Subject. This article discusses new areas for the development of responsible investment using digital financial instruments. Objectives. The article aims to identify promising areas for the development of responsible investment using digital financial instruments. Methods. For the study, we used general scientific research methods through logical, comparative, and statistical analyses. Results. The article reveals a number of trends in the development of new areas of responsible investment using digital financial assets, as well as specific risks in this area. Conclusions and Relevance. Given the current financial market conditions and active digitalization, the diversity of green digital financial assets will contribute to the expansion of instruments for socially responsible investing. The results obtained can be used by asset management companies and investment funds to develop investment strategies.

Subject. This article analyzes the possible design of the central bank digital currency (CBDC) and identifies its main characteristics. Objectives. The article aims to identify the most promising models of the central bank digital currency, and assess the risks of CBDC implementation. Methods. For the study, we used general scientific research methods through logical and comparative analyses. Results. The article analyzes the background and rationales that prompted central banks to intensify research in this area. Based on a comparative analysis of the practice of adopting the central bank digital currencies in a number of countries, the article describes the models of their circulation and identifies the main trends and risks. Conclusions. The introduction of the CBDC will have a profound impact on the operational procedure and instruments of monetary regulation of the economy, on the conditions and procedure for conducting operations with banks in the framework of achieving the objectives of monetary policy. The introduction and use of the CBDC will cause significant changes in the role and position of the main financial intermediaries in the models of interaction in financial markets and financial infrastructure.

Subject. The article presents a theoretical analysis of foundations for building a new financial market infrastructure based on distributed technologies. Objectives. The focus is on theoretical elaboration of the framework for a new model of financial market infrastructure on the basis of distributed technologies. Methods. The study draws on general scientific research methods through logical and comparative analysis. Results. We analyzed the main channels of digital transformation, noted the growing role of new intermediaries in the form of ‘aggregators’, ‘showcases’, and ‘marketplaces’, companies providing customer identification (onboarding, KYC) and remote risk management. The paper systematizes intermediaries in the infrastructure of decentralized finance. Based on the analysis of new business models of banks, we highlighted their key features and capabilities and stressed the growing need for transformational processes under strengthening sanctions pressure on the financial market of the Russian Federation. Conclusions. Transformation processes of financial intermediation models are driven by the high rate of progress in technological solutions and rapid digitalization of the financial services market. This enables to extract the synergy of financial and non-financial services by forming a new infrastructure. The provisions of this study may serve as a theoretical basis for applied research by financial market specialists.