Sirenko Natalia, Doctor of Economics, Professor, The Head of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0003-1660-1073
e-mail: sirenko@mnau.edu.ua

Bodnar Olena, PhD (Economics), Assistant Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0002-0152-4290
e-mail: bodnarolena1606@gmail.com

Shyshpanova Nataliia, PhD (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0001-8347-5682
e-mail: Shishpanova@mnau.edu.ua

The Institutional Financial Market’s Infrastructure: Theoretical and Practical Aspects

Annotation. Introduction. The relevance of the study is conditioned to the significant influence of modern financial markets on the real economy and social development as a whole. 

Purpose. The purpose of the article is to generalize the theoretical provisions for determining the model of the financial market, highlighting the elements of the financial market infrastructure, analysis of the development of the domestic financial market.

Results. We have done the characteristic of the current stage of the financial system’s and financial market’s development. Denotes the inhomogeneity of the existing theoretical approaches   to the definition of a financial market and its structural classification, with emphasis on the importance of the institutional component. We have done the analysis of the different models (types) of the financial system and financial markets and the factors determining the use of these models in different countries. Background of selection of so-called mixed model of the financial system in Ukraine are systematized, when equal opportunities and rights, with no serious legislative restrictions and financial transactions are carried out banking and non-banking financial institutions. The current stage of development of the domestic financial market is characterized by a dominant share of universal banks, but the industry non-bank financial institutions has also received its development, which generally creates a competitive environment for all market participants. At the same time, certain non-bank credit institutions, recently appeared on the market and very dynamic, require special attention from the mega-regulator. 

Conclusions. In this regard, we have done the conclusion about the need to improve legislation in the field of financial markets and to ensure an acceptable level of control.

Keywords: financial market; financial system; banking and non-banking financial institutions.

References:

1. Lavryk, O. L., Kovalenko, T.A. (2017). Instrumenty finansovogho rynku v umovakh ghlobalizaciji. Ekonomichnyj analiz.  27(4), 133-138. Retrieved from http://nbuv.gov.ua/UJRN/ecan_2017_27%284%29__18 [in Ukrainian].
2. Lubkej, N. P. (2016). Finansovi poserednyky: sutnistj, vydy ta rolj na finansovomu rynku. Zbirnyk tez dopovidej Vseukrajinsjkoji naukovo-praktychnoji konferenciji. [Collection of abstracts of the All-Ukrainian scientific-practical conference], Formuvannja jedynogho jevropejsjkogho finansovogho prostoru ta rozvytok svitovoji finansovoji dumky [Formation of a single European financial space and the development of world financial thought]. Ternopil: TNEU, 131-135. Retrieved from http://dspace.wunu.edu.ua/retrieve/21182/131-135.pdf [in Ukrainian].
3. Kizima, T.O. Lucyshyn, O.O. (2016).  Analitychnyj oghljad infrastruktury finansovogho rynku Ukrajiny: instytucijnyj aspekt. Naukovi zapysky Nacionaljnogho universytetu “Ostrozjka akademija”. Serija : Ekonomika. 2, 62-68. Retrieved from http://nbuv.gov.ua/UJRN/Nznuoa_2016_2_13 [in Ukrainian].
4. Rekunenko, I. I. (2013). Infrastruktura finansovogho rynku Ukrajiny: suchasnyj stan ta perspektyvy rozvytku. Sumy: DVNZ “UABS NBU” [in Ukrainian].
5. Blaghun, I.I. (2019). Infrastruktura finansovogho rynku Ukrajiny: stan ta perspektyvy rozvytku. Accounting and Finance. 4 (86), 63-69. Retrieved from https://journals.indexcopernicus.com/api/file/viewByFileId/775346.pdf [in Ukrainian].
6. Chunycjka, I. I. (2014).  Infrastruktura finansovogho rynku Ukrajiny: ponjattja, funkciji ta evoljucija statusu / Biznesinform.  9, 248-253. Retrieved from https://www.business-inform.net/export_pdf/business-inform-2014-9_0-pages-248_253.pdf [in Ukrainian].
7. Artinez-Jaramillo, S., Molina-Borboa, J.-L., Bravo-Benitez, B. (2016). The role of financial market infrastructures in financial stability: An overview. Analyzing the Economics of Financial Market Infrastructures. (2016).  20-40. [in English].
8. Ferrarini G., Saguato P. (2014). Regulating financial market infrastructures. Social Science Research Network. Law Working Paper. № 259/2014. 44 [in English].
9. Verkhovna rada Ukrajiny. (1995). Pro Koncepciju funkcionuvannja ta rozvytku fondovogho rynku Ukrajiny (Decree No. 342/95-VR, September 22).  Retrieved from https://zakon.rada.gov.ua/laws/show/342/95-%D0%B2%D1%80#Text [in Ukrainian].
10. Nacionaljnyj bank Ukrajiny. (2021). Official web-site . Retrieved from https://bank.gov.ua  [in Ukrainian].
11. Nacionaljna  komisija z cinnykh paperiv ta fondovogho rynku. (2021). Official web-site.  Retrieved from https://www.nssmc.gov.ua [in Ukrainian].
12. MinFin.(2021). Official web-site. Retrieved from  https://minfin.com.ua/ua/credits/company [in Ukrainian].
13. Sirenko, N., Baryshevskaya, I., Poltorak, A. & Shyshpanova, N. (2018). State and tendencies of intergovernmental regulation in Ukraine in conditions of fiscal decentralization. Financial and credit activity: problems of theory and practice, 2, 25 (2018), 157-164. https://doi.org/10.18371/fcaptp.v2i25.136489 [in English].
14. Verkhovna rada Ukrajiny. (2016). Pro spozhyvche kredytuvannja (Act No. 1734-VIII, November 15). Retrieved from https://zakon.rada.gov.ua/laws/show/1734-19#Text  [in Ukrainian].