Uman National University | today: 12/28/2025
| Author(s) |
Vlasyuk S.A., , , Uman National University of Horticulture Nepochatenko Olena O., Doctor of Economics, Professor, Rector of Uman National University of Horticulture, Head of Department, Uman National University of Horticulture Цимбалюк Ю. А., , , Ролінський О. В., , , Мельник К. М., , , Підлубна О. Д., , , |
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| Category | Economics | ||
| year | 2025 | issue | Issue 107 part 2 |
| pages | 87-97 | index UDK | 336.76: 336.71: 004.9 | DOI | 10.32782/2415-8240-2025-107-2-87-97 (Link) |
| Abstract | The article provides a systematic analysis of the key structural imbalances and emerging technologically driven systemic risks arising from the integration of financial technologies (FinTech) into the functioning of Ukraine's organized capital market. It is determined that the stability of the financial system is under dual pressure: internal imbalance and external technological vulnerability. Based on the analysis of the dynamics of securities issuance by the banking sector during 2020–2024, a critical dependence of bank capitalization on discrete, regulatory-driven decisions (specifically, recapitalization) is established, rather than on diversified market investment activity. It is proven that the dominance of government debt (OVDP/T-bills), which accounted for over 83% of trading volume in 2024, creates an unbalanced macro-structure of trade and evidences the actual monopolization of the government debt market, limiting the scope for the full impact of investment FinTech tools. The article separately examines the technological risks generated by High-Frequency Trading (HFT) and Algorithmic Trading (AT), as well as the use of Artificial Intelligence (AI). It is established that HFT, despite increasing liquidity, generates a new class of non-fundamental systemic risk, capable of causing "Flash Crashes" and the instantaneous disappearance of liquidity (liquidity black hole). The use of AI, in turn, leads to convergence of trading strategies, which sharply increases asset correlation and reduces the effectiveness of diversification during periods of stress. In response to these challenges, the study proposes prioritizing RegTech solutions for proactive regulatory supervision. A key imperative is the development and implementation of adaptive "Circuit Breakers" that will automatically halt trading not only based on price shocks but also on liquidity indicators. Furthermore, the necessity of using SupTech (Supervisory Technology) for timely identification of algorithmic strategy convergence patterns is emphasized, along with the introduction of legal mechanisms that define fiduciary responsibility for trading decisions made by autonomous algorithms. To eliminate the structural dependence on OVDP, strategies for capital market diversification are proposed, including stimulating IPO/SPO and introducing individual investment accounts. | ||
| Key words | FinTech, Stock Market, Banking Stability, Government Bonds (OVDP), Algorithmic Trading, Artificial Intelligence (AI), Systemic Risk, RegTech, Structural Vulnerability, Flash Crashes | ||