Megaregulator in the Russian financial market: Problems of formation and ways of improvement

Abstract

Actualization of the consolidation of the State Regulatory Authority for Financial Markets is caused by the fact that on 1 September 2013 the Federal Financial Markets Service was abolished in Russia, it was previously responsible for development of the national stock market, and its powers are given to the Central Bank. Thus, a megaregulator of financial markets is based on this institution. The article deals with the specifics of concentration, within one authority, of the powers to regulate the whole domestic financial market against the background of clearly expressed orientation towards the strengthening of the country's vertical of power. Based on the analytical, monographic, statistical, graphical and logical-comparative methods, the neoclassical state methods of influence on the financial markets were investigated; this resulted in the conclusion that at present they are not able to respond effectively to the contemporary challenges. Thus, the conceptual basis of the high-priority state policy for developing financial markets that can effectively and timely respond to the existing and potential threats in conditions of globalization was formulated. The objective necessity of rethinking the liberal regulation methods toward centralization is conditioned by the fact that imbalances in one of the financial markets are able to destabilize the condition in all markets, and it can lead to a systemic crisis both in the financial markets and in the real economy.