Importance As the global financial system evolves during the financial globalization, it requires a comprehensive examination of the way national financial infrastructure develops, and relevant issues so to make it more competitive globally. The research focuses on the concept of financial infrastructure. Objectives The research comprehensively examines the concept of financial infrastructure so to forge a versatile approach to its definition, and substantiate the need to regulate the institutional environment. Methods Keeping proceedings of the Russian and foreign scholars in mind, we analyzed various approaches to defining the concept of financial infrastructure. We applied methods of logic and statistical analysis. Results We formulated key approaches to defining the concept of financial infrastructure, analyzed the existing definitions of the Russian and foreign scholars. We conclude that financial infrastructure has no capabilities for growth in the long run and within the existing model. The article mentions the need to adopt the institutional model. The institutional approach was determined as the principal approach to defining the concept of financial infrastructure, so to draw its new development vector. Conclusions and Relevance Considering the development of financial infrastructure, we proved the key role of the institutional environment or intangible component that shaped the operating environment of financial institutions. Appropriate financial regulation required the quality of information flow to be improved. We also proposed measures to make such improvements possible. As part of the proposed institutional approach, we presented the outline of the financial infrastructure model, and specified the definition of the concept.
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