THEORETICAL PRINCIPLES OF FUNCTIONING OF THE PRIMARY MARKET OF SECURITIES IN UKRAINE

The article is devoted to the theoretical bases research of functioning primary securities market in Ukraine. Attention is paid to the issue relevance of studying securities market theoretical aspects, given the lack of a systematic presentation of the basic characteristics of its activity and composition in the scientific literature. This situation in practice diminishes the importance of the primary market and creates barriers to maximize the benefits of its operation. The primary securities market operates in close tandem with the secondary market, which is conditioned by the presence of a common object to which the economic relations, ie securities, are directed. Accordingly, there was a need to compare primary and secondary securities markets on the basis of which their common and distinguishing features were distinguished. This made it possible to clearly distinguish the leading features of the primary market. Formalisation of the relationships between the key entities of the primary securities market, which in carrying out their functions, are subordinated to the sole purpose of the functioning of the market: organization of primary issue and placement of securities. Particular attention is paid to the characteristics of the main actors of the primary market: issuers, investors, intermediaries. It is concluded that the primary securities market opens up considerable opportunities in the field of extended financing of economic activity of both commercial institutions and the state. Investigation of conceptual bases of functioning of the primary securities market in Ukraine will allow to solve practical problems effectively.