Russias financial market is a large emerging market, with equal participation of commercial and investment banks whose share of the market is about 50 per cent each. Commercial banks are larger institutions tending to pursue conservative strategies. Investment banks take on bigger risks. Commercial banks form the greatest part of the bond trading turnover. Their share of the stock and longer-term markets is lower compared to that of investment banks. Investment banks are more dynamic, rapidly increasing trade volumes when the market rises and quickly reducing them at the time of a market slump. Commercial banks hold the liquidity during market shocks. In the mixed market model commercial and investment banks complement each other, combining liquidity and conservatism with dynamism and risk taking.