OUTLOOK INTEGRATION OF SECURITIES MARKETS IN THE CIS COUNTRIES

Abstract

Purpose. The aim of this research work is to identify and study the outlook integration of the securities market in the CIS countries. Based on the research objectives of this article describes the state of the integration process of the securities market in the post-Soviet space, opportunities and prospects of integration, as well as the main positive aspects and challenges to integration. Methods. Analysis of theoretical and practical aspects of integration processes in the securities market is described in a sufficiently large number of scientific papers. In most studies, authors highlighted the main positive aspects of integration, as well as emerging risks. Many publications focuses on globalization and integration of regulated securities market in general and in particular the exchange market. However, the study of the integration processes in the securities market can not be limited to consideration of only one or some of its segments. It is also important to study the processes of integration of clearing and settlement and depository systems in relation to the integration processes in the regulated market. On the evidence of the possibilities of a common economic space creating a comprehensive study of outlook integration of the securities market of the CIS countries becomes more and more important. Results. Integration of financial markets, in particular the securities market is one of the most important prerequisites for sustainable economic development in the CIS countries. After the collapse of the Soviet Union and the transition to a market economy in the post-formed fragmented financial markets, which is especially evident in the securities market, were formed. Associated with this complex problem is aggravated by the presence of significant differences in the regulation of the securities market, the principles of building depository, clearing and settlement systems, as well as capture and transfer of ownership and other property rights to the securities. Securities Market of the CIS has sufficient integration capabilities. Deepening of integration processes in the securities market of the CIS countries will have a positive impact on investment opportunities in these economies, the dynamics of GDP growth, reducing unemployment and improving the social status of their population. However, creating a unified and integrated systems of a regulated market also involves the integration of depository, clearing and settlement systems, as well as synchronization of the regulatory framework governing the securities market. In particular, it requires special attention to investigate problems associated with the fixation and transfer of property rights to the securities and the protection of investors' interests. Scientific novelty. Prospects of integration of the securities market in the CIS countries were identified.