ANALYSIS OF PROBLEM ASPECTS OF PRACTICAL APPLICATION AND PROSPECTS OF THE FUTURE CONTRACT ON THE MARKET OF DERIVATIVE FINANCIAL INSTRUMENTS OF THE REPUBLIC OF KAZAKHSTAN (Based on the Analytical Report of the Fundamental and Applied Research "Problems a

Abstract

This article is prepared on the basis of the results of the analytical report, devoted to the analysis of problems and prospects of the futures contract in the derivatives market, over which the research officer of the department of civil, civil procedure legislation and enforcement proceedings of the Institution of Legislation of the Republic of Kazakhstan in 2017 worked. Investigation of derivative securities, derivative financial instruments and a direct futures contract was made by Belov V.A., Didenko A.G., Kandybka A.I., Moroz S.P., Nurgazina A.M., Safonova T.F., Salikhova A.R., Uldanova D.R. and other researchers.

World experience of managing in market conditions testifies that among the organizational forms of trading activity, in particular securities, one of the main places is exchange trade. According to the level of functioning of the exchange market in world practice, the state of development of the country's market economy is determined today.

The annual exchange turnover in economically developed countries (USA, England, France, Germany) is measured in trillions of dollars and reaches 30-40% of the gross domestic product.

The organizational and economic mechanism of the exchange market allows to ensure the guarantee of the implementation of contractual obligations of participants in trading operations, insurance and redistribution of risks of implementation of concluded agreements on forthcoming purchases of securities.

The world stock market is predominantly urgent, and contracts with real goods occupy an insignificant share in the overall structure. However, in Kazakhstan the exchange market segment is insignificant. At the same time, despite all the positive aspects and indisputable arguments of the attractiveness of exchange activity from the point of view of economic advantages arising from the world practice of the organization, the level of its development in Kazakhstan is very low.

The increased uncertainty of the country's economy, the inability to mobilize capital only through standard financial instruments have determined the need to use financial innovations, such as derivatives. Taking into account the fact that Kazakhstan does not have a solid legislative basis for the regulation of the derivatives market, as well as significant demand for them, this research is relevant.

In this connection, the article aims to analyze the problem aspects of practical application and prospects for a futures contract on the derivatives market of the Republic of Kazakhstan. To achieve this goal, dialectics, metaphysics, deduction, analysis, comparison, synthesis, generalization and formal-legal method are used.

The obtained research results in this article can be used in legislative work on improving the legislation of the Republic of Kazakhstan on the market for derivative financial instruments, as well as in scientific research in the field of legal regulation of financial markets.