Role of innovation in the development of the financial market

The article considers the impact of innovation on the development of the financial market. The relevance of the chosen topic is due to the fact that in Russia, at the moment, the level of innovation is at an insufficient level, despite the existing potential. In this regard, the authors within the article considered the concept of the financial market and its main elements, revealed the theoretical essence of financial innovations, studied the life cycle of any innovations, studied the economic models of countries, the analysis of which will determine the path of innovative development, and also considered the classification of innovations. Based on the results of research, the authors made generalizing conclusions.