• Lyudmyla Berezovska
  • Anastasiia Kyrychenko


state regulation, financial instruments, stock market, clearing, netting, market regulator


In modern conditions a developed stock market is a necessary element of the country's economy effective functioning as it establishes legal and economic relations between businesses that need financial resources and individuals who can provide them. The level of business activity in this sector determines the state of economic development of the country.
Exchange activity in a market economy requires government regulation in order to ensure the efficiency, balance and stability of the exchange market.
The purpose of the article is to analyze the state regulation of the stock market in Ukraine.
The article analyzes the dynamics of trading on the stock market of Ukraine, identifies problems with its operation. The main models of state regulation of the financial services market are considered, namely: monoregulatory and polyregulatory. It is concluded that there is a multi-regulatory model of organized markets in Ukraine, as regulatory functions are assigned to the National Commission on Securities and Stock Market and the National Bank of Ukraine on domestic government bonds, money market derivative contracts, money market instruments. The state regulation of the stock market in Ukraine in accordance with the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on Simplification of Attracting Investments and Introduction of New Financial Instruments" of June 19, 2020 is studied. which includes capital markets and commodity markets; improving the organization of the depository and clearing system; introduction of a trade repository and a liquidation of the netting mechanism; enshrining in law the differences between qualified and unqualified investors; introduction of green bonds as a new type of financial instruments. It is concluded that the adoption of the above law is an important step in the development of the stock market, as this law amends the law "On Securities and Stock Market" and establishes uniform rules for all exchange traders, defines the market regulator and circulation mechanism. financial instruments, radically changes the structure of the capital market and adapts Ukrainian legislation to the norms of the European Union in the field of financial services, bringing Ukraine closer to the global financial space.