Integration of the Ukrainian Stock Market into the European Space

Анотація

Ukraine’s gaining candidate status for EU membership in 2022 set new strategic tasks for all sectors of the country’s financial system, including the stock market. The aim of this article is to explore the current state and key trends in the development of the Ukrainian stock market, identify the main obstacles to its integration into the EU’s Capital Markets Union (CMU), and develop a scientifically based model and action plan for harmonization for 2024–2027. The study used methods of comparative, statistical, and regulatory-comparative analysis, as well as structural modeling. The research results show that Ukraine’s stock market is structurally deformed: government domestic bonds (around 79.8% in 2024) dominate the total trading volume of securities, while the share of stocks is insignificant (3.4%). The market capitalization in 2024 was UAH 373.5 billion, almost half of what it was in 2021 and about 1,200 times lower than the total capitalization of EU markets. A comparative analysis of the PFTS Stock Exchange and the Warsaw Stock Exchange (WSE) showed significant lagging in all key areas: number of issuers, capitalization, regulatory compliance, and accessibility for foreign investors. Eight groups of integration barriers were systematized, with the most critical identified as: the incomplete adoption of EU directives (MiFID II, MAR, CSDR), maintaining currency restrictions during martial law, security risks, and the institutional separation of the NSSMC from ESMA structures. A three-level model of phased integration (legal harmonization – institutional integration – market integration) was developed, and a comprehensive plan of harmonization measures with clear deadlines and responsible bodies was proposed. It is concluded that the systematic implementation of the proposed measures will ensure the preparation of the stock market of Ukraine for full functioning within the framework of the EU single capital market and will contribute to attracting foreign investments in the recovery of the country.

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