Economic sciences / 3.Financial relations

Candidate of Economic Sciences Ostapenko E.A.

Stavropol State Agrarian University, Russia

Candidate of Economic Sciences Lapina E.N.

Stavropol State Agrarian University, Russia

TRENDS IN THE DEVELOPMENT OF THE CURRENCY MARKET OF THE RUSSIAN FEDERATION

At present, the foreign exchange market of Russia has reached a qualitatively new level of its development, when any economic entity has the opportunity of free access to the necessary resources of the foreign exchange market, served by a developed banking infrastructure and highly qualified personnel.

But despite this, the infrastructure of the Russian foreign exchange market is still in the process of formation, and it reacts extremely sensitively to all economic and political events in the world. The main role in the formation of the exchange rate is played by the Moscow Interbank Currency Exchange (MICEX).

From the data presented below, the table on the volume of trading in futures and options on the MICEX in the third quarter of 2016 [7], it should be noted that the number of transactions is dominated by futures contracts, amounting to 942,082 units. In addition, the indicator of total trading volume (in dollars) in futures exceeded the same indicator on options by $ 4,649,723,836.

Table 1 - Trading volume of futures and options on the MICEX for 2017 [1]

Kinds derivatives	Number of transactions, units	Trading volume
		doll.	contracts, pcs.
Futures	942 082	5 084 944 992	6 035 686
Options	28 705	435 221 156	327 650

So, over the past year, as can be seen from the table, a favorable trend in the development of the domestic financial market has emerged. One explanation for this phenomenon is the gradual stabilization of world oil prices.

Particularly topical is the problem of protecting the stability of the Russian economy from fluctuations in foreign exchange rates against the Russian ruble. Thus, the development of currency pairs (euro, USD / rub.) Is influenced by such factor as the volume of the external trade turnover of the Russian Federation with foreign countries (figure 1).

From the analysis of the data of the foreign trade turnover of the Russian Federation for 2016, presented in Figure 3, it is evident that China occupies a leading position among the far abroad countries, which accounts for 15% of the world supply volume - $ 28.3 billion in absolute terms [1 ].

Figure 1 – The volume of foreign trade turnover in Russia in 2017 with ten of the world's largest partners [1]

Further, in terms of trade with non-CIS countries, Germany was in second place - 18.2 billion dollars (10%); The third position is taken by the Netherlands - 15.5 billion dollars (8%). Also, the top ten largest trading partners of Russia are: Italy - 9.2 billion dollars (5%), the United States took only the fifth position with a total volume of 5% - 8.8 billion dollars. Along with the largest foreign trade partners of Russia should also note Turkey - 7.4 billion dollars (4%). In general, for the current year the total volume of foreign trade turnover amounted to 184.68 billion dollars: 44.8%, from which it fell on the EU countries; 28.1% - on APEC participants; 12.5% - were the CIS countries [2].

Thus, as a result of the conducted studies it can be concluded that the current situation on the domestic foreign exchange market today depends on many key factors, but despite the presence of both negative and positive trends, the Russian currency market can be considered relatively stable.

In view of the foregoing, we can confidently say that in the short term a favorable trend is expected to increase the volume of operations in the exchange and over-the-counter markets in connection with the strengthening of Russia's positions in the world arena.

In our opinion, the further development of the domestic currency market will be determined not only by geopolitical changes, by the dynamics of world prices for exported raw materials, but also by the monetary policy of the Bank of Russia, conducted jointly with the Government of the country and aimed at achieving general macroeconomic development goals.

Literature:

1. Lisova, O.M. Venture financing of innovative projects / О.М. Lisova, R.V. Debely, E.I. Kostyukova, Yu.M. Sklyarova, I.Yu. Sklyarov, TG Gurnovich, L.V. Agarkov, E.N. Lapina, E.A. Ostapenko, L.A. LA Latysheva I.I. Glotova, A.A. Gladilin, E.P. Tomilina, ON Uglitsky, L.V. Kuleshov, N.V. Sobchenko, Yu.E. Klishina, Yu.A. Ledneva. Stavropol, 2013.

2. Ostapenko, E.A. Influence of Basel agreements on increasing the effectiveness of risk management / Е.А. Ostapenko, S.Yu. Shamrina // In the collection: Agrarian Science to the North-Caucasian Federal District Collection of proceedings on the materials of the 80th Annual Scientific and Practical Conference. Stavropol State Agrarian University. 2015. pp. 166-169.