УДК 336.74
ESSENCE OF FOREIGN EXCHANGE MARKET

О.М. Kalivoshko, PhD
A currency market is an important element in economic politics of the state. The last decades of development of home and world economy were reflected by the huge height of the international moving of capitals and strengthening of role of currency-financial relations. However, a world financial crisis negatively affected international currency relations. Violation of their stability showed up in instability of courses of national currencies of the most world countries. A currency market is the significant constituent of the financial system of the state.
Currency market development reflects flexibility of the financial system and speed with that she can adapt to the changes in economic and political life of country to a great extent, and also to the different processes that take place after her limits.
A currency market is the integral constituent of development of modern economic relations, important factor of increase of their efficiency.
A currency market is one of key elements of functioning and development of financially-economic activity of subjects of economic activity, he serves all greater part of commodity and monetary flow, replacing traditional commodity-money tie of exchange, many scientific discussions are conducted round this term that is distinguished by the ambiguity and variety of interpretations.
It is explained foremost by that a currency market has centuries-old history, when changes were in understanding of not only concept but also his value for an economy. Carrying out the analysis of scientific works, we came to the conclusion, that term a "currency market" can be consider from different directions, however he has specific, only to him inherent in habits that distinguish him among other markets.
In scientific literature there is a generous enough amount determination of term "currency market". In all the analysis of many works shows that is distinguished four basic directions of interpretation of concept of currency market. 
First direction. It is the most common, its supporters consider the foreign exchange market for its economic content and believe that a system of economic and institutional relations in the purchase and sale of foreign currency and payment documents in foreign currency. 
Second direction. Supporters examine a currency market from the functional point of view and accent attention on that it is a market on that the object of purchase of sale are foreign currency and pay documents shown in foreign currency (cotter pins, bills of exchange, translations, letters of credit).
Third direction. Supporters of accenting attention on institutional description of currency market. Exactly from their points of view a currency market is an official center, where the purchase-sale of currency values.
Fourth direction. In his supporters it is possible to take scientists, in essence currency market distinguish his transformation-regulative aspect, i.e. characterize a currency market as some mechanism by means of that the transfer of purchasing power is settled from one country in other, grant or receipt of credits, for international trade operations, minimization of risk possibility in connection with the vibrations of course of exchange. 
As we see, interpretation of term "currency market" differ, by both direction and filling of this maintenance, however, on our subjective opinion, none of them fully does not expose his potential and does not answer the necessities of today, therefore on the basis of foregoing, we suggest to consider a currency market: totality of structures, instruments and mechanisms that by means of adjusting of the systems of economic and legal relations provide the observance of equilibrium between demand on currency values and their supply.