ИСТИНА

Based on archival data this article proves the existence of the bank-based stock market in Moscow in 1910-1913. The paper studies credit current accounts of Moscow banks’ customers, in which their securities transactions were recorded. Some additional information about these customers (age, class (estate), occupation, business and real estate) were derived from the pre-revolutionary reference books and directories. As a result, the regional stock market was revealed where the principal practice was banks’ lending of securities transactions. There were many stockjobbers with large trade turnovers at this market. The exchange institutions performed a mediating role between major market participants — banks and banking houses. Since some multi-branch universal banks dominated at Russia by the 1910s, the banking market was well enough integrated, therefore the Moscow stock market acted as a branch of the St. Petersburg market, judging by the large jobbers’ behavior. Any regional specificity could be traced probably after exception of the Russian «blue chips» from the study. At the same time, the similar study of the St. Petersburg market has not been held yet therefore we have no data for comparison.