Systematization of the Factors Influencing the Activity of Private Investors in the Russian Securities Market, in the Context of Professional Mediation

Abstract

The article outlines the problem of mobilizing the resource potential of private investors through the mechanisms of professional mediation in the securities market. The significance of the processes of transformation of private savings into investments for the purposes of ensuring economic growth and the stability of the economic system of the Russian Federation is beyond doubt. This aspect becomes especially relevant in the context of the sanctions load. In view of the limited nature of Russian institutional investors and the decrease in the share of non-residents in the turnover on the Russian securities market, the emphasis is shifting to private investors. Professional intermediaries providing investors with the necessary services, investment products and infrastructure solutions are able to contribute to the sustainable presence of private investors in the market. The authors present a detailed analysis of the processes of development of private investment using the mechanisms of professional mediation in the securities market, identifying cause-and-effect relationships of the current dynamics for the period 2017–2021. The study made it possible to identify a number of factors that determine the presence and activity of private investors in the market. The systematization of these factors has been carried out, taking into account the possibility of professional intermediaries influencing the processes of attracting private investors to the market. Using a graphical modeling method in the form of an Ishikawa relationship diagram, the factors were prioritized both by groups of factors and within each group. The results of the study can be used to modify the activities of professional intermediaries in the securities market in order to maintain the growth rate of the number of private investors and maximize their activity.