IMPROVING THE REGULATORY FRAMEWORK FOR THE DEVELOPMENT OF THE STOCK MARKET IN THE CONTEXT OF POST-WAR RECONSTRUCTION
DOI:
https://doi.org/10.32782/city-development.2025.4-11Keywords:
commodity exchange market, regulatory framework, price formation, derivatives, electronic trading, MiFID II, post-war recovery, investments, hedging, central counterpartyAbstract
The article examines the problems and directions for improving the regulatory and legal framework governing the development of Ukraine’s commodity exchange market in the context of post-war reconstruction. Unlike EU countries, where exchange and electronic trading systems play a key role in ensuring transparent price signals and fostering competition, exchange mechanisms in Ukraine remain largely ineffective and are mostly used as a formal procedure in public procurement. The imperfections of the current Law of Ukraine «On Commodity Exchanges», the fragmented nature of legislation, the absence of electronic platforms, standardized contracts, proper supervision, and effective hedging instruments hinder market development and increase price volatility. The study emphasizes that an exchange as an institution performs far broader functions than merely registering transactions, from ensuring transparent price formation and providing timely market information to fulfilling anti-monopoly and stabilizing roles. The authors justify the need to modernize regulation through harmonization with the European MiFID II/MiFIR directives, the introduction of electronic trading systems, centralized trade reporting, the development of derivative instruments, and the establishment of a unified exchange space with a central counterparty. The proposed «State Program for Reforming the Commodity Exchange Market of Ukraine» includes codification of legislation, institutional consolidation of exchanges, incentives for producers, standardization of exchange contracts, development of futures and options markets, digitalization of infrastructure, and integration of Ukrainian exchanges into international trading systems. The program is implemented in three stages: stabilization, institutional-structural, and integration-innovative. It is concluded that a reformed exchange market can become a key mechanism for economic stabilization, investment mobilization, risk reduction in the agricultural sector, and the formation of a competitive economic system in Ukraine during the post-war recovery period.
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