What is the market today? The US and Russian stock market for comparison

What is the market? It is clear that this is clearly stated in the legislation "rules of the game", according to which market participants conduct commercial operations. But at the same time - these are historically established traditions that served as the basis for determining the legislative norms governing economic relations. For example, the tradition of "hit hands" when the parties make a preliminary decision to conduct a commercial transaction. Then such agreements are formalized legally, in the form of a specific agreement. However, in the beginning there was a word.

If we talk about what a market is, we usually mean not the market at all, but a specific form of economic activity, within which the general "rules of the game" acquire an individual sound. Take the same stock market. It is clear that this is a trade in securities. But it's one thing when it happens blindly, at random (wild market), and another - according to system rules that do not allow players to provoke conflict situations among themselves, and at the same time preserving market space in the form of an institutionally integrated system. The regulation of the stock market in this case is carried out both through various financial mechanisms, and through the purchase of part of the companies or the resale of companies in general. In the first case, it is a purely financial instrument that allows you to "play" on the value of shares of enterprises or their products. In the second case, the practice of company capitalization, which is formed by equity participation in the enterprise's ownership, the volume of capital investments and strategic goals of the main shareholders. By the way, shareholders can decide on an additional issue (issue) of shares, as a result of which the share of one of the owners may be blurred or, conversely, concentrated in the same hands.

Thus, answering the question "what is the market", one can say that this is the integration of four components: production, property, financial capital and "rules of the game" in the economy.

It's another matter whether the fair play rules are respected during the financial game. Then the problem arises: if there is already an understanding of what a market is, how can it be made civilized, re-institutionalize and establish "reinforced" rules?

For example, let's see how the US stock market is designed. It is divided between three megastructures:

• NYSE - New York Stock Exchange, which works with "old" companies engaged in virtually all sectors of the US economy.
• NASDAQ is an exchange that works with "high-tech" young enterprises creating the image of a modern "information world".
• AMEX - despite the fact that it is the actual owner of the NYSE, the exchange specializes in electronic stock trading.

Thus, the American answer to the question, what is the market, lies in the clear industrial and technological and industry specialization of companies, as well as in determining the priorities for the development of the economy. In the case of the United States, this is a petrochemical complex, auto and aircraft construction and the high-tech sector.

How is the stock market of the Russian Federation equipped? At the moment there are two main structures:

• RTS is a structure mainly engaged in the integration of regional markets into a single market space. In other words, there is no Russian market as such.
• The MICEX is an analogue of the American NYSE, an original indicator of the capitalization of the most significant assets of the Russian economy.

As a result, it turns out that the absence of a single internal market does not yet allow us to talk about the established traditions of exchange trade, as well as the absence of "core" companies - the locomotives of the economy does not allow talking about the standardization of the Russian stock market.