DIALECTICS OF COMPETITIVE LANDSCAPE FORMATION ON UKRAINIAN STOCK MARKET IN THE CONTEXT OF LEGISLATIVE INITIATIVES

Abstract

This article deals with problematics of transformation of competitive landscape of stock market of Ukraine at the modern stage. The current subjective structure of national capital market, its key advantages and disadvantages are described. The reasons of absence of certain types of financial institutions in Ukraine and weak popularity of services of other financial intermediaries, as well as consequences of such processes for domestic financial sector and its ability to ensure the movement of capital in economics are highlighted. Evaluation of possibilities of reformatting of subjective structure of stock market under the influence of potential changes in legislation (through the adoption the basic Law of Ukraine "On Securities and Stock Market" in new version) is made. The compliance of proposed legislative initiatives to actual needs of participants of Ukraine’s stock market of (first of all, investors and issuers) is determined. Also the influence of legislative changes on the savings-investment strategy of domestic households is disclosed. Comparison of potentially competitive landscape that will occur after possible changes in legislation, with the practice of regulating of capital market in economically developed countries is made. Threats for development of domestic stock market that are caused by changes in regulatory regime in the future are disclosed. In particular, in terms of functioning of "captive" financial institutions in Ukraine, irrational behavior of number of its participants, price manipulation, institutional and instrumental fragmentation, etc. Practical measures, including those of regulatory nature, aimed at leveling the possible negative influence of legislative initiatives on strategic development of Ukrainian stock market are justified.