Development of a Comprehensive System of Monitoring of the Financial Market, Including on the Basis of the Analysis of the Exchange Information and Reporting of Non-Bank Financial Institutions (Federal Financial Markets Service (FFMS), 2012–2013)

In December 2012, the Gaidar Institute started implementation of the project -- Development of a Comprehensive System of Monitoring of the Financial Market Aimed at Identification and Monitoring of System Risks on the Financial Market and Establishment of the Crisis Developments Early Warning System, Including on the Basis of the Analysis of the Exchange Information and Reporting of Non-Bank Financial Institutions -- within the frameworks of the agreement with the Federal Financial Markets Service.


The purpose of the research consisted in upgrading of the institutional potential of the FFMS of the Russian Federation in ensuring of stability of the financial market, in particular, by means of development of a comprehensive financial market monitoring system aimed at identification and monitoring of system risks on the financial market and establishment of the crisis developments early warning system.

As a result of the above research, the guidelines were developed for the main parameters of the comprehensive financial market monitoring and crisis developments early warning system which integral parts included:


• Subsystem of monitoring of the state and dynamics of development of all the sectors of the financial market and support in decision making by the regulating and supervising authority; 


• Subsystem of collection, processing and provision of the information for monitoring of the financial market, as well as carrying out of the information exchange with Russian state authorities, the Central Bank of Russia and different international organizations; 


• Subsystem of identification and monitoring of system risks on the Russian financial market; 


• Subsystem of early identification and warning of crisis developments and prevention of inter-sectorial transmission of system risks. 


It is to be noted that the guidelines were developed in such a way that they could be utilized in future for formulation of the objective of development of modules of the information and analytical system which automates the above methods.

 

The work on the project was to be done within 10 months and completed in September 2013.