Financial Markets, Institutions and Risks (FMIR)

ISSN (print) – 2521-1250
ISSN (online) – 2521-1242

Open access journal

Editor-in-Chief: Dr., Prof. Serhiy Lieonov

Issued quarterly

Scientific Peer-Reviewed Open Access Journal – Financial Markets, Institutions and Risks (FMIR), ISSN (print) – 2521-1250 ISSN (online) – 2521-1242 was founded by Sumy State University, Ukraine in 2016 and registered by the Ministry of Justice of Ukraine (Certificate No. KB 22528-12428P from from November 24, 2016). The language of publication is English.

Open access statement
This journal allows readers to read, download, copy, distribute, print, search, or link to the full texts of its articles and to use them for any other lawful purpose with due acknowledgement (citation) to authors and the journal.

Contact us:

or Managing Editor

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Aims and scope Instruction for authors Editorial and Review Board Indexing Advertising Article publication charge

The Journal of Financial Markets, Institutions and Risks promotes the development of cooperation between academics and professional financial communities, the international dissemination of theoretical and empirical research, as well as the best international practices of financial sector development, financial support for national economies and households.

Our journal publishes original articles of basic and applied research, conceptual and empirical papers, conference papers, case studies and critical reviews.

Key topics:

  • The development of international, national and regional financial markets;
  • 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;
  • Legal aspects of markets and institutions activity.

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

Manuscript organization

Open access

Journals “Business Ethics and Leadership”, “SocioEconomic Challenges” and “Financial Markets, Institutions and Risks” use an open access model. It means that articles are publicly available to all, free of charge and without restriction and allows our readership to read, download, copy and print full versions of texts.

General guidelines for authors

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.

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.


The abstract should be 250-300 words. The abstract should indicate the purpose of the article, briefly describe the author’s contribution to the solution of the scientific issue, determine the scientific novelty and the practical significance of the results obtained, give the main conclusions of the study. The text of the abstract should be concise, clear, free of secondary information, give a clear and objective notion about the essence of the article. It should not contain results that are not presented and not substantiated in the main text of the article. The abstract should not contain abbreviations and citation.


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.

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.

Copyright and author’s rights

Articles submitted to the journal should not have been published before in their current or substantially similar form, or be under consideration for publication with another journal. Authors submitting articles for publication warrant that the work is not an infringement of any existing copyright and will indemnify the publisher against any breach of such warranty. For ease of dissemination and to ensure proper policing of use, papers and contributions become the legal copyright of the publisher unless otherwise agreed.

We take issues of sscientific misconduct, copyright infringement, plagiarism or other breaches of best practice in publication very seriously. We are focused on the rights protection of our authors. Also we seek to protect the reputation of the journal against malpractice. Submitted articles will be checked with duplication-checking software by using Unicheck.

This Journal provides authors with CC BY license. It permits use, distribution and reproduction in any medium, provided the original work is properly cited. The CC BY license permits commercial and non-commercial reuse.

  • 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.
  • John Johnson

    PhD, Professor Walden University, USA.

    Research interests: International leadership; organizational leadership and behavior; aspects of intercultural leadership in business environment; entrepreneurship.
  • Hanna Sanko

    MS, Professor, Colorado State University Global Campus, USA.

    Research interests: International Business and Finance, Accounting and Audit.
  • 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
  • Istemi Demirag

    PhD, Professor and Head of Accounting Group; Director of Post Graduate Research at Keele University Management School, UK.
    Research interests: Good Governance, Effective and Intelligent Accountability and Networking in Hybrid Organisations; Performance Management and Public Private Partnerships (PPPs) especially Risk Transfer and Management issues.
  • 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

    PhD, Full Professor, University Institute for International and European Studies, Inter-national Teaching University, Tbilisi, Georgia.

    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.
  • Michael Schaefer

    PhD, Président at Association 1901 SEPIKE Poitiers Area, France.

    Research interests: Finance.
  • 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.
  • Sandeep Kumar

    Dr, Professor, Tecnia institute of advanced studies, New Delhi Area, India.

    Research interests: Marketing Management, Decision Science, Operation Research, Business Statistics, Strategic Management, Research Methodology, Management Information System.
  • Hamid Alibeiki

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

    Research interests: Macroeconomics, Monetary Economics, Risk and Capital Market.

  • External reviewers

    Juan Carlos Cuestas

    PhD, Economics and Research Department, Research Division, Senior Economist, Eesti Pank (Bank of Estonia), Estonia

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