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Ukrainian Market for the Investment Certificates

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Ukrainian Market for the Investment Certificates I. V. Kostenok, C. V. Chernikova, C. Y. Soboleva UDC 336.76(477) I. V. Kostenok, PhD (Economics), Donetsk State University of Management C. V. Chernikova, C. Y. Soboleva, Donetsk National Technical University UKRAINIAN MARKET FOR THE INVESTMENT CERTIFICATES Investing to investment certificates could make the The main directions of SSMSC’s activities in the life of the population who needs additional money easier. field of regulation are: Making investments sensibly, they could not only earn 1. working out of Draft Regulations in securities money from taking part in CII, but also make a fortune. market; Of course, there could be some risks, but compared to 2. adoption of Regulations; the advantages, it is possible to neglect them. As a result 3. introduction of amendments to Regulations; of using investment certificates it is possible to increase 4. analysis of regulatory impact of Regulations; the population wealth. 5. tracking of adopted Regulations effectiveness [4]. The main purpose of this research is to analyze the Compared to another issuers SSMSC provides CII current situation on the Ukrainian stock market and to with thorough control and protects the investors’ describe the perspective of the share investment funds interests [5]. in Ukraine, possible ways of solving problems connected While choosing CII, it is worth, first of all, taking with the existence of CII and eliminating the barriers into account such features of investment as profitability, appearing on the way of CII development. liquidity and risks. Investment certificate is a nominal security which CII which invest money especially to stocks are is produced by investment found or investment considered to be the most risky, but they have high company and accepts the right of the owner of such a profitability. It is necessary to remember that the more is certificate to take part in the investment fund or the the potential profitability, the more is the risk level. An investment company but it doesn’t give the right to intermediate option is the fund of mixed investments, vote at the general meeting of a stock company. The which foresees the proportion of bonds and stocks in ownership of investment certificate accepts the right the portfolio. The liquidity defines the profitability of quick of getting the income (dividend). Investment certificate getting of invested money at the definite moment of time. in comparison to the stock guarantees definite income If it is significant for you to get this money in different minimum [1]. moment independently on the sum of money, you can AMC establish investment funds, which deal with invest them to open-end fund as it is obliged to buy your the emission of such securities as investment certificates securities for the formed price conditioned by Net Asset into the circulation. Value. If it is enough to get such an opportunity time First of all the investor should pay attention to after time, the interval fund is an alternative. Closed-end reputation, experience and efficiency of AMC. On fund is not obliged to buy your securities till the end of investor’s requirement, AMC should give the full their activity term, but you can sell them without engaging information which confirms the existence of SSMSC of the fund itself, because such securities in comparison license, registration of CII order and stock’s emission to open-end funds turn free at the secondary market, prospect, and securities emission registration license of like the interval fund’s securities [2]. SSMSC, CII registration in the Unit State register [2]. Table 1 shows that the number of the investment According to the Law of Ukraine „On State certificates bought, which value has been expressed in Regulation of Securities Market in Ukraine” [3] the UAH billion, has increased compared to 2006 on UAH government regulation of securities market is performed 6.81 bln. UAH and it is obvious that the positive tendency by the Securities and Stock Market State Commission is constant. Per se, the main factor which influences (SSMSC). The purpose of SSMSC regulatory such a positive tendency should be the population income. activities is to develop and improve the effectiveness of The logic is simple: the more is income, the more available the state regulation in the stock market, promote the unified assets people have for investing in the stock market, in state policy realization on the issues and turn over of this case in investment certificates. However, after securities, protection of investors and other stock market checking the connection between the number of the participants. investment certificates, it appeared that the connection 99 Економічний вісник Донбасу № 4 (30), 2012 I. V. Kostenok, C. V. Chernikova, C. Y. Soboleva does not exist. The connection does not exist because Our further research is based on the following the investment certificates are not popular among the assumption: low demand on investment certificates in Ukrainians. In other words, in general only legal persons Ukraine in 2006 – 2010 depends on low income of the invest to CII and it was proved by the regression- Ukrainian people. In order to check the connection correlation analysis. Therefore, the dependence of the between income and the amount of investment certificates investment certificates popularity lies in other factors sold we used correlation-regression analysis, which (crisis, unawareness of the people, poor protection and showed us that our theory is wrong. Although the tightness so on). is medium the connection between them is invalid. The stock market of Ukraine is divided into five ìå yi = n × a0 + a1 å xi ; sectors: banks, insurance companies, financial and ï i i investment companies, CII and non-state pension funds. í 2 (1) ïå xi × yi = a0 å xi + a1 å xi ; Figure 1 depicts the dynamics of the investments to î i i i ; securities during 2009 – 2010. As we see, the banks ì15240,00 = 5*a 0 + a1 *3936292,00; demonstrate leading positions on the market and the pace í 14839371740,00 = a *3936292,00 + a *3338420946144,00; of increasing of the investments to the securities î 0 1 compared to other institutes of the stock market. So, to the end of the third quarter of 2010 the amount of banks ìa1 = 0,01; í investments to securities was UAH 76.2bln when the CII îa 0 = - 4824,58; investments were less (approximately UAH 5bln). What was the reason for such difference and why are banks (y^ -y')2 23954200,43 miles more trustworthy? Moreover, after the crisis in r 2 = å x = » 0,43 (2) 2 55841480,00 2008 there was a moratorium on population deposits å (yi - y') introduced: the investments have been frozen for 4 – , 5 month. However, despite this fact, the banks have managed to return the population’s trust. where r is the correlation coefficient; Table 1 The number of the stock exchange contracts with the securities in 2006 – 2010, mln. UAH [4] Year 2006 2007 2008 2009 2010 Number of stock exchange contracts 330 430 200 7140 7140 with investment certificates 100000 90000 Private pension 80000 funds 70000 Invest funds 60000 50000 40000 Insurers 30000 20000 Banks 10000 0 10 10 009 010 0 2009 20 2009 2 2 2009 2 r r r r r r r - - - - - - - q q q q q q q t t d h d t s s 3 3d 2 4 1 1 2d Fig. 1. Dynamics of the investment in securities of the institutional investors, mln. UAH [7] 100 Економічний вісник Донбасу № 4 (30), 2012 I. V. Kostenok, C. V. Chernikova, C. Y. Soboleva Table 2 The results of correlation-regression analysis Number of stock exchange contracts Year Income, x x 2 y^ i with investment i x certificates, yi 2006 472061.00 330.00 222841587721.00 -103.97 2007 623289.00 430.00 388489177521.00 1408.31 2008 845641.00 200.00 715108700881.00 3631.83 2009 894286.00 7140.00 799747449796.00 4118.28 2010 1101015.00 7140.00 1212234030225.00 6185.57 Sum 3936292.00 15240.00 3338420946144.00 temporary moratorium on redemption of investments r 2 k2 0,43 3 certificates; very slow revaluation of non-liquid assets. F = * = * » 2,26 k1 1- 0,43 1 (3) Despite the absence of official statements, this problem 1 - r 2 , is an urgent one. Even today there are some not revaluated assets since 2008 in some funds. The third reason can where F is Fisher’s test, k1 – the number of the be explained as the lack of government support to degree of freedom in the external variance, k2 – the investors. That is why there are not enough guarantees number of the degree of freedom of the average one out to return their money with profit. Moreover, investors of group dispersion. can not be sure that they will get their money at all. Investment funds are not protected by government, they Ftab =10,13; F < Ftab; exist on the private base. There is some risk of Asset Management Company bankruptcy. Therefore, there are some other reasons why Therefore, there are some possible ways for investment certificates are unpopular in Ukraine. These improving the situation, such as: are some of them: 1. Effective advertising campaign of investment – low awareness of the population concerning funds. CII should be ready to spend the definite sum of investment funds activity; money for the promotion as the banks do. However, such – economic crisis; expenditures not always can be effective depending on – weak protection of investment certificates owners. the sources of information (television, magazines, radio, Delving deeply into the first reason, the Ukrainians newspapers, the Internet and so on). In this situation the know nothing about how to double their income, although main aim is to increase the number of people who know there are a lot of ways to increase their profits.
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