The global financial architecture is witnessing a rapid increase in the number of economic and political measures associated with financial markets, designed to develop the functions of the financial market and help achieve the goals of sustainable development of the global economy. Economic instruments of financial markets are developed by regulatory authorities, but other market participants, including institutional investors and banks, are actively involved in this process. The article analyzes the main advantages and disadvantages of the integrated (for example, Germany) and functional (for example, France) models of regulation of financial markets. Criteria are proposed by which it is possible to evaluate the effectiveness of the use of a particular model. The practical results of the work consist in identifying the peculiarities of regulation of models of financial markets in Germany and France, and on their basis the formation and justification of a set of conceptual and organizational provisions. Conclusions is the possibility of applying the results of the study in the process of evaluating the effectiveness and improving coordination of national financial market regulators.
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