Цифрова трансформація фондового ринку
Introduction. The article deals with a problem of stock market transformation and formation of elements of a new model, which is formed under the influence of digitalization. Purpose. The purpose of the article is to study the changes that occur in the subject structure, the structure of financial instruments, investment financing technologies and risk management that occur as a result of digitalization, as well as an assessment of the state and possible consequences of digitalization of the stock market in Ukraine. Methods. Using the method of inductive analysis there were identified the following channels through which digitization changes the stock market qualitatively: communication technologies, information collection and processing technologies, artificial intelligence, biometrics, cryptography, distributed registry technology, financial technologies. Results. There were determined the main directions of the stock market transformation. It was proved that digitalization will firstly change the subject structure of the market. A "digital" model comes to replace the "classical" model, in which brokers and dealers of the stock market are the main intermediaries. The main subjects in this model are financial and technological companies. The next directions of a transformation are digitalization of financial instruments, distribution of complex options, multi-level securitization, bitcoin-derivatives, digital tokens. Under the influence of digital technologies, the organizational infrastructure of the stock market qualitatively changes, as well as such business processes as securities accounting and mutual settlements on transactions. Ecosystem of financial and technological companies unites all market participants and is technically ready to perform most of the functions of those organizations that provide the organization of sales contracts conclusion and their implementation. Yet the interests of financial and technological companies are concentrated in the provision of money transfer and lending services, however today they provide asset management services, brokerage services, insurance, investment etc. Delay in the adoption of norms and standards of financial and technological companies, prevents more active expansion of their activities in the stock market. The article emphasizes that the consequences of digitalization have not only positive consequences, which include a multiple increase in financial transactions intensity, financial forecasts effectiveness and availability of services. The negative consequences of digital transformation are the following: greater complexity of networks, growing volume of information, unwillingness of global regulators to trace cause-effect relationships and predict possible risks in the operation of digital systems. Conclusion. The article concludes that digitalization is an objective and irreversible process, in this connection it is emphasized that for Ukraine the current problems are the following: adaptation of the law to the norms of the European payment directive PSD2, legal regulation of digitalization, development of measures to strengthen the security of the market, protection of the rights of investors and market participants. Keywords: stock market, transformation, digitalization, distributed registry technologies, financial technologies, artificial intelligence, biometrics, cryptography