Pryanishnikova M.V.Saratov Social and Economic Institute, Plekhanov Russian University of Economics, Saratov, Russian Federation marprya@mail.ru
Importance The bulk of operations with securities is carried out in the organized markets which functioning is defined by a basic market model of securities. Each of the market models has the advantages and shortcomings, the study of which allows developing recommendations about the market improvement within a certain model. This development assumes relevance in the conditions of the country's unstable financial and economic situation. Objectives The goals of research consist in identifying the main types of the modern organized securities markets, in considering a structure of different types of organized securities markets, their structure in terms of trading participants and types of the traded securities, and the basic elements of regulation of the organized markets. An analysis of modern approaches to securities markets classification allows to formulate criteria of their classification and to define the most effective measures for their regulation. Methods For the research, I used the following scientific methods: a general-logical method (analysis, synthesis, analogy), theoretical method (abstraction, generalization, historical method, system approach), and the empirical methods (observation, description, and comparison). I am proving the need of studying the modern market models of securities, offering the definition of the concept of market model of securities, and systematizing various approaches to classification of modern organized securities markets. I also clarify the Anglo-Saxon and European-continental models, bank and non-bank market models, and also the mixed model: models of the markets with excess, sufficient, absolutely insufficient and rather insufficient capital; open and national market models. The paper provides characteristic of the concept of sufficiency of the capital in research, and also it reveals its essence. The article considers also the value of sufficiency level of the capital for formation of various models of organized securities market. While considering a non-banking market model of securities, I reveal the essence of investment banking. Results The efficiency of functioning of the organized markets, their contribution to economic development of the country depends on their structure, opportunities of participants, sufficiency of capital and many other factors. Conclusions and Relevance The importance of research lies in the assessment of comparative efficiency of different market models. The paper shows the role and value of securities market in the organization of investment processes at different market models, considers changes in the sphere of regulation of the Russian securities market and their influence on numerical composition of the market's professional participants, and also reveals the qualitative characteristics of a domestic model of organized securities market.
Keywords: capital sufficiency, investment bank, model, organized securities market, market structure
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