Transformation of the Russian stock market in the face of external shocks
Abstract. The stable development of the economy largely depends on the state of the securities market in the country, including the stock market. The relevance of the research topic is determined by the crisis phenomena, the constant variability of the external conditions in which the securities market operates. The subject of the study is the economic relations that are formed in the process of transformation of the functioning of the Russian stock market in modern conditions. The purpose of the study is to determine the prospects for the development of the stock market in conditions of external pressure, which occurs through sanctions imposed by other countries. In the course of the work, the authors revealed the industry affiliation of shares traded on the market, analyzed the current state of the stock market in Russia, in particular, the state of the IPO market, as well as the secondary stock market. When considering the transformation processes in the Russian stock market, the main focus was on the problems of sanctions restrictions, which led to a change in the number of bidders and their structure. In addition, the authors identified the consequences of the influx of private investors into the Russian stock market, namely, increased volatility and an increase in the number of discrete auctions in third-tier issuers.
Keywords: stock market, IPO, secondary stock market, sanctions restrictions.
Highlights:
♦ today, the oil and gas sector is still the first largest sector in the Russian stock market;
♦ the Russian securities market currently acts as almost the only possible source of capital attraction, which is a consequence of the absence of non-residents on it;
♦ the fundamental condition of many Russian issuers is gradually improving due to the adaptation of the economy to external shocks.
Evgenia A. Ivanushkina, Elena S. Materova - Samara State University of Economics, Samara, Russia