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Матеріали VI (XVIII) Всеукраїнської науково-практичної конференції Київ нтуу «кпі» 2010

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Stock Exchanges Worldwide
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Stock Exchanges Worldwide


Olga Gerasymchuk


Stock market is a general term referring to the organized trading of securities in the various market exchanges and the over the counter (OTC) market or in other words an organized market that is fundamentally used to trade securities with a variable rate of return. Most of them also trade fixed rates and a range of assets. [1,2]

At the beginning of October, 2009, the value of the stock market worldwide was estimated to be around $36.6 trillion. From Algeria to Zimbabwe, transactions and stock trades are taking place around the world at more than 105 stock exchanges. Central stock markets are located in all of the significant financial hubs worldwide. For example, Frankfurt, London, and Tokyo all have huge stock exchanges, and of course the New York Stock exchange, which has been open for business since 1792 has a massive trading volume (in 1998, it reached about $7.3 trillion). A turning point in world stock market development happened in 2007 when an inter-European stock exchange called Euronext merged with the New York Stock Exchange. [3]

Basically, these stock exchanges located worldwide help give investors a ready and centralized place to exchange their securities. Also, stock exchanges may help fund a business by a process called flotation of stocks and bonds. But one must be careful with this system--speculation in stocks may make the economy seem less stable. And the financial crisis of 2009 is a good example of this process, which should have been forestalled by rules and regulations which govern the interstate sale of certain stock exchange practices and securities. The Securities and Exchange Commission oversees everything. These days, a significant amount of stocks are traded through what are called "over-the-counter" groups like Nasdaq Europe and Nasdaq. Through organizations like these, a lot of securities not listed on a more significant or well-known stock exchange can be traded by financial dealers by way of telecommunications or computers.

The incipient Ukrainian stock exchange is striving for a decent place in the world stock market system not without tangible success. The PFTS Stock Exchange the larger of Ukraine's two main stock exchanges (the other being the Ukrainian Exchange) reached daily trade volume about $30-60 million in 2008. Approximately 220 companies are listed on the PFTS, with a total market capitalization around $140 billion. Despite those volumes the mission of increasing Ukrainian financial markets competitiveness and attracting not only foreign, but also the domestic capital to the national economy lies on the Ukrainian Exchange. The Ukrainian Exchange is a trading venue for local securities in Ukraine. The Kiev-based exchange was set up on May 15, 2008 with authorized capital of 12 million Ukrainian Hryvnia. Holding a 49% stake in the Ukrainian Exchange, Russian Trading System (RTS) is the largest shareholder and the initiator of its creation. RTS is obligated not to increase its stake in the Ukrainian Exchange and even to reduce it to 40% within 2009. The remaining 51% of the shares in the Ukrainian Exchange is owned by 21 Ukrainian companies. [4]

During the last 10 years the total Ukrainian stock exchange volume increased by 900% which is the biggest figure in the world, however according to Reuters the first place in stock markets growth competition in 2009 was taken by Brazil. Nevertheless Ukraine along with Peru and Shri-Lanka are the top profitable world markets of the last decade. Another fact that should be mentioned is that the Ukrainian PFTS stock market indicator rose up by half in 2009, despite the strong dependence on IMF assistance programs. [5]

Now that the domestic stock market is getting more developed it can become the lead institution of privatization processes in Ukraine. During the 2009 the stock exchange trading UFB State Property Fund of Ukraine proposed to sell 508 shares of open joint stock companies and contained 25 428 transactions. Total sales estimate $ 100 million worth of securities. The highest rise of exchange activity was observed in March, when only one auction brought 50 million UAH to the state budget. Today Ukrainian stock market offers highly-liquid shares of energy, petrochemicals, construction industry, machine building, metallurgy and transport enterprises, 12 of which belong to the group "D". The greatest demandenjoy shares of energy and oil companies.

Further development of Ukrainian stock exchange is vital for its economy. Stock trading can lead to tremendous investments with some diligent stock research before trading stock, such as introducing online trading stock capabilities which can open the door to offshore investing opportunities for nationals, and attract opportunities for investments from internationally focused businesses, investment companies and private investors. Trading stock online enables investors to find the best investments in stocks and shares anywhere in the world. [5]

Sources:

1. Hagstrom, Robert G.The Essential Buffett: Timeless Principles for the New Economy. New York: John Wiley & Sons, 2001.

2. Sergey Perminov, Trendocracy and Stock Market Manipulations, New York, 2008.

3. Preda, Alex. Framing Finance: The Boundaries of Markets and Modern Capitalism. University of Chicago, 2009.

4. Ghana Business News - The Ukrainian Exchange launches online stock trading: [Електрон. ресурс].– Режим доступу:nessnews.com/

5. The Baltic Course - The Ukrainian Exchange launches country’s first online stock trading system: [Електрон. ресурс].– Режим доступу:c-course.com/