Importance The securities market's stability and flexibility depend on the mechanism of adaptation to environmental effects. The analysis of this mechanism enables to better understand changes in the securities market and develop recommendations for its further growth. Objectives The aim is to reveal the substance of the adaptation mechanism of the securities market to environmental effects and the sequence of stages of its development on the Russian securities market case. Methods The study draws on a systems approach, institutional and evolutionary approach, general research technique, like decomposition and deduction. Results I offer my own approach to the study of adaptation mechanism of the securities market to environmental effects. It implies to identify three aspects: behavioral, structural and organizational, and on this basis to differentiate stages of this mechanism development. The paper shows areas of improvement of the adaptation mechanism of the Russian securities market. Conclusions The existing adaptation mechanism of the Russian securities market needs perfection. Only after it is improved, it can actively participate in the investment process of the country. The findings may be useful for State policy formulation in the field of financial markets.
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