OVERSITE OF THE FINANCIAL MARKET OF UKRAINE

Abstract

The conducted assessment of research by scientists revealed that there is a need to develop and improve the functioning of the financial market in Ukraine, at the same time, there is a need to increase the effectiveness of the system of supervision over it in order to manage risk in the conditions of martial law, and this necessitates the further study, generalization and refinement of the oversight mechanism in Ukraine. The purpose of this study is to evaluate the current system of supervision of the National Bank of Ukraine (oversite) over the infrastructure of the financial market of Ukraine under martial law and to develop certain recommendations for improving the oversite as a function of the National Bank of Ukraine. Methodology of research. The goal of the article was achieved using the following research methods: logical generalization and scientific abstraction, structural analysis, analytical method. Findings. It is proposed to optimize and form compliance of the Ukrainian legislation regarding the oversite with the best international practices, the gradual transition of conducting the oversite to the basis of assessing certain risks related to the activity of the financial market, building easier access to the Ukrainian financial market of all international settlement systems, creating competitive conditions for the functioning of the financial market of Ukraine , introduction of advanced innovative settlement and payment products, improvement of the efficiency of electronic payments, improvement of the payment infrastructure, further improvement of cashless circulation in Ukraine. Practical value. Implementation in practice of the measures mentioned in the research, in the conditions of war, can allow to achieve certain qualitative characteristics in the long term, which are inherent in the functioning of the financial market, such as economy, efficiency, effectiveness, reliability, continuity of activity, security and convenience, which can significantly increase the effectiveness of the current system of supervision of the National Bank of Ukraine over the financial market and payment infrastructure (oversite). At the same time, an effective oversight of the financial market will be able to maintain a certain level of user trust in them, protect and ensure the safety of users, and create certain conditions for stabilizing the economy at the national and international levels.