LEGAL AND INFORMATIONAL SUPPORT CONTROL OF THE DERIVATIVE FINANCIAL INSTRUMENTS MARKET IN UKRAINE

Анотація

The purpose of the article is to structure the legal framework for regulating the market of derivative financial instruments at the global and national levels, to harmonize them with each other and to identify current changes and problems. The article uses an economic and legal approach to the study of the problems raised. It has been established that the structure of regulation of the derivatives market consists of supranational and national levels. At the supranational level, global and regional financial market institutions determine the basic provisions for the functioning of the market; at the national level, it is regulated by legislative bodies, state regulatory bodies and self-regulatory organizations. The regulatory support of state bodies in the capital market is formed by instructions, standards and norms, methodological guidelines, explanations, rules, etc. The attention is focused on the important role of European supranational institutions as factors of adaptation of the Ukraine financial system to EU requirements. It has been established that the Ukrainian model of financial regulation is close to the “two peaks” model, in accordance with which the main functions are distributed between institutes – by the National Bank of Ukraine and the National Securities and Stock Market Commission. The functions and powers of all components of the derivatives market regulation system, including self-regulatory organizations, are considered. It is noted that in Ukraine derivatives trading outside the organized market is poorly regulated and requires the use of tools aimed at standardizing processes (General Agreement) and enhancing depository and clearing activities. The level of Ukraine derivatives market development is characterized as the active phase of the rule-making processes regulating. The legislative bodies have a decisive influence on the system of regulation of derivatives market at the national level. They form a legal framework and have a clear hierarchy. The key subjects of information support of the financial market are identified, their functions and the state of disclosure of information are determined, the main problems of the informational support require solution.

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