Potential for the application of Financial Structured Products within BRICS

The current conditions of economic and political instability raise serious questions about the sustainability of the global fi nancial and economic system. The study of fi nancial markets of developed countries indicates their "overheating" and emphasises the necessity to search for alternative directions for global capital investments. The paper analyses the potential of BRICS development as a unifi ed economic system, which is becoming the main alternative to the established investment mechanism of the US and European countries, as well as the prospects of using structured products on stock indices of BRICS countries to stimulate the movement of capital from developed countries, which provides an opportunity to strengthen the financial contour of the members of the association and compensate for the impact of external restrictions on the movement of domestic capital. For this purpose, a phased research was carried out. The analysis of scientifi c works related to the BRICS and structured products was conducted, which allowed to identify the dynamics of interest in this topic both in academic circles and among the general public. A comparative analysis of the main fi nancial indicators of companies from BRICS countries and developed countries with segmentation by economic sectors was carried out. The trade turnover and dynamics of key macroeconomic indicators of the BRICS members over the last 20 years were studied, which allowed to assess the economic potential of the association. The article provides data on the market capacity and the role of structured products in Western countries, as well as statistics on the demand for these instruments in the BRICS countries. In order to forecast the dynamics of the BRICS financial markets, an econometric model based on multivariate linear regression was developed. The model assessed the impact of various economic factors on the dynamics of stock markets and allowed to form forecasts based on the current trends. Based on the results of the study, the authors devised initiatives for the development of the structured products market: consistent implementation and methodological support of various classes of derivatives.