The Post-Documentary Stage in the Development of Securities Market in Ukraine
Journal Title: Бізнес Інформ - Year 2015, Vol 6, Issue 0
Abstract
The article was written with aim of implementation of periodization of development of securities market in Ukraine, which depends on the dominant forms of existence of securities as well as estimation of depository institutions' activities at the post-documentary stage of development. A periodization of development of the securities market in Ukraine has been carried out on the basis of allocation of three following stages in its development: documentary (1991-1996); transitional (1997 - October of 2013); post-documentary (October of 2013 - present). The results of the study provided the following conclusions: depository system of the transitional stage, taking into account all deficiencies, had not been a factor in reducing trading volumes in the domestic securities market, its throughput for processing operations with securities was in line with needs of the market. The reformed depository system was built in accordance with international rules and standards, and its throughput for servicing operations with securities exceeds the requirements of the current securities market of Ukraine. Expedience of the further operationalization of the updated depository system has been proved, since there are non-compliances of performance indicators of depository institutions with the prudential standards, issues of both accounting of securities of «dormant shareholders» and increasing the level of competition between depository institutions.
Authors and Affiliations
Tetiana Stetsenko
Keywords
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