Modern determinants of the development of the securities market in Ukraine

Kovalenko Victoria
D. Sc. (Economics), Professor, Professor, Department of Banking, Odesa National University of Economics, Odesa, Ukraine, E-mail: kovalenko-6868@ukr.net, ORCID: https://orcid.org/0000-0003-2783-186X

Gaidukovych Dmytro
Ph.D. (Econ), Associate Professor, Independent Researcner, California, Los-Angeles, USA, E-mail:gaidukovych@gmail.com, ORCID: https://orcid.org/0000-0003-1238-3734

Cite this article:

Kovalenko V., Gaidukovych D. (2025) Modern determinants of the development of the securities market in Ukraine. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Suchasni determinanty rozvytku rynku cinnyh paperiv Ukrainy; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 2 (327), pp.40-48.

Abstract

The article is dedicated to the study of key issues related to the development of the securities market in Ukraine. The securities market is one of the key components of the financial market, ensuring the processes of mobilization, allocation, and direction of resources for the development of the national economy. Today, the global securities market has reached a level where differences between national markets are almost non-existent, and territorial boundaries have disappeared, requiring the formation of an organized and interconnected global market. The successful resolution of challenges related to accelerating economic growth and restoring the national economy in the post-war period, which is particularly relevant in the current conditions of financial instability, as well as increasing investments, largely depends on the effective functioning of the financial market, particularly its segment-пthe securities market. The purpose of the article is to examine the main trends in the functioning of Ukraine’s securities market and to outline directions for its development. The research employs methods of analysis, synthesis, generalization, computational-analytical, graphical methods, and a systematic approach. Based on the conducted study, it has been established that the key paradigm for the development of Ukraine's securities market is aligning the regulatory and legal framework with the requirements and standards of the European Union. The analysis of market participants' activity has revealed the presence of factors negatively affecting its development. It has been practically substantiated that the development of the domestic securities market fully depends on the regulatory system established and the role of regulators within it. Future research prospects should focus on addressing issues related to the investment attractiveness of the market and considering modern risk factors associated with shifts in corporate governance vectors of economic entities. Additionally, emphasis should be placed on supporting the development of the fintech sector—digital platforms for securities trading, the use of blockchain to enhance transaction transparency and protect investors' rights. The implementation of ESG investments should also be given due attention.

Keywords

securities market, financial instruments, regulators, crisis factors, market participants.

JEL classification: E220; G110; G230; DOI: https://doi.org/10.32680/2409-9260-2025-2-327-40-48

UD classification:336.76-043.86(477)

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