Credit as a special financial instrument. Credit as an effective tool for attracting resources. Credit to pay for education

They are subdivided into two groups:

They are a kind of goods, and through their use it is possible to satisfy the interests of all parties. So, when using these assets, the following main goals are achieved, related to hedging or mobilizing resources, and are aimed at improving. Each category under consideration has its own characteristics that are taken into account, therefore, attention must be paid to the study.

The essence of tools

In any activity, especially if it takes place in the market, tools act as key categories. This category came to us from the West, and cannot be interpreted unambiguously. This concept is not only often mentioned in international practice, but also in numerous regulatory documents. The term has received more and more definitions over time as various markets have developed. In the financial part, a new direction was formed, which is called engineering finance, and a new vacancy has arisen. "Financial engineer". His responsibilities include finding solutions to key challenges through analysis. These tools are currently the most frequently encountered by bankers, finance analysts, auditors, and financial managers.

The most convenient and accessible terminology is given in the state financial reporting standards; in this classification, not only the basic concepts are clearly stated, but also some examples of instruments are given. An obligation is a kind of relationship between the parties who take part in drawing up the contract.

Obligations can arise on several grounds, the first of which can be attributed to a law or a tort, and of course the contract itself. Obligation acts as a very important need to comply with the law, and in the case of a contract, it is necessary to comply with obligations. In the case of a tort, an obligation arises as a result of harm that was caused by one of the parties or several parties.

We can talk about those contracts that entail a change in the financial part of the company. Therefore, the categories carry an economic nature. In general, assets comprise a number of the following categories:

• Tool exchange;

In addition to them, debt instruments are quite often encountered, which have specific consequences for many participants.

The shown statement indicates that two types of characteristics can be distinguished that help to give a classification:

• The transaction must contain an asset or a liability;
• The transaction contains the form of a contract.

Before moving on to considering a financial instrument, it is important to know that the definition itself is broad, this can be easily understood by evaluating one of the most popular contracts - purchase and sale. According to this agreement, one party gives the disposal and management of material benefits. If the buyer makes an advance payment, then the seller does not have an asset, and the buyer has the same asset, which is expressed in debt. But in this aspect it is not considered as a tool. There are also more complex cases. For example, when, in fact, the delivery of the goods has already been carried out, and an item on accounts payable appears in the balance sheets of both parties. And also for accounts receivable.

If the commodity is not material values, but financial assets themselves (), then from a general point of view, there are no changes. But all the above situations can hardly be called completely indisputable.

Types of financial instruments

Credits and loans- are one of the most common in the financial market. When performing transactions, an organization that acts as a lender allocates funds to the borrower. He, in turn, must return them.

It is impossible to imagine a modern economy without bank lending. The credit market uses various types of bank loans, lending methods and instruments. It is the use of instruments that makes it possible to carry out a credit operation, however, in scientific works, the concept of bank lending instruments has been extremely poorly studied. This determines the relevance of this work.

Before disclosing the concept of "instruments of bank lending" let us consider the interpretation of the term "instruments" in explanatory dictionaries.

In explanatory dictionaries, the term "instrument" is interpreted in several versions:

- as "a tool (mainly hand) for the production of some kind of work";

- as "a means used to achieve something."

There are different types of tools:

- musical instrument;

- medical instrument;

- locksmith tools;

- an economic instrument;

- financial instrument;

–The instrument of the stock market;

- money market instrument

- lending instruments, etc.

You can enumerate different types of tools and there will be as many of them as there are types of human activity.

The subject of this study is the study of bank lending instruments, which, in our opinion, belong to the group of economic instruments.

According to BA Raizberg, L.Sh. Lozovskiy, EB Storodubtseva, economic instruments are “ways and means of managing the economy, regulating economic processes and relations. Together they form economic institutions. The actual economic instruments include the volumes and structure of production, investments, structure and forms of ownership, money supply and parameters of monetary circulation, budget revenues and expenditures, transfers, taxes and tax rates, tax incentives, wage rates, prices, loans, bank loan rates. and deposit interest, central bank refinancing rate, internal and external loans, government procurement, tenders, auctions, sanctions, fines, economic incentives, benefits, preferences. "

A variety of economic instruments are financial instruments.

According to a number of authors, a financial instrument is “financial obligations and rights circulating on the market, as a rule, in documentary form. These include: securities, monetary obligations, currency, futures, options, etc. "

In our opinion, just as the financial market can be divided into several segments, financial instruments can be divided into several types:

–Instruments of the stock market;

–Instruments of the money market;

–Instruments of the credit market;

–Investment market instruments;

–Investment market instruments, etc.

According to Blank I.A. “Stock market instruments are instruments with the help of which operations on the stock market are carried out. The main stock market instruments include stocks, bonds, savings certificates, investment certificates (primary stock instruments or first-order stock instruments); options, futures contracts, forward contracts, swaps and other derivatives (equity derivatives or second-order equity instruments) ”.

The point of view of I.A. Blank are shared by other authors, noting that “stock market instruments are securities of various types that are bought and sold on stock markets; first of all - stocks, bonds ”.

“Instruments of the money market are instruments with the help of which the main transactions with the monetary assets of an enterprise are carried out. The main instruments of the money market include payment documents, deposits, financial loans and others. "

In the course of our research, we came across various interpretations: "credit market instruments", "credit instruments", "lending instruments". It should be noted that there are very few interpreted definition data in the scientific literature. Obviously, all these concepts are very close, but for the purposes of our work, we will study the term "lending instruments".

Some authors believe that loans themselves are the instruments of lending. According to A.V. Litvinova, E.G. Chernoy. “Lending instruments should be considered from the standpoint of the fact that they characterize the ways of practical implementation of the basic principles of a loan - urgency, repayment and repayment. Accordingly, the following should be attributed to the number of credit instruments in bank lending:

–The amount of borrowed funds;

-credit term;

–Interest on the loan;

–A preferential interest-free period;

–Conditions for loan repayment;

–Prevention of defaults and overdue loan debt (assessment of the borrower's creditworthiness, control of the amount of debt, including overdue), etc. "

We share this point of view.

The loan amount is the amount of the loan that can be issued to the bank's client. The amount of the loan depends on the amount requested by the borrower and on his real ability to return the money.

Loan term as a lending instrument. By maturity, all bank loans can be divided into short-term, medium-term and long-term.

Loan interest is one of the most important instruments of bank lending. The bank can lend to the borrower at the market loan rate, at an increased or reduced rate.

The market interest rate of a loan is the price that has developed in the bank credit market at the present time, under the influence of the objective laws of the market.

Bank lending at an increased interest rate is applied to borrowers with a high credit risk (if they violate the terms of lending), in addition, the increased interest rate can be used for long-term lending if an increase in the cost of loans is forecasted.

The value of the rate on a bank loan in countries with market economies is influenced by external and internal factors.

External factors include: the inflation rate, the level of the refinancing rate, the development of the banking system, the development of the financial market, etc. The main internal factor influencing the amount of interest on a loan is the bank's credit policy.

D.A. Trifonov notes that if "we consider lending, then the main instrument through which the approved plans for lending activities will be implemented, as well as control over it, is the bank's credit policy, which is a special document approved by the supreme governing body of the bank."

The bank's credit policy, in addition to the choice of goals and objectives of lending activities, as a rule, is a whole list of internal regulations and procedures governing the organizational side of credit operations, i.e. the procedure for granting loans, ways to ensure their repayment, the procedure for borrowers to use loans and at the same time, bank control, the procedure for determining interest rates, the procedure for repaying loans, a list of documents for the execution of loan agreements, agreements for securing loans and opening loan accounts, a list of documents for assessing the financial condition of borrowers. The bank's credit policy defines its approaches to assessing the real market value of collateral for lending, as well as regulates the responsibilities, powers and mechanism of interaction between employees and departments of the bank involved in lending operations, in the formation and management of the bank's loan portfolio. The bank's credit policy determines the priorities in the selection of clients and credit instruments, incorporates the priorities, principles and goals of a particular bank in the credit market, as well as financial and other instruments used by this bank to achieve its goals in the implementation of credit transactions, the rules for their execution, the procedure organization of the credit process.

This tool for managing the bank's loan portfolio cannot be attributed only to a certain type of instruments, since it can be attributed both to instruments characteristic of certain levels of management (since it is used by almost all levels of management) and certain stages of management (since it affects all stages of management of the loan portfolio ).

It should be noted that the interest rate on a loan as an instrument of bank lending can be in two forms:

1) fixed interest rate;

2) floating interest rate.

Fixed interest rate - a constant interest rate set for a certain period and not dependent on market conditions.

Floating interest rate is a rate that can change during the entire loan period.

This rate consists of the following parts:

- constant value;

- variable.

Due to the second part (variable), the size of the bank loan rate will change. There are the following loan repayment conditions:

- a loan repaid at a time (usually at the end of the contract);

- a loan repaid in installments (in equal or unequal installments, within the time frame established by the bank).

Credit monitoring is one of the instruments of bank lending.

“Credit monitoring is a systematic constant bank control during the use of a loan:

–The quality of the loan;

–Compliance with the terms of the loan agreement;

- the state of the loan collateral, which ultimately guarantees its repayment in compliance with the contractually established profitability for the bank ”.

Credit quality control consists in the fact that bank employees must control the financial condition of the borrower after the loan is issued, since its deterioration can affect the emergence of the risk of non-repayment of the loan in general or on time and the risk of non-payment of interest on the loan to the bank.

Monitoring compliance with the terms of the loan agreement is reduced to checking the borrower's compliance with the established credit limits (credit lines), the intended use of the loan, as well as the timeliness of interest payments for the loan, repayment of the principal debt in full and on time based on the schedule set in the loan agreement.

Loan repayment assurance control includes on-site verification of the availability of collateral, the state of their quality characteristics and compliance with the security regime, assessment of the current market value of the collateral, its liquidity in order to fulfill its purpose in a credit transaction.

Thus, the instruments of bank lending characterize the ways of implementing the basic principles of the loan - urgency, payment and repayment. Bank lending instruments are the amount of borrowed funds, the term of the loan, interest on the loan, loan repayment conditions, prevention of defaults and overdue loan debt (assessment of the borrower's creditworthiness, control of the amount of debt, including overdue), etc. The nature of the use of bank lending instruments has a direct impact on the efficiency of bank lending, so banks need to ensure their competent use in lending operations.

Bibliography

1. Banking: Textbook for universities. 2nd ed. / Ed. G. Beloglazova, L. Krolivetskaya. - SPb .: Peter,

2008 .-- 400 p.

2. Blank I.A. Dictionary is a financial manager's reference book. - K .: "Nika-Center", 1998. - 480 p.

3. Litvinov EO Priorities and instruments of retail lending in Russia: Dis. ... Cand. econom. sciences.

- Volgograd: Volgograd state. un-t, 2008.

4. Litvinova A.V., Chernaya E.G. Modern forms, types, methods and instruments of retail lending: problems of interpretation and application // Bulletin of YRSTU (NPI), 2011. - No. 2. - P. 51-59.

5. Lopatin V.V., Lopatin L.E. Small explanatory dictionary of the Russian language. - M .: Rus. yaz., 1990 .-- 704 p.

6. Raizberg BA, Lozovsky L.Sh., Storodubtseva E.B. Modern economic dictionary. - 6th ed., Rev. and add. - M.: INFRA-M, 2013 .-- 512 p.

7. Trifonov D.A. Portfolio management tools of banking assets // Vestnik TSU, 2011, - № 4

(96). - S. 92-100.

8. Economic and legal dictionary / Ed. A.N. Azriliano. Moscow: Institute of New Economy, 2004.

Quality management strategy financial the activities of the enterprise should provide for the effective implementation modern scientific achievements in this field of activity, first of all, to ensure the selection of appropriate financial instruments operations on financial market. Financial tools represent a variety of circulating financial documents with a monetary value, with the help of which transactions are carried out on financial market.
In accordance with the accounting principles, the composition modern financial instruments used by the enterprise, is characterized by the following types (Figure 17.1):
1. Financial assets represent the property values ​​of the enterprise in the form of cash; and their equivalents; contracts granting the right to receive cash or other property values ​​from another business entity; contracts granting the right to exchange financial instruments with another participant financial market on potentially favorable terms; instruments equity capital of another company.
2. Financial liabilities represent a contractual obligation of an enterprise to transfer its cash or other property values ​​to another business entity; exchange financial instruments with another participant
financial market on potentially unfavorable terms.
3. Equity instruments are a contractual document confirming the owner's right to a certain part of the assets of the enterprise, which remains after deducting the amounts for all of its liabilities.
4. Derivatives financial instruments(derivatives) are a special form of contract that does not require the initial investment of the enterprise, the settlements on which will be made in the future period at the end of its validity period, the value of which changes due to changes in the interest rate, securities rate, exchange rate, price index, credit rating or other price characteristics of the corresponding base financial instrument. Contacting financial the market tools, servicing operations in its various types and segments are characterized by modern stage of great variety.
1. By types financial markets are distinguished by the following serving them tools:
a) Credit market instruments. These include money and settlement documents circulating in the money market.
b) Stock market instruments. These include a variety of securities circulating on this market (the composition of securities by their types, characteristics of issue and circulation is approved by the relevant regulatory legal acts).
c) Instruments of the foreign exchange market. These include foreign currency, settlement currency documents, as well as certain types of securities serving this market.
d) Instruments of the insurance market. These include offered for sale
insurance services (insurance products), as well as settlement documents and certain types of securities serving this market.
e) Instruments of the gold market (silver, platinum). These include the specified types of valuable metals purchased for the formation financial reserves and reservations, as well as settlement documents and securities serving this market.
2. By the period of circulation, the following types are distinguished financial instruments:
a) Short-term financial instruments(with a circulation period of up to one year). This kind financial instruments is the most numerous and is designed to serve transactions in the money market.
b) Long-term financial instruments(with a circulation period of more than one year). To this kind financial instruments also include the so-called "indefinite financial instruments", the final maturity of which is not fixed (for example, shares). Financial tools of this type serve capital market operations.
3. By the nature of the issuer's obligations financial instruments are subdivided into the following types:
a) Instruments, subsequent financial obligations for which do not arise ( tools without subsequent financial obligations). They are, as a rule, the subject of the implementation of the most financial operations and upon their transfer to the buyer do not incur additional financial obligations on the part of the seller (for example, currency values, gold, etc.).
b) Debt financial instruments. These tools characterize the credit relationship between their buyer and seller and oblige the debtor to repay their nominal value within the stipulated time frame and pay additional interest in the form of interest (if it is not included in the redeemable nominal value of the debt financial instrument). An example of debt financial instruments there are bonds, bills, checks, etc.
c) Equity financial instruments. Such financial instruments confirm the right of their owner to a share in the authorized capital of their issuer and to receive the corresponding income (in the form of dividends, interest, etc.).
Equity financial instruments are, as a rule, securities of the corresponding types (shares, investment certificates, etc.).
4. According to the priority importance, the following types are distinguished financial instruments:
a) Basic financial instruments (financial instruments first order). Such financial instruments(as a rule, securities) are characterized by their issue into circulation by the primary issuer and confirm direct property rights or credit relations (stocks, bonds, checks, bills of exchange, etc.).
b) Derivatives financial instruments or derivatives ( financial instruments second order) characterize exclusively securities that confirm the right or obligation of their owner to buy or sell tradable primary (basic) securities, currency, goods or intangible assets on predetermined conditions in the future period. Such financial instruments are used to conduct speculative financial price risk insurance operations and operations ("hedging"). Depending on the composition of the primary (basic) financial instruments or assets in relation to which they are put into circulation, derivatives are subdivided into stock, currency, insurance, commodity, etc. The main types of derivatives are options, swaps, futures and forward contracts.
5. According to the guarantee of the level of profitability financial instruments are divided into the following types: a) Financial tools with a fixed income. They characterize financial instruments with a guaranteed level of profitability upon their maturity (or during the period of their circulation), regardless of market fluctuations in the interest rate (rate of return on capital) on financial market.
b) Financial tools with uncertain income. They characterize financial instruments, the level of profitability of which may vary depending on financial state of the issuer (common shares, investment certificates) or due to changes in market conditions financial market (debt financial instruments, with a floating interest rate, "pegged" to the established discount rate, the rate of a certain "hard" foreign currency, etc.).
6. According to the level of risk, the following types are distinguished financial instruments:
a) Risk-free financial instruments. These usually include government short-term securities, short-term certificates of deposit of the most reliable banks, "hard" foreign currency, gold and other precious metals purchased for a short period. The term "risk-free" is to some extent arbitrary, since the potential financial risk carries any of the listed types financial instruments; they serve only to form a reference point for measuring the level of risk for other financial instruments.
b) Financial tools low risk. These include, as a rule, a group of short-term debt financial instruments, serving the money market, the fulfillment of obligations on which is guaranteed by a stable financial the condition and reliable reputation of the borrower (characterized by the term "first-class borrower").
c) Financial tools with a moderate level of risk. They characterize the group financial instruments, the level of risk for which approximately corresponds to the average market.
d) Financial tools with a high level of risk. These include financial instruments, the level of risk for which significantly exceeds the market average.
e) Financial tools with a very high level of risk ("speculative"). Such financial instruments are characterized by the highest level of risk and are usually used to carry out the most risky speculative operations on financial market. An example of such high-risk financial instruments are the shares of "venture" (risky) enterprises; high interest bonds issued by an enterprise in crisis financial state; options and futures contracts, etc.
The given classification reflects the division financial instruments only on the most essential general features. Each of the considered groups of financial instruments in turn, it is classified according to certain specific characteristics reflecting the peculiarities of their issue, circulation and redemption.
Let us consider in more detail the composition and nature of individual financial instruments, serving operations on various types financial markets.
1. The main financial instruments credit market are:
a) monetary assets that make up the main object of credit relations between the lender and the borrower;
b) checks, representing a monetary document of the established form, containing an order of the owner of a current account in a bank (or other credit financial institute) on the payment upon its presentation of the amount of money indicated in it. Distinguish between a personal check (without the right of transfer and endorsement); a bearer check (which does not require a transfer note when transferring it to another owner) and an order check (a transfer check that can be transferred to another owner using a transfer note - endorsement);
c) letters of credit representing a monetary obligation of a commercial
bank, issued by him on behalf of the client-buyer to make a settlement in favor of the buyer or another commercial bank within the amount specified in it against the specified documents.
Distinguish between revocable and irrevocable letters of credit, as well as letters of credit and transferable ",
d) bills of exchange, which represent an unconditional monetary obligation of the debtor (drawer) to pay, after the due date indicated in it, a certain amount of money to the owner of the bill (drawer). V modern In practice, the following types of bills are used: commercial bill (which draws up a settlement monetary obligation of the buyer of products on a commodity loan); bank (or financial) bill of exchange (drawing up a monetary obligation of a commercial bank or other credit financial institute on received financial credit), a tax bill (formalizing a monetary obligation of the payer of a certain type of tax payment to pay off within a certain period of time for its deferred payment). When committing financial operations on the credit market can be applied: interest bill (issued for the nominal amount of debt and providing for the accrual of interest on this amount in the amount agreed by the parties to the bill transaction); discount bill (income on such a bill is the difference between its nominal value and the purchase price). Finally, the issued promissory notes (they are one of the types of securities) are subdivided into the following types: promissory note (it assumes that the issuer of the promissory note is at the same time the payer for it to a specific person or by his order); a bill of exchange (it assumes that its holder can order the drawer to pay the amount owed on it by endorsement). If a bill of exchange of an economic entity contains a bank guarantee, it is called an "avalanche bill";
e) security documents. They represent a formalized promissory note securing the received financial or a commercial loan in the form of a pledge or mortgage. If the borrower violates the terms of the loan agreement, the owner of this debt obligation has the right to sell them to pay off his debt or receive the property specified in it.
f) other financial instruments credit market. These include mottos, bill of lading, etc.
2. The main financial instruments the securities market are:
a) stocks. They are a security that certifies the participation of its owner in the formation of the authorized capital of a joint-stock company and gives the right to receive an appropriate share of its profit in the form of a dividend.
On the modern the stage of development of the domestic stock market, shares are the most widely represented financial instrument, although by this indicator they are significantly inferior to the indicators of the stock market in countries with developed market economies. As for the volume financial transactions in shares, it is relatively small due to low liquidity and profitability of the predominant part of its types.
b) bonds. They are a security that indicates that its owner has contributed funds and confirms the issuer's obligation to reimburse him for the par value of this security within the period provided for therein with payment of a fixed interest (unless otherwise provided by the terms of the issue).
On the modern At the stage of development of the domestic stock market, the number of varieties of bonds traded on it is relatively small (in comparison with similar indicators of the stock market in countries with developed market economies and the number of varieties of traded shares), however, in terms of the volume of transactions, they occupy the first place (primarily due to transactions in government bonds).
c) savings (deposit) certificates. They represent written
bank certificate (or other credit financial institute that has a license to issue them) on the deposit of funds, which confirms the depositor's right to receive the deposit and interest on it after the specified period.
d) derivative securities or derivatives. This is a relatively new group of Securities for our stock market, which has already been reflected in legal regulations. The main of these securities are: option contracts; futures contracts; forward contracts, swap contracts and others.
e) other financial instruments stock market. These include investment certificates, privatization securities, treasury bonds and others.
3. The main financial instruments the foreign exchange market are:
a) foreign exchange assets that make up the main object financial operations in the foreign exchange market;
b) documentary foreign exchange letter of credit used in settlements for foreign trade enterprises (payments under this document are made subject to the submission of the required commercial documents to the bank: invoices, transport and insurance documents, quality certificates and others);
c) foreign currency bank check, which is a written order of the bank owner of foreign currency holdings abroad to his correspondent bank to transfer the amount specified in it from his current account to the holder of the check;
d) foreign currency bank bill, which is a settlement document issued by the bank to its foreign correspondent;
e) transferable foreign exchange commercial bill, which is a settlement document issued by the importer to the creditor or direct exporter of the product;
f) foreign exchange futures contract, which is financial instrument execution of transactions on the currency exchange;
g) a foreign exchange option contract concluded in the foreign exchange market with the right to refuse to buy or sell foreign exchange assets at a previously stipulated price;
h) currency swap, which ensures the parity exchange of currencies of different countries in the course of the transaction;
other financial instruments currency market (repo agreement for currency, currency slogans, etc.).
4. The main financial instruments the insurance market are:
a) contracts for specific types of insurance services (insurance products) that make up the main object financial operations with clients in the insurance market. These contracts are issued in the form of a special certificate - "insurance policy", transferred by the insurance company to the insurer;
b) reinsurance contracts used in the formation financial relationships between insurance companies;
c) emergency subscription (emergency bond) - financial obligation of the consignee to pay his share of the loss from the general accident during the carriage of goods.
5. The main financial instruments the gold market are:
a) gold as financial holding holding financial operations in this market;
b) a system of various derivatives financial instruments or derivatives used in transactions on the precious metals exchange (options, futures, etc.).
The above system of basic financial instruments the market is in constant dynamics caused by changes in the legal norms of state regulation of individual markets, using experience of countries with developed market economies, financial innovation and other factors.
Many of the reviewed financial instruments even in the practice of countries with developed market economies were introduced after their development only in the last third of the twentieth century. The development of such new species financial instruments and related financial technologies (collectively called " financial products ") is engaged in one of the most modern directions financial management - " financial engineering ". American experts in the field financial engineering - John Marshall and Vikul Bansal proposed a standard regulatory model for the development of a new financial product that has passed appropriate empirical testing.

There are various approaches to the interpretation of the concept "Financial instrument"... In the most general form, a financial instrument is understood as any contract (agreement) under which there is a simultaneous increase in the financial assets of one enterprise and the financial liabilities of another enterprise. In our course, we will only consider the tools available to individuals - individual citizens. In this case, the wording will look like this: financial instruments are circulating financial documents with the help of which transactions are carried out between you (an individual) and another person (natural or legal) in the financial market. In practice, this means that you did not just transfer cash from hand to hand (which also has its own risks and security measures), but carried out the transaction through official market participants (banks, payment systems), documenting it.

1.1. Classification of financial instruments.

The whole variety of financial instruments can be classified according to one or another quality. The main one is the market in which they operate or, as the financiers say, circulate.

1.1.1 Classification by financial markets.

• Credit market instruments- this is money and settlement documents (these include bank cards, which we will talk about in more detail in Section 2);
• Fund toolsnew market- various securities;
• Forex market instruments- foreign currency, settlement currency documents, as well as certain types of securities;
• Insurance market instruments- insurance services;
• Precious Metals Market- gold (silver, platinum) purchased to form reserves.

1.1.2. By the type of circulation, the following types of financial instruments are distinguished:

• Short term(circulation period up to one year). They are the most numerous, serve operations in the money market.
• Long term(circulation period is more than one year). These also include "indefinite" ones, the maturity of which is not set. Serve operations in the capital market (we will not consider such).

1.1.3. By the nature of financial liabilities, financial instruments are divided into the following types:

• Instruments for which no subsequent financial liabilities arise (instruments without subsequent financial obligations). They are, as a rule, the subject of the financial transaction itself and, when transferred to the buyer, do not incur additional financial obligations on the part of the seller (for example, the sale of foreign currency for rubles, the sale of a gold bar, etc.).
• Debt financial instruments ... These instruments characterize credit economic relations between various legal entities and individuals arising from the transfer of value (money or things defined by generic characteristics) on terms of return or deferred payment, as a rule, with payment of interest. Depending on the object of lending - commodity capital or cash - there are two main forms of credit: commercial (commodity) and bank. the relationship between their buyer and seller obliges the debtor to repay their face value within the stipulated time frame and pay additional interest in the form of interest (if it is not included in the redeemable face value of the debt financial instrument). An example of debt financial instruments are bonds (lat. Obligatio - obligation) - a security issued by joint-stock companies and the state as a debt obligation. O. confirms that its owner has contributed funds for the purchase of the security and thereby has the right to present it for payment as a promissory note, which the organization that issued O. is obliged to reimburse at the par value indicated on it. This reimbursement is called repayment. O. differs from a share (see) in that its owner is not a member of a joint stock company and does not have the right to vote. In addition to the redemption within a predetermined period when issuing an O., the issuer is obliged to pay its holder a fixed percentage of the face value of the O. or income in the form of winnings or payment of coupons to O., a bill (German Wechsel - exchange) - a written promissory note of a strictly established the law of the form issued by the borrower (drawer) to the lender (drawer), giving the latter an unconditional, legally supported right to demand from the borrower the payment by a certain date of the amount of money specified in the V.V. are: simple; transferable (draft); commercial, issued by the borrower on the security of goods; banking, exposed by banks of a given country to their foreign correspondents (foreign banks); treasury, issued by the state to cover their expenses. Simple V. certifies the obligation of the borrower, the drawer, to pay the lender, the drawer, the debt due to be repaid within the agreed period. Transitional V., called a draft, is issued by the holder of a bill (drawer) in the form of a written order, an order to the drawer (drawer) to pay the borrowed amount with interest to a third party (remitter). Thus, the remitter becomes the new holder of the bill. For example, the creditor Ivanov lent money to Sidorov, but transferred the promissory note received from Sidorov in the name of a third party - Mikhailov, to whom Sidorov had to repay the debt. In this situation, Ivanov is the primary drawer, the drawer, Sidorov is the drawer, the drawee, and Mikhailov is the secondary drawer, the payee, checks (English, check, American check) - a monetary document containing an order from the owner of the current account to the bank on the payment of the amount specified in it to a certain person or bearer, or make non-cash payments for goods and services. Such a check operation is preliminarily provided for by a check agreement between the bank and the drawer. The bank can pay Ch. And on account of the loan to the drawer. There are several types of Ch: bearer, nominal and order. Bearer Ch. Is issued to the bearer, its transfer is carried out by simple delivery. Named Ch. Is issued to a specific person. Order Ch. Is issued in favor of a certain person or by his order, i.e. the check holder can transfer it to the new owner by means of an endorsement, which performs functions similar to the functions of a bill endorsement. For settlements between banks, bank checks are used. etc.
• Equity financial instruments... Such financial instruments confirm the right of their owner to a share in the authorized capital of their issuer, a credit institution (branch) that issues bank cards, securities or other circulating financial instruments. and to receive the corresponding income (in the form of dividends, interest, etc.). Equity financial instruments are, as a rule, securities of the corresponding types (shares, investment certificates, etc.)

1.1.4. According to the priority importance, the following types of financial instruments are distinguished:

1.1.5. According to the guarantee of the level of profitability, financial instruments are divided into the following types:

• Fixed income financial instruments. They have a guaranteed level of profitability upon their maturity (or during the period of their circulation), regardless of fluctuations in the financial market.
• Financial instruments with uncertain income. The level of profitability of these instruments may vary depending on the financial condition of the issuer (ordinary shares, investment certificates) or in connection with changes in the financial market conditions (debt financial instruments with a floating interest rate, "pegged" to the established discount rate, the rate of a certain "hard" foreign currency, etc.).

1.1.6. According to the level of risk, the following types of financial instruments are distinguished:

• Risk-free financial instruments. These usually include government short-term securities, short-term certificates of deposit of the most reliable banks, "hard" foreign currency, gold and other precious metals purchased for a short period.
• Low risk financial instruments. These include, as a rule, a group of short-term debt financial instruments serving the money market, the fulfillment of obligations on which is guaranteed by a stable financial condition and a reliable reputation of the borrower (characterized by the term "first-class borrower"). Such instruments include checks and checks of large banks, government bonds.
• Financial instruments with a moderate level of risk. They characterize a group of financial instruments, the level of risk for which roughly corresponds to the market average. An example is the stocks and bonds of large companies, the so-called "blue chips".
• High-risk financial instruments. These include instruments, the level of risk for which significantly exceeds the market average. These are shares of smaller and less stable companies.
• Financial instruments with a very high level of risk ("speculative"). Such financial instruments are characterized by the highest level of risk and are usually used to carry out the most risky speculative transactions in the financial market. An example of such high-risk financial instruments is the shares of "venture" (risky) enterprises; bonds with a high level of interest, issued by an enterprise with a financial crisis; options and futures contracts, etc.

The given classification reflects the division of financial instruments according to the most significant general characteristics. Each of the considered groups of financial instruments, in turn, is classified according to separate specific features, reflecting the peculiarities of their issue, circulation and redemption.

Details of the description of each financial instrument can be found in specialized literature or on the Internet (for example,)

1.2 Risks and Returns. What does not happen without what?

Risk is a concept that characterizes the likelihood of an event that positively or negatively affects the expected result. As a rule, for private investors and depositors, only the risk of negative events is of interest, i.e. events affecting a decrease in income or even a refund. Therefore, to begin with, let's build a visual graph, where on the horizontal axis we will mark an increase in profitability, and on the vertical axis - an increase in risks. We deliberately do not depict the time axis, although we understand that the further in time the expected event, the more factors can influence it, which means the risk increases.

Let's remember the basic formula - “the higher the yield is offered, the more risky the instrument”. This means that you can be promised income of both 90% and 250% per annum, but the likelihood of this event (payment of income) will rapidly fall with the growth of promises. No matter what they say about reliable investments and promising projects, it will be like creating a "pyramid", well known from MMM, where money is paid for a short time and not to everyone!

What conclusion should be drawn from this? There is no high income without the risk of losing part of the invested, and sometimes (as it was during the crisis years) almost the entire amount. In Scheme 1, financial instruments are placed relative to each other in the assessment of profitability / risk. So deposits and deposits up to 700 thousand rubles. guaranteed to be returned by the state even if the bank goes bankrupt (it is possible that a new level of 1 million rubles will soon be set). State profitability bonds are also guaranteed by the state, although I remember 1998, when the announced default canceled all guarantees.

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Note that cash in the chart is placed with negative yield but positive risk. The first is explained by inflation, which devalues ​​your "non-working" money, the second is explained by the risks of losing it physically (stolen, gnawed, burned ...)

So what tools are available to you? It depends on what funds you have at your disposal (see Table 1). Suppose that you fall into one of the categories - A (over 300 thousand rubles), B (from 100 to 300 thousand rubles), C (from 10 to 100 thousand rubles) and D (up to 10 thousand rubles). rub.)

Table 1. Risk-reward ratio for financial instruments.

If you belong to categories A and B, then you should already know the addresses of brokerage companies and mutual funds. There you will be offered investments for every taste (i.e. risk and return). If at the same time you are a conservative investor, i.e. if you prefer reliability over the risk of losses, then you will be offered a portfolio of bonds (including government bonds) and, conversely, if you are a “risky player” and are ready to lose part of your investment, but at the same time have the opportunity to receive super-profits, then You will be offered a portfolio of stocks of fresh companies, a cocktail of currency futures, options to buy / sell oil, gold and other commodities. Coloring in yellow and orange I give conditionally, because an investment portfolio can be formed in such a way that it will be no more risky than the “green” dollar or extremely risky like playing in the casino for “red”.

In the case when you belong to category C and D, it is better to keep a conservative strategy and operate with instruments colored green.