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Finance and Credit
 

About the new registrar functionality in the stock market and its development to ensure economic growth

ISSUE 10, OCTOBER 2025

PDF  Article PDF Version

Received: 22 May 2025

Accepted: 9 June 2025

Available online: 30 October 2025

Subject Heading: INVESTING

JEL Classification: E02, E22, G23, G28, G32

Pages: 208-225

https://doi.org/10.24891/ftxhmq

Andrei Yu. ALEKHIN AO Specialized Registrar COMPASS, Novokuznetsk, Russian Federation
alehin@zao-srk.ru

ORCID id: not available

Elena A. CHUVELEVA Corresponding author, AO West Siberian Innovation Company, Novokuznetsk, Russian Federation
chuvelevae@yandex.ru

ORCID id: not available

Subject. The article addresses the issue of ensuring positive dynamics of investment in fixed capital of macroeconomics actors.
Objectives. The aim is to substantiate that investment institutions should recognize professional securities market participants, the main activity of which is maintaining registers of securities holders (registrars), and which created investment platforms; to formulate proposals that contribute to qualitative unlocking the potential of the said institutions.
Methods. The study employed tabular and graphical methods of data processing and visualization, theoretical methods of observation, analysis, comparison, grouping of data, concretization, and generalization.
Results. The paper shows that institutions formed by the joint work of registrars who created the investment platforms and the investment platforms themselves form a new over-the-counter sector of the stock market for the financial system. This sector enables investment in the fixed capital of joint-stock companies and the conversion of these savings into their assets. The functioning of this sector can ensure an increase in the capitalization of the stock market and an increase in the rate of qualitative (organic) growth. We offered directions of these institutions’ functional development that will contribute to the development of capital-forming investment processes in Russia.
Conclusions. Our proposals will form the basis for creating standards that promote functional development of operators of investment platforms.

Keywords: registrar, investment platform, crowdinvesting, over-the-counter, stock market sector

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