MODEL FOR ASSESSING THE EFFICIENCY OF EXCHANGE MARKET INFRASTRUCTURE UNDER DIGITAL TRANSFORMATION
Abstract
The article substantiates the theoretical and methodological foundations for developing a model for assessing the efficiency of exchange market infrastructure under conditions of digital transformation. The relevance of the research is determined by the growing role of exchange mechanisms in ensuring market transparency, reducing transaction costs, enhancing liquidity, and integrating national markets into the global economic environment. In the context of rapid digitalization, the need arises for comprehensive analytical tools capable of evaluating not only individual infrastructure elements but also their systemic interaction. The purpose of the study is to develop an integrated model for assessing the efficiency of exchange market infrastructure based on a systemic combination of its logistical, financial, and informational components. The methodological framework of the research includes a systems approach, structural and functional analysis, normalization techniques, and integral index modeling methods. The study identifies three key components of exchange market infrastructure: logistical infrastructure (ensuring storage, transportation, and contract execution processes), financial infrastructure (clearing mechanisms, settlement systems, and financial guarantees), and informational infrastructure (price transparency, analytical support, and digital platforms). A system of relevant indicators is proposed for each component. To ensure comparability of heterogeneous indicators, normalization procedures are applied, distinguishing between stimulators and destimulators. Partial indices are calculated for each infrastructure component and subsequently aggregated into an integral efficiency index using weighted coefficients. A scale for interpreting the integral index values is developed, allowing for dynamic and comparative analysis of infrastructure development and the identification of structural imbalances. The proposed model enables systematic monitoring of exchange infrastructure performance and supports strategic decision-making under digital transformation. The scientific novelty of the research lies in the formation of an integrated index-based model that reflects the synergistic interaction of infrastructural components while incorporating the impact of digital technologies. The practical significance of the results is associated with the possibility of applying the model for strategic planning, regulatory evaluation, and digital modernization of exchange market infrastructure.
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