The Genesis of Financial Market Institutionalisation in Ukraine: An International Perspective

Abstract

The relevance of the article is due to the need for a comprehensive analysis of the latest processes in the global financial system, as well as a complex development of a methodological approach to its study. With the transition to digital technologies in the global financial market, in particular, when processing and storing data in electronic format, there is a change in the form of financial circulation, which can lead to a number of problems and risks. In this context, special attention should be paid to the international credit market and the international bond market, which are, in fact, circulating in cyberspace and are evolving through info-communication technologies. The purpose of this research is an in-depth analysis of the main globalisation processes of the world economy and their impact on the development of competition between exchange and over-the-counter trade. The study used general scientific methods of analysis, theoretical generalisation, and synthesis, as well as methods of mathematical, statistical, and economic analysis.According to the study of the dynamics of capitalisation of the global stock market, the authors of this article identified a trend towards dynamic growth in the use of alternative trading systems, which is a factor in the development of exchange and over-the-counter securities trading. The article provides a comprehensive analysis of the directions of impacts of digitalisation on the global monetary and financial system, among which the positive and negative effects are considered in detail and substantiated. The negative effects of virtualisation of the global monetary and financial system are identified, as well as perspective directions of modification of the economic system and finance with the introduction of digital technologies are formulated. The information presented in this paper can be used to further consider the dynamics of stock market capitalisation in the world, as well as to develop methods to improve the efficiency of digitalisation of operating processes for individual enterprises and the global economy as a whole.