Strategic priorities of fnancial market development in Ukraine

Abstract

The article analyzes the current state of the fnancial market of Ukraine and assesses the dynamics of its development in the framework of the implemented fnancial and credit policy of the state during the war. The main factors influencing the development trends of the domestic fnancial market are identifed and substantiated. Emphasis is placed on the need to support the fnancial and economic system of the country through the widespread use of various types of securities as effective fnancial instruments to attract investment capital to restore destroyed infrastructure, industrial facilities and further development of all sectors of Ukraine in the war and postwar period. Today there is no doubt that the further development of the fnancial market depends on the availability and accessibility of various sources of investment resources that will be used to support Ukraine's economic development. An analysis of a number of current domestic regulations on simplifying the attraction of investments and expanding the list of fnancial instruments. Approaches to the organization of state regulation of issues of issue, circulation, redemption and redemption of new securities are highlighted. The influence of digitalization of economic processes on the emergence of innovative fnancial instruments such as bank certifcates of deposit, infrastructure and green bonds is substantiated. It is proved that the intensifcation of operations on placement and circulation of bank certifcates of deposit will help revive the stock market and ensure the inflow of investment capital into the banking system of Ukraine. At the same time, the issue of infrastructure and green bonds will provide ample opportunities to attract fnancing to support the greening of Ukraine's fnancial system. An analytical review of the features of issuance and circulation of innovative fnancial instruments in the international space and European countries in particular. The main characteristics of the world fnancial market are analyzed, the experience of the world's leading countries in the organization and use of alternative fnancial instruments is revealed. The expediency of using the project fnancing mechanism is substantiated in view of the emergence of alternative fnancial instruments for attracting investment funds through the disclosure of their nature, purpose and features of application. The directions of implementation of foreign experience in the application of the project fnancing mechanism in the national economy are outlined. The influence of the trajectory of previous development and functioning of the fnancial market of Ukraine on modern investment processes of the country is determined. Based on the generalization of world experience in the circulation of innovative fnancial instruments, taking into account the peculiarities of the domestic fnancial market, the main strategic priorities of the fnancial market in Ukraine, including the formation of favorable conditions for capital investment for potential investors; increasing the liquidity of modern fnancial instruments; introduction of a number of tax benefts with control over their proper application; providing reliable state guarantees for the protection of foreign investments; creation of tools to reduce the risks of fnancial transactions; inclusion of Ukrainian securities in international indices;implementation of international standards for the functioning of capital market infrastructure etc. Practical recommendations for minimizing risks in the process of implementing investment projects, taking into account the conditions of Ukrainian legislation and the business environment. Key words: fnancial instruments, bank certifcates of deposit, infrastructure bonds, green bonds, military treasury obligations, investment capital, project fnancing, tax benefts.