INTERNALIZATION OF LIQUIDITY AS A FACTOR OF DESTRUCTION OF THE STOCK MARKET

Aim. To explore a new mechanism for brokerage companies to work with investors - the internalization of liquidity - and to assess the impact of this process on exchange trading, liquidity and transparency of the exchange market, as well as fair pricing. Methodology. Methods of logical inference, selection and grouping of information, analysis and generalization are used, and econometric and statistical tools are widely used to determine the volume of withdrawal of liquidity from the general market of Russia by brokerage companies. Results. The authors’ vision of the impact of this instrument on the state of the stock market and the financial market as a whole is presented. It is determined that the internalization of liquidity has both many positive aspects, such as high speed of operation execution, reduced final costs and anonymity of investors, and negative ones: market participants do not have aggregated data on the volume of transactions in the financial market, there is no regulation of them in the volume of the internalized liquidity pool, there is no reliable information on the main market indicators. Within the framework of this concept, an analysis of the Russian brokerage market is presented and assumptions are made about its further development. Research implications. The model of the forecast of trading volume in the foreign exchange market is presented and the ways of preserving the positive features of the new mechanism and minimizing the negative consequences of its widespread distribution are developed. The conclusion is formulated that the internalization of liquidity is a unique tool for reducing the costs of brokerage services to investors, a new way of aggregating liquidity in one place and a tool that provides anonymity to the investor, but on the other hand, it is a direct withdrawal of liquidity from the stock market, contributing to off-market pricing, increasing criminalization and weakening the regulatory rules of brokerage services for servicing investors. The conclusion is justified that the regulation of the internalization of liquidity should become one of the primary issues of the Central Bank of the Russian Federation and the entire infrastructure of the financial market of the Russian Federation.

financial market, liquidity internalization, broker, exchange, regulation, fair pricing, investors

1. Гусев А. А., Гибадуллин Э. И. Влияние ликвидности финансового рынка на стоимость компаний // Финансовый менеджмент. 2020. № 6. С. 13-23.

2. Гусев А. А. Стоимость бизнеса в системе стратегических управленческих решений. М.: ИНФРА-М, 2018. 169 с.

3. Гусев А. А. Финансовые технологии в цифровой экономике: управление стоимостью компаний: учеб. пособие. М., 2018. 173 с.

4. Дамодаран А. Инвестиционная оценка: Инструменты и методы оценки любых активов. М.: Альпина Паблишер, 2017. 1316 с.

5. Фундаментальный анализ на рынке ценных бумаг: учеб. / под ред. Е. В. Семенковой. М.: РУСАЙНС, 2017. 274 с.