Abstract: the financial market is an important part of any economy. It helps to attract temporarily available funds and effectively distribute them among the economic agents in need, which in turn contributes to the development of the economy. This article examines the history of the emergence and stages of development of the domestic financial market. The Russian financial market experienced many challenges in its thirty-year history, including the default of 1998 and the economic crisis of 2008. These tests have dramatically changed the economy of our country. The emergence of the private banking sector has influenced the development of the financial market: its model includes banking and non-banking institutions. Today, the development of the domestic financial market has promising directions related to the services provided and the emergence of new ones. In addition, our country has not fully used the experience of foreign countries in developing such markets yet. The main events connected with the development the Russian financial market that the Central Bank is currently engaged in: creating a favorable environment for the development of competition in the financial market and developing the national payment system.
Keywords: financial market; economy; banks; credit rating; economic crisis