Digital Technologies in Monitoring and Supervision of The Financial Market by the Bank of Russia

An object of research is economic relations arising in the process of monitoring and supervision of the financial market and its participants by the Bank of Russia given the need to use modern digital technologies. A fundamental factor which determines the domestic financial market competitiveness is the optimal balance between costs for market participants with regard to ensuring of the conformity of laws, regulatory requirements and degree of freedom in entrepreneurial activity. The number of professional participants of the financial market has been declining steadily, and in this, supervision of them increases every year. If there is such a trend, the development of business processes and activity of the market participants becomes difficult. The further expansion of foreign companies into the Russian financial market will entail the increase in monitoring and lack of development. It will be able to create the devastating situation in the financial sector of the country. The Bank of Russia as a megaregulator (an integrated model of financial sector supervision) has to contribute to the development of activity of the domestic financial industry representatives through the optimization of supervision and creation of enabling environment for the Russian financial market participants' business.