PROCESSES OF EXCHANGE MARKET DIGITALIZATION AND DEVELOPMENT PARAMETERS OF ITS PROFESSIONAL ACTIVITY

The processes of introduction and use of digital technologies, organically built into the mechanism of the securities market as a whole, determine the development directions of such trends as innovations, diversification of stock market tools, securitization, integration with international stock markets, etc. Based on this, the paper revealed the features of the modern development of professional activities on the stock market carried out in the conditions of increasing attractiveness of securities financing transactions for Russian and foreign investors concluded on the basis of digital payment services, including through individual investment accounts, the number of which has increased significantly in recent years. It was established that the result of the introduction of digital technologies in banking and non-banking organizations, such as improving the transparency of the financial market, monitoring the financial stability of professional participants, creating new business models, replenishing the exchange market with private investors, affects the positive changes in the structure and dynamics of the number of customers, assets of accounting infrastructure organizations. It was concluded that on the way towards the development objectives of the Russian stock market, in the face of a decrease in the number of professional participants in the securities market, on the one hand, and increasing interest in securities transactions for private investors on the other, it is necessary to further equip intermediation activities with digital technologies that lead to the erosion of the boundaries between stock markets, ensuring the safe and high-quality financial services by domestic and foreign clients.


Introduction
Digitalization of the economy affects all economic processes, becomes an integral part of the ongoing changes in the financial sector in general, and in the stock market, in particular. A positive aspect of the introduction and use of digital technologies is ensuring the transparency of exchange and OTC transactions with securities, protecting the rights and interests of Russian and foreign investors, creating conditions for expanding opportunities for effective portfolio investment management, etc.
"Due to the development of digital channels, various services, mobile platforms that allow working with individual investment accounts, the stock market is replenished with a record number of new private investors willing to invest free cash in securities" (Demilkhanova, 2020, p. 96).
The focus on further introduction and use of digital technologies in the financial sector continues in the light of the tasks set out in strategic documents for the development of the financial market in Russia. These processes shall be further accelerated, first of all, to increase the attractiveness of the Russian stock market, despite the influence of external negative conditions.

Problem Statement
Today, professional activity in the securities market is carried out in the conditions of increased requirements for the level of technicality of provided services, which has a significant impact on the composition of professional participants and the results of their activities in the financial market as a whole. The introduction and use of digital technologies provide, on the one hand, a deepening of consolidation processes between professional participants in the financial market, and on the other handa massive influx of private investors into the securities market, which access to financial intermediaries through digital technologies is increasing.
In this context it is important that innovations characterized by technological developments serving the processes of concluding transactions with securities and derivative stock tools, such as improving the customer service of the stock exchange through the implementation of projects based on modern IT platforms, and improvement of technologies for clearing and custody activities on the stock market using technological solutions of the Bank of Russia, etc. would have a positive impact on the performance of intermediary activities in the stock market, which should be implemented in the interests of both domestic and foreign investors.

Research Questions
The use of digital technologies is becoming a reality in the field of financial transactions, their demand in the securities market is determined by the possibility (Table 01):  "to minimize the costs of customer service and access to banking and financial services for the general public" (Demilkhanova, 2020, p. 98);  to ensure optimal profitability and risk of securities portfolios (Gertsekovich, 2018;Tropin, 2020) based on "the formation of information flows and decision-making in conditions of uncertainty and risk" (Chernov, 2020, p. 287);https://doi.org/10.15405/epsbs.2021.11.253 Corresponding Author: Bela Aptyevna Demilkhanova Selection and peer-review under responsibility of the Organizing Committee of the conference eISSN:  1923  to ensure the security of the financial market;  to reduce the costs of financial organizations related to the implementation of operations, information on which is provided through communication channels using cryptographic protection tools (Lukasevich, 2018);  to quickly and centrally use information from a variety of systems, including transactions with securities, derivative financial instruments through high-performance transactional coressingle data platforms, etc.  Kornilova, 2019;Soloviev, 2014), which make it possible to expand the service of existing and potential client base based on the improvement of internal and intra-industry processes using smart contracts (Huasheng & Zach, 2016). Other authors study the degree of influence of digital technologies on financial market development parameters, integration processes (Nardo et al., 2021),

Purpose of the Study
Remote services have been firmly integrated into the practice of professional mediation. All these processes affect the performance of professional participants in the securities market: structure of assets and liabilities, client base; final results of their activities, on the basis of which their rating is built.
Given the increased requirements of the Bank of Russia for the level of technicality of services provided by professional participants in the securities market, it is considered necessary: 1) to identify the peculiarities of professional activity development on the stock market through their distribution to banking and non-banking institutions, analysis of their assets and liabilities, client base, types of securities, degree of concentration of clients in the context of professional activities; 2) to determine the main directions for further increase of the requirements of the Bank of Russia for the implementation of certain types of professional activities on the basis of modern IT platforms.

Research Methods
The number of professional participants in the securities market for the period from the 1st quarter   The analysis of the dynamics and structure of the number of clients on custody services shows that for all types of clients there is an increase in the number with the exception of legal entities (Table 03).  (Table 04).
In the structure of clients on trust management, almost 100 % are physical persons. The share of active clients during the analyzed period decreased by 1.8 % and amounted to 22.1 %. 1927 The total amount of securities accounted for in depositories at the end of Q2 2020 amounted to 69.9 trillion rubles, including for marketable securities the amount is 64.5 trillion rubles, for nonmarketable securities -5.3 trillion rubles (Table 05). All types of assets expressed in securities: trade, non-traded, Russian, foreign, in monetary terms are growing: the total volume of registered securities increased by 11.7 %, the volume of trade securities -by 11.8 %, the volume of non-traded securities -by 8.2 %, Russian securities -by 7.7 % and foreignby 39.0 %.
The structure of marketable and non-marketable securities registered in depositories has not changed over the year. Trade securities occupy 92.3 % of the total amount of securities in storage (Table 06).
As for the structure of Russian and foreign securities, it changed towards an increase in the share of foreign securities by 3.2 %, which by the end of Q2 2020 amounted to 15.5 %. Russian securities accounted for 84.5 %. The analysis of the degree of concentration of clients in terms of professional activities shows that the main number of clients is concentrated in 4-6 Russian companies (Table 07). https://doi.org/10.15405/epsbs.2021.11.253 Corresponding Author: Bela Aptyevna Demilkhanova Selection and peer-review under

Findings
Thus, the activity of professional participants in the securities market in the conditions of digitalization of the financial market, strict requirements of the Bank of Russia for the level of technicality of their services for the purchase and sale, storage, management of securities, is characterized by the following: 1) their number on the market is decreasing both in terms of the number of banking organizations and non-banking financial institutions; 2) the number of clients -physical persons who occupy the main share in the total number of clients in the context of all types of professional activities is growing; 3) the share of active clients -professional participants is growing; 4) the share of foreign securities in the total amount of securities accounted for in depositories is growing; 5) the main number of clients of professional market participants is concentrated in 4-6 Russian companies.

Conclusion
The activities of accounting organizations of the stock market -registrars and depositories -hold a special place among professional activities. Within the framework of conceptual proposals for the sector of services provided by them, let us highlight the main areas of activity of the Bank of Russia related to the transformation of these types of professional activities into a blockchain:  Regulation of marketplaces -e-commerce platforms that enable system participants to interact with distributed databases;  ensuring the security and access rights of digital payment services;  creation of a biometric platform.
Given the growing activity of clients-professional participants in the securities market, the increase of the attractiveness of securities of Russian issuers for foreign investors is necessary to further introduce and use digital technologies in custody activities, which will ensure, first of all:  implementation of all depositary services using the correspondent accounts of the depot in international clearing houses (Clearstream Banking, Euroclear Bank, etc.).  security of all types of custody services.
Thus, on the way towards the development objectives of the Russian stock market, in the face of a decrease in the number of professional participants in the securities market, on the one hand, and increasing interest in securities transactions for private investors on the other, it is necessary to further equip intermediation activities with digital technologies that lead to the erosion of the boundaries between stock markets, ensuring the safe and high-quality financial services by domestic and foreign clients.