eng Science and Education Publishing Journal of Finance and Economics 2328-7276 2015-08-21 3 4 67 71 10.12691/jfe-3-4-2 JFE2015342 article Azarenkova Galina 1 Shkodina Iryna 2 Kavun Sergii kavserg@gmail.com 3 Department of Finance and Financial and Economic Security, Kharkiv Institute of Banking University of Banking of the National Bank of Ukraine, Kharkiv, Ukraine Department of Economic Theory, Kharkiv Institute of Banking University of Banking of the National Bank of Ukraine, Kharkiv, Ukraine Department of Information Technologies, Kharkiv Institute of Banking University of Banking of the National Bank of Ukraine, Kharkiv, Ukraine The article has studied the dynamics of world trade market testifying, that is not taking into consideration its regeneration, the market development is connected with a sharp increase of uncertainty both at developed markets and in developing ones. The authors concluded that the dynamics of different segments of the world stock market depends not upon the economic situation in certain countries, but upon the actions of central banks, in the first place of the Federal Reserve Bank that actively pursue the policy of the quantitative easing. Desynchronization of the dynamics of different countries' stock markets is the demonstration of the increase of fluctuations at the global level, what leads to a weakening of economic growth rate and changes for the worse financial market situation, which become serious risks to the global economy. http://pubs.sciepub.com/jfe/3/4/2/jfe-3-4-2.pdf trend stock market quantitative easing volatility index MSCI