scholarly journals DIRECTIONS OF SECURITY LISTING ON THE DOMESTIC STOCK MARKET

2021 ◽  
Author(s):  
Nataliia Shevchenko ◽  
Olha Ohirko
Keyword(s):  
Stock Market ◽  
Financial Reporting ◽  
Stock Exchange ◽  
State Level ◽  
Financial Intermediaries ◽  
Stock Exchanges ◽  
Software Products ◽  
Positive Side ◽  
Trading Volumes ◽  
Domestic Stock

The essence of the concept of "listing", "listing of securities" is considered, the procedure of listing on the domestic stock exchange is determined and the levels of listing are highlighted. The basic concepts of securities listing, in accordance with regulations, regulations of Ukrainian stock exchanges and the definition of domestic economists are studied. The main indicators of the first and second level of listing on the Ukrainian stock exchange, selection criteria to the appropriate level are grouped. In Ukraine, public joint stock companies are required to go through the procedure of listing, regardless of the volume and value of the issue of shares. An analysis of the issue of securities on the stock market of Ukraine, listing, trading volumes of securities. It has been established that over the last five years the volume of securities issues of public joint-stock companies on the stock market has significantly decreased, the volume of listing has decreased, which has reduced the volume of trading on both exchange and over-the-counter markets. The negative downward trend in the issue of shares of joint-stock companies was influenced by the reduction of financial intermediaries (underwriters, depositories, financial agents) in the domestic stock market, as well as the level of domestic and foreign investment. The main directions for optimizing the listing procedure, ensuring the competitiveness and investment attractiveness of domestic joint stock companies are identified. The main areas for improving the listing procedure should be provided both at the state level and at the level of joint stock companies, financial intermediaries, and investors. In particular, joint-stock companies are required to submit financial statements (in accordance with international financial reporting standards for legal entities) to stock exchanges, their authorized representatives, the First Stock Trading System and relevant authorities. On the positive side, professional participants of the domestic stock market were able to offer their clients software products for remote conclusion of contracts for the sale of financial instruments.

scholarly journals DIRECTIONS OF ALTERNATIVE STOCK MARKET INCREASE OF MARKET CAPITALIZATION OF DOMESTIC COMPANIES

2017 ◽  
Vol 19 (1(63)) ◽  
pp. 53-58
Author(s):  
O.Ye. Volchkov
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Small And Medium Enterprises ◽  
Securities Market ◽  
Stock Exchanges ◽  
Crisis Support ◽  
Medium Businesses ◽  
Medium Enterprises ◽  
Domestic Companies ◽  
Domestic Stock

The article reveals the need to create alternative stock market that would open access to participation in the SME. Based on the experience of alternative securities markets in Europe, conclusions regarding the need for a stock exchange available to wider circles of consumers to increase their own capitalization and support the domestic stock market. In times of severe economic crisis, support for small and medium businesses is extremely important in Ukraine. One of the effective mechanisms for increasing the capitalization of enterprises is the attraction of stock exchange instruments in the stock market. But given the fact that the domestic stock market is in a systemic decline, most Ukrainian enterprises (especially those strategically important for the country's destinations, such as enterprises of the agro-industrial, metallurgical and mines-mining complex) choose foreign exchange platforms, in particular Warsaw (WSE) and London (LSE) Stock Exchanges. Due to the attraction of additional funds on foreign stock sites, Ukrainian companies managed to achieve a significant increase in their own capitalization. Today, the necessity of creating an alternative stock market in Ukraine is extremely important. This will provide an opportunity for the following: raising the level of development of the stock market of Ukraine; raising the popularity of stock instruments among enterprises and the population, which will provide preconditions for attracting temporarily free funds for the purpose of investing in the securities market; raising the capitalization of domestic enterprises through the attraction of exchange instruments; the emergence of opportunities for new small and medium-sized businesses to become involved in the stock sector; attraction of small and medium enterprises to the stock sector will make business in Ukraine more transparent, and more attractive both for domestic and foreign investors.

scholarly journals Economic Policy Towards Domestic Stock Exchanges

2017 ◽  
Vol 35 (1) ◽  
pp. 143-161
Author(s):  
Wojciech Szymon Kowalski
Keyword(s):  
Economic Policy ◽  
Stock Market ◽  
Technological Progress ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
The Past ◽  
Effective Combination ◽  
External Conditions ◽  
Market Experiment ◽  
Domestic Stock

Abstract Over the past forty years, stock exchanges have undergone a number of transformations (legal, organizational and technological). They resulted both from general external conditions (including technological progress) as well as were the expression of various economic (structural) policies. Two of which seem to be basic. The first implemented in France, based on optimal centralization of stock exchange trading. The second one, implemented in Germany and Spain, expressing the concept of a complementary and effective combination of the potentials of the main trading floor and regional exchanges. Promisingly, especially in this latter dimension of experience together with the Edinburgh ‘stock market experiment’ that has just begun, they may reveal yet another not yet fully recognized characteristics of the stock market - the institutional exemplification of the market economy.

scholarly journals Diversification opportunities in European stock markets and their impact on textile industry development based on a financial education approach

2021 ◽  
Vol 72 (05) ◽  
pp. 528-537
Author(s):  
CRISTI SPULBĂR ◽  
RAMONA BIRĂU ◽  
VICTOR OLUWI ◽  
ABDULLAH EJAZ ◽  
TIBERIU HORAȚIU GORUN ◽  
...  
Keyword(s):  
Stock Market ◽  
Textile Industry ◽  
Stock Exchange ◽  
Financial Education ◽  
Sustainable Growth ◽  
Stock Exchanges ◽  
Portfolio Risk ◽  
Stock Indices ◽  
High Investment ◽  
European Stock Markets

This research study explores the diversification opportunity among 18 European stock market indices for the sample period from January 2001 to December 2019. However, financial education plays an important role in the development of the textile industry, considering the dynamics of the companies listed on the European stock exchanges. The correlation matrix, pairwise cointegration and Johansen cointegration reveal that selected 18 European stock market indices do not reduces the portfolio risk because exhibit higher positive correlation among them, and their movement pulsed in tandem. Potential investors are attracted by high investment opportunities in order to maximize their return based on portfolio diversification. Financial education can effectively contribute to the sustainable growth of the textile industry in Europe. This empirical research provides an integrated perspective on the long-term evolution of certain major European stock exchange indices. The findings have significant implications for investors interested in selecting these European stock indices in order to diversify their portfolio risk. Our study also imply that selected stock indices have been strongly affected by similar political and financial belies across Europe thus, eliminating the possibility of portfolio risk diversification.

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.

scholarly journals Trading Volume as a Predictor of Market Movement

2019 ◽  
Vol 8 (2) ◽  
pp. 57-69
Author(s):  
Edson Kambeu
Keyword(s):  
Logistic Regression ◽  
Stock Market ◽  
Regression Model ◽  
Trading Volume ◽  
Logistic Regression Model ◽  
Predictive Analytics ◽  
Stock Exchange ◽  
Stock Market Index ◽  
Trading Volumes ◽  
Popular Language

A logistic regression model is has also become a popular model because of its ability to predict, classify and draw relationships between a dichotomous dependent variable and dependent variables. On the other hand, the R programming language has become a popular language for building and implementing predictive analytics models. In this paper, we apply a logistic regression model in the R environment in order to examine whether daily trading volume at the Botswana Stock Exchange influence daily stock market movement. Specifically, we use a logistic regression model to find the relationship between daily stock movement and the trading volumes experienced in the recent five previous trading days. Our results show that only the trading volume for the third previous day influence current stock market index movement. Overall, trading volumes of the past five days were found not have an impact on today’s stock market movement. The results can be used as a basis for building a predictive model that utilizes trading as a predictor of stock market movement.

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.

scholarly journals Adaptive Market Hypothesis: Evidence from the Vietnamese Stock Market

2019 ◽  
Vol 12 (2) ◽  
pp. 81 ◽  
Author(s):  
Dzung Phan Tran Trung ◽  
Hung Pham Quang
Keyword(s):  
Stock Market ◽  
Stock Returns ◽  
Stock Exchange ◽  
Ho Chi Minh City ◽  
Stock Exchanges ◽  
Ratio Test ◽  
Time Varying ◽  
Variance Ratio ◽  
Variance Ratio Test ◽  
The Relationship

This paper aims to test the adaptive market hypothesis in the two main Vietnamese stock exchanges, namely Ho Chi Minh City Stock Exchange (HSX) and Hanoi Stock Exchange (HNX), by measuring the relationship between current stock returns and historical stock returns. In particular, the tests employed are the automatic variance ratio test (“AVR”), the automatic portmanteau test (“AP”), the generalized spectral test (“GS”), and the time-varying autoregressive (TV-AR) approach. The empirical results validate the adaptive market hypothesis in the Vietnamese stock market. Furthermore, the results suggest that the evolution of HSX has served as an important factor of the adaptive market hypothesis.

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 JUSTIFICATION OF THE ESSENCE, FUNCTIONS AND PURPOSE OF GRAIN FUTURE EXCHANGE MARKET OF AGRICULTURAL PRODUCTS

2021 ◽  
Author(s):  
Hrechaniuk L. M.
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Market Price ◽  
The State ◽  
Agricultural Products ◽  
Commodity Market ◽  
Exchange Market ◽  
Financial Instrument ◽  
Domestic Stock ◽  
Future Exchange

In the article analyzes the development of the domestic stock market. It is substantiated that crop futures are a derivative financial instrument on the stock exchange, which provides for the obligation of its seller or buyer to periodically transfer sums of money to the opposite party depending on changes in the market price of grain, and (or) the obligation delivery of grain on time. It is determined that only under the conditions of joint efforts on the part of the state, the exchange community, participants of the agrarian market that will allow bringing the exchange commodity market closer to civilized bases.

scholarly journals The Australian stock market development: Prospects and challenges

2013 ◽  
Vol 3 (2) ◽  
pp. 39-48
Author(s):  
Sheilla Nyasha ◽  
Nicholas M. Odhiambo
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Asia Pacific ◽  
Stock Exchanges ◽  
Stock Market Development ◽  
The Global Financial Crisis ◽  
Market Capitalisation ◽  
Development Prospects

This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia.

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