Innovation of the Russian market of financial derivatives: development trends and the impact on economic stability
Importance The article addresses innovations in the Russian market of financial derivatives and major factors influencing the development of instruments and mechanisms in this market. Objectives The aim is to explore innovative processes in the financial derivatives market and their specific features. Methods The study draws upon the findings of Russian and foreign economists, who underpin the impact of financial markets on economic growth and impossibility of financial sector’s development without real economy. The methodology includes general scientific and special methods of investigation, historical and logical analysis, statistical and comparative analysis. Results The financial derivatives market is a kind of superstructure for other segments of the financial market; it acts as a main link for the entire system of financial markets. Thus, it has a significant impact on economic processes in our country. Along with immanent economic stability, the market’s tools and technologies have destabilizing components. Changes in international financial markets and religious and ethical norms have a material effect on the Russian financial derivatives market development. Innovations in the market enable to solve many problems, including those related to limited economic resources and maintaining revenue at the entire economic system’s level. Relevance The article summarizes the findings on major areas of innovation in the financial derivatives market, and factors influencing the innovation processes. The focus is on difficulties related to introducing the new tools and technologies in the Russian financial market.