Інституційні Детермінанти Конкурентної Політики На Ринку Фінансових Послуг

Abstract

The issue of institutional determinants of competition policy in financial services market is a relevant and promising research area, important both in theoretical context and in practical dimension. The substantiation of directions for the implementation of competition policy in financial services market is especially relevant in countries with emerging markets, to which Ukraine belongs. It is concluded that in recent years, the application of regulatory mechanisms in financial services market has become the basis of the digital transformation of its participants’ business model. The acceleration in the development of such technologies is due to the actions of regulators aimed at increasing the effectiveness of supervision tools after the financial crises and the rise in cost of compliance with new regulatory requirements. The basic determinants of achieving the appropriate level of competitive relations between the participants of financial services market are the development and implementation of an adequate and balanced state competition policy. In Ukraine, a legislative framework has been created and organizational foundations have been formed for the implementation of an effective state competition policy, but the deepening of market transformations constantly creates new problems in the competition policy, solving of which requires improved approaches. The study of institutional determinants of competition policy in financial services market allowed to identify the principal among them, such as the growing dependence on exogenous factors, the imperfection of information dissemination standards and information asymmetry, the violation of consumer rights, the deformation of norms and practices of conducting business, the low level of market entities credibility, dynamic development of financial innovations. The institutional environment determines the peculiarities of financial services market functioning, while the development of national economy is impossible when it is imbalanced. The task of solving the identified problems rests primarily on state institutions, at the same time, the consumers of financial services should actively participate in the constant monitoring of market entities activities.