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| Article title | Markets of Non-Bank Financial Services and Their Instruments | ||
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| Name of magazine | Legal journal «Law of Ukraine» (Ukrainian version) | ||
| Issue | 5/2018 | ||
| Сторінки | [136-150] | ||
| DOI | https://doi.org/10.33498/louu-2018-05-136 | ||
| Annotation | Our article ensues from the need for enhancement of the role played by non-bank financial services markets as an integral part of our country’s financial system. The markets of non-bank financial services are functioning and constantly developing, and this necessitates a research into this economic and legal category and its instruments. The purpose of the article is to analyze the definitions such concepts as “financial market”, “financial services market” and “non-bank financial services market” existing in the economic and legal doctrine, as well as to study the correlation of such categories as “financial instruments”, “financial resources” and “financial assets”. The author proposes own definition and classification of non-bank financial services markets. Given that currently no unified approach exists regarding the correlation of the financial market with the financial services markets, it is established that the financial services market is a part, a segment or a standalone subsystem of the financial market; the financial market and the financial services market are interrelated in a complex manner, but are not included into each other; the concept of “financial services market” is broader than the concept of “financial market”; these concepts are synonymous. As a result of the analysis of doctrinal and legislative concepts made by the author, it is proposed to define the markets of non-bank financial services as a segment of the financial market consisting of a system of economic and legal relations which arise between nonbank organizations and other participants of the non-bank financial services market in the context of financial services rendered (except banking services), and which are aimed at forming and using of own and/or raised financial assets in the social production domain and which are subject to regulation by the State. It is also proposed to divide the markets of non-bank financial services into the market of services for raising financial assets under an obligation of their subsequent repayment; the market of financial leasing services; the market of money lending services, including under the terms of a financial loan; the market of services of providing guarantees and sureties; the market of insurance services; the market of non-state pension funds administration; the stock market; the market of factoring services; the market of financial assets administration for purchase of goods by groups; the market of property management services for financing of const The author came to the conclusion that financial assets are a special type of business entity’s property (money, securities, debt obligations and the right of debt claim which are not classified as securities) which is the object of a financial service.
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| Keywords | financial market; market of financial services; market of non-bank financial services; financial instruments; financial resources; financial assets | ||
| References |
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