The Ukrainian Stock Market in the Era of Financial Technologies

Abstract

Modern trends in digitalization and innovative transformations in the financial sector have led to the rapid development of FinTech, which significantly changes the functioning of stock markets in both global and national contexts. In particular, FinTech affects market structure, investor behavior, methods of capital raising, liquidity enhancement, reduction of transaction costs and risks. In Ukraine, these processes are accompanied by additional challenges related to martial law, economic instability, and limited institutional support. The aim of this study is to analyze the impact of financial technologies on the stock market. The research uses the methods of structured literature review and synthesis to integrate the results of various studies and form a holistic view of the impact of financial technologies on the stock market. A classification of studies by directions was carried out, and dominant topics were identified that reveal the peculiarities of the interaction between FinTech and stock markets. In the course of the study, six main directions of the influence of financial technologies on the stock market were identified: acceleration of information transmission speed, which ensures prompt reaction of participants to market changes; increase in the accuracy and transparency of information due to the implementation of digital technologies and open platforms; reduction of trading costs through process automation and reduction of the role of intermediaries; increase in trading efficiency through the use of algorithmic trading and high-frequency systems; promotion of technological development of the market, including the updating of infrastructure and interfaces; stimulation of innovation, which is manifested in the development of new financial instruments and models of market interaction. At the same time, the implementation of these technologies requires a balanced approach to risk management, the development of digital literacy, and the adaptation of the regulatory framework, especially in countries with an unstable economic situation, such as Ukraine.