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Russian Derivatives Market: Obstacles for Development and Measures on Their Overcoming

Yury Danilov – Leading Research fellow of the Structural Research Department, Institute for Applied Economic Studies, Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The article examines the main obstacles to the development of the Russian derivatives market and makes proposals for their overcoming. The set of obstacles for the development of the futures market differs from the obstacles to the development of markets for other derivative financial instruments. Obstacles to the development of futures markets were formed in the form of a hierarchical system of reasons, based on failings in the state policy for the development of futures markets. The complexity of the development of the markets for other derivative financial instruments is largely due to the opposition in the Russian legislation to derivatives and securities that reduce the flexibility and adequacy of regulation, as a result of which part of the markets for derivative financial instruments on Russian financial assets developed primarily outside the Russian Federation. In the set of proposals presented in the article, the proposals concerning the entire market of derivative financial instruments, as well as its main segments, are highlighted.

Key words: derivatives, futures market, obstacles to development, hedging, basic assets, securitization, structural products, exchange market, securities.