The main purpose of the stock market

The main purpose of the stock market is to finance economic growth and innovation. The securities market should become a mechanism for attracting investments in the real sector - instead of the speculative market of the 90s, which served mainly the interests of the state and short-term foreign investors (before the crisis - 65-80%, in the GKO market - 35%). The conclusion is not banal: most players in the Russian market are speculators, the whole market is subject to the goal of short-term gain, while we are far from denying the need for speculative and arbitrage stock market activities.