Analysis of Scientific Approaches to Definitions of the Notions “Stock Market” and “Securities Market”

The article is devoted to analysis of the essential meaning of the notions “stock market” and “securities market”, which necessity stems from the current situation in the Ukrainian stock market, referred to as “reloading”, as a consequence of change in the national legislative and regulatory acts, introduction of a novel approach to accounting of its transactions, and the blurred border line between the above notions. This situation prevents from enhancing the reliability of statistical information on the securities market dynamics, which causes the distrust in it by potential investors. The essential meaning of stock market as an economic category and its operation principles are defined in the article, for proper elaboration of the guidelines for analytical studies of the Ukrainian stock market. The objective of the study is to analyze and sum up the approaches to interpretation of the notions “stock market” and “securities market”, with formulating definitions that take account of theoretical and practical contexts. The scientific contribution of the study is in broader interpretation of the category “stock market” as the synergy of securities market (including all the types of transactions with all the types of securities) and the system of economic relations that occur in the process of raising, distribution and redistribution of corporate and private funds and transactions with them. Also, the category “securities market” is interpreted from practical point as the system of economic relations between the market participants engaged in profit–making transactions on allocation, circulation, purchase and sales of securities. The structural scheme for the Ukrainian stock market is proposed, which lay grounds for the conclusion about the essential difference of the two notions, because one market is an integral part of the other. The need for future in–depth studies in the field is emphasized.