Nesterenko E.A.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation ekanest11@yandex.ru
Somova O.V.Saratov Socio-Economic Institute, Branch of Plekhanov Russian University of Economics, Saratov, Russian Federation oksana.ok-som@yandex.ru
Importance Whereas the role of the Russian foreign exchange market becomes more important for ensuring the stability of the national financial system, issues of determining phases of Russia's foreign exchange market evolution gain special relevance. Objectives The research identifies milestones in the evolution of the foreign exchange market in Russia in terms of changes in its actors. Methods The research employs such methods of general scientific cognition as comparison, description and logic apprehension, analysis and synthesis. Results We found some sound reasons why issues of determining the milestones of the Russian foreign exchange market were not sufficiently presented in contemporary scientific literature. Conclusions and Relevance Depending on the composition of actors in the Russian foreign exchange market, it is possible to point out four main phases of its development: 1992-1996, i.e. the period of commercial banks' internal operations; 1997-2003, i.e. resident businesses' penetration to the market; 2004-2011, i.e. non-resident businesses' penetration to the market; post-2012, i.e. individual residents' entry to the market. Analyzing the milestones of the Russian foreign exchange market development in the segment under study helps identify significant structural changes and main trends in the segment of the foreign exchange market.
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