This article provides an analytic interpretation of development of the US financial market and identifies an important mechanism of this market. Debt securities can spur economic growth but may also pose risks to financial stability and macroeconomic performance. US private financial sector debt increased during the COVID-19 pandemic, highlighting the role of debt in supporting economic activity as well as the associated risks. This article covers the major trends and institutions of the modern US financial market. The current operating system of the American money market is analyzed. The primary instruments of the US financial market are corporate and government debt securities. The major participants in the American financial market are commercial and investment banks, securities firms, asset-management companies, hedge funds, insurance companies, pension funds, stock and futures exchanges, credit-rating agencies as well as regulatory and other public authorities. Over the last decade, the volume of the US debt securities market has increased and the structure of this market has transformed. Pension funds play a leading role in the US financial sector, and the positions of commercial banks are decreasing. The position of the US in global financial markets is analyzed. Section 2 reviews the major effects of western sanctions on the Russian financial market. Most foreign investors left the Russian market in 2022. The major result of western sanctions was depreciation of Russian corporate debt securities. But when the special military operation is finished the situation is likely to improve, because Russian debt securities have the potential to grow. This work covers theoretical approaches to the problem of the development of financial markets. The major economic drawbacks of current financial systems are discussed.
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