Gas futures as a factor of the Ukrainian capital market development
Loading...
Date
2022
Authors
Bublyk, Yevhen
Kurbet, Oleksandra
Yukhymets, Roman
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
The purpose of the paper is to analyze current trends in the gas futures market and the
prerequisites for their spreading in Ukraine. The analysis is based on scientific research
results, search query time series provided by Google Trends, and statistical databases
of derivative markets. The paper reveals the trends in the reshaping of the commodity
derivatives market after 2008 in favor of commodity derivatives and the fast-growing
volume of gas futures in the EU after 2017. The dual reason for these trends comes
from the growing energy challenges and the tightening of financial derivatives regulation.
Both reasons depend on real economic activity. This determines the presence of
economic prerequisites for the spread of gas futures in the world.
The paper identifies the main institutional prerequisites for the spread of gas futures in
Ukraine: an active gas exchange with growing volume of the spot trading and a situational
factor of the energy market reforming. Initiatives of the gas market liberalization
in Ukraine correspond to the energy market reform in EU. The identified trends,
prerequisites, advantages and obstacles for the spread of gas futures allow to generalize
proposals for state regulation, such as organizing the Ukrainian energy market as a
hub to attract participants from other countries, as well as supporting the spread of
gas futures on the capital market through the implementation of clearing mechanisms.
Description
Keywords
financial development, capital market, derivatives, commodities, exchanges, natural gas, energy security, article
Citation
Bublyk Y. Gas futures as a factor of the Ukrainian capital market development / Yevhen Bublyk, Oleksandra Kurbet, Roman Yukhymets // Investment Management and Financial Innovations. - 2022. - Vol. 19, Issue 4. - P. 193-206. - https://doi.org/10.21511/imfi.19(4).2022.16