УДК 336.76:6313

Juliia Ananatoliivna LESCHUK
Post-graduate student of the Department of Economics and Social-Behavioral Sciences
Pavlo Tychyna Uman State Pedagogical University


The article defines the current state of international and domestic commodity and financial markets, the essence of risk, classification of risks in conditions of uncertainty. The main risks are identified as the object of management in stock trading and the diversity of present risks, which necessitates the introduction of hedging and the practice of domestic market players. The author substantiates the implementation of the concept of exchange risk as uncertainty, which is that in theory there is a large number of possible outcomes of the developments from the decisions made, which are caused by uncertainty and inability to obtain the expected results from the realization of the goals. The urgency of using fixed-term futures contracts and options on stock exchanges is highlighted, which will provide an effective mechanism for managing price and exchange rate risks or hedging. It is proved that the hedging quality depends on the degree of correlation between spot and futures or option prices.

Keywords: risks, price risks, stock exchange activities, stock market, risk management, hedging.


  1. Andrejchy`kova,M. (2014). «Evolyuciya poglyadiv na problemu ry`zy`ku v ekonomichnij nauci». Ekonomichnyj visnyk. № 1, pp. 38-49.
  2. Vishnjakov,D. (2007). Obshhaja teorija riskov. [General theory of risks). Akademyia. Moscow. Russia.
  3. Vitlins`ky`j, V., Verchenko, P. I. (2000). Analiz, modelyuvannya ta upravlinnya ekonomichny`m ry`zy`kom [Analysis, modeling and management of economic risk]. KNEU. Кiev. Ukraine.
  4. Granaturov,M., Litovchenko, I. V. (2005). Upravlenie predprinimatel’skimi riskami: voprosy teorii i praktiki. [Business Risk Management: Theory and Practice]. MUP Even. Odessa. Ukraine.
  5. Granaturov,M., Shevchuk, O. B. (2000). Ry`zy`ky` pidpry`yemny`cz`koyi diyal`nosti. [Risks of entrepreneurial activity]. Zv’yazok. Кiev. Ukraine.
  6. Kly`menko,M., Dubrova, O. S. (2005). Obg`runtuvannya gospodars`ky`x rishen` ta ocinka ry`zy`kiv. [Rationale for business decisions and risk assessment]. KNEU. Кiev. Ukraine.
  7. Lysjuk,P., Shapoval, S. S., Svinarev, Ju. N. (2004) Modeli ucheta riskov v ocenke jeffektivnosti real’nyh investicij. [Risk accounting models in assessing the effectiveness of real investments]. TJeS. Odessa. Ukraine.
  8. Shtangret,M. (2010). «The notion of «security», «danger», «risk», «threat»: the essence and interconnection». Formuvannia rynkovykh vidnosyn v Ukraini. № 9. pp. 37-42.
  9. Bernstajn, (2000). Protiv bogov: ukroshhenie riska. [Against the gods: Taming the risk]. Translated from eng. Olimp-Biznes. Moscow. Russia
  10. Luman, (1994). «The concept of risk». THESIS. № 5. pp. 135–160.
  11. Prognozuvannya ta xedzhuvannya finansovy`x ry`zy`kiv. [Forecasting and hedging financial risks]. In Pry`mostky,` L. O. (ed.). Кiev. Ukraine.
  12. Pidpry`yemny`cztvo i zovnishn`oekonomichna diyal`nist`: mozhly`vosti i ry`zy`ky` Ukrayiny`. (2013). [Entrepreneurship and foreign economic activity: opportunities and risks of Ukraine]. Joxna, A., Stadny`k, V. V., Soky`rny`k, I. V., Novikova, O. S., Dekalyuk, O. V.; in Joxna, M. A. (red.). XNU. Khmelnytskyi. Ukraine.
  13. Luk’yanova V., Golovach T. V. (2007). Ekonomichny`j ry`zy`k. [Economic risk]. Akademvydav. Кiev. Ukraine.
  14. Bakanov, I., Chernov, V. A. (2003). «Analysis of Commercial Risk» Bukhhalterskyj uchet. №10. pp. 25-28.

The article was received 10.08.2018