The ongoing economic processes of globalization and integration including sectors of national and global financial markets lead to competition fight strengthening. Financial markets institutions assimilation necessitates a search for new forms and different mechanisms of competitiveness increase. The article deals with the disclosure of the contents of financial convergence as a paramount mechanism of competitive strength for financial market entities operating in different sectors of the financial market, as well as the major convergence' organizational form - financial conglomerate. The goal of the article is to reveal the nature of the financial convergence and financial conglomerate. Objectives are: comprehension of the financial convergence as a mechanism for competitiveness increase; growth of competitiveness happens in those financial market's different sectors actors which operate in a basic institutional and organizational form of financial convergence - the financial conglomerate. The study is based on the methods of systematic and logical analysis, that allow to concretize the concept of financial convergence and financial conglomerate; to identify different sectors of the financial markets common features which determine financial convergence's development; to define financial conglomerate as a major institutional and organizational forms of financial convergence. As a result we modified definitions of «financial convergence» and «financial conglomerate» concepts, we selected lists of common features for various sectors of the financial market, as well as areas in which inter-sectoral competition can take place in the first place, and a list and the content of the specific parameters that determine the financial conglomerate. We concluded that the financial convergence is the new framework for the increase of competitiveness of economic agents, operating in different sectors of the financial market.