English / ქართული / русский /
Maya Gogokhia


A capital market has been developing particularly rapidly in economically developing countries in recent years. Among the trends characteristic of the securities market at the present stage, along with computerization, globalization and covergation, improvement of the said market regulation quality is revealed.

In world practice, there are different approaches to build a system of financial market regulation. It is a matter of debate whether a megaregulator should be established in the country, if it is preferable, several bodies should supervise various segments of the financial market.

The existence of international institutions that develop guidelines, principles and standards for the development of the financial market is also important. A NBG has become a permanent member of the International Organization of Securities Commissions (IOSCO), which will increase the confidence and interest of international investors towards the Georgian securities market and have a positive impact on the reputation of the NBG as securities market regulator. The regulatory framework for the securities market has been improved in Georgia, but in order for this sector of financial market to become a real alternative to bank lending, it is essential to further upgrade the securities market infrastructure, increase the diversity of securities, achieve high liquidity and adequate guarantees according to joint stock companies, as well as as eliminate fixation.

Key  Words: Securities Market, Globalization, Crisis, Regulators.