Leaders in the on-line trading market in Ukraine: stock exchanges, brokers, and brokerage trading systems

摘要

Banking institutions play the leading role in the economy development through participation in the redistribution of financial resources. However, the current situation is characterized by the minimum lending banks activity and low deposit rates. Thus, the leadership in the redistribution of financial resources was proposed by the securities market. We are analysing the current state of Ukrainian stock exchange. Our contribution provides a comprehensive and concise overview of the issue of the main tendencies and problems of the market of derivative securities. We are presenting the results of comparative analysis of actual financial technologies, in particular brokerage trading systems. The conducted research allows putting forward a number of recommendations as for the development of the securities market on the example of innovative financial technologies. Nowadays the whole line of commodity futures is offered on the Ukrainian market. In spite of the fact that there are different types of derivatives, it is necessary to introduce their new types and strengthen the liquidity of all financial instruments. It is also necessary to introduce double listing rules which allow entering the securities from foreign markets to be traded on Ukrainian exchanges. However, it is impossible to implement these rules without state support, in particular, without adjusting investment and currency regulations by the National Bank of Ukraine (NBU). Therefore, it appears crucial to improve the legislative framework, strengthen consumer protection, and enhance reliability and ease of use.