Isolationist tendencies are gaining ground across the world: this can be seen with Brexit and with the rhetoric coming from the US Government and many European politicians. Does this mean that we will be seeing trends towards a reversal of globalization, particularly on financial markets? Russia is an example of an open financial market with liberal legislation. On the other hand, there are countries with successfully developing economies like China, for example which have significant limitations on cross-border financial transactions. What model is the most effective for developing economies? Throughout the world, national legislation with respect to financial institutions is becoming stricter, complicating the work of traditional banks and stock exchanges in global markets. At the same time, new digital solutions in the financial sector have no regard for national borders and jurisdictions. A process of disintermediation the removal of the intermediary functions of financial organizations is under way. What is the future of traditional financial institutions in these circumstances?