Prospects for the Gas Derivatives Spreading in Ukraine

Introduction. Although a lot of attention has been paid to the creation of the capital market in Ukraine since the beginning of independence, it is still in its infancy. Long-term attempts to develop the Ukrainian stock market were limited by the fact that the dominant majority of operations on it had an extremely limited connection with the real sector of the economy. Despite this, one of the key conditions for building an efficient capital market is a modern toolkit that is in demand in the real sector of the economy. The purpose of the article is to substantiate the prospects for the introduction of derivatives on the organized natural gas market and to determine their potential impact on the development of the stock market in Ukraine. Materials and methods. Official reports of the Ukrainian Energy Exchange were used to analyze the indicators of the Ukrainian market. The state of the spot gas market was assessed based on the reports of national energy exchanges, stock exchange and futures trade associations for the period 2007-2023. The substantiation of prospects and the determination of trends in the distribution of gas derivatives in the world and in Ukraine, using general scientific methods. Results and discussion. It is shown that there are prerequisites for the spread of gas derivatives in view of the growing demand, world trends, European initiatives to create gas hubs and the actual presence of an energy exchange in Ukraine with a growing volume of spot contracts. The positive impact of the spread of gas futures on the institutional development of the capital market of Ukraine due to the diversification of supply and tools, price equalization and reduction of transaction costs was determined. Regulatory measures to promote the spread of gas futures circulation in Ukraine are justified. Conclusion. the spread of gas futures in Ukraine has a number of significant advantages for the structural development of the national capital market due to the strengthening of the relationship between the capital market and the real sector of the economy, diversification of participants and supply, increased competition, transparent market pricing, increasing the stability of the national economy against energy deficits through hedging mechanisms.