It is determined that the financial market infrastructure is an organically-organized unity of interconnected structural components that can provide in real life and in the future the uninterrupted functioning of the market mechanism of the interconnections between the subjects and objects of the financial market and, through the fulfilment of certain functions, the realization of its own regularities and positive impact on the socio-economic dynamics.
Infrastructure potential is the maximum possibility of the infrastructure complex to provide in real life and in the future uninterrupted functioning and rationalization of market interrelations of subjects and objects of the socio-economic system. In the context of the financial market it is the ability of the infrastructure complex to ensure the smooth functioning and rationalization of the market interconnections of the subjects and objects of the financial market to implement its own laws and positive impact on the socio-economic dynamics. As part of the infrastructure potential of the financial market, organizational, functional, technological and informational components are allocated. Monitoring of indicators of their development is the basis for making informed decisions regarding the implementation of the infrastructure potential of the financial market.
It is substantiated that the financial market infrastructure is formed and developed in accordance with the demand for financial services. It is determined that the relationship between the development of the financial market and economic development was carried out through an assessment of the level of financial depth. At the current stage of economic development, reducing the level of financial depth is a natural phenomenon, as the financial sector loses its financial basis, part of the financial flows are redirected to the shadow economy, and accordingly the financial sector's capacity for effective allocation is decreasing. Analysis of the development of the functional and technological components of the financial market has shown a negative dynamics associated with a decrease in the number of infrastructure intermediaries and their activity. In the short term, this will negatively affect the implementation of the infrastructure potential of the financial market, and in the long run, on the contrary, will stimulate the emergence of new financial services due to increased competition.
The development of a conceptual basis for the implementation of the financial market infrastructure potential should be based on the principles of legality, transparency, stability, and consistency. The development of a conceptual framework is aimed at solving such problems: fraud prevention, improvement of the quality of regulation of financial markets, optimization of cost of capital, increase of resistance to external externalities.
The degree of implementation of the infrastructure potential of the financial market affects its level of security and flexibility. On the basis of the developed methodology for calculating the integral coefficients of safety and financial market flexibility, the normalized index of the infrastructure potential of the financial market, the degree of dependence between them was determined. The results of the calculations showed that the degree of implementation of the infrastructure potential of the financial market is insufficient to ensure its flexibility and security, a negative tendency will be maintained in the near future if the policy on regulating the development of the financial market will not change.
The results of the study showed that the technological and information components of the infrastructure potential of the securities market can provide an impetus for its implementation, but it is necessary to change approaches to regulating the financial market. In the work the scheme of macroeconomic regulation of the financial market was developed and the tasks to be performed as a result of increasing the role of technological and informational components of the infrastructure potential of the financial market were identified.
The methodological sources of formation of strategic priorities of financial market development in the context of building up and realization of the infrastructure potential of the financial market are determined. The challenges and opportunities for the development of the financial market as a prerequisite for the reality and effectiveness of the strategic trajectory of financial market development are systematized. The peculiarities and channels of the influence of existing challenges of the present on the expansion of the infrastructure potential of the financial market in emerging markets are identified, which are simultaneously identified as an opportunity to build and realize such a potential due to their connection with the financial depth and flexibility of the financial market. The identified preconditions and the specifics of their formation fo
