scholarly journals The role of the state in ensuring digital transformation of banking sector

2021 ◽  
Vol 112 ◽  
pp. 00021
Author(s):  
Yulia B. Bubnova
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Banking Sector ◽  
Digital Transformation ◽  
Operating Conditions ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Role Of The State ◽  
Provision Of Services ◽  
Digital Capital

In the age of digital technologies, the main factor of competitiveness in the financial market is “digital capital”. Using developments in the field of information technology, banks change the format and methods of providing their products and services, participate in the provision of services that are not typical for them. In such circumstances, banks have to completely transform their business and build it on the basis of platforms. Changes in the operating conditions of the financial market entail changes in the rules of conduct on it and approaches to its regulation. Investing in technologies, creating and developing ecosystems require significant financial investments from banks, which not all banks can afford. This research analyzes the possibilities of using digital capital by the most successful Russian banks in building and developing ecosystems. The main models of banking ecosystems used in Russian practice are systematized. The necessity of state participation in financial support of the digital transformation of the banking sector is justified. The steps taken by the Bank of Russia in this direction are evaluated. The article summarizes the Bank of Russia’s efforts to develop approaches to financial market regulation to ensure information security and prevent financial isolation. Steps taken by the regulator to ensure an equal access to financial services for all citizens, equal opportunities for competition of various financial market players.

The EU Experience as a Model for the Development of a Single Financial Market Regulation in the Eurasian Economic Union (EAEU)

2019 ◽  
Vol 16 (5) ◽  
pp. 592-621 ◽  
Author(s):  
Rustam A. Kasyanov
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Financial Services ◽  
Market Regulation ◽  
Member States ◽  
Financial Market Regulation ◽  
Eurasian Economic Union ◽  
Economic Union ◽  
The Republic ◽  
The Eu

Five countries became members of the Eurasian Economic Union – an international organization of regional economic integration. The Republic of Kazakhstan, the Russian Federation, and the Republic of Belarus signed the international Treaty in the city of Astana, Kazakhstan on May 29, 2014. The Republic of Armenia and the Kyrgyz Republic acceded to the Treaty later. Harmonized regulation of financial markets should be one of the initial areas of cooperation, with the aims of creating a single financial services market within the EAEU and ensuring non-discriminatory access to the national financial markets of each of the member states. The EAEU member states have already entered into the initial stage of developing the Eurasian common market in financial services. A considerable part of the work should be carried out by a supranational financial market regulation body, which is to be established by 2025 according to the EAEU Treaty. Such financial integration in the EAEU has only been in progress for a limited time period and many of the key steps are yet to be done. The existing national-markets development level is highly non-homogeneous and is in need of further development. In such circumstances, a relevant question related to the study of foreign experience arises. European Union started to form its single financial services market in 1973, and since then it has gained certain experience in financial markets integration. This research paper is dedicated to the issue of necessity and possibility of using the EU experience in the course of the EAEU Single market development. The issue will be addressed in terms of political, legal, academic, and practical aspects. The article is of a general, theoretical legal character, which is why emphasis will be placed on legal and doctrinal questions. Special attention will be paid to an analysis of the Eurasian Economic Union Treaty and its Protocols. The work will be based on the academic research and opinions of Russian and foreign authors.

III. Financial Market Regulation in the Post-Financial Services Action Plan Era

2006 ◽  
Vol 55 (4) ◽  
pp. 982-992 ◽  
Author(s):  
Joe McMahon ◽  
Niamh Moloney
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Action Plan ◽  
Regulation System ◽  
Regulatory Regime ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Reform Agenda ◽  
Wide Range ◽  
Best Execution

After a hectic period of law reform, which has also provoked major governance reforms in the form of significantly increased levels of transparency and market consultation and major institutional innovations (with allied accountability and governance risks), the 1999 Financial Services Action Plan (FSAP)1 has now been completed. It has radically transformed the regulatory landscape for financial services in the EC, and set a seal on the recharacterization of EC financial services law from a minimum harmonization-based market construction regime to a highly interventionist and increasingly sophisti-cated market regulation system. In particular, the coincidence of legislative reform under the FSAP with the development of a new institutional process for law-making, which has rapidly become embedded in the financial market architecture (the Lamfalussy process),2 produced a reform agenda of immense depth and range. The FSAP period has also seen the use and development of a wide range of regulatory tools in EC financial services policy in line with the growing sophistication of the regulatory regime. While disclosure has long been a key policy tool of EC financial services law, the FSAP saw a closer focus on conflict of interest management across the financial sector, on more interventionist controls such as transparency, suitability, and best execution requirements, and on calibrating regulation to different investor profiles and different market risks. This article considers a selection of key recent developments.

The Capital Market Authority Effectiveness in the Regulation of Financial Markets perspectives from the financial sector actors

2012 ◽  
Vol 02 (11) ◽  
pp. 15-24
Author(s):  
Charles Kombo Okioga
Keyword(s):  
Financial Markets ◽  
Financial Market ◽  
Capital Markets ◽  
Capital Market ◽  
Financial Regulation ◽  
International Standards ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Market Participants ◽  
New Business

Capital Market Authority in Kenya is in a development phase in order to be effective in the regulation of the financial markets. The market participants and the regulators are increasingly adopting international standards in order to make the capital markets in sync with those of developed markets. New products are being introduced and new business lines are being established. The Capital Markets Authority (Regulator) is constantly reviewing existing regulations and recommending changes to regulate the market properly. Business lines and activities are being harmonized by market participants to provide a one stop solution in order to meet the financial and securities services needs of the investors. The convergence of business lines and activities of market intermediaries gives rise to the diversity of a firm’s business operations to meet multiplicity of regulations that its activities are subject to. The methodology used in this study was designed to examine the relationship between capital markets Authority effective regulation and the performance of the financial markets. The study used correlation design, the study population consisted of 30 employees in financial institutions regulated by Capital Markets Authority and 80 investors. The study found out that effective financial market regulation has a significant relationship with the financial market performance indicated by (r=0.571, p<0.01) and (r=0.716, p≤0.01, the study recommended a further research on the factors that hinder effective financial regulation by the Capital Markets Authority.

scholarly journals Ensuring Sustainable Development of the National Financial Market Based on Digital Financial Services

2021 ◽  
Vol 93 ◽  
pp. 02029
Author(s):  
Mikhail Loginov ◽  
Natalia Usova ◽  
Aigerim Baigotanova
Keyword(s):  
Sustainable Development ◽  
Financial Market ◽  
National Economy ◽  
Financial Services ◽  
Current Situation ◽  
Digital Transformation ◽  
Financial Assets ◽  
Medium Term ◽  
Mechanism Of Interaction ◽  
Theoretical Foundations

The article is devoted to the development of the national financial market and ensuring its stability on the basis of digital transformation. Subject of research: digitalization of the financial market. The aim of the study is to study the theoretical foundations of the financial market and determine the priorities of its development based on the digitalization of services to ensure sustainable development in the medium term. Method of research. in the process of writing, the authors used such methods as analysis, grouping, comparison, and synthesis. Results: 1. The features of digitalization of services provided in the national financial market are disclosed. 2. The mechanism of interaction of the main participants in the digital financial assets market is presented and their characteristics are given. 3. Measures for digital transformation of the national financial services market are proposed, taking into account the current situation in the national economy. Scientific novelty: the mechanism of interaction of the main participants in the digital financial services market was determined, measures for the digital transformation of the financial services market were proposed.

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