The relevance of the topic of financial convergence considered in the article is primarily dictated by the intensifying processes of globalization, which generate an increase in competition between participants in the financial market. An essential global trend in the development of the financial services industry has also become the process of increasing interpenetration by different participants of various sectors of the financial market into its other segments due to competitionfinancial

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... ergence. The processes of financial convergence and the formation of new institutional forms of financial associations (financial conglomerates) in the world economy already have a significant impact on the real and financial sectors, public finance and other spheres of the economy. The article examines the prerequisites for the emergence and use of financial convergence by participants in the global financial services market to provide additional competitive advantages and stable development by modifying the established order in the sectors of the financial market. On the example of financial convergence between companies in the insurance and pension sectors, through the creation and participation in financial conglomerates, the main problems of the current state of the global financial market are considered. The article discusses practical ways to determine the presence of financial convergence, based on a modern approach using the methodology for calculating sigma convergence.