Mandron V. V., Zverev A. V ., Mishina M. Y.
Financial markets in modern Russia: peculiarities of regulation and development trends
The financial market is a segment of the economic system that is particularly strictly regulated and controlled by public authorities. Particular attention of the state to the control and supervision of the financial market is due to the fact that the degree of development of its infrastructure has a direct impact on the economic situation of the country. The article reflects the peculiarities of the financial market infrastructure development and its role for the national economy. The relationship between the regulatory system and the efficiency of the financial market segments is established. A detailed description of the market components is given and the level of their development (money market and capital market) is analyzed. The mechanism of state regulation of the financial market is reflected, and the efficiency of its regulation is revealed, through the system of building a single megaregulator of the financial market, which allows to achieve the maximum positive effect for all subjects of the economy. The measures and objectives of prudential supervision are defined, and a comparative analysis of the impact of macroprudential and microprudential supervision on the financial sector is carried out. Regulatory powers of the Central Bank of the Russian Federation in the system of regulation are defined. The problems of functioning of the financial market at the present stage are revealed and conclusions about the necessity of development of regulatory infrastructure of the financial market for achievement of steady economic growth are formulated.
Keywords: financial market, the system of state regulation, regulator, control, supervision, money market, capital market, market participants, the Bank of Russia.

Download