MODERN TRANSFORMATION OF THE UKRAINIAN AND EUROPEAN STOCK MARKET INFRASTRUCTURE

Abstract: The concept of the stock market infrastructure and its structural elements have been studied. The formation of infrastructure that ensures effective interaction between the main stock market participants is now ranked one of the priorities, especially under economy liberalization and globalization processes. Thus, for building such a system, European countries' stock market experience, methods and operation principles should be borrowed. Therefore, the main current trends in the securities market development, the positive aspects of these processes and their features have been described. So, horizontal and vertical integration of the various elements of the infrastructure is now proceeding to completion in Europe. This consolidation provides greater opportunities for both securities traders and service elements, convenience and efficiency in servicing the stock market participants. Across Europe, many examples of such integration can be seen. Another important feature is the liberalization of legislation on the stock market and an indirect role of the state in the market regulation. So, the stock market of the European Union is dominated by the market regulation mechanisms, which stimulates the creation of a significant number of self-regulatory organizations – associations in the stock market for advocacy. As for actual Ukrainian economy in general and the stock market in particular, they have their own history and the formation of a special development path that rejects the possibility of copying European experience in the Ukrainian reality. In addition, the world is continuously moving forward and the use of a standard and rigid stock market model will not lead to long-term development