Opportunities and Risks of Exchange Services in Decentralized Finance

The article discusses the development of the financial market in the context of a possible convergence of decentralized finance and the traditional financial system. As an object of research, the authors chose the product segment of the field of decentralized finance, which allows decentralized trading of digital assets. The stock exchange is the direct analogy in the field of traditional finance. The purpose of the study was to substantiate regulating measures in the field of decentralized finance based on a decomposition analysis of processes, to give a description of unique opportunities, and to identify traditional and specific risks associated with the provision of decentralized exchange services. The authors used methods of system analysis, decomposition analysis and comparative analysis. During the analysis, the authors identified and described the key components in the architecture of a decentralized exchange service. In addition, they compared a decentralized exchange service and exchange services provided by traditional financial intermediaries. The following comparable parameters were considered: the method of storage and accounting of rights to traded assets, clearing, execution of orders, place of storage of assets, organization of asset trading, requirements for identification of bidders. The scientific novelty lies in the decomposition of the service exchange process in decentralized finance with the identification and description of specific risks. The authors concluded that decentralized exchanges democratize access to their services, but at the same time they increase currently known risks and create new ones. Based on the results of the analysis, the article formalizes measures to regulate decentralized finance. Recommendations, related to the convergence of decentralized financial services and the traditional financial system, are intended to be included in the Roadmap for the Development of the Financial Market of the Russian Federation.