Infrastructure of the Ukraine's Financial Market: State and Development Prospects

The influence of financial technologies that is especially perceptible in the functioning of institutes of infrastructure can change the conception of functioning of the financial market radically. In this connection, the purpose of the article is a system analysis of the current state of the infrastructure of the Ukraine's financial market and substantiation of prospects for its further development. Based on international experience, institutions that represent the financial market infrastructure of Ukraine have been systematized. It was found that all basic infrastructure elements have been created and are in operation in Ukraine according to Principles for financial market infrastructures (PFMI), issued by the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions. The PFMI are part of a set of 12 key standards that the international community considers essential to strengthening and preserving financial stability. In Ukraine the payment system is presented as state and private participants and has a multilevel structure of participation. The depositary system has a vertical structure, in the center of which is located the National depositary of Ukraine, but the separate functions remain for National Bank of Ukraine and others depositary establishments. The clearing system is presented by a Settlement Center for Servicing Agreements on Financial Markets. The basic part of operations is conducted on two stock exchanges, and there is a tendency to further consolidation of stock exchanges. The largest securities traders are banks. Almost 300 participants of the stock market are companies on the management of assets. The authorized provider of informative services has been created and began to function at the stock market. It was determined that in spite of the existing institutes of infrastructure of Ukraine's financial market the conceptual vision of its development isn't clear. It was proved, that in Ukraine the financial market infrastructure has more arguments to use the horizontal "depositary" model.