Лістинг в Україні: новації, проблеми та удосконалення

Abstract

Визначено сутність лістингу і зацікавленість організаторів торгівлі, емітентів та інвесторів у ефективному функціонуванні механізму допуску цінних паперів на біржовий ринок. Проведено критичний аналіз біржових списків українських бірж, визначено недоліки їх формування. Опрацьовані новації НКЦПФР у формуванні біржових списків, обґрунтовано критичне зниження кількості акцій у реєстрах в найближчій перспективі та визначені проблеми, які постануть перед усіма учасниками ринку у випадку реалізації прогнозів. Запропоновано активізувати роботу у напрямку створення багатосторонніх торговельних систем, які дозволять мінімізувати негативні наслідки запровадження нових лістингових вимог, а також обґрунтовано пропозиції щодо покращення інформаційного супроводу лістингового процесу. Introduction. Listing is an important factor that paves the way for favorable development of stock trade, listing information is used to characterize the stock exchange activity and market data.Purpose. Evaluating outcomes of the listing process in Ukraine, with the focus on developments of the year 2015, makes it possible to spot the problems confronting stock market community with regard to stock market register formation as well as to substantiate proposals as to optimization of functioning of an organized segment of the country’s stock market. Results. Before 2015 the quantity of securities in the stock exchange registers in Ukraine increased. Analysis of the registers show: a) overstating of the quantity of register and listing tools ignoring cross listing and cross access. b) domination of state and corporate bonds in state registers as well as depository certificates of NBU. c) insignificant part of tools that enhance attention of potential investors and the main bearers of listing advantages-shares. In 2015 NS- SMC activated countermeasures against companies with evidences of fictitious nature. As a result trade operations with securities of 99 emitters were stopped. In 2014 the total volume of stock exchange operations of 6 companies from this list was estimated as 8421.21 million UAH, which made 34,4% of the whole stock exchange trade. With register lustration in the background the Commission took a decision to make listing requirements stricter. Most of the new requirements that take effect in 2016 were borrowed from international practice but they are too harsh for Ukrainian reality because according to different estimates in stock exchange registers will still remain from 2 up to 20 issuers. Conclusion. Critical decrease of shares in stock exchange registers is a negative occurrence because a) international experience shows importance of shares in operation and development of orderly trade. b) shares concentrate a great deal of market’s liquidity, a traditional alternative for investors. c) number of enterprises that develop programs to enter the stock market will decrease. d) national standards of management will not approximate the patterns without a great number of shares e) national stock market figures will deteriorate and it can become a restraining factor to obtain resources for the market. Negative consequences of new listing requirements can be minimized by creation of multilateral trading facilities (MTF).