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- Planning horizon: The Central Bank presented the main directions of financial market development for the next three years
Planning horizon: The Central Bank presented the main directions of financial market development for the next three years
The Central Bank presented the main directions of financial market development for the next three years. The document highlights five key aspects. Among the main ones are the protection of the rights of consumers of financial services and investors, the digitalization of the financial market and the development of payment infrastructure, as well as the development of a system of foreign trade payments and settlements. The areas chosen by the regulator form the foundation for the financial market to become a more capacious and stable system in the coming years, capable of supporting business development and offering investors real long-term prospects, experts say. What the designated areas of work will affect is in the Izvestia material.
A plan for the future
The Bank of Russia has identified the main directions of financial market development for 2026-2028. Among the priority goals is the development of the capital market as a source of business financing, as well as increasing the transparency of initial public offerings and the investment attractiveness of long—term instruments.
In total, five key aspects are highlighted in the main directions of financial market development. These include creating conditions for strengthening the role of the financial market in financing economic transformation, protecting the rights of consumers of financial services and investors, increasing financial accessibility for citizens and businesses, digitalizing the financial market and developing payment infrastructure, developing a system of foreign trade payments and settlements, and ensuring financial stability.
The first direction of development is to create conditions for strengthening the role of the financial market in the transformation of the economy while maintaining the stability of the financial sector. To achieve this goal, the regulator identifies the following tasks:
— development of the capital market;
— development of corporate relations and corporate governance, information disclosure;
— development of the financial market infrastructure;
— participation of banks in financing economic development;
— expanding the contribution of the financial market to the achievement of sustainable development goals;
— development of the insurance market;
— development of information services;
— expanding the range of financial instruments and other mechanisms for financing the economy;
— ensuring the sustainability and development of regulation of financial institutions;
— staffing of the financial industry.
The next direction, determined by the Central Bank, is to protect the rights of consumers of financial services and investors, including increasing financial accessibility for citizens and businesses. Over the next three years, work in this area will be strengthened in terms of investment products and services, as well as cyber protection, due to the presence of millions of new investors in the financial market, using mainly online service channels.
As part of the work on the implementation of this area, the following tasks have been set:
— development and adaptation of the system of protection of the rights of consumers of financial services and investors, taking into account changes in the financial market;
— ensuring protection against illegal acts in the financial market;
— improving financial and investment literacy, financial cyber literacy, and the formation of the foundations of financial culture and rational behavior;
— increasing the availability of high-quality financial services for citizens, small and medium-sized businesses, and ensuring the inclusiveness of the financial market.
The third area that the Central Bank will focus on in the next three years is the digitalization of the financial market and the development of payment infrastructure. This area is one of the strategic priorities of the regulator. The range of tasks defined by the Central Bank in this case is as follows:
— development of digital infrastructure;
— development of the payment infrastructure;
— facilitating the development of innovations in the financial market;
— ecosystem regulation;
— creating conditions for the safe implementation of digital payment technologies and ensuring technological sovereignty.
Another area of work identified by the Bank of Russia involves the development of foreign trade payments and settlements. This will require foreign economic cooperation with a wide range of countries, providing for the transition to new channels and mechanisms of international settlements. To achieve this goal, the Central Bank is working to prioritize the use of the Russian ruble and other national currencies in international settlements.
The implementation of such activities requires the following tasks:
— development of international payments and settlements;
— configurations of currency regulation and restrictions on the movement of capital;
— optimization of the system of countering the legalization (laundering) of proceeds from crime and the financing of terrorism.
The final area of work outlined by the Central Bank in the plan for the coming years is to ensure financial stability. To this end, the regulator intends to continue improving the monitoring of systemic risks, analysis approaches, tools and measures of influence, taking into account the changing situation.
The list of tasks required in this case includes:
— development of macroprudential regulation;
— analysis and monitoring of systemic risks;
— improving the analysis and regulation of climate risks.
The editorial board of Izvestia sent a request to the Bank of Russia. No response has been received at the time of publication.
The need for sustainability
The Russian financial market is currently undergoing a stage of restructuring and adaptation to new conditions, believes Sergey Gavrilov, Chairman of the State Duma Committee on Property, Land and Property Relations, member of the National Financial Council of the Bank of Russia. After several years of economic transformation, businesses and investors are gradually regaining interest in the stock segment, and this is noticeable in statistics: the number of individuals on the stock exchange is growing, the volume of investments in stocks and bonds is increasing, although the country is still significantly inferior to a number of comparable economies in terms of the number of public offerings.
Over the past two years, the Russian market has finally been rebuilt on an internal track, says investment adviser to the registry of the Central Bank, President of the Association of Investment Advisers Yulia Kuznetsova. The base of private investors continues to grow: by the end of August 2025, the number of individuals with brokerage accounts reached more than 38.4 million. Activity is steadily maintaining a high level in all segments, including weekend sessions and the futures market. This supports liquidity and demand for initial public offerings and bonds.
The capital market remains an important indicator of confidence in the national economy, because it is through it that companies can attract long-term resources for development, Gavrilov clarifies. However, genuine interest in it may manifest itself when the yield on bonds and other debt financing instruments is comparable to deposits, he believes.
—Today, at a rate of 17%, most participants prefer to keep funds in their accounts, and only a noticeable decrease to about 10% can revive the market," the parliamentarian is convinced.
Meanwhile, the Central Bank aims to strengthen confidence in the capital market. This implies more disclosure of high-quality information, increased transparency of initial public offerings, equalization of incentives between instruments, as well as working out the mechanics of protecting minority shareholders in large transactions, Kuznetsova lists.
In this case, it becomes important to combine the capabilities of insurance organizations, emission funds and accumulative systems. This will create a single set of reliable and long-term investment instruments. This includes investing the savings of non-governmental pension funds, Gavrilov clarifies.
"This approach will allow us to channel the accumulated resources into the securities market and support large—scale projects, including those of a technological nature," explains Izvestia's interlocutor.
However, the financial market in Russia today faces a number of challenges: a low level of trust and transparency in initial public offerings, a limited supply of long-term instruments, risks for investors, as well as the need to modernize infrastructure and digital solutions, says Yaroslav Kabakov, lecturer at the HSE Graduate School of Business and Director of Strategy at Finam IC.
— There are also "domestic" challenges: the concentration of liquidity in a limited number of securities, residual infrastructure constraints with blocked assets, the increased role of cyber and payment infrastructure, and the need to strengthen the protection of the retail investor. These topics are explicitly marked by the Central Bank as priorities in the new draft directions," Kuznetsova draws attention.
In conditions of a difficult economic and geopolitical situation, there remains a need to increase the stability and stability of the system, Kabakov emphasizes. The development directions defined by the Bank of Russia for 2026-2028 can significantly improve the situation, he believes.
New impulses
The Central Bank has identified a number of areas in its priorities for the next three years that can give a new impetus to the financial market, Sergey Gavrilov is convinced. One of the key ones is the development of the capital market as a source of business financing.
— Now many companies rely on bank loans or their own resources, and going public is perceived as a complex and costly process. Creating conditions for simplified access of issuers to public offerings and improving the quality of information disclosure can expand the number of participants, and therefore increase the amount of funds raised, the parliamentarian explains. He believes that the more companies start using this channel, the more stable the economy as a whole will be.
The development of the capital market will allow companies to diversify their sources of financing and reduce dependence on bank loans, while increasing the transparency of IPOs and protecting investors' rights will strengthen trust and expand the circle of participants, Yaroslav Kabakov believes.
The capital market will act as a full-fledged alternative to loans, confirms Yulia Kuznetsova. The rate cut is already stimulating the debt segment, but the goal is to revive equity financing.
It is also important to increase the investment attractiveness of long-term instruments, Gavrilov believes. Russian investors are traditionally interested in short-term strategies and deposits. However, it is long-term money that forms the basis for serious projects in industry, infrastructure and innovation.
"The launch of a long—term savings program, tax incentives for individual investment accounts, the development of insurance products with a funded component — all this will create an internal source of capital," the deputy lists, emphasizing that in conditions of limited access to foreign markets, such a task becomes particularly important.
The creation of long-term investment instruments will stimulate capital accumulation and make the market more stable, Kabakov is convinced.
Meanwhile, the third important area is to strengthen the protection of investors' rights. Here we are talking about raising testing standards and admissions for unqualified participants, developing insurance mechanisms and behavioral supervision, Gavrilov points out.
— The growing number of private investors makes the topic of protection especially relevant: it is the trust of the retail audience that forms the basis of liquidity, without which the market cannot develop. Strengthening guarantees from the regulator helps to reduce concerns and stimulates the involvement of new participants," he notes.
At the same time, it is necessary to stimulate qualified investors who will motivate novice investors, the parliamentarian is convinced. They can be invited to serve on the boards of directors of companies, including as independent directors, to improve the quality of corporate culture.
Kuznetsova sees the protection of investors' rights and the development of trust as one of the most important areas for the development of the financial market, since without it the market will not provide cheap and "long-term" financing.
Expanding products for long-term savings, financial and investment literacy, and cyber literacy are also important. All this will serve as the foundation for a stable inflow of savings to the market and a reduction in behavioral risks. This directly supports growth goals through internal resources, explains the Izvestia interlocutor.
And the modernization of digital and payment infrastructure, in turn, will reduce costs and increase the efficiency of operations, Kabakov said. This includes the safe implementation of fintech solutions and ensuring technological sovereignty, adds Kuznetsova. This speeds up calculations, reduces transaction costs, and expands access to services, especially in the regions.
— A separate block is the development of international payments and settlements, the adjustment of currency regulation and the strengthening of financial stability instruments. This is important for the predictability of financing conditions and the market's resilience to shocks," the investment adviser points out.
She recalls that the draft guidelines for the development of the financial market have already been approved by the Board of Directors of the Central Bank and sent to the President and Government of the Russian Federation.
— That is, this is not a sketch, but a framework of actions for three years with annual updating under new conditions, — says the interlocutor of Izvestia.
The areas chosen by the regulator form the foundation for turning the financial market, which faces serious challenges, into a more comprehensive and sustainable system in the coming years, capable of supporting business development and offering investors real long-term prospects, concludes Gavrilov.
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