ORGANIZATIONAL AND ECONOMIC MODEL OF EFFECTIVE FUNCTIONING OF THE COMMODITY EXCHANGE MARKET OF UKRAINE

2019 ◽  
Vol 4 (4) ◽  
pp. 306-313
Author(s):  
Anna PODSOKHA
Keyword(s):  
Stock Market ◽  
Economic Model ◽  
State Regulation ◽  
Regional Level ◽  
Agricultural Products ◽  
Exchange Market ◽  
Wholesale Market ◽  
Commodity Exchange ◽  
Grain Markets ◽  
Domestic Stock

Introduction. The low level of development of commodity exchange trade in Ukraine remains a rather acute issue in the domestic economy for a long time. This indicates the need to find new ways to improve the activities of exchanges. The purpose of the scientific research is to generalize the theoretical aspects of the formation of organizational and economic model of effective functioning of the commodity exchange market in Ukraine. Results. It is established that grain is a typical commodity on the domestic stock market. The functions of the exchange are defined. The world tendencies of exchange trade development are characterized. The state of the domestic stock market is studied. The state role in regulating the activity of exchanges is highlighted. The essence, tasks and principles of the wholesale grain market are defined. The existence of favorable economic conditions for the organization of regional wholesale grain markets is substantiated. The administrative component of operational management of the wholesale market is characterized. The measures for the organization of wholesale grain markets at the regional level have been identified. The dominance of the shadow market in the sale of agricultural products is indicated. The directions of institutional transformations at the regional level to increase the effectiveness of economic reforms in the agriculture field are identified. The necessity of the new technological basis introduction of agricultural products realization – electronic auctions is substantiated. Prospects for the electronic bidding introduction are outlined. The relations model for regulation of the wholesale market of agricultural products at the regional level is characterized. Organizational and economic measures for the implementation of this model in domestic practice are proposed. The priority task of state regulation in exchange trade of agricultural products is highlighted. Conclusions. The use of the model of development and regulation of the regional wholesale market of agricultural products will contribute to the development of the commodity exchange market, reduce the share of the shadow sector of the economy, replenish budget funds to finance producers in agriculture. Key words: commodity exchange, organizational and economic model, exchange market, wholesale grain market, electronic trading, state regulation.

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 ORGANIZATION OF FUTURE EXCHANGE TRADE IN AGRICULTURAL PRODUCTS IN UKRAINE

2021 ◽  
Vol 76 (3) ◽  
pp. 92-103
Author(s):  
Olena Zharun ◽  
◽  
Mykola Korotieiev ◽  
Oleksandr Nepochatenko ◽  
Oksana Tupchiy ◽  
...  
Keyword(s):  
Stock Market ◽  
Financial Stability ◽  
Agricultural Sector ◽  
State Regulation ◽  
Agricultural Products ◽  
Wholesale Market ◽  
Agricultural Market ◽  
Technological Support ◽  
Market Creation ◽  
The Creation

In this article was found that the Ukrainian stock market did not take the right place as required by the market economy. It was created without a clear legal framework, weak understan-ding and uncertain behavior of the state in relation to exchange activities, as well as the absence of a state regulator that would coordinate, supervise and organize the work of commodity exchanges.It should be noted that the increase in sales of agricultural products on commodity exchanges in recent years has been largely achieved through the registration of export contracts on accredited exchanges, which had no practical impact on the pricing process and stabilization of the agricultural market.Proven low activity of participants in the use of forward contracts in exchange trade leads to restraint of the development of exchange trade in commodity derivatives for agricultural products. The main directions of development of the exchange agricultural market, which should be: stabilization of the political and economic environment in the country; improvement of the mechanism of regulation of the domestic exchange agricultural market; creation of favorable organizational and legal conditions for attracting foreign speculative capital; increasing the financial stability of agricultural market participants; availability of an effective exchange infrastructure of commodity markets; providing access to the electronic information field; development of requirements for licensing of professional participants of the exchange commodity market; creation of the necessary level of material and technological support of domestic commodity exchanges.The process of implementation of the latter should take place in stages and requires the creation of the above organizational and economic conditions.Theoretical and methodical bases of formation of organizational and economic model of effective functioning of the commodity exchange market of Ukraine aimed at effective regulation of the wholesale market of agricultural products, as a whole, and creation of system of self-regulation of such market which will provide activation of turnover of pro-ducts and money at exchange auctions economic conditions of the shadow market, will contribute to thenecessary increase in efficiency of production and sale of products on the stock market, staff elimination of the agricultural sector and the creation of a system of effective state regulation of market prices for agricultural products, food and consumed by the agricultural sector material and technical resources circulating in the wholesale market and the formation of market infrastructure for effective management of reproduction and sale of marketable products.Keywords:futures; futures trading; agricultural products; world market; grain; stock market.

‘Indian Stock Market Volatility’: A Study of Inter-linkages and Spillover Effects

2019 ◽  
Vol 18 (2_suppl) ◽  
pp. S183-S212 ◽  
Author(s):  
Suparna Nandy (Pal) ◽  
Arup Kr. Chattopadhyay
Keyword(s):  
Stock Market ◽  
Financial Markets ◽  
Foreign Exchange ◽  
Foreign Exchange Market ◽  
Volatility Spillover ◽  
Exchange Market ◽  
Causality Test ◽  
Asymmetric Volatility ◽  
Indian Stock Market ◽  
Domestic Stock

The article attempts to examine interdependence between Indian stock market and other domestic financial markets, namely, foreign exchange market, bullion market, money market, and also Foreign Institutional Investor (FII) trade and foreign stock markets comprising one regional stock market represented by Nikkei of Japan and other stock market for the rest of the world represented by Standard & Poor’s (S&P) 500 of the USA. Attempts are also made to examine asymmetric volatility spillover, first, between the Indian stock market and other domestic financial markets and second, between the Indian stock market and global stock markets (represented by Nikkei and S&P 500) along with the foreign exchange market. To measure linear interdependence among multiple time series of financial markets multivariate Vector Autoregression (VAR) analysis, Granger causality test, impulse response function and variance decomposition techniques are used. For estima-ting the volatility spillover among the aforesaid markets Dynamic Conditional Correlation-Multivriate-Threshold Autoregressive Condi-tional Heteroscedastic (DCC-MV-TARCH) (1, 1) model is applied on daily data for a quite long period of time from 01 April 1996 to 31 March 2012. The results of multi­variate VAR analysis, Granger causality test, variance decomposition analysis and impulse response function estimation establish significant interdependence between domestic stock market and different other financial markets in India and abroad. The results of DCC-MV-TARCH (1, 1) model estimation further show signi- ficant asymmetric volatility spillover between the domestic stock market and the foreign exchange market and also from the domestic stock market to bullion market and changes in gross volume of FII trade. We also find (a) both way asymmetric volatility spillover between the domestic stock market and the Asian stock market and (b) its unidirectional movement from the world stock market to the domestic stock market. The results of the study may help market regulators in setting regulatory policies considering the inter-linkages and pattern of volatility spillovers across different financial markets. JEL Classification: G15, G17

scholarly journals Development of the exchange market for agricultural products: current trends and challenges

2019 ◽  
pp. 102-114
Author(s):  
Mykola Horlachuk
Keyword(s):  
Stock Market ◽  
Agricultural Products ◽  
Exchange Mechanism ◽  
Evolutionary Development ◽  
Economic Science ◽  
Exchange Market ◽  
General Terms ◽  
The World ◽  
Modern Economic ◽  
Commodity Derivatives

Introduction. The development of the stock market of agricultural products is one of the important theoretical and practical problems of modern economic science and is the result of the effective implementation of economic policy. So far, an agreed theoretical and methodological approach to the interpretation of the stock market as an economic category, as well as its importance and role in the system of coordinates of the modern economic paradigm has not been formed, which determined the relevance of the topic. Methods. The research is carried out on the basis of the use of the dialectical method, as well as specific methods of conducting research in the framework of methodological tools of modern economic science, in particular, methodological approaches of the Association of the futures industry, which are used in the study of stock market derivatives. Results The article substantiates the main stages of the evolutionary development of the world stock market and the problem of the establishment of an effective exchange mechanism for the implementation of agricultural products in Ukraine. The peculiarities of the global development of the exchange market of agricultural products are revealed, on the basis of actual economic data, its key tendencies are determined and the hypothesis about the formation of a qualitatively new stage of the functioning of the world stock market, in particular, the market of commodity derivatives for agricultural products, is outlined. The role and place of the domestic stock market of agricultural products is highlighted in general terms, some aspects of its perspective development in Ukraine are outlined. Discussion. In the context of the possible priorities of designing a modern exchange mechanism, the advantages and economic consequences of the formation of a transparent exchange market of agricultural products are identified: transparency of market relations, reduction of transaction costs, strengthening the process of concentration of the market environment, reducing its asymmetry and stimulating the increase of the efficiency of the functioning of the agrarian market, in general. Keywords: exchange, stock market of agricultural products, commodity derivatives, futures, options, stock trading.

scholarly journals Peculiarities of the domestic stock market functioning

2021 ◽  
pp. 196-202
Author(s):  
Yuliia Horodnichenko ◽  
Vitalina Malyshko ◽  
Natalia Yevtushenko
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Synthesis Method ◽  
Research Process ◽  
State Regulation ◽  
National Commission ◽  
Actual State ◽  
Stage Of Development ◽  
Study Results ◽  
Domestic Stock

Subject of research is the stages of development and the actual state of the domestic stock market. The purpose of the article is to identify the stages of formation and development of the domestic stock market and as a result of determining the prospects for further development. Methods used in the research process: method of system-structural analysis and synthesis, method of comparative analysis, generalization, general scientific, special methods of scientific knowledge and other research methods. Study results. The experience of developed economies shows that the stock market, unlike other markets (including commodity or foreign exchange), is one of the most regulated and regulated. The specificity of the domestic stock market is that in Ukraine there is virtually no domestic investor, a significant number of transactions are concluded to obtain speculative profits; quite often shares are bought at the beginning of trading only in order to "sell" the market more expensive to sell them and make money on it. Investigating the activities of the domestic stock market, the main stages of its development are consistently identified. The role and importance of the stock market in ensuring economic development, to a large extent, is determined by the volume and structure of trading in financial instruments. At the current stage of development of the stock market, trading is concentrated on two stock exchanges of PJSC Stock Exchange "Perspective" and PJSC "Stock Exchange PFTS", identified trends to consolidate trade in these infrastructure market participants. Application of results. The results of the study can be used in the activities of the Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, the National Commission on Securities and Stock Market, as well as in higher education institutions in the teaching of economic disciplines. Conclusions. The stock market must attract investors with its legality, honesty and order. This can be achieved only through state regulation of the securities industry in close cooperation with its representatives.

scholarly journals Ukrainian World Exchange Market of Oilseeds: A Research of Chlanges for Growth

2019 ◽  
Vol 8 (6) ◽  
pp. 3823-3829
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Agricultural Products ◽  
Agricultural Activity ◽  
Exchange Market ◽  
Similar Activity ◽  
The World ◽  
The Future ◽  
Real Player

The topic of the paper was selected because agricultural products occupy approximately 70% of stock exchange trade in Ukraine. 1% of all world oilseeds on the stock market belong to Ukrainian agricultural activity. The paper discusses the perspectives of Ukraine to be not only top-country of oilseeds product exporter but a real player of the world exchange market of oilseeds. There is information about current conditions on the oilseeds market in Ukraine, its dynamics during the last couple of years and perspectives for the future. Favourable conditions and big yield area allow Ukraine to develop a branch of oilseeds production not only with food aims but produce commodities of oilseeds processing. Introduction into the trade by derivative offers useful perspectives for oilseeds trade. Lack of experience of domestic traders is no problem to use stock exchange trading if to base on the international example of different countries and orient to lossless trade by soybeans contracts and other similar activity

FUNCTIONING OF THE EXCHANGE MARKET UNDER THE INFLUENCE OF THE DIGITALIZATION OF THE ECONOMY

2020 ◽  
Vol 2 (11) ◽  
pp. 96-101
Author(s):  
B. А. DEMILKHANOVA ◽  
Keyword(s):  
Stock Market ◽  
Financial Stability ◽  
Technological Development ◽  
Digital Technologies ◽  
Securities Market ◽  
Exchange Market ◽  
Large Circle ◽  
Secondary Markets ◽  
Leading Role ◽  
International Stock Markets

In the article, from the standpoint of reasons and necessity, the qualitative and quantitative characteristics of the key trends in the development of the stock market in Russia are disclosed. The leading role is assigned to the processes of computerization of the exchange market: the introduction and use of digital technologies that ensure the financial stability of the financial market as a whole, its security and transparency, as well as access of a large circle of investors to banking and financial operations, and the protection of their interests. It has been established that the processes of introducing and using digital technologies, organically built into the mechanism of the functioning of the securities market as a whole, determine the directions of development of such trends as innovations, diversification of stock market instruments, securitization, integration with international stock markets, etc. key trends influenced by the technological development of the stock market, lead to blurring the boundaries between the primary and secondary markets.

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