Author: Oksana V. Somova, Postgraduate of Finance Dept., Saratov Socio-Economic Institute (Affiliated branch of Plekhanov Russian University of Economics)

Abstract: The subject of the article is a detailed examination of the functioning of exchange and OTC segment of the Russian currency market at the present stage of its development. Theoretical analysis of scientific papers on the functioning of the foreign exchange market, the study of Russian specifics of the organization process of stock exchange and off­exchange currency trading, as well as the volume of transactions on the Russian currency market and the structure of its participants allowed the author to conclude that modern Russian foreign exchange market differs significantly from its OTC segment in a number of parameters, such as: the nature of participants’ access to the market; the structure and the number of investors; the volume of transactions conducted; level of liquidity; the volume of transaction costs; a form of currency; degree of standardization of transactions; contractors’ reliability in completing transactions.

Keywords: Moscow Exchange, participants of foreign exchange market, foreign currency, prime broker