Place of Financial Intermediation in the Pricing Process at Securities Market
Journal Title: Бізнес Інформ - Year 2016, Vol 2, Issue
Abstract
The article is aimed at defining the role of financial intermediation in the pricing processes at securities market. Based on results of the study of modern theories of financial intermediary, functional logistics approach to studying the role of financial intermediation has been selected, which focuses on the process of the treatment of financial instruments in the securities market. Role of both banking and non-banking financial intermediaries has been analyzed in the operations' dynamics in the securities market. It has been substantiated that excessive bank-centricity of financial market of Ukraine distorts information flows and can be an additional source of risk, certain level of which puts pressure on the prices of financial instruments and distorts their dynamics. It is found that role of financial intermediation in pricing at securities market is to optimize information, infrastructural and commercial functions, coordination of which ensures an optimal risk-return ratio that prevents pressure on the prices of financial instruments and their distortion.
Authors and Affiliations
Natalia Matselukh
Keywords
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