ORGANIZATIONAL PRINCIPLES OF TRANSACTIONS IN THE EXCHANGE MARKET

Анотація

The article highlights the theoretical foundations of the exchange-traded transactions organization in the stock exchange market. It is noted that the economic essence of exchange-traded transactions includes three main differential features: the object of trade, method of execution and maturity of contracts. The theoretical concept of exchange-traded transactions by business entities in international stock exchange markets is highlighted. It has been found that exchange-traded transactions have evolved for a long time from concluding agreements with the supply of real assets (spot) to futures and options contracts. Taking into account the international experience of stock exchange trade, the organizational structure of the stock exchange market, optimal for the implementation in Ukraine is highlighted. It is proved that an effective mechanism for price risks managing and attracting financial resources is the use of the stock exchange market and its tools in the activities of business entities. The organizational mechanism of stock exchange transactions has been constantly transformed on the world stock exchange market from trading in immediate delivery agreements (spot) to futures and options. The priority organizational measures necessary for accelerating the development of the domestic stock exchange market of futures contracts for the main commodity and financial assets are given. Accelerating the development of the domestic stock exchange market at the international level requires qualitative and quantitative changes in the stock exchange environment. The priority organizational measures in this context should be the reset of the regulatory component, strengthening the role of the state regulator in the formation of the regulatory framework and control over the activities of participants, as well as deepening protection of the rights of all stock exchange participants. In addition, it is necessary to stimulate the beginning of consolidation processes in the domestic commodity and stock markets. This direction of improving the implementation of exchange-traded operations on the domestic exchange market will contribute to the universalization and improvement of technological support of stock exchange platforms. The last, but no less important, organizational measure is the creation of the necessary infrastructure for the implementation of futures exchange transactions in the domestic stock exchange market.

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