+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






Finance and Credit

Derivatives: Classification and Regulatory Issues

Vol. 27, Iss. 8, AUGUST 2021

Received: 10 May 2021

Received in revised form: 24 May 2021

Accepted: 7 June 2021

Available online: 30 August 2021

Subject Heading: Banking

JEL Classification: E41, E51, G21

Pages: 1813–1827


Lyudmila A. GUZIKOVA Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation


Natal’ya A. KIM Peter the Great St. Petersburg Polytechnic University, St. Petersburg, Russian Federation

ORCID id: not available

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.

Keywords: derivative, market regulation, securities, futures, hedging


  1. Stout L.A. Why re-regulating derivatives can prevent another disaster. Harvard Law School Forum on Corporate Governance, 2009. URL: Link
  2. Varghese J. Regulation of Financial Derivatives: Some Policy Considerations. The IUP Law Review, 2011, vol. 1, no. 3, pp. 27–42. URL: Link
  3. 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.)
  4. 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.)
  5. 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.)
  6. 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.
  7. Matveeva T.A. [On derivatives classification]. Intellekt. Innovatsii. Investitsii = Intellect. Innovation. Investments, 2011, no. 4, pp. 89–93. URL: Link (In Russ.)
  8. 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
  9. 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
  10. 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

View all articles of issue


ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 28, Iss. 6
June 2022