The technological revolution of financial markets: disintermediation or re-intermediation? Implications in financial regulation and supervision

The digital transformation of financial markets is reshaping intermediation dynamics and redefining the role of traditional actors. This monograph explores the impact of emerging technologies — including artificial intelligence, blockchain, big data, and quantum computing — on the architecture of financial systems, examining whether these developments lead to disintermediation or, conversely, to new forms of reintermediation through technological gatekeepers. The research adopts an interdisciplinary methodology that combines legal, economic, and technological perspectives, and conducts an extensive comparative analysis across key jurisdictions, including the European Union, the United States, China, and Singapore. Particular attention is devoted to the evolving EU framework and its interaction with international initiatives, highlighting the tension between innovation, financial stability, and investor protection. By integrating theoretical insights with cross-jurisdictional assessment, the study contributes to the academic debate on digital finance and offers policymakers and practitioners a structured framework to address the regulatory and supervisory challenges of a rapidly evolving financial ecosystem.