Development of the Russian Financial Market in the Context of the Structural Transformation of the Global Financial System

The paper examines the transformation of the financial market in a modern environment and aims to identify promising areas for its development, taking into account trends in the global financial system and economic challenges. Methods such as scientific abstraction, generalization, analysis, synthesis, and logic are employed in the study. Key trends in the global financial system are identified, including the increasing importance of digital technologies and the shift towards more sustainable and inclusive finance. The Russian financial market is viewed as a unified interconnected space, where synergies can be achieved through the use of public market potential for financial instruments and products, as well as the collaboration of credit institutions, state agencies, and development institutions. The need for increased connectivity between different segments of the market is emphasized, as this can lead to more efficient allocation of resources and better outcomes for all participants. The paper identifies the priority directions for the financial development of financial markets in the current context. It concludes that it is essential to develop the domestic syndicated lending market in order to attract additional investment into the Russian economy. Proposals have been formulated to increase the attractiveness of the stock market for both issuers and investors. The importance of expanding the use of securitization mechanisms in the Russian securities market has also been emphasized. The paper discusses the directions for developing project financing and public-private partnerships. It emphasizes the need for market participants and government agencies to work together to promote the development of the financial market and its various segments. The importance of attracting development institutions, direct government support, and refinancing instruments of the Central Bank of Russia to form sources of long-term investment in the current environment is noted. The novelty of this research lies in developing a methodology for analyzing the contemporary financial market, considering the transformations of the global financial system. The significance of the study lies in providing recommendations for the development of the Russian financial market. Future research could focus on identifying promising areas of securitization market development, considering digitalization, and assessing its potential for creating longterm financing sources in the Russian economy.

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