Financial Markets, Institutions and Risks (FMIR)

The Journal of Financial Markets, Institutions and Risks promotes the development of scientific cooperation and international dissemination of theoretical and empirical research, as well as the best global democratic practices regarding ethical standards and leadership in business, trade, management, public administration and education. The journal publishes the results of fundamental and applied research, conceptual and empirical articles, analytical thematic studies and critical reviews.

Key topics:

  • The development of international, national and regional financial markets;
  • Behavioral Finance;
  • Money and credit systems;
  • Banking, insurance;
  • Financial intermediation on financial instruments;
  • Currency transactions, stock exchanges;
  • Innovations in the field of financial services and financial risk management;
  • The development of international financial infrastructure;
  • Corporate, municipal and public finance;
  • Accounting, reporting and auditing;
  • Taxation;
  • Investment activity;
  • Financial law, legal aspects of markets and institutions activity.

Only articles that have passed the double-blind peer review process will be published.

Each article before it is accepted for printing, is tested for plagiarism with the help of Unicheck and StrikePlagiarism software products.

Each article is assigned an international digital identifier DOI (Digital Object Identifier).

The implementation of the journal’s editorial policy is carried out within the framework of the activities of ARMG Publishing Center of Sumy State University.

The journal’s recommendation to the press is given by the Academic Council of Sumy State University on the recommendation of the editor-in-chief.

The acceptance rate of submitted papers is about 25-30%.

In this section, authors will be able to find the detailed information that is necessary before sending the article for possible publication in one of ARMG Publishing journals. Before submitting the manuscript, we strongly recommend that authors familiarize themselves with the rules of article design and comply with these requirements.

First of all, it is necessary to determine which of ARMG Publishing journals (“Business Ethics and Leadership”, “SocioEconomic Challenges” and “Financial Markets, Institutions and Risks”) “) is most relevant to the subject of the article. At the same time, one should take into account the tasks and themes of the journal, the target audience and recently published research on the subject of the study. The editor can provide relevant advice or suggest the closest topic on the journal.

Articles should be between 3000 and 7500 words in length.

All submissions should be formatted in the following way: typewritten in 11 Times New Roman, double-spaced, no page numbers, no page breaks, and with no tables or figures included within the text. Article files should be provided in Microsoft Word format.

When submitting an article for consideration, it is suggested to arrange it in several separate files: 1 ‒ Title page, 2 ‒ Main text of the paper, 3 – duplicate all graphic and illustrative materials and formulas in formats that can be edited (for example, Excel).

File 1. Title Page

The paper organization is the following:

Article Title

A title of not more than ten words should be provided. The title should present the study design.

Author Details

  • Full name.
  • Place of work / study (in full).
  • Position.
  • Scientific degree.
  • Academic rank.
  • Work address.
  • Work telephone.
  • Address for correspondence.
  • Contact number.
  • E-mail.
  • ORCID (one can register here:

An Open Researcher and Contributor Identifier (ORCID iD) is a unique and persistent digital identifier used to disambiguate researchers from one another. Created by ORCID, this iD helps ensure that work is properly attributed and that you receive credit for everything you do. It integrates with other identifiers (e.g., ResearcherID, Scopus and LinkedIn) and databases (e.g., Crossref) to centralize your research outputs and professional profiles. Your ORCID iD remains the same regards of whether you change your name, your institution, your country or your field of research and provides a unique and permanent marker of your scholarly contributions.

All information must be complete and accurate.


Abstract should not be less than 2000 signs. The text of the abstract must be concise, clear, free of background information and with clear and objective view of the main concepts of the paper. It should not contain results that are not presented and not substantiated in the main text of the paper. The abstract should not contain abbreviations and citations. The abstract should specify the purpose of the article, briefly describe the author’s contribution to the solution of the research problem, the scientific novelty and the practical significance of the results obtained, the main conclusions of the research.

The recommended template for writing the abstract. This paper summarizes the arguments and counterarguments within the scientific discussion on the issue…… The main purpose of the research is…. Systematization literary sources and approaches for solving the problem….. indicates that……. The relevance of the decision of this scientific problem is that ……….. Investigation of the topic… in the paper is carried out in the following logical sequence:………. Methodological tools of the research methods were……. years of research…… The object of research is the chosen company (countries, regions, universities, processes …….), because namely they……. The paper presents the results of an empirical analysis ……, which showed that … .. The research empirically confirms and theoretically proves that …… The results of the research can be useful for ….


The keywords are presented in the article in order to attract the attention of interested readers, to simplify the search of the manuscript through searchers. The number of keywords (phrases) should be from 4 to 10, which are given in alphabetical order.

JEL Classification

Our articles are classified according to the JEL classification codes (this is a system of codes for the topic of publications in economics, developed by the Journal of Economic Literature (JEL) and is available on the website of the American Economic Association The article should contain from 1 to 5 JEL codes, each of which should consist of three characters (for example, D80, Z19). If the author has difficulties in defining the JEL code, then he has the opportunity to ask for help from the managing editor.

File 2. Main text of the paper


In the introduction, the essence and purpose of the research, the formulation of the problem in general terms and its connection with other scientific or practical tasks, the detailed description of the current state of the problem under study are indicated. The purpose of the introduction is to provide the reader with complete information about the problem and possible ways of its solution, summarize the relevance of the research, its scientific and practical significance.

Literature Review

This section gives the analysis of research and publications, which set the beginning of the solution of this problem and which are the basis for the author / authors. The unresolved issues are allocated, which are part of the general problem, which the article is devoted to.

Methodology and research methods (if necessary)

This section gives a brief description of the positive and negative methodological experience, determines the hypotheses that underlie the research, scientific theories and schools, within which this research is carried out, methodological and empirical limitations of the research.

This section also describes the methods of data collection and processing used in the study, the empirical bases of the study. If the article contains the results of sociological research, then the name of the organization or persons who conducted the research should be noted as well as the type of research, the period of its conduct and the range of the analyzed data, the sampling error, methods of data collection (for example, interviews, observations, experiments, analysis of the content etc.) and so on. If the article contains the results of statistical analysis of data, then this section describes the applied methods of data analysis, gives the characteristics of the adequacy and reliability of the results obtained, provides information on the sources of statistical information, databases, etc.

The methodology and methods should be described with sufficient details to allow the reader to verify the results of the study. If there are any restrictions on the disclosure of part of the information or access to data, this should be indicated in this section.


This section presents the basic material of the research with the full justification of the received scientific results. The submitted material must be logically linked, clearly stated, and have the appropriate structure (if necessary, each part may have a name). During the presentation of the material, the scientific style should be followed.

Conclusions, Discussion and Recommendations

This section is a concise summary of the main findings of the study. Revealed new phenomena and confirmed facts should be described and accompanied by an appropriate comment. The conclusions should be logically consistent with the title and purpose of the article, thorough, contain a comparison of the results with the analogues, recommendations for their implementation. It is advisable to give a clear vision of the prospects for further research in this area.

Acknowledgements and Research Funding (if necessary)

In this section, the authors provide information on the organization or individual supporting the study. It is also possible to mention other persons who participated in the research (technicians, laboratory assistants, etc.). Referring to the source of funding for the research, it is mandatory to indicate the name of the fund, the name and number of the grant (research topic).

List of Abbreviations (if necessary)

If abbreviations are used in the text they should be defined in the text at first use, and in this section a list of abbreviations should be provided in alphabetical order.


The correct link in the article text to the source, listed in the literature list at the end of the article, should be as follows:

  • for the work of one author – indicate the author’s last name (Adams, 2006);

  • for the work of two authors – indicate the last names of the two authors (Adams and Brown, 2006) or the name of the first author followed by “et al. ”;

  • for the works of several authors – indicate the last name of the first author followed by “et al. ” (Adams et al., 2006).

References should be listed in alphabetical order by the first author’s last name at the end of the article. References to other publications must be carefully checked for completeness and accuracy.

For example:

Journal article

Author, A.A., Author, B.B., Author, C.C., Author D.D. (2005). Title of article. Title of Journal, Vol. (No.), 49-53.

Article by DOI

Slifka, M.K., & Whitton, J.L. (2000). Clinical implications of dysregulated cytokine production. Journal of Molecular Medicine, doi:10.1007/s001090000086.


Timoshenko S.P., Young D.H., Weaver W. (1974). Vibration problems in engineering. 4th ed. New York, Wiley. 521 p.

Online document

Abou-Allaban, Y., Dell, M. L., Greenberg, W., Lomax, J., Peteet, J., Torres, M., & Cowell, V. (2006). Religious/spiritual commitments and psychiatric practice.

Resource document. American Psychiatric Association. Accessed 25 June 2007.


If Appendixes are provided, they appear on a new page after the figures. Multiple appendixes are labeled with letters (Appendix A, Appendix B).


All figures (diagrams, line drawings, web pages/screenshots and photo images) should be submitted in electronic form. Submit figures as separate high-resolution (300 dpi) JPEG, PDF or PNG images. All figures should be of high quality and clear. They should be numbered consecutively with arabic numerals in accordance with their position in the text. The text of the article should refer to all the figures. Diagrams and drawings can be black-and-white or colored. Each figure should have a name that is placed beneath symmetrically to the text. Explanations to the figures should be concise, meaningful, reveal the symbols and abbreviations used in them.


Tables should be typed and included in a separate file to the main body of the article. The text of tables should be written using Times New Roman 10pt. The position of each table should be clearly stated in the body text of article. Do not submit tables as non-editable images. All tables should be numbered consecutively in accordance with their position in the text, each of which should contain a link in the text of the article. The table header should be short and reveal the table content. If it is necessary to provide a note to the text of the table explaining the abbreviation, or possible error in the calculations given in the table and so on, then it should be listed below the table.


All formulas in the article should be numbered sequentially, beginning with (1) to the end of the article, including attachments. The number should be given in parentheses to the right of the formula in the same line with the formula. This number of the formula should be used when referencing it later in the text of the article (for example, equation (1)). Formulas and equations must be created in Microsoft Equation or Math Type editors in MS Word. They must be editable, all characters must be clearly identified (upper and lower case letters, other symbols, upper and lower indices, avoidance of confusion, for example, between zero and the letter “o” etc.). After the formulas, explanations to all the characters and units in which they are measured should be given.


All papers are published in English.

File 3. Graphic and illustrative materials

In this file, we ask authors to present all the graphical and illustrative materials and formulas that were given in the main text of the article, in formats that can be edited (for example, Excel).

  • Serhiy Lieonov

    Head of the Editorial Board, Dr, Professor, Economic Cybernetics Department, Sumy State University, Ukraine.

    Research interests: banking, reproductive processes in the economy, risk management, innovation, investment activity

  • Gerald P Dwyer

    PhD, Professor of Economics and BB&T Scholar Clemson University, USA.

    Research interests: Monetary economics, financial economics, regulation of banking and financial markets.

  • Levente Kovács

    PhD, Professor, University of Miskolc, Hungary Head of the Economic Relations Department

    Research interests: transfer pricing in banks; monetary policy.

  • Viktoriya H. Boronos

    PhD, Professor, Sumy State University, Ukraine.

    Research interests: financial mechanism of investment and innovation process efficiency, financial potential of territory, financial safety, environmental economics.

  • Anatoliy Guley

    Dr, Professor, Bankovního institutu vysoké školy, Praha, Czech Republic Ternopil National Economic University, Ukraine. Chief Executive Officer of PJSC “Ukrainian Interbank Currency Exchange“. Former CEO of the JSC “Oschadbank” (2007-2010).

    Research interests: currency regulation, banking, financial markets

  • Igor Rekunenko

    Dr, Professor, Department of Finance, Banking and Insurance, Sumy State University, Ukraine.

    Research interests: financial intermediation, financial market, stock market.

  • Inna Shkolnyk

    Dr, Professor, Head of Department of Finance, Banking Management and Insurance, Sumy State University, Ukraine.

    Research interests: financial intermediation, financial market.

  • Taras Savchenko

    Dr, Professor, Head of Accounting and Taxation Department, Sumy State University, Ukraine.

    Research interests: transfer pricing in banks; development of the Ukrainian banking system; monetary policy (especially interested in the investigation of the monetary rules).

  • Ahmad Rizwan Ch

    PhD, University of Education Lahore, Pakistan.

    Research interests: Finance, Educational administration.

  • Krzysztof Koj

    PhD, Professor Economist, Business Trainer & Advisor, Higher Education Manager (Dean, MBA Academic Director), Lecturer; Polish Business Trainers Society, Poland.

    Research interests: international economic relations, European integration and negotiation.

  • K. M. Anwarul Islam

    Founder and Editor-in-Chief of International Journal of Finance and Banking Research,USA. Springer Journal, The Millennium University.

    Research interests: Economic Growth, International, Decision and Risk Analysis.

  • Jarosław Szostak

    PhD, Professor WSB University in Chorzów, Poland

    Research interests: International Business, Business Strategy.

  • Armin J. Kammel

    Dr, Professor (FH), LLM (London), MBA (CLU) Ehrenprofessor (Danube University Krems), Austria.

    Research interests: international banking law, securities regulation, financial law, corporate law and business law, economic analysis of the law.

  • Hassan Obeid

    PhD, Professor, Head of Finance Department at European Business School Paris, France.

    Research interests: Public Economics, Public Finance, Financial Economics

  • Magdalena Szyszko

    PhD, Professor, WSB University in Poznan, Poland.

    Research interests: economic theory, central banking and monetary policy, some aspects of financial markets (money market, banking market)

  • Aruna Kumar Panda
    PhD, Post-Doc (Business), Fellow, ICSSR, New Delhi. Chief Consultant and Head (R&D), International Society for Social Services, (ISSS), Bhubaneswar – 7, Orissa (India).

    Research interests: corporate finance, corporate governance, business strategy, HRM, banking and entrepreneurship.

  • Jean-Michel Heitz

    PhD, Full Professor, ESSCA, Université Paris-Dauphine, Université Paris 1 Panthéon-Sorbonne, France.

    Research interests: Enseignement supérieur, Enseignement.

  • Dileep Kumar M

    Director, Nilai Field Consultancy and Training, Malaysia; Visiting Professor, Warsaw Management University, Poland.

    Research interests: OB/Entrepreneurship, Qualitative & Quantitative Research, Consultancy Strategy.

  • Wioletta Nawrot

    PhD, University of Pennsylvania PRP Licensed Instructor, ESCP Europe, Kaplan International College London, CASE – Center for Social and Economic Research.

    Research interests: Neuroeconomics. Economics and Finance.

  • Ali Asgari

    PhD, Universiti Teknologi Malaysia, Panoply Consultancy, Universiti Kebangsaan Malaysia.

    Research interests: Marketing, Management, Business Strategy, Strategic Planning.

  • Piotr Karaś

    PhD, Finance Department, Cracow University Of Economics, Poland.

    Research interests: financial instruments market, institution, transformation bridge, bounded rationality, opportunism.

  • Renata Karkowska

    Dr, Assistant Professor, Department of Insurance and Capital Markets, Institute of Financial System of Economy Faculty of Management, University of Warsaw, Poland.
    Research interests: portfolio management, capital market, mutual funds Market, Derivatives, Risk Management, Financial System Economy and Banking.

  • Rana (Khudhair Abbas) Ahmed

    PhD, Al-Rafidain University College, Iraq.

    Research interests: Finance.

  • Filip Fidanoski

    PhD, University of Luxembourg, Luxembourg.

    Research interests: Experimental Economics, Financial Economics, Macroeconomics.

  • Prem Lal Joshi

    PhD, Professor Multimedia University, MMU, Kenya.

    Research interests: Finance and Accounting.

  • Tankiso Moloi

    PhD, Professor South African Journal of Accounting Research, University of Johannesburg, South African Institute of Professional Accountants (SAIPA).

    Research interests: Financial Governance, Global Financial Stability.

  • Syed Fahim

    Dr., Assistant professor at DHA Suffa University, Pakistan.

    Research interests: Team Leadership, Strategic Planning, Team Management.

  • Saša Obradović

    Dr., Professor of Macroeconomics at University of Kragujevac, Faculty of Economics, Serbia.

    Research interests: Strategic Planning, Team Management, Policy Analysis.

  • Ivo Pezzuto

    Dr, Professor, Global Market Analyst and Professor of Global Economics, International Business, and Risk Management at the International School of Management (ISM), Paris, France; ISTUD Business School; and Catholic University of Milan, Italy. Visiting Professor at IAE Nice Sophia Antipolis, France and University of Pisa, Italy.
    Research interests: Management, Finance.

  • Premkumar Balaraman

    PhD, Associate Professor at Adigrat University Ethiopia (Tigray).

    Research interests: Management, Finance.

  • Paulino Silva

    PhD, ISCAP, International Journal of Auditing Technology, ISCTE-IUL Porto Area, Portugal.

    Research interests: performance measurement and management in profit and non-profit organizations.

  • Akhlaque Ahmad

    PhD, Lecturer and Program Director at National Institute of Securities Markets (Established by SEBI), University of Mumbai, Mumbai Area, India.

    Research interests: Mathematical Finance, Computational Finance, Financial Modeling, Financial Derivatives and Financial Engineering.

  • Anand S

    PhD, Director of Postgraduate Studies and Research at College of Banking and Financial Studies (CBFS), Oman.

    Research interests: Corporate Finance, Investment Management, Bank Management, Financial Services, Derivatives, Mergers & Acquisition, International Finance, Mutual Fund, Wealth Management, and Financial Accounting for Management, Management Accounting and Financial Statement Analysis.

  • Svitlana Kucherenko

    PhD, Henry George School of Social Science, New York, USA.

    Research interests: Financial Management, Financial Economics Crime Statistics, Risk Management Models, Riskology, International Economic Statistics.

  • Jacob Kleinow

    PhD, Consultant Finance & Risk in Zeb Consulting; Freiberg University of Mining and Technology, Germany.

    Research interests: Financial Market Regulation and Supervision, Financial Institutions, Systemic Risk.

  • Hamid Alibeiki

    Master of Science in Economics, University of Yazd; Professional Lecturer at Imam Javad University, Iran.

    Research interests: Econometrics, Risk Management and Insurance, Financial Economics.

  • HK Pradhan

    Dr, Professor of Finance & Economics, Chair, Financial Market Centre, XLRI School of Business, Jamshedpur, India.

    Research interests: Econometrics, Risk Management and Insurance, Financial Economics.

  • Isik Akin

    PhD Student, Department of Accounting and Finance, England.

    Research interests: Financial Literacy, Credit Risk – Credit Rating, Banks’ Performance, Behavioural Finance, Corporate Governance and Social Responsibilities, Financial Crisis.

  • Yuliya Humenna

    PhD, Lecturer, the Department of Finance and Entrepreneurship, Head of the Department of International Affairs, Sumy State University, Ukraine.

    Research interests: corporate finance, accounting and auditing, investment management, financial risk management.

  • Yaryna Samusevych

    PhD, Senior Lecturer in Accounting and Taxation, Sumy State University, Ukraine.

    Research interests: fiscal policy; environmental taxation; economic regulation; National security.

  • Alina Vysochyna

    PhD, Lecturer, the Department of Accounting and Taxation, Sumy State University, Ukraine.

    Research interests: fiscal policy; taxation; financial equalization; financial potential; fiscal decentralization; sustainable development.

  • Inna Makarenko

    Doctor of Economics, Associate Professor, the Department of Accounting and Taxation, Sumy State University, Ukraine.

    Research interests: corporate reporting, sustainable development goals and integrated reporting, company transparency, asymmetric information in financial markets.

  • Liudmyla Zakharkina

    Phd, Associate Professor, the Department of Finance and Entrepreneurship, Head of the Department of Educational Work, Sumy State University, Ukraine.

    Research interests: innovation development, state economic regulation, fiscal policy, financial economics, financial security, national security, behavioral finance.

  • Hamid Waqas

    PhD, School of Economics, Department of Finance and Banking, University Utara, Malaysia

  • External reviewers

    List of External Reviewers


The process of reviewing scientific articles is an important stage in the publication process, which helps the editor-in-chief decide on the publication of the article, and the author himself – improve the manuscript.

Journal “Financial Markets, Institutions and Risks” have a system of double-blind peer review. This means that reviewers and authors remain anonymous.

The main criteria for articles selection are originality of scientific ideas and proposals, innovation of the scientific approach, significance of scientific results in its scientific field, theoretical basis of the article, quality and completeness of the review of existing research and publications, clarity of the research methodology, literacy and adherence to editorial requirements.

Manuscripts for review are sent to reviewers of the journal according to the field of their scientific interests.

Reviewers give one of the following recommendations:

  • accept the article for printing in its original form;
  • article requires minor corrections, which are indicated in the review;
  • substantial review of the article content is required, recommendations for the improvement of the material are indicated in the review;
  • reject the article on the basis, which is stated in the review.

The review reports with comments are sent to the authors.

Editorial Board makes the final decision about the submitted manuscripts.

The author receives comments and recommendations on improving the material submitted to the e-mail. The article review process lasts about 2 months.

The ideas and offers, stated in articles, not necessarily coincide with the point of view of the Editorial Board. The responsibility for reliability of the information in articles, accuracy of the titles, statistical data, names and citations is carried by the authors.

Each article before it is printed, is being tested for plagiarism with the help of Unicheck and StrikePlagiarism. software products. In cases of plagiarism detection, the authors of the materials provided are considered responsible.

Materials submitted for publication in the journal “Financial Markets, Institutions and Risks” can not be published in other scientific publications.

The author, institution or sponsor of the research pays an article publication charge (APC) for the article publication. The article publication charge is carried out to the account of Sumy State University. The cost of publishing articles is set in accordance with the estimate, which is calculated as a rule, annually (can be periodically adjusted), and approved in accordance with the regulatory framework of Sumy State University. The payment is made after the acceptance of the article for publication. The payment for publication is made in the form of a subscription to the journal number, in which the article will be published. As of 01/01/2018, it is 1100 UAH. For authors, discounts are available, the decision on granting of which is made at the discretion of the Editor-in-Chief in consultation with the Publisher. informational and presentation materials can be placed in printed versions of the journal and on the website. The editorial board can also provide additional information and analytical paid services. Clarifications and consultations on all financial matters, as well as invoices are provided by the responsible editor:

Step 1. Preliminary submission of the article’s abstract. Preliminary submission to the editorial board of the abstract of the article will allow to assess its relevance to the topics of the selected journal. To do this, the corresponding author can send an abstract of the article to the e-mail of the responsible editor who should respond within a week. In electronic correspondence with managing editor, authors can receive an answer to all questions related to editorial policy, financial issues of publication, terms, etc.

Step 2. Submission of the full-text article to consideration. The corresponding author sends the full text of the article to the e-mail specified in the contacts of the selected journal. The article is considered by managing editor regarding the compliance with the topics and requirements of the selected journal. Managing editor must notify the corresponding author about the results of review not later than in a week.

The corresponding author must ensure that all the co-authors listed in the article have approved its final version, and also agreed to submit it to the publication. Article submission for publication in the journal provides that all authors (co-authors) approve its publication and all of them took part in the study and / or preparation of the article. When submitting an article for consideration by the editorial board, accurate and reliable contact information of corresponding author should be submitted, who will be fully responsible for all aspects related to ethical issues and the originality of the content of the article, act as the main contact in the event of any disputes and inquiries before or after the publication of the article. By submitting an article for publication, the authors (co-authors) should fully take into account the requirements of the editorial board and the publisher on the content and quality of the presentation of the original data. If necessary (at the request of the editor), the authors (co-authors) should provide the authorship or originality of the material presented, explanations in case of revealed inconsistencies in the disclosure of important information. The publication of the manuscript means that this article was not previously published and is not considered for publication in another journals and was approved by all co-authors and the institution in which the study was conducted. The publisher is not legally responsible for any claims.

Step 3. Checking the article for originality. The editor checks the submitted materials for originality using the Unicheck software product to detect plagiarism. The managing editor must notify the corresponding author about the results of checking not later than in a week.

Step 4. Author’s agreement. Authors will be sent an author’s agreement form for further filling. Each author must sign this agreement. The author’s agreement confirms that the content of the manuscript has not been published before but has not been posted for publication in another journal, all co-authors have no complaints about the placement of the article for subsequent publication.

Step 5. Reviewing the article. The article is sent to two reviewers for double-blind peer review. The reviewer and the author are anonymous. Author’s anonymity guarantees the fairness of the review process. Manuscripts for review are sent to the reviewers of the journal in the field of their scientific interests. Reviewers give one of the following recommendations: 1) accept the article for printing in its original form; 2) the article requires minor corrections, recommendations on which are indicated in the referee-report; 3) a substantial revision of the content of the article is needed, recommendations for improving the material are indicated in the referee-report; 4) reject the article on the basis that is noted in the referee-report. Reports of reviewers with comments and recommendations are sent to the corresponding author by e-mail. The process of reviewing the article takes up to 2 months.

Step 6. Acceptance of the article for publication. If, in the process of reviewing, recommendations were made for making certain corrections to the manuscript, the corresponding author should send the revised article along with the file “Response to comments of reviewers”, in which all expert comments should be answered. The final decision on the recommendation of this article to the press is taken by the editorial board.

Step 7. Article preparation for publication. All manuscripts accepted for publication are checked by a technical editor for stylistic and linguistic errors. If necessary, managing editor coordinates all questions with the author by e-mail. A revised version of the article is sent to the corresponding author for approval, which makes appropriate corrections if necessary and sends the final version of the article to the editorial board. Significant changes in the content of the article, for example, new results, corrections of the meaning, changes in the name of the manuscript and authorship, are permitted only if approved by corresponding editor.

Step 8. Journal’s release for open access on the Internet. At this stage, the final version of the article will be published on the web-site of the journal and is available on the Internet. Corresponding authors will be informed about this by e-mail. Authors cannot make any changes to the final electronic version downloaded from the official web site of the journal.

Step 9. Printing, circulation and distribution. Hard copies of the journal are sent to libraries, databases and corresponding authors. To order additional printed copies of the journal (for example, for co-authors), it is necessary to contact the managing editor of the journal.