Религиозно-этические нормы как фактор развития рынка производных финансовых инструментов

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Abstract: This article examines the major provisions of the four religions (Judaism, Buddhism, Christianity and Islam) that touch upon financial and commercial life of the secular population. Attention is drawn to the system of limitations and prohibitions on charging interest in credit operations, because interest is the basis of functioning of all segments of modern financial market. In addition, the author examines the views on speculation in trade operations, while using false information on value and quality of goods. In his work, the author relies on the works of Russian and foreign economists which study the main factors that influence the development of instruments and mechanisms of financial market as a whole, and the derivative financial instrument segment. The author employs general scientific and specific methods of research, including statistical and comparative analysis. Today, the fact that the financial derivative market, and the transformations of the mechanisms of its functioning impacts the economy of any country greatly, is undisputed. The vector of growth for national markets of financial derivatives is defined not only by world practice, but also religious and ethical norms that are acceptable for the majority of the country. The pursuit of increased income norm and financial market novations are impossible without leaving religious and ethical norms behind, or without transforming them, because some of the religious norms are extremely hard to comply with nowadays. Nonetheless, today there are persistent points of view, according to which the compliance with religious and financial ethics will enhance the efficiency of financial market, due to the weakening of moral pressure on the people employed in the financial and credit institutions. In addition to this, an acceptable (from religious points of view) form of financial transactions (without ever changing their commercial nature) allows to increase the volume of operations and to use various derivatives.