The Management of Development of Regional Stock Exchanges in Russia (on Materials of the Republic of Tatarstan)

By Ramazanov, A., V | Academy of Strategic Management Journal, January 1, 2016 | Go to article overview

The Management of Development of Regional Stock Exchanges in Russia (on Materials of the Republic of Tatarstan)


Ramazanov, A., V, Academy of Strategic Management Journal


INTRODUCTION

The aim of this study was to identify the reasons of underdevelopment of the regional securities markets in Russia and the proposal of measures to address the problems identified.

The commercial banks are the most active participants of the Russian securities market. We did evaluate the activity of banks of the Republic of Tatarstan in the securities market. An unsolved problem is the large share of the state in the capital of the Republic of Tatarstan's largest companies that adversely affects the efficiency of the companies. We believe that the active involvement of the population and the use of Islamic financial instruments will facilitate develop the securities market

Most part of banks' activities in the stock market is speculative in nature and is aimed at extracting the maximum profit. In this regard, commercial banks are active participants of the Russian stock market is not interested in the development of regional stock markets. In addition, developed regional securities markets will compete with the credit activities of commercial banks.

To evaluate the development of the regional securities markets we proposed to use some indicators.

Government interventions will help to solve the problems mentioned above.

DATA AND METHODOLOGY

From the point of view of Mirkin Y.M., indirect data on the extent of activity and dynamics of regional markets and their relations to each other can be a count of investment institutions - professional participants of securities market (Mirkin, 1995).

As part of the above ideas of Mirkin Y.M., we note that in the Republic of Tatarstan there is varied number of professional stock market participants, including leading investment and brokerage companies. But, in our opinion, investment and brokerage company located in the Republic of Tatarstan, are not active participants in the stock market and do not contribute to its development, because they are mostly focused on attracting financial-illiterate population, namely, teaching them the basics of the market short, these companies continue to attract these customers to their service, while receiving commissions.

We think that the Russian securities market is an emerging market, especially comparing it with foreign markets (Asaturov, 2015). The activity of foreign investors has an effect on the Russian securities market (Kopytin, 2014).

Well-known is the fact that the most active participants of securities market are commercial banks. In the Republic of Tatarstan there are about 70 commercial banks, including federal and regional (Ramazanov and Grigoryan, 2014).

It is important, in our view, to trace the role of commercial banks of the Republic of Tatarstan in the stock market in recent years to assess the development of a regional securities market.

In particular, the PJSC "Bank ZENIT" is an issuer of shares, classical bonds, exchange bonds and Eurobonds. From 2005 to 2016 years the bank issued classic and commercial papers in the total amount of 40 billion Rubles.

PJSC "AK BARS" Bank issued any shares, bonds. As a result of placement of equity securities (stocks) PJSC "AK BARS" Bank in 2009 increased its equity capital by 9 billion rubles. Funds received from the bank's IPO were used to finance current operations. From 2005 to 2009, PJSC "AK BARS" Bank issued Eurobonds totaling more than 1 billion US dollars, exchange bonds from 2005 to 2016 in the amount of over 30 billion rubles.

PJSC "Tatfondbank" from 2003 to 2016 placed bond issues totaling more than 20 billion rubles, credit linked notes (CLN) in the amount of 90 million USD to 2009, Eurobonds worth 200 million USD (the repayment period of 26.04.2010) [7].

AKB "Spurt" (PJSC) from 2004 to 2016 has placed 4 issues of bonds for a total amount of 3.5 billion rubles.

As can be seen, the activity of the largest banks in the Republic of Tatarstan in the stock market is high enough, but, despite the fact that most of the listed banks have specialized units dealing with securities, they were mainly as issuers of classical financial instruments. …

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