Models for building a new financial market infrastructure based on distributed technologies

Abstract

Subject. The article presents a theoretical analysis of foundations for building a new financial market infrastructure based on distributed technologies. Objectives. The focus is on theoretical elaboration of the framework for a new model of financial market infrastructure on the basis of distributed technologies. Methods. The study draws on general scientific research methods through logical and comparative analysis. Results. We analyzed the main channels of digital transformation, noted the growing role of new intermediaries in the form of ‘aggregators’, ‘showcases’, and ‘marketplaces’, companies providing customer identification (onboarding, KYC) and remote risk management. The paper systematizes intermediaries in the infrastructure of decentralized finance. Based on the analysis of new business models of banks, we highlighted their key features and capabilities and stressed the growing need for transformational processes under strengthening sanctions pressure on the financial market of the Russian Federation. Conclusions. Transformation processes of financial intermediation models are driven by the high rate of progress in technological solutions and rapid digitalization of the financial services market. This enables to extract the synergy of financial and non-financial services by forming a new infrastructure. The provisions of this study may serve as a theoretical basis for applied research by financial market specialists.