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Internationalization of Financial Markets: World Financial Centres

In: Financial Markets Evolution

Author

Listed:
  • Vitalii Klevtcov

    (Moscow State Institute of International Relations (MGIMO University)
    Financial University under the Government of the Russian Federation)

  • Artem Zamlelyy

    (Moscow State Institute of International Relations (MGIMO University))

Abstract

The chapter analyses the processes of financial markets and global financial centers development. It is revealed that internationalization has provided a subjective division of financial markets, aggravated the growing confrontation between traditional financial institutions and entities with lower costs when selling financial products and financial services. This makes it necessary to reformat the business models of financial organizations and to measure financial markets’ digitalization. The deformation of the traditional structure of financial markets ought to take place alongside the expansion of alternative financial mechanisms under the influence of the internationalization of tool-financial technologies and the weak flexibility of financial institutions. It is proved that technological innovations have predetermined changes in the financial market in developing its infrastructure, subject composition, products, and the regulator’s role.

Suggested Citation

  • Vitalii Klevtcov & Artem Zamlelyy, 2021. "Internationalization of Financial Markets: World Financial Centres," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Galina Panova (ed.), Financial Markets Evolution, edition 1, pages 65-75, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-030-71337-9_5
    DOI: 10.1007/978-3-030-71337-9_5
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