The Russian Securities Market In 1861-1914

This article mainly expounds the Russian stock market in 1861-1914 and its impact on national economic development. Based on the evolution and development of the Russian securities markets as the basic clue, this article analyzes and further investigates dynamic factors to promote the development of the Russian securities markets in three dimensions on the macro economy and St Peters-burg stock exchange micro-structure as well as government policies and legislation system. The author believes that the institutional change, government decision-making, economic development and technological progress are the foundation and the power of evolution and development of the Russian securities markets. Strengthening the trading rules and making effective legislation and regulation is the basic way to improve the stock exchange; Achieving internationalization is the inevitable result of the evolution of securities market and the stock exchange.In this paper, the research method of the combination of literature analysis and review discusses is adopted. According to the large number of historical works and including The latest research results in recent years collected by the author,which is about the impact from the formation process of the securities market on the economic development of Russian empire, the author systematically discusses the 50 years development of the securities market in 1861—1914 and its impact on tsarist Russian economic development, discuss the economic policies and legislation of the Russian government.The full text is divided into introduction, body and conclusion three parts.The introduction part expounds the topic selected in this paper,it’s theoretical significance and practical significance, sum up the literature and the present situation of the domestic and foreign research, clarify the key research content and innovation, and shortcoming.Chapter 1, the rising and preliminary development of the Russian securities market.This chapter reviews the historical evolution of Russian exchange, introduces the long development process of the commodity exchange to the securities market and it’s characteristics. As a microscopic structural and important carrier of the stock market, In the early 20 th century, The establishment of St Petersburg securities market and the institutional transformation fully reflect the changing and developing of social economy, And requirements of the new economic situation.Chapter 2 reviews the evolution the Russian securities market system. In the 1860 s, Russia began a sweeping reform, the financial system changed dramatically, a series of laws and regulations have issued on the bank credit, monetary circulation, exchange and the securities market, and other fields. From the Russian securities market legislation, regulation and system, This chapter examines how the Russian government regulates in the securities market system to ensure the long-term stable development, further understanding the Russian government in the role and function in the development of the securities market.Chapter 3 introduces the securities types in Russia securities market. From the perspective of the Russian bond market and stock market, this chapter analyzes the structure of trades. 1861-1914, the Russian securities market is given priority to all types of bonds and stocks, in the different stages of development, the distribution of different regions, securities structure presents different characteristics.Chapter 4 focuses on the relationship between the securities market function and the national economic development. To First World War, the Russian securities market with the domestic economic growth gradually matured, and the commercial bank shares for the new financial system. The Russian securities market and the commercial joint-stock Banks constitute for the new financial system. 1703-1914, in which more than 200 years, Russia has established about 90 Commodity Exchange. Before1861, the Russian stock market development is relatively slow.After 1861, With the increase of the number of the joint-stock company,securities trading volume increases gradually. In 1900, after the reorganization of st Petersburg exchange, from that moment forth, Russia had open securities market, but was still under the strict supervision of the credit bureau of the ministry of finance.From initiation to mature, Russian securities market is influenced by the European securities market to the deep, and also has its own unique characteristics, the two sides are highly interactive. The establishment and development of St. Petersburg exchange securities is the best proof of blossom due to the fiscal and policies carried out by the Russian government.Conclusion: In 1861-1914 Russian securities financing market combined with Russian industrial and commercial enterprises, promote the systematic development of industries. The Russian government leading macroeconomic promotes Russian social change and economic change to draw attention of the world’s achievements. By 1914, from a number of types of securities issuance and trading, the market structure rationality, the allocation efficiency of resources and stock market scale expansion and so on, the Russian securities market has reached a mature degree.Russian government built a basic organization, with legislation, supervision, control and so on many management functions in order to maintain market order, support the market participants, protect the interests of investors, improve the efficiency of the market; in order to safeguard the fair and orderly market operation, promote the prosperity, stability and development of the securities market.Russia’s authoritarian system and characteristic determines Russia can’t completely copy the mode of the securities market of Europe, however, Russia learn and use a lot of successful experiences and lessons. To First World War, Russia’s securities market presented a trend of integration with the European securities markets. St. Petersburg stock exchange played the role of the bridgehead; the stock exchange became a very effective machine to raise funds, and became one of the major financing channels to realize rapid industrialization before Russia’s revolution.