CONCEPTUAL APPROACHES TO THE DEFINITION, SEGMENTATION AND CLASSIFICATION OF THE FINANCIAL MARKET
Main Article Content
Abstract
Introduction. The modern development of the financial sphere is characterized by constant
transformational processes that significantly affect the efficiency of the financial system and its components. The
financial market is an important component of the financial system, which affects not only the formation and
distribution of financial resources between economic entities but also the acceleration of capital turnover, which
contributes to the intensification of economic processes. The most defining factors influencing the functioning of
the financial market are globalization, the development of post-industrialization, the digitalization of the
economy, and the virtualization of financial relations.
Purpose. The aim of the article is to substantiate conceptual approaches to the definition, segmentation,
and classification of the financial market.
Results. Examining the essence of the financial market, it should be noted that there are a large number of
approaches to its interpretation, which differ in terms of area and diversity of the main aspects of development
and functioning of the market. The most mentioned components in the definitions of “financial market” in most
scientific sources are “financial assets (instruments, resources)”, “system (set) of relations”, “financial
institutions (intermediaries)”, which was identified through content analysis.
Scientific approaches to financial market segmentation have been systematized. From the point of view of
segmentation (structuring) of the financial market, this process is often considered as a purposeful division of the
market into segments on the basis of types (types) of financial assets circulating in it. The classification of the
financial market has been improved by distinguishing, together with the generally accepted ones, such
classification features as the speed of transformations, the level of implementation of digital technologies, the
nature of the innovative circulation of financial assets (instruments), the impact on financial system stability. The
given classification allows revealing more deeply economic role, features of separate kinds of financial markets,
and their influence on the stability of a financial system that will be considered in further research.
Originality. The scientific novelty of the research results is the substantiation of conceptual approaches to
the definition, segmentation, and classification of the financial market, which allowed to development of the
methodological basis for the study of financial markets in the transformation of the financial sector.
Conclusion. Scientific approaches to financial market segmentation have been systematized and it is found
that the main segments of the financial market are the credit market (loan capital market), securities market (stock
market), foreign exchange market, precious metals market, insurance market, money market. The author's
definition of the financial market from the point of view of system and organizational-target approaches is offered.
The classification of the financial market has been improved by distinguishing, together with the generally
accepted ones, such classification features as the speed of transformations, the level of implementation of digital
technologies, the nature of the innovative circulation of financial assets (instruments), the impact on financial
system stability.
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