World models of organization of financial market and their short characteristics have been presented. On the basis of these models the experience of stock exchanges organization in the USA, Germany, France and Poland has been analyzed. The basic characteristic features of development of exchange trade in these countries, namely: structure of organs of government control, activity of stocks exchanges, depositary-clearing system, system of implementation of mutual requirements and obligations, value and structure of professional participants of stock exchange have been elucidated. The dynamics of absolute capitalization of stock exchange has been at the same time analysed in the probed countries, its tendencies and problems have been determined. 

stock exchange, capitalization, dynamics of development, efficiency 

The necessity of existence of stock exchange is examined as the economic category. Economic essence of capitalization of stock exchange as an important index of business activity of the country is analysed. The comparative analysis of activity of stock exchanges is conducted in the countries with the formed markets (Ukraine, Hungary, Chechnya, Poland). On the basis of the conducted analysis features and problems of the development of stock exchanges in Ukraine, and also factors, influencing capitalization of stock exchanges and features of their manifestation have been determined. The complex of measures concerning the increase of the level of capitalization of the Ukrainian stock exchanges has been elaborated. 

stock exchange, capitalization, peculiarities of stock exchange capitalization, analysis of capitalization, problems of stock exchange capitalization, measures concerning increase of the level of stock exchange capitalization 

The necessity of stock exchange development as an integral element of financial market has been considered. Main stages of stock exchange development in Ukraine have been determined. Stock exchanges on every stage of the development of stock exchange system have been analyzed. Major legislative acts which regulate stock exchange activity in Ukraine have been studied. According to the analysis of the stages of stock exchange system development in Ukraine the problems have been determined and effective results of each of them have been given. Weak points of the present time stock exchange system have been elucidated. On the basis of the analysis the complex of measures concerning the increase of the level of the development of stock exchange system of Ukraine has been elaborated. 

stock exchange, stages of stock market development, dynamics of development