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Институциональные аспекты управления и обеспечения ликвидности на рынке акций и паев Московской биржи
The present article accentuates importance of requirement for providing and managing market liquidity and addresses the issue of institutional approach towards fulfilling this objective in the Russian system of organized trading in stocks. We conduct a comparative study of market microstructure components in the Equities Market of the Moscow Exchange which affect liquidity – the institution of market-makers – with corresponding market microstructure components of the New-York Stock Exchange and EURONEXT and reveal positive and negative effects of institutional adaptations from abroad. We describe existing and expected negative consequences of rendering market-making services in its present form in the Equities Market of the Moscow Exchange and conclude with offering recommendations on improving techniques in provision and management of market liquidity based on efficiency of institutional projects in practices abroad and existing need in adjustments in the Russian system of organized trading in stocks.