The Development of Market Infrastructure in Today’s Russia

Abstract

The article deals with specific features of market infrastructure development inRussiafor the last five years, including credit and insurance organizations, investment and non-governmental pension funds and retail trade. Market infrastructure formed inRussiain general can provide civilized servicing of market relations, however, the level of development of intermediate institutions is different. The operation of finance and trade intermediaries in today’sRussiais affected both by negative and positive internal and external factors. The most serious impact in the current situation is exerted by COVID-19 pandemic and the slump in global economy caused by it. Intensification of pro-inflation factors forms certain threats for the development of Russian finance market, therefore, it is important to take timely steps aimed at cutting overdue debts of the population and preventing the mortgage bubble forming. The article shows new trends in the development of market infrastructure institutions. By analyzing dynamics of their development it became clear that spreading of corona-virus infection deteriorated figures of their operation, however the accumulated previously safety factor gave them an opportunity to restore their market share and possibilities for further growth. Steps taken by the Bank of Russia and the Government of theRussian Federationaimed at overcoming the adverse consequences of the pandemic and shaping civilized relations on finance and commodity markets provide positive results. It is necessary to strengthen incentives for promising lines in the market infrastructure development, including introduction of digital technologies, extension of on-line trade, which could give certain advantages in the process of economy restoration. Findings of the research can be used by bodies of state power in the process of working-out strategy of developing institutions of market infrastructure and upgrading regulatory tools.