Importance The global financial crisis disturbed the former trends of the global financial system, without leaving any opportunity for their recovery. The new system configuration is not evident yet, however some components of its post-crisis order are already identifiable. The article identifies and analyzes such components that allow outlining the financial system of the future. Objectives The research reveals the main post-crisis trends in the development of the global financial system, traces these trends in key structural components, i.e. markets, tools, infrastructure, regulatory practices, and determines areas for their further development. Methods The research is based on methods of comparative, empirical and statistical analyses. Results The crisis increased the uncertainty in each component of the global financial system due to internal and external causes, with new areas of activities, operations, and risks emerging. This engenders an array of challenges for financial regulators, which have to find solutions and tackle the loss of confidence. Conclusions and Relevance Having analyzed the key factors and components of the post-crisis development of the global financial system, we conclude on the existing global challenges, which shape not only the global financial system, but also the Russian one. The article may appear interesting for researchers who analyze and forecast the development of global financial markets, and issues of their regulation (mega-regulation).
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