The first participants in the securities market. Participants of the securities market: functions, types, features. Professional participants in the securities market. Features of participants in the securities market

Legal entities whose activities are related to the organization of the circulation of securities and are carried out on the basis of a special permit issued by the relevant regulatory authorities (in our country this is a license from the Central Bank of the Russian Federation) are called professional participants in the securities market.

The main types of activities that professional participants in the securities market are engaged in include:

1. Activities in the form of an intermediary in the conclusion of transactions with securities according to the orders of their clients (and at their expense). Or, in other words, brokerage;
2. The activity of buying and selling securities at your own expense through the issuance of your own quotes. In other words - dealer activity;
3. Activities for the formation and management of a portfolio of securities for their clients. In other words, trust management;
4. Activities for carrying out mutual settlements between all participants in the securities market. In other words, clearing;
5. Organization of storage of securities both in electronic and in physical form (for securities issued in documentary form), as well as accounting for the change of their current owners. In other words, depository activities;
6. Keeping a register of owners of securities under an agreement with their issuer;
7. Providing a platform for conducting transactions for the purchase and sale of securities and, in fact, the very organization of trading in them.

In Russia, the activities of professional stock market participants in mandatory licensed by the Central Bank and regulated by Federal Law No. 39-FZ. The Central Bank of the Russian Federation issues a license for a professional participant in the securities market, and, in addition, for registrars and registrars, a license to carry out activities for maintaining a register.

Brokers

Forex dealer licenses issued by the Central Bank of the Russian Federation (as of 08.16.2019)

It is difficult to unequivocally judge whether the presence of a license, in this case, is a 100% guarantee of honesty on the part of the dealer in relation to his customers. However, it should be noted that by issuing this license, the Central Bank undertook to exercise certain control over the dealer's activities, and this already inspires a certain degree of confidence.

Managers

Not every investor, especially a beginner investor, is able to competently analyze the market, select the optimal portfolio of securities and efficiently manage it in a constantly changing market environment. That is why there has always been, is and probably will be the demand for the services of professional managers in the field of investment in financial markets.

Although, even if you bought securities presented on paper (documentary form), then they would not have to be folded in neat piles in your home or bank safe either. Indeed, for this, again, there is a depository, which is also engaged in the storage of documentary securities (such as, for example: deposit and or).

In addition to recording and storing information about the current owners of securities, the functions of depositories also include:

• Mediation in the payment of dividends;
• Mediation in terms of exercising the rights of the owner of the securities (for example, his participation in general meetings of shareholders).

Thanks to depositories, there is no need to enter information on each new shareholder in the register of shareholders. All this information is recorded in the depository and transmitted to the issuer only if necessary, for example, before the next cutoff in connection with the payment of dividends.

Registrars

The functions of the registrar are somewhat similar to those of the depository. It also records and stores information about the current owners of securities. Only for the depository, the starting point is a specific investor (owner of securities) and he sets up a depo account for each of them, and for the registrar - the issuing company with the register of which (which) he works.

The register of securities is a collection of information that includes information about the owners of securities, their nominee holders and the encumbrances imposed on them. It includes data on the number and category of securities owned by each shareholder of the company. It can be stored both electronically and in paper form.

Among other things, the duties of the registrar include:

1. Accounting for incoming / outgoing documentation (usually in the form of a journal);
2. Maintaining personal accounts of all persons registered in the register;
3. Accounting for all operations performed (also in the form of a journal);
4. Accounting for certificates for securities;
5. Accounting and storage of all documentation that served as the basis for making changes to the register.

According to the laws of our country, issuers of securities are not entitled to independently maintain their register (in accordance with the provisions of Federal Law No. 142-FZ of July 2, 2013). That is why professional registrars (as the registrars are sometimes called), possessing the appropriate license from the Central Bank of the Russian Federation, are quite popular participants in the domestic securities market.

Trade organizers

These participants in the securities market are categorized according to the type of market in which they trade. We are talking about the exchange and over-the-counter markets. Official exchange platforms (exchanges) act as organizers of trade on the exchange market. And the organization of trading on is the prerogative of trading systems such as: RTS Board, Pink Sheets, OTCBB, etc.

In comparison with the over-the-counter market, the exchange market provides the investor with greater reliability due to the fact that the organizers of trade take responsibility for the execution of all transactions concluded on it. All companies represented on the exchange market go through a fairly stringent procedure to filter out potentially unreliable ones.

The activity of a tender organizer in our country also requires obtaining a special license from the Central Bank. In addition, there are certain restrictions imposed on the possibility of combining their activities with the functions of other professional participants in the securities market. In particular, they do not have the right to combine their activities with:

• Depository activities;
• Clearing activities.

The most important structures of the securities market as a financial category are securities market participants who carry out their professional activities and stock exchanges.

Securities market participants Are individuals or organizations that sell or buy securities or service their turnover and settlements on them, entering into certain economic relations with each other regarding the circulation of securities:

1. investors;

2. issuers;

3. self-regulatory organizations;

4. professional participants of the securities market (organizations serving the market).

Investor- a person to whom securities belong on the basis of ownership or other property rights. Practically all categories of market entities, from individuals to the state, act as investors in the Russian securities market. All investors are usually divided:

By country of origin (investors - residents and foreign investors - non-residents);

By methods of income generation (investors making direct investments and investors making portfolio investments).

Issuer - a legal entity, executive authorities or local self-government bodies, bearing on their own behalf obligations to the owners of securities for the exercise of the rights enshrined by them.

Any economic entities that are residents of the Russian Federation can act as an issuer on the securities market.

Self-regulatory organizations in world practice are business associations, voluntary associations that establish formal rules for their members in doing business. In our country, a self-regulatory organization is a non-profit organization created by professional participants in the stock market on a voluntary basis.

Professional activity is a specialized activity in the securities market for the redistribution of monetary resources on the basis of securities, for organizational, technical and information services for the issue and circulation of securities.

Professional activity on the securities market is divided into the following types:

Reallocation of monetary resources and financial intermediation;

Brokerage activities;

Dealer activity;

Activities for the organization of trade in securities;

Organizational and technical maintenance of operations with securities;

Depository activities;

Consulting activity;

Keeping and keeping the register of shareholders;

Settlement and clearing activities for securities;

Cash settlement and clearing activities (in connection with operations with securities).

Brokerage activities the execution of transactions with securities on the basis of commission and order agreements (financial broker) is recognized.

Dealer activities the execution of transactions of purchase and sale of securities on its own behalf and at its own expense is recognized by public announcement of the purchase and sale prices of securities with the obligation to purchase and sell these securities at announced prices (investment company).

Activities for the organization of trading in securities - is the provision of services that facilitate the conclusion of transactions with securities between professional participants in the securities market (stock exchanges, stock departments of commodity and currency exchanges, organized over-the-counter securities trading systems).

Depository activities activities related to storage of securities and / or accounting of rights to securities (specialized depositories, settlement and depository organizations, depositories of investment funds) are recognized.

Consulting activities the provision of legal, economic and other advice regarding the issue and circulation of securities is recognized (investment advisor).

Activities for the maintenance and storage of the register - this is the provision of services to the issuer for entering the name (title) of the holders of registered securities in the relevant register (specialized registrars).

The basis for recording rights to registered securities is the register, which is maintained by the registrar. In fact, the register - a list of persons with an indication of the number of securities of this type belonging to them - is only a report issued by a special database included in the register keeping system. In addition to the database, the system for maintaining the register assumes the availability of appropriate technologies for maintaining it, storing documents and other organizational measures. It contains all the information necessary to certify the investor's rights to securities and the issuer's obligations in relation to the investor. The registrar keeps information about the securities (issue prospectus, decision on the issue of securities) and the issuer (his details). On the other hand, the stored information includes the investor's details (name, address, bank account), the number of securities of this type belonging to this investor, the date of their purchase, etc.

These records are kept on personal accounts of investors. When buying or selling securities by one investor to another, the registrar will change the entries on the personal accounts accordingly. The reason for this is the appropriately executed transfer order of the investor-seller, in which he instructs the registrar to make the appropriate transfers. Sometimes additional documents are required (sales contract, powers of attorney, etc.).

Historically, in the course of mass voucher privatization in Russia, the registrar was unable to communicate with investors who purchased shares in privatized enterprises at voucher auctions.

Therefore, their relationship could not be regulated by contracts. These relations are regulated by the state represented by the Federal Commission for the Securities Market, which issues the relevant regulations. On the other hand, the registrar enters into an agreement with the issuer, which describes their rights and obligations, as well as the fee for maintaining the register.

One of the problems generated by this situation (the registrar receives income from the issuer) is the problem of "pocket registrars" - formally independent of the issuer, but actually fulfilling its wishes to the detriment of investors, sometimes even contrary to the law. Currently, this is being fought. Its main method was the requirement to enlarge the registrars, who must maintain the registers of many different joint stock companies, so that none of them can have a decisive influence on the registrar.

Settlement and clearing activities for securities, activities are recognized to determine mutual obligations for the delivery (transfer) of securities of participants in transactions with securities (settlement and depository organizations, clearing houses, banks and credit institutions).

Cash settlement and clearing activities are activities to determine mutual obligations and / or to supply (transfer) funds in connection with operations with securities (settlement and depository organizations, clearing houses, banks and credit institutions).

There are several main types of clearing, which are divided according to different criteria:

Continuous clearing is carried out in real time, i.e. every transaction concluded on the exchange is immediately processed. This system is used for not very large transaction flows or with very powerful hardware and software;

Periodic clearing is carried out regularly with a known period (every hour, at the end of the trading session, at the end of the week). At this point, information about all transactions concluded on the exchange for the period is accumulated, and then all transactions are processed at once. This technology is more productive with the same technology costs, however, it, of course, lags behind in terms. In reality, periodic clearing is usually done at the end of each trading session, which is a trade-off between processing cost and time.

Clearing can be bilateral or multilateral:

Bilateral clearing is carried out in such a way that, as a result, it becomes clear which of the participants and which transactions have concluded. Sometimes these transactions are considered independently, and sometimes they are summed up, so that as a result, it turns out the net position of each of the trading participants in relation to each other: as a result of the trading session, A bought 300 shares from B, for which he must transfer B 2,700,000 rubles. And so for each pair A and B. Such clearing is sometimes called bilateral netting (clarification of mutual net positions of each pair of traders);

Multilateral clearing (netting) is a logical continuation of bilateral netting. It goes further and summarizes all trades of each trader with different counterparties. As a result, each participant receives one (for each type of securities) position. The use of netting is associated, on the one hand, with the acceleration and cheapening of settlements, but on the other hand, with an increase in systemic risk. The risk arises when one or several transactions are thwarted (due to an error or as a result of a broker's miscalculation, for example, who sold more securities than he had). An error in a trade can affect the further course of trading (for example, when selling "extra" securities, the buyer can, without knowing it, resell them during the same trading session to a third broker, etc.), and the total error increases, capturing more and more bidders.

The risks associated with the peculiarities of the system (in this case, clearing) are called systemic risks, because they are generated by the system itself. In order to manage them, you need to take special measures, both organizational and technological. Therefore, netting systems are introduced only at high speeds, where the application of these measures is nevertheless cheaper than proceeding with errors. They are not used at all with low-liquid securities.

Among the measures to prevent such risks, it is possible to indicate the presence of special insurance funds for each trading participant, which are contacted if necessary to compensate for losses so that the balance at the end of the session converges. At the expense of these funds (of course, on the basis of previously agreed rules and procedures), the missing securities are forcibly bought.

Today's requirements for exchanges assume that no more than three days are allowed for the execution of a transaction concluded on an exchange, taking into account clearing, delivery and payment. In the most advanced systems, this happens on the day of the trade.

According to the current legislation, professional participants in the securities market have the right to combine various types of activities, with the exception of combining the activities of a dealer or broker with intermediary activities.

Stock Exchange Is an organized market for trading standard financial instruments, created by professional stock market participants for mutual wholesale transactions.

Signs of a classic stock exchange:

1. This is a centralized market, with a fixed place of trade, that is, the presence of a trading floor;

2. In this market, there is a procedure for selecting the best goods (securities) that meet certain requirements (financial stability and large size of the issuer, the mass character of the security as a homogeneous and standard product, massive demand, clearly expressed price volatility, etc.);

3. The existence of a procedure for selecting the best market operators as members of the exchange;

4. Availability of temporary regulations for trading in securities and standard trading procedures;

5. Centralization of registration of transactions and settlements on them;

6. Establishing official (exchange) quotations;

7. Supervision of members of the exchange (from the standpoint of their financial stability, safe business conduct and compliance with the ethics of the stock market).

Stock exchange functions:

a) creation of a permanent market;

b) determination of prices;

c) dissemination of information about goods and financial instruments, their price and conditions of circulation;

d) maintaining the professionalism of trade and financial intermediaries;

e) development of rules;

f) indication of the state of the economy, its product segments and the stock market.

The main task of the exchange, as already mentioned, is to establish market price for one or another type of securities and ensuring the execution of transactions at this or a similar price, concluded on the exchange. Several mechanisms are used to set the market price:

1) auctions;

2) a system with quotes and market makers;

3) a system based on claims;

4) a system with specialists.

The auction system is best known and is used most often for the initial placement or sale of not very liquid securities. It involves the collection of applications with their subsequent comparison and selection of the most attractive for the counterparty. There are several of its options, differing in the conditions for submitting orders and concluding transactions.

The Dutch auction assumes that the seller, having set a deliberately inflated starting price, begins to reduce it until a buyer is found.

An English auction involves a direct struggle between buyers who consistently increase the price of the proposed lot. The buyer is the one whose offer remains the last.

A closed auction involves a preliminary collection of applications with the subsequent selection of the most attractive one.

The quote-driven system is usually used for securities with limited liquidity. All trading participants are divided into two groups - market makers and market takers. Market makers assume obligations to maintain quotes, i.e., public obligations to buy and sell these securities at prices announced by them. In exchange for such an obligation, other trading participants (market takers) have the right to conclude transactions only with market makers. It is very conditionally possible to compare market makers with sellers who are constantly on the market, and market takers with buyers who come there and, comparing the offers of sellers, choose the most profitable, but buy only from sellers.

The system based on orders (order-driven system) involves the submission of orders to bid simultaneously buy and sell. If the prices of the two orders coincide, the trade is executed. This system is used for the most liquid securities when there is no shortage of orders.

The system with specialists assumes dedicated participants - specialists who serve as intermediaries between brokers who submit their orders to them. Specialists enter into transactions on their own behalf with all bidders. Their profit appears as a result of playing on small fluctuations in the exchange rate, which in exchange they are obliged to smooth out.

Technologically, any of the systems can be implemented both "on the floor" and through electronic communication networks.

There are about 150 stock exchanges in the world, the largest are the following: New York, London, Tokyo, Frankfurt, Taiwan, Seoul, Zurich, Paris, Hong Kong and Kuala Lumpur.

The stock exchange acts as the trading, professional and technological core of the securities market, in addition, the exchange is an enterprise.

In international practice, there are various organizational and legal forms of exchanges:

Non-profit corporation (New York Stock Exchange);

Non-profit affiliate (Tokyo Stock Exchange);

Limited Liability Partnership (London and Sydney Stock Exchanges);

Parastatal Organization (Frankfurt Stock Exchange);

Other forms.

Both in international and in Russian practice, exchanges operate in a group of subsidiaries and structures performing auxiliary functions. The creation of subsidiary legal entities at the exchange is used for the following purposes:

a) organization of separate trading floors (futures markets, etc.);

b) creation of clearing and settlement and depository organizations;

c) removal of commercial transactions and services “outside the scope” of the exchange that do not correspond to the unprofitable status of the stock exchange.

Trading in securities is now available to almost anyone. In 2000, many brokers began to provide an opportunity to make transactions with securities through the worldwide network, offering their clients Internet trading systems. The principle of operation of such systems is that the investor receives a computer program that allows him to monitor the course of trading on the exchange (or several exchanges) in real time and independently “with his own hands” make transactions for the purchase and sale of stocks, bonds, currencies, etc. etc.

Section 5. Securities and the stock market

Topic 5.1. The securities market, its meaning, basic concepts. Securities

Stocks and bods market -it is the economic relationship between market participants regarding the issue and circulation of securities.

The securities market is an integral part of the financial market, in which the redistribution of funds occurs with the help of such financial instrumentslike securities.

Valuable paper- this is a document of the established form and details, certifying property rights, the implementation or transfer of which is possible only upon its presentation. The overwhelming majority of securities exist in paperless or non-documentary form.

The securities market is in constant development in line with the growth of the world economy. Its appearance was associated with the needs of commodity production. Without the attraction of private capital and their association through the issue, primarily of shares and bonds, it would be impossible to create and develop new enterprises and industries. Therefore, the development of the securities market has become an important condition for the development of the economy of all the most developed countries of the world.

Within the framework of the commodity economy, the securities market, on the one hand, is similar to the market for any other commodity, because a security is the same commodity, and on the other, it has its own characteristics associated with the specifics of its commodity - securities. The securities market in modern conditions is a sector of the general financial market and in this sense it differs from the real sector of the economy that produces goods and services.

By object and by volume... Both markets have different objects of transactions: the first has a security, that is, the possibility of earning income in the future, and the second has goods and services to be consumed. The volume of the securities market, due to their continuous turnover, is much larger than the volume of the market for real goods and is growing much faster than it;

By the way the market is formed... Real goods must be produced, and the security is simply put into circulation; before, for this it was necessary at least to print the forms of the security itself, but now it is enough to register all its owners in a special register

By the role of the appeal process... The purpose of the production of a real good is its productive or personal consumption. The handling process is only necessary in order to deliver the goods from the manufacturer to the consumer. The number of stages of commodity circulation is limited and the fewer, the better. A security, on the contrary, exists only in the process of circulation. The number of acts of transferring it from hand to hand is not limited by anything and can be very large. The speed of circulation of a security is the most important indicator of its "quality". Termination of the circulation process means “death” for the security;

By subordination of the compared sectors of the economy... Since the real sector is the basis of the economy, it ultimately determines the development of the securities market.

Stocks and bods market - This is a sector of the financial market in which the purchase and sale of financial values \u200b\u200b(securities) is carried out.

The securities market covers:

International, national and regional markets,

Markets for government and non-government (corporate) securities

Primary (original) and secondary, or derivative securities.

Stocks and bods market:

On the one hand, there is an integral part of the financial market, since it allows through the use of securities to accumulate, concentrate and centralize capitals and, on this basis, their redistribution in accordance with market requirements.

On the other hand, this is an area of \u200b\u200bcapital appreciation, like any other market.

The securities market is an external source of capital attraction in relation to any commercial activity. Usually internal financial sources for the operation of an enterprise or company, consisting mainly of depreciation charges and the reinvested part of net profit, on average, from half to three quarters of the total financial resources required to maintain and expand the production and circulation of goods.

To get money from the sale of securities, you need to find a buyer for them. capital can be increased:

Putting money on a bank deposit

In the foreign exchange market

Invest in real estate or antiques, etc.

By investing in some kind of productive activity

Consequently, the securities market is at the same time an object for investing free funds of enterprises, organizations and the population as a sphere where capital increases.

Criteria for the attractiveness of the securities market for an investor. The attractiveness of the securities market is assessed according to the following criteria:

Profitability level. Market participants compare the profitability of their investments in different markets and their instruments;

Tax conditions. Market participants consider the terms of taxation of securities transactions versus taxation in other markets;

The level of risk of investments in securities, i.e., the safety of funds accumulated in them, and the income received;

Service level in the market. How convenient, simple, reliable, etc., is for an investor to work in this market, how protected its participants are from all kinds of market and non-market risks, etc.

In general, approximately 25-30% of the population's free funds are invested directly in the securities market in developed countries, and about the same amount is invested indirectly through insurance and pension funds (companies), which hold most of their assets in securities.

The securities market has a complex structure

Primary and secondary

Organized and unorganized

Exchange and OTC

Public and computerized;

Cash and urgent

Organized -securities are traded according to firmly established rules.

Unorganized -market participants agree on almost all issues.

Stock market - it is trading in securities organized on stock exchanges.

OTC market - it is trading in securities without the intermediation of stock exchanges.

Most types of securities, except for shares, are traded outside exchanges. If the exchange market in its essence is always an organized market, then the over-the-counter market can be both organized and unorganized ("street", "spontaneous"). Currently, in countries with developed market economies, there is only an organized securities market, which is represented either by stock exchanges or over-the-counter electronic trading systems.

Depending on the type of trade, the securities market:

Public(voice) market is a traditional form of securities trading in which sellers and buyers of securities (usually through stock intermediaries) meet directly at a specific place where public, public trading takes place (as in the case of exchange trading), or closed trading , negotiations that, for whatever reason, are not subject to wide publicity.

Computerized the market is various forms of securities trading based on the use of computer networks and modern communications.

The computerized market is characterized by:

Lack of public nature of the pricing process, automation of the securities trading process;

No physical meeting place for sellers and buyers; computerized trading places are located directly in the offices of firms trading in securities, or directly from their sellers and buyers;

Continuity in time and space of the process of trading in securities.

Depending on the terms for which transactions with securities are concluded, the securities market is divided into:

Cash market ("spot" market, "cash" market) is a market for immediate execution of concluded deals. At the same time, purely technically, this execution can be extended for a period of up to one to three days, if the delivery of the security itself in physical form is required.

Urgent the securities market is a market with a delayed, usually several weeks or months, execution of the transaction.

Depending on the instruments traded on the market, it is divided into:

Monetary - the circulation period of instruments in this market is not more than one year (bill of exchange, check, bank certificate, short-term bonds);

Capital market (investment market) - the circulation period of instruments is more than one year (stocks, medium-term and long-term bonds).

Topic 5.2. Securities market participants

The securities market (stock market) is a part of the financial market along with such markets as the market for loan capital, the foreign exchange market and the commodity market. This is a market where a specific commodity is traded - securities.

An efficiently operating securities market performs an important macroeconomic function, contributing to the redistribution of free resources, ensuring their concentration in the most profitable and promising sectors of the economy and enterprises.

For the market to function, supply and demand, intermediaries, a system of regulation and self-regulation are necessary. The demand is generated by investors - organizations and individuals who have free cash savings and are ready to use them to buy securities. The demand for securities is determined by the welfare of the nation: the higher the standard of living, the most of income is saved, the more often, other things being equal, people buy securities.

The proposal is provided by joint stock companies that issue shares in order to raise funds to finance their programs, as well as the state. Both the state and joint stock companies are issuers, i.e. organizations that issue securities. The supply of securities is determined by demand. It is less in those countries where the state interferes more in production, distribution and exchange.

The mechanism of the functioning of the securities market is the interaction of various market entities associated with the implementation of stock transactions. The subjects of the market are participants in the stock market. The objects of the market are various types of securities. The interaction of participants in the securities market is based on the interests of four main market participants:

- states;

- investors (legal entities or individuals) buying securities;

- issuers (legal entities or individuals) issuing securities;

- intermediaries (dealers, brokers, brokers, etc.) who help the circulation of securities and the performance of various stock transactions.

The main participants in the securities market are issuers, investors and professional participants.

Issuers - legal entities or executive authorities or local self-government bodies that bear obligations on their behalf to the owners of securities to exercise the rights enshrined by them.

Issuers are “producers” of the “securities” product, persons issuing securities into circulation and bearing obligations on them on their own behalf and at their own expense. Emission activity is not professional, and a license is not required for its implementation.

The source of funds for investment is savings, i.e. those funds that were not spent on consumer needs. Investments can come from government, individuals, financial institutions and foreign sources. Since the government does not set aside funds specifically in order to then invest in securities market instruments, the main suppliers of capital are individuals and financial institutions.

Financial institutions that invest in securities include: banks, pension funds, insurance companies, mutual funds and other professional managers. Banks attract deposits based on the profit from lending these funds at a higher interest rate than they pay depositors.

The mechanism of functioning of the securities market can be described by the following pairs of interaction.

State-issuers. The state legislatively determines the procedure for the issue, circulation and accounting of securities, the taxation system, controls the implementation of laws by market participants and the collection of taxes. The issuer places its securities in accordance with the established rules. Investors are implicit participants in the "state-issuers" relationship, since the current legislation is aimed at ensuring the rights of investors.

State-investor. The state establishes legislative norms, monitors their implementation and collects taxes. Investors pay taxes, buy and sell securities and require the state to secure their rights.

Issuers-investors. Issuers place their securities and use the collected funds to develop their business, while having certain obligations to investors. The interests of issuers in business development and the interests of investors in generating income are opposite. For a market to function, sellers, buyers and intermediaries are needed to represent the interests of sellers and buyers.

Thus, the main actors in the securities market are:

1) stock exchanges, stock departments of currency, commodity and commodity exchanges, organizing exchange trading in securities;

2) depositories and registrars that store and maintain the register of securities;

3) self-regulatory organizations that are public associations of professional participants in regional securities markets;

4) joint stock companies that issue securities;

5) investment funds and companies engaged in professional specialized activities for the placement of funds of private investors. Mutual funds, which are collective investment schemes, provide an investment vehicle for small investors who believe they do not have the skills and time to manage their investments on their own. By pooling funds from many investors, mutual funds can reap the benefits of economies of scale (i.e., lower fees and greater diversification of risk by spreading it across more individual investments, which is more economically efficient than for the individual investor);

6) commercial banksissuing their own securities, participating in stock transactions of other participants in the securities market and serving them;

7) stock centers and shops that sell securities;

8) pension funds and insurance companies investing temporarily free financial resources in securities. Pension funds accept contributions from prospective retirees knowing that there is a high probability that they will not have to pay pensions to most of their clients during the first years. Consequently, they can invest for long periods and receive income, which they will accumulate and reinvest, without the need to maintain cash reserves to cover short-term obligations.

Insurance companies usually accept payments for insurance policies from businesses and individuals on a regular basis. They must then ensure that sufficient funds are available at all times to meet their insurance policy obligations as needed. Consequently, insurance companies need to invest surplus assets and cash in order to ensure they have a capital base sufficient to meet policy obligations and to earn an acceptable rate of return for their shareholders;

9) legal entities and individuals who, within the framework of the current legislation, perform various stock transactions.

1.2. Securities market participants

Securities market participants (market entities) are individuals and legal entities who sell, buy securities or service their turnover and settlements on them, entering into certain economic relations with each other related to the circulation of securities.

All participants in the securities market can be conditionally divided into professionals and non-professionals. In accordance with the Law "On the Securities Market" professional participants the securities market are legal entities that carry out the following activities: 1) brokerage; 2) dealer activity; 3) activities related to the management of securities; 4) settlement and clearing activities; 5) depository activities; 6) activities related to maintaining the register of owners of securities; 7) activities related to the organization of trading in securities.

Depending on from functional purpose all participants in the securities market can be subdivided into: 1) issuers; 2) investors; 3) stock intermediaries; 4) regulatory and control bodies; 5) organizations serving the market.

I. Issuers securities are economic entities seeking to obtain additional sources of funding, as well as government bodies that issue loans to cover part of government spending.

The issuers include:

State (central government, regional and municipal authorities, large national companies);

Joint-stock companies (corporations of the manufacturing sector, credit sphere, large international companies, stock exchanges, financial structures);

Private enterprises (can only issue debt securities);

Individuals (can only issue IOUs and checks).

II. Investors - individuals and legal entities who have temporarily free funds and who want to invest them to generate additional income. Investors purchase securities on their own behalf and at their own expense.

Distinguish:

? institutional (collective) investors- 1) the state, 2) corporate investors (joint stock companies), 3) specialized institutions: specialized funds and companies (banks, insurance companies, pension funds), investment institutions (investment companies, investment funds);

? market professionals - stock intermediaries (brokers, dealers);

? individual investors - individuals who use their savings to purchase securities;

? other investors - enterprises, organizations.

In practice, there is no clear distinction between issuers and investors; often an economic entity or investment institution issuing its own securities can be an investor, that is, buy securities of other issuers.

Some of the main issuers and investors of securities are: banks, investment companies, etc.

Bank - this is an organization created to attract funds and place them on its own behalf on terms of repayment, payment and urgency. The main purpose of the bank is to mediate in the movement of funds from lenders to borrowers and from sellers to buyers.

Russian banks are active players on the Russian stock market. They have the right to carry out stock and trust transactions with securities. The development of legislation on mortgages and the adoption of a law on mortgage-backed securities open up additional opportunities for banks to expand a new area of \u200b\u200bactivity.

Mutual investment fund (UIF) is a separate property complex consisting of property transferred to the trust management of the management company by the founder (s) of trust management with the condition of combining this property with the property of other founders of trust management, and from the property obtained in the process of such management, a share in the right ownership of which is certified by a security issued by the management company (Article 10 of the Law "On Investment Funds" dated November 29, 2001 No. 156-FZ).

This property complex is created at the expense of investments of investors (individuals and legal entities), as well as accrued property, the share in the ownership of which is certified by a security issued by the management company - investment share... A mutual investment fund is not a legal entity and becomes a market entity through a management company that conducts its operations, as well as with the help of a specialized depository that keeps records of property and rights of investors.

Investors' funds transferred to the trust management of the management company are invested in the most reliable and liquid instruments of the securities market, while striving to ensure the highest possible profitability.

Joint Stock Investment Fund (AMF) is an open joint stock company, the exclusive subject of activity of which is the investment of property in securities and other objects provided for by the Law "On Investment Funds" (Article 2 of the Law "On Investment Funds" dated November 29, 2001).

The exclusive activity of an investment fund is the issue of its own shares and their sale to everyone, including the population, and at the same time investing its own and borrowed funds in securities of other issuers. By purchasing shares of the fund, investors become its co-owners and share in full all the risk from the financial transactions carried out by the fund. The success of such operations is reflected in the change in the current price of the fund's shares.

Non-state pension fund (NPF) is a special organizational and legal form of a non-profit organization social security, the exclusive activity of which is non-state pension provision of the fund participants on the basis of agreements on non-state pension provision of the population with the fund's investors in favor of the fund participants. The activities of NPFs are regulated by the Law of the Russian Federation of May 7, 1998 No. 75-FZ "On Non-State Pension Funds".

The NPF transfers its assets to specialized trust companies for management.

Insurance Company Is a legal entity of any organizational and legal form provided for by the legislation of the Russian Federation, conducting insurance activities and having received a license for its implementation in accordance with the established procedure. The insurer is licensed by the Federal Service for Supervision of Insurance Activities for each type of insurance.

Insurance companies invest their funds in various financial assets: government securities of the Russian Federation, government securities of the constituent entities of the Russian Federation, municipal securities; bank bills, bank deposits (deposits); shares, bonds of enterprises; housing certificates; investment shares of mutual funds, certificates of equity participation in OFBU (General Funds of Banking Management). The principles of placing insurance reserves are: diversification, repayment, profitability, liquidity.

III. The next group of participants in the securities market are stock intermediaries - traders who provide relationships between issuers and investors in the securities market. These include brokers, dealers.

Brokerage activity - this is a licensed activity for the execution of civil transactions with securities on behalf of and at the expense of the client (including the issuer of equity securities during their placement) or on its own behalf and at the expense of the client on the basis of paid contracts with the client. A professional participant in the securities market performing this activity, called broker.

In addition to operations with securities, the broker can also provide information and consulting services. He can provide information on the situation in the securities market, supply and demand for certain types of them, consult on individual stock transactions, as well as on the conclusion of contracts and agreements.

Dealer activity Is the execution of transactions for the purchase and sale of securities on its own behalf and at its own expense by publicly announcing the purchase and / or sale prices of certain securities with the obligation to purchase and / or sell these securities at announced prices. In addition to the price, the dealer has the right to announce other essential conditions of the securities purchase and sale agreement: the minimum and maximum number of purchased and / or sold securities, as well as the period during which the announced prices are valid. In the absence in the announcement of an indication of other essential conditions, the dealer is obliged to conclude an agreement on the essential conditions proposed by his client. Dealer activity is licensed and can be combined with brokerage activity.

IV. Regulatory and control bodies.

In world practice, there are four main forms of regulation of the securities market.

1. Government regulationbased on legislation and taxation norms.

2. Self-regulation, carried out through the activities of various associations of stock market professionals.

3. Exchange regulation, that is, regulation through the rules of operation of general and specialized stock exchanges.

4. Public regulation or regulation through public opinion.

1... State regulatory bodies. The regulation of the securities market at the state level is carried out by:

1) the highest bodies of power: the Federal Assembly, the President, the Government;

2) government bodies regulating the securities market at the ministerial level: the Ministry of Finance of the Russian Federation, the Bank of Russia, the Federal Service for Financial Markets, the Federal Service for Supervision of Insurance Activities, etc.

2. Self-regulatory organization of professional securities market participants (SROPURTSB) is a voluntary association of professional participants in the securities market, operating on the principles of a non-profit organization, created to ensure the conditions for the professional activity of participants in the securities market, to comply with professional ethics standards, to protect the interests of securities holders and other clients of professional participants in the securities market who are members of a self-regulatory organization, establishing rules and standards for conducting transactions with securities, ensuring effective activity in this market. All income of a self-regulatory organization is used by it exclusively for the performance of statutory tasks and is not distributed among its members.

V. The next participants in the securities market are organizations serving the market... These are organizations that perform all functions in the securities market, except for the function of buying and selling securities. They can be divided into:

Organizations providing the conclusion of transactions;

Organizations that ensure the execution of transactions.

I. Organizations providing the conclusion of transactions.

The organizers of trading in the securities market are professional market participants - exchanges and trading systems that organize regular trading in securities.

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. A professional participant in the securities market, carrying out activities to organize trading in this market, is called the organizer of trading in the securities market.

Trading on the organized securities market is carried out: 1) on stock exchanges; 2) in an organized over-the-counter market.

Stock Exchange is an organized, regularly functioning, centralized market with a fixed place of trade, with a procedure for selecting securities and market operators that meet certain requirements, with the presence of temporary regulations for trading in securities and standard trading procedures, with the centralization of registration of transactions and settlements on them, the establishment of official (exchange) quotes. The stock exchange is a licensed non-profit venture. She supervises the members of the exchange, provides settlement and information services, gives certain guarantees and receives commissions from transactions.

Trading on the organized over-the-counter securities market is carried out in the trading system. Trading system Is a set of technical, technological and organizational tools that allow to conclude transactions with securities, to compare their parameters.

There are many different technologies of trading systems. The most famous system in the world electronic trading is the American NASDAQ system, developed by the US National Dealers Association. The analogue of the NASDAQ system in Russia is the Russian Trading System (RTS), where OTC trades in shares of Russian issuers are held. This system was developed by specialists National Association of Stock Market Participants (NAUFOR) and entered into force in September 1995. NAUFOR developed both the rules for the use of "RTS" and the rules for trading.

II. TO organizations providing execution of transactions, include clearing organizations, depositories, registrars.

Clearing activities Is an activity to determine mutual obligations (collection, reconciliation, adjustment of information on transactions with securities and preparation accounting documents on them) and their offset for the supply of securities and settlements on them.

Clearing activities cannot be combined with other types of professional activities in the securities market, with the exception of activities as a trade organizer or depository.

Depositaries - professional participants in the securities market engaged in depository activities, that is, activities related to the provision of services for the storage of securities issued in documentary and non-documentary forms, and taking into account the transfer of rights to them.

The duties of the depositary include: 1) keeping securities certificates, if the securities are issued in documentary form; 2) registration of the facts of encumbrance of the depositor's securities with obligations (pledge, resource provision, etc.); 3) maintaining a separate depository account from other accounts with an indication of the date and basis of each operation on the account; 4) transfer to the depositor of all information about the securities received by the depositary from the issuer or the holder of the register of owners of securities; 5) verification of securities certificates for authenticity; 6) collection and transportation of securities; 7) acting as an intermediary between the issuer and the investor.

The depositary has the right to register in the system for maintaining the register of securities holders or with another depositary as a nominee in accordance with the depositary agreement. He also has the right, on the basis of an agreement with other depositories, to involve them in the performance of his duties for the storage of securities certificates and / or recording the rights to securities of depositors (i.e., become a depositor of another depository or accept another depository as a depositor), unless expressly prohibited by the depositary agreement.

Depository activities can be combined with clearing activities and activities to organize trading in securities.

Registrar - a legal entity that maintains a register of holders of registered securities (for bearer securities, the register keeping system is not maintained), which consists in collecting, fixing, processing, storing and providing data that make up the system for maintaining a register of securities holders.

The function of the registrar can be performed by the joint-stock company (issuer) itself or by a third-party organization (if the number of securities holders exceeds 500) - a professional in maintaining the register (this can be a bank, a specialized registrar, i.e. a legal entity).

The task of the registrar is to provide the issuer on time and without errors with the register of owners of securities, which is a list of all registered persons with an indication of the number, par value and category of securities they own. In addition to their main functions, registrars, as a rule, perform additional ones: they are responsible for issuing and controlling the circulation of securities certificates; execute blocking of securities related to seizure, pledge or other transactions; act as a paying agent of the issuer (if the bank acts as a registrar), etc.

The combination of register keeping activities with other activities is not allowed.

Securities management activities - implementation by a legal entity or individual entrepreneur on its own behalf for a fee within a certain period of trust management of property transferred into the possession and belonging to another person, in the interests of this person or third parties indicated by this person - beneficiaries.

This type of activity is carried out by a professional participant in the securities market, called a trustee. The objects of trust management in the securities market are: securities; funds intended for investment in securities; cash and securities received in the process of managing securities.

The trustee is liable to the founder of the management (beneficiary), and in the event of losses, he reimburses the founder of the management for losses, and the beneficiary - the lost profit in the manner prescribed by civil law.

Test 1. Choosing the correct answer

1. According to the Federal Law "On the Securities Market", a legal entity or executive bodies or local self-government bodies, bearing on their own behalf obligations to the owners of securities to exercise the rights enshrined by them, are:

a) the issuer;

b) investor.

2. According to the Federal Law "On the Securities Market", a person who owns securities by right of ownership (owner) or other property right (owner) is called:

a) an investor of securities;

b) the issuer of securities.

3. Legal entities, including credit organizations, which carry out the activities specified in Ch. 2 of the Federal Law "On the Securities Market" is:

a) professional participants in the securities market;

b) collective investment institutions;

c) non-profit financial institutions.

4. Activities related to the execution of civil transactions with securities on behalf of and at the expense of the client (including the issuer of equity securities during their placement) or on their own behalf and at the expense of the client, on the basis of paid contracts with the client, are:

a) brokerage activities;

b) dealer activity;

c) depository activities.

5. What is the name of the activity on the conclusion of transactions of purchase and sale of securities on its own behalf and at its own expense by publicly announcing the purchase and / or sale prices of certain securities with the obligation to buy / sell these securities at the announced prices?

a) brokerage activities;

b) dealer activity;

c) depository activities.

6. What is the name of the activity on the implementation by a legal entity on its own behalf for a fee within a certain period of trust management of securities transferred to it and belonging to another person, in the interests of this person or third parties indicated by this person?

a) brokerage activities;

b) dealer activity;

c) activities for the management of securities.

7. The activity of defining mutual obligations (collection, reconciliation, correction of information on transactions with securities and preparation of accounting documents on them) and their offset for the supply of securities and settlements thereon is:

a) clearing activities;

b) activities related to maintaining the register of owners of securities;

c) depository activities.

8. What is the name of the activity for the storage of securities certificates and / or accounting and transfer of rights to securities?

a) brokerage activities;

b) dealer activity;

c) depository activities.

9. What is the name of the activity for the collection, recording, processing, storage and provision of data that make up the system for maintaining the register of securities owners?

a) brokerage activities;

b) dealer activity;

c) activities related to maintaining the register of securities owners.

10. What is the name of the activity on the provision of services that directly contribute to the conclusion of civil transactions with securities between participants in the securities market?

a) depository activities;

b) dealer activity;

c) activities for organizing trade on the securities market.

11. Identify the types of professional activities in the securities market that can be combined by one legal entity:

a) clearing activities and activities related to maintaining the register of securities owners;

b) brokerage and dealer activities;

c) depository activities and activities related to maintaining the register of securities owners.

12. The main task of self-regulatory organizations in the securities market is:

a) maximizing profit;

b) establishment of rules and standards of professional activity;

c) taxation.

13. Who exercises government regulation of the securities market?

a) self-regulatory organization;

b) the federal service for financial markets;

14. A person using the services of depositories for the safekeeping of securities and / or accounting for rights to securities is called:

a) by the issuer;

b) the depositor;

c) a dealer.

15. Which of the statements about financial institutions is correct:

a) financial institutions offer their services to make a profit;

b) the bank accepts deposits only for safekeeping;

c) the main function of all financial institutions is to provide loans to borrowers.

16. When transferring funds into trust, the income received is the property of:

a) an investor;

b) the management company;

c) the depositary.

17. Opening of custody accounts for owners of equity securities is carried out by:

a) registrar;

b) depository;

c) clearing organization.

18. The opening of personal accounts for holders of equity securities is carried out by:

a) registrar;

b) depository;

c) clearing organization.

19. The nominal holder of securities is:

a) the owner of the securities, who owns them;

b) a professional participant in the securities market who acts as a holder of securities on his own behalf, but in the interests of another person and is not the owner of these securities;

c) a legal entity or individual entrepreneur, authorized to carry out civil transactions with securities on behalf of their owner on the basis of a power of attorney.

20. An open joint-stock company, the exclusive subject of which is the investment of property in securities and other objects, is:

a) mutual investment fund;

c) joint stock investment fund.

21. Stock exchanges in accordance with Russian legislation are created in the organizational and legal form:

a) a limited liability company or a closed joint stock company;

b) non-commercial partnership or joint stock company;

c) associations or non-profit partnerships.

22. The holder of the register of shareholders of a joint stock company may be:

a) a specialized registrar or joint-stock company that carried out the placement of shares;

b) exclusively a specialized registrar;

c) exclusively joint stock company that carried out the placement of shares.

23. According to the Law "On the Securities Market", the issuer of securities may be:

a) a joint stock company that made a decision on the issue at the general meeting of shareholders;

b) a legal entity or executive bodies, or local self-government bodies, bearing on their own behalf obligations to the owners of securities to exercise the rights enshrined by them;

c) a legal entity that has carried out state registration of the issue of securities.

24. Can a person who professionally carry out activities related to the maintenance of the register, combine it with other types of activities in the securities market:

b) cannot;

c) can, if it has a license to conduct other activities.

25. Individuals and legal entities who have temporarily free funds and who want to invest them in order to obtain additional income are:

a) investors;

b) issuers.

26. Business entities seeking to obtain additional sources of funding, as well as government bodies issuing loans to cover part of government spending, are:

a) investors of securities;

b) issuers of securities.

27. Who carries out securities management activities?

a) registrar;

b) stock exchange;

c) trustee.

28. Who maintains the register of securities owners?

a) registrar;

b) broker;

29. Who carries out activities related to storage of securities and registration of rights to securities?

a) registrar;

b) depository;

c) trustee.

30. Who carries out activities to determine mutual obligations and offset them for the supply of securities and settlements thereon?

a) depositary;

b) a clearing organization;

c) registrar.

31. Who concludes transactions for the purchase and sale of securities on their own behalf and at their own expense by publicly announcing the purchase and sale prices of these securities?

b) broker;

c) trustee.

32. Who concludes transactions of purchase and sale of securities on behalf of and at the expense of the client?

b) broker;

c) depository.

33. Who is involved in organizing trading on the securities market?

a) depositary;

b) trustee;

34. Determine the types of professional activities in the securities market that can be combined by one legal entity:

a) brokerage and activities related to maintaining the register of securities owners;

b) activities related to maintaining the register of owners of securities and dealer activities;

c) depository activities, clearing activities and trade organization activities.

35. A legal entity performing, under an agreement with the registrar, the functions of receiving from registered persons (their authorized representatives) and transferring to the registrar information and documents necessary for the execution of operations in the register, as well as the functions of receiving information and documents from the registrar and transferring them to registered persons , is an:

a) a transfer agent;

b) a broker;

c) a dealer.

36. A legal entity licensed to carry out brokerage and / or dealer activities on the securities market, which provides services to the issuer in preparing a securities prospectus, is:

a) financial advisor;

b) depository;

c) registrar.

37. What activities are recognized as activities to organize trading on the securities market?

a) provision of services that directly contribute to the conclusion of civil-law transactions with securities between participants in the securities market;

b) dealer activity;

c) brokerage activities.

38. What is the name of the activity to determine mutual obligations for the delivery (transfer) of securities of participants in transactions with securities?

a) brokerage activities;

b) depository activities;

c) activities to determine mutual obligations (clearing).

39. A legal entity performing the functions of a stock exchange is not entitled to combine this type of activity with other types, except for:

a) activities related to maintaining the register of owners of securities;

b) depository activities, clearing and information dissemination activities;

c) activities: currency exchange, information dissemination, publishing, registration.

40. What is the name of the activity on the execution of civil transactions with securities on behalf and at the expense of the client or on his own behalf and at the expense of the client on the basis of compensated contracts with the client?

a) brokerage activities;

b) depository activities;

c) activities to determine mutual obligations.

Test 2. Elimination of mismatch

1. Types of professional activities in the securities market:

a) dealer activity;

b) clearing activities;

c) the activities of the investment fund;

d) brokerage activities;

e) depository activities;

f) trust activity;

g) appraisal activity;

h) registration activities.

2. An agreement concluded on the securities market between a professional market participant and an investor is an agreement:

a) commissions;

b) lease;

c) about the securities account;

d) contribution;

e) clearing services;

f) trust management;

g) instructions;

h) to maintain the register.

3. The clearing procedure includes:

a) reconciliation of the terms of the transaction;

b) registration of the transaction;

c) sending to the participants of the transaction confirmations of the transactions made;

d) calculation of mutual requirements;

e) conclusion of the transaction;

f) carrying out multilateral offset;

g) delivery of securities to sellers and transfer of funds to buyers for the execution of the transaction;

h) transfer of funds to the seller for the delivered securities.

4. Types of broker orders:

a) limit order;

b) night order;

c) market order;

d) stop order;

e) open order;

f) an annual order;

g) daily order;

h) an order to buy a standard lot of securities.

5. The duties of the depositary include:

a) storage of certificates of securities, if the securities are issued in documentary form;

b) registration of facts of encumbrance of the depositor's securities with obligations (pledge, resource provision, etc.);

c) maintaining a separate depo account for the depositor, indicating the date and basis of each transaction on the account;

d) transfer to the depositor of all information on securities received by the depositary from the issuer or the holder of the register of owners of securities;

e) collection and transportation of securities;

f) verification of securities certificates for authenticity;

g) maintaining the register of owners of securities;

h) acting as an intermediary between the issuer and the investor.

6. The following requirements are imposed on the organizers of the auction - they must:

a) have a trading system at their disposal;

b) organize a system of settlements under contracts for the purchase and sale of securities;

c) have agreed and registered in FSFM trade organizer rules, internal operating procedures to facilitate compliance with the organizer's rules; listing and delisting rules;

d) have established equity capital;

e) have at least 20 members;

f) maintain a register of authorized persons of its members;

g) be subject to external audit at least once a year;

h) keep a register of owners of securities.

7. Institutional investors are:

a) the state;

b) joint stock companies;

c) specialized institutions (insurance companies, pension funds);

e) individuals;

f) private entrepreneurs;

g) joint stock investment funds.

8. The functions of state regulation include:

a) the creation of legislative acts;

b) registration of securities;

c) licensing the activities of professional participants in the securities market;

d) supervision of the financial condition of investment institutions, etc .;

e) ensuring transparency and equal awareness of all market participants;

f) ensuring the stability of monetary circulation;

g) control and maintenance of law and order in the securities market;

h) accounting of transactions with securities.

9. The bodies exercising state regulation of the securities market are:

b) the Ministry of Finance;

c) Pension fund;

d) Central Bank;

e) off-budget funds;

f) the President;

g) the Government;

h) insurance companies.

10. Organizations that are self-regulating in the securities market are as follows:

a) stock exchanges;

b) PARTAD;

d) NAUFOR;

f) the Central Bank of the Russian Federation;

Test 3. Finding an alternative

Answer “Yes” or “No”.

1. Are the legal entity or executive authorities or local self-government bodies that bear obligations on their behalf to the owners of securities to exercise the rights enshrined by them - are they investors?

2. Individuals and legal entities that have temporarily free funds and want to invest them in order to obtain additional income - are these issuers?

3. Are joint stock companies classified as institutional investors?

4. Can state bodies and local self-government bodies be investors of mutual funds? Is a mutual investment fund a legal entity?

5. Is a dealer a professional participant in exchange transactions who works independently and makes transactions at their own expense?

6. Is an open joint-stock company, the exclusive subject of activity of which is the investment of property in securities and other objects, a mutual investment fund?

7. Can brokerage activities be combined with other activities in the securities market?

8. Cash of clients transferred by them to a broker for investing in securities must be in a special bank account?

9. Does the issuer itself have the right to be the holder of the register of owners of securities?

10. Can only professional participants in the securities market be members of a self-regulatory organization of professional securities market participants?

11. Can the stock exchange be registered as a joint stock company?

12. Is the stock exchange obliged to accept for trading any outstanding share of an open joint stock company?

13. Can only a registrar carry out activities for organizing trading on the securities market?

14. The totality of technical, technological and organizational means allowing to conclude transactions with securities, to compare their parameters - is this a trading system?

15. Is a special license required for private clearing?

16. Can a clearing organization serve only one stock exchange?

17. Can only a legal entity be a depositary?

18. Does the registrar have the right to delegate some of its functions to other registrars?

19. Can a person who professionally maintains the register combine it with other activities in the securities market?

20. Does the depository have the right to dispose of the depositor's securities, manage them or perform any actions with securities on behalf of the depositor, except for those carried out on behalf of the depositor, in the cases stipulated by the depositary agreement?

Test 4. Definition term

1. Find in the right column the definition of the terms indicated in the left column.

2. Find in the right column the definition of the terms in the left column.

3. Look in the right column for the definition of the terms in the left column. author Kanovskaya Maria Borisovna

1. The history of the development of the securities market The market economy cannot exist without a developed circulation of securities, as well as without the securities themselves - the instrument with which it is provided. The securities market has a long history of development. It started with