The Formation of the Custodian and Settlement Infrastructure of the Russian Financial Market

The functioning of institutions of the financial markets and their interaction with a view to implementation of the main objectives of the market is provided by one of the constituent elements of the market, namely, the infrastructure of the securities market. The Russian securities market is going through a crucial point and provides a central post-trading infrastructure. In this paper, the author defines the notion of custodian and settlement infrastructure of the financial market, analyzes the modern state of this sub-sector of the financial market, and formulates problems of development of the custodian and settlement institutions of the Russian financial market, in particular in connection with the entry into force of the federal law “On the Central Depositary”. The author defines the place and role of the Central Depositary and its impact on the level of development of the market in general and the formation of the machine in Russia, at the same time, it shows the world experience in building custodian and settlement systems and the integration of the Russian custodian and settlement infrastructure and global stock architecture.