Collaboration

Adoption of Digital Technologies is one of the most significant factors which have influenced the development of the financial markets. ICT has transformed the infrastructure of the financial markets, above all in their most dynamic segment, i.e. capital markets (Marszk, Lechman and Kato, 2019). Digital Technologies enable information and data dissemination decreasing market failures, inter alia, time delays or information asymmetries (Aminuzzaman et al., 2003; Andonova, 2006). Financial markets have become reliant on ICT and financial innovations such as FinTech solutions (Wurgler, 2000; Yartey, 2008; Lechman & Marszk, 2015). Crucial role of Digital Technologies is played by the introduction and development of fully-electronic trading platforms, facilitating algorithmic and high-frequency trading (HFT) with the limited impact of human traders – in case of HFTs computers are responsible for the evaluation of the market data and transactions. Undeniably, modern financial system has become reliant on ICT and financial innovations boosted by new technologies. As a consequence, its complexity has increased, in many instances hindering proper execution of the supervisory activities by regulators and governments (Diaz-Rainey & Ibikunle, 2012; Johnson et al., 2013).

Some authors claim that Digital Technologies may induce growing financial instability and  volatility of financial markets (Ilyina & Samaniego, 2011). Moreover, Pozzi et al. (2013) claim that existing cross-country digital gaps may generate financial exclusion and thus global financial systems can become less stable. Digital Technologies may also change the features of competition in the finance industry, making it more technology-based (Lee et al., 2010), with notable example of exchange systems – floor-based exchanges have lost market shares to exchanges with electronic systems (especially among derivative exchanges) as Digital Technologies have diminished some of the entry barriers (Ernkvist, 2015).

The topics included in the volume preferably include, however are not limited to:

• channels of ICT impact on the financial markets,
• factors that affect the impact of ICT on the financial markets (its direction – positive or negative, its strength etc.),
• socio-economic effects of the increasing application of ICT on the financial markets,
• contribution of digital finance to the well-being of society, exploring the benefits to consumers and providers of financial services,
• regulatory issues related to the challenges inflicted by the adoption of the new technologies on the financial markets,
• definition, categorization, determinants, and effects of FinTech services, in particular with regard to the role of economy-broad ICT diffusion,
• examples of applications of FinTech, in the fields (not limited to) of financial inclusion, pensions systems, financial leap-frogging or investing landscape,
• case-based evidence on the ICT`s role on financial markets,
• contemporary developments, innovations, laws and legislation associated with the digital financial markets,
• research and analysis on the usage of digital financial markets,
• products, services, and ideas related to the digital financial markets.