New Challenges for Financial Market Infrastructure Risk Management Systems

The chapter analyses the modern stage of financial infrastructure development; efficiency enhancement potentials of financial market institutions and their prospects that may be taken into account by state governing bodies, regulators, financial market institutions and the legislature. The study reflects theoretical and practical issues of the work of infrastructure institutions (exchange markets, central counterparties and central securities depositories), which, in the light of their status and their special functions, are intended to greatly contribute to minimizing systemic risks as well as to revive business activity during the acute phase of and after the economic crisis caused by the COVID-19 pandemic. Based on the theoretical summary, the analysis, and the assessment of financial market institutions’ efficiency, the further development areas were determined.