PROBLEMS AND TRENDS IN THE DEVELOPMENT OF THE RUSSIAN STOCK MARKET

The article is devoted to the research analysis of the current patterns of development of the domestic stock market. An assessment of the dynamics of the stock market volumes is given. The trends in the movement of the market value of shares of Russian companies and the influence of factors on this process are analyzed. A comparative analysis of the dynamics of the stock market in Russia and the USA is carried out. We also raised the issue of the development of economic relations in Russia characterized by the creation of an effective and transparent mechanism for the formation and distribution of financial resources between economic entities in accordance with market rules and laws. One of these generating and redistributing channels should be the securities market, as an integral part of ensuring the integrity and functioning of all elements of the economic system of the state. In conclusion, it was concluded that the main goal of the Russian market is its transformation into a productive mechanism for reducing the uncertainty of financial activity, which is based on the implementation of an appropriate active state policy

Research on the Improvement of Big Data Feature Investment Analysis Algorithm for Abnormal Trading in the Financial Securities Market

Traditional investment analysis algorithms usually only analyze the similarity between financial time series and financial data, which leads to inaccurate and inefficient analysis of investment characteristics. In addition, the trading volume of financial securities market is huge, the amount of investment data is also very large, and the detection of abnormal transactions is difficult. The aim of feature extraction is to obtain mathematical features that can be recognized by machine. Different from the traditional methods, this paper studies and improves the big data investment analysis algorithm of abnormal transactions in financial securities market. After processing the captured trading data of financial securities market, the big data feature of abnormal trading is extracted. Combined with the abnormal trading and the financial securities market, the investment strategy is determined. The optimization objective function is set and the genetic algorithm is used to improve the investment analysis algorithm. The simulation experiment verifies the improved investment analysis algorithm, and the average Accuracy of investment analysis is increased by at least 11.24%, the ROI is significantly improved, and the efficiency is higher, which indicates that the proposed algorithm has ideal application performance.

Methodological Approaches to Assessing of the Regional Stock Market Development

The paper shows the influence of activity of regional corporations at stock market on the development of regional economy in general. Various scientific approaches to the assessment of the influence of financial markets on overall economic situation were considered in the course of the research. The need for detailed study of functioning of regional securities markets, as well as detailed study of their peculiarities and courses of development was revealed. The methods of analysis of regional results of activities of legal entities at securities market were developed on the basis of tax reporting of issuers and assessment of investment attractiveness of regions. The following tasks were solved: study of the normative base regarding dealings of legal entities at stock market, analysis of investment attractiveness of regions, analysis of indicators of statistical tax reporting, development of the methods of assessment of business activity of organizations at stock market, carrying out the assessment of correlation dependence of the indicators of investment attractiveness of regions and statistical tax reporting with gross regional product of the Siberian Federal District entities. Following the assessment results a conclusion of the dependence of economic development of the region with its investment potential and dynamics of corporate investment activity in the respective territory was drawn. Tax incentive of investment activity of regional companies was marked as significant direction of state policy at securities market.

Insider Transactions and Performance

This study investigates the relevance of stock buy/sell transactions by insiders in Portuguese companies' performance. To achieve this aim, the sample covers the period from 2013 to 2017. The data from buy/sell transactions by insiders were collected in the internal transaction reports delivered by the companies to the Portuguese Securities Market Commission for the same time interval. The results, using panel data methodology, suggest a negative relationship between the long/short positions and the companies' performance, although the volume traded is not significant. Therefore, the increased control of Portuguese companies by their managers signals the existence of conflicts of interest of the managers, whether due to financial reasons or to strengthen their continuity in the position. As far as the authors are aware, this is the first time that a study has been carried out using insider transactions for Portuguese companies and their influence on corporate performance.

Investment adviser as a subject of the financial legal relations

This article is devoted to the consideration of the legal status of an investment advisor as a subject of financial legal relations. Attention is paid to the genesis and development of this institution, both in Russia and in foreign jurisdictions. The paper provides various points of view on the definition of the concept of “financial service”. The author lists the arguments confirming that the investment advisor has financial and legal status. The paper expresses the author’s opinion that the further development of this institution will improve not only the investment climate in our country, but also the attitude of Russian citizens to the securities market.

Main trends in the development of the Kazakh securities market

The securities market is the most important instrument for financing and developing the economy of any state, including Kazakhstan. The main problem is to attract investments for enterprises in all sectors of the economy, as well as to ensure that enterprises have access to cheaper equity than bank loans. Purpose to identify the main trends in the development of the domestic securities market, to assess the level of its profitability. The article emphasizes the role of the securities market as the most important mechanism for the redistribution of funds between sectors of the economy. The securities market, as an integral part of the financial market, is gaining especially growing importance in the economy of Kazakhstan, as well as in the economy of the entire world community. When writing the article, traditional methods (comparison, description, and measurement), general logical methods and research techniques (analysis, generalization, etc.) were used. The article discusses the main theoretical approaches to determining the essence of the analyzed concept, attempts are made to formulate the main problems in the securities market, presents the results of the analysis of data characterizing the current state of the stock market of Kazakhstan. In essence, the securities market is a macroeconomic regulator of the state, through which opportunities are created to attract foreign and domestic capital. Thus, the securities market as an effective tool for attracting capital contributes to solving socio-economic problems. The author notes that the main theories about the state of the stock market are characterized by a superficial approach, as evidenced by the fact that none of them considers the internal structure of the stock market, which is the main tool for determining the patterns of changes in the value of financial instruments. It should also be noted that the choice of theory depends entirely on the perception and opinion of the relevant analyst. Singling out one theory as the only and most acceptable one would be wrong.

Accounting Conservatism and Board Characteristics: Portuguese Evidence

For a sample of 26 non-financial listed Portuguese firms-year from 2002 to 2016, this study extends previous research by empirically examining how board structure affects the magnitude of accounting conservatism for companies listed in Portugal. Mainly, we focus on the main characteristics of the board structure that are highlighted by the Portuguese Securities Market Supervisory Authority’s recommendations: board size, board composition, board’s monitoring committees and number of board meeting. This study predicts and finds a non-linear relationship between board size and conservatism. Specifically, we find that as board size increases up to 8 members, the sample firms employ more conservatism, consistent with the idea that smaller boards can be more effective than larger boards in monitoring managerial behaviour. When board size reaches beyond 8 members, a negative relationship between board size and conservatism accounting occurs. We also find that both boards comprised of more non-executive members and high board meetings frequency lead firms to report more conservatively.

ANALYSIS OF THE STATE OF THE RUSSIAN FINANCIAL MARKET IN THE CONTEXT OF A PANDEMIC

Scientific approaches to the interpretation of the concept of "financial market" and its sig-nificance in the redistribution of capital are considered. The analysis of the state of the Russian financial market in the context of the pandemic and the global economic crisis is carried out, the main segments and features of their interaction are considered. The as-sessment of the credit and currency mar-kets, the securities market and the gold mar-ket as the main indicators of the state of the country's economic system is given. The dynamics of changes in the key interest rate is shown, its impact on changes in all segments of the financial market in the con-text of a pandemic is shown.

Certain aspects of current state of domestic financial market

Introduction. The financial market, as a combination of exchange and redistribution relations associated with the processes of purchase and sale of financial resources is a complex system that is an indicator of the development of the economy as a whole. In the context of global challenges, the development trends of the financial market and its components are expanding. The securities market today occupies an increasing segment of the financial market, despite the fact that it is under development. Recently, it is characterized by a high level of dynamism. And already now it has positive results for the participants. Purpose. A study of the securities market, the structure of its financial instruments and the circle of participants. Results. Modern financial processes are characterized by the emergence of new financial instruments and technologies, which expands and forms an alternative to the placement and attraction of financial resources outside of banking institutions and increases the circle of participants. An example is the emergence of Internet trading. Internet trading is a system of securities work that gives the investor access to exchange information, and also makes it possible to conclude transactions on the purchase and sale of securities on the exchange in real time using a special certified program installed on a personal computer. The expansion of the range of financial instruments that contribute to the increase of the circle of participants in the financial process in the stock market occurred at the expense of Bonds of Internal Government Loans of Ukraine, whose income rates are higher then bank. They became the first hryvnia instruments included in the global indices of debt securities MVIS (MV Index Solutions. Also in October this year, the National Commission on Securities and Stock Market decided to allow the circulation of foreign securities in Ukraine. As a result, today Ukrainian investors can use the opportunity to invest in 85 securities of foreign issuers. All this makes it possible to obtain additional financial resources for both individual (households) and collective entities (communities). Conclusion. Domestic government bonds are effective financial instruments for the majority of participants in the investment process in the stock market are the first hryvnia instruments to be included in the the global MVIS debt securities indices. There is also a tendency to expand the circle of participants and the structure of financial instruments of the Ukrainian stock market due to the possibility of purchasing state securities by territorial communities, as well as admission of foreign securities by the Cabinet of Ministers of Ukraine.