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

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

Journal: Finance and Credit, #37, 2017

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.


State-of-the-art and prospects for financial markets’ integration of certain countries of the CIS and Russia

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

Journal: Finance and Credit, #18, 2016

Importance The financial and economic crisis in Russia, which is accompanied by massive foreign capital outflow and escalation of international political situation, requires searching for new strategic partners in foreign financial markets, including the CIS States. This necessitates the analysis of the state-of-the-art and specifics of partner countries’ national financial market development.
Objectives The research aims at identifying potential areas for the integration of Russian financial markets with those of Azerbaijan, Armenia and Belarus based on the analysis of their current state, problems and development prospects in the medium term.
Methods In the course of the study, I applied methods of analysis and synthesis, statistical grouping, and linear correlation when reviewing the up-to-date statistical data.
Results The main impediments to development of financial markets of Azerbaijan, Armenia and Belarus are absolute domination of the banking sector, extremely low liquidity of the secondary market and insufficient investment potential of the private sector. Meanwhile, there are some prospective areas for integration.
Conclusions and Relevance The integration of financial markets of the countries under consideration with the Russian market can be effective in terms of attracting national issuers to the Moscow Exchange, developing a comprehensive program to attract the funds of the expatriate community to the domestic financial market, and expanding the range of domestic banks participating in the single integrated currency market within the EEU.


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