The evolution of the digital transformation of the Russian stock market: analysis of the implementation of fintech solutions

The article presents a step-by-step review of the introduction of financial technologies in the Russian stock market, covering five key phases: the emergence of electronic trading infrastructure, the formation of centralized clearing and depository systems, mass access and the development of algorithmic strategies, the creation of regulatory sandboxes, as well as trends in asset tokenization and AI integration. Based on historical, logical and systematic analysis, the chronology of the digital transformation of the stock market is recreated, the main drivers of innovation are identified and the patterns of their implementation are reflected. The scientific novelty of the research lies in the development of a well-founded chronological periodization of the stages of integration of financial technologies in the stock market, as well as the identification and formalization of patterns reflecting the acceleration of the pace of innovation associated with an increase in their complexity. The work complements the existing scientific literature, offering a holistic view of the evolution of technological solutions in the stock market. The results of the study are of theoretical and practical interest to a wide range of stock market participants, primarily to regulatory authorities involved in the preparation of strategic planning documents and the formation of roadmaps for the transformation of the exchange infrastructure.