General provisions on the implementation of securities.
The law allocates two ways to sell securities at bargains: this is an implementation at the trading held by the Stock Exchange, and at the auction conducted by a specialized organization - the realizer.
The stock exchange is implemented by securities that appeal on it, the investment pages of open and interval mutual funds, for their implementation, the bailiff makes the requirements for the management company about their repayment, the implementers selected on a competitive basis sell all other securities.
Implementation of securities on the stock exchange.
Securities, applying to the organized securities market, are subject to implementation at the trading organizer of trade in the securities market. Securities are subject to sale at a brokering broker or control (if securities are transmitted to control), which is a member of the corresponding trading.
Bidding the trade market in the securities market is carried out in the manner prescribed by the legislation of the Russian Federation on the securities market, without the use of the bid regulations provided for by Art. Art. 90 - 92 of the law on enforcement proceedings.
Securities are set at the trading organizer in the securities market at a price not lower than the weighted price of these securities over the last hour of trading in the previous trading day.
Application for the sale of securities at the bidding of the trade organizer on the securities market can be exhibited repeatedly within two months from the date of receipt of the ruling of the bailiff.
If within a two-month period from the date of receipt by the broker or the management of the ruling bailiff, securities were not sold at the auction, then the bailiff suggests the recoverer to leave securities for itself at the weighted average price of these securities for the last hour of trading of the last trading day, Which broker or manager exhibited them to bidding.
Implementation of investment shares.
As for the implementation of investment benefits, the bailiff claims to redeem the investment fevers to the management company, since the management company is obliged to buy a debtor of the US debtor at any time (open investment fund) or at a certain period of time (interval investment fund ). Thus, for the implementation of the PAY of the Open Investment Fund, the bailiff concludes him directly into the Pass Investment Fund. In the case of implementing the share of the Interval Investment Fund, the bailiff must make a decision to present it to implement it in a mutual investment fund or to implement at a bidding. The following factors should affect the decision-making, in our opinion:
The purchase time of the share (if Pai must be redeemed in a month, it makes no sense to put it on auction);
The economic sustainability of the mutual investment fund (in particular, the bailiff must consider whether there is a chance of insolvency of the mutual investment fund in the near future);
The presence of a declaration of the recoverer on readiness to wait until the maturity of the share;
The presence of other property in the debtor (in this way, if the debtor has no other property or it is clearly not enough to pay off the debt, it is possible to wait until the date of payment is on the onset of the payment, since the bidding of Pai can be implemented significantly cheaper than its actual cost).
In the law on enforcement proceedings, nothing states about the specifics of the implementation of fevers of closed investment funds.
However, the PAIs of closed investment funds under the general rule can not be charged to repay the valet investment fund, so general rules for the implementation of securities are applied.
The implementation of securities at the auction in general order.
Nevertheless, the most common way to implement securities is the implementation of arrested securities with a specialized organization in general.
The variety of types of securities reflected in the rules of their implementation. The procedure for the implementation of shares of open joint-stock companies and closed joint-stock companies should be distinguished.
The implementation of shares of closed joint-stock companies also has its own characteristics. In particular, shareholders of closed joint-stock companies in accordance with Art. 97 of the Civil Code of the Russian Federation and Art. The 7 of the Law on Joint-Stock Companies have the right to purchase.
Transmission of securities after its implementation.
The procedure for the legal registration of the sale of securities and re-registration of the rights to the new owner during the executive production is not specifically specifically stipulated in the current executive legislation, therefore must be guided common requirements legislation regulating the procedure for making transactions with securities.
At the same time, there are a number of spaces during the sale (sale) of the bill during the executive procedures in the legislation. One of them is that bill legislation does not oblige a debtor-bill holder to make an endorsement in favor of the person who acquired a bill at the auction. Therefore, legal difficulties may arise in connection with the transfer of bills in the order of the enforcement proceedings to another willssel holder before the fulfillment of the obligations on the bill. We believe that the debtor needs to be obliged to make an indors in favor of the person who acquired a bill at the auction in the course of executive procedures with further involvement of liability for non-performance or improper performance of this duty.
The question of the possibility of making an endorsement by an authorized representative of a specialized organization in favor of a new acquirer. It is possible that in this case, the bill can be transferred to another person to a specialized organization conducted by trading, on the basis of a court decision, an executive list and a protocol on bidding with a mandatory application to the bill of copies of the specified documents.
Features of the transfer of non-documentary securities after their implementation.
When transferring non-documentary securities to the face that bought them at the auction, it is necessary to take into account the provisions of paragraph 3 of Art. 73.1 Enforcement Act. If the debtor's securities are taken into account from the nominal holder, their write-off from the personal account of the nominal holder of the debtor's securities in the register of shareholders is not allowed without writing off the depot from the account. Such a write-off should be made simultaneously from both accounts, and if simultaneous write-off is impossible - first from the depo account at the nominal holder, and then from the personal account in the shareholder register.
Stocks and bods market
Stocks and bods market ( stock market) is an integral part of the financial market. In the stock market the specific financial instruments -- valuable papers. The purpose of the securities market is the accumulation of temporarily free cash of economic entities and ensuring the possibility of their redistribution by committing various operations with securities between market participants.
The securities market performs the following tasks:
* mobilization of temporarily free cash for investment activities;
* formation of relevant market infrastructure facilities;
* reduction of investment risk;
* formation of portfolio investments;
* Development of the secondary securities market;
* Development of pricing tools;
* prediction of promising areas of economic development based on the analysis of the dynamics of the selling value of securities;
* Improvement of the market mechanism. The following main functions of the securities market can be distinguished:
* Account function. It is manifested in compulsory accounting in the relevant registers of all types of securities, the appeal of which is carried out in the stock market, as well as in the registration of market participants and fixing all operations with securities;
* Redistributive function. Lies in the fact that in the stock market there is a redistribution of temporarily free cash of economic entities between participants in the securities market;
* Control function. Implies the implementation of relevant monitoring of compliance with the requirements of legislation during transactions in the stock market;
* Stimulating function. It is manifested in the fact that it stimulates participants in the securities market to participate in management;
joint Stock Company and make a profit from the management of share capital;
* Function for balanced demand and suggestions. Means that the market ensures equilibrium demand and proposals for financial resources based on stock operations;
* Adjusting function. It is manifested in the fact that through the implementation of stock operations there is a regulation of various public processes in the state.
In the Russian Federation, the regulation of the securities market was developed in the mid-90s. last century. The development of the securities market was associated with a number of difficulties: political instability, crisis of mutual non-payment, instability of the National Monetary Unit.
Allocate the following types of securities market:
* Primary securities market - the market where the release of the issue and primary placement of securities;
* Secondary securities market - the market where the purchase and sale of previously issued securities are made.
In addition, the outdoor market of securities is distinguished, stock exchange market, stock exchange.
The over-the-counter market is the market where the transaction is outside the generally accepted stock exchange. There are fewer stocks and bonds in such markets, they are less liquid and not so reliably guarantee the rights of investors. The stock market is a market that regularly operates in the form of a stock exchange, a currency exchange and relevant investment institutions.
The stock exchange is the market for the sale of securities, it is presented in the form of an economic entity that works under license, and where securities occurs. Under the applying of securities is meant their purchase and sale and other actions provided for by the legislation, which lead to the change of the owner.
Exchange is not a commercial enterprise. As an economic entity, it provides its premises for carrying out securities transactions, provides settlement and information services, gives certain guarantees and imposes restrictions on securities trading, receiving commissions for all services.
Exchange functions are reduced to the following:
* Mobilization of temporarily free cash through the sale of securities;
* Establishment of the market value of securities. The participants of the Stock Exchange are the following subjects: sellers; Buyers; Intermediaries.
Buyers and sellers are appropriate physical and legal entities. The latter includes financial companies, financial groups, holding companies, investment funds.
The financial company is a corporation that finances the determined number of other corporations chosen by it. The financial company does not have a controlling stake in those corporations that are funded by its name.
The financial group is an association of enterprises that are associated with a single unit without a clear definition of the parent company.
The holding company is a parent company that owns control packages of shares of other joint-stock companies (corporations), which are called subsidiaries. The holding company specializes in management, and its assets include only securities, as well as the property needed to implement management activities.
Investment Fund is an open joint-stock company that attracts cash Small investors, accumulates them on the basis of emissions and selling their own securities (shares), ensures the investment of these funds on their own behalf in securities of other issuers and in securities trafficking.
Investment funds can be divided into the following types:
* Open fund - a fund that emits securities with the obligation to repurchase them back;
* The closed fund - a fund that emits securities without the obligation to repurchase them back;
* The Check Fund is a specialized investment fund for the privatization of state property, which performs operations with privatization checks (vouchers).
A number of business entities should be attributed to intermediaries:
broker - an intermediary concluding transactions on behalf of and at the expense of customers. Broker receives commissions for his services (i.e. percentage of the transaction);
the dealer is a mediator who deals with securities from his face at his own expense and at its own risk. The dealer's income folds due to the difference in purchases and sales prices.
The stock exchange occurs on securities (shares, bonds, GKOs, deposits, certificates, bills, warrants, options, futures), as well as brokerage places and their rent.
Brokerage Place on the stock exchange is the right to trade on this stock exchange.
The valuable paper is a document certifying compliance with the established form and obligatory details of property rights, the implementation and transfer of which is possible only upon presentation. In addition, the security is defined as a monetary document certifying the property right or a loan attitude of the owner of the document in relation to the face that has released such a document.
In accordance with the Civil Code of the Russian Federation, securities must comply with certain requirements, since it must be fixed in the form of strict documents. Such documents may be different, including in the form of an electronic document or in the form of recording on accounting accounts.
Thus, securities are property financial obligations fixed in the form of a strict document. However, not each of these documents may be valuable, since this requires compliance with other conditions. One such condition is to comply with the established form of certification of the relevant rights. In other words, securities should be recognized by the relevant regulatory acts.
Any securities is subject to mandatory state registration. In addition, state registration is subject to primary emission (release) of securities, i.e., the sale of securities to issuers, their first owners.
Primary securities emission is carried out in the following cases:
* when establishing a joint stock company and place shares among its founders;
* with an increase in the size of the authorized capital of the Corporation;
* When attracting borrowed funds from the state based on the issue of bonds and written debt obligations (bills).
It should be noted that one of the main components in the system legal characteristics Security, according to current legislation, the presence of mandatory details in it, to which include:
* name of the security;
* Her series and number;
* Name and legal address of the Issuer;
* nominal value;
* yield;
* Name of the holder;
* Date of extradition and validity period.
Security paper according to the current legislation ceases to be such if there is no obligatory details listed above in it.
Securities perform a number of specific functions that are reflected in their economic essence:
* protruding the proportions of social production, as they provide "overflow" temporarily free funds from some sectors of the economy to others due to the action of the law of value and differences in the norm of profit in the units of the national economy;
* are a way to mobilize free cash investors;
* Enclose a pronounced information function, indicating the state of the economy. A stable decrease in the level of exchange quotes of certain securities, as well as simply massive drops of courses are a sign of deterioration of the economic situation. And vice versa, stable courses or their increase, as a rule, indicate a normal economic situation in the state;
* Perform a test function. Securities allow you to control economic processes in the state within the framework of macro and microeconomics;
* are a binding element between social, political, state institutions on the one hand and a combination of economic relations and connections in society - on the other.
In accordance with the current standards of economic activity, the issuer is called a commercial organization, which decided to issue securities and carried out their primary placement. Emissions of securities is the release of papers into circulation. The person who received a valuable paper is called an investor. The securities market management system in any state is determined in accordance with its goals, tasks and functions.
The subjects of the securities market management are authorized authorities who carry out legislative, registration, licensing and supervisory activities in the securities market; Stock Exchanges, investors.
Management objects include cash flow processes; financial relations; Information Support.
Securities can exist in the form of records on accounts or separate documents.
Securities are divided by types of following documents: promotions, bonds, checks, warrants, futures, options.
Securities can be monetary and commodity (commercial), and depending on the release goals commercial and stock.
Stock. Security paper, which indicates funds for the development of the joint-stock company and gives the right to its owner to receive a part of the profit of the joint-stock company in the form of dividends. Shares are issued without a set of circulation.
There are shares of several species.
Registered shares - their owners are only individuals; In each of them, the surname, name, patronymic of the owner is indicated; Their transfer is carried out only with the help of a notary. Apply among individuals and transmitted to another owner based on notarial design. Otherwise, they lose force, and the calculations of dividends are not conducted on them.
Promotions for bearer - they do not indicate a specific owner of the shares, they belong to legal entities and can freely contact any additional design.
Shares of the joint stock company are distributed among shareholders, i.e. among co-owners of the company. They are divided into two categories:
* Ordinary (simple) shares. They give the right to their owner to participate in the management of the joint-stock company under the scheme - "One share is one voice." The payment of revenues for such shares is carried out by their owners after the payment of dividends on privileged shares;
* preference shares. Do not bring a permanent fixed income to its owner, but have an advantage over an ordinary action in the distribution of profits and the liquidation of the joint-stock company, although their owner has no right to participate in management.
Distinguish the following types of preferred shares:
* Convertible shares that can be exchanged for an established number of ordinary shares at a predetermined rate;
* Preferred shares (closed subscription) are distributed when selling joint-stock company employees and persons equivalent to them. Owners of such shares do not have the right to vote at the shareholders' meeting, with the exception of cases where the changes made in the Charter of the joint-stock company affect their rights and interests directly.
A certificate is issued to the shareholder to the entire number of shares owned by him.
A certificate of shares is a valuable paper that is evidence of the ownership of the shares determined in it by the personality. The transfer of the certificate from one person to another means making a transaction, however, the transition of ownership of shares occurs only in the case of registration of operations in accordance with the established procedure.
The action has a nominal and market value. The share price marked on it is the nominal value: it cannot be less than 10 rubles. and must be multiple 10.
The price at which the action is really bought is called a market price or exchange rate (action rate). The campaign rate is directly dependent on the size of the dividends obtained on them and in the back dependency on the level of loan (bank) percentage. The action rate is determined by the following formula:
The process of determining the stock price directly depends on the income actually by it and is called capitalization of income; It is established through stock markets and other structure of the securities market. The difference between shares (and other securities), i.e., between the price of the seller and the price of the buyer of shares is called margins.
Course price of the shares of the joint stock company of the closed type, according to which it is sold within the Company, is determined by the value of the net assets of this economic entity per paid share, and is called the Balance Cost of the Promotion. Balance value is calculated according to the following formula:
The carrying value of the action is determined by the listing of shares. Listing is the procedure for admitting securities to the issuer to trading on the stock exchange by checking their quality and inclusion in the quotation sheet, as well as the control of the economic and financial position of the Issuer for compliance with the requirements that the stock exchanges are presented. It includes a set of measures that allow effective access to securities and consists of the following steps:
* procedure for including securities in listing;
* Organization of trading;
* Conducting quotes;
* Control over the state of leasing securities.
The inclusion of shares in the listing gives its advantages both issuers and investors. Issuments listing allows you to raise the prestige of your shares (if its sustainable financial condition is proved); get additional advertising benefits through stock exchanges, publishing quotes; Successfully place subsequent issues of securities.
The investor wins that the passage of the listing procedure provides him with a guarantee of reliability of the purchased securities, gives an objective assessment of their real market value.
Copy sheet - the main landmark for all potential investors deciding which securities to invest their money. Securities are entered into it only those issuers who passed through the listing procedure.
The quality of the action, as well as any security, is characterized by its liquidity - the ability to turn into cash quickly and without loss in price.
The share of ordinary shares that are concentrated in the hands of one owner and give it the right to control the joint-stock company (at least 50% + one vote) is called a test packet.
Bond. This is a valuable paper that certifies the right of its owner to receive funds provided by the Issuer, as well as interest on these money. Bonds are issued both by the state and business entities.
Bonds are divided into the following types:
* Percentage. These bonds have a coupon, i.e., part of the bond certificate, which gives the right to its owner to receive interest (income). The magnitude of the percentage and the date of its payment is indicated on the coupon.
* interest-free. This type of bond is sold at a discount from the nominal, and the income of the investor develops due to the difference in the purchase price and sale;
* Conversion. These are bonds that give the right to exchange them on ordinary shares of the same issuer under conditions of translation (conversion) premium. The market course of convertible bonds is determined by its bond value. The bond value is defined as the sum of expected interest of the investor's income per repayment by the Issuer of the principal debt, based on the market rate of profit.
Literature
1. Securities Market - Nikolaylanko M.S. - M. - 2009
2. Financial operations - Mirgov Ya.R. - M. 2005
3. Finance - Lyapin V.M. - M. - 2007
The implementation of securities occurs in two stages. The first one is the primary market. The primary market takes place of shares and bonds on the stock exchange. There may be options for initial placement, as well as additional.
The initial placement of shares, or, as they are often called in the press, the IPO is the process of withdrawal by the issuer of its certificates for the primary purchase. This happens as part of the company's expansion. Thus, we sell the promotion, the company increases its own working capital, which can go both to the opening of additional branches and for the purchase of equipment, hiring new employees, the construction of important structures and other material and technical bases.
The decision on primary placement is made directly by the owners of the enterprise and the management bodies. Then the procedure of listing and output on the stock exchange begins. Here is the registration of all papers with the subsequent setting for trading. You can buy stocks on an IPO as during the opening of trading and to them, concluding a preliminary attitude agreement with the issuer.
This technique allows many investors to get good shares much cheaper than they will bargain on the site. In a sense, this can be called a reward for the confidence that an investor has in relation to the company. In order to reduce risks on such purchases, the future shareholder is very important to properly prepare the choice of the company.
For this, it is simply obliged to conduct a fundamental analysis - the research method concluded in the preparation of the forecast regarding the company on the basis of its financial statements. The purpose of this search is to find financial stable enterprises with good managerial and valuable, original market proposal.
From hand to hand
Acquisition of securities for subsequent enrichment is possible not only from the issuer's hands. After the shares were implemented on the IPO, they fall into private ownership and here can be resold to other shareholders.
Securities for fast resale are analyzed by means. This set of tools includes an assessment of stocks in price movements, which is depicted as computer graphs. To decrypt these graphs, tools are used as indicators and strategies for calculating.
It is from the resale that the dividend earnings of the holder is formed. In this, there is the main mechanism of all market speculations - to buy assets of cheaper, wait until they grow up in price, after which they sell. It all depends on the fluctuation of the value of a certain security. It is the cost that is expressed in those most quotations - average price reports that allow analyze the situation in the market. The total market situation relative to the industry or the whole stock exchange can be studied using an index.
Indices are averaged quotes of the value of key participants in a certain market. Such indicators can be drawn up both on the production sector, let's say, the engineering industry and the economy of the whole states. For example, such indicators of the Moscow Exchange as RTS (Russian Trading System) and MICEX (Moscow Interbank Currency Exchange) will tell about the general situation of the Russian economy.
It is on the stock exchange that the implementation of securities is carried out by all participants: both issuers and initial buyers and secondary. Sales operations are held according to the Rules of the Exchange, the relevant legislative framework of the country. Also, the trading platform is a place where the sale of government securities is carried out.
State as a borrower
The Russian Federation, like many other countries, conducts issues of state securities. Such certificates allow the country to replenish their own budget due to the money of the citizens invested in them. Investments are available to both companies and ordinary private depositors.
A package of government securities through the Central Bank is held. It is he who is a representative of the state on the trading platforms. It is subject to higher officials of the Ministry of Finance, which are conducted by the initial placement of government securities bonds.
Most often, it is debt receipts and bills that become the main investment instrument of the Central Bank. Such certificates are meant by an investor's contribution with a subsequent return. The income is formed as a result of interest established under this transaction, in the form of accrued premium payments for the use of this amount by the borrower.
Prices are different
- Nominal - under it means the price that the issuer company establishes when the securities is released. The same amount must be specified in the form and the buyer can be focused on it. For this price it is proposed to purchase securities to the first owner. The nominal value may vary. If it increases, it should be included in the register in the relevant output body, in this case, the owner who has a nominal CB is issued a new promotion or certificate, and the old document must be removed from circulation. Legislation is prohibited to sell the Central Bank at a price if it is as a nominal value;
- Accounting - represented by the value of assets in accordance with the data, which is available in accounting balance Issuer. This cost is considered the most stable, since the depreciation is not numbered on this type of securities;
- Market - It is formed on the stock exchange, where trade in debt obligations and documents of equity hold and has a dependence on value indicators when buying and selling occurs. If you buy a test package of certificates, this indicator may be 30-40% higher than that of ordinary shares of the same enterprise. At such a price, the buyer must navigate, it may be over the measure overestimated (overvalued).
- Internal - with its preparation, all factors are taken into account (the structure of assets is income or loss, and what prospects for this business) the presence of which will affect the final value of the document;
- Liquidation - under this term means guaranteed compensation that the owner of a valuable document receives, in the event that the company will be subject to liquidation;
- Emisy - this price is formed at the time of the issuance of the Central Bank.
Taxes and investors
As in any activities associated with making a profit, the investment industry is also subject to taxation. VAT in this situation has a rare place. Most often, the tax pay passes as an income.
So, the investor records and keeps the record of all his transactions. According to the results of their own accounting and the calculation of profits is carried out, from which he already pays tax. The NDFL in this case will amount to 13 percent, as well as any activity of an individual entrepreneur.
Conducting transactions through the company, the investor pays tax as a legal entity. Here, variations can be different, but taxation is also mandatory. The exceptions are only investments in government bonds and other certificates from the Central Bank. Here the country goes towards investors, and in its own interest reduces tax rates or reset them at all.
Revenue OT investment activity is subject to a declaration. The expanded form indicates the date of each profitable transaction and wiring of funds, after which the percentage is summed up and calculated.
It is worth noting that many brokers assume the payments to pay the tax amounts of their own customers from funds earned as a result of their joint activities. This approach remains very convenient for private depositors.
Payment of VAT
VAT is required to calculate and pay in the budget if it comes to the manufacture of physical certificate blanks: ordering the manufacture of forms, the company pays and the cost of order, and VAT.
It is subject to taxation of VAT and a semi-finished product for the manufacture of material paper shapes, as well as the forms that are imported into the territory of Russia and at the time of importation do not certify whose property rights. In accordance with the provisions Civil Code RF These documents are not securities.
Thus, the implementation of exchange documents in the territory of the Russian Federation VAT is not subject to the exercise of operations at its own expense and on its own behalf. The services provided in the market of stock goods by registrars, depositories, dealers, brokers, regardless of the type of documentation are also released from VAT. However, when providing services for the manufacture, implementation and design of VAT blanks, it is necessary to calculate and pay to the budget.
With the help of such financial instruments such as securities.
Securities, according to the legal definition of the existing in (Article 142), is a document of the established form and details, certifying the property rights, the implementation or transfer of which is possible only when it has been present.
In accordance with Art. 128 of the same code there is an object of civil rights, the same as a thing, or rather movable property.
Currently, the overwhelming part of securities exists not in its historically first - paper, or documentary form, but in the so-called paperless, or uncertified form. The fixation of the rights of the owner of the securities is made only in the Special Register on the rules established by the legislation, and the Securities itself is missing as "physical".
Stocks and bods market Located in constant development in accordance with the growth. His appearance was associated with the needs of commodity production, because without the involvement of private capital and their associations with the help of issuing, primarily shares and bonds, it would be impossible to create and develop new enterprises and industries. Therefore, it became important condition development of the economy of all the most developed capitalist countries World.
Securities market and goods market
As part of the market economy, the securities market, on the one hand, is similar to the market of any other product, because the security is the same product, and on the other, it has its own characteristics associated with the specifics of their goods - securities. The securities market in modern conditions is the sector of the general financial market and in this sense differs from the real sector of the economy producing.
The securities market is an integral part of the financial market, as it is associated with overflows of capital from some participants in the market to others. From other sectors of the financial market (monetary, currency, banking loans market and deposits), it is primarily different in its object, but it is very similar to him and according to the method of education, and on the significance of the process of circulation, and in relation to the market of real benefits. The proximity of these markets is so great that, in some cases, securities can perform the functions of payment and calculated funds (for example, a bill, check). It should be noted that one of the prerequisites for the appearance of modern paper money There was a banknote, or a bank bill.
The securities market covers international, national and regional markets, the markets of specific types of securities, the markets of state and non-governmental (corporate) securities, primary (source) and secondary, or derived securities.
In simplified I. compact video The place of securities market is shown in the figure below.
Place of securities market. Securities market and its main cash flowsRole of the securities market
The securities market, on the one hand, there is an integral part of the financial market, as it allows, through the use of securities to carry out accumulation, concentration and centralization of capital and on this basis, their redistribution in accordance with the requirements of the market, on the other hand, is the sphere of increasing capital, as And any other market.
Securities Market and Capital Attraction
The securities market is an external source of capital attracting in relation to any commercial activity. Usually, domestic financial sources of the enterprise or companies consisting mainly from depreciation deductions and the reinvested part of net profit, averaging from half to three quarters from the total financial resources necessary to maintain and expand the production and circulation of goods. The remaining need for financial resources is covered at the expense of two main external sources: the bank loan market and securities market. According to the existing estimates from the securities market, up to 75% of external financial resources come.
Securities market and capital investment
To get money from the sale of securities, you need to find a buyer on them. Consequently, the securities market is simultaneously an object for investing free cash enterprises, organizations and the public as a sphere where capital increases. However, capital can be increased, or putting money to a bank deposit, or in the foreign exchange market, or invested in some productive activities, in real estate or antiques, etc. Consequently, the securities market objectively competes with other areas of capital application, and therefore It all depends on how attractive it is from the point of view of market participants.
Criteria for the attractiveness of the securities market for the investor. The attractiveness of the securities market is estimated at the following criteria:- level of profitability. Market participants compare the profitability of their investments in various markets and their tools;
- tax conditions. Market participants consider the terms of taxation of operations with securities compared with taxation that has a place in other markets;
- risk level of investment in securities, i.e. the safety of funds accumulated in them, and the received income;
- market service level. How convenient, simply, reliably, etc. Work to the investor in this market is how its participants are protected from all sorts of market and non-market risks, etc.
In general, approximately 25-30% of free cash of the population are invested directly to the securities market in developed countries and is even about as much indirectly through insurance and pension funds (companies), which most of their assets are kept in securities.
The place of the securities market in the general turnover of financial resources is shown in Fig. 1.2.
Security paper has a specific consumer value, which is not implemented in the consumption process, but during the circulation.
Securities Market Structure
The securities market has a very complex structure. It is divided into primary and secondary; organized and unorganized; stock exchange and over-the-counter; Public and computerized; Cash and urgent.
Stocks and bods market It has specific features that distinguish it from the commodity market, for example:
- on the object and by volume. Securities - specific product, title of property. The consumer value of such a product consists only in the ability to bring income in the future. The volume of the securities market due to the continuity of their turnover is many times the volume of the real goods market;
- according to the formation of the market. Real benefits must be produced, and the valuable paper is simply produced into circulation;
- by role in the process of circulation. The purpose of the production of real goods - their consumption, and securities are available only for appeals And it brings income;
- by subordinationin economics. Stocks and bods market secondary Compared to the market of goods and services.
Securities Market Structure
The securities market is a complex structure that has a lot of characteristics and therefore should be considered from different sides.
Depending on the stage of circulation, the valuable is distinguished primary and secondary Markets. Primary - This is the market that provides a grade issue into circulation. This is its first appearance on the market. Secondary - This is the market on which the previously released securities are addressed. This combination of any operations with these papers, resulting in a permanent transition of ownership of them.
Depending on the level of adjustability, securities markets are divided into organized and unorganized. First, the appeal of securities occurs through solid-standard rules, on the second market participants agree on almost all issues.
Depending on the place of trading distinguish birzheva and outdoor stocks and bods market.
- Stock market - This is a securities trade, organized on stock exchanges.
- Ribrome market - This is a trade in securities without the mediation of the stock exchange.
Most types of securities, except for shares, are referred to outside the stock exchange. If the stock exchange market is inherently an organized market, then the over-the-counter market can be both organized and inorganized ("street", "spontaneous"). Currently, in countries with a developed market economy, there is only an organized securities market, which is represented either stock exchangesor over-the-counter electronic commerce systems.
Depending on the type of trade, the securities market exists in two basic forms: public and computerized.
Public (voice) market- This is a traditional form of securities trading, in which sellers and buyers of securities (usually represented by stock intermediaries) are directly found in a certain place where public, vice bargaining (as in the case of stock trading), or closed trading, negotiations that For any reason are not subject to broad publicity.
Computerized market- These are a variety of forms of securities trading based on the use of computer networks and modern means of communication. It is characteristic of:
- lack of physical selection of sellers and buyers; Computerized shopping sites are located directly in the offices of firms selling securities, or directly from their sellers and buyers;
- lack of public pricing process, automation of the process of securities trading;
- continuity in time and space of a securities trading process.
Depending on the deadlines that deal with securities are concluded, the securities market is divided into cash and urgent.
Cash market (The "spot" market, the "Cash" market) is the market for the immediate execution of prisoners. At the same time, it is purely technically this execution can be stretched for up to one to three days if the safety is required in physically.
Urgent market Securities are a market with delay, usually for several weeks or months, the execution of the transaction.
The largest size reaches the cash market of securities. Urgent contracts for securities are mainly in the market of derivatives.
Depending on the tools routing in the market, it is divided into:- monetary - the term of appeal tools in this market for no more than one year (bill, check, bank certificate, short-term bonds);
- capital market (Investment Market) - Tools for more than one year (stocks, medium-term and long-term bonds).
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50. Securities Market: Concept, Structure, Types.
RCB. - This is the part of financial markets, which makes up from economic relations about the release and circulation of the Central Bank, i.e. This is a combination of economic institutions, tools and mechanisms used to attract and redistribute Fin. Resources in society.
Securities Market Structure represent three main components:
– subject of trade (i.e. securities and their derivatives);
– professional participants; Emirates - An organization that issued (issued) securities for the development and financing of its activities (enterprises of various forms of ownership, industries and activities, the authorities of various levels). Investors - Persons who have temporarily free cash, seeking their profitable placement and investing them in the Central Bank (Yu.L., F.L., authorities). Intermediaries Professional participants of the RFS are playing, they are engaged in the placement of the CB of Issuers on the primary market - undercurrent and operations with the Central Bank in the secondary market.
– market regulation system; Infrastructure - This is a combination of economic institutions, tools and mechanisms serving the functioning of the RCB. It includes institutions engaged in settlement and clearing activities, activities on the storage of CB certificates, on maintaining the register of the owners of the Central Bank, etc.
Types of RCB. 1. At the time of circulation of the Central Bank: money market - Central Bank appeals with a term of less than 1 year (Tools: Treasury bills, deposacle. Certificates); stock -Sust of mechanisms and actions that have to trade in securities (stocks, bonds) 2. Depending on the appearance of the Central Bank in the market and the main participants: primary - the Central Bank for the first time appear on the RCB, the market for new emissions, participants - issuers and investors; secondary - The market on which previously issued by the Central Bank is addressed and includes all operations with the Central Bank after their emission, participants are investors and intermediaries, but may also have issuers. 3. By level of organization: organized RCB - Making transactions on strictly established rules, participants only professionals and a trade organizer (stock exchange). unorganized RCB. - Participants are both professionals and not professionals, the rules are less tough. 4. By the method of organization: birzheva - This is a part of an organized market where the trade organizer is prof. Member of the RCB - Stock Exchange; outdoor or street - This is part of an organized and all inorganized; electronic trade of Central Bank - covers the stock exchange and over-the-counter market and involves trade through the electronic network. 5. By territorial coverage: regional RCB - issuers, investors, intermediaries of a certain region; national - market of a particular country; world - The system of interrelated M interdependent markets on a global scale. 6. In terms of RCB development: developed - level of development of the stock market; forming RCB - stock markets are in the formation stage.
51. Securities: concept, types, investment qualities.
Securitythe document certifying the compliance with the established form and obligatory details of property rights, the implementation or transfer of which is possible only upon its presentation. Economic properties of the Central Bank: appeal or marketability - the ability of the Central Bank to implement, the degree of its reversibility to cash, the ability of the Central Bank to be sold and bought; liquidity of the Central Bank - the possibility of the Central Bank quickly and without loss and with minimal transaction costs to contact the cash; yield of the Central Bank - the ability of the Central Bank to generate its owner (not only in cash, but also benefits and advantages); reliability - The degree of security of investments in the Central Bank reflects the stability of the change in the Central Bank to changes in market conditions. Types of Central Bank: 1. By issuers:state Central Bank- the issuer is the federal levels and subjects of the federation; municipal CB- local governments; corporate Central Bank- Yu.L.; private - FL. (bill ). 2. In investors: Central Bank, intended only for Y.L.. - As a rule, high nominal value, there are in a non-documentary form, operations with them are carried out on non-cash calculations; CB, intended only for F.L.. - relatively low nominal value, in documentary form, calculations. and non-cash. Forms; Central Bank, designed as for Y.L. So for F.L. 3. In terms of circulation (existence): urgent Central Bank- produced by a certain timewhich is negotiated at emissions (short-term - up to 1 year, medium-term - 1-3 (5) years, long-term - over 3 (5) years); independent (negascinational Central Bank) - Do not have a certain period of existence determined when emissions, and exist as long as the issuer exists (stocks). 4. By volume and quality of the rights provided: debt Central Bank - At the heart of payables and are characterized by 3 basic principles: repayment, urgency, payability (bonds, bills); share Central Bank - reflect the right to share something: in management, in the income received by the issuer, the right to share the property of the Issuer (stocks, investment pairs, privatization checks). 5. In the form of existence: documentary (blank) Central Bank - Details are fixed on certain paper carriers. defidential (Balanceless) - The Central Bank appeared in computer technologies, all details are stored as records in the registry of the owners of the Central Bank. 6. In order to consolidate ownership of the Central Bank: named - The owner is indicated either on the Blank of the Central Bank or in the register of the owners of the Central Bank. bearer - The owner is not indicated, the rights belong to the one who places the Central Bank and the transfer of the Central Bank is carried out by awarding the Central Bank. (Privatization checks). oRDER TSB - The Central Bank of Law on which belongs to the face called in the Central Bank, which can realize these rights itself, or transfer to its order to another person (with the help of the transfer inscription of the indorsement) (bill, check). 7. According to nationality: national (edech.) - Issuents and investors are residents of one state; foreign (foreign.) - issuers and investors are residents of various states; eurobumagi- The Central Bank of which is foreign currency, both for issuers and investors, i.e. This is the Central Bank, issued by the issuer of one country with a par in the currency of another country and appealing in the territory of 3 countries. 8. At the accrual of income on the Central Bank:profitable CB - Give the owner direct financial income in the form of%, dividends, discount. indulgent - Do not give direct financial results, and give investors additional rights and (or) privileges. 9. According to the degree of risk:risk-free CB - State Federal Central Bank (but in Russia 1998) ; maloriskova - Subfederal and municipal CB, corporate Central Bank, Blue Chips ; risk Central Bank - Corporate and private Central Bank. 10. In the form of the issue of the Central Bank into circulation:em session Central Bank - These are papers that should simultaneously be characterized by the trail. Symptoms: Consider a certain set of rights for the Central Bank; placed issues (massive); As part of one issue, the right is equal, the registration of the Central Bank in the form of registration of their prospectus is necessary. (In the Russian Federation these are promotions, bonds, issuer option) ; non-emission CB - Do not respond to these features, they include all other papers. With equal conditions market value Emis. TsB will be higher than NEM, because They are more reliable. 11. By type of use:investment- Central Bank are an object for long-term capital investment. ; non-investment - Used to obtain speculative income and for servicing calculations for goods. 12. According to the nature of the appeal onrCB. market CB - can contact the market without any restrictions; non-market Central Bank - have only the first and only investor and the market freely do not turn; Central Bank with disabilities - Restrictions can be on investors (Yu.l, F.l, residents, non-residents), in the territory, in terms of terms of accommodation. 13. By the nature of the placement of the Central Bank in the market:free posted - When the investor adopts the decision to acquire the Central Bank ; forced placement - The investor is forced to acquire the Central Bank.
The main goals of investing in securities. Diversification of investments. Balanced securities portfolio.
Securities are monetary documents certifying the rights of ownership or the relationship of the loan of the owner of the document in relation to the face that has issued such a document (Issuer). Securities can exist in the form of separate documents or records on accounts.
Securities are one of the main types of private investment, The purpose of which - distribution of savings aimed at multiplication, accumulation of funds. Any investor, investing money, pursues 4 goals:
1. Safety of investments; 2. yield of investments; 3. Investment growth; 4. Liquidity of investments.
Safety of investments - Save. Invasive., Ensuring their independence from the oscillations of the factation of Fin. markets. The most basic security criterion is the stability of income.
Yield - the ability of investment to bring additional income, which can be the current, i.e. regular. or one-time is speculative. Profitable are the Central Bank of Large JSC, because They have access to the most diverse sources of finance, possess large reserves, and therefore may mean part of their profits to direct on the payment of dividends. But, although income on this is big, and they cost, respectively, expensive. Definctly defined as a relation to costs to the costs at purchasing C.B.
Investment growth - an increase in the course of the Central Bank. Increasing attachments in pure form can only holders A. There is a whole class of the Central Bank, a cat. Called "Growth Central Bank". This is like Ave., ordinary and young fast-growing companies operating in advanced industries. Those. Such a, as an Ave., bring low (or zero) level of dividends, but their course grows quickly. This is because they, like ave., Most of their profits reinvest.
Liquidity (marketplace) investments - The ability to quickly and unlocked for the holder to turn the Central Bank in money. The liquid market has three characteristics:
a) frequent transactions; b) a narrow gap between the price of the seller and the price of the buyer. The price of the seller is the lowest price for which the seller is ready to sell this Central Bank. The price of the buyer is the highest price that the buyer is ready to pay for this Central Bank. The difference between the price of the buyer and the seller spread . The smaller the spread, the faster the seller the buyer will make a deal; c) a slight fluctuation of prices from the transaction to the transaction. Transactions can be concluded at different times, in different places, but a small price fluctuation.
Investing in securities opens the greatest opportunities to investors and differ in the maximum variety. This concerns both types of transactions carried out during operations with securities and species of securities themselves. Worldwide, this type of investment is considered the most affordable.
Investing in securities can be individual and collective. In case of individual investment, the acquisition of state or corporate securities during primary placement or in the secondary market, on the stock exchange or over-the-counter market. Collective investment is characterized by the acquisition of mutuals or shares of investment companies or funds.
Diversification of attachments - Investor's capital distribution between various securities. In world practice, it is customary to limit investments in each type of securities 10 percent of the total value of the portfolio. Investigating investment diversification: by type of securities, by industry, regions and countries, repayment period (for bonds). Investment is distributed by various areas and tools, which makes it possible to significantly reduce risks and increase profits.
The main goal of diversification is to reduce the possible risks associated with the loss of funds. That is, in this case, attachments are less susceptible to various malfunctions in the markets.
What is needed for diversification?
1. Limit investments in this type of Central Bank of 5-10% of the total value of the portfolio.
2. It is necessary to include in the Bond Portfolio, Preferred and Ordinary A. This is called diversification by the type of Central Bank.
3. It is necessary to include in the Central Bank's portfolio, diversified by industry, regions and countries.
4. It is necessary to acquire bonds diversified by repayment.
Balanced securities portfolio- a set, a set of securities, in which, on the presentation of the investor acquirement, is rationally combined yield, liquidity, reliability.
The balanced portfolio includes securities with different duration of circulation, potential yield and level of riskiness of investments. Such a portfolio is usually a combination of securities with a rapidly changing course cost with financial instruments that bring moderate stable income. The investor determines the relation between them on its own, based on its attitude to risk.
Balanced portfolios suggest balanced not only income, but also risks, cat. accompanies operations with the C.B. Balanced portfolios in def. The proportions consist of C.B, rapidly growing in the course, and from high-yielding C.B. Briefcase is a set of Fin. Assets, cat. The investor has an investor. GL The purpose of the portfolio formation is to desire to obtain the required level of expected yield at a lower level of expected risk. This goal is achieved, in-1x, by diversifying the portfolio, i.e. Distribution of the CP-in Investor M / U Split. Assets, and, in-2x, careful selection of Fin. Tools.
The balanced portfolio of securities is such a combination of Fingent In Super-B, the CTR corresponds to the presentation of this investor on the optimal combination of the Invest-Har-to Central Bank (reliability, profitability, investment growth, liquidity). This means that for each investor will be your balanced investment portfolio.
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