Abstract
The article analyzes theoretical and methodological approaches to determining the essence of the stock market in the context of digital transformation and justifies the need for their revision taking into account modern technological and behavioral changes. It is determined that the existing interpretations of the stock market are fragmentary in nature, do not fully take into account the institutional, subject and digital components of its functioning. It is found that the stock market should be considered as a complex multi-level system within which the interaction of subjects, infrastructure elements and digital technologies occurs, aimed at the accumulation, redistribution and use of investment resources. The evolution of the digital transformation of the stock market is characterized and its main stages are highlighted, reflecting the transition from the electronicization of operations to the formation of digital ecosystems based on artificial intelligence and decentralized technologies. The key advantages and limitations of digital transformation are considered, in particular, increasing the efficiency, speed and accessibility of operations along with the growth of cyber risks, information asymmetry and regulatory challenges. It is proven that digital transformation significantly changes the subject, object and functional structure of the stock market, forms new business models, increases competition and actualizes the role of behavioral factors in making investment decisions. The priority areas of the digital transformation of the stock market are identified and systematized, among which the key ones are the development of digital interaction platforms, the introduction of innovative technologies, the integration of financial ecosystems and the improvement of regulatory mechanisms. Conclusions have been drawn regarding the need to apply a comprehensive approach to researching the stock market, which combines structural, institutional and behavioral analysis, taking into account digital transformations, which ensures increased efficiency of its functioning in modern conditions.
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