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Financial Market Development

The financial market is the system of economic and legal relations associated with the use of money as a store of value and a means of payment, and the circulation of financial instruments; it also denotes the cultural and business environment in which financial market participants operate.

The public function of the financial market is the efficient distribution of money and risks and the fair pricing of financial assets.

The development of the financial market is one of the priorities of the Bank of Russia. Measures taken by the Bank of Russia are aimed at delivering on core strategic objectives: building an environment of trust, promoting competition in the financial market, bolstering financial stability, and ensuring financial inclusion and access to capital. The implementation of these measures should raise public satisfaction with financial products and services.

The Bank of Russia helps create an environment of trust in the financial market by countering manipulation and unfair, unlawful or unlicensed activity, by regulating competing interests, and by introducing elements of corporate culture that prioritises customers’ interests.

To encourage competition, the Bank of Russia works to remove regulatory and behavioural barriers, raising the efficiency of cooperation between participants in the Russian financial market and ensuring its international competitiveness.

The Bank of Russia’s financial stability measures aim to ensure the smooth and efficient operation of the financial market, enhance its resilience to internal and external challenges, and prevent structural imbalances.

The Bank of Russia’s special focus is on the speed and quality of financial services, and the financial inclusion of all social groups.

The development of the financial market requires many decisions regarding each component of a complex system. The introduction of financial technologies, evolving consumer demands, expanding cross-border financial services and new approaches to regulation worldwide open new opportunities for the development of the financial sector, but also raise certain challenges which call for attention and timely responses from the regulator. The Bank of Russia sees the financial market as a single mechanism and applies a complex cross-sectoral approach in shaping its development.

Department responsible for publication: Financial Market Strategy Department
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Last updated on: 19/03/2020