Regional Equity Market of Russia: Trends and Prospects

Abstract

The paper analyzes the current state of the regional stock market in Russia, its trends and prospects. The paper considers different points of view on the regional securities market, its essence and structure, the criteria for the classification of the regional stock market. The basic elements and structure of the regional securities market and its specific properties are investigated. Particular attention is paid to the development trends of regional stock markets in Russia, their interaction with the national securities market. The main subjects of this market are considered: issuers, investors, professional participants, regional regulatory bodies and self-regulatory organizations. The economic interests of these entities are different; there are both centrifugal and centripetal trends. Contradictions arising from the collision of these trends hamper the exit of regional stock markets from the initial stage to maturity. The basic elements of the regional securities market and its peculiarities are studied. Particular attention is paid to the processes of development of regional stock markets in Russia, their interaction with the national securities market. The paper highlights the role of the regional securities market as an effective mechanism of capital flows to economically developed regions. Stock markets of regions contribute to the accumulation of free cash and their redistribution between sectors of the economy on a mutually beneficial basis by the market entities transactions with securities. The analysis showed that the unresolved problems of the stock market affects the economy of the region and the country as a whole and requires solving a number of problems: the accumulation of financial resources, the stimulation of investment activity of the population, a variety of forms and methods of attracting investments, the use of market mechanisms for the development of branches and regions.