Keywords
ESG principles
FinTech
responsible investing
sustainable stock exchanges
How to Cite
Abstract
The regulation of financial trading under globalization is being transformed under the influence of crisis phenomena, the inmplementation of new technologies and the digitalization of the economy, the consideration of ESG principles in decision-making, the disclosure of information related to climate change, etc. Thas is why, it is important to consider changes in regulation in different periods in order to determine the vector of further development. Accordingly, the purpose of this study is to describe the stages of development of the regulation of financial trading under globalization. The reliable legislative provisions and the activities of financial regulators are fundamental for adapting to new challenges, such as technological progress and cross-border movement of capital flows, as well as for maintaining the stability of the functioning of the financial market, ensuring the protection of investor interests and promoting fair trading practices. Six stages of the development of financial trading regulation under globalization were characterized (I. Early financial markets (17th-19th centuries); II. Industrial Revolution and financial innovations (19th - early 20th centuries); III. Post-war financial expansion (1945-1970s); IV. Deregulation and financial liberalization (1980-1990s); V. Global financial crisis and regulatory reforms (2007-2010); VI. Development of regulatory requirements and trading technologies (after 2010 and to the present)). Particular attention was paid to revealing the features of changes in the regulation of financial trading during the modern stage, i.e. after the 2010s and up to now, which is characterized by a significant impact on regulation through the implementation of the concept of responsible investment, the use of technological innovations in the financial sector and increased requirements for cyber protection, as well as the emergence of requirements for the disclosure of financial information in the context of climate change. The intensification of cooperation at the international level in the field of harmonization of regulatory acts to mitigate systemic risks and overcome challenges associated with new technologies is actual for further research.
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