FINANCIAL MARKETS TRANSFORMATION DETERMINANTS

Abstract

The article examines the determinants of the financial markets transformation. Three levels of transformation are distinguished (the mega-level (global) forms a set of rules, norms, and standards of world financial markets functioning; the macro-level (national) has been described by a multi-level system of factors related to the functioning of the state in the relevant aspects of its development; the micro-level includes a set of default determinants of the financial markets transformation related to the activities of individual subjects).
Nine determinant groups were identified, which have the most significant impact on the functioning and development of financial markets. Among them, the following are highlighted: political (have a powerful institutional aspect and are designed to ensure (enable) a specific political stability of changes in the financial markets of Ukraine), economic (the basis of ensuring the effectiveness of the activities of its individual subjects), social and cultural (significantly affect the efficiency and the quality of the transformational processes flow in the financial markets of Ukraine), technological («fintech» today is one of the crucial drivers of the modern financial markets transformation into a global business environment, where digitalization of economic processes is the only way of development), environmental (natural) (enable a change in the qualitative state; environmental affecting the primary recipients of financial markets – people (participants in market relations)), legal (related to the retrospective analysis of legislative changes in the field of financial markets regulation, with the determination of the features of the regulatory and legal framework of functioning), ethical (caused by a change in the general paradigm of the ethic consciousness of citizens on a global scale and an increase in its quality in the light of recent historical changes), digital (the development of digital technologies is taking place at an exponential rate, fundamentally changing the essence of doing business in global financial markets, dematerializing, decentralizing and democratizing the main business processes) and force majeure (pandemic, military, new challenges) (criteria of force majeure are: emergency, unpredictability, inevitability and cause-and-effect relationship between the circumstances and the impossibility of the financial markets to perform their functions).
Determinants of the financial markets transformation at different levels were detailed with a description of the factors and mechanisms of their influence on transformational processes.