ABSTRACT : The article reveals modern trends and contradictions in the development of the derivatives market in Ukraine and, accordingly, opportunities for hedging the risks of Ukrainian enterprises. It has been established that inflationary pressure, exchange rate fluctuations and the difficult economic situation in the country, which are largely the result of a full-scale military invasion, have complicated doing business in Ukraine and increased the need to find effective ways and tools for risk management. The functionality of the derivatives market is comprehensively outlined. It was noted that the derivatives market in Ukraine has been shrinking in recent years, and its share in the securities market in Ukraine is insignificant. The reasons for the low level of development of the derivatives market in Ukraine are outlined, including the unstable political situation in the country, the outflow of investment capital, the speculative market situation, the imperfection of regulatory and legal support, the lack of the necessary exchange infrastructure, and the distrust of market participants. It was emphasized that the derivatives market in Ukraine has significant potential for further development in the conditions of the transformation of the financial sector in accordance with the requirements of the European Union.

KEYWORDS – derivatives, derivatives market, hedging risks, exchange market, options, over-the-counter market.