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Prospects for competition development in the financial market in the context of establishing the institution of financial marketplace

Vol. 27, Iss. 6, JUNE 2021

Received: 11 March 2021

Received in revised form: 29 March 2021

Accepted: 12 April 2021

Available online: 29 June 2021

Subject Heading: Financial system

JEL Classification: K21, L44, E44, E58

Pages: 1381–1394

https://doi.org/10.24891/fc.27.6.1381

Andrei L. BELOUSOV Financial University under Government of Russian Federation, Moscow, Russian Federation
andreybelousov@mail.ru

https://orcid.org/0000-0002-9069-8830

Subject. The article investigates the development of competitive relationship in the financial market in the context of the financial marketplace institution formation in the Russian Federation.
Objectives. The key goal is to identify problems of competition development in the Russian financial market, to assess the impact of information technologies, implemented in the activities of financial sector organizations, on prospective changes in the competitive environment in this area.
Methods. The study employs logical and structural analysis, systems and functional approach, and the formal legal method.
Results. The paper notes major problems of competition development in the financial market in the Russian Federation, assesses the impact of digitalization processes of financial sector companies on prospective changes in the conditions for competitive environment in this area. It reveals that for the financial sector that tends to reduce the quality of competitive relationship, the creation of a single digital platform in the form of a financial marketplace can become a real opportunity to help both medium-sized and small players in their competition with the largest companies for consumer attention in the industry.
Conclusions. The findings can be used both for theoretical purposes, when studying issues related to the concept, essence and legal regulation of competitive relationship in the Russian financial market, and in practical activities, when developing proposals for improving the legal regulation in this area.

Keywords: competition, financial marketplace, financial sector, legal regulation, innovation

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