Transformation of securitization mechanisms: From classical models to digital assets

Purpose: to substantiate the concept of two-tier architecture for the Russian securitization market, which functionally differentiates classical structures based on special purpose vehicles (SPVs) and securitized digital financial assets built on distributed ledgers.

Methods: the paper is designed as a qualitative conceptual and theoretical inquiry at the intersection of applied financial engineering and institutional analysis. Its analytical framework combines structural diagnosis of the Russian securitization market, institutional functional comparison of classical and digital deal configurations, qualitative analysis of control and risk allocation across deal stages, and identification of institutional conditions under which the digital segment may form an autonomous second market tier.

Results: the study shows that the conventional Russian securitization model is approaching an institutional efficiency ceiling: the market remains highly concentrated, while the heavy infrastructure of the deal constrains non-mortgage issuance and small- to medium-scale transactions. The article treats digital securitization as the institutional foundation of a second market tier designed for shorter, more flexible and information-intensive assets. The analysis also specifies the cost threshold limiting the use of classical SPV structures for smaller non-mortgage pools.

Conclusions and Relevance: digitalization is treated as a condition for the emergence of the second tier of Russian securitization. Classical bond structures retain their advantage in long-term mortgage funding, whereas digital financial assets gain institutional advantages in working-capital finance, factoring, SME finance, and selected categories of distressed assets.

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