Universal Journal of Accounting and Finance Vol. 9(1), pp. 65 - 73
DOI: 10.13189/ujaf.2021.090107
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Financial Convergence as a Mechanism for Modifying Sectors of the Global Financial Services Market


Vitalii Rysin 1,*, Oksana Galenko 2, Nina Duchynska 3, Nataliia Kara 4, Oleksii Voitenko 5, Alla Shalapak 2
1 Department of Finance, Lviv Polytechnic National University, Lviv, Ukraine
2 Department of International Accounting and Audit, Kyiv National Economic University, Kyiv Ukraine
3 Department of International Economics and World Finance, Oles Honchar Dnipro National University, Dnipro, Ukraine
4 Department of Management and International Business, Lviv Polytechnic National University, Ukraine
5 Department of International Economic Relations, Ternopil National Economic University, Ternopil, Ukraine

ABSTRACT

The relevance of the topic of financial convergence considered in the article is primarily dictated by the intensifying processes of globalization, which generate an increase in competition between participants in the financial market. An essential global trend in the development of the financial services industry has also become the process of increasing interpenetration by different participants of various sectors of the financial market into its other segments due to competition - financial convergence. The processes of financial convergence and the formation of new institutional forms of financial associations (financial conglomerates) in the world economy already have a significant impact on the real and financial sectors, public finance and other spheres of the economy. The article examines the prerequisites for the emergence and use of financial convergence by participants in the global financial services market to provide additional competitive advantages and stable development by modifying the established order in the sectors of the financial market. On the example of financial convergence between companies in the insurance and pension sectors, through the creation and participation in financial conglomerates, the main problems of the current state of the global financial market are considered. The article discusses practical ways to determine the presence of financial convergence, based on a modern approach using the methodology for calculating sigma convergence.

KEYWORDS
Financial Convergence, Financial Services Market, Global, Sector

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] Vitalii Rysin , Oksana Galenko , Nina Duchynska , Nataliia Kara , Oleksii Voitenko , Alla Shalapak , "Financial Convergence as a Mechanism for Modifying Sectors of the Global Financial Services Market," Universal Journal of Accounting and Finance, Vol. 9, No. 1, pp. 65 - 73, 2021. DOI: 10.13189/ujaf.2021.090107.

(b). APA Format:
Vitalii Rysin , Oksana Galenko , Nina Duchynska , Nataliia Kara , Oleksii Voitenko , Alla Shalapak (2021). Financial Convergence as a Mechanism for Modifying Sectors of the Global Financial Services Market. Universal Journal of Accounting and Finance, 9(1), 65 - 73. DOI: 10.13189/ujaf.2021.090107.