Importance The paper discusses the current issues of regulating alternative electronic trading systems, dark pools and crowdfunding platforms based on securities in the financial markets of Hong Kong and Singapore, as well as the possibilities of introducing the experience of these countries in the Russian stock market. Objectives The paper aims to develop practical recommendations to improve the Russian regulatory system for over-the-counter (OTC) stock market institutions based on the analysis of best foreign approaches and methods. Methods In this study, I used the methods of statistical grouping, analysis and synthesis. Results The results of the study show that the admission of leading foreign electronic trading systems to the Russian financial market will have a positive impact on its transparency, while maintaining the overall level of systemic risk, without the expectation of a significant liquidity outflow from the stock market. Conclusions Despite the fact that most of the institutions of the OTC market operating in the countries under consideration are of foreign origin, their admission to the financial market is fairly liberal. There is a tendency to tighten the requirements for the dark pools operators to maximize the convergence of this segment with the major stock markets.
Keywords: regulation, over-the-counter market, electronic trading system, dark pool, crowdfunding
Demina Ya.V. [East Asian Capital Markets: Integration and Convergence]. Prostranstvennaya ekonomika = Spatial Economics, 2016, no. 3, pp. 81–104. (In Russ.) URL: Link
Jiang G., Tang N., Law E. Electronic Trading in Hong Kong and Its Impact on Market Functioning. BIS Papers, 2002, no 12, pp. 124–137. URL: Link BKAJg97InVybCI6Imh0dHA6Ly9 3d3cuYmlzLm9yZy9wdWJsL2JwcGRmL2Jpc3BhcDEyZy 5wZGYiLCJ0aXRsZSI6ImJpc3BhcDEyZy5wZ GYiLCJ1aWQiOiI1NTk4NTc2IiwieXUiOiI2ODc5N jQxMzIxNTA2NDU1NjE1Iiwibm9pZnJhbWUiOnRyd WUsInRzIjoxNTA3MTMzMzcyMDk3fQ%3D%3D&page=1&lang=en
Il'in E. [State Intervention in the Stock Market: Experience in Russia and Hong Kong]. Vestnik Instituta ekonomiki Rossijskoj akademii nauk, 2010, no. 3, pp. 211–220. (In Russ.)
Danilov Yu.A. Opyt reform finansovykh rynkov v stranakh – konkurentakh Rossii na global'nom rynke kapitala [The experience of financial markets reforms in the countries – competitors of Russia in the global capital market]. Moscow, Gaidar Institute Publ., 2016, 164 p. URL: Link
Obaeva A.S., Pryazhnikova Yu.A. [The infrastructure of Hong Kong's financial market: payments systems and securities settlements systems]. Den'gi i kredit = Money and Credit, 2013, no. 1, pp. 59–68. (In Russ.)
Hu Ying. Regulation of Equity Crowdfunding in Singapore. Centre for Banking & Finance Law, National University of Singapore Working Paper, 2015, 54 p. URL: Link
Park Cyn-Young. Asian Capital Market Integration: Theory and Evidence. Asian Development Bank Economics Working Paper Series, 2013, no. 351, 29 p. URL: Link
Hong Bum Jang. Financial Integration and Cooperation in East Asia: Assessment of Recent Developments and Their Implications. IMES. Discussion Paper Series, 2011, no. 2011-E-5, 96 p. URL: Link
Mirkin Ya.M. Razvivayushchiesya rynki i Rossiya v strukture global'nykh finansov: finansovoe budushchee, mnogoletnie trendy [Emerging markets and Russia in the structure of global finance: financial future, long-term trends]. Moscow, Magistr Publ., 2015, 176 p.
Burger J.D., Warnock F.E., Warnock V.C. Bond Market Development in Developing Asia. ADB. Economics Working Paper Series, 2015, no. 448, 26 p. URL: Link
Solov'ev P.Yu., Malyshev P.Yu. [Developing institute of Forex dealers in Russia: opportunities and prospects]. Den'gi i kredit = Money and Credit, 2016, no. 11, pp. 41–50. (In Russ.)
Astapov K.L. [Modernizing Russian securities market infrastructure in compliance with international principles]. Den'gi i kredit = Money and Credit, 2014, no. 3, pp. 27–34. (In Russ.)
Kudryavtseva L.N. [Institute of central counterparty at the Eurasian Union financial space]. Bankovskoe delo = Banking, 2017, no. 2, pp. 50–56. (In Russ.)
Guseva I.A., Kudinova M.M., Malyshev P.Yu. et al. Fondovye rynki stran SNG: sostoyanie i perspektivy integratsii [Stock markets of CIS countries: current state and integration prospects]. Moscow, Rusains Publ., 2015, 192 p.
Maiorov S.I., Oksenoit G.K. Rynok gosudarstvennykh tsennykh bumag: instrumenty i organizatsiya [Public securities market: instruments and organization]. Moscow, Statistika Rossii Publ., 2006, 311 p.