Аннотация:The article analyzes the experience of developed countries in state regulation of their financial market in terms of its institutional organization. The authors try to reveal the most common approaches to regulating the financial market, which include institutional, functional, integrated, “twin peaks”, and targeted approaches. The article focuses on positive and negative aspects of these regulatory scenarios, including the organization of interbank relations. The authors show advantages and disadvantages of the delegation of state regulation to the mega-regulator and come to the general conclusions about the perspectives of the optimal organization of regulation in the financial market.