|Article title||Trading in Currency Values as a Type of Professional Financial Activity|
Ph.D. in Law, Associate Professor (Kyiv, Ukraine) email@example.com
|Name of magazine||Legal journal «Law of Ukraine» (Ukrainian version)|
The relevance of the issues raised in this article stems from the need to improve legal regulation of trade in currency values, and is also necessitated by an insignificant number of theoretical studies and insufficient elaboration of the issues intrinsic to this legal category. The purpose of the article is to analyze the correlation between trading in currency values and currency transactions, between the categories “trade” and “exchange”. Furthermore, based on the identified essential features, the article aims at proposing the definition of trading in currency values and at classifying this type of professional financial activity by various criteria. The author arrives at the conclusion that trading in currency values is a form of currency values exchange which is exercised by entering into respective sales contracts, and that the relationship between the categories “currency transactions” and “currency values” is that of part-to-whole, since current legislation regards trading in currency values as a component of foreign exchange transactions. The article highlights a drawback in legislative regulation of economic relations on the foreign exchange market with regard to the established list of currency values applied at the sub-legislative level. Following the analysis of essential features of currency values trading, the author suggests that this legal category be defined as a professional financial activity of banks and non-banking institutions which comprises currency values exchange in cash or noncash form (for bank metals – with or without physical delivery), mostly by entering into purchase and sale contracts on the currency market of Ukraine and international currency markets. The author concludes that trading in currency values is a separate type of professional financial activity characterized by its intrinsic qualifying features: special (limited)parties involved – banks and non-banking institutions; its content is a financial service for exchange of currency values; it has a commercial and risky nature; it combines private and public interests; and it is carried out within the public production sector – on the currency market of Ukraine and international currency markets. It is proposed to classify trade in currency values by the following criteria: parties involved; area where it is carried out; type of currency values; the form in which it is carried out; and the method by which it is carried out.
|Keywords||currency transactions; currency risks; trading in currency values; professional financial activity; exchange|
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