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Regulation of electronic trading systems: The implementation of Hong Kong and Singapore experience in the Russian stock market

Vol. 23, Iss. 37, OCTOBER 2017

PDF  Article PDF Version

Received: 23 August 2017

Received in revised form: 6 September 2017

Accepted: 21 September 2017

Available online: 16 October 2017

Subject Heading: Securities market

JEL Classification: G18, G28, K22

Pages: 2226–2242

https://doi.org/10.24891/fc.23.37.2226

Malyshev P.Yu. Financial University under Government of Russian Federation, Moscow, Russian Federation
PYUMalyshev@fa.ru

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

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