The Efficient Development of the National Securities Market as an Imperative of Ukraine’s Economic Growth

The development of the stock market largely characterizes the level of the country’s economy as in general, as it allows to obtain additional financial resources through instruments such as securities. Since the stock market of Ukraine began its formation not so long ago, it can be argued that there are certain shortcomings of its functioning, because it is still at the stage of development. The article analyzes the development of the national securities market, defines the impact of the efficient functioning of the stock market on the overall economic development of the country. The structure of trading volumes in the securities market with financial instruments has been researched and the dominant role of the domestic government loan bonds (OVDPs) in their structure has been concluded. It is determined that the vast majority of securities trades are carried out on the over-the-counter market. The main organizers of trade, namely, «PFTS» and «Perspective», which have the largest share of exchange contracts with securities (92%) are allocated. It is concluded that there are insufficient government intervention and weak legislative framework, lack of adequate infrastructure and an adequate level of transparency. It is defined that the domestic stock market is inferior in terms of capitalization of stock exchanges to other countries, so it needs the support om the part of the State and measures to improve it. Directions to improve the development of the securities market in Ukraine are proposed, which consist in overcoming the structural imbalances of the economy; improving and harmonizing the legislation governing the stock market; ensuring a high level of openness and transparency in the stock market.