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The aim of the article is to improve the methodology of studying the financial market of Ukraine, analyzing the interaction between the components of the financial market, studying the reaction of the components of the financial market to sudden changes and forecasting the behavior of the structural elements of the financial market. The financial market plays a decisive role in the modern market economy of Ukraine, providing a mechanism for the redistribution of capital between creditors and investors through intermediaries based on the principles of supply and demand. The development of the financial market and the interaction of its components is the subject of research by many scholars, whose works laid the foundation for a modern understanding of how financial markets function and how they affect the economy as a whole. Despite a significant number of studies on the functioning and development of financial market infrastructure, many aspects of the interaction of market entities in Ukraine remain unexplored, especially in changing external and internal conditions. To model the interaction of market participants in the financial market of Ukraine, an algorithm has been developed, on the basis of which the interaction of structural elements of the financial market of Ukraine has been analyzed, the reaction of the components of the financial market to sharp changes has been studied, and forecasts of the behavior of its structural elements have been made. The study uses a combination of fundamental conceptions of the financial market and the methodology of expert evaluation to determine the most significant statistical indicators that characterize its constituent components. The cause-and-effect relationships between these components are analyzed, the nature of their mutual relationship is revealed. ARIMA models were used to forecast key indicators of the financial market. On the basis of vector auto-regressive models, the dynamic adaptation of market components to shocks is analyzed. The study showed that the credit and interbank markets show less susceptibility to external factors and can even serve as impetus for changes in other structural elements of the financial market. The results of the study can be used for: development of a more effective policy of financial market regulation; development of new methods and tools of influence on the functioning of financial market entities. [ABSTRACT FROM AUTHOR]

The development of new financial technologies has led to a significant acceleration of cash flows, an expansion of the range of opportunities for settlements and the use of digital financial instruments. One of the negative consequences of this process was the emergence of new money laundering schemes. The aim of the article is to qualitatively assess the changes in the sphere of money laundering with the use of financial institutions caused by the development of new financial technologies and virtual instruments, as well as to determine the list of signs of transactions with virtual assets that may indicate the implementation of money laundering schemes. Virtual assets have significant potential to stimulate financial innovation and efficiency in financial markets, but their individual characteristics create new opportunities for money laundering and terrorism financing. In view of this, it is of great importance in modern financial markets to improve methods of counteracting this phenomenon, in particular, the formation of a list of signs of transactions with virtual assets, which may indicate the illegal origin of funds or illegal purposes of their movement. The publication proposes an approximate list of signs of money laundering, which can be used by financial service providers in the process of monitoring transactions. Our approach involves dividing such attributes into six categories according to the volume and frequency of transactions, transaction patterns, anonymity, characteristics of transaction beneficiaries, source of funds, and geographic risk. A list of signs of suspicious activity when carrying out transactions, the use of assets with a high level of anonymity, client risks, links with criminal activity or high-risk jurisdictions has been determined. In order to understand the big picture and qualitatively assess the risks of money laundering and terrorism financing, the features identified in the article should be considered in the context of all available information on individual transactions. Taking into account the features and vulnerabilities of the latest financial instruments, we consider it an important prerequisite for updating the current practices of customer due diligence and detection of suspicious financial transactions.

The digital revolution has led to the proliferation of big data, which poses distinct obstacles to data analysis due to its large quantity, diverse nature, and high speed. These challenges are a direct consequence of the digital revolution. Hence, our article examines the notable impact of big data technology on investors' decision-making. This is seen in the choices made by investors to divest from their investments or reallocate their funds to other assets in response to perceived dangers in the Iraq market and by considering the indirect influence of the timing of financial reporting on gathering the necessary data. A survey was created based on the topics discussed in the studies. Our analysis focuses on the period from January to March 2024. A total of 157 respondents participated in this research, comprising academics from universities, financial experts, and investors in companies listed on the Iraq Stock Exchange. This study used the statistical program SPSS and the course analysis method. The study discovered a statistically significant impact of big data, including its attributes, such as quantity, diversity, and speed, on the timing of financial reporting. The effect of big data on investors' decision-making is statistically significant. The time of issuing information has a significant impact on investors' judgments. Furthermore, investing decisions in Iraqi companies listed on the Iraqi Stock Exchange are marginally impacted by the preparation of financial reports inside the big data framework.

The financial landscape within the European Union is characterized by a significant disparity in the development of institutional investor asset management across its member states. Institutional investors, such as pension funds, insurance companies, and investment trusts, are vital in shaping financial markets and influencing economic stability. This study aims to fill the gap in the existing literature by examining the grouping of European Union member-states. The research focuses on examining key attributes, trends, and performance indicators of institutional investor asset management across various EU member-states. It utilizes data from 2017 to 2022, reflecting the average values of financial assets held by institutional investors as a percentage of Gross Domestic Product (GDP). This data provides a critical perspective on the investment landscape within the EU, particularly focusing on investment funds and insurance corporations. A notable observation from the data is the significant variance in the financial assets to GDP ratio among EU countries, with Denmark and France showing exceptionally high ratios, indicating a substantial role of institutional investments in their economies. In contrast, Lithuania and Greece demonstrate much lower ratios. This disparity is further analyzed through cluster analysis, grouping EU member-states into five clusters based on their asset management profiles. The clusters reveal distinct patterns in the distribution and development of asset management across the EU. Countries like Denmark and France, with highly developed financial markets, contrast sharply with those like Lithuania and Greece, which have less mature markets. The study highlights the influence of various factors such as economic structure, regulatory environment, and cultural attitudes towards savings and investment on these disparities. The study suggests that future research should focus on developing comprehensive policy recommendations, taking into consideration the distinct characteristics of each cluster to promote balanced economic growth and stability within the EU.

Data forecasting data in financial markets is a critical task in today’s world. The ability to predict the market movements helps the investors avoid obvious risks and reduce potential losses. Various trading platforms have been developed to provide quick access to vast volumes of historical data, allowing real-time market analysis from anywhere in the world using just a laptop or personal computer. These platforms enable the creation of unique strategies based on fundamental or technical analysis, which take into account news about the specific companies, their profits, capitalization, and dividend payments. News about different companies helps potential investors identify various risks, including personnel, production, and most commonly in modern times, reputation risks. Therefore, textual news analysis plays a crucial role in forming fundamental analysis, which is most effectively conducted using neural networks. Sentimental analysis by means of neural networks is a powerful tool for the markets forecasting as it enables to analyze and understand deep sentiments and emotions of the consumers and investors, based on textual information, such as feedback, social media, news, etc. Over the past decade, due to technological innovations and advances in neural networks, these networks have become instrumental in analyzing large datasets, including textual data. As each news piece about a company targeted by potential investors or traders carries emotional sentiment, such as positive or negative, this sentiment can be determined using specially trained neural networks. This enables making accurate predictions in financial markets and developing effective strategies. When combined with technical analysis, the development and investigation of such an approach to forecasting can yield precise results. Hence, scientific research in this field remains relevant. This article substantiates the sentiment analysis approach for forecasting historical data in financial markets, describes similar approaches, and outlines their advantages and drawbacks. Solutions are provided for a data forecasting system using selected sentiment analysis methods. [ABSTRACT FROM AUTHOR]

It is noted that the concept of liquidity in the securities market has a slightly different meaning compared to the concepts of liquidity in securities, banks, or enterprises. Over the years of research, the liquidity of the securities market has been defined in various ways, depending on the specific characteristics under examination. It has been established that businesses accumulate surplus monetary resources (savings) from the public through institutional investors such as pension funds, insurance companies, commercial banks, and investment institutes, converting these resources into investments. The government implements its credit and monetary policies through the issuance of state securities. Fiscal and monetary policies, in turn, serve as tools employed by the government to regulate the interactions of participants in the stock market. Overall, the economic policy of the state, as expressed in the balance between state investments and state consumption, plays a role in determining the wage levels in the public sector, influencing investment opportunities, business needs, and the level of savings among the population. It is argued that in modern studies, the concept of market liquidity is considered in the context of a specific issuance of securities, with the primary focus on the ability to quickly complete a substantial transaction (involving a significant volume of securities) and its impact on the market price of the specific security issue in question. Moreover, the liquidity of a particular issuance of securities is somewhat interconnected with the overall liquidity of securities since the rapid completion of a substantial transaction with minimal impact on the market price is linked to the investor's ability to quickly sell the security at a reasonable cost. The market density of a specific security issue reveals how much the supply and demand prices (current quotations) of those securities deviate from the average market price. In a liquid market, there is only a minor deviation between supply and demand prices, implying that significant transactions have limited influence on the market price. When determining market density, the spreads between bid and ask prices are often employed, which represent the difference between the asking (selling) and bidding (buying) prices of a specific security issue (the asking price is higher than the bidding price). Generally, the smaller the spread between bid and ask prices, the more liquid the market is, particularly when there is a substantial number of bid submissions. [ABSTRACT FROM AUTHOR]

This article examines the basic principles of applying the technology of tokenization of financial assets, which is gaining popularity in the sectors of business analytics, fintech, e-commerce, and many others, with the aim of transforming capital markets. It considers the types of tokenization and their corresponding characteristics, reveals the algorithm for issuing a tokenized asset, and systematizes the positive and negative consequences of using tokenization in the process of circulation of financial assets in terms of individual subjects of the financial market. On this basis, it identifies restraining factors of the use of tokenization technology and the development of the tokenized financial market as a strategic direction of its development. [ABSTRACT FROM AUTHOR]

The need to strengthen the role of state regulation of non-bank financial services markets, as an integral part of the country's financial system, determines the relevance of this article. Solving the legal problems of implementing a unified state policy in this area in the war and post-war periods characterizes the unconditional relevance of this article. The purpose of the article is to define the concept of state regulation of non-banking financial services markets, to highlight the objects of such regulation, to analyze the main models of state regulation of non-banking financial services markets, as well as to investigate the features of deregulation measures in the war and post-war periods. Regulation of non-banking financial services markets is defined as regulation of activities of economic entities in the field of non-banking financial services markets and transactions between them and clients by authorized bodies. It is noted that the regulation of non-bank financial services markets can be internal - this is the subordination of the activities of economic entities in the field of non-bank financial services markets to their own regulatory documents (statutes, regulations on structural divisions of financial institutions) and external - the subordination of the activities of economic entities in the field of non-bank financial services markets in the field of non-banking financial services markets, regulatory legal acts of state bodies, international agreements, etc. It is emphasized that Ukraine is characterized by a sectoral or polyregulatory model of state regulation of non-banking financial services markets, which consists of an established system of Regulators (the National Bank of Ukraine and the National Securities and Stock Market Commission) and a developed system of self-regulatory organizations. The main similar elements in the definitions of state regulation are distinguished, namely: 1) it is a set of measures carried out by state bodies; 2) are aimed at regulating the behavior of participants in certain relationships; 3) are carried out with a specific purpose. On the basis of the analysis of the legislative definition of state regulation of the activity of providing financial and accompanying services, it is concluded that the content of state regulation is reduced to normative regulation, which is one of the four possible legal forms of state regulation of the economy, which are distinguished in the theory of economic law (state forecasting and development of programs economic and social development of Ukraine, management, control and regulatory regulation). As a result of the analysis of doctrinal and legislative definitions, it is proposed to define the state regulation of nonbanking financial services markets as a set of measures implemented by the Regulators to regulate, control and supervise the activities of non-banking organizations and other participants in non-banking financial services markets with the aim of creating favorable conditions for their functioning, prevention and combating abuses and violations in the markets of non-banking financial services and ensuring the protection of the legitimate interests of clients. It is also proposed to distinguish two types of objects of state regulation of non-banking financial services markets: an mediated object (markets of non-banking financial services) and a direct object (professional financial activity). The author came to the conclusion that it is expedient to continue work on the normative regulation of professional financial activities not only during the period of martial law, but also in the post-war period. [ABSTRACT FROM AUTHOR]

Introduction. At the stage of development of the Ukrainian economy, the efficiency of the financial market entities increasingly depends on the applied technologies and management methods. To ensure the manageability of such systems, new management methods are needed that correspond to the complexity of the external and internal environment of financial market entities. In these conditions, it becomes necessary to use the achievements of controlling, which coordinates the work of functional services and provides information and analytical support to management during management decision-making. Methods. For the implementation of the set tasks in the process of scientific research, a logical-dialectical approach and methods of scientific knowledge, such as observation, comparison, abstraction, methods of decomposition, analysis and synthesis, were used. Results. If the enterprise decides to implement a new information system, then it has the following alternative automation of financial controlling: either by implementing an ERP system (Enterprise Resource Planning System), a BPM system (Business Performance Management) or by using a cheaper analytical system. The result of the implementation of financial controlling is a system that contributes to increasing the efficiency of the financial and economic activity of the enterprise and allows predicting the results of this activity. An important stage is the evaluation of the effectiveness of the application of this system. Disscusions. The post-war reconstruction of the country's economy will lead to the formation of new requirements for the system of financial controlling of financial market entities, which will lead to the process of adapting foreign methods to the domestic realities of commodity-money relations. [ABSTRACT FROM AUTHOR]

In today's world, the banking sector plays an important role in ensuring the stability and efficiency of the financial system, as well as in ensuring the trust of clients in financial institutions. However, in the conditions of constant changes in regulation, rapid technological development, and a complex economic environment, banks face several challenges related to compliance with various regulatory requirements and standards. One of the key tools to address these challenges is the compliance organization. Compliance in banks becomes an integral part of successful operations, as it affects the reputation of the bank, its financial condition, as well as the ability to meet high standards of ethics and compliance with the law. Compliance, as a concept and practice, is becoming an increasingly important aspect of the management of banking institutions. It involves the implementation of strategic and operational measures to ensure compliance of all actions and processes taking place in the bank with laws, regulations, as well as internal policies and standards. Organization of compliance is a complex task that requires banking institutions to develop and implement a risk management and control system, ensure compliance with all requirements and regulations, as well as track and adapt to changes in legislation and regulatory requirements. In this study, we will consider general approaches to the organization of compliance in banks and also study the key aspects of this problem from a scientific and practical point of view. We will examine the roles and responsibilities of various compliance departments within the bank, and assess the importance of a compliance culture within the organization. Our work is aimed at exploring best practices and innovative approaches to compliance in today's banking sector and will contribute to a deeper understanding of this important issue in the context of the financial market. [ABSTRACT FROM AUTHOR]

Today, the development of financial markets is accompanied by various transformational processes that require the formation of an adequate theoretical and methodological basis for their research. That is why the article aims to develop a methodological basis for studies of transforming financial markets. An article singles out different types of methodology for researching the shift of financial markets, in particular, fundamental (philosophical, general scientific) mode and specific scientific techniques (in particular, the technological level – the development of specific research methods and techniques). An important place in the research methodology of the transformation of financial markets is methodological approaches to their ontological description. The differentiation of scientific ontologies, in other words, ideas about reality, leads to differences in the transformation of financial markets' interpretation and their role in the economy. According to the ontology of critical realism, the article describes the empirical, factual, and actual levels of research on the transformation of financial markets. The importance of determining methodological approaches to the study of financial markets transformation is due to the rapid development of the latter, the increase in the requirements of economic agents who are their participants for the convenience, speed, reliability, cost, and security of payments on them, as well as the increase in the technology of payment systems based on digital financial technologies. When forming the methodology for researching the transformation (as a symbiosis of quantitative changes and qualitative conversions) of the financial markets of Ukraine, the author suggested taking into account several main factors, in particular, the financialization of the national economy, the diversity of domestic financial markets, the types of transformation of financial markets, existing imbalances in the financial markets and many others.

The study focuses on the lack of effective implementation in connecting financial security and the functioning of the financial market, which leads to potential losses in solving socio-economic problems. To comprehensively consider the set of determinants that form the general course of development of financial security and the financial market, the special role of globalization is indicated. Globalization has a deep impact on world social relations and occupies an important and decisive place in solving major problems of national security. At the same time, the role of the financial market as a driver of globalization processes dictates the need for practical implementation of fundamental foundations and changes in the organization of the financial market related to globalization. The financial market has an inherent system-forming function regarding the financial system, and its integration into the financial space indicates its ability to contribute to or pose a threat to the stability of the financial system and the strengthening of financial security. It is argued that discovering ways to accumulate the potential of both spheres is associated with the opening of additional access within the financial market to organic sources of strengthening financial security, in addition to mechanical sources. Mechanical sources are characteristic of financial security and the financial market in the plane of relatively isolated systems, while organic sources are actively generated by horizontal links within the bounds of alternative ways of development of the financial market and financial security. It is emphasized that the conceptual transformation of relations in the "financial security – financial market" chain lies in the plane of dialectical interaction between them, based on the controlled integration of their strategic goals and potential. This transformation actively affects the functional and organizational models of financial security and financial market functioning, contributing to the overall transformation of their development mechanism from the currently prevailing mobilization one into an innovative one that asserts the advanced characteristics of development by activating intensive sources. [ABSTRACT FROM AUTHOR]

The military invasion of Russia on the territory of Ukraine caused a number of negative consequences for the economy. The state of Ukraine's economy has a direct impact on the balance of the state budget. Today, this is reflected in the growing budget deficit. The shortage of financial resources of the state became the reason for the search for potential on the domestic and foreign markets. The securities market is a platform for the formation and distribution of loan capital in any country. At the same time, a separate segment is formed that serves the state and attracts financial resources. This segment is called the market of government debt securities. The article describes the functions performed by this market, in particular: mobilizing, investment, transformational. Among the instruments circulating in this market are government bonds and treasury bonds. Domestic state loan obligations are one of the outcomes of the financial instruments market. The trade in such securities was analyzed in terms of investment subjects. Also, indeed, an assessment of the circulation of military obligations. The market of government debt securities actually covers the entire securities market in Ukraine. In general, this allows financing the needs of the state and is positive. However, without other segments, it is not sufficiently developed. The evaluation of the key indicators of the state securities market made it possible to single out key problems, including: mistrust of foreign investors; narrow selection of financial instruments; speculative actions of unscrupulous investors; decrease in the level of income of the population, etc. We consider the following to be the main ways of activating the market: carrying out new ones related to the revision of the regulatory framework and, accordingly, bringing it into line with the norms of international standards reforms; strengthening control and review of the market, including the avoidance of speculative transactions; maturity dates for bonds and others. [ABSTRACT FROM AUTHOR]

The article examines the determinants of the financial markets transformation. Three levels of transformation are distinguished (the mega-level (global) forms a set of rules, norms, and standards of world financial markets functioning; the macro-level (national) has been described by a multi-level system of factors related to the functioning of the state in the relevant aspects of its development; the micro-level includes a set of default determinants of the financial markets transformation related to the activities of individual subjects). Nine determinant groups were identified, which have the most significant impact on the functioning and development of financial markets. Among them, the following are highlighted: political (have a powerful institutional aspect and are designed to ensure (enable) a specific political stability of changes in the financial markets of Ukraine), economic (the basis of ensuring the effectiveness of the activities of its individual subjects), social and cultural (significantly affect the efficiency and the quality of the transformational processes flow in the financial markets of Ukraine), technological («fintech» today is one of the crucial drivers of the modern financial markets transformation into a global business environment, where digitalization of economic processes is the only way of development), environmental (natural) (enable a change in the qualitative state; environmental affecting the primary recipients of financial markets – people (participants in market relations)), legal (related to the retrospective analysis of legislative changes in the field of financial markets regulation, with the determination of the features of the regulatory and legal framework of functioning), ethical (caused by a change in the general paradigm of the ethic consciousness of citizens on a global scale and an increase in its quality in the light of recent historical changes), digital (the development of digital technologies is taking place at an exponential rate, fundamentally changing the essence of doing business in global financial markets, dematerializing, decentralizing and democratizing the main business processes) and force majeure (pandemic, military, new challenges) (criteria of force majeure are: emergency, unpredictability, inevitability and cause-and-effect relationship between the circumstances and the impossibility of the financial markets to perform their functions). Determinants of the financial markets transformation at different levels were detailed with a description of the factors and mechanisms of their influence on transformational processes. [ABSTRACT FROM AUTHOR]

With the convergence of the national economies of some countries and the intensification of globalization processes, international competition between states is growing significantly. Therefore, for Ukraine, in today's conditions, it is important to find factors to increase national competitiveness. In most cases, competitiveness is understood as the ability of the national economy to occupy a leading position in the world market, which ensures the growth of living standards on the basis of an innovative economy. The international general indicators of competitiveness of national economies are the Global Competitiveness Index from the World Economic Forum and the Global Competitiveness Rating according to the Institute of Management Development. Both of these studies over the past decade demonstrate Ukraine's low position in international competitiveness rankings among other countries. Weak positions of the level of competitiveness according to different methods highlight the same problems in the socio-economic development of Ukraine: inefficient functioning of state institutions (significant level of corruption, lack of rule of law, and insecurity of property rights); low efficiency of the financial markets (unreliability of banks and underdevelopment of stock exchanges); macroeconomic instability (low credit rating of the country and high inflation); exacerbation of health problems (low per capita income and underdeveloped health infrastructure shorten healthy life expectancy and overall quality of life). Thus, the World Economic Forum classified Ukraine as a country in transition from a factor-oriented economy to an efficiency-oriented economy. For countries at this stage of development, the World Economic Forum, to strengthen national competitiveness, proposes to ensure the effective functioning of public and private institutions and stabilize the macroeconomic environment, and further improve the efficiency of production processes and training. Therefore, the directions of state policy in the field of increasing Ukraine's competitiveness should be: reducing the level of corruption, strengthening the efficiency of the financial market, ensuring macroeconomic stabilization, strengthening the country's labor potential. [ABSTRACT FROM AUTHOR]

Today, the development of financial markets is accompanied by various transformational processes that require the formation of an adequate theoretical and methodological basis for their research. That is why the article aims to develop a methodological basis for studies of transforming financial markets. An article singles out different types of methodology for researching the shift of financial markets, in particular, fundamental (philosophical, general scientific) mode and specific scientific techniques (in particular, the technological level - the development of specific research methods and techniques). An important place in the research methodology of the transformation of financial markets is methodological approaches to their ontological description. The differentiation of scientific ontologies, in other words, ideas about reality, leads to differences in the transformation of financial markets' interpretation and their role in the economy. According to the ontology of critical realism, the article describes the empirical, factual, and actual levels of research on the transformation of financial markets. The importance of determining methodological approaches to the study of financial markets transformation is due to the rapid development of the latter, the increase in the requirements of economic agents who are their participants for the convenience, speed, reliability, cost, and security of payments on them, as well as the increase in the technology of payment systems based on digital financial technologies. When forming the methodology for researching the transformation (as a symbiosis of quantitative changes and qualitative conversions) of the financial markets of Ukraine, the author suggested taking into account several main factors, in particular, the financialization of the national economy, the diversity of domestic financial markets, the types of transformation of financial markets, existing imbalances in the financial markets and many others. [ABSTRACT FROM AUTHOR]

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The article is devoted to the investigation of the state and development trends of exchange trading at the current stage. The main aspects characterizing the stock and commodity stock markets in our country and the world have been analyzed. The authors emphasized the concentration of exchange trading in Ukraine on several licensed exchanges, which resulted in a significant increase in the regulated market. The main groups of goods that prevail on the commodity and stock markets of Ukraine are singled out. It was established that the predominant share of trading volume of financial instruments, which was carried out by operators of organized capital markets in Ukraine in 2021, fell on debt securities, and the total trading volume of shares was insignificant. Emphasis is placed on the determining influence of globalization processes on the exchange market development. It is noted that the financial market occupies a dominant place with a share of about 80% of the total exchange turnover in the total world stock exchange trade. Significant revitalization and development of electronic stock trading and constant improvement of stock trading technologies on an innovative basis have been noted. The paper provides an assessment of the current state of development of international exchange trading. An increase in market capitalization, a trend toward growth in the number of concluded contracts in general and for certain types of exchange contracts on commodity and stock exchanges have been noted. The main factors affecting the current state of stock trading development in the world have been systematized. They include market globalization, the development of the latest information technologies, the strengthening of the influence of global financial market participants, the diversification of existing and the emergence of new financial instruments, the unification of regulations for the stock markets, regional structural changes in the activity of the world stock market with increased concentration of stock trading in the Asia-Pacific region. [ABSTRACT FROM AUTHOR]

The article examines the problems associated with the current situation in the financial and economic sphere of Ukraine, which is a consequence of financial globalization. The urgency of this problem for Ukraine is that the openness of domestic financial markets poses significant threats to the development of the domestic economy. To achieve this goal, theoretical methods were used, such as problem analysis, risk classification, generalization of results, as well as methods of empirical research, namely the development of hypotheses and their confirmation using mathematical statistics (Pearson's criterion). The study should confirm the hypothesis that the volume of foreign direct investment and GDP dynamics is closely related and the volume of investment affects the dynamics of GDP, and this relationship is expressed in a very high degree, given the high numerical value of r- Pearson's criterion, we can talk about the "super openness" of Ukraine's financial system. It is stated that this dependence poses significant threats, which requires changes in the regulatory financial policy of the state. [ABSTRACT FROM AUTHOR]

The article analyzes the structure of Ukraine's external debt liabilities for the period from 2011 to 2021 and in the period since the beginning of the full-scale invasion. It is determined that the amount of state external liabilities, taking into account projected data, may exceed 70% of this country's GDP, which will become the dominant form of both attracting financial resources to the state budget and threatening the state security. The authors provide an assessment of the difficulties of restructuring the external debt in terms of the specific weight of the creditor and the weight of short-term payments for the period 2022-2023. It is concluded that at the beginning of 2022, the largest specific weight in the structure of external liabilities was the debt for issued securities for foreign markets and liabilities to international financial organizations and the EU. The main payments for them fall on the third quarters of 2022 and 2023 (3.0 and 3.6 billion USD, respectively), and the payment of interest accounts for 30% of total. The article considers possible mechanisms of write-off and restructuring of the state's external debts, taking into account international experience and with regard to the crises and military conflicts. The following mechanisms for write-off and restructuring of foreign debt are analyzed: Brady Plan for debt restructuring of developing countries; and debt relief programs for the poorest countries - HIPC (heavily indebted poor countries) and MDRI (The Multilateral Debt Relief Initiative). The authors identify the guidelines of work on minimizing Ukraine's external liabilities in 2022-2023. A conclusion is made regarding the initiation of negotiations on the restructuring and write-off of the external debt burden to ease the payments on external debts, including GDP warrants. Such a task should be carried out as soon as possible before the period of the largest payments and taking into account the existing support of the governments of leading foreign countries18 [ABSTRACT FROM AUTHOR]

Purpose. The present paper aims to clarify the importance of exchange-traded funds (ETFs) as one of the creative Islamic financial products that have attracted the attention of investors in recent years. Results. This research concluded that: (i) Islamic ETFs are a useful and convenient option for Sharia-compliant investors who prefer this type of Sharia-compliant investment, whether they are beginners or want to diversify their stock investments without the hassle of research, analysis, and selecting the right companies. The fund itself consists of several stocks selected based on the nature of the indicator that the box simulates. (ii) Islamic ETFs are distinguished by their transparency as they are affiliated with a specific market index and their investments match the components of this index, such as if the fund is linked and affected by the movement of the general index of the market or a sector index, and the fund manager may set an index for his fund in coordination with a specialized body in this field. For example, he places an index of legitimate shares, it makes it simpler for the fund's unit owners to understand how well the fund is performing by comparing it to the performance of the indicators they monitor or model. (iii) From the same perspective, the method of creating an Islamic ETF is not different from its traditional counterpart, and the main difference between them lies in the benchmark index that Islamic ETFs track. (iv) Islamic ETFs invest only in companies that comply with Sharia regulations, and in the event that any stock in the index portfolio is not compatible, it is disposed of even if the expectations of its returns are high, and thus the investment opportunities for the Islamic ETF are in a narrow space compared to the investment opportunities available for traditional ETFs, which may reduce the opportunities for the fund's investment and affect the potential return of the fund. (v) The Islamic ETF industry is weak compared to its traditional counterpart, it has been witnessing a remarkable and important growth in the recent period, especially in the Gulf region, specifically Saudi Arabia, which is one of the regions most qualified to achieve significant growth rates in the Islamic ETF sector. (vi) In general, exchange-traded funds have an important place in the financial markets, especially the Saudi stock market, as investing in these funds would expand the base of the financial markets and give investors greater flexibility in choosing how to allocate their investments across market channels and sectors. Scientific novelty. This study focuses on the general framework of ETFs, which aims to focus on Islamic ETFs by providing advantages and its most important dealers in addition to the mechanism of how Islamic ETFs work. Finally, the importance of Islamic ETFs in the financial markets was considered, specifically through a study of the case of the Saudi financial market, from which the study concluded that it is necessary to pay more attention to this important investment tool, although the industry of Islamic ETFs is weak compared to its counterpart; but, it has recently witnessed a remarkable and important growth, and it plays a major role in stimulating trading in the financial markets. Practical value. The results of this study can be used in several financial markets, taking into account everything related to compliance with Islamic law.

The article is devoted to the justification of conceptual and practical grounds of financial market potential usage in debt problems solution. Emphasis is placed on the insufficient implementation of the dependence of the effectiveness of socio-economic development on the existing financial and economic space of the state, which, being included in one interaction, provide an opportunity to obtain synergistic effects. Among the important prerequisites for the conceptual and practical transformation of the financial and economic space of the state, which in its new quality will have an impact on development, the problems of public debt and the possibilities of the financial market to solve them are considered. Taking into consideration their deep impact on the dynamics of financial relations, the following chain is outlined: "development – space – debt problems – financial market", the imbalance of the latter can influence the effectiveness of change in society, economy and finance in a negative way. It is stated that each of the above-mentioned links with the condition of their own development makes the natural determinant of the other one. It is simultaneously substantiated that the general methodological and practical basis for achieving the appropriate balance is rooted in the spatial approach thus it lies in the matter of financial space formation. It is shown that knowledge of ways to optimize debt policy remains in the process of formation. Debt resolution continues to be dominated due to traditional factors and is not being sufficiently expanded for account of those that have an indirect impact, particularly connected with deeper infiltration into the multidimensional interrelations with the determining factors of the financial space. The factors that give the financial market a special place among the components of development and strengthening of the financial space are presented. The relevance of using the whole range of functional features of this market, which goes beyond the implementation of debt financing, and aimed at strengthening the financial space, is substantiated. The only basis that can optimize the development policy is schematically represented by the chain "financial market – debt problems – space – development". Increased attention to the role of the financial space in solving debt problems and shaping contribution of the financial market, changes the strategic approach to debt policy and further development in general. [ABSTRACT FROM AUTHOR]

The financial services market is essentially a macrofinancial system that is complex, open and dynamic. Households play a key role in the development of such a market, as they actively use the services of bank and nonbank financial institutions. It is the behavior of these economic entities, which is formed under the influence of a number of factors, that generally determines the development of this market. The article is aimed at deepening the theoretical provisions on the nature of the financial behavior of households in order to justify the transformation of such a behavior model. The article considers the nature of the financial behavior of households, its essence, factors influencing its formation, and some types of the behavior, which together make up the model of the outlined behavior. Content analysis of approaches to studying the essence of the category «financial behavior of households» makes it possible to specify the content of this definition and to consider such behavior as “a set of actions” determined by households to manage their own financial resources and to accumulate, preserve, attract, and use them. The authors also study the process of shaping the behavior of households in the financial services market and identifies a set of basic factors affecting it. In particular, it has been found out that individual, personalized determinants play an important role among such factors. It is the presence of these factors that significantly complicates studying the financial behavior of the identified economic entities and makes it impossible to precisely define and describe its models. Having analyzed the nature of the financial confidence of households, the authors have identified the structure of such behavior and identified its basic elements. These include: credit behavior, saving behavior, deposit behavior, investment behavior, tax behavior, insurance behavior, and payment behavior. [ABSTRACT FROM AUTHOR]

The aim of this article is to study and summarize the principles, methods and value characteristics of generally accepted types of analysis of financial instruments and an alternative type of analysis — behavioral finance, which became relevant due to the development of the digital economy. Development of the economy constantly requires mobilization, distribution and redistribution of financial resources among its spheres and sectors. An important role in the implementation of this process is played by financial markets. Financial markets are a means of ensuring the normal functioning of all economic sectors as well as of combining state, institutional and individual interests; protecting the population’s money from inflation; improving their financial situation. As a result of the study, the main aspects of behavioral finance are highlighted, and examples of the most common mistakes of investors are given. It is proposed to use Sentiment Index to assess the state of the market and more effectively forecast financial instruments. Using this index, government agencies can track financial risks that arise from speculations of media and financial analysts. The results of the study can be of importance for both the investment and political sphere. In the political sphere, instability can have a negative impact on the functioning of markets and pricing of assets within the state and in the international market. If financial risks are accompanied with a change in investor sentiment, this leads to an outflow of capital and financial instability in the country, but using only the method based on building Sentiment Index is not recommended.

The relevance of the article in the analysis of the modern geopolitical space in which there are dramatic changes that qualitatively alter the disposition of post-socialist countries and regions of the world under the influence of scientific, technological, information, organizational and social process. The process of forming regulatory mechanisms for the functioning of the financial markets of the post-Soviet countries is linked to the transformation processes of global monetary and financial relations management. In modern conditions, the national financial market cannot be separated from the processes occurring in the world economy. In the last decades theoretical and practical problems of geoeconomics and global science have been investigated in the works of foreign scientists: L. Abalkin, M. Alle, U. Anderson, A. Anikina, J. Ackerloff, J. Arriga, D. Bell, W. Beck, Z. Brzezinski, I. Wallerstein, L. Galitz, J. Gelbraith, E. Giddens, M. Golovnin, P. Drucker, A. Kavkin, M. Castels, D. Keynes, L. Krasavina, V. Kruglov and others. It is observed that in the process of interaction of various factors of development in the world markets, an appropriate market conjuncture is formed, which reflects changes in specific conditions of market functioning and supply and demand, related to the dynamics of prices for goods and profits of firms and based on the cyclical development of the world economy, reflecting the nature of a market economy. Research methods are based on general scientific principles and fundamental principles of economic theory, theories of international economic relations and financial globalization, evolving in the face of geo-economic changes. The development of post-socialist countries is characterized by significant differences in the rates of economic growth and stabilization of monetary and financial systems, which is caused by: first, a significant stratification of economies in terms of development; second, the disintegration processes in mutual trade and more successful integration into the global trading environment due to the accelerated liberalization of the foreign trade sector compared to the financial sector; third, the incompleteness of financial sector reforms and the low level of development of financial services markets, respectively, the inefficiency of financial integration; fourth, the monetary and financial systems of the countries of the region remain vulnerable to the external effects of the crisis. The most powerful post-socialist countries (Russia, Kazakhstan, Ukraine, Azerbaijan) make more effective use of the benefits of globalization in the sphere of integration into the world economy.

Modern Ukraine is not an active participant in the global cryptocurrency market. The estimated factor was the volume of transactions for this type of currency, as well as the degree of infrastructure development for this currency, assessed as very specific. At the same time, according to experts in this industry, Ukraine is more likely at a development stage than an outsider in the cryptocurrency industry. We also analyzed the positive and negative aspects of working with cryptocurrency. The protocol for working with this currency is considered in sufficient detail in order to identify opportunities, shortcomings, and features of a new position in the currency sphere. Ukraine will give an explanation to the fiscal policy in this matter.

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The paper presents the most promising way of restructuring the financial system in Ukraine, in particular a single regulator (megaregulator), thus allowing to avoid contradictions in the system of state regulation and control in the financial sphere and create a stable basis for the successful integration of Ukraine into the global financial system. The main purpose of state financial agencies is stabilizing the financial system, taking into account the positives and drawbacks of state regulation in the financial sector. Reforms for regulation and supervision in the financial market of Ukraine should be implemented in four main areas: - unifying the rules and regulations of state regulation in the financial market with the gradual concentration of regulatory functions in a single state body; - separating supervisory functions from regulatory and implementing the system of prudential supervision in all major segments of the financial market; - increasing the role of self-regulatory organizations of professional participants and establishing their closer connection with regulatory bodies; - significant improvement in financing state regulators, including from market sources. The need to concentrate efforts on developing the mechanisms of the state influence on financial stability, system analysis and implementing measures to prevent systemic risks, ensuring effective management of the financial system liquidity, modernizing and improving the transparency of financial legislation and implementing existing legislative norms by all subjects of financial relations is noted. [ABSTRACT FROM AUTHOR]

The article is aimed at studying the impact of emerging financial markets on marketing programs in the international dimension only. Indicators influencing the economic component of emerging markets are analyzed, namely: the development of services sectors in urban areas of the countries considered (India and China); a gap in employment and income between organized and unorganized sectors in urban areas; the presence of urban slums. The study has resulted in systematizing the main indicators of infrastructure and comparative capacity in India and China, while emphasizing differences in the national cultures of the two countries. It is highlighted that the sustainability of differences in cultural value is especially relevant for large multinational companies, which are influenced by different national cultures in their daily routines. Factors influencing income inequality within the population are substantiated, and the importance of infrastructure in the state of growth is emphasized. It is noted that large differences in consumer incomes indicate the existence of several segments with very different levels of purchasing power; in turn, segments with different incomes allow some companies to create innovative opportunities. The areas of implementing marketing programs in the situation of emerging financial markets are outlined. It is noted that because all regions differ in requirements, tastes, habits, media, and preferences, price awareness is up to changes, and this can cause the development of marketing programs inside and outside the country. Research perspectives in this area, as we see them, can lie in designing an innovative marketing program, targeted at the Ukrainian consumer market and capable of forming a stable competitive advantage in the face of international competition. [ABSTRACT FROM AUTHOR]

A small number of theoretical studies and, as a result, insufficient development of the problems of corporate relations that may arise in the process of creating professional participants in the markets of non-bank financial services, determine the relevance of this article. The purpose of the article is to analyze the positions existing in the economic and legal doctrine regarding the legal nature and concept of corporate relations. To analyze the organizational and legal forms of operation of economic entities engaged in the provision of non-banking financial services, as well as corporate relations that may arise in the process of their creation. Based on the selected features, propose the definition of a professional participant in the markets of non-bank financial services. Most professional participants in the markets of non-bank financial services are legal entities created in the form of companies, and therefore may be subjects of corporate relations. After acquiring professional participant of non-bank financial services markets, the status of a legal entity of a defined corporate organizational and legal form as part of corporate relations may arise organizational and economic (in particular, regarding the management of this entity) and property and economic relations (regarding the distribution of profit and receipt of its part (dividends), regarding the alienation of shares in the authorized capital, securities, etc.). As a result of the study, the author concluded that professional participants in the markets of non-bank financial services are participants in economic relations, including corporate ones, the exclusive type of economic activity of which is the activity of providing non-bank financial services (professional financial activity), realize at the same time economic competence (a set of economic rights and responsibilities, enshrined in the relevant regulations governing a certain type of professional financial activity), have separate property and are responsible for their obligations within this property, except in cases stipulated by law. It is proposed in Article 4 of the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" along with the type of financial services to indicate the relevant professional participant who can provide it, as the proposed changes will improve the process of perception and application of the provisions of this Law. [ABSTRACT FROM AUTHOR]

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Copyright of Scientific Proceedings of Ostroh Academy National University Series, Economics is the property of National University of Ostroh Academy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article is aimed at studying the current global trends and national initiatives in forming a green bonds market in Ukraine through attracting investment to implement environmentally important projects in the area of energy conservation. The essence and key features of “green” bonds as an effective financial instrument for the implementation of environmentally friendly projects in economy are revealed. Analytical review of the green bond market development in the international space and European countries has helped to identify global investment trends and a number of essential features of “green bonds” as a lucrative investment asset in the long run, which brings positive socio-economic and environmental effects. The legal base and regulatory aspect of the formation of the green bonds market in the national economy is compared with those of the developed countries. The main provisions of forming the state policy on the green bond market in Ukraine are analyzed, taking into account the expected results of attracting finance in the sphere of energy efficiency. The risks and promising areas of implementing the Concept of introduction and development of the green bonds market in Ukraine is identified on the basis of changing trends in the investment sphere of the global financial market. It is substantiated that the potential of market development in Ukraine creates the basis for attracting investment capital in various areas of energy efficiency and helps our country to join global trends of greening the national economy in the context of the pandemic. It is proved that the green bond market can compete with investments in virtual assets and will have a long-term economic effect in the process of modernizing the national economy in the period of global climate change and COVID-19. [ABSTRACT FROM AUTHOR]

Further development and intensification of investment processes in the capital markets are important factors for the reset and intensive economic growth of Ukraine. Any reform measures implemented in Ukraine require substantial investment resources. The basic definition from which the study of the investment process begins is the concept of investment. Despite the significance of scientific achievements in this area, there is a certain level of fragmentation in approaches to the essence of investment in capital markets, divergence of views on the further development of these markets. The purpose of the article is to deepen the conceptual foundations of investments in capital markets as a key tool for their further development in today's conditions. Investments are defined as the investment (placement) of monetary resources, property and intellectual values in various types of economic activities or financial instruments with a certain level of risk, the ultimate goal of which is to generate profit (income) or preserve the real value of financial assets, which may ultimately lead to economic, social or environmental effects. The financial market consists of credit, money and equity markets. At the same time, the securities market is only a part of them. Together with the derivatives market and the money market, they constitute capital markets. This made it possible to define investments in capital markets as a process of investing (placing) money in financial instruments with a certain level of risk, the ultimate goal of which is to generate income (profit) and / or increase the real value of financial assets, formed under the influence of such parameters as reliability, liquidity and term of such investment (placement). The importance of the proposed study is due to the need to determine the theoretical and methodological foundations of investments in general and their specifics in the capital markets in particular, their use as a potential factor in strengthening the competitive position of the Ukrainian financial sector in the international economic space. [ABSTRACT FROM AUTHOR]

Changes in the Ukrainian economy and the development of the financial market are of interest in solving the problems associated with brokerage activities. These issues are of particular relevance in connection with the increased attention of the state to investment activity and interest in the growth of financial literacy of the population. One of the important tasks in this context is the study of financial risks of professional participants in stock markets. As the dynamics of asset prices in the financial markets have a significant range of risks for both the investor and the broker. And if the investor’s job is to choose the most optimal portfolio of assets and control over possible losses, then the broker assumes the risks of trading decisions of a set of clients. In addition, he should take into account the risks of liquidity and voluntariness of a set of customer positions. Today, Ukraine has no single approach to the definition and classification of financial risks of brokerage activities, and therefore this study is intended to analyze the types of financial risks of brokerage companies in the stock market and to clarify certain concepts of types of financial risks. The article identifies sources and causes of financial risks of brokerage companies. The interpretation of the concept of «financial risk» by domestic and foreign scientists is researched. Author’s definition of financial risk for the broker is provided. The questions of classification and grouping of financial risks of brokerage companies that arise in the process of activity in the stock market, which allow reducing investor losses and increase the efficiency of management in an unstable market and increase the income of brokerage mines from the provision of services, are considered. It is established that the most significant financial risks of brokerage activity are the risks of investor behavior, investment risks and risks of marginal lending, and the determining financial risks for a brokerage company are the risks associated with the behavior of the investor and the investment of capital in financial assets. The study of the issues covered by this article will provide an opportunity to contribute to increasing the financial stability of brokerage companies and their investors and will contribute to the improvement of the financial system of the country.

The article proves that the implementation of the principles and use of the tools of corporate social responsibility can increase the reputation of the corporation and its activity in the financial world market. The purpose of the article is to substantiate and determine the role of corporate social responsibility of the companies in ensuring and improving their reputation in the global financial market. The article substantiates that the low level of corporate governance practice and insufficient part of social contribution to the companies negatively affect formation of corporate social responsibility of the corporations. In addition, the international and European experience of introduction of the tools of corporate social responsibility in activity of the corporations in the world market is revealed and the factors of improving reputation are defined. The article analyzes the indicators for socially responsible corporations for 2018—2019 according to the ratings of Fortune Global 500, Net Promoter Score, Newsweek Green Ranking, which have the highest reputation according to the Institute of Reputation: Rolex, Lego, Disney, Adidas Group, Microsoft, Sony, Canon, Michelin, Netflix, Bosch. The analysis of indicators made it possible to identify the proportional dependence of the reputation of the corporation on the measures of corporate social responsibility that the latter implements. It is determined on the basis of the study that corporate social responsibility is an effective tool to increase the competitiveness of both corporations and the government in the financial market. [ABSTRACT FROM AUTHOR]

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The main objective of the research is to examine key aspects of the structured trade financing instruments and to analyze prerequisites for its existence. Hereby, the main focus is concentrated around developing economies. The research was carried out based on research methods such as comparative analysis, empirical approaches and logical generalization. Also, for the research purposes the current market situation, infrastructure, opinions and recommendations of international organizations were analyzed, and an optimal model and market conditions were generated. As a result of research an importance of the derivative financial instruments, organization of spot markets and warehouse receipt systems were investigated. The main factor limiting the study is a variable statistical need and mathematical modeling based on the economic specifications of each economy. As each market will need more country-oriented research and solution rather than general model that suits all. The practical significance of the research is to ensure synergies between financial and commodity markets and to develop a sustainable risk management tool, enhance access to capital by introducing an alternative financial instrument and market environment for local producers, including small and medium size entrepreneurs. [ABSTRACT FROM AUTHOR]

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Copyright of Scientific Proceedings of Ostroh Academy National University Series, Economics is the property of National University of Ostroh Academy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problems of Economy is the property of Research Centre for Industrial Developmen Problems of Nas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Problems of Economy is the property of Research Centre for Industrial Developmen Problems of Nas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Credit institution is an important component of the country's financial market, and lending is one of the priority places, as income from its implementation is the main share of the total income of the financial institution. Today, credit institutions are actively involved in the process of digitalization of the financial services market, developing new products for their customers. One of the main factors of successful lending is the introduction of innovations in the process of providing services by credit institutions. Therefore, it becomes important to study the areas of innovation of credit institutions, deepening the theoretical and methodological provisions for studying their nature, types and features of development and implementation of innovations in the work. The articles explore theoretical approaches to the definition of "innovation", "financial innovation". Credit innovation is singled out as a separate economic category. A study of the available in the scientific literature defined the concept of "credit innovation" as the main object. It is analyzed that innovations in the credit services market are the result of effective innovation. It is determined that during scientific classes the attention of researchers is paid to the study of various aspects of credit institution's innovations, but currently there is no generally accepted classification of credit innovations. With this in mind, the article formulates and groups the classification features of credit innovations, namely by time, by reasons of origin, by scope, by the impact of innovation on consumer behavior, by scope, by research, by the pace of implementation, the effectiveness, efficiency and depth of changes. On these grounds, the types of innovations of credit institutions are identified and their significance is substantiated. [ABSTRACT FROM AUTHOR]

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Copyright of Problems of Economy is the property of Research Centre for Industrial Developmen Problems of Nas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The objective need to find an effective form of institutional support in the context of introducing innovations in the activities of financial institutions, and the instability of the sectoral model of regulation and supervision of the financial institutions activities have led to integration and consolidation processes in the regulatory and supervisory systems of most EU countries. The purpose of the article is to disclose the structure of the system of regulation and supervision of the financial institutions activities in the EU at the international and national levels and to determine the features of the implementation of the state subsystem at the national level to use international experience in further improving the regulatory and supervisory system in Ukraine. The block diagram of the regulation and supervision of financial institutions activities in the EU countries was designed, based on a combination of state and market subsystems. The analysis of the features of the implementation of state regulation and supervision of the financial institutions activities at the national level in the EU countries -- Germany, Italy, Great Britain was carry out. It was revealed that the effectiveness of the functioning of the sectoral model with a large number of authorized bodies depends on the level of interaction and information exchange between them and a clear distribution of powers between these bodies. It was proved that there are no significant fundamental differences between the consolidated system implemented in Germany and the integrated system in the UK, since the country's central bank is involved in macroprudential supervision. But, the system of protecting consumers and investors in the UK is more complex than in Germany, since it provides for the functioning of an additional authorized body. It can complicate the process of protecting consumers and investors. The trends in the consolidation and integration of the functions of regulation and supervision of the financial institutions activities are important for Ukraine, because the sectoral approaches used by the Ukrainian supervisory practice in many countries have proved ineffective in the context of the rapid development of financial services markets. [ABSTRACT FROM AUTHOR]

The influence of financial technologies that is especially perceptible in the functioning of institutes of infrastructure can change the conception of functioning of the financial market radically. In this connection, the purpose of the article is a system analysis of the current state of the infrastructure of the Ukraine's financial market and substantiation of prospects for its further development. Based on international experience, institutions that represent the financial market infrastructure of Ukraine have been systematized. It was found that all basic infrastructure elements have been created and are in operation in Ukraine according to Principles for financial market infrastructures (PFMI), issued by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions. The PFMI are part of a set of 12 key standards that the international community considers essential to strengthening and preserving financial stability. In Ukraine the payment system is presented as state and private participants and has a multilevel structure of participation. The depositary system has a vertical structure, in the center of which is located the National depositary of Ukraine, but the separate functions remain for National Bank of Ukraine and others depositary establishments. The clearing system is presented by a Settlement Center for Servicing Agreements on Financial Markets. The basic part of operations is conducted on two stock exchanges, and there is a tendency to further consolidation of stock exchanges. The largest securities traders are banks. Almost 300 participants of the stock market are companies on the management of assets. The authorized provider of informative services has been created and began to function at the stock market. It was determined that in spite of the existing institutes of infrastructure of Ukraine's financial market the conceptual vision of its development isn't clear. It was proved, that in Ukraine the financial market infrastructure has more arguments to use the horizontal "depositary" model. [ABSTRACT FROM AUTHOR]

Theoretical approaches of domestic scientists to the definition of "digital economy" have been worked out in the article. In order to determine the background for the bank digital business model forming, indices reflecting the digital development level of countries have been analyzed. The following indices were analyzed: Global Competitiveness Index (GCI), European Innovation Scoreboard (EIS) and World Digital Competitiveness Ranking (WDCR). The Global Competitiveness Index makes it possible to assess both the level of financial market development and the country's innovative capabilities. An analysis of these indices in the period 2016-2019 has showed that there are a number of factors hampering the innovative development of Ukraine economy, as well as lack of analytical information about the results of innovative activity of business and banks that indicate that there is no suitable socio-economic environment capable for adopting and using the bank digital business model. Ukraine is only at the stage of creating the foundations for the digital economy and the implementation of financial technologies by banks is unlikely to produce the expected result due to the lack of willingness of the individuals and business to make such changes. Conclusions on the bank digital business model forming in Ukraine have been made. [ABSTRACT FROM AUTHOR]

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