Financial Market Development
All sectors of the financial market provide different products and services to consumers, but all of them must be stable, do not participate in illegal activities and voluntarily fulfill their obligations to customers. In order to achieve it, the Bank of Russia develops regulatory principles that do not allow participants to accumulate risks and violate the interests of clients. It creates conditions for development of trust environment in the financial market. Equally important are competition, financial inclusion of services and capital as well as financial stability.
Today, financial technologies are becoming an increasingly important factor for financial market development. The Bank of Russia develops national technological infrastructure for the financial market, and is also responsible for combating cybercrime and preventing cyber risks in the financial system.
The goals and objectives for financial market development are disclosed in the strategic document of the Bank of Russia — Russian Financial Market Development Program, which is adjusted annually for coming 3 years. It discloses principles and areas of the policy for financial market development as well as key tasks to be solved by the Bank of Russia together with the Government of the Russian Federation in order to create favourable conditions for market forces that determine the development of the financial market.
Russian Financial Market Development Program is discussed with market participants, relevant ministries and institutions, and is considered by the State Duma. It makes possible to synchronize the implementation of measures taken by the Government of the Russian Federation and the Bank of Russia for common goals.
The goals of financial market development defined as in Russian Financial Market Development Program
- Developing a modern financial market to satisfy the investment needs of the Russian economy for structural transformation and efficient payment services.
- Strengthening the trust of retail consumers and investors in the financial market by improving its security, increasing financial literacy and enhancing financial inclusion for households and businesses.
- Ensuring financial stability that is the smooth functioning of the financial market, including in conditions of stress.