NON-BANKING FINANCIAL INSTITUTIONS IN THE ARCHITECTURE OF THE FINANCIAL MARKET: THEORETICAL ASPECTS OF FUNCTIONING

Introduction. The financial market today is an extremely dynamic environment where each participant can conduct a variety of financial transactions due to the growing level of financial inclusion and the introduction of technological innovations such as digitalization and virtualization. However, the issues of non-bank financial institutions in this environment remain open. The urgency of the problem lies in the fact that financial intermediaries, in particular non-bank institutions, must adapt to these changes and develop new corporate strategies to survive and develop in the face of rapid and radical market transformations. In particular, the convergence of financial intermediation and the universalization of financial business require non-bank institutions to reconsider their place and role in the market. This issue is also relevant because non-bank financial institutions have, over time, begun to compete with banks by offering similar or even more innovative financial services. As the modern financial market generates new challenges, such as institutional innovations, it requires updating scientific approaches and understanding the role of non-bank financial intermediaries in the future. Thus, the relevance of the problem lies in the need to study and understand the new conditions for the functioning of nonbank financial institutions against the background of digitalization and innovation inherent in the modern financial market. Objective. The purpose of the study is to identify the place and role of non-bank financial institutions in the modern financial market, taking into account the processes of its transformation. Materials and methods. The materials of the study are the works of domestic scientists who conduct their scientific and practical research in the field of the financial market, in particular, to determine the essence and functional purpose of financial intermediaries. Results. The article deals with theoretical aspects of the functioning of non-bank financial institutions in the modern financial market. A comparative analysis of the positions of modern scholars on the essence of the financial market and its segmentation by various criteria is carried out. The main classification features used for financial market participants are determined. The institutional structure of the financial market is considered and the place of non-bank financial institutions in it is determined. The main types of non-bank financial institutions in the financial market, their key functions and tasks are identified. The influence of various financial innovations on the institutional structure of the modern financial market is considered. The impact of institutional innovations on the activities of non-bank financial institutions is determined. The essence of the processes of universalization of financial business and its role in the functioning of non-bank financial institutions is substantiated. Prospects. In further scientific research, it is proposed to focus on a more detailed disclosure of the role and manifestations of the socialization of non-bank financial institutions in modern conditions.