JEL classification: F29; P23; Q02
Introduction. Exchange activity occupies an important place in the financial services market and in the system of the national economy as a whole. At the same time, the development of such ac-tivities is characterized by significant problems and obstacles that cause its inertia. There is a need to review the main trends in the field of exchange activities and identify measures to improve it.
The purpose of the article is to consider the exchange activity and the main trends of its functioning in the system of modern national economy.
Results of this study: The features, classification of exchanges are determined and the peculiarities of their functioning in Ukraine are considered. It is noted that modern world exchanges reflect the current price situation in different markets, and market capitalization is an important indicator that characterizes the scale of this exchange in the world economy. The world’s stock exchanges with the largest market capitalization are systematized. It is determined that the state regulation of exchange activity of modern Ukraine is somewhat different from the existing norms, standards and rules in the world, which are implemented in foreign markets of financial services. Such activity in the system of the national economy is still in its infancy, despite the positive growth trend of many indicators that characterize it. Trends in the development of commodity exchanges in Ukraine are detailed and their positive dynamics are noted. It is noted that the number of exchanges is too large for the volume of business transactions in the national economy. It was specified that the most important problems that cause the inert development of exchange activities include: political, social and economic instability, occupation of Crimea and some areas of Donetsk and Luhansk regions, the spread of the pandemic and more. It is emphasized that there is a problem of too limited and inconsistent legal field of regulation of commodity exchanges, characterized by the existence of various regulations, a significant number of which should be considered in the context of administrative influence and creating artificial barriers to commodity exchanges.
Conclusions. It is determined that in order to ensure effective exchange activity there is a need to improve banking and financial instruments. In addition, in the system of the national economy for the successful development of exchange activities, in accordance with world experience and socio-economic characteristics of the regions of Ukraine, it is necessary to optimize the number of stock exchanges; to improve the information infrastructure that will provide sales processes; to improve exchange tools; to strengthen the role of agricultural commodity exchanges and innovative enterprises, to create favourable conditions for their operation.
Key words: exchange activity, exchange trading, exchange tools, currency market, information infrastructure, innovative enterprises, clearing institutions, competition, stock market.
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The article was received 13.07.2020