HISTORICAL DEVELOPMENT OF THE RUSSIAN FEDERATION STOCK EXCHANGES AND THEIR ROLE IN THE REGIONAL CAPITAL MARKET FORMATION

Abstract

Introduction. This study examines the historical development of stock exchanges in the Russian Federation and assesses their current role in regional capital formation. The key current and historical challenges of these processes for the domestic regional market have been identified, and the development directions have been proposed. Stock exchanges act as arteries through which capital continuously circulates between various sectors of the economy. However, in Russian reality, these processes have their own specific features, characterized primarily by a high degree of monopolization of exchange processes. This article examines the development of domestic stock exchanges, their role in the economy, investment opportunities and risks, and their connections with global markets and events.

Thus, the aim of this study is to examine the historical development of stock exchanges in Russia, define their functional roles, including in the context of their influence on regional capital markets, identify key issues affecting regional markets, and develop recommendations for their improvement.

Materials and methods. The methodological framework of the study was based on the use of complementary analytical procedures. In particular, comparative and systems analysis were used, ensuring a holistic perception and structuring of information. In addition, a time series method was used to create a historical perspective of the exchange industry in Russia.

Results and conclusions. Global political and economic crises directly impact the effective development of domestic exchanges at the regional level.

An analysis of domestic exchange indicators revealed a high concentration of trading within a limited number of platforms. Virtually all exchange financial transactions are conducted through a single exchange, the MICEX. The others are focused on specific commodities. The Saint Petersburg Currency Exchange has effectively ceased operations since 2023.

Discussion. Regional stock markets are a key element of the economy, enabling capital redistribution and companies' access to financing. However, their development directly depends on global conditions. A striking example is the crisis of the Saint Petersburg Exchange, which demonstrated the vulnerability of regional platforms to sanctions and external shocks.

Successful market functioning requires all participants to be highly adaptable and able to transform threats into opportunities for sustainable development. Finding mechanisms to reduce dependence on unstable external factors is becoming crucial. In Russia, a solution was found by monopolizing financial instruments within a single platform – the MICEX. This also involved reducing the role of other exchanges to a single-industry structure with virtually no overlap with other exchanges. Centralization, monopolization, and the separation of functions have effectively led to the disappearance of the concept of a «regional exchange» in Russian practice. However, this does not mean that exchanges lack influence on regional financial markets, even in this monopolistic setting, since with the development of digital communications, an exchange's connection with a specific territory is losing its significance. Regional capital markets are, by and large, beginning to mirror the differentiation in regional economic development.