Subject The importance of financial markets is difficult to overestimate for the development of national economies. Developing financial markets is still relevant to a large number of both developing and developed countries. Nowadays we can see Russia and ASEAN countries developing their economic cooperation in investment. Therefore it is important to analyze the development of Asian financial markets. Objectives The study is to analyze the main directions for developing the financial markets of the Asian countries, and to identify trends and problems in this area. Methods The study consists of several parts. The article presents an analysis of the dynamics and state of the Asian financial markets, including an overview of infrastructure and credit risk assessments. We compared the state of the Russian and Asian financial markets. Results The analysis revealed basic trends and problems in the development of the Asian financial markets, and also determined the current state of the Russian financial market. Conclusions and Relevance The article highlighted key trends, which demonstrate that domestic investors in the Asian financial markets are mainly represented with banks and pension funds. What unites the Asian financial markets is their conservatism, as well as difficult secondary trade in assets. Compared with Asian countries, Russia faces other problems, such as a lack of conservative institutional investors. The immediate task for the development of the financial market in the Russian Federation is increase of the presence of institutional investors, especially non-state pension funds, which is possible only if the role of voluntary pensions will increase in Russia. The development of Russia’s financial market primarily requires institutional investors be present there, especially non-governmental pension funds. This will be possible only if voluntary pension insurance becomes more significant and important.
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