In order to successfully attract financial resources, the issuers should pay special attention to the competent building of private financial policy, including to the dividend payout strategy. Because Russian companies have not had a rich experience of its developing to date, this process cannot always be called effective. From this point of view, understanding of actual problems of dividend policy, applied by Russian companies, will contribute to their competent decision within a specific enterprise, improving its investment attractiveness and position in the financial market. In this article the authors summarize common problems in this area and discuss possible solutions.
Thriving development of new market segment – algorithmic trading, resulted in the case that nowadays it exerts rather significant influence on the process of market’s price formation. It is noted not only in the leading world stock exchanges but also in the domestic market. Unfortunately, the development of this segment often causes the rise of negative consequences for markets, and Russian market is no exception. The following paper is dedicated to the revelation of negative effects of algorithmic trading’s spreading in the Russian stock market.
Recently the technology of blockchain has got widespread use at the stock market of OTC derivative trade. And the interest in this technology is gathering pace. The existing system with the participation of clearing houses can’t be viewed as efficient. Herewith, the use of blockchain in the from of bilateral smart contracts would allow to create a new economy of trust. As a result, blockchain has emerged as one of the most valuable innovations which is capable of disrupting the stock market.
When analyzing the issues of takeover procedure, accompanied by acquisition of large blocks of shares, voluntary and mandatory offer to acquire publicly trading shares as well as squeeze out mechanisms, a lot of questions regarding minority shareholders’ roles in such procedures come up. In fact, the problem of their protection becomes the main issue for discussion. The authors of the article make an analysis of current legal practice and discuss possible mechanisms of protection of minority shareholder within the takeover procedure considering institutional risks that may occur. Research brings the following conclusion: there are no effective mechanisms presented by legislature that would secure balance of interests between major and minor shareholders. This situation leads to decrease in investing in real sector of Russian economy and capital outflow. The effective analyses of balances between shareholders and public interest in general has to be the prior question to be solved.
In the past decade, the debt capital markets have seen the emergence of a new type of financial instruments, so called “green bonds”. Efforts of governments around the world to transition to a more sustainable economy as well as the availability of socially responsible investors contributed to a successful establishment and dynamic development of this segment. Certain investors might prefer these kinds of instruments over regular bonds thanks to their added environmental component, creating an incentive for issuers and other market participants to enter the green bond market. The below article examines the unique features of the green bonds and the possibility of introduction of such financial instruments in Russia.
The sector of collective investment plays an important role in attracting private savings for most countries. In Russia mutual funds have started their elaboration 20 years ago and it is already possible to evaluate the general tendency of this segment’s development. The analysis, conducted by the authors, shows that this field has serious problems, because of which the segment of collective investment in Russia cannot be perceived well developed. One of the main problems in this area can be considered the lack of a well-functioning secondary market of investment units that could attract the interest of domestic investors to this instrument. Authors analyze the main features of secondary market shares and indicate the possible prospects of its further development
This paper examines the role of credit rating agencies as independent providers of opinion in the Russian financial market. The authors investigate the particular characteristics and tendencies of the Russian ratings industry. The paper also contains the competitive environment analysis and the current issues in this area. In the conclusion the authors provide the information about the credit agencies industry prospects in Russia.
Despite the fact that the practice of manipulation of financial instruments’ prices originated many years ago, today this type of fraud is one of the most important and urgent problems of stock markets. The problem of manipulation appears extremely critical on emerging markets, including Russian. This article contains the description of the current situation in the national market and also provides a comparison with the American system of the fight against manipulation. The authors consider the Russian system of resistance to illegal transactions to be in need of comprehensive modernization, and its successful conduction can be facilitated by orientation to the American experience.
The article is devoted to the issues of managing risks of climatic and man-made disasters with the help of cat bonds. A detailed review of the emission and circulation mechanisms of this tool is provided. Also, the main problems associated with the insufficient development of the insurance market in Russia and the opportunity of cat bonds use to solve them are analyzed. At the end of the article, authors' recommendations on the development of the tool in Russian realities are presented.
The article examines a legal interaction between forex-dealers and their clients in Russia according to the latest changes in legal acts. The research is based on the analysis of (1) relevant contract-documentation using by Russian licensed forex-dealers, (2) current legislature that regulates currency market and (3) practice of law.
The paper considers new practical possibilities conducted by latest legal amendments, including the sphere of traders' rights legal protection, abilities for reimbursement due to forex-dealers incompetence. The evaluation of basic traders risks is presented according to the characteristics of new regulation frame.
Authors conclude that interaction with forex-dealers on Russian markets is describes as high-risk dealing. Despite the government administrative regulation, the contract system does not give any guarantees to the clients on forex-market in terms of risk-sharing.
The article provides a detailed analysis of an off shore company as a tool to minimize taxes paid, its main features and characteristics, non-tax advantages, as well as the impact on the global economy. The global position of Russia regarding the usage of off shores by its residents and the consequences of such usage are analyzed, as well as chronology of Russian and international tax legislation development against base erosion and profi t shifting. The main recent achievements of the Russian services, which are responsible for the control over the full payment of taxes by economic entities, are indicated. A wide range of mechanisms to optimize tax payments, and the problems of their usage in modern conditions are considered in details.
Biomedical technologies market is of large interest for investing around the globe. Main reasons for that are: rapid technological progress in this area and corresponding constantly increasing volume of investments that promises potentially high returns. At the same time, despite the obvious tendency to grow world-wide, biomedical technology market in Russia still faces a lot of obstacles on its way. In this paper we discuss such obstacles and also discuss opportunities for Russian investors to commit money into this sector.
Over the past few years, the crypto-currency market has been developing rapidly. Large investments in this industry were accompanied by a lot of speculation from private investors. If we talk about the traditional stock market, then in today's trading you could observe quite a lot of trading strategies. They are divided into both the holding time of the position and the way the signal is determined to open the position. A special place is occupied by statistical arbitrage. In this article, we will consider the possibility of applying statistical arbitrage in the market of crypto-currencies, and comparing its effectiveness with the use in traditional exchanges, or rather - in the US stock market.