OVER THE COUNTER TRADING IN SECURITIES IN THE UKRAINIAN STOCK MARKET
Journal Title: Держава та регіони. Серія: Економіка та підприємництво - Year 2018, Vol 5, Issue 104
Abstract
The development of the stock market is not possible without the proper organization of transactions for the purchase and sale of securities, which accelerates the circulation of financial resources in the stock market and can only be provided by infrastructure institutes. At the same time, the infrastructure institutes themselves exist and develop only at the expense of the stock market since profitable activities of technical intermediaries are provided by the proceeds from transactions in the stock market. In addition, with the development of the stock market, by increasing its scale and number of participants, the role of infrastructure only increases. In spite of the fact that the stock exchange and over-the-counter market are competitive markets, they should be considered as complementary ones. The main disadvantage of the unorganized market is that its participant may be anyone, not necessarily having special education, a large insurance base or deposit. But, unfortunately, this does not prevent the existence of the so-called forex companies, which in turn act as providing information services, and all contracts are concluded with a foreign, usually an offshore company. In turn, this leads to the fact that the client is not protected, and such a company can at any time to stop its activities without bearing any responsibility. Based on the above, we can come to the conclusion that the Ukrainian stock market requires clear regulation of all spheres of the state. The introduction of rights and obligations of all market participants will allow them to control their actions on the unorganized securities market. One of the steps may be the provision of greater powers for the NBU to regulate and control the securities market and create the appropriate authorities. A striking example of the functioning of such bodies is the British Office for Financial Regulation and Supervision, and the US Futures Trading Commission.
Authors and Affiliations
D. S. Klochenko
Keywords
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