Integration of Ukraine’s Stock Market into the Global Financial Space: A Comparative Analysis and Development Prospects

Анотація

The article examines the current state, development trends, and integration prospects of the Ukrainian stock market within the international financial space under conditions of globalization, digital transformation, and geopolitical instability.The relevance of the study is обусловлено the growing importance of capital markets as a mechanism for attracting investment resources necessary for sustainable economic growth and post-war recovery of Ukraine.Special attention is devoted to the comparative analysis of the Ukrainian stock market and the stock markets of Central and Eastern European countries, particularly Poland, the Czech Republic, Hungary, and Romania.The purpose of the study is to assess the level of development and integration of the Ukrainian stock market into the global financial system, identify key barriers to its effective functioning, and determine strategic directions for further modernization in accordance with European standards.The methodological basis of the research includes comparative analysis, structural-functional and systemic approaches, statistical analysis, correlation analysis, trend modeling, and SWOT analysis.The study is based on analytical reports of international financial organizations, stock exchange statistics, and official data from European and Ukrainian financial institutions for the period 2020-2025.The results of the study demonstrate that the Ukrainian stock market significantly lags behind the markets of Central and Eastern European countries in terms of capitalization, liquidity, diversification of financial instruments, and institutional maturity.The research identifies the negative impact of the COVID-19 pandemic and the full-scale military invasion of the Russian Federation in 2022 on the functioning of Ukraine's capital market.It is established that the decline in stock indices, reduced investment activity, and increased macroeconomic risks substantially weakened the integration potential of the Ukrainian financial market.At the same time, the analysis reveals positive trends related to the gradual stabilization of the financial system during 2023-2025.Regulatory reforms, harmonization of legislation with EU directives (MiFID II, MiFIR, MAR), digitalization of trading 1

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