are studied;  infrastructure support of the system of government regulation of the securities market of the Republic of Kazakhstan was examined;  assessment of the current state of the securities market of the Republic;  system problems of government regulation and market development are investigated;  promising areas of reforming the securities market of the Republic of Kazakhstan and its government regulation system are developed and scientifically substantiated. Conclusions: A shift of focus from problems of legal support of the system of government regulation of the securities market of the Republic of Kazakhstan to the problem of primary transparency and reliability of the market in terms of economic integration and global coronacrisis will allow achieving the following targets:  share market capitalization to GDP will double if new IPOs are held by corporate issuers;  RFCA will join the group of ten leading financial centers in Asia;  access to financial services for a wide range of consumers will be provided;  increase of financial literacy of the population, protection of interests of potential investors and safety of savings of market participants will be ensured.

scholarly journals STATE REGULATION OF EXPENDITURE IN FINANCIAL ENTERPRISE

2017 ◽  
pp. 44-52
Author(s):  
Halyna Kolisnyk
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Government Regulation ◽  
Significant Risk ◽  
State Regulation ◽  
Securities Market ◽  
Entrepreneurial Activity ◽  
Financial Transactions ◽  
Negative Factors

Introduction. The emergence, formation and development of financial business are conditioned by the emergence of a new financial market for Ukraine. To meet the needs of this market, there is a need for professional participants. The experience of financial and credit business in Ukraine shows a significant risk for all participants in this type of entrepreneurial activity. Purpose. The article aims to determine the purpose, role, essence and value of government regulation of costs in a financial enterprise. Results. The structure of financial entrepreneurship has been determined by the nature of operations, where the subjects of financial enterprise are classified according to the nature of conducting financial transactions. It is revealed that the activity of financial entrepreneurship is carried out in the financial market, which includes such segments: financial services market, money market, credit market, securities market, currency market. The role of state regulation of financial entrepreneurship is considered. It is based not only on the development of the financial market, but also on the development of the economy of the entire country. The interconnection of methods of state regulation by subjects of financial enterprise is offered. It is proved that the content of state regulation of expenditures in financial entrepreneurship is to optimize their structure. The basic blocks of state regulation of expenses in financial enterprise are analysed. It is proved that the system of state regulation of expenditures in financial enterprise is represented in the form of instruments, it examines various regulatory measures. The use of instruments of state regulation of expenses in financial enterprise with the purpose of overcoming of negative factors is offered.

scholarly journals DIRECTIONS OF DEVELOPMENT OF THE FINANCIAL SERVICES MARKET OF UKRAINE

2019 ◽  
Vol 4 (5) ◽  
pp. 412 ◽  
Author(s):  
Serhiy Shkarlet ◽  
Valeriia Prokopenko ◽  
Maksym Dubyna
Keyword(s):  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Stability ◽  
State Regulation ◽  
The State ◽  
Financial Intermediaries ◽  
Regulation System ◽  
Event Analysis ◽  
Public Authorities

Development of the financial services market is an important component of the national economy’s development. Within this market, credit and investment resources are formed, which are the basis of economic development of the real economy sector of the state. It is this that determines the importance of creating conditions for improving the efficiency of financial institutions, which become intermediaries between persons who have free funds and those economic entities that they need. The outlined justifies the relevance of the topic. Consequently, taking into consideration the objective of the study, the following aim of its implementation was set: to identify and substantiate the main determinants of the development of the financial services market in Ukraine. To achieve this goal, the following tasks were set and solved: to identify the main, most important, measures of transformation of the environment of financial institutions functioning; to substantiate the essence of such measures and the peculiarities of their implementation; to specify basic actions within the limits of separate determinants of the financial services market development, to describe their applied character. Method. In the course of the research, a range of different scientific methods was used. Among the general techniques, it is necessary to allocate methods of observation, comparison, abstraction. It is advisable to include the method of economic analysis, synthesis, system approach, content methods, and event analysis in specific research methods. Results. Universal priorities of financial services markets development in different countries are determined and systematized, the analysis of which made it possible to investigate perspective determinants of the development of such a market in Ukraine, peculiarities of their introduction into the functioning of the financial services sphere are described. Among these measures are the following: increase in the stability of financial institutions, increase the transparency of the functioning of producers and consumers of financial services, raising the level of financial literacy in society, reforming the state regulation system of the activities of financial intermediaries, the formation of the trust infrastructure system. Taking into consideration the received scientific outcomes, the justification of peculiarities on the implementation of these priorities in the system of the financial services market functioning in Ukraine is conducted. Practical implications. The research results obtained in the course of the research implementation regarding the possibilities of changing the financial services market for improving the efficiency of financial institutions work have an applied character, and their implementation will make it possible to form a new environment for the functioning of such economic actors. This will facilitate the transformation of financial resources to increase the formation of investment and loan funds. The results obtained can be used by public authorities that regulate the activities of financial institutions in the process of developing new strategic documents for the development of the financial services market in Ukraine. Value/originality. The conducted research is relevant, considering the significant impact of the financial services market on the development of the national economy, the proposed measures for the development of such a market are applied and can be used by public authorities in the regulation of the activities of financial institutions. This research has been conducted within the framework of the scientific work implementation Department of Finance, Banking and Insurance, Chernihiv National University of Technology, Ukraine on the following topics: “Financial stability of economic systems in crisis conditions of management” (No. 0115U001149) and “Development of financial intermediaries in the turbulent conditions of the national economy’s functioning” (No. 0115U001149).

scholarly journals Improving state regulation of the insurance services market

2020 ◽  
Vol 45 (2) ◽  
pp. 99-107
Author(s):  
Olha Klymenko
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
State Regulation ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Regulation System ◽  
Positive Trend ◽  
The European Union ◽  
Insurance Premiums

An urgent task in the field of public administration of non-banking financial services markets is to improve the regulation of the insurance market. On the example of the insurance services market, the problems of the functioning of the financial market regulation system are highlighted. Suggestions for its improvement are presented to increase the competitiveness of these markets. The development of the Ukrainian insurance market after 2015 to the present has a positive trend, which indicates the effectiveness and managerial ability of the state regulation system. The indicators of the state of the insurance market of Ukraine in comparison with similar indicators of such markets in the countries of the European Union are considered. The dynamics of concentration of the insurance market of Ukraine over the past 15 years has been analyzed. The main trends in the development of competition in this financial sphere have been identified. The necessity of state regulation of the concentration of the insurance market is substantiated. Views on the methodology and tools used in the study of the concentration and competitiveness of the insurance market are presented. Suggestions for improving the methods are given. It is shown that from 2012 to 2019 the Herfindahl - Hirschman index for risky types of insurance and for the insurance market as a whole has been increasing. It is established that according to the gradation of financial market concentration levels using the Herfindahl - Hirschman index, the insurance market of Ukraine corresponds to the degree of low concentration. According to the value of the Herfindahl - Hirschman indicator, the concentration of the life insurance market during 2003 – 2019, with the exception of 2015, is moderate. But the total share of gross insurance premiums collected by the three largest insurance companies in 2017 – 2019 exceeded 50 % of all gross insurance premiums. According to the Ukrainian law, such a market is considered a monopoly. It is shown that when analyzing the state and development of the insurance market of Ukraine, it is advisable to supplement the values of the Herfindahl - Hirschman index with corrective coefficients that take into account regional characteristics of the market, types of insurance, additional indicators of its functioning efficiency. Measures are proposed to accelerate the development of the insurance market of Ukraine by improving its regulation system.

Digital transformation of the banking system in the context of sustainable development

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Imeda A. Tsindeliani ◽  
Maxim M. Proshunin ◽  
Tatyana D. Sadovskaya ◽  
Zhanna G. Popkova ◽  
Mariam A. Davydova ◽  
...  
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Banking System ◽  
Legal Regulation ◽  
State Regulation ◽  
Securities Market ◽  
Legal Analysis ◽  
Content Type ◽  
Regulatory Cooperation ◽  
Legal Guidelines

Purpose The purpose of this paper is to study the current state of the Russian banking system in the context of digital economy development, to establish and identify the benchmarks and needs of legal regulation, to study the potential possibilities of digitalization of relations in the banking sector in the mechanism of implementing prudential rules. Design/methodology/approach Using the method of political and legal analysis used in this study, the legal guidelines for the digitalization of the banking sector and the financial services market have been determined, which in the Russian legal system are strategic planning documents. Findings International research in the field of banking indicates that digitalization and globalization of the economy stimulate the processes of international regulatory cooperation and harmonization of legislation, the use of new approaches in the development and adoption of regulations in the financial market. The growth of digitalization of relations in the banking sector will contribute to the effective implementation of prudential rules, including those related to the need to protect public interests. Originality/value The study revealed a number of issues related to the digitalization of the activities of credit institutions that are professional participants in the securities market and the central bank as a financial mega-regulator, requiring a legal solution. Measures aimed at improving the current legislation and procedures of state regulation and supervision are proposed.

III. Financial Market Regulation in the Post-Financial Services Action Plan Era

2006 ◽  
Vol 55 (4) ◽  
pp. 982-992 ◽  
Author(s):  
Joe McMahon ◽  
Niamh Moloney
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Action Plan ◽  
Regulation System ◽  
Regulatory Regime ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Reform Agenda ◽  
Wide Range ◽  
Best Execution

After a hectic period of law reform, which has also provoked major governance reforms in the form of significantly increased levels of transparency and market consultation and major institutional innovations (with allied accountability and governance risks), the 1999 Financial Services Action Plan (FSAP)1 has now been completed. It has radically transformed the regulatory landscape for financial services in the EC, and set a seal on the recharacterization of EC financial services law from a minimum harmonization-based market construction regime to a highly interventionist and increasingly sophisti-cated market regulation system. In particular, the coincidence of legislative reform under the FSAP with the development of a new institutional process for law-making, which has rapidly become embedded in the financial market architecture (the Lamfalussy process),2 produced a reform agenda of immense depth and range. The FSAP period has also seen the use and development of a wide range of regulatory tools in EC financial services policy in line with the growing sophistication of the regulatory regime. While disclosure has long been a key policy tool of EC financial services law, the FSAP saw a closer focus on conflict of interest management across the financial sector, on more interventionist controls such as transparency, suitability, and best execution requirements, and on calibrating regulation to different investor profiles and different market risks. This article considers a selection of key recent developments.

Straight Through Processing (STP): Prospects and Challenges

2004 ◽  
Vol 29 (1) ◽  
pp. 93-100
Author(s):  
Mohan Natarajan ◽  
Arshad Khan ◽  
Girish Nadkarni ◽  
G Sethu
Keyword(s):  
Financial Services ◽  
Information Exchange ◽  
Value Added ◽  
Transaction Processing ◽  
Securities Market ◽  
Successful Implementation ◽  
Security Market ◽  
Indian Government ◽  
Market Participants ◽  
Securities Industry

The financial services industry is in the midst of transformation. Straight Through Processing (STP) is one of the major initiatives currently under way in developed securities markets. STP strives to reduce the trade transaction settlement cycle. STP is expected to reduce transaction processing risk and cost and may offer opportunities for value-added products and services to customers. Indian government has announced its intention to reduce the settlement cycles from (T+3) to (T+2) and eventually to (T+1) over the next few years. The Securities and Exchange Board of India (SEBI) has been asking the Indian securities industry to implement STP which is characterized by significant real time virtual processing with concurrent information exchange. Implementation of STP has many strategic angles. The players would see STP as a project investment and would be motivated only if there are gains commensurate with risks. All players are unlikely to benefit evenly. Some players are further along the learning curve than others. There are multiple messaging standards and software making interoperability a difficult issue to resolve to everyone's satisfaction. Successful implementation of STP would result in a quantum jump in the way security market transactions are processed in India. But, it is a challenging task. This colloquium was arranged to discuss the main issues as seen by the market participants in the securities industry in India. The panel members addressed the following issues: What is STP? What kinds of benefits from STP have been realized in the global markets? What are the challenges of implementing STP in the Indian securities market? The salient features of the responses are as follows: At present, different entities in the security transaction processing work use different systems. There is no synchronization of data. In developed markets, much progress has been made in eliminating this roadblock. In India, we should address this issue quickly to realize the benefits of STP. STP implementation in each entity has two elements - streamlining external processes (external STP) as well as internal processes (internal STP). Benefits of STP arise from operational efficiencies, productivity gains, and also from improved customer satisfaction. The biggest challenge for STP is to ‘determine the best approach.’ This dilemma is further complicated due to the two elements of STP strategy: internal STP and external STP.

scholarly journals CHANGING INSTITUTIONAL DESIGN OF THE FINANCIAL SERVICES MARKET IN UKRAINE IN THE CONTEXT OF POST-CRISIS RECOVERY

2019 ◽  
Keyword(s):  
Stock Market ◽  
Financial Services ◽  
Government Regulation ◽  
Institutional Design ◽  
State Regulation ◽  
Negative Trend ◽  
Political Crisis ◽  
Public Confidence ◽  
Global Trends ◽  
Market Needs

The article determines the changes having taken place in institutional design and identifies trends in the recovery of the financial services market as a complex systemic phenomenon. The essence of current tendencies on the market of financial services of Ukraine as well of those in the period of crisis is revealed. Their influence on the financial system of our country is also determined. The research conducted showed that the vast majority of subjects of the Ukrainian financial services market have experienced a significant decrease. This is especially true of banks and credit unions, though the number of financial companies is growing. The growth in the number and amount of the activities of financial companies suggests that the microcredit sector is also growing. Slowing down real salary increases indicates a loss of public confidence in banks and in the future may lead to a decline in effective demand of the population. This has led to the conclusion that the credit market of Ukraine is becoming non-institutionalized. These processes have led to a concentration of capital in the credit segment of the financial services market. The decline in the number of financial institutions is not critical to the market while the growing number of non-bank financial intermediaries is considered to be a negative trend. The deep socio-political crisis has caused capital outflows from the Ukrainian stock market and the reduction in the volume of contracts at the domestic stock exchanges. This is clearly a negative trend, since the decrease in the volume of contracts on the stock market is one of the factors that affect the investment climate and reflect investors’ interest in buying securities of domestic companies. State regulation of the financial services market needs to be reformed in two stages: the first is to reduce the number of regulators to two and move to a task-based patter with the division into licensing activities and macro-prudential supervision; the second is the transition to a single regulator. This is in line with current global trends and will make government regulation of the financial services market comprehensive and systematic in order to avoiding hyper-regulation and lack of regulatory influence in certain market segments.

ISSUES OF ELASTICITY OF THE TAX SYSTEM OF AZERBAIJAN IN THE CONTEXT OF GLOBALIZATION

2020 ◽  
Vol 10 (5) ◽  
pp. 811-821
Author(s):  
L.A.G. Melikova ◽  
Keyword(s):  
Empirical Research ◽  
Government Regulation ◽  
State Regulation ◽  
Regulation System ◽  
Tax Base ◽  
Tax System ◽  
Key Issues ◽  
New Challenges ◽  
Coefficient Of Elasticity ◽  
Goals And Objectives

The article presents materials of theoretical and empirical research on important elements and components of the state regulation system, in particular, on the country’s tax system. The main functions and significance of the elements of the country’s tax system, and their effectiveness in increasing the transparency of tax mechanisms are considered. Attention is drawn to the theoretical and methodological foundations and approaches to the formation of an adequate tax policy of the country, taking into account globalization and new challenges. The coefficient of elasticity of taxes in Azerbaijan for 2010-2018 was calculated, reflecting the degree of dependence of income from taxes in relation to changes at the macroeconomic level and associated with the efficiency of the functioning of the entire state as a whole. The importance of improving the existing approaches and principles of state regulation in the direction of improving the mechanisms of the tax system is substantiated. The need to update the existing fiscal instruments, taking into account the priority goals and objectives of the country’s tax strategy, was emphasized. The importance of accelerating targeted measures to ensure maximum transparency of the tax environment is disclosed and argued. The principal approaches and criteria for increasing the responsibility of taxpayers have been studied and summarized. Possible directions of ensuring the growth of tax revenues to balance the income and expenditure side of the country’s budget are analyzed. A number of important criteria for stabilizing the economy through tax mechanisms are noted: diversification of the tax base; modernization of practiced fiscal mechanisms and instruments; improvement of fiscal components in accordance with new challenges. The study examined the key issues of increasing the efficiency of government regulation in the tax area. The priority tasks of the fiscal authorities and the importance of strengthening the activities of the country’s tax services in the context of the global coronavirus pandemic are described. Suggestions and recommendations were given on the issues of improving the tax system of Azerbaijan in modern conditions.

scholarly journals TRENDS IN THE DEVELOPMENT OF INNOVATIONS IN THE RUSSIAN SECURITIES MARKET

2021 ◽  
pp. 28-35
Author(s):  
E.A. Annenkova ◽  
Keyword(s):  
Financial Services ◽  
Securities Market ◽  
Competitive Advantages ◽  
Scientific Methods ◽  
Market Participants ◽  
General Scientific ◽  
Definition Of ◽  
Private Investors ◽  
High Degree ◽  
Regressive Analysis

The relevance of the problem under study was due to the emergence of new financial technolo¬gies and the creation of prerequisites for their active introduction into the securities market. The activity of the securities market would in many ways expand the opportunities of both the population, represented by private investors and enterprises, which in turn made it possible to solve many problems. Digitalization today has af¬fected all areas of activity, including the securities market. It had an impact on both financial institutions and financial partners. In order to reduce the time spent performing operations, gain competitive advantages over competitors, and attract more customers, securities market entities sought to make as much use of the latest developments as possible in various aspects of performance. Digital transformations in the securities market inevitably entail a rethinking of the views of users and participants in these fi-nas relations. The purpose of the article is to highlight trends in the development of innovations in the securities market and identify the degree of their influence on market participants. In the course of the study, general scientific methods of cognition, such as analysis, synthesis, induction and generalization, were applied. The definition of innovations in the securities market was given, the necessity of their use in the activities of the subjects of the securities market was proved, the main trends were characterized and a regressive analysis was carried out, which proved a high degree of influence of the welfare of citizens and the number of subjects from innovations. In the article, based on the accumulation of the introduction of innovations into the activities of participants in the Russian securi¬ties market, ways of improving them are proposed. It also considered and argued the possibility of creating a financial supermarket based on the Moscow Exchange in the form of a marketplace, which in the future will be able to offer all types of financial services. The results obtained in the course of the study could be used in the formation of a competitive strategy for participants in the securities market in the process of implementing their innovative activities.

scholarly journals MECHANISMS OF ACTIVATION OF HOUSEHOLD INVESTMENT POTENTIAL IN UKRAINE: MACROECONOMIC ASPECT

2021 ◽  
Vol 4 (39) ◽  
pp. 349-361
Author(s):  
B. Pshyk ◽  
А. Sydorchuk ◽  
M. Adamyk ◽  
N. Meduna ◽  
R. Mykhalevych
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Developed Countries ◽  
Jel Classification ◽  
The State ◽  
Public Confidence ◽  
Internal Source ◽  
Active Involvement ◽  
Wide Range ◽  
Investment Process

Abstract. The savings of the population are an important internal source of investment potential of the state, due to which the national welfare of developed countries is formed. It is suggested to consider the investment potential of a household from the standpoint of their ability to save, tendency to save and intentions to transform non-consumer resources into investments. The analysis of the dynamics of income and expenses, deposits and contributions to private pension funds of the population of Ukraine in 2010—2020 allowed to identify limitations in the formation and effective use of investment potential of households: low wages and lack of financial resources for households to form their investment potential; preservation of significant savings of households outside the financial system; weak development of stock markets and non-bank financial services, insufficient level of coverage of the population; low level of trust in financial institutions; unformed mentality of investment in the domestic economy. An approach to stimulating public participation in the investment process has been developed, which provides for households an accumulation of their own savings in special accounts opened with banks and then direct these funds to investment and innovation projects implemented in those sectors of the economy that are of strategic and social importance for economic development of the national economy. The mechanism of creation and functioning of the Fund of compensation of investments of physical persons intended for compensation of the losses caused by professional investors is proved. To increase the activity of households to support social projects, measures are proposed to promote the idea of ​​creating endowment funds among domestic non-profit organizations and increase their attractiveness to potential investors and partners. The priorities of the state policy of activating the investment potential of households in Ukraine are formulated: providing conditions for expanding the investment potential of households through the growth of real incomes; development of a set of measures to provide guarantees for the participation of households in investment processes; creation of an effective system for attracting household savings to investment activities through a wide range of reliable and understandable for the average citizen financial mechanisms; increase of the level of financial literacy of Ukrainians in the context of their active involvement in investment processes in the financial market; restoring of public confidence in the national currency and the activities of financial intermediaries.  Keywords: households, investments, investment potential, savings, mechanism of savings transformation. JEL Classification D14, E20, G23, R28 Formulas: 0; fig.: 1; tabl.: 3; bibl.: 12.

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