Leading Trends in the Process of Virtualization of the World Stock Market

Анотація

The article is aimed at studying the current state and trends in the process of virtualization of the world stock market. The modern stage of virtualization of the world stock market is analyzed, which is marked by the development of existing and the emergence of new electronic financial services and electronic money; increasing the scale of use of electronic payment systems, cashless payment systems and the spread of virtual currencies (cryptocurrencies). Among the main consequences of the process of virtualization of the world stock market, the article determines the consolidation of exchanges, the rapid pace of development of over-the-counter trade; increase in the volume of trade in virtual derivatives in order to obtain speculative profits; broadening of the sphere of application of cryptocurrencies. It is noted that there is a phenomenon of speculative virtualization, the essence of which is to orient financial market participants to profit from price fluctuations in the value of financial assets (stocks, bonds and derivatives). It is also specified that contemporary exchange technologies allow to create exclusive financial instruments, which are essentially virtual capital, which without material grounds forms a tendency to self-growth. Attention is paid to the process of increasing fictitious-speculative capital, which is unmanageable, while existing in the form of stock instruments that in turn exist independently of their own material basis, in a state of independent self-growth. It is concluded that the modern stage of virtualization of the world stock market contains two main aspects: first, the dominance of virtual (digital) infrastructure (trading platforms, fundamentally new consolidated clearing systems); secondly, the growth of virtual speculative derivatives of financial instruments, which is facilitated by the use of IT and innovative software. Among the consequences of virtualization of financial markets, a change in the structure of investors is also considered: if earlier institutional investors were the main participants in the stock markets, then in recent years, thanks to information technology, the number of individuals who now also risk significant financial losses has been growing.

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