Abstract
The present study focuses on the development of one of the key institutions of the market economy – namely, the securities market in terms of its role in promoting competitive conditions in the financial services sector. Due to a variety of objective and subjective factors, banks have become the most dominant institutions in all CIS countries in terms of, both, accumulating and redistributing financial resources. Particularly, the research outlines the background to capital market formation and development in CIS countries through a brief history of the CIS; considers the necessity of capital market and its regulation in CIS countries; reviews the institutional and legal framework of capital market regulation, and analyzes certain problems of capital market development.
Highlights
The capital market is an indispensable tool of economic development and plays a key role in today‘s global financial economy, where transactions are carried out electronically and across international borders
It is especially crucial for CIS countries the significant parts of which comprise landlocked countries (Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan)
Capital market supplies the economy with the mechanism that helps issuers to accumulate financial resources of investors; and investors to multiply their savings by investing funds in securities without transportation, logistics, and border issues
Summary
The capital market is an indispensable tool of economic development and plays a key role in today‘s global financial economy, where transactions are carried out electronically and across international borders. It is especially crucial for CIS countries the significant parts of which comprise landlocked countries (Azerbaijan, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan, and Uzbekistan). The capital market provides an effective balance mechanism with the banking industry; contributes to the strengthening of competition in the financial market; reduces costs of business financing; supports the improvement of capital allocation and distribution; facilitates price formation; and provides a further monitoring system for the economy. General market functions include commercial, price, information, and regulatory functions. The regulatory function of the market which creates rules of trade and participation in it, sets the procedure for resolving disputes between the parties, sets priorities, and controls the management of the market
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