ЦИФРОВА ПАРАДИГМА ФУНКЦІОНУВАННЯ ГЛОБАЛЬНОГО ФІНАНСОВОГО РИНКУ

Abstract

The article examines trends in the development of the global financial market under the influence of the development of digital technologies. It is emphasized that the development of digital technologies quantitatively and qualitatively changes the global financial market. First of all, its scaling is taking place, and financial capital is being transformed into the main driving force of the global economy. Digital technologies contribute to the quantitative growth of the global financial market, and capital mobility is becoming an extremely important factor in economic development at the level of nations. Along with this, the prerequisites for the active use of financial innovations are being formed. However, innovations that are diverse in nature cannot always be evaluated exclusively positively because some of them often increase imbalances in financial development. It is emphasized that the format of functioning of financial institutions is fundamentally changing, especially in terms of their interaction with financial services' consumers and participants in financial transactions. The formation of the FinTech sector is taking place, the activity of which represents the technological component of the development of the global financial market. Activity of FinTech companies in fact impersonates the digitalisation of the financial market. And velocity and dynamics of the development gradually transform FinTech companies into key participants of the global financial market, which form trends at its key segments. At the same time, digitalization leads to the emergence of new challenges for the global financial market participants. Among other things, the mentioned problems are related to the poor effectiveness of state regulation and the inability of the state regulator to provide supervision over specific segments of the global financial market. It is argued that today the financial market of the digital economy is forming, which determines the need to update the strategies of all its participants. However, it is extremely difficult to predict what will be the outlines of the digital economy’s financial market and its key parameters in the medium term.