Finance and Credit

The Russian stock market: Problems and the development prospects

Vol. 24, Iss. 3, MARCH 2018

Received: 12 January 2018

Received in revised form: 29 January 2018

Accepted: 15 February 2018

Available online: 29 March 2018

Subject Heading: Securities market

JEL Classification: E44, G10, G11, G18, G23

Pages: 613—626

Saibel' N.Yu. Kuban State University, Krasnodar, Russian Federation

ORCID id: 0000-0003-1975-4155

Koval'chuk A.V. Kuban State University, Krasnodar, Russian Federation

ORCID id: not available

Importance The stock market is an important tool for economic growth, as it enables to transform savings into investments. The article reviews the conditions of formation of and development trends in the Russian stock market under the global crisis.
Objectives The aim is to assess the current state of the Russian stock market, identify key problems hindering its effective development, and devise measures to eliminate them.
Methods The study employs logical, statistical and graphical methods of analysis.
Results We unveil problems impeding the effective development of the Russian stock market. They include the low level of stock market capitalization, lack of infrastructure, high concentration of capitalization of enterprises operating in the fuel and energy complex, high level of fraud in the Russian stock market, imperfect taxation of transactions of the stock market, high volatility of the Russian securities market, lack of proper protection of investors' rights. The paper offers certain proposals to solve the existing problems, like attracting domestic and foreign investors, improving the regulatory framework and tax system, developing the system of insurance of transactions on the stock market, and others.
Conclusions Further development of the Russian stock market is possible only if an integrated approach is applied on the part of the market itself and the State. To attract new investors, it is necessary to regularly enhance the financial literacy of the population and develop new tools for involving citizens in investing.

Keywords: securities market, stock exchange, stock market, Moscow Interbank Currency Exchange, Russian Trading System


  1. Balalova E.I. [Stock Exchange of Formation Problems and Solutions]. Fundamental'nye i prikladnye issledovaniya kooperativnogo sektora ekonomiki = Fundamental & Applied Researches of Cooperative Sector of Economy, 2014, no. 2, pp. 78—81. (In Russ.)
  2. Ul'maskulov R.T., Sharif'yanova Z.F. [Differences in the U.S. stock market and the Russian stock market]. Simvol nauki = Symbol of Science, 2017, vol. 1, no. 1, pp. 69—72. (In Russ.)
  3. Matskevich A.A. [Factors determining the effectiveness of Russian stock market]. Vestnik Chelyabinskogo gosudarstvennogo universiteta = CSU Bulletin, 2013, no. 32, pp. 48—51. (In Russ.)
  4. Filatova T.V., Dunaeva A.I., Udachin N.O. [The stock market and its role in financing the economy of the Russian Federation]. Naukovedenie, 2014, no. 3. (In Russ.) URL:
  5. Papin V.V. [Foreign experience of stimulating investment activity of households and its implementation in the domestic financial environment]. Novye tekhnologii = New Technologies, 2015, no. 2, pp. 162—167. (In Russ.)
  6. Chirkova E.V., Agamyan G.R. [Insider trading in the Russian stock market before announcements of mergers and acquisitions deals]. Ekonomicheskii zhurnal VShE = HSE Economic Journal, 2015, no. 3, pp. 395—422. (In Russ.)
  7. Polyakova T.N. [The Russian Stock Market: Trends and Current Condition]. Natsional'nye interesy: prioritety i bezopasnost' = National Interests: Priorities and Security, 2016, vol. 12, no. 3, pp. 93—106. URL: (In Russ.)
  8. Nikitina Yu.S. [Trends in the development of the securities market]. Vestnik gosudarstvennogo i munitsipal'nogo upravleniya = Journal of Public and Municipal Administration, 2015, vol. 4, no. 4, pp. 88—94. (In Russ.)
  9. Kruglyanskii Ya.S. [Stock exchange as an indicator of financial market development in the Russian Federation]. Vestnik universiteta (Gosudarstvennyi universitet upravleniya) = University Bulletin (State University of Management), 2012, no. 10-1, pp. 242—245. (In Russ.)
  10. Chikhachev Yu.A. [The Russian stock market as a tool to attract foreign investment]. Biznes v zakone = Business in Law, 2010, no. 3, pp. 278—281. (In Russ.)
  11. Orlov L.S. [Reformation of Russian Stock Market in Modern Conditions]. Vestnik ekonomiki, prava i sotsiologii = The Review of Economy, the Law and Sociology, 2012, no. 3, pp. 70—73. (In Russ.)
  12. Dikareva I.A., Goncharova E.S. [Analysis of the Russian stock market]. Alleya nauki, 2017, no. 14, pp. 68—72. (In Russ.) URL:
  13. Loktionova Yu.N., Yanina O.N., Nagoeva B.Z. [Problems of the modern development of financial markets and the impact of the financial crisis on the Russian stock market]. Novaya nauka: teoreticheskii i prakticheskii vzglyady = The New Science: Theoretical And Practical View, 2016, no. 117-1, pp. 87—93. (In Russ.)
  14. Hailemariam A., Guotai C. Stock Market Development and Economic Growth: Empirical Evidence for Emerging Market Economies. International Journal of Economics, Finance and Management Sciences, 2014, vol. 2, iss. 2, pp. 171—181. URL:
  15. Diamond P.A. The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty. American Economic Review, 1967, vol. 57, no. 4, pp. 759—776. URL:

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 24, Iss. 3
March 2018