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{"id":21999,"date":"2026-06-02T10:14:56","date_gmt":"2026-06-02T07:14:56","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=21999"},"modified":"2026-06-03T09:33:58","modified_gmt":"2026-06-03T06:33:58","slug":"development-of-the-stock-market","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/development-of-the-stock-market\/","title":{"rendered":"Burkovska A., Vyshnevsky P. Development of the Stock Market of Ukraine in Modern Conditions: Current State and Prospects"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n\n\n\n
JEL Classification:<\/strong> G10, G18, G20.<\/span><\/i><\/td>\nDOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-06<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

[\/vc_column_text][vc_column_text]Burkovska A., <\/b>Candidate of Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, Mykolaiv National Agrarian University, Mykolaiv, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0000-0003-4158-1721<\/span><\/a>
\ne-mail: <\/strong>burkovskaya@mnau.edu.ua<\/span><\/a><\/p>\n

[\/vc_column_text][vc_column_text]Vyshnevsky P.P., <\/b>Student of Higher Education, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine<\/span><\/p>\n

ORCID:<\/strong> 0009-0009-2190-8054<\/span><\/a>
\ne-mail: <\/strong>visnevskijp92@gmail.com<\/span><\/a><\/p>\n

Development of the Stock Market of Ukraine in Modern Conditions: Current State and Prospects<\/b><\/p>\n

Abstract. Introduction. <\/i><\/b>The stock market is a vital element of any country’s financial system. It effectively redistributes monetary resources among economic participants. In today’s world, the development of this market is crucial for attracting capital, ensuring optimal asset allocation, and promoting long-term economic growth. For nations undergoing economic transitions \u2014 Ukraine being a prominent example \u2014 establishing a well-functioning, transparent stock market infrastructure is indispensable for reinforcing the national financial framework.<\/span><\/i><\/p>\n

Purpose.<\/i><\/b> This study aims to evaluate Ukraine’s current stock market conditions, identify the primary factors influencing its trajectory, and propose strategies to enhance its operational performance in the face of present economic challenges.<\/span><\/i><\/p>\n

Results.<\/i><\/b> The investigation identifies current patterns in the development of Ukraine’s securities market and describes the main factors that determine its functioning. Considerable attention is devoted to trading volume fluctuations, the variety of financial instruments in circulation, and investor engagement levels. The research also identifies major obstacles to market growth, such as insufficient liquidity, limited tradable assets, minimal institutional investor involvement, and low public trust. Additionally, the paper examines the impact of ongoing economic turbulence on market operations, emphasizing the overwhelming predominance of government war bonds and the resultant crowding-out effect on corporate securities.<\/span><\/i><\/p>\n

Conclusions.<\/i><\/b> Based on empirical evidence, the study outlines key strategies to advance Ukraine’s stock market, improve operational efficiency, and increase investment appeal. The study identifies strengthening regulatory oversight, modernizing market infrastructure, broadening the range of available instruments, and encouraging participation from institutional and retail investors as critical prerequisites for sustainable development. Furthermore, the study proposes that aligning with European standards and deliberately adopting digital financial technologies, including distributed ledger systems and asset tokenization, are innovative catalysts for post-conflict market restoration.<\/span><\/i><\/p>\n

Keywords:<\/i><\/b> stock market; securities; investments; financial market; stock exchange trading; investment attractiveness.<\/span><\/i><\/p>\n

References<\/b>:<\/strong><\/p>\n

    \n
  1. NSSMC (2025). <\/span>Report on the work of the commission in 2024.<\/span><\/i> https:\/\/www.nssmc.gov.ua\/wp-content\/uploads\/2025\/06\/zvit-nktspfr-2024-rik-1-1.pdf<\/span><\/a>.<\/span><\/li>\n
  2. National Bank of Ukraine (2025, December). <\/span>Financial stability report.<\/span><\/i> https:\/\/bank.gov.ua\/admin_uploads\/article\/FSR_2025-H2.pdf?v=16<\/span><\/a>.<\/span><\/li>\n
  3. Iorgachova, M., Kovalova, O., Kots\u0456urubenko, G. (2021). The financial Market of Ukraine: the current State of the main Segments. <\/span>Efficient economy, <\/span><\/i>2. DOI:\u00a0<\/span>10.32702\/2307-2105-2021.2.90<\/span><\/a>.<\/span><\/li>\n
  4. Sheludko, V. M. (2019). Financial Market: textbook. Kyiv: Znannia. 535 p.<\/span><\/li>\n
  5. Shulyk, Y. (2024). State and Prospects for the development of the stock market in Ukraine. <\/span>Scientific notes of Ostroh Academy National University, \u00abEconomics\u00bb series, <\/span><\/i>33(61), 69-80. DOI: <\/span>https:\/\/doi.org\/10.25264\/2311-5149-2024-33(61)-69-80<\/span><\/a>.<\/span><\/li>\n
  6. Annual reports of the National Securities and Stock Market Commission of Ukraine: official website. URL: <\/span>https:\/\/www.nssmc.gov.ua\/reports\/<\/span><\/a>\u00a0<\/span><\/li>\n
  7. National Bank of Ukraine (n.d.) <\/span>Financial market statistics.<\/span><\/i> https:\/\/bank.gov.ua\/ua\/statistic\/sector-financial<\/span><\/a>.<\/span><\/li>\n
  8. Blank, I. O., Gulyaeva N. M., Vavdiychyk I. M. (2023).<\/span> Investment Management.<\/span><\/i> Kyjivsjkyj derschavnyj torghoveljno-ekonomichnyj universytet. <\/span>http:\/\/dspace.htek.org.ua\/handle\/123456789\/2253<\/span><\/a>.<\/span><\/li>\n
  9. Ministry of Finance of Ukraine (2026, February, 05). URL: <\/span>https:\/\/mof.gov.ua\/uk\/news\/ukraintsi_prodovzhuiut_naroshchuvati_investitsii_v_derzhavni_obligatsii__zrostannia_portfeliu_gromadian_sklalo_ponad_44_za_rik-5578<\/span><\/a>.\u00a0<\/span><\/li>\n
  10. Sirenko, N. M., Mikulyauk, K. A. (2022). Imperatives for the development of the banking system of Ukraine in the context of digitalization and market transformations. <\/span>Modern Economics<\/span><\/i>, 34, 90\u201396. URL: <\/span>https:\/\/doi.org\/10.31521\/modecon.V34(2022)-13<\/span><\/a>.\u00a0<\/span><\/li>\n
  11. National Bank of Ukraine (n.d.) <\/span>Strategy for the Development of the Financial Sector of Ukraine. <\/span><\/i>https:\/\/bank.gov.ua\/admin_uploads\/article\/Strategy_FS_2025_2020.pdf<\/span><\/a>.<\/span><\/li>\n
  12. Verkhovna Rada of Ukraine. (2026). On Capital Markets and Organized Commodity Markets. No. 3480-IV. <\/span>https:\/\/zakon.rada.gov.ua\/laws\/show\/3480-15#Text<\/span><\/a>.<\/span><\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: 17 April 2026<\/span><\/strong><\/p>\n

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    Burkovska A., Vyshnevsky P. (2026). Development of the Stock Market of Ukraine in Modern Conditions: Current State
    \nand Prospects. Modern Economics, 56(2026), 42-37. DOI: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-06.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: G10, G18, G20. DOI: https:\/\/doi.org\/10.31521\/modecon.V56(2026)-06 [\/vc_column_text][vc_column_text]Burkovska A., Candidate of Economic Sciences, Associate Professor of the Department of Finance, Banking and Insurance, Mykolaiv National Agrarian University, Mykolaiv, Ukraine ORCID: 0000-0003-4158-1721 e-mail: burkovskaya@mnau.edu.ua [\/vc_column_text][vc_column_text]Vyshnevsky P.P., Student of Higher Education, Accounting and Finance Faculty, Mykolaiv National Agrarian University, Mykolaiv, Ukraine ORCID: 0009-0009-2190-8054 e-mail: visnevskijp92@gmail.com Development
    Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":13475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[252,67],"tags":[253],"class_list":["post-21999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-56-2026","category-articles","tag-56-2026"],"_links":{"self":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/comments?post=21999"}],"version-history":[{"count":4,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21999\/revisions"}],"predecessor-version":[{"id":22236,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/posts\/21999\/revisions\/22236"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media\/13475"}],"wp:attachment":[{"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/media?parent=21999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/categories?post=21999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/modecon.mnau.edu.ua\/en\/wp-json\/wp\/v2\/tags?post=21999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}