Subject. We investigate problems of development and regulation of derivative financial instruments (DFI) in Russia. Objectives. The purpose is to consider trends in the regulation of derivatives. Methods. The study draws on general scientific methods. Results. Based on the analysis of best practices, we confirm the need to regulate derivative financial instruments and identify major requirements for the regulation. The paper describes the history and current state of DFI regulation in Russia, analyzes the opinions of researchers and experts regarding the government intervention in the DFI market functioning. Approaches to regulation are linked to the goals and objectives of market participants and macroeconomic functions of the market. The paper also shows mechanisms by which derivatives affect the level of systemic risk in the economy and proves the importance of organizational and economic transformations in the field of DFI. Conclusions. The paper states priority tasks and practical steps in the regulation of DFI in Russia.
Stout L.A. Why re-regulating derivatives can prevent another disaster. Harvard Law School Forum on Corporate Governance, 2009. URL: Link
Varghese J. Regulation of Financial Derivatives: Some Policy Considerations. The IUP Law Review, 2011, vol. 1, no. 3, pp. 27–42. URL: Link
Ignatov Ya.N. [The history and legal nature of forward contracts in Russia]. Aktual'nye problemy rossiiskogo prava = Actual Problems of Russian Law, 2011, no. 2, pp. 168–180. URL: Link (In Russ.)
Degtyar' A.E. [Subjects of State regulation of operations with derivative financial instruments (derivatives) in the Russian Federation, the USA and the European Union]. Colloquium-Journal, 2019, no. 6-11, pp. 168–169. (In Russ.)
Danilov Yu.A. [Russian derivatives market: Obstacles for development and measures on their overcoming]. Ekonomicheskoe razvitie Rossii = Russian Economic Developments, 2018, vol. 25, no. 4, pp. 43–52. URL: Link (In Russ.)
Denga S., Jain A. Definition, Classification and Use of Derivative Financial Instruments. Accounting and Finance. Institute of Accounting and Finance, 2016, iss. 1, pp. 90–99.
Matveeva T.A. [On derivatives classification]. Intellekt. Innovatsii. Investitsii = Intellect. Innovation. Investments, 2011, no. 4, pp. 89–93. URL: Link (In Russ.)
Vygovskyy O. Legal Nature of Derivatives and Derivative Securities as Financial Markets Instruments. Actual Problems of International Relations, 2018, no. 137, pp. 58–64. URL: Link
Stout L.A. Derivatives and the Legal Origin of the 2008 Credit Crisis. Harvard Business Law Review, 2011, vol. 1, pp. 1–38. URL: Link
Abuselidze G., Reznik N., Slobodianyk A., Prokhorova V. Global Financial Derivatives Market Development and Trading on the Example of Ukraine. SHS Web of Conferences, 2020, vol. 74, no. 05001. URL: Link