DIGITAL IMPERATIVES FOR THE DEVELOPMENT OF THE FINANCIAL MARKET OF THE NATIONAL AND WORLD VECTOR bstract

365 ISSN 2306-4994 (print); ISSN 2310-8770 (online) UDC 004:336.76(075.8) Vovchak O. Doctor of Economics, Professor, Banking University, Lviv, Ukraine; e-mail: vovchak.olga@meta.ua; ORCID ID: 0000-0002-8858-5386 Kravchenko A. Doctor of Economics, Associate Professor, Banking University, Lviv, Ukraine; e-mail: annazlata@ukr.net, ORCID ID: 0000-0001-5733-6582; Andreykiv T. Ph. D. in Economics, Associate Professor, Lviv University of Trade and Economics, Ukraine; e-mail: andrejkiv7@meta.ua; ORCID ID: 0000-0001-5353-248

Introduction. In today's world, economic processes undergo permanent globalization and digital transformation changes. Financial market is the «lifeblood» of the economic environment on a national and global scale. At the same time, an acute problem in the formation of an effective global financial system is the underdevelopment of the modern financial market against the backdrop of digital imperatives, namely: a low level of integration of national financial markets in the global financial cyberspace, and the introduction of innovation and information technologies.
The global financial space is characterized by globalization and transformation, digital changes. The proper operation of the domestic financial market leads to the development and integration of the national economy in the global environment. The globalization and digital processes are imperative to cover the global, national economic sphere, which influences the emergence of crisis phenomena and problems of inadequate financial market dynamics.
Ensuring the appropriate transformation of countries' economies requires the development of the financial market in terms of digital imperatives.
The basis of scientific approaches to the study of the modern financial market under the society digitalization is not fully formed. Therefore, there is an urgent need to develop new scientific theoretical and methodological, applied aspects of the study of financial market trends in terms of digital imperatives.
Literature review. Trends of the financial market, in particular exchange and OTC markets under the impact of the digital imperative, are the object of the studies of both scientists and practitioners: the trends in the financial market and the impact of digital imperatives (E. Brynjolfsson, 2000; U. Huws, 2014; A. Dzhusov, 2017), in particular artificial intelligence, robotics, digital trading of derivatives on exchange and OTC markets (F. Naurois & S. Koppikar, 2020); an important trend in digitalization in the financial market, mobile banking, blockchain, Internet of things, robotically (V. Bastide des, S. Rao & J. Marous, 2019); trends in the modern financial market dominated by the digitalization of society, in particular the need to allocate financial engineering, crowdfunding, financial networking (V. Milovidov, 2017), banking networking (A. Capponi, F. Corel, J. Stiglitz, 2020), the creation and use of electronic networks (D. Rogers, 2018), in particular digital neural networks (Bestens D., 1997); the electronic financial market, in particular exchange-traded and OTC forms in the imperative influence, particularly because of the availability of mining digital currencies that requires the development of new methods of forecasting their prices (D. Heller & E. Truman, 2017); introduction of digital technology as the modern trend in the financial market, which are more likely to be revealed on the stock market, the OTC, in particular cryptocurrency (E. Rosenberg, P. Harrell, G. Shiffman and S. Dorshimer, 2019); C) the importance of trends in the digital development on impact of the financial market is undeniable that is revealed in financial innovations (J. Ackermann, 2013; E. Rosenberg, P. Harrell, G. Shiffman, 2019), in digital financial technologies (D. Arner, D. Zetzsche, R. Buckley, 2017), which necessitate the use of digital platforms (D. Metz, 2019), the digital financial services (J. Cooke, 2018), the new financial products (K. Amosson, 2017) are one of the major trends of financial market development in terms of digital imperatives.
Despite the number of publications on the study of the financial market, the issue of trends of the financial market, which makes stock and over the counter of digital imperative remains insufficiently disclosed and requires further research.
Methodology. In order to identify trends in the operation of the financial market of Ukraine we have determined the dynamics of changes in inflation and GDP of Ukraine, quantity, volume and rate of growth of financial assets of banks, stock exchanges, financial companies, trends in price movements of precious metals and foreign currency trading in Ukraine. To determine the impact of globalization and digital transformation of the operation of the financial market of Ukraine, the following indicators are studied: dynamics of volumes of concluded derivatives on the world stock exchange financial market (in particular the subjects of financial market of Ukraine) on interest rates, securities, stock indices, currencies, precious metals; indicators of changes in the movement of the OTC markets group (where traders of Ukraine are actively ingaged in trading), credit derivatives, trading capital, gold, currency; change of indicators of exchange rates EUR / USD (the National Bank of Ukraine is a participant of the Forex).
The methodology of the study of the financial market is a totality of methods of nonlinear dynamics, time series of economic growth rates, market fluctuations and divergences (to study the trends of the financial market of Ukraine and the world market of financial derivatives); correlation and regression analysis, extrapolation, analysis, market shocks, technical (charts of the dynamics of prices and trading volume, MACD, stochastic oscillator) and fundamental analysis at the macroand mega-levels (to determine the trend of the OTC markets group, Forex).
The methods of evaluation: comparison of GDP with the volume of loans (excluding the loans and types of borrowers) is disclosed in the economic literature, in particular in the works of K. Sheedy; the approaches of definition of a currency devaluation, the level of its depreciation (without specifying algorithmic performance period) are analyzed by A. Willman; the methods of studying the dynamics of time series through the definition of a general growth rate are identified (without selection indicators for the criterion «influence» and clarify its period and group) by B. Park, E. Mammen, K. Pauwels, Currim I.; in the methods of technical analysis only a few features are mentioned by D. Brown, R. Jennings, K. Kavajecz, E. Odders-White (the authors draw attention to the significance of past asset prices without revealing in details the technical scientific approach; asset prices are analyzed technically only to determine liquidity), in the methods of fundamental analysis only its separate aspects are identified by E. Swanson, L. Rees, L. Juarez-Valdes, B. Lev, S. Thiagarajan (used for evaluation: financial reports of companies; the level of corporate services, development and risk companies); approaches to determine the actual prices of assets in the economic literature are formed on the basis of determining income assets (such methods neither take into account all factors influencing the asset nor consider digital financial assets), in particular in the works of R. Bansal and I. Shaliastovich.
In our study, we calculated the devaluation of the currency as an algorithmic ratio of the current exchange rate to the exchange rate of the previous period, determined and clarified the ratio of the country's GDP (Gross domestic product) on it's loans and borrowers = ( ).
In the study, we determined the rate of economic growth of time series of the financial market with a preliminary selection of indicators on the criterion of usefulness (trend impact) with the specification of the period and its group.
where EGR -index of growth rates of the influential indicator of the financial market; IiCPji is an influential indicator of the j-group of the current i-period of the financial market; IiPPji -an influential indicator of the j-group of the previous i-period of the financial market.
In the methods of technical analysis, we distinguish tools: digital charts, digital figurespatterns, algorithmic-digital-indicators. In the methods of fundamental analysis, we distinguish tools: analysis of the economic and political situation at the micro-, meso-, macro-, mega-levels; cluster digital analysis; trend analysis; structural analysis; analysis of cyber threats and biorisks of the cyberfinance sphere; social analysis; informational psychological analysis; forecasting force majeure.
To determine the future price of a digital financial asset, modeling is used. We have identified the following algorithmic interdependence: with an increase in the IDFA index 1, the predicted price of a digital financial asset increases, and vice versa: , where IDFA is the index of forecasting the digital financial asset price; is volume of open interest (positions); Vci is the amount of closed interest (positions -transactions); Pdfac is the current price of a digital financial asset; APdfa is the average price of a digital financial asset In turn, we have determined that the revenue from a cryptocurrency transaction is formed in such an algorithmic interdependence: , where ITj is income obtained from the transaction with j cryptocurrency; RECj is the rate of the j cryptocurrency; VECj is the volume of the j cryptocurrency; MCECij is the cost of i mining of the j cryptocurrency; ICR is the cyberrisk index.
Our study is based on the scientific provisions of fundamental and applied research in the fields of finance, economics and cybernetics.
Results and discussion. The study of the financial market of Ukraine, the market of global financial derivatives, Forex, OTC markets group in terms of digital imperatives has identified the need analysis of trends in the development of the financial market in Ukraine of under the digitalization of society and it's separate segments -bank (credit, deposit, currency), stock, financial derivatives, precious metals, parabank (credit, insurance), as well as global digital markets and analysis of trends of the most electronic types -the market of world financial derivatives, OTC markets group, Forex, cryptocurrency market. It is expedient to conduct such study of the financial market development in certain periods of time that demonstrate the formation of modern market trends, patterns.
To estimate trends in the financial market development in 2010-2019, we have selected the following main imperatives (characteristics), the results of which are given in Table 2.
The calculations have been made using the statistical data of the National Bank of Ukraine (NBU), the Ministry of Finance of Ukraine, the State Committee of Statistics of Ukraine, the National Securities and Stock Market Commission of Ukraine, the National Financial Services Regulatory Authority.
The features of the current stage of financial market development is digitalization. The analysis of trends in the development of the digital financial asset market and the main exchange and over-the-counter market by the prevailing type of electronic trade of the global level as a component of the globalization and digital process, vector of the largest participation of the  [10].
ere trends o global stock instrument nd downwar onal dynam th a peak at nent was ac to the indic erica (12%) ading volum [10]. o 2019, the e Fig. 1), t hest one in 2 s of global Fig. 1-7).    The study of the forex market using the methods of fundamental analysis has shown that during the period from 1999 to 2019, the determinants of changes in the price trends of the EUR/USD currency pair were: the political, social, financial and economic, defense-oriented conditions and the state of natural and technological security of the EU countries, the USA; the financial situation of the EU, the USA (reflected in the economic indicators of the European Central Bank, the US Federal Reserve System); the policy, reports, speeches of the heads of the European Central Bank, the US Federal Reserve System; budget, GDP level, inflation index, volumes of gold and foreign exchange reserves, balance of payments, currency stability index, economically active population of the EU countries and the USA; the level of government bond yield of the USA and EU member countries; decisions adopted (on carrying out reforms) at the general meeting of the members of the European Central Bank and the US Federal Reserve System; the stability of the EU and US financial systems; meetings of the European Commission and forecast economic indicators on the eurozone development; legislative changes made by the US Congress, the European Parliament, as well as the Council of the European Union; business activity of the forex market participants; volumes of trading operations, strategically formed by institutional and individual speculations on the forex market; the condition of the global commodity and financial markets; global financial crisis events; political, military situation in the countries of the East; Brexit.
For the period from 2010 to 2019, the weighted average monthly exchange rates of the BTC / USD, ETH / USD signified a trend in the gradual growth at the beginning of the period, with the highest values at the beginning of 2018 and a price decline at the beginning of 2019 and its adjustment in 2019 -at the beginning of 2020. The determinants of the digital currency market development were: market conditions, open interest in cryptocurrency, the overbought and oversold conditions of the market, trading volumes, the development of digital technologies, public digitalization, demand for decentralized mining of cryptocurrency with further hashing with the use of cryptographic methods. During the studied period from 2010 to 2019, the following trends were observed in the OTC Markets Group (see Table 3): fluctuations in trading volumes and changes in the price range of the OTC financial derivatives; an overriding decline in the market value of credit financial instruments; fluctuations in the value of stock capital, interest rates, gold, currency. Thus, given the significant impact of digital imperatives on the development of the financial market of Ukraine and the global market of financial derivatives, Forex, OTC markets group, it should be noted that an important aspect of financial cyberspace is the trend of digital technology financial relationships of market participants (see Fig. 4-7). In turn, there is an economic interest  The study of financial market trends in terms of digitalization of society, vector of the Ukrainian policy has revealed the features and trends of its development in certain periods, which are characterized as follows: at the beginning of the period under study (the second half of 2013-2015) there was the market recovery, the period 2015-2016 was characterized by crisis phenomena in the market followed by its revitalization, and the end of 2019 could be described as the period of increased digital imperatives, which were formed under the influence of the political, economic, digital, process, social, force majeure determinants. The study of digital imperatives of the financial market development on the global scale has revealed among the most digitalized financial markets the highest growth rate in digitalized trading in futures, Forex, interest rates on the global financial exchange market (in 2019, the largest percentage of digitalized financial trading was in Asia (42%), North America (30%), currency, securities in the OTC Markets Group, bitcoins on the cryptocurrency market, significant changes in the long-term trends in the forex market, as well as identified the patterns of «triple bottom», «head -shoulders», «double top». Changes in currency exchange rate trends in the forex market were underpinned by the technical and fundamental determinants. The study of digital imperatives of the financial market has enabled to carry out economic-mathematical modeling of forecasting the digital financial asset prices (which form the indicators of open interest (positions) and closed interest (positions -transactions) and current price of a digital financial asset), and future income depending on the cryptocurrency transaction (which form the indicators of rate, volume, costs of mined cryptocurrency and cyberrisk) and to reveal a close dependence of the cryptocurrency rate on trading volume (open interest) based on the coefficient of elasticity amounting to 2.7.
The Ukranian financial market, the market of world financial derivatives, Forex, OTC markets group have been changing tendentially both in the direction of decreasing and increasing of indicators that characterize its development under the influence of political, financial and economic determinants, as well as the social development, military situation, globalization impact, integration vector, economic interest of market participants, the development of society digitalization.
The study of digital imperatives of the trends in the development of financial market of Ukraine and the market of world financial derivatives, Forex, OTC markets group has identified the need for qualitative changes regarding restrictive determinants, such as: the development of the digital economy on a national and global scale; global political stability; the development of a legal framework for digital financial assets, financial cybersecurity; the introduction of the up-to-date digital financial instruments; strengthening of the protection of a blockchain of financial transactions.
Digital imperatives of financial space trends have influenced the emergence of digital financial technologies, such as: technological things, electronic banking, digital neobanking, cloud technologies, robotic financial transactions, blockchain, legaltex, pertex, insurtex, high-frequency algotrading, electronic trading platforms.
It is advisable to carry out further research on forming an effective financial and economic strategy for the development of financial market of Ukraine under digitalization that will ensure the sustainable development of the financial market and economy at meta-, mega-, macro-and microlevels. 12