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Features of the current stage of development of Russia increase the relevance of studying problems associated with the expansion of internal sources of financing economic growth, one of which may be citizens’ savings. To attract private capital more widely, the national financial system can and should provide a large range of tools for private investors that meet the needs of citizens in terms of profitability and safety of funds. The paper has considered the key tools of retail investment, which are currently widely used in domestic practice. Alternative ways of private investment have also been explored. They can be applied depending on the needs of specific actors, market participants, or citizens. The development of a line of instruments for the retail investment – deposits, long-term individual investment accounts, products of research and production associations, insurance products, etc., their availability is one of the conditions for the effective functioning of the domestic financial market and, as a consequence, the Russian economy as a whole. The analysis of the essence, trends, opportunities, and risks of the retail investment instruments will allow us to assess the effectiveness of the activities of financial regulators in this area and identify promising and appropriate areas for its improvement.

The article analyzes the legislative acts that defined the scope of the control and supervisory powers of the National Securities and Stock Market Commission (hereinafter - the Commission) during the inception and formation of the securities market in Ukraine. The purpose is to identify the development trends in the legal regulation of relations within the capital markets. The article highlights changes in the system of state administration bodies overseeing the securities market. It notes that the function of state control was divided among three bodies based on substantive and functional characteristics, with the Commission taking a ce ntral role. A steady trend towards the legislator expanding the areas of activity and the range of issues under the Commission's control is observed. The expansion of the Commission's state control sphere and the range of subjects under its jurisdiction had logical justification determined by their activities. However, the scope of state control expanded significantly, requiring substantial human and material resources, which necessitated reforms in the Commission's structure and methods. The article also notes significant changes in defining the forms of implementation of the Commission's control powers. According to the current version of the Law of Ukraine «On State Regulation of Capital Markets and Organized Commodity Markets,» traditional state control methods, such as scheduled inspections, have become secondary. Instead, state supervision methods focusing on observing events in the capital markets have gained prominence. The legislator's attention has shifted from monitoring individual market participants to assessing overall market functioning. This shift requires further development of the monitoring system and enhancement of supervisory powers, reflecting the evolving content of the Commission's activities. The future development of relations between the state and subordinate subjects necessitates a differentiated approach to regulating its control and supervisory functions. This approach aims to reduce the scope of state control measures and promote economic libera lization. [ABSTRACT FROM AUTHOR]

AbstractAccruals are regarded as investments in working capital and are an integral component in the growth process of firms. By assuming asymmetry of information among investors when predicting the returns on such investments, investors are exposed to adverse selection problems. Consequently, in market equilibrium, investors are believed to require compensation for the systematic risk associated with adverse selection exposure. By constructing the accruals factor as a variable to proxy for such risks, this study demonstrates that the accruals factor is priced and can enhance existing asset pricing models. Moreover, categorizing accruals into discretionary and non-discretionary components and constructing accruals factors from these components yields similar results. When the discretion of managers or market environment increases the degree of asymmetric information, adverse selection problems become more pronounced. Therefore, the accruals factor, serving as a proxy for the systematic risk associated with adverse selection, is an essential risk factor in asset pricing models.

Econometrics is a branch of economics that uses mathematical and statistical methods to study quantitative and qualitative relationships within economic phenomena. The purpose of this article is to study the impact of the capital market (financial instruments) on economic growth in Kazakhstan and the CIS countries through an understanding of the concept of “econometrics”. The task of the study is to determine the dependence of gross domestic product as a resultant factor over the past 20 years. Methods. The article determines the assessment of the impact of financial factors on economic growth in the short term. An econometric model was used for this purpose. The resulting factor was the gross domestic product over the past 20 years. Results. The results indicate that the capital market influences economic growth in Kazakhstan and the CIS countries. This paper presents a model of the GDP function for the economy of Kazakhstan. In the course of the study, coefficients and variables of the model were estimated to predict the level and future changes in the country’s GDP. Thus, the size of the capital market (Y1) depends on the following variables tested in the model: the number of securities issuance transactions; the volume of securities issuance transactions; the number of transactions of non-residents with shares at the secondary auction of KASE; the rate of change of shares of leading issuers on KASE

Copyright of Revista Jurídica (0103-3506) is the property of Revista Juridica and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

As the limit between reality and the digital field seems to blur more and more, and this fusion has an impact on several fields of study, such as accounting and audit, the similarity between cryptocurrencies and the stocks of companies has to be analysed, as investment items. In the absence of comparisons between the cryptocurrency market and the capital market, investors cannot apply the proper accounting treatment for the activity in which they are involved. Consequently, the aim of this article is setting the existing characteristics and correlations between the cryptocurrency market and the securities market. Besides, the authors consider that this article may contribute to the accounting research, providing useful information to investors and regulatory authorities in accounting. Cryptocurrencies and the prices of stocks are somehow correlated after considering the volatility of cryptocurrency. Many of the factors affecting the prices of stocks also have an impact on the prices of cryptocurrencies. Investors and traders treat cryptocurrency in the same way in which they treat the stocks, so that prices tend to have the same trend. We should be cautious when we invest in cryptocurrencies, as they are still new – the market explores its role as an asset. At the same time, the analysis and presentation of certain statistical data was pursued, like the number of companies listed at the largest stock exchange operators in the world, the stock exchange capitalization, the number of cryptocurrencies at world level, the market capitalization of cryptocurrencies, resulting in a similarity between the two studied elements.

The paper purpose is to present the theories’ value of the times in political economy for solving modern problems. To achieve this goal, it was necessary to solve the following tasks: to give a brief overview of the comparative advantages’ theory, to designate an example of the “interest rate swap” instrument, to illustrate the application of the comparative advantages’ theory to the “interest rate swap” instrument. The theories of absolute and relative advantages are compared. Particular attention is paid to concrete examples with calculations, but not to the detriment of the presentation of theoretical concepts. The results of the work will be useful in shaping the practice of using derivative instruments and solving a wide range of tasks related to counter flows of financial and commodity-material values. The research used not only methods of analogy, analysis, synthesis, but also formal-logical, comparative and descriptive analyses.

Securities markets are a barometer for the economic progression of any country. The quest to harness the maximum benefits that such markets afford has led governments to enact specific legislation and develop appropriate policies. Despite enacting legislation in 1970, it was only in 1993 that the Zambian securities market was established. Simultaneously, the Securities Act 1993 was also enacted. However, it was replete with shortcomings, leading to its repeal and replacement by the Securities Act 2016 (amended by the Securities (Amendment) Act 21 of 2022; hereinafter the Securities Act 2016 as amended). The Securities Act 2016 as amended has for the most part been hailed as a progressive piece of legislation that has incorporated global best practices aimed at enhancing the securities market. There is optimism that the Securities Act 2016 as amended has breathed new life into the securities industry which was seemingly ailing and on life support. It remains questionable, however, whether the Securities Act 2016 as amended enhances the performance of the securities market by effectively fostering fair and efficient trading and ensuring financial integrity, or if it simply reiterates the problems of its predecessor or worse still creates new challenges. In this article the author critically assesses the Securities Act 2016 as amended to ascertain the extent to which it conforms to the IOSCO Principles 2017 and the practices of other countries such as Kenya, whose Capital Markets Act Chapter 485 offers greater clarity.

Copyright of Iuris Tantum is the property of Investigaciones y Estudios Superiores, AC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Accruals are regarded as investments in working capital and are an integral component in the growth process of firms. By assuming asymmetry of information among investors when predicting the returns on such investments, investors are exposed to adverse selection problems. Consequently, in market equilibrium, investors are believed to require compensation for the systematic risk associated with adverse selection exposure. By constructing the accruals factor as a variable to proxy for such risks, this study demonstrates that the accruals factor is priced and can enhance existing asset pricing models. Moreover, categorizing accruals into discretionary and non-discretionary components and constructing accruals factors from these components yields similar results. When the discretion of managers or market environment increases the degree of asymmetric information, adverse selection problems become more pronounced. Therefore, the accruals factor, serving as a proxy for the systematic risk associated with adverse selection, is an essential risk factor in asset pricing models. Impact Statement: The accruals anomaly is a phenomenon that contradicts the EMH (efficient market hypothesis). This anomaly has been a compelling topic for accounting and finance scholars over the past quarter-century, as it pertains to fundamental issues, including the function of capital markets in pricing risk assets, allocating resources efficiently, and the institutional framework of information disclosure that affects the information environment of capital markets. While numerous studies have validated the robustness of this phenomenon, the reasons behind its occurrence remain unclear. Assuming the presence of information asymmetry among investors, as described by market microstructure theory, uninformed investors are exposed to the risk of adverse selection. To compensate for such risk exposure, it is believed that these investors require a risk premium. Empirical analyses using the GRS test, its Bayesian framework, and HJ-Distance (Hansen-Jagannathan-Distance) support this theoretical prediction. Excluding the role of the information structure when discussing market efficiency is akin to disregarding a crucial puzzle piece. Considering a more intricate structure makes it possible to rationally explain phenomena previously deemed anomalous. Therefore, it is believed that conducting analyses based on aspects of market microstructure theory, which specifically describe information asymmetry, is highly important for future research in accounting and finance. [ABSTRACT FROM AUTHOR]

As the limit between reality and the digital field seems to blur more and more, and this fusion has an impact on several fields of study, such as accounting and audit, the similarity between cryptocurrencies and the shares of companies has to be analysed, as investment items. In the absence of comparisons between the cryptocurrency market and the capital market, investors cannot apply the proper accounting treatment for the activity in which they are involved. Consequently, the aim of this article is setting the existing characteristics and correlations between the cryptocurrency market and the securities market. Besides, the authors consider that this article may contribute to the accounting research, providing useful information to investors and regulatory authorities in accounting. Cryptocurrencies and the prices of shares are somehow correlated after considering the volatility of cryptocurrency. Many of the factors affecting the prices of shares also have an impact on the prices of cryptocurrencies. Investors and traders treat cryptocurrency in the same way in which they treat the shares, so that prices tend to have the same trend. We should be cautious when we invest in cryptocurrencies, as they are still new – the market explores its role as an asset. At the same time, the analysis and presentation of certain statistical data was pursued, like the number of companies listed at the largest stock exchange operators in the world, the stock exchange capitalization, the number of cryptocurrencies at world level, the market capitalization of cryptocurrencies, resulting in a similarity between the two studied elements.

The impact of a range of factors on the country’s financial system, primarily related to the war, determines the relevance and importance of conducting this study. In modern conditions, the sphere of finance is transformed and adapted, therefore the purpose of this study was to investigate the current state of the country’s financial system in the context of the functioning of its main structural elements. The methodological basis of this study included the use of both general scientific methods, such as analysis, synthesis, comparison, comparison, and specific methods. To detect existing trends and processes in the financial system of Ukraine, statistical methods of dynamic and structural analysis were used. The study used a complex approach to the investigation of the financial system, specifically, the budget sphere, the banking system, the securities market, and the currency sphere were analysed. The main processes that affect the formation and implementation of the revenue and expenditure part of the state budget have been identified. The volume of tax revenues and their share in the formation of state budget revenues in the pre-war and wartime periods were compared. The main reasons for the growth of the budget deficit have been identified. The key sources used to cover the deficit were highlighted. The state of the national securities market was described based on the analysis of the structure of trade transactions in terms of financial instruments. The study found that the main share of trade transactions takes place with government debt securities. The banking sector, the financial system of the country, based on indicators of liquidity and profitability, was studied. Using the stability rating of banking institutions, it was found that leading positions in it are occupied by financial institutions that have foreign sources of financing, as well as state banks. The dynamics of devaluation of the hryvnia with the dynamics of inflationary processes were investigated. The results of the study allow for a comprehensive assessment of the current state of the country’s financial system and will be useful both to actors in the country’s financial sector and to managers who determine the basis of its functioning

It is noted that the concept of liquidity in the securities market has a slightly different meaning compared to the concepts of liquidity in securities, banks, or enterprises. Over the years of research, the liquidity of the securities market has been defined in various ways, depending on the specific characteristics under examination. It has been established that businesses accumulate surplus monetary resources (savings) from the public through institutional investors such as pension funds, insurance companies, commercial banks, and investment institutes, converting these resources into investments. The government implements its credit and monetary policies through the issuance of state securities. Fiscal and monetary policies, in turn, serve as tools employed by the government to regulate the interactions of participants in the stock market. Overall, the economic policy of the state, as expressed in the balance between state investments and state consumption, plays a role in determining the wage levels in the public sector, influencing investment opportunities, business needs, and the level of savings among the population. It is argued that in modern studies, the concept of market liquidity is considered in the context of a specific issuance of securities, with the primary focus on the ability to quickly complete a substantial transaction (involving a significant volume of securities) and its impact on the market price of the specific security issue in question. Moreover, the liquidity of a particular issuance of securities is somewhat interconnected with the overall liquidity of securities since the rapid completion of a substantial transaction with minimal impact on the market price is linked to the investor's ability to quickly sell the security at a reasonable cost. The market density of a specific security issue reveals how much the supply and demand prices (current quotations) of those securities deviate from the average market price. In a liquid market, there is only a minor deviation between supply and demand prices, implying that significant transactions have limited influence on the market price. When determining market density, the spreads between bid and ask prices are often employed, which represent the difference between the asking (selling) and bidding (buying) prices of a specific security issue (the asking price is higher than the bidding price). Generally, the smaller the spread between bid and ask prices, the more liquid the market is, particularly when there is a substantial number of bid submissions. [ABSTRACT FROM AUTHOR]

The purpose of this study is to investigate the feasibility of issuing Arctic bonds as a means to attract public savings for implementing investment projects aimed at developing the Russian Arctic. The article examines methodological approaches to issuing bonds to the public and analyzes Russian and foreign practices in this area. The study established that if the parameters and conditions for issuing bond loans to the public are chosen rationally and the details of bond placement are effectively communicated to potential investors, the use of this tool can not only increase the public’s interest in the securities market but also engage free household savings in economic processes. The study also analyzed the possibilities and prerequisites for the effective placement of Arctic bonds. It was found that in the near future, financial resources allocated by the government for the development of the Russian Arctic will be limited. At the same time, the population of the Arctic is characterized by a high level of savings, which makes it possible to issue bond loans to the public. The author has identified the key parameters for issuing Arctic bonds. It is advisable to issue them as book-entry coupon bonds with a maturity of five years and to use the Finuslugi online platform for placement. When fixing the coupon rate, it is recommended to use a dynamic approach with a focus on the average profitability of long-term bank deposits. The purpose of raising funds with the help of Arctic bonds is to co-finance projects included in the national program titled "Socio-economic development of the Arctic zone of the Russian Federation."

The article studies investment activity of the population on Russian stock market in 2015–2022. The research used data and analytical information of the Federal Service of State Statistics, the Central Bank of the Russian Federation, the Moscow Exchange, NAFI Analytical Center. The authors ground the importance of attracting individuals to the stock market in conditions of economic sanctions introduced against Russia. They come to the conclusion that the growth in the number of private investors and the amount of funds on individual investment accounts are influenced by concessional taxation, higher real incomes of the population, improving financial literacy and trust to the stock market, as well as simplifying registration and trade on stock market and rising profitability of investing into shares and bonds. The adverse impact on the number of brokers’ clients and the amount of funds on individual investment accounts is rendered by deposit rates in banks, dropping confidence to stock market and deterioration in conditions for saving building. The authors provide recommendations on developing the stock market in Russia, which include extension of concessional taxation on transactions with securities by individuals, better accessibility of digital tools and services, for instance by the ‘Marketplace’ project, higher level of finance literacy of the population, especially in rural and remote regions.

The purpose of this study is to study the indicators for evaluating the effectiveness of the implementation of investment processes on the securities market, taking into account the scientific foundations of information management systems and analysis of indicators of financial efficiency of the investment function of the securities market in Ukraine.The relevance of this study is due to the growing importance of management information systems in all sectors of the Ukrainian economy, in particular, the provision of solutions to the problems of activating investment processes in the securities market of Ukraine by analyzing and reassessing the effectiveness of investment processes at this level, taking into account the scientific basis of management information systems. A set of indicators that best reflect the implementation of the investment function of the Ukrainian securities market is proposed. A matrix of characteristics of investment processes in the securities market is proposed. It is argued why domestic and foreign investors prefer local securities market indices when making investment decisions. Through the implementation of correlation-regression models, it has been proven that, on average, 87% of changes in investments in securities are due to changes in the number of licensed entities, which on the Chedoch scale indicates a close relationship between the indicators. The results obtained using statistical inference methods indicate a high impact of both external macroeconomic factors that inhibit the development of the securities market and internal, which in turn is reflected in the indicators of assessing the effectiveness of investment processes in the securities market.

The purpose of the article is a theoretical and methodological substantiation together with elaboration of recommendations for increasing the capitalization of the domestic securities market. The article is concerned with studying the level of development of the securities market and the directions of increasing its capitalization, which will provide favorable conditions for the formation of an appropriate level of economic development of the country. Emphasis is placed on the fact that the concept of «capitalization» is interpreted as a complex dynamic process of forming prospects for the development of the Ukrainian economy, which varies depending on the outlined tasks. It is identified that the capitalization of the stock market testifies to the intensity of the national economy and reflects the dynamics of changes in its various industries. The development tendency of the world stock market is analyzed and the experience of world leading companies with the highest level of market capitalization is adapted. The volumes and structure of trading on operators of organized capital markets by type of market are considered and the main obstacles to the further development of the Ukrainian stock market are substantiated. The need to integrate the domestic securities market into the world stock market is accentuated. Based on the carried out correlation analysis, it is found that the closest relationship between the volume of trading in shares on the Ukrainian securities market and the aforementioned factors occurs with the total trading volume in the securities market, namely: the more transactions are carried out on the market, the higher the volume of transactions with shares. It is noted that the domestic securities market in order to improve the efficiency of further functioning requires: improvement of the legislative framework; increasing the level of motivation; minimization of financial risks; improving infrastructure development, etc. Further research will be aimed at developing promising directions for the integration of the domestic stock market into the global financial space.

The efficiency of the functioning of the securities market is largely determined by the level of development and functional characteristics of its infrastructure. The purpose of the work is to develop recommendations for improving the infrastructure of the securities market of the Republic of Belarus on the basis of clarifying the essence and determining its elements, analyzing the current state and determining the needs of the market. The article contains definitions and characteristics of the basic elements of the securities market infrastructure such as trading, depositary, settlement and clearing systems, market information support systems, as well as the institution of professional participants in the securities market represented by brokers, dealers and trustees. The paper presents a brief overview of the volume indicators of the securities market of Belarus, presents the results of a comparison of the composition of the basic infrastructure elements of the securities market of Belarus and the EAEU countries. Based on the results of the analysis, conclusions were drawn about the ability of the existing infrastructure to provide technical and informational interaction of its participants, recommendations were formulated for improving the domestic securities market and its infrastructure. Эффективность функционирования рынка ценных бумаг во многом определяется уровнем развития и функциональными характеристиками его инфраструктуры. Цель работы состоит в разработке рекомендаций по совершенствованию инфраструктуры рынка ценных бумаг Республики Беларусь на основе уточнения сущности и определения ее элементов, анализа их текущего состояния и выявления соответствия потребностям рынка. Статья содержит определения и характеристику базовых элементов инфраструктуры рынка ценных бумаг – торговой, депозитарной, расчетно-клиринговой систем, системы информационного обеспечения рынка, а также института профессиональных участни- ков рынка ценных бумаг в лице брокеров, дилеров и доверительных управляющих. В работе представлен краткий обзор объемных показателей рынка ценных бумаг Республики Беларусь, приведены результаты сравнения состава базовых инфраструктурных элементов рынка ценных бумаг Беларуси и стран ЕАЭС. По результатам анализа сделаны выводы о способности существующей инфраструктуры обеспечить техническое и информационное взаимодействие его участников, сформулированы рекомендации по совершенствованию отечественного рынка ценных бумаг и его инфраструктуры.

The impact generated by the accelerated development of NFT's creates a series of risks and legal problems, among which the legal, the impact on intellectual property, the protection of the purchasers of this type of tokens, fraud prevention and the possible impact of NFT's on financial markets are the most important. The purpose of this document is to analyze whether the regulatory framework of the securities market is applicable to NFT's based on the following assumptions: i) NFT's, understood individually as a digital representation, cannot be considered as securities; ii) in States where the definition of securities includes the concept of "investment contract", NFT's could be considered as securities, as long as they meet the requirements of the Howey Test; iii) in States where there is no definition of investment contracts, NFT's could be considered as securities, provided that they meet the requirements for such purpose--the existence of a negotiable right, issued in mass or in series within a public offering of securities, and that its purpose is to obtain resources from the public by way of investment--; and iv) that the recognition of NFT's as securities would lead to the application of regulatory frameworks of the capital market in matters such as registration before the financial authorities, provision of information and investor protection schemes. This text will describe the origin and current scenario of NFT's. Likewise, the different positions of supervisory and regulatory authorities at a global level will be analyzed with respect to these tokens; and, finally, some reflections will be made from the point of view of securities market regulation with respect to the aforementioned non-fungible tokens. [ABSTRACT FROM AUTHOR]

The purpose of the article is to study the current status of financial monitoring carried out in the securities market of Ukraine. The article analyzes the activities of the entities of the State-based financial monitoring and primary financial monitoring in the stock market of Ukraine. Their main functions and tasks in the financial monitoring system are distinguished. Based on the carried out research, it is concluded that securities are often used in illegal schemes (withdrawal of assets outside Ukraine, minimization of tax liabilities, tax evasion, etc.) that precede the laundering of criminal income. One of the risky instruments of the financial market was also the purchase and sale of domestic government bonds. On the one hand, this type of securities can be considered one of the most reliable financial instruments due to its high liquidity and wide range of applications. At the same time, the high demand and peculiarities of execution of contracts concluded on the stock exchange for the purchase/sale of domestic government bonds make them attractive in schemes of legalization of illegal income, especially for public figures who must declare their wealth. Considering the nature of reports of violations of securities transactions, it can be concluded that there is a high proportion of possible schemes for legalizing dirty funds. Under martial law, there have been significant changes in the process of identification and verification of clients of the primary financial monitoring entities in order to simplify the purchase of government securities. Thus it is worth noting that the largest share of violations of financial legislation falls on government bonds, which have become available to various categories of investors (including individuals). This fact may contribute to the emergence of new schemes for laundering (legalization) of proceeds from crime. Therefore, the entities of the State-based financial monitoring should develop a system of hedging risks regarding the placement of government bonds among different categories of investors. This is especially true of the over-the-counter market. It is worth noting that this segment of the stock market is under the partial control of the national depository of the NBU. Therefore, it is proposed to create an entity in the securities market that would adopt the functions of controlling and preventing fraudulent and manipulative actions with securities.

The purpose of the study is to determine the nature of the impact of digitalization of the domestic securities market on the development of the securities market and the presence of unfair practices on it, in particular, insider trading and manipulation. In the context of the development of technologies and their mass introduction into the financial system, in addition to positive effects, new problems arise related to the control and regulation of its individual elements. Thus, the digitalization of the securities market infrastructure requires the development of a new system of control over compliance with legislation in the field of countering unfair practices. It is necessary to develop new forms and methods of identification and control that meet the level of technologies being implemented. The subject of the study is changes in the securities market and the system of countering unfair practices in the process of its development. The article discusses the main stages of the development of the securities market. Methods of analysis, synthesis and systematisation of data were used. The main problems of countering insider trading and manipulation arising in connection with the introduction of new forms of functioning of the securities market are identified. The scientific significance of the study is to identify the main problems associated with the inconsistency of the existing system for identifying and controlling unfair practices and the current level of development of the securities market infrastructure.

The stock market is a mechanism for attracting investment in the country's economy. Thus, its development is important. The article emphasizes the role of investment funds, which makes investing massive. It is noted that at present there is only one functioning stock exchange in Georgia - the Georgian Stock Exchange, although in 2015 the Tbilisi Stock Exchange was also established. The activities of the stock exchange are inextricably linked with the activities of the central depository, which is currently an institution that confirms the rights to electronic securities, but the deponent is not always the owner of the securities. At the same time, a line was drawn between the activities of the central depository and the specialized depository. It is noted that today the stock exchanges are formed in electronic form as joint stock companies. As for the capitalization of the stock market, in practice, when discussing the capitalization of companies, they always have in mind only the capitalization of joint-stock companies, the total market value of the shares they develop, while the capitalization of the bond market is more important. The flow of free cash to the stock market leads to an increase in demand for securities, but starting from a certain point, profits and dividends may decline. Among macroeconomic indicators, the following indicators have a high correlation with the sovereign credit rating: per capita income, GDP growth rates, inflation rate, the size and dynamics of external debt, the level of economic development, credit history, as well as budgetary and current deposits of the operating balance. It also emphasizes the fact that the securities market loves scale, so the most important factor in the development of the Georgian stock market is to consider the issue from a regional point of view. However, as practice has shown, the development of the stock industry in our country is possible (2000-2007, when the National Securities Commission was the regulatory body). The National Bank of Georgia became a permanent member of IOSCO in 2021, which means that as a result of the "fi st generation" reform, the capital market regulatory framework in Georgia has been brought into line with international standards. The article gives some recommendations that will contribute to the development of the stock business in the country, namely: restoration in the law of a fundamental provision on the securities market, according to which public securities can only be traded on the stock exchange, protection of minority investors and structural changes (for example, combining the functions of registrars with a central depository), as well as the issuance of inflation-protected securities. [ABSTRACT FROM AUTHOR]

The article describes a popular model for evaluating capital assets CAPM. Studied the method offorming an efficient investment portfolio, using this model. Unlike investigated by the CAPM model, the index W. Sharpe. The basic principles for the selection of the investment portfolio. Studied the main results ofthe model CAPM, is to divide, which shows the optimal combination of assets in the portfolio without taking into account the investor's subjective preferences. The advantages and disadvantages of the model under investigation. In connection with the identified shortcomings in the model of CAPM, we investigated the modified capital asset pricing model. Included in these additional parameters are created only in order to increase the accuracy offorecasting for efficient portfolio.

The purpose of this study is to study the indicators for evaluating the effectiveness of the implementation of investment processes on the securities market, taking into account the scientific foundations of information management systems and analysis of indicators of financial efficiency of the investment function of the securities market in Ukraine. The relevance of this study is due to the growing importance of management information systems in all sectors of the Ukrainian economy, in particular, the provision of solutions to the problems of activating investment processes in the securities market of Ukraine by analyzing and reassessing the effectiveness of investment processes at this level, taking into account the scientific basis of management information systems. A set of indicators that best reflect the implementation of the investment function of the Ukrainian securities market is proposed. A matrix of characteristics of investment processes in the securities market is proposed. It is argued why domestic and foreign investors prefer local securities market indices when making investment decisions. Through the implementation of correlation-regression models, it has been proven that, on average, 87% of changes in investments in securities are due to changes in the number of licensed entities, which on the Chedoch scale indicates a close relationship between the indicators. The results obtained using statistical inference methods indicate a high impact of both external macroeconomic factors that inhibit the development of the securities market and internal, which in turn is reflected in the indicators of assessing the effectiveness of investment processes in the securities market. [ABSTRACT FROM AUTHOR]

The military invasion of Russia on the territory of Ukraine caused a number of negative consequences for the economy. The state of Ukraine's economy has a direct impact on the balance of the state budget. Today, this is reflected in the growing budget deficit. The shortage of financial resources of the state became the reason for the search for potential on the domestic and foreign markets. The securities market is a platform for the formation and distribution of loan capital in any country. At the same time, a separate segment is formed that serves the state and attracts financial resources. This segment is called the market of government debt securities. The article describes the functions performed by this market, in particular: mobilizing, investment, transformational. Among the instruments circulating in this market are government bonds and treasury bonds. Domestic state loan obligations are one of the outcomes of the financial instruments market. The trade in such securities was analyzed in terms of investment subjects. Also, indeed, an assessment of the circulation of military obligations. The market of government debt securities actually covers the entire securities market in Ukraine. In general, this allows financing the needs of the state and is positive. However, without other segments, it is not sufficiently developed. The evaluation of the key indicators of the state securities market made it possible to single out key problems, including: mistrust of foreign investors; narrow selection of financial instruments; speculative actions of unscrupulous investors; decrease in the level of income of the population, etc. We consider the following to be the main ways of activating the market: carrying out new ones related to the revision of the regulatory framework and, accordingly, bringing it into line with the norms of international standards reforms; strengthening control and review of the market, including the avoidance of speculative transactions; maturity dates for bonds and others. [ABSTRACT FROM AUTHOR]

The article presents an analysis of the domestic stock market: its dynamics, structure, deformation. In particular, it is noted that the dynamics is observed mainly in secondary positions. It is mainly characterized by stagnation and even a fall in the equity market sector. There are serious imbalances that reflect monopoly processes (in service, in industry and regional cuts). The authors proposed a structural-logical model of the role and place of the stock market and exchange trading in models and mechanisms of financial and economic development, which allows to take into account all the features and interrelations in the development of strategies, development programs of industries, regions, corporations, and in the preparation of educational materials financial literacy).

The article presents the results of the application of machine learning methods to identify customers prone to the use of insider information and market manipulation. The feature space was formed taking into account the specifics of the subject area. Cluster analysis techniques were used to markup data and to construct a training sample to identify features of anomalous objects. The key distinguishing features of atypical transactions were obtained and analyzed, an "atypical investor profile" was created. Ensemble algorithms of machine learning were used to build models for identifying transactions with possible misuse of insider information and signs of market manipulation. The practical significance of the study lies in the fact that the use of models will allow to effectively and timely identify atypical transactions, as well as unscrupulous investors involved in the misuse of insider information and market manipulation. The proposed approaches can be applied both in the work of the Bank of Russia and in the brokers' work, who should independently monitor the doubtful operations of their clients. [ABSTRACT FROM AUTHOR]

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The relevance of the problem under study was due to the emergence of new financial technolo¬gies and the creation of prerequisites for their active introduction into the securities market. The activity of the securities market would in many ways expand the opportunities of both the population, represented by private investors and enterprises, which in turn made it possible to solve many problems. Digitalization today has af¬fected all areas of activity, including the securities market. It had an impact on both financial institutions and financial partners. In order to reduce the time spent performing operations, gain competitive advantages over competitors, and attract more customers, securities market entities sought to make as much use of the latest developments as possible in various aspects of performance. Digital transformations in the securities market inevitably entail a rethinking of the views of users and participants in these fi-nas relations. The purpose of the article is to highlight trends in the development of innovations in the securities market and identify the degree of their influence on market participants. In the course of the study, general scientific methods of cognition, such as analysis, synthesis, induction and generalization, were applied. The definition of innovations in the securities market was given, the necessity of their use in the activities of the subjects of the securities market was proved, the main trends were characterized and a regressive analysis was carried out, which proved a high degree of influence of the welfare of citizens and the number of subjects from innovations. In the article, based on the accumulation of the introduction of innovations into the activities of participants in the Russian securi¬ties market, ways of improving them are proposed. It also considered and argued the possibility of creating a financial supermarket based on the Moscow Exchange in the form of a marketplace, which in the future will be able to offer all types of financial services. The results obtained in the course of the study could be used in the formation of a competitive strategy for participants in the securities market in the process of implementing their innovative activities.

The legislator of our country, under Article 36 of the Securities Market Act of 2005, has put the jurisdiction of the arbitration committee to deal with disputes between capital market actors if they fail to reach agreement in the relevant committees Which, pursuant to Article 37 of the same three-member law, which one member was elected by the President of the Judiciary and two other upon the recommendation of the Organization and approved by the Council, was not based on the consent of the parties, contrary to common law and common law. This is mandatory jurisdiction. Therefore, the parties do not have the right to agree to the contrary and to file a lawsuit with the judicial authorities and, if so, the requested authority will be disqualified. These disputes, which are subject to the mandatory jurisdiction of the arbitral tribunal, merely involve civil litigation (not disciplinary offenses) and Apart from Article 36 of the Market Law, which expresses the core competence of the Arbitration Panel, the provisions of the 43 recent laws and the 15 instruments of law development are also worth noting. In spite of the legislator's silence on the rules governing the formulation and adjudication of a stock exchange arbitration panel, compliance with the general rules of civil procedure is recommended On the basis of which the Board has examined and issued the order That, notwithstanding Note 5 of Article 37 of the Market Code, definitive and enforceable and enforced by the enforcement and enforcement of court rulings.

The article is aimed at studying the current global trends and national initiatives in forming a green bonds market in Ukraine through attracting investment to implement environmentally important projects in the area of energy conservation. The essence and key features of “green” bonds as an effective financial instrument for the implementation of environmentally friendly projects in economy are revealed. Analytical review of the green bond market development in the international space and European countries has helped to identify global investment trends and a number of essential features of “green bonds” as a lucrative investment asset in the long run, which brings positive socio-economic and environmental effects. The legal base and regulatory aspect of the formation of the green bonds market in the national economy is compared with those of the developed countries. The main provisions of forming the state policy on the green bond market in Ukraine are analyzed, taking into account the expected results of attracting finance in the sphere of energy efficiency. The risks and promising areas of implementing the Concept of introduction and development of the green bonds market in Ukraine is identified on the basis of changing trends in the investment sphere of the global financial market. It is substantiated that the potential of market development in Ukraine creates the basis for attracting investment capital in various areas of energy efficiency and helps our country to join global trends of greening the national economy in the context of the pandemic. It is proved that the green bond market can compete with investments in virtual assets and will have a long-term economic effect in the process of modernizing the national economy in the period of global climate change and COVID-19.

The article examines the leniency and collaboration program for alleged offenders in the Chilean stock market. Chilean legislation offers a leniency program that establishes benefits for those who provide information about illicit conduct. The article analyzes the elements and consequences of the current regulation, questioning some aspects of the leniency system and proposing alternatives to improve legal control in this area. The objective of the article is to critically expose the regulation of collaboration by alleged offenders in the stock market, with an emphasis on the criminal effects of its application. [Extracted from the article]

Financial market is institutionally represented by the financial system. The segments of the decentralized financial system correspond to the sectors of the financial market. Financial relations are formed outside the financial market - in the form of a public financial system. The structure of the decentralized financial system is the relationship between the banking sector and liquid securities markets. The financial structure as a source of ways and mechanisms of economic development is the subject of discussions. In recent years, there has been an increase in the convergence of sectors of the financial system. The financial structure continues to transform. The principles of regulation are the main basic on which the practical actions of the state to regulate the securities market should be based. In contrast to state regulation of the market as a whole, that is, regulation of macroeconomic processes, regulation of the securities market is predominantly administrative in nature. The article expresses an opinion on the expediency of restoring the fundamental entry in the Law of Georgia "On the Securities Market", according to which trading in government securities is allowed only on the stock exchange; The need to protect the interests of minority investors, greater transparency of information about issuers, regulated participants, large investors is also emphasized. The market regulation system is formed under the influence of problems that accumulate and require solutions. The regulation of the securities market by the state is explained by the role played by this market and the desire to increase the reliability of the market and the level of confidence on the part of all its participants. Regulation of the stock market by the state will be supplemented by regulation by self-regulatory participants. Public regulation (regulation through public opinion) is also very important. The reaction of the population to any action on the securities market is the primary reason for initiating this or that regulatory action on the part of the state or market professionals. The development of the securities market in Georgia will be facilitated by a deeper discussion of the mentioned market problems and ways to overcome them. The article highlights the modern trend of creating stock groups in the securities market; The impact of the Covid pandemic on the stock markets is shown; The different situation in the world is analyzed in terms of creating a system of financial market regulation. Currently, the banking system is the dominant sector of the financial market in Georgia, which has been determined by the policy of the National Bank of Georgia for a long period of time. It is no so important which body should play the role of a regulator - the NSC or the National Bank - the determining factors are the will of the (financial) authorities, the methodology of supervision and the qualifications of the staff. [ABSTRACT FROM AUTHOR]

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The article examines the types of professional activities in the modern securities market, assesses their relevance. A description is given of the types of activities in the securities market that are not professional, but are very similar in their tasks and functions to professional activities; proposals are made to change the composition of modern activities in the securities market in order to increase the efficiency of its functioning. It is concluded that there is a need to divide professional activities in the financial market into two types: professional intermediaries and professional participants providing settlement and accounting services in the financial market.

Relevance of the research topic. The domestic securities market has significant opportunities for money laundering through its underdevelopment, significant level of shadowing and the overall financial and economic situation in the country. In such circumstances, the issue of the effectiveness improvement for financial monitoring as the main tool to counteract the income legalization and the holding of shadow operations on the securities market is relevant. Formulation of the problem. The low efficiency of the stock market of Ukraine, especially with regard to providing protection and transparency of investments, significantly reduces its competitiveness to obtain both foreign and domestic investments. Financial monitoring of securities transactions has key importance for effective development of the stock market in terms of its reliability and safety. Analysis of recent research and publications. Problems of financial monitoring in the aspect of ensuring financial and economic security and counteracting the legalization of illegally obtained proceeds, the financing of terrorism and the proliferation of mass impression weapons were investigated in the works of such scientists as O. Akimova, S. Butkevich, O. Glushchenko, S. Kuznetsov O. Kurishko, L. Klyusko, A. Khmelyuk and others. Selection of unexplored parts of the general problem. Considering the significant results of the research of the mentioned problems, the important object of financial monitoring, such as the securities market, is remained without the attention of the researchers though a considerable amount of shadow financial transactions is going on it. The purpose of the study is to analyze the current realities of financial monitoring in the Ukrainian securities market and to determine its development perspectives. Method or methodology for conducting research. The research was conducted on the basis of a systematic approach using methods of analysis, synthesis, comparison, generalization and extrapolation. Results of work. The peculiarities of primary and state financial monitoring on the securities market of Ukraine are determined. Key performance indicators of professional stock market participants as subjects of primary financial monitoring are analyzed, as well as indicators of activities of the NSSMC and SSFM of Ukraine in the field of financial monitoring on the securities market. The main typical violations of the legislation on financial monitoring in the stock market and the main types of securities used to launder “dirty” funds are highlighted. The field of application of results. The results of the study can be used in the preparation of drafts to the domestic legislation governing the implementation of financial monitoring, as well as in the preparation of state programs for the development of the domestic stock market. Conclusions. According to the results of the research, it is concluded that there are significant perspectives for the development of financial monitoring on the Ukrainian securities market. Considering the common violations in the field of the financial market monitoring legislation, control for customer risk management procedures should be enhanced as well as for procedures to identificate, verificate and clarify information about clients and their representatives. Considering the most common ways for “dirty” funds laundering in the securities market, its professional participants – the subjects of the primary financial monitoring should follow the NSSMC's recommendations for setting high level of risk for clients with certain characteristics.

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The stages of development of the stock market in Uzbekistan, the features of this modern turning point, expanding the possibilities of using financial instruments of the stock market for various organizational and legal forms of enterprises, the main directions for the further development of this segment of the financial market are considered. [ABSTRACT FROM AUTHOR]

Currently, there is a number of problems that prevent the development of the Russian securities market. This article examines the problems of information provision of the bond market and suggests the ways to address them in order to increase the attractiveness of the Russian securities market for investors. The object of the study is the disclosure system on the Russian bond market. The subject of the study is the regulatory requirements for disclosure of information and the types of liability for incorrect disclosure of information in Russia. The author of the article conducts a study of the information disclosure system on the Russian bond market using such methods as observation, analysis and synthesis.