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Financial Analytics: Science and Experience
 

Provision of rating and analytical products to participants of the Russian corporate bond market as a factor in the development of the national financial market

Vol. 16, Iss. 4, DECEMBER 2023

PDF  Article PDF Version

Received: 20 April 2023

Received in revised form: 28 April 2023

Accepted: 6 May 2023

Available online: 30 November 2023

Subject Heading: INNOVATION AND INVESTMENT

JEL Classification: D12, G24, G32

Pages: 421–430

https://doi.org/10.24891/fa.16.4.421

Viktor V. KURLYANDSKII Moscow University of Finance and Law MFUA (MFUA), Moscow, Russian Federation
kurlandsky@mail.ru

ORCID id: not available

Anton A. ZAITSEV Moscow University of Finance and Law MFUA (MFUA), Moscow, Russian Federation
29383846@s.mfua.ru

ORCID id: not available

Subject. The article addresses the prohibition, enshrined in Russian legislation, on preparation and publication of analytical products by appraisers as a factor that reduces the effectiveness and hinders the development of the Russian corporate bond market.
Objectives. The aim is to update the problem of unequal conditions and opportunities for participation of credit rating agencies, appraisers, and investment advisors in providing rating and analytical products to the Russian corporate bond market actors.
Methods. We employ methods of systematization, comparison, and systems analysis of interactions between subjects of the corporate bond market, which are perceived as unbalanced due to the ban on the preparation and publication of analytical products by appraisers.
Results. The paper underpins the economic expediency of lifting the ban on the preparation and publication of analytical products by appraisers that is fixed in the Russian legislation. The suggestion may be of interest to the subjects of the securities market.
Conclusions. It is advisable that the basic concepts for the development of the financial market, the securities market, the corporate bond market, would include services of developers of rating and analytical products, i.e. credit rating agencies, appraisers, and investment advisers, in the preparation for the reorganization of the market. Lifting the ban on the preparation and publication of analytical products by appraisers, enshrined in Russian legislation, will have a positive impact on solving the problem of information disclosure in the corporate bond market.

Keywords: bond, valuation, rating, market, regulation

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