На английском языке. 
New Regulation of financial Markets — Useful

Though the world financial crisis of 2008 in many respects could be explained with objective reasons, most likely psychological factors promoted so deep falling of stock market because of a panic outflow of foreign investors of capital from emerging markets, including from the domestic.

Maintenance of stability of financial system in uneasy conditions of world financial crisis was reached by enough high price — gold and exchange currency reserves have decreased on 45,3 billion dollars. The alternative approach consisted in toughening of currency regulation and artificial restraint of transfer of savings in currency, strengthening of differentiation of reserving norms on deposits in roubles and foreign currency, introduction of taxation of incomes received owing to an exchange rate difference on deposits in foreign currency. However such approach finally also can appear inefficient if converting gets shadow character, and the currency bought by the population remains «under a pillow» and won’t work in economy.

I n Strategy as one of risks named the expansion of the world financial centers to the countries with developing economy, but this risk shouldn’t be overestimated. N ational regulation of the financial markets can quite level negative consequences of merge at the expense of an establishment of own standards and requirements to emitters and the reference of securities. T he development of stock markets of the West in last years is explained by dynamical growth of derivative financial tools.

F inance papers which is not right requirements of tangible and fictitious assets, but pools of every possible obligations of different borrowers, first of all mortgage, it is difficult to consider as the reliable financial tool. T hese derivative securities are poorly connected with real sector of manufacture. T

hey serve as the mechanism of escalating of speculative investments. I n our country similar tools are applied minimum that at an initial stage has served as a barrier to distribution of an economic crisis in Russia. Whether it is necessary to accent further efforts to development of derivative security — it is ambiguous question.

Nowadays it is important to develop infrastructure of financial market, formation of independent authoritative rating agencies in our country, etc. Now the increasing role is represented to more correct start to play the self-regulatory organizations. They formed in the sphere of financial intermediary, and recently this institute began to be applied in construction sector. It is difficult to say, whether self-regulation will be able to replace completely licensing and the state control, but in the developed democratic society with competitive economy self-regulation basically is effective enough.

It is necessary to toughen control over a manipulation of the prices for securities and behind transactions on the basis of the insider information. And this control should mention all persons, irrespective of their status and powers.

U ndoubtedly, the presence of the independent financial center reproduces the country status in world economy. B ut creation of such center in Russia at the present stage shouldn’t be the goal of financial policy.

T he balanced approach when problems of increase of the status of a national financial system (creation of the independent financial center in Russia) and its integration into a world financial system (absorption of national stock exchanges by the largest stock markets) are combined is more reasonable. T he organization of own financial center — a challenge which demands the highest expenses at an initial stage, trust creations to national currency and a financial system. S

ubsequently it will provide high positions in world economy and policy. World financial crisis has shown that Russian financial system is insufficiently steady also instability on share platforms of the developed countries can lead to its disbalance.

Therefore before to put considerable capital in formation of the new financial center, it is necessary to estimate objectively possibilities of our country in maintenance of stability of rouble and steady inflow of foreign investments, as well as possibilities of growth of economy at equation of the state budget in intermediate term prospect. Formation of the financial center in Russia will be possible when the Russian economy starts to play more significant role in the world economy, and level of gross national product of Russia will exceed 7−10% of world gross national product. Artificial formation of the world financial center and giving to rouble the status of reserve currency will demand such efforts and investments which hardly can justify itself even in intermediate term prospect.

T he world financial market became generated and large-scale in a consequence of long-term evolution. R ussia is forced to study its laws quickly. N ow the market of the state bonds is the only developed segment of the financial market. I

t is a normal economic stage. F or modern Russia fast development of the financial markets, especially securities markets is characteristic. U nlike many countries of Eastern Europe in Russia they are formed not only in capital and large industrial centers.

P ractically each subject of Federation has them. I n the majority of industrial cities there is at least one share or commodity and stock exchange. A

ll countries which go by the way of direct loans of foreign currency, lose the internal financial market. E ven in such countries as Sweden and Finland, at the ideal mechanism of construction the financial markets are far from perfect from the point of view of volumes and proportions. I

f the country wants to keep financial independence, it should balance between internal and external loans. R ussia is trying to do the same. It is very difficult way, but differently it is impossible.

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