Digital financial platforms: Self-regulation as a driver of development

Abstract

Aim.  To determine the role of self-regulatory organizations as a tool for ensuring successful interaction among participants in the digital financial platform market, given their growing financial, technological, and economic efficiency in contemporary conditions.  Objectives.  To reveal the essence of the self-regulation institution as applied to traditional and digital financial markets; to identify and characterize, using examples, the largest self-regulatory organizations in the traditional financial market (international and Russian), and to trace the main development trends; to examine the specifics of regulatory framework regarding the systematization of basic and internal standards for the activities of participants in the organizations under study; to demonstrate the need to establish a self-regulatory organization in the digital financial platform market, as well as the directions for the application and development of standards used by market participants.  Methods.  The methodological foundation consists of analytical (analysis of scholarly publications in the context of the research topic) and comparative methods. In addition, using a systematization approach, a comparative analysis of existing self-regulation institutions for participants in the traditional financial market is conducted, and the standards of their activities are systematized.  Results.  We examined the self-regulation institution as applied to traditional and digital financial markets: the largest international and Russian self-regulatory organizations are identified and characterized. The current regulatory framework is studied, and the existing basic and internal regulatory standards for the activities of participants in self-regulatory organizations are systematized using the National Association of Securities Market Participants (NAUFOR) as an example.  Conclusions.  Through the analysis and systematization of the current standards of the traditional financial market, the role of self-regulatory organizations as a tool for effective interaction among financial market participants is revealed. Directions for development are identified, and recommendations are given for the formation of activity standards in the digital financial platform market in the form of basic and internal standards, as well as for the establishment of a separate self-regulatory organization—the National Association of Participants in the Digital Financial Platform Market.