At the current stage, the financial market has such prerequisites as turning into a highly efficient mechanism that provides the necessary investments for economic needs [1, p. 38]. The main problem in the development of the financial market of Ukraine is the lack of financial investments, the lack of a systematic approach to reforms. This problem can be solved by involving the population in investing with the help of their savings. Ensuring the development of the financial market negatively affects the economic condition of the country, the formation of economic policy. The financial market includes both direct and indirect financing, which takes into account the participation of financial intermediaries in the movement of capital between different market participants [2, p. 5].
The financial market is a set of institutions, persons and mechanisms that ensure the purchase and sale, exchange and management of financial assets and instruments, such as shares, bonds, currency, derivatives, etc. In the financial market, investments are made, capital and risk are allocated, and the price formation for financial instruments is formed.
In Ukraine, the development of the financial market begins with the moment of its independence, namely with certificates of deposit and shares. Therefore, it is unreasonable to expect noticeable positive results in such a short period. The developed financial systems of the countries of the world were formed as a result of long-term work lasting several decades. In modern times, investments in countries with transition economies are attractive because such countries have a high potential for economic growth. The financial market of Ukraine is characterized by extreme instability, showing a high level of loss of financial resources and a low level of financial intermediation. This instability is caused by the corona virus pandemic, war between countries, financial crises, sharp changes in currency rates, and all this affects the state of the financial market. Also, the level of development of financial culture and financial literacy in society is not acceptable, low activity in deposits, a large number of unreimbursed loans, which are caused by citizens' distrust of banking institutions and an unfavorable attitude to new financial instruments and services on the financial market [3, p. 64].
There is also an alternative structuring of the financial market, which is based on the use of specific types of financial assets. According to this criterion, most domestic experts divide the financial market into the following segments: the insurance segment of the financial services market, the capital market, the foreign exchange market, the money market, the securities market, the land and real estate market, the market of precious metals, stones, and antiques. It should be noted that one of the defining features of the domestic financial market is that commercial banks, stock exchanges, and insurance companies are the main participants that concentrate a significant part of the state's financial resources. Commercial banks are the most active participants in the financial market of Ukraine. At the beginning of 2016, there were 117 commercial banks, which is 42 times more than in 2020. Over the past five years, there has been a decrease [4, p. 4].
In order to solve the main problems of the financial market, it is necessary to monitor the activities of financial institutions, respond to their insolvency, implement measures to improve the financial system, ensure the effective functioning of the supervision system, which will contribute to the effective functioning of the financial system as a whole. In order for banking institutions to improve their own positions on the financial market, it is necessary to improve liquidity through interaction with intermediaries and securities traders. To achieve this goal, the following measures can be used: implementation of non-standard strategies of cooperation with other participants of the banking market; the use of informal approaches in relations with clients, such as individual debt repayment schedules and collateral replacement; organization of agreements between the depositor and the borrower under favorable conditions for the bank and informing clients about such opportunities; raising the standards of providing traditional banking services; development of innovative banking products and services; forming a positive image of the bank, etc. [5, p. 3].
Therefore, it can be concluded that the financial market of Ukraine has a sufficiently large number of problems and requires the implementation of consistent actions regarding its development. The financial market is designed for the trading of financial resources between buyers and sellers, and combines various segments such as the stock, credit, foreign exchange and precious metals markets. Banks should actively involve investors and depositors in processes related to the growth of financial globalization. The main task for today in Ukraine is the introduction and development of a permanent mechanism for the improvement and development of the financial market, taking into account the world trends of the modern era.
List of references:
1. Yakymchuk I.O., Rozvytok finansovoho rynku v Ukraini. [Elektronnyi resurs]. URL: https://dspace.onua.edu.ua/server/api/core/bitstreams/6d1bd4cf-1fe4-4d9e-8395-bb68fb1cdc49/content
2. Avramchuk L. A. Volkov A. Yu. Osnovni zasady rozvytku finansovoho rynku v Ukraini. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. [Elektronnyi resurs]. URL: http://www.visnyk-econom.uzhnu.uz.ua/archive/25_1_2019ua/3.pdf
3. Hataullina Elmira Irekivna. Problematyka rozvytku finansovoho rynku Ukrainy. Vypusk #50/2023. [Elektronnyi resurs]. URL: https://economyandsociety.in.ua/index.php/journal/article/view/2380
4. M. I. Iorhachova, O. M. Kovalova, H. M. Kotsiurubenko. Finansovyi rynok Ukrainy: suchasnyi stan osnovnykh sehmentiv. [Elektronnyi resurs]. URL: http://www.economy.nayka.com.ua/pdf/2_2021/92.pdf
5. Bohdaniuk Tetiana. Ravliuk Tetiana. Suchasnyi rozvytok finansovoho rynku Ukrainy: mozhlyvosti, vyklyky, zahrozy. [Elektronnyi resurs]. URL: https://elartu.tntu.edu.ua/bitstream/lib/34912/2/FMZKPNES_2021_Bogdanyuk_T-Features_and_problems_of_79-81.pdf
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