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

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


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