DOI: 10.33917/es-5.203.2025.34-39

The article identifies characteristics and development trends of the stock markets of the EAEU member countries in the context of the digital economy’s development. It outlines the main challenges facing the development of the stock markets of the EAEU countries. The author substantiates the importance of harmonizing national legislation and creating a common digital architecture to improve the efficiency of risk management and to strengthen integration of the stock markets of the EAEU member countries. It is concluded that digital transformation is a key factor in overcoming differences in the development of stock markets in the EAEU countries.

References:

1. Terenichenko A.A. Sravnitel’no-pravovoy analiz razvitiya rynka tsennykh bumag stran — uchastnits Evraziyskogo ekonomicheskogo soyuza [Comparative Legal Analysis of the Development of the Securities Market of the Countries Participating in the Eurasian Economic Union]. Agrarnoe i zemel’noe pravo, 2017, no 3(147), pp. 42–46.

2. Kulakova E.V. Vozmozhnosti i perspektivy integratsii EAES v finansovoy sfere [Opportunities and Prospects for Integration of the EAEU in the Financial Sector]. Mir novoy ekonomiki, 2017, no 2, pp. 38–45.

3. Shvaygert D.V. Institutsional’noe razvitie integratsii infrastrukturnykh organizatsiy fondovykh rynkov SNG i EAES [Institutional Development of Integration of Infrastructure Organizations of Stock Markets of the CIS and the EAEU]. Human Progress, 2015, vol. 1, no 4, pp. 60–79.

4. Dogovor o Evraziyskom ekonomicheskom soyuze (podpisan v g. Astane 29 maya 2014 g.) (red. ot 25 maya 2023 g.) (s izm. i dop., vstup. v silu s 24 iyunya 2024 g.) [Treaty on the Eurasian Economic Union (signed in Astana on May 29, 2014) (as amended on May 25, 2023) (as amended and supplemented, entered into force on June 24, 2024)]. Konsul’tant, available at: https://www.consultant.ru/document/cons_doc_LAW_163855/

5. Principles of the trading system. WTO, available at: https://www.wto.org/english/thewto_e/whatis_e/tif_e/fact2_e.htm

6. Prilozhenie N 17 k Dogovoru o Evraziyskom ekonomicheskom soyuze (Protokol po finansovym uslugam) [Appendix No. 17 to the Treaty on the Eurasian Economic Union (Protocol on Financial Services)]. Konsul’tant, available at: https://www.consultant.ru/document/cons_doc_LAW_163855/6e98d66c53206813800fdef7b3692dbc90f83c79/#dst103788

7. Prilozhenie N 1 k Protokolu po finansovym uslugam [Appendix No. 1 to the Protocol on Financial Services]. Konsul’tant, available at: https://www.consultant.ru/document/cons_doc_LAW_163855/823373b5e42b9e5d815887166f0f639070b50f13/#dst103974

8. Kontseptsiya formirovaniya obshchego finansovogo rynka EAES [The Concept of Forming a Common Financial Market of the EAEU]. EEK, available at: https://eec.eaeunion.org/comission/department/dofp/conception.php

9. Rasporyazhenie Soveta Evraziyskoy ekonomicheskoy komissii ot 23 noyabrya 2020 g. N 27 “O plane meropriyatiy po garmonizatsii zakonodatel’stva gosudarstv — chlenov Evraziyskogo ekonomicheskogo soyuza v sfere finansovogo rynka” [Order of the Council of the Eurasian Economic Commission of November 23, 2020 No. 27 “On the Action Plan for the Harmonization of the Legislation of the Member States of the Eurasian Economic Union in the Financial Market”]. EEK, available at: https://www.consultant.ru/document/cons_doc_LAW_371826/1c69fbe37d5087eb211e769dda5826d3b35fba97/

DOI: 10.33917/mic-4.99.2021.94-103

Representatives of various objects of the country’s economy participate in the system of ensuring the economic security of the stock market. First of all, these are the control bodies of the exchanges – the organizers of trades, where dubious transactions are revealed. Specialists of the Department of Counteraction to Unfair Practices of the Central Bank of the Russian Federation carry out checks on the revealed violations and make a decision on bringing the culprit to administrative responsibility or transferring the materials of the check to law enforcement agencies according to their jurisdiction. Among unfair practices, the most common speculative phenomenon is market manipulation, the public danger of which is to cause significant harm to the interests of citizens and legal entities, society and the economy as a whole, undermining the confidence of investors and trading participants in organized financial and commodity markets, worsening conditions for investment and trade in them, hindering their effective development and strengthening international competitiveness.

The crisis has shown that government together with the central bank can secure financial market stabilization by allocating additional funds to credit institutions for increasing risk reserves and mitigating effects of “toxic” assets accumulation.