The Role of Digital Platforms in the Organization of the Financial Market

The paper aims to determine the role of digital platforms in the organization of the financial market on the basis of a critical analysis of existing regulatory legal acts, scientific papers and practices on the said market. To achieve the stated goal, the following tasks were set: to determine the content of such concepts as «digital platform» and «digital financial platform»; to identify the types of digital platforms; to classify digital financial platforms; to identify the impact of the introduction of digital platforms in the activities of financial organizations on public relations emerging in the financial market.

It is established that the digital platform can be viewed from various points of view: as an information system, a digital environment, a combination of digital tools and services, a hosting service provider, a set of rules according to which participants interact.

It is noted that digitalization in general and the introduction of digital platforms in particular lead to changes in the structure of the financial market, business models of financial organizations, the order of interaction between financial service providers and their customers, the behavior of consumers of financial services, as well as to a number of other fundamental shifts affecting the financial market.

In the course of the study, digital financial platforms and financial platforms in the proper sense of the word are differentiated (the functioning of which is regulated by the norms of Federal Law № 211‑FZ dated 20.07.2020 «On Financial transactions using a financial platform»).

The classification of digital financial platforms is carried out on various grounds: depending on the type of services provided with their help (basic digital financial platforms, infrastructure digital financial platforms, service (optional) digital financial platforms), by the nature of the financial services provided (independent digital financial platforms, intermediary digital financial platforms, mixed), by functional purpose as part of the activities of the financial market regulator (RegTech and SupTech platforms).

1. Guznov AG. Finansovo-pravovoe regulirovanie finansovogo rynka v Rossiyskoy Federatsii: dis. … d-ra yurid. nauk [Financial and legal regulation of the financial market in the Russian Federation. Dr. Sci. (Law) Dissertation]. Moscow; 2016. (In Russ.).

2. Boudreau KJ, Lakhani KR. How to Manage Outside Innovation. MIT Sloan Management Review. 2009;50(4): 69-76.

3. Boudreau K. Open Platform Strategies and Innovation: Granting Access vs Devolving Control. Management Science. 2010;56(10):1849-1872.