Brief description of the subjects of the securities market. The securities market, its elements and a brief description of the Characteristics of the securities market

stock market

Market valuable papers Is a mechanism that allows securities to be placed and transactions concluded between their suppliers and buyers. Moreover, this is not just a procedure for carrying out transactions, but a mechanism that allows transactions to be carried out quickly and at a fair price.

1. Objects of the securities market:

securities;

foreign currency;

precious metals.

The main object of the stock market is securities, the specificity of which requires that transactions with them be concluded through intermediaries, since:

details of securities may not be known to buyers and sellers, which opens up wide opportunities for fraud if securities are transferred from the seller to the consumer directly;

trading in securities is always carried out according to certain rules, which may not be known to buyers.

But these caveats lose their meaning with the development of the computer network system.

Subjects of the securities market

issuers - organizations that issue securities into circulation;

investors - legal entities and individuals who buy securities;

licensed intermediaries - traders who provide communication between issuers and investors in the securities market;

organizations serving the securities market are organizations that perform all other functions in the securities market, except for purchase and sale: independent registrars, depositories, settlement centers, etc .;

state regulatory and control bodies.

As intermediaries, that is, business entities that carry out activities for the issue and circulation of securities, the law of Ukraine "On securities and the stock exchange" considers:

• joint stock companies, the capital of which is formed exclusively through registered shares;

  legal entities for which operations with securities represent an exclusive type of activity.

1. Activities in the securities market:

emission- activity on the issue of securities (production, placement);

commission- is the purchase and sale of securities at the expense and on behalf of the client;

a commercial- this is the purchase and sale of securities at your own expense and for yourself.

To carry out any of the above-mentioned types of activity, you need a license from the State Commission on Securities and Stock Market.

Ukrainian legislation does not restrict the activities of banks on stock market... Article 3 of the Law of Ukraine "On Banks and Banking Activities" provides not only borrowing and savings, but also investment activities of banks. At this time, restrictions on investment activities have been lifted from banks.

Licensed traders are brokerage houses, investment funds and companies. The latter represent, first of all, the interests of small investors and are actively involved in the process of attracting investments for enterprises; are intermediaries between citizens who have entrusted them with their funds and issuers of shares. Stock trading companies are the primary owners of government bonds.

On the securities market, as of 01.10.04, 1,484 professional market participants had licenses to carry out professional activities in the securities market, including 887 licenses to carry out activities related to the issue and circulation of securities (securities trading). Taking into account the combination of certain types of professional activities by individual professional participants in the securities market, their number as of 01.10.04 was 1300 (including: 139 participants are custodian traders, including 42 banks; 32 participants are custodian-registrar merchants). The revocation of the license of intermediary structures does not mean the termination of their activities.

Functions of the securities market

In addition to the general market functions inherent in any market (price, information, commercial, regulatory), the securities market performs two specific functions:

redistributive ; in this function, the securities market carries out:

redistribution of funds between industries and spheres of activity;

transfer of savings from unproductive to productive form;

financing state budget on a non-inflationary basis, that is, without issuing additional Money;

insurance of price and financial risks (hedging), which became possible due to the emergence of a class of derivative securities (in particular, options and financial futures).

The principles of organizing the stock market:

Integrity- means that all parts of the market work according to the same rules.

Transparency, that is, the most complete disclosure of information about all actions that take place in the securities market. It is provided by state regulation and control bodies and self-governing market institutions.

Government regulation stock market.

The securities market has a complex structure. It is subdivided into primary and secondary.

Primary Is a market for first and repeated issues, where the initial placement of securities among investors is carried out. The main task of this market is the most complete disclosure of information for investors, which makes it possible to make an informed choice of securities.

Secondary market Is a mechanism for the sale and purchase of already placed securities.

Main purpose secondary market- ensuring the liquidity of securities, that is, the ability to absorb significant volumes of securities in a short time, with small fluctuations in rates and low transaction costs.

The secondary market is subdivided into exchange and over-the-counter.

Stock Exchange - a centralized institution that organizes the interaction of buyers and sellers of specific securities. It trades already issued and previously placed securities that have passed listing - the procedure for including securities on a quotation list for trading on a specific stock exchange.

Over-the-counter market is a telecommunications network that connects buyers and sellers of securities, including during the initial public offering of new share issues. The OTC market is part of the secondary market where new public issues are sold, sometimes including those listed on the stock exchange.

Basic concepts: Concept of a security. Classification of securities. The main types of securities. Derivative securities. The structure of the securities market. Participants in the securities market. Types of investment funds in Russian Federation... General characteristics of the modern Russian securities market.

7.1.1. Characteristics of securities: concept, types, classification

A security is a document certifying in compliance with the established form and required details property rights, the exercise and transfer of which is possible only upon its presentation.

Functions of the security:

· Redistributes funds between sectors and spheres of the economy, between territories, between groups and strata of the population;

· Establishes certain additional rights for its owner (except for the right to capital): rights to participate in management, to relevant information, to some benefits;

· Ensures the receipt of income on capital and (or) the return of the capital itself.

Types of securities:

1. Basic securities- they are based on property rights to any asset (goods, money, capital, property, various resources):

Primary securities - based on assets, which do not include the securities themselves, these are stocks, bonds, promissory notes, mortgages

· Secondary securities - issued on the basis of primary securities, these are securities on the securities themselves (depositary receipts, warrants).

2. Derivative securities- a non-documentary form of expression of property rights (obligations) arising from a change in the price of an exchange-traded asset that underlies this security. This is a security for any price asset for the prices of goods (grain, meat, oil, gold), for the prices of the credit market (interest rates), for prices foreign exchange market (exchange rates), for the prices of basic securities, (for stock indices, for bonds):

· Futures contracts (commodity, currency, interest, index);

· Freely tradable options (on futures contracts, index, interest, on securities, commodity, currency).

A share is an equity security that secures the rights of its holder (shareholder) to receive part of the profit of a joint-stock company in the form of dividends, to participate in management and to part of the property remaining after its liquidation.

A bond is promissory note, in accordance with which the issuer guarantees the investor the payment of a certain amount after a certain period and payment of an annual: income, in the form of a fixed or floating interest.

Mortgage- a debt instrument confirming the consent of the company to pledge the property belonging to it against its debt and giving the creditor the right to take possession of the pledged assets in case of non-payment of the debt. The mortgage is with the creditor until the settlement with the debtor, after which it is destroyed. The mortgage is issued in one copy for all the property of the company.

Promissory note- a strictly established form certifying the unconditional obligation of the drawer ( promissory note), or an offer to another payer specified in the bill ( bill of exchange) to pay a certain sum of money upon the occurrence of the term stipulated by the bill.

Emissive security Is any security, including non-documentary, which is characterized at the same time following signs:

· Fixes the totality of property and non-property rights subject to certification, assignment and unconditional exercise in compliance with the form and procedure established by the Federal Law “On the Securities Market”;

· Is placed in issues;

· Has the same volume and terms of exercising rights within one issue, regardless of the time of purchase of the security.

All other securities that do not meet these criteria are non-issue (bill of exchange, check, bill of lading).

Forward- this is a transaction of two parties with the obligatory mutual one-time transfer of rights and obligations in relation to the subject of the agreement (underlying asset) with a deferred execution date from the date of agreement (> T + 2). It is concluded in the over-the-counter market. A forward transaction cannot be non-deliverable. Transactions that do not meet at least one of the specified conditions are not considered forward. Usually such transactions are in written form (with the exception of the foreign exchange market).

The purpose of the forward is to hedge against adverse market fluctuations.

Futures- the same forward, but is already on the exchange and for a standardized quantity / amount of the underlying asset or financial instrument.

Option- a transaction that is not binding and provides the right to choose whether to execute or not to comply with the terms of the agreement. On the exchange, this is a standard exchange agreement for the right to buy or sell an exchange-traded asset, including futures contract, at the strike price before or on a specified date. A premium (option price) is paid for this right. Just like futures, stock options are standardized in all respects except price.

Depositary receipts Are marketable securities representing a certain number of underlying shares (i.e. they rarely represent individual shares). They are listed on an authorized stock exchange outside the country of the issuer and are traded and settled in accordance with the normal rules of that stock exchange.

Warrant- a security that gives its owner the right to purchase a certain number of shares at a certain future date at a certain price. Usually, warrants are used for a new issue of securities. A warrant is traded like a security, the price of which reflects the value of the underlying securities. Unlike options, warrants are issued for longer periods.

7.1.2. The structure of the securities market. Participants in the securities market.
Types of investment funds

Securities market (RZB)- aggregate economic relations on the issue and circulation of securities.

Functions of the securities market:

General market (commercial; price; information; regulatory);

· Specific (redistributive; insurance of price and financial risks).

The securities market is distinguished:

1. By location:

International,

· National;

· regional markets,

2. By organization:

Primary market,

· Secondary market (exchange and over-the-counter (organized and unorganized)), markets for certain types of securities.

Primary market- this is a market associated with the first sale of the issue of securities according to certain rules (the purchase of securities by their first owners).

Secondary market- a market in which a security is freely traded after it has been acquired and sold by the first investor.

The securities market assumes a constant circulation of securities, that is, the transition from one owner to another.

Exchange market Is a market for trading securities on stock exchanges.

On the exchange market, the process of circulation of securities is organized by highly qualified specialists. It has a well-developed exchange infrastructure; trading on it takes place in compliance with the requirements of the law.

Over-the-counter market Is trading in securities outside of stock exchanges. In the over-the-counter market, trading is carried out by banks, dealer and brokerage companies and individual citizens. Doesn't exist in this market a single center, which would organize trade and ensure control over the observance of the current legislation.

The OTC market can be organized and unorganized. The organized over-the-counter market is based on computerized communications, trading and securities services.

Organized over-the-counter securities market - a market for the circulation of securities based on clear rules between licensed professional intermediaries and market participants - brokers and dealers.

Unorganized over-the-counter market - a market for the circulation of securities without observing the same rules for all market participants.

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The market economy is a collection of different markets. One of them is the financial market. The financial market is a market that mediates the distribution of funds between participants in economic relations. Figuratively speaking, it can be compared to the heart of the economy, since it mobilizes free financial resources and sent to those who can most effectively dispose of them. As a rule, it is in the financial market that funds are sought for the development of the real sector of the economy.

One of the segments of the financial market is the securities market, or the stock market. The securities market (SM) is a market that mediates credit relations and co-ownership relationships with securities.

The object of transactions on the RCB is a security. The Civil Code of the Russian Federation (Part I. Section I, Art. 142) gives the following definition of a security: “A security is a document certifying, in compliance with the established form and mandatory requisites, property rights, the exercise or transfer of which is possible only upon presentation. Securities. / Ed. IN AND. Kolesnikova, V.S. Torkanovsky. - M., 2015.S. 56.

With the transfer of a security, all the rights certified by it are transferred in the aggregate. " This definition, oddly enough, is given by most economists, although it does not reflect precisely the economic meaning of a security, this definition is purely legal in nature.

From an economic point of view, it is possible to define a security as a form of existence of capital, which facilitates its redistribution and can be traded on the market as a commodity and generate income.

Securities can be issued both individually, for example, a bill of exchange, and in series, for example, shares. In the latter case, Russian legislation speaks of an equity security. An equity security is a paper that is simultaneously characterized by the following features:

Secures the totality of property and non-property rights;

Posted by issues;

Has the same volume and terms of exercising rights within one issue, regardless of the time of purchase of the security. Securities. / Ed. IN AND. Kolesnikova, V.S. Torkanovsky. - M., 2015.S. 61.

The security can be issued in cash and non-cash forms. The cash form assumes that the security is printed on a letterhead made in accordance with technical requirements, which are contained in regulatory documents. If the paper is ejected in cashless form, then it is absent as a physical object, and its existence, that is, the rights of its owner, are recorded in the registration document. The issue of such securities is formalized by a document called a global certificate. The certificate specifies the parameters of the issue of securities. By agreement with the issuer, the global certificate is deposited with the custodian. A depositary under Russian law is a legal entity that provides services for the storage of securities certificates. Chesnokov A.S. Securities. M., 2014.S. 43.

The emergence of a security as a tool for attracting financial resources allows the depositor to, to a certain extent, solve the problem of risk associated with economic activities, by purchasing such a number of securities, which corresponds to the stability of its financial position.

As part of the RCB, the money market and the capital market are distinguished. The money market is the market in which short-term securities are traded. The time criterion is usually one year. If the security will circulate on the market for no more than a year, then it is considered as an instrument of the money market. At the same time, securities such as a bill of exchange or a bank certificate are also classified as money market instruments, although they can circulate for more than one year. The money market serves to meet the needs of business entities in short-term financing. Mirkin Ya.M. Securities and the stock market. M., 2015.S. 102.

By organizational structure RCBs are divided into primary and secondary markets. The primary market is the market in which the initial placement of a security takes place. Thus, the term “primary market” refers to the sale of new issues of securities. As a result of the sale of securities on the primary market, the person who issued them receives the necessary financial resources, and the securities go into the hands of the original holders. Thus, the function of the primary market is to mobilize new capital. Securities are mainly issued by legal entities. At the same time, a paper such as a bill of exchange can be written out by an individual. The person who issues securities is called the issuer, and the issue of securities is called the issue. The person purchasing the securities is called an investor. On the stock market, the main buyers of securities are legal entities, primarily banks, insurance organizations, investment, pension funds, because they have the largest amount of funds. In the same place. P.103.

After the initial investor has bought a security, he has the right to resell it to other persons, and those, in turn, are free in their decision to sell them to the next investors. The first and subsequent resale of securities occurs in the secondary market. The secondary market is the market in which securities are traded. He plays an important role. As a resale mechanism, it allows investors to freely buy and sell securities.

In the structure of the secondary market, exchange and over-the-counter markets are distinguished. The exchange market is represented by the circulation of securities on exchanges. The over-the-counter market covers the circulation of securities outside exchanges. This division of the secondary market exists because not all securities can be traded on the exchange. Historically, the OTC market originated in the beginning. Subsequently, the growth of operations with securities demanded the organization of a more orderly trade. As a result, stock exchanges emerged. Ginzburg A.I. Currency markets and securities. SPb., 2014.S. 67.

Each exchange develops its own list of requirements for issuers. Therefore, depending on their rigidity, the securities of the same company can be quoted, that is, circulated, on one or several exchanges. In connection with the check of the issuer for the compliance of its condition with the requirements of the exchange, a special term arose - "listing". Listing is the procedure for including an issuer's security in the exchange's quotation list. If the issuer wants his securities to be quoted on the exchange and meets the specified criteria, then his securities are admitted to trading on the exchange. If subsequently the issuer ceases to satisfy them, then his securities may be excluded from the quotation list. This procedure is called delisting. Balabanov V.S. and other securities market: commercial alphabet. M., 2013.S. 67.

In accordance with Russian legislation stock exchange is non-profit organization... Only its members can trade on the exchange. Other persons wishing to conclude exchange transactions are required to act through the members of the exchange as intermediaries. The stock exchange is obliged to ensure the transparency and publicity of the trades.

The exchange is only the place where securities transactions are made. Therefore, physically the securities themselves on the exchange, the buyer and the seller make mutual settlements among themselves in the established for this regulatory documents terms.

In order to complete the description of the exchange market, let us dwell briefly on the types of exchanges in the economy. If you look at the economy in time, you can see that it consists of two segments: spot and derivatives markets. The spot (cash) market is a market for cash transactions. In the spot market, there is a simultaneous payment and delivery of securities. The price that arises in the spot market is called the spot price, or cash price.

Derivatives market is a market in which futures transactions are concluded. A forward transaction is an agreement between counterparties for the future delivery of the subject of the contract on the terms that are negotiated at the time of the conclusion of such a transaction. In accordance with two market segments, spot and futures exchanges can be distinguished. There are also commodity exchanges.

According to its internal organization, the exchange may consist of several specialized departments: currency, stock, commodity. Therefore, the official name of the exchange does not always accurately reflect the entire set of instruments that circulate on the exchange.

By the nature of the issuers, the stock market can be divided into the market for government and non-government securities. The market for non-government securities helps to accumulate financial resources for the business sector. The government securities market offers an opportunity to solve two important problems. First, it allows the state to mobilize the financial resources it needs, and, in particular, to finance the state budget deficit. Secondly, it is a field for regulating short-term interest rate in economics. Balabanov V.S. and other securities market: commercial alphabet. M., 2013.S. 69.

The state of the stock market plays an important role for the stable development of the economy. A stock market crash, that is, a sharp drop in the market value of securities in a short period of time, can cause recession and depression in the economy. This is because the fall in the value of securities makes depositors absolutely poorer. As a consequence, they reduce their consumption. The demand for goods and services is falling. Businesses build up inventories and begin to cut production and lay off workers, further reducing consumption. In addition, the fall in the market value of securities reduces the ability of enterprises to accumulate the funds they need by issuing new securities. Agarkov M.M. The doctrine of securities. M., 2013.S. 56.

The functions of the securities market include the following: 1) accounting; 2) control; 3) ensuring a balance of supply and demand; 4) stimulating; 5) regulatory.

The accounting function is manifested in the mandatory accounting in special lists (registers) of all types of securities circulating on the market, registration of market participants, as well as fixing stock transactions executed by contracts of purchase and sale, pledge, trust, conversion, etc. The control function involves monitoring over the observance of legislation by market participants. The function of balancing supply and demand means maintaining market equilibrium. The stimulating function is to stimulate the pursuit of legal and individuals become participants in the securities market. The regulating function is to regulate different methods specific stock transactions.

As an instrument of the state's financial policy, the government securities market performs the following functions: a) financing the budget deficit of government bodies at different levels, thereby affecting the volume of money in circulation and, consequently, expanding or reducing the level of GNP; b) financing of especially significant projects, government programs. Financing of housing construction is widespread; c) regulation of the volume of money supply in circulation, which is carried out by the bank of the Russian Federation. His purchase of government securities increases the volume of money in circulation, while the sale of government securities, on the contrary, reduces this volume; d) maintaining the liquidity of the financial and credit system; e) some other auxiliary functions. Balabanov V.S. and other securities market: commercial alphabet. M., 2013.S. 75.

TOPIC 6. GENERAL CHARACTERISTICS OF THE SECURITIES MARKET

6.1. Structure of the securities market

The securities market is a part of the financial market (the other part is the market for bank loans), where the issue and purchase and sale of securities is carried out. It is also an indicator market economy and its main financial lever.

By the nature of the circulation of securities, it can be considered as primary, i.e., representing the initial placement of issued securities among investors in the financial market, and how secondary where the sale and purchase of previously issued securities is carried out.

In addition, in accordance with world practice, the securities market is divided into two markets that are largely independent from each other: organized(exchange) and free(over-the-counter). In general terms, the concept of "organized market" refers to transactions concluded on the stock exchange, while the concept of "free market" refers to transactions in securities outside the exchange, which are carried out between a buyer and a seller through intermediaries.

The organized market requires that shares and bonds offered for sale undergo special registration and satisfy a set of additional conditions that provide maximum business information about that business, for financial security of which these papers are issued. Their purchase and sale is carried out through an application on the stock exchange, and all related procedural issues are strictly regulated by the rules of this exchange and state legislation.

The free market in this sense does not impose strict requirements on buyers and sellers. Here act legal regulations providing full control over entrepreneurial activity... In the same way as in the organized market, companies that issue securities are administratively and criminally liable for deceiving or misinforming a buyer. Intermediaries act in accordance with the official rules and regulations of customer service, and the purchase and sale of securities itself is subject to legal registration and has an absolutely legal character.

Let us dwell in more detail on the foundations of the functioning of an organized and free securities market.

An organized securities market - a system of stock exchanges - has four essential features:
· Transactions are made frequently;
· There is almost never a large gap between the bid and ask prices;
· Transactions are carried out in a short time, as a rule, there are no significant price fluctuations.

All this is provided by a complex of targeted organizational actions.

First of all, it is necessary that the circle of holders of securities of each company was as wide as possible. In addition, it is necessary to promote in every possible way the performance of short-term sales and purchases. Another important factor is the presence of a large number of large companies, however, medium and small companies must be represented in the organized market.

It should also be noted that the organized market has the ability to self-accelerate and self-decelerate. An active market gives the impression of easy liquidity of securities, which stimulates their purchase. In addition, it attracts with a variety of opportunities, which increases the number of transactions on a credit basis.

The free securities market can be characterized as a market without a specific location, transactions in which are carried out outside the exchange. Another name - the telephone market - indicates the main way of doing transactions.

The free market is the second no less important sphere of distribution and circulation of investment resources. For some types of securities, it is inferior, and for others, it significantly surpasses the exchange system. This applies primarily to government and municipal bonds, shares of many banks, insurance and investment companies. Together with them, a huge number of issues usually circulate on the free market, which, due to various reasons cannot be traded on the exchange. These include the following:
Limited editions potential buyers requiring special distribution methods;
· Small issues;
· Papers with a very high price;
· Securities in which supply meets demand, that is, the buyer is widely known and it is easy to distribute the paper;
· Securities issued on the security of real estate;
· Papers closely related to regional economic complexes or social and industrial infrastructure;
· Paperless form of issue, when the issuer does not want to advertise itself.

Also on the free market, transactions are made with shares of large companies circulating in the exchange system.

The main participants in the free market are broker-dealer firms, which are characterized by a relatively narrow specialization in the types of securities and transactions, as well as banks and investment companies. In turn, banks are subdivided into investment banks, the main subject of activity of which is subscription to the distribution of shares and bonds of various corporations, and commercial banks, which are mainly engaged in the sale of federal and local bonds on the free market. A significant number of transactions in the free market are carried out not on a commission, but on a net (or dealer) basis. This means that services to clients are provided for the sake of income from the difference in prices - from the subsequent resale of securities by a dealer at a higher price or from their purchase for clients at a lower price.

The free market is always not only under state control, but also under the control of the association that brings together these market entities. In all developed capitalist countries, participants in the free market, as well as participants in stock exchanges, are subject not only to legal, but also to professional and qualification control.

In conclusion, it should be noted that commissions in the free market are not standardized in any way. general rules... In fact, commissions range from minimum values ​​in the organized market to 5% (and sometimes even higher) of the transaction amount in the free market.

6.2. Types of securities

Investment operations of banks are mainly limited to operations with securities. Securities are understood as specially prepared financial documents, the presentation of which is necessary for the exercise of the right expressed in them. The specifics and patterns of the processes of primary and secondary circulation of securities are determined depending on their type.

Equity securities certify the owner's right to a share in the capital of the enterprise. These include stock. In the federal law "On the securities market" from 20.03.96 No. promotion is defined as “an equity security, securing the rights of its owner (shareholder) to receive part of the profit of the joint stock company in the form of dividends, to participate in the management of the joint stock company and to a part of its property remaining after the liquidation of this company. The issue of bearer shares is permitted in a certain relation to the amount of the paid authorized capital of the issuer in accordance with the standard established by the "Federal Commission for the Securities Market".

Based on the differences in the method of paying dividends, one can single out common and preferred shares, providing any advantages to their holders. The content and specific forms of benefits realization are determined in the constituent documents. As a rule, these special benefits consist in the preferential right to receive dividends over the holders of ordinary shares. At the same time, for the owners of preferred shares, the charter may provide for the absence of the right to vote at the general meeting of shareholders. This restricts the rights of their holders to participate in the management of economic activities.

The rights of preferred shareholders can also be exercised in the possibility of receiving preferred dividends paid every year in a predetermined proportion to the par of the preferred share. In the event of an insufficient distribution of profits, preferred dividends are usually carried over to the next fiscal year and paid on a priority basis.

Most attractive preference shares for individual holders with little funds and no time or opportunity to participate in the management process.

Debt securities certify the right of a specific monetary claim (but not ownership). These include bonds, bills, checks and certificates of indebtedness.

Bond- an issue-grade security securing the right of its holder to receive a bond from the issuer within the term stipulated in it for its par value or other property equivalent. The bond may provide for other property rights of its holder, if this does not contradict the legislation of the Russian Federation. Bonds can be bearer, registered, freely tradable or with a limited range of circulation.

One of the important characteristics of a bond is the maturity period. This is the term of the contractual agreement for this issue, after which the holder receives the value of the bond, i.e. it is fully repaid. The maturity period can be very different, including perpetual types of bonds.

Bonds have nothing to do with profit. Interest on them must be paid even if they are unprofitable. Before the maturity period expires, bonds, like stocks, can be sold on the stock exchange or on the free stock market, and, like stocks, their market price may be higher or lower than nominal.

Promissory note is a security that certifies the unconditional pecuniary obligation the drawer to pay at the due date a certain amount of money to the owner of the bill. As a written promissory note of a strictly established form, a bill of exchange gives its owner an indisputable right, upon the expiration of the obligation, to demand from the debtor the payment of the amount indicated on the bill.

A bill of exchange can be issued only to legal entities and individuals registered on the territory of the Russian Federation or on the territory of another state that uses the ruble as an official monetary unit... A bill of exchange is not subject to export to the territory of a state that does not use the ruble as an official currency.

A bill of exchange is not only an easier, but also a more reliable way of repaying a debt for an entrepreneur providing a loan. The bill of exchange can be used to defer or installment payment, i.e. this is a kind of purchase on credit. For example, in a sale and purchase transaction, payment for goods can be partially made by transferring money in cash or using a bill of exchange. It is possible to issue a bill of exchange for the entire value of the goods. Thus, payment is made not at the time of purchase of the goods, but after a while - purchase on credit. By the time the bill is paid, the price of the goods may rise. Thus, the bill is convenient to use in conditions of growing inflation.

We will consider the other types of securities in less detail and dwell only on the definitions, since for the formation of a portfolio of securities of a commercial bank they do not have the same essential as listed above.

By check a security is recognized that contains an unconditional written order of the drawer to the bank to pay the amount indicated in it to the holder of the check. The check must be presented for payment within the period established by law.

Various certifications are issued to raise additional funds. There are two main types of bank certificates: certificates of deposit and savings.

Certificate of Deposit is called a document that is the bank's obligation to pay deposits placed in it, the right of claim on which can be transferred from one person to another. A certificate of deposit can only be issued by an organization that is legal entity registered on the territory of Russia or on the territory of another state that uses the ruble as an official currency.

Savings certificate can be referred to as a document that acts as an obligation of the bank to pay out the savings deposits placed in it.

Derivative securities certify the right of their owner to purchase or sell primary securities. These include options and warrants.

Option represents a security in the form of a contract concluded between two persons, one of whom writes and sells an option, and the other buys it and gets the right, within a specified period, to buy or sell other securities at a fixed price.

Warrant- this is a security, the owner of which receives the right to purchase securities at a set price for a certain period of time or indefinitely.

Commercial securities include such documents of title as bills of lading and warehouse receipts.

Bill of lading a document of title is recognized, certifying the right of its holder to dispose of the cargo specified in the bill of lading and to receive the cargo after the completion of transportation. It can be bearer, order or nominal. When the bill of lading is drawn up in several original copies, the delivery of the goods according to the first presented bill of lading terminates the validity of the remaining copies.

Warehouse certificates can be single or double.

Simple warehouse receipt is a bearer security, the holder of which acquires the right to dispose of the goods, owning not this good, but the security.

Feature double warehouse certificate is that it consists of a warehouse receipt and a pledge receipt (or warrant), which can be separated from each other and applied independently.

In addition, the listed types of securities may differ in the following characteristics:

a) by the form of release on :
- documentary the owners of which are established on the basis of the presentation of a properly executed security certificate or, in the case of its deposition, on the basis of an entry on the securities account;
- paperless, the owners of which are established on the basis of an entry in the system of maintaining the register of owners of securities or, in the case of depositing securities, on the basis of an entry on the securities account;

b) according to the form of certification of ownership of:
- bearer- securities, the transfer of rights to which and the exercise of the rights enshrined by them do not require identification of the owner;
- registered- securities, information about the owners of which should be available to the issuer in the form of a register of owners of securities, the transfer of rights to which and the exercise of the rights assigned by them require identification of the owner;
- order- securities, the rights of the holders of which are confirmed both by the bearer of these securities and by the presence of appropriate inscriptions;

c) according to the form of placement on:
- emission- any security, including paperless, which is characterized at the same time by the following features: placed in issues; fixes the totality of property and non-property rights subject to certification, assignment and unconditional exercise; has the same volume and terms of exercising rights within one issue, regardless of the time of purchase of the security;
- non-emission- other securities that are not characterized by the characteristics listed above.

In addition, in its most general form, the classification of the main instruments of the securities market can be presented as follows. Depending on the nature of the transactions underlying the issue of securities, as well as the purpose of the issue, they are divided into stock(stocks, bonds) and commercial(commercial bills, checks, warehouse and pledge certificates). It is in accordance with this classification of securities Bank operations with them are divided into stock and commercial.

6.3. Securities market participants

The essence of the securities market is reduced to the interaction of issuers, i.e. those of its entities that issue securities, and investors - legal entities or individuals who acquire securities on their own behalf and at their own expense. Institutional investors are distinguished among investors. They are understood as organizations with significant free funds that can be invested in securities. Institutional investors include, in addition to insurance companies, pension funds, various credit institutions, as well as commercial banks. The relationship between the issuer and the investor is carried out through various subjects of the stock market: from brokerage houses, mainly focused on quick profit from speculation in securities, to investment funds and investment banks, whose investment strategy is aimed at the long term. All investment intermediaries are professional participants the securities market, i.e. legal entities, including credit institutions, as well as individuals registered as entrepreneurs who carry out activities such as:
- brokerage;
- dealership;
- activities related to the management of securities;
- clearing;
- depository;
- activity on maintaining the register of owners of securities;
- activities related to the organization of trade on the securities market.

All types of professional activities in the securities market can be divided into two general groups: management and accounting of securities.

It is advisable to give only general characteristics of the above types of professional activities of participants in the securities market within the framework of the selected groups and do not consider each of them in detail, since their detailed description is not so important for the disclosure of the topic of this work.

The following activities are related to the management of securities.

Brokerage activity- this is the activity of performing civil transactions with securities as an attorney or commission agent acting on the basis of a commission or commission agreement, as well as a power of attorney for such transactions in the absence of instructions on the powers of an attorney or commission agent in the agreement.

Dealer activity- this is an activity for the conclusion of transactions for the sale and purchase of securities on its own behalf and at its own expense by carrying out a quotation of securities (announcement of purchase and sale prices for certain securities), according to which a person engaged in this activity and called a dealer undertakes to buy and sell these securities.

Securities management activities is an exercise by a legal entity or individual entrepreneur on his own behalf for a fee within a certain period of trust management of securities transferred to him in possession and belonging to another person in the interests of this person and funds intended for investment in securities.

The following types of professional activities are related to securities accounting.

Clearing activities- activities to determine mutual obligations, or rather the collection, reconciliation, correction of information on transactions with securities, and preparation accounting documents on them and their offset for the supply of securities and settlements on them.

Depository activities- provision of services for the storage of securities certificates and related accounting and transfer of rights to securities.

Activities for maintaining the register of owners of securities - collection, recording, processing, storage and provision of data that make up the system for maintaining the register of securities holders.

Activities for the organization of trading on the securities market - provision of services that directly contribute to the conclusion of civil transactions with securities between participants in the securities market.

6.4. Bank activities in the securities market

In the early 1990s, Russia spontaneously chose mixed model the securities market, where banks and investment institutions operate simultaneously with equal rights. This is the European model of a universal commercial bank that does not imply volume restrictions on securities transactions, the model of an "aggressive" bank capable of holding large portfolios of shares of non-financial enterprises, surrounding itself with various non-bank financial institutions and exercising real control over their activities.

This model is associated with the increased riskiness of the bank's operations. Its risks on transactions with securities are not insured against risks on credit-depository and settlement activities, at the same time, it significantly depends on the state of affairs of the largest clients into whose turnover its funds are drawn.

In early 1994, on the initiative of the State Property Committee, the process of introducing restrictions on banking operations with securities began. Banks cannot:
· Act as buyers of shares of privatized enterprises and voucher investment funds;
· Invest more than 5% of their assets in shares of JSC;
· Own more than 10% of the shares of any joint-stock company.

In accordance with Russian legislation, banks on this market are allowed almost everything (with the exception of the restrictions indicated earlier and the restrictions that will be named below):
- to issue, buy, sell, store securities;
- invest in securities;
- to carry out the purchase and sale of securities on its own behalf and at its own expense, including by way of their quotation;
- manage securities on behalf of the client (trust management);
- to perform intermediary (agency) functions in the purchase and sale of securities at the expense and on behalf of the client on the basis of a commission agreement or instruction, i.e. act as a financial broker;
- carry out investment advice, i.e. provide consulting services on issues of issue and circulation of securities;
- to organize the issues of securities.

At the same time central bank Russia has the right to establish certain quantitative restrictions on the indicated operations of banks in the form of prudential standards:
- limiting the size of the exchange rate risk;
- restrictions on the use of attracted deposits for the acquisition of shares of legal entities.

In addition, in accordance with the current rules, the bank cannot:
- act as an investment institution if its attracted resources include funds from individuals;
- perform functions investment fund, i.e. engage in activities related to the issue of shares in order to attract funds from investors and invest them on behalf of the fund in securities, as well as bank accounts and in deposits, in which all the risks associated with such investments, income and losses from changes market valuation such investments are fully charged to the owners (shareholders) of this fund.

Naturally, banks have the right to act as issuers and investors. In this capacity, they operate without restriction. At the end of 1992, 85 - 95% of officially registered transactions with shares were in the securities of banks, in 1993 - at least 50 - 60% of transactions.

The peculiarity of the position (and advantage) of banks is also that they have their own securities, which cannot be issued by any other financial institution (checks, certificates of deposit and savings certificates). As issuers, banks can carry out operations to securitize debts (sell them in the form of securities).

A large universal bank pursuing a moderately aggressive policy in the securities market will have an extremely diversified structure of stock transactions and will inevitably form around itself (and under its management) a financial group specializing in working with securities.

In general, banks' operations with securities can be classified according to different criteria (criteria) into the following types and subspecies (Table 6.1).

Table 6.1

Classification of securities

The main objectives of banks in the securities market include the following:
- attraction of additional monetary resources for traditional lending and settlement activities based on the issue of securities;
- making a profit from own investments in securities at the expense of interest and dividends paid to the bank, as well as an increase in the market value of securities;
- making a profit from the provision of services to clients on operations with securities;
- expanding the sphere of influence of the bank and attracting new clientele through participation in the capital of enterprises and organizations (through participation in their securities portfolios), the establishment of controlled financial structures;
- access to scarce resources through those securities that give such a right and which the bank becomes the owner of;
- maintaining the required liquidity reserve.

As for the specific types of transactions, their choice depends on the type of policy on the securities market that the bank chooses for itself. Most general rules such a choice are given in Table 6.2.

Table 6.2

Securities market policy

The activities of banks on the Russian stock market have been carried out since 01.01.98 only on the basis of a license from the Central Bank of the Russian Federation for the right to carry out professional activities on the securities market. In general, the work of commercial banks is controlled by the Central Bank of the Russian Federation and is regulated by the Law on Banks and Banking Activities.