Author: Yekaterina A. Nesterenko and Oksana V. Somova

Abstract:

The article compares the infrastructure of domestic exchange market with the infrastructure of domestic OTC exchange market and concludes that the former is more complex and organized than the latter. Having analyzed the current stage of the Russian exchange market development the authors deduced that firstly, in addition to the auction organizer it comprises other equally important infrastructure organizations such as clearing houses, settlement organizations and professional intermediaries. And, secondly, the whole infrastructure of the domestic exchange market can be divided into trading infrastructure for transactions and accounting infrastructure responsible for clearing and settlement of deals. Professional intermediaries, who are members of stock exchange, and auction organizers should be referred to trading infrastructure whereas clearing houses performing the functions of central counterparty and settlement organizations should be enlisted into accounting infrastructure.

Keywords: clearing house; central counterparty; professional intermediary, settlement organization; exchange market; infrastructure.