The main types of securities and their characteristics. Security

The objects of the stock market are various types of securities. Securities is a monetary document certifying the property rights of the owner of the document or a loan relationship. In addition, this is a fundamental tool, an object of investment of financial resources. The appeal of securities is the scope of such activities such as brokerage, depository, recorder, trust, clearing and consulting.

Securities as civil rights objects have the free nature of the transition from one person to another in the order of universal succession and are not limited in the turnover. They can be documentary and non-documentary. Securities act as economic and legal categories. They are divided into two large classes - main and derivatives.

The main securities are securities, which are based on property rights to any asset (usually on goods, money, capital, property, various kinds of resources, etc.).

Derived securities are non-documentary forms of the expression of property rights (obligations) arising in connection with the change in the price of the base asset, i.e. Asset underlying this securities. Products (grain, meat, oil, gold, etc.) can be considered as basic assets), the main securities (stocks and bonds), etc. The derivative securities includes futures contracts (commodity, currency, interest, index, etc.) and freely appealing options.

ownership of valuable paper;

certification of property and obligatory rights;

the right to control;

certificate of transfer or obtaining property.

According to the main characteristics (features), securities are classified in accordance with Table 1. Each securities group includes their subspecies.

Table 1- Classification of securities

Continued Table 1.

existence	Paper, or Documentary Paperless, or uncertified
National belonging	Domestic Foreign
use	Investment, or capital - securities that are an object of investment of capital (promotions, bonds, futures contracts, etc.) Non-Investment - Securities that serve cash payments for commodity or other markets (bills, checks, housing)
Order of ownership	Presenters - securities that do not record the name of their owner, and their appeal is carried out by simply transmission from one person to another Nominal - Securities containing the name of their owner and, in addition, registered in the Special Register Orders - registered securities transmitted to another person by making a transfer lettering on them (indorsement)
Form release	Em session - securities produced by large series, in large quantities, and inside each series, all securities are absolutely identical (stocks and bonds) Non-emission - securities manufactured by piece or small series
property	State Non-state - securities that are issued by corporations (companies, banks, organizations) and private individuals
Character appeal	Market, or free accessible Non-market (the appeal of securities may be limited, and it is impossible to sell a valuable paper to anyone, except for its issuer and through a specified period)
Risk level	Risk and Maloriskova Risk
Availability of income	Revenue Indulgent
Form of attachments	Debt - securities that usually have a fixed interest rate and are obligatory to pay the amount of debt for a specific date in the future Ownership equity - securities giving ownership of relevant assets
Economical essence	Bonds, etc.

Securities can also be classified according to the following features:

1) on issuers (public, private and mixed);

2) according to the degree of protection (high-class and low-class);

3) in the form of release (documentary and non-documentary);

4) for the term of action (urgent and indefinite);

5) by type (nominal and for bearer);

6) in terms of the listed rights (with the right of ownership, with the right of management and with the right of lending);

7) on the territory of the treatment (municipal, state, foreign and all-Russian);

8) in the form of income receipt (with constant income and with point income); 9) If possible, exchange (convertible and non-convertible).

The main types of securities are: Promotion, bond, bill, check, savings certificate, deposit certificate, option, futures, billion and other.

Stock - This is an emission securities that enshrines the rights of its owner (shareholder) to receive a part of the profits of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and part of the property remaining after its liquidation.

Shares are very diverse. Classify shares based on the following features:

by type of transfer of property rights;

by volume of rights provided by the owner of the action.

Simple shares are served to ensure the equal rights of all owners - members of the joint-stock company, especially the right to vote and the right to receive dividends.

Preferred shares provide their owners with certain solid privileges in the distribution of profits, during the dissolution of the joint-stock company and in the execution of the right to the predominant purchase of newly emitted shares.

Preferred shares are different types. So distinguish: cumulative, convertible, plural promotions, preferred shares with increasing fractions in the liquidation fund, return, or revitalized privileged shares.

A simple, or ordinary share does not contain the name of the owner. The transfer of paper itself is a transmission of a shares with all rights without identifying the owner.

Under the name of the action is a promotion containing information about the owner of the security.

Viculized registered shares are shares with limited transmission capabilities.

Shares with adjustment are formed by the transformation of savings from retained earnings in fixed assets without attracting additional capital to society.

Collective shares are distributed to the joint-stock company among their team or free, or at a preferential price and, as a rule, are in possession during a certain period.

Folk stocks are issued to wide segments of the population at preferential prices when the public sector is privatized. This is how capital formation is guaranteed by the folk masses.

The "Golden Action" is a special type of action, providing its owner - the state of special rights compared with all other shareholders for the purpose of state control over the privatized enterprise. According todecree No. 144 of the President of the Republic of Belarus on March 4 2009 Institute of Golden Promotion in the country is canceled.

Shares are the most common securities from the entire variety of securities. This explains the increased interest in them not only investors and professional managers, but also scientists.

Bond - This is an emission valuable paper that enshrines its holder's right to receive bond from the issuer to its nominal value and a percentage recorded in it from this cost or other property equivalent.

There is quite a large variety of bonds. Bonds are classified on issuers, issue targets, loan terms, nature of circulation, registration methods, in the form of release and forms of income payments.

Bonds, as a general opinion, are the most reliable object of investment. Professionals in the securities market are called bonds depending on the issuers of corporate, municipal, state and departmental. Despite the specifics of the issue and characteristics of each type of bond, they possess one common quality - are debt obligations, evidence of a loan provided by the lender (owner of the bond) borrower (issuer). For the use of occupied money, the issuer of bonds should pay their remuneration to the holder as a percentage during the entire duration of the bonds. And the total amount to be returned is called the principal amount of the loan, or the nominal value. With regard to bonds, a number of established terms are used. The date of return of the loan amount is customary to call the date of repayment of bonds, the interest rate is a coupon, and the time of walking these securities is to circulate.

Securities with fixed income in addition to bonds are deposit and savings certificates. Under deposit and savings certificates are the written evidence of the issuer's written evidence, certifying the right of the depositor (beneficiary) or its successor to receive the amount of the deposit (deposit) and interest on it after the expiration date. Deposit Certificates can be produced in a time and can be both nomigible and bearer. They are only issued to legal entities and are issued for a period of 30 days to 1 year. Savings certificates are issued only to individuals, and their repayment period is limited to three years.

Bill - This written debt obligation, compiled according to the law established by law and gives its owner an unconditional right to demand when the period specified in the bill of time from the person who issued the obligation to pay the amount agreed in it. The most liquidis are notes that have a guarantee of large banks in the form of Aval (guarantee) or acceptance (agreement for payment).

Option - The contract concluded between the two parties, according to which one of the parties (the Seller of the Option) provides the other party (the option to the BUST) right to buy or sell a certain asset at a fixed price within the time of the time specified in the contract or for a specific date.

Futures contract -this is a standard stock exchange for sale (supplies) of the exchange asset after a certain period in the future at a price set by the parties of the transaction at the time of its conclusion.

Varant. - This is a valuable paper that gives its owner the right to buy a certain number of shares (or bonds) of any company within the prescribed period of time at a fixed price .

Receipt- This is a valuable paper containing an unlocked disposal of the check of the bank to make the payment of the amount specified in it by the check holder.

Bill of lading - This is a document of the standard form adopted in international practice for the transport of cargo, which certifies its loading, transportation and right to receive. The exhibition is used when transporting goods in international communication and is a valuable paper that certifies the right of ownership of transportable cargo, product.

Mortgage - This is a personal valuable paper certifying the rights of its owner in accordance with the mortgage agreement (property of real estate) to receive a monetary obligation or the property specified in it.

In terms of risk, the types of securities are located on the basis of the principle: the higher the yield, the higher the risk, and the higher the guarantee of the security, the lower the risk. This dependence is shown in Figure 1.

Figure 1 - Classification of securities by risk level

Types of securities and their characteristics Table

Securities are currently invented and issued so incredible many that due to changes in the stock markets of the planet, especially enterprising citizens could establish their release in a soft form, and immediately in rolls.

Instead, they emit them, stored, resell, blow off, come up with classifications, customize the legislation under this case, textbooks write, draw tables ... In general, having fun as soon as they can. And this happiness fell on our share.

Below are the most popular types of securities and their characteristics. There is also a table with properties.

Securities: classification, types and functions

The comma world is divided into two groups: actually goods (services) and money. Money, in turn, can be just money and capital, that is, money that bring new money.

There is always a need for the transfer of money from one person to another. The markets have developed two main ways to transfer money - through the lending process and by issuing and circulating securities.

Securities are not money and not material product. Their value is in the rights they give to their owner.

The latter, exchange your goods or your money on securities only if he is sure that this paper is almost worse, but even better than the money or the goods themselves.

Securities - this is a special product that appeals to the special, its own market - the securities market, but does not have a real nor money consumer value, that is, is neither a physical product or a service.

In an extended understanding, securities is any document (paper) which is sold and bought at the appropriate price.

Security paper is a document that expresses the associated property and non-property rights, can independently contact the market and be the object of purchase and sale and other transactions serves as a source of obtaining regular or one-time income.

Thus, securities are a type of money capital, the movement of which will mediate the subsequent distribution of material values.

The Civil Code of the Russian Federation contains a classic definition of securities. "Security paper is a document certifying the compliance with the established form and obligatory details of property rights, the implementation or transfer of which is possible only upon presentation."

Security must contain mandatory details provided by the legislation and comply with the requirements for its form, otherwise it is invalid.

Security details can be divided into economic and technical. Technical details are numbers, addresses, printing, signatures, the name of serving organizations, etc.

Economic details: the form of existence (paper or paperless), the term of existence, belonging, the obligated person, the nominal rights provided.

Signs of security are:

1. Documentary paper is a document, that is, an officially compiled by an authorized person in accordance with the details of a record that has a legal value.
2. Protects private rights. Security paper is a monetary document that can express two types of law: in the form of the title of the owner and as the relationship of the loan of the person who owns the document to the person to his face.
3. The need for a presentation - the presentation of the security is mandatory for the implementation of the rights enshrined in it.
4. Turnover - Securrative Paper may be an object of civil transactions.
5. Public reliability - in relation to the owner of a security obligated person, only such objections that arise from the content of the document itself can be put forward.
6. Security - this is a documentary evidence of investing funds. Thanks to her, cash savings are becoming material objects.

Classification

The classification of securities is their division on species on certain features that they are inherent. In turn, species can in some cases share on subspecies, and they are even further.

Each subordination classification is part of a particular classification. For example, a share is one of the types of securities.

But the action may be ordinary and privileged. An ordinary share can be one-haired and multifaceted, with a par or without a nominal value, etc.

Securities can be classified according to the following features:

• By the term of existence: urgent (short-term, medium-term, long-term and revitalized) and indefinite.
• Under the form of existence: paper (documentary) or paperless (non-documentary).
• In the form of ownership: Beading (securities per bearer) and nominal, which contain the name of their owner and are registered in the register of owners of this securities.
• According to the form of handling (transmission procedure): transmitted by agreement of the parties (by means of presenting, by cessia) or orders (transmitted by the order of the owner - an endorsement).
• In the form of release: Em session or non-emission.
• By registerability: registered (state registration or registration of the Central Bank of the Russian Federation) and unregistered.
• According to the nationality: Russian or foreign.
• According to the issuer: government securities (this is usually various types of bonds manufactured by the state), non-state or corporate (these are securities that are issued in circulation by companies, banks, organizations and even individuals).
• According to the treatment: Market (free), non-market, which are manufactured by the Issuer and can be returned only to it (cannot be resold).
• For use goals: Investment (goal - revenue) or non-investment (serve turnover in commodity markets).
• Risk levels: risk-free or risky (low-risk, median or high-risk).
• According to the availability of accrued income: loan-free or profitable (percentage, dividend, discount).
• At face value: permanent or variable.
• In the form of capital attracting: equity (reflect the share in the authorized capital of the Company) and debt, which are a form of loan of capital (cash).

Views

Securities are divided into 2 classes: the main securities and derivatives securities (derivatives).

Attention!

The main securities are the paper, which is based on property rights to any asset, usually on goods, money, capital, property, various kinds of resources, etc.

These papers include: action, bond, bill, bank certificates, billboards, check, warrant, mortgage, pairs of mutual investment funds and others.
The main securities can be divided into primary and secondary.

Primary based on assets, which are not included with the securities themselves (secured assets). This, for example, the action, bond, bill, mortgage. Secondary - these are paper on the securities themselves: warrants, depository receipts, etc.

The action is a valuable paper produced by joint-stock company and the right to its owner (shareholder) to receive a part of the profit of the joint-stock company (AO) in the form of dividends, to participate in the management of the joint-stock company and part of the property remaining after its liquidation.

As a rule, shares are divided into two groups: ordinary shares and preferred shares.

The bond is a valuable paper that is a debt obligation to return the invested monetary amount after a prescribed period with payment or without paying some income.

If the bond produces a state, then such a bond is called state.

If local governments are municipal. Legal entities also produce bonds: banks - bank bonds, other companies - corporate.

A bill of exchange (from it. Wechsel - exchange) - Securities in the form of a long-term obligation compiled in writing on a certain form, certifying any no obligation of the obligation of the bill stage (a simple bill), or a proposal to a different payer in the bill of exchange (Translation Bill) A certain amount of money provided for by the term of the term.

Bank certificate - Securities, which is a freely appeal certificate of a monetary deposit (deposit - for legal entities, savings - for individuals) in a bank with the obligation of the latter on the return of this contribution and interest on it after a set deadline in the future.

Bank Savings Book of Bearer In essence, there is a type of bank certificate (along with deposit and savings certificates).

Covenant paper, which is a standard form document adopted in international practice, which contains the terms of the shipping contract, certifying its loading, transportation and right to receive. Types of bills: linear, charter, coastal and on-board.

Check - Securrative Paper, certifying a written order of a check of a bank to pay the check holder the amount of money specified in it during its term.

The credit is a legal entity having cash In the bank, which he is entitled to dispose by issuing checks, and a checker holder is a legal entity in favor of which a check is issued. Checks are the following types: Named, Orders and Bearers.

VARRANT - a) a document issued by the warehouse and confirming the ownership of the goods in the warehouse; b) This is a security that gives it the right to buy a certain amount of its shares (bonds) at this issuer for the price established by them during the time period defined by it.

The mortgage is a nominal security certifying the rights of its owner in accordance with the mortgage agreement (property pledge), to receive a monetary obligation or the property specified in it.

Investment Pai - registered securities certifying the share of its owner in the right of ownership of the property, which makes a share investment fund.

Depository receipt is a valuable paper indicating the ownership of a certain number of shares of a foreign issuer, but the investor issued in the country; This is the form of indirect purchase of shares of a foreign issuer.

The derivative of the security or derivative is a non-documentary form of an expression of property rights (obligations) arising in connection with the change in the price of the underlying paper of the exchange asset.

Derived securities include: futures contracts (commodity, currency, interest, index, etc.), freely appeal options and swaps.

Futures contracts (commodity, currency, interest, index, etc. - obligations to buy or sell goods at a certain time in the future at the price set today).

The conclusion of the futures contract is not a direct purchase of the purchase - sales, i.e. The seller does not give up his goods to the buyer, and the buyer does not give the seller his money.

The seller assumes the obligation to deliver the goods on the price recorded in the contract to a certain date, and the buyer makes an obligation to pay the appropriate amount of money.

To ensure the fulfillment of obligations, a deposit is made, saved by an intermediary, i.e. An organization conducting futures trading. Futures becomes valuable and can overbug throughout the term.

Attention!

The option is a valuable paper that is a contract, the buyer of which acquires the right to buy or sell an asset at a fixed price for a certain period or abandon the transaction, and the seller undertakes at the request of the counterparty for the monetary premium to ensure the implementation of this right.

The option gives the right to choose (Option), it gave the name of this valuable paper. The option, in contrast to futures, gives the acquirer of the right, not a duty. Options are executed if at the time of execution they are options with winnings.

Swaps are an agreement between the two parties to conduct the exchange of basic assets or payments on these assets in accordance with the terms specifications defined in the Contract. Swaps are currency, interest, stock (index) and commodity.

Swaps have a number of significant advantages for investors, the main thing is the possibility of investors to reduce currency and interest risks, make profits on the difference between interest rates in different currencies, reduce the costs of managing the securities portfolio.

All types of swaps are outdoor contracts, they do not turn on the stock exchange and their liquidity provide special intermediaries - banks (which are often called silver banks) and dealers.

The feature of these types of derivative securities is that their appeal is not regulated by the state, the main place in the swap market is occupied by banks participating in these transactions.

Properties

Security paper is a form of capital existence other than its productive, productive and monetary forms, which can be transmitted instead of himself, contact the market as a product and generate income.

Properties of securities:

1. Appeal is the ability to buy and sold on the market, as well as in many cases act as an independent payment instrument.
2. Availability for civil turnover - security ability to be the object of other civil transactions.
3. Standard and seriality.
4. Documentality - Securities is always a document, and as a document, it must contain compulsory details provided by law.
5. Adjustability and recognition by the state.
6. Markets are inextricably linked with the relevant market, it is reflection.
7. Liquidity - security ability to be quickly sold and transformed into money.
8. The risk is the possibilities of losses associated with investment in securities and inevitably inherent in them.
9. Obligation.
10. Profitability - characterizes the degree of realization of the right to receive income by the owner of the security.

Functions

Securities perform a number of socially significant functions:

• A pronounced information function is carried, testify to the state of the economy. Stable securities courses or their increase, as a rule, testify to the normal economic situation.
• Play an important role in the flow of capital between different areas of the economy (redistribution function).
• Used to mobilize temporarily free cash savings of citizens (mobilizing function).
• Used to regulate the cash circulation (regulating function).
• Banks, enterprises and organizations use securities as a universal credit-settlement tool (calculated function).

Emission

Emissions of securities is a set of procedures for the placement of securities between investors.

Its purpose is to attract the issuer of additional financial resources on borrowed conditions (in the case of bonds) or by increasing the authorized capital (in the case of the issue of shares), but this is done according to the rules and under the control of the state in the person of its bodies regulating the securities market.

The emission is usually carried out by attracting professional participants in the stock market, which are called underwriters, which under the agreement with the issuer take on certain obligations to produce and place its securities for the reward.

From the point of view, the issue of emission is customary to divide on primary and secondary. The primary emission takes place either when a commercial organization for the first time produces its securities, or when the issue of some kind of security this organization is happening for the first time.

Subsequent emission is the re-placement of certain securities of this commercial organization.

By the method of placement, the issue can be carried out by distribution, subscription and conversion.

Conversion

Conversion is the placement of one type of securities by exchanging it to another on pre-established conditions.

Participation in conversion can take only persons who have prior to its implementation rights to already posted securities.

Conversion can be divided into the following types:

1. conversion of shares in shares with a greater nominal value,
2. conversion of shares in stock with a smaller nominal value,
3. conversion of shares in shares with other rights,
4. conversion of bonds in stocks
5. conversion of bonds in bonds,
6. conversion of securities in reorganization of commercial organizations.

It is prohibited to convene ordinary shares into preferred shares of any types.

In addition, the legislation of the Russian Federation on securities does not provide for the possibility of converting shares in bonds, which actually also means banning such conversion.

Stocks and bods market

Securities Market - System economic relations Between those who release and sell securities, and those who buy them.

The securities market participants are issuers, investors and investment institutions. Enterprises that produce and sell securities are called issuers.

The stock market is an institution or a mechanism that minimizes buyers (demand bearers) and sellers (suppliers) of stock values, i.e. valuable papers. The concepts of the stock market and the securities market coincide.

According to the definition, the goods addressed in this market are the securities that, in turn, determine the composition of the participants in this market, its location, order of functioning, regulatory rules, and the like.

In a market economy, the securities market is the main mechanism for the redistribution of cash savings.

The stock market creates a market mechanism of free, albeit regulated, overflow of capital into the most effective industries.

Source: http: //sight/mir-fin.ru/cennye_bumagi.html

The concept of securities (CB) is governed by the current legislation of the Russian Federation. This financial document has its own characteristics and does not apply to goods or services.

Attention!

Nevertheless, the Central Bank may be subject to purchase or sale and has its own material value.

All types of securities allowed for contacting the Russian Federation give the owner certain property rights, serve as a source of income, confirmation of material immense and can be reinforced.

Types of state securities and the Central Bank, non-state issuance are rather diverse. They are divided into different categories, and each paper gives its owner certain rights, for example, to receive dividends.

Consider which Central Bank refer to a specific category: Debt: This category includes bills and bonds (both state and corporate), mortgages, checks.

• bank certificates (testify to the execution of the deposit with a clearly agreed payment period of the principal and dividends) and savings records;
• equity: such securities include shares of different types;
• investment pairs and depositary receipts;
• derivatives or manufacturing CB, such as futures, swaps or options.

Covenant (obligation to ship delivery, in one way or another), VarranT (indicates the right to the goods in stock) also relate to this category.

These are the main types of securities (state and non-state), which are used in accordance with the appointment and within the framework of current legislation.

Characteristic

Currently used several varieties of the Central Bank. There are a number of features that allow you to identify the maintenance of the security to one category or another.

Their main properties are considered:

1. Seriality and standard;
2. Documentary (strict rules for the design of each type of Central Bank are a prerequisite);
3. Appeal: It is assumed that the owner can use them as a calculation tool or a source of cash. This means that securities can be considered as a product and as a payment instrument at the same time;
4. Availability: Often is the object of civil transactions;
5. Liquidity: the ability to quickly implement if necessary;
6. Recognition by the state and regulatory;
7. Obligation of execution;
8. Yield: Central Bank is often considered as a source of income (due to dividends) or promising investment;
9. Market: reflects economic trends and is inextricably linked to the market;
10. Riskiness: a change in the general economic situation or other factors can lead to the depreciation or absence of expected income.

Main functions

We have already considered the types of securities and their characteristics (the Central Bank table will be a prompt to those who want to purchase them). Now we learn about the basic functions:

• estimated function. It is actively used financial organizations, enterprises and companies. Among individuals, this feature is also quite in demand;
• reflection of the economic situation. Knowledgeable persons in the economy of growth trends or fees of securities can judge the general economic situation in the country;
• redistribution. Playing the role of the tool for calculations, they contribute to the redistribution of capital between various sectors of the economy;
• regulation. The use of the Central Bank allows you to regulate cash flows;
• mobilization. For withdrawal from the appeal of free funds, which are at the disposal of individuals or various companies, this function is used.

Additional criteria

You have already learned the basic properties inherent in state and non-state securities. These criteria should be focused when choosing an investment option during purchase.

You should also pay attention to such parameters as a period of existence, form of release and possession. Market characteristics also matter. For example, the presence of income or fast liquidity.

The main types of securities are actively used both physical and legal entities. The Central Bank can serve as a product and a calculation tool, which significantly expands the possibilities of their use.

Source: http: //sight/sbankom.ru/vkladyi/vidyi-tsennyih-bumag.html

Types of Central Bank. Generally accepted classification

Many people to a question - what securities do you know? There are three, five types of securities can call, let's try to figure out what they are and give a small definition "Who is who" the most interesting.

The description and listing of types of securities, as not strange, is enshrined by law, so Article 143 of the Civil Code of the Russian Federation determines that the securities are:

1. Stock;
2. Bill;
3. Mortgage;
4. Investment Pai of the Pass Investment Fund;
5. Bill of lading;
6. Bond;
7. State bond;
8. Deposit Certificate;
9. Savings certificate;
10. Bank savings book issued for bearer;
11. Securities associated with privatization;
12. As well as other securities, named in such an article in law or recognized as such in accordance with the procedure established by law.

The mortgage, as a valuable paper, took shape as such, with the release of the Law "On Mortgage" in 1998.

It is worth noting that under the refinement about other securities named in the law, article 912 of the Civil Code of the Russian Federation, which adds to this list:

• Simple warehouse certificate;
• Double warehouse certificate;
• Warehouse certificate, which is part of a double certificate;
• Warranta, namely, a pledge certificate, which is part of a double testimony.

The result is sixteen types of securities enshrined legislatively, although, in fact, government bonds and simply bonds are different only by the appearance of them, if state-owned - only the state, simply bonds - any authorized Orthodox.

Securities associated with privatization, such as privatization checks, ceased to exist by the beginning of 1996.

Other classifications

The same 143 articles of the Civil Code of the Russian Federation, securities can be classified into documentary and non-documentary. In turn, documentary securities can be divided into three types.

Bearer is a documentary workplace, which requires the fulfillment of obligations on it, is recognized by its owner.

Orders are a documentary value of which, which requires the execution of obligations according to it, is recognized by its owner if the security is issued in his name or transferred to it as a result of the endorsement (transfer inscription on the reverse side of the security, transmitting the rights of ownership to another person).

Named - this is a documentary security on which the person committed to the fulfillment of obligations according to it is recognized either the owner specified by the copyright holder in accounts or the owner on whose name it was issued or crossed.

Also, securities can be divided into:

1. Urgent - validity period is limited to a specific temporary interval
2. Permanent - time is not limited

Legally authorized CB

Legally authorized securities produced in the Russian Federation today are only eight.

Promotion - Securities, emission, providing the owner to fulfill its right to receive a part of the profits - for the means of issued dividends, as well as to participate in the management of the joint-stock company, and obtaining a part of the ownership of it in the event of its liquidation is nominal - according to the legislation of the Russian Federation.

For proper investing in stocks should monitor the dynamics of stock value.

The bond is a securities, the emission debt that provides the owner of the opportunity to receive from the issuer (who released this valuable paper), within the deadline, the nominal value of the Bond in the monetary equivalent or property. This securities are manufactured for a loan for the issuer.

A bill of exchange is a valuable paper, unandlable paper, subject to the indication of the holder in the bill, or registered, subject to refinement by the face of the promissory bill or the person who transmitting the right to the wave phrase "not order", decorated in a rigorous pattern, providing the owner to receive from the debtor of the amount specified in the bill in a certain place.

The performer on debt obligations, with a simple bill of exchange, his face released, with a promissory bill (Tratta) - the face is indicated directly in the valuable paper, while being a debtor in relation to the face that has released this bill.

Check - Securities, a special type of transfer bills produced by only a bank, which is a written order of the Chekodator to the Bank, pay the amount specified in the check within the prescribed period.

Bank certificate, which is free to appeal a monetary policy certificate, for legal entities, the contribution is deposit, for physical - savings, with the duty of the Bank to return the contribution with interest within the specified period.

Covenant - Securrative Paper, a document of the established form, for shipping, confirming loading, and giving the right to transport and produce cargo.

The mortgage is a valuable paper that gives the right to the owner, according to the mortgage agreement or the pledge of real estate, to receive a monetary obligation or the property specified in it.

Investment Pai is a valuable paper, giving ownership of property in a share investment fund.

All securities described above are characteristic of countries with highly developed market economies, based on this, it can be assumed that the number of various types of securities for the Russian Federation will only increase over time.

It is worth noting that classifying securities depending on the selected parameters can be almost infinitely, so only the most important are affected in this article.

Source: https://utmagazine.ru/posts/4326-vidy-cennyh-bumag.html

Securities in a market economy

In a market economy, there are many types of securities. They can be classified by several features.

Attention!

One of them is a different group of issuers. Three such groups are usually distinguished: the state, the private sector and foreign subjects.

Government securities are issued and guaranteed by the government, ministries and departments or municipal authorities.

Private sector securities are customary to corporate and private. Corporate securities are issued by non-state enterprises and organizations.

Private securities can be issued by individuals (for example, bills or checks). Foreign securities emit non-residents of the country.

Securities can be divided into nominal and bearer. The name of the owner of the security is registered in a special register, which is conducted by the issuer or an external independent registrar. Valuable paper on the bearer is not registered in the name of the owner at the issuer.

Another sign of the classification of securities is in their economic nature. In this case, it is allocated: certificates of ownership (stocks, checks, monetary certificates); loan certificates (bonds, bills); Contracts for future transactions (futures, options).

All of these three types of securities exist and turn in Russia:

Securities with non-fixed income are primarily a stock, i.e. Securities certifying the possession of the share in the capital of the joint stock company and giving the right to receive a part of the profits in the form of a dividend.

Under Russian legislation, the share is the issue of its owner's share (shareholder) to receive a part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and part of the property remaining after its liquidation.

Securities with fixed income (they are also called debt liabilities) are represented by bonds, deposit and savings certificates, checks and promissory bills.

Bonds - debt obligations of the state, local governments, enterprises, various funds and organizations produced by usually large parties.

They are evidence that the body released is a debtor and undertakes to pay the owner of the bond within a certain period of interest on it, and on the occurrence of the payment time - pay off their debt to the owner of the bond.

In any case, the bond is a debt, and its holder is a lender (but not co-owner as a shareholder).

According to Russian legislation, the bond is an emission securities that enshrines the right of the holder of this paper to receive bond from the issuer within the provisted period of its nominal value and the interest recorded in it from this cost or other property equivalent.

Deposit Certificate - Financial Document issued by credit institutions. He is evidence of this institution on the deposit of funds certifying the right of the investor to receive a deposit.

Deposit certificates of demand are distinguished and the urgency, which indicates the seizure of the contribution and the amount of interest due. Deposit certificates are accepted everywhere in investors, various companies and institutions.

Savings certificate - a written commitment to deposit funds by an individual in a credit institution certifying the right of the investor to receive a contribution and a percentage on it. Distinguish savings certificates nominal and bearer.

Check - a monetary document of the established form, which contains an unconditional order of the checkbook to the credit institution on the payment of its holder indicated in the check check.

As a rule, a payer on a check is a bank or another credit institution that has such a right.

A bill of charge is an unsecured promise to pay debt on a designated time and percentage on it. This type of securities is in the last place among the debt obligations of the company. Like checks, promissory bills are also available.

Government securities are government debt obligations. They differ in the dates of release, repayment periods, interest rate sizes. In a sense, this is an alternative monetary emission And, consequently, inflation in the event of a state budget deficit.

Currently, state securities of several species are treated in most countries:

• treasury bills with a maturity, as a rule, 91 days;
• treasury obligations with a maturity of up to 10 years;
• treasury bonds with a maturity of 10 to 30 years.

These types of securities are issued for lending to short, medium and long-term public debt. Accordingly, interest payments on them differ.

Attention!

So, in the USA in the 90s. They amounted to: on treasury bills - about 6%, according to treasury bonds - about 7%.

In Russia in the 90s. Produced:

1. state short-term bonds (GKOs) Since 1993, the Issuer is the Ministry of Finance of the Russian Federation. GKOs are produced for a period of 3, 6 and 12 months. and posted through the institutions of the Central Bank of the Russian Federation;
2. treasury obligations (KO) in a focal form in the form of entry on accounts, as well as HCB;
3. bonds of the federal loan (OFZ) since 1995, adding in a single system together with the GCO in non-cash form, with a variable coupon percentage and more than one year;
4. bonds of the State Savings Loan (OGSZ) on the bearer since 1995, intended mainly for the population;
5. bonds of the domestic currency loan (HVZ), which are a means of restructuring internal foreign exchange debt.

Along with the central government and its bodies, securities for lending to debt are issued by local authorities. This is already a different type of securities - municipal bonds.

Like other bonds, they are obligations to reimburse the debt for a certain period of payment of fixed interest. Municipal bonds are issued in Russia.

Invest capital can be absolutely in different areas of activity and objects. One of the popular directions for making a profit is such economic categoryas a security. There are quite a few of their species, so it is difficult to understand this issue. Put a detailed description of each paper in just one page is not possible, so in this material only brief descriptions are setl.

Definition

Let's start with the fact that the security is a kind of document, which indicates the availability of property rights at its owner. One important point is mandatory and clear observance of forms and details, which are established by current regulatory documents. Security may appear only as a result of emission. This process is a certain sequence of the issuer's actions (these are the authorities, a legal entity who carry certain obligations to the owners of these documents to ensure the rights directly assigned to them) on the placement of these documents.

The law of the Russian Federation is regulated by all relations arising from the result.

Securities. Classification

It should be noted that in the question under consideration there is its own classification. So, there are bonds (they can also be state-owned), bill, check, deposit certificates, as well as a variety of shares and other securities. With most of them, work is carried out by banking institutions. It should be said that there are different classification signs. For example, all securities, depending on who issued, are divided into bank, state, as well as issued by legal entities. Security is often drawn up on a specialized standard form form. It should contain the name, date of design, the full name and location of the issuer, the period of payment, as well as the type of profitability. As for the last item, the owner may claim interest, discount. There are also interest-free securities.

Bonds

This is another composite element in the question under consideration. They are a debt obligation, which is issued either by the enterprise or the state when issuing them internal gives the right to the owner to apply for income in the form of interest.

With this name indicates the presence of a unconditional bank to pay within the established period of the agreed amount of its holder.

This species is no less common than those were considered above. It contains the disposal of the banking institution to issue a certain amount of its owner.

Deposit Certificates

They are also called savings. They certify the amount that her holder introduced to the bank. In addition, confirms the right of the depositor to receive the amount made by them earlier.

This securities is manufactured by the enterprise, the legal form of which is a joint-stock company. Her owner has the right to apply for a certain percentage of profit in the form of dividends. In addition, it can take part in the management, as well as to get a part that will remain in the case of its liquidation.

Finally

At present, the shares are the most effective cash investment (if we are talking about securities of large enterprises and corporations). They are quite accessible to individuals.

The physiological features of human vision predetermine the perception of the middle of the rectangle is significantly higher than its geometric middle. Since the dialing band is a rectangle, the perception of its individual elements is obeyed by the above patterns. If, for example, to place on the title page the main strings on the geometric middle of the band height, then they will seem lowered too low, the same applies to the cliché placement on the text strip and similar cases. Therefore, it is accepted for better perception of individual important elements to place them on the so-called "optical mid-" strip, i.e., in such a place, the strip in height in which this element would seem to be in the center of the strip. The optical middle of the strip is considered a line, which is the upper bound of the band by 3/8 of its height, i.e., to determine the line of the optical center, it is necessary to divide the band in height per 8 parts, and 3/8 parts of the height remains above this line, and under it , respectively, 5/8 heights. For example, if the band's height in the publication is 10 sq. M., then the line of optical middle will be held on (10 · 3) / 8 \u003d 32 sq. Below the upper edge of the strip (6¼ square. above the lower edge of the strip).

Classification of securities

Securities has Radom classification signswhich are divided into temporary, spatial, market.

A) .k temporaryrefines: the term of existence and origin.

By the term of existencesecurities are urgent and indefinite.

Urgeredsecurities are securities that have the existence limit set when they are released (for example, bills, bonds), short-term - have a time of circulation up to 1 year. Medium-term - from 1 year to 10 years. Long-term - 10-30 years.

Permanentsecurities are securities, the time of circulation of which is not regulated (for example, stocks, bonds like "French rent").

By originsecurities are divided into primary and secondary.

Primary -these are securities giving the right to income or share in capital (stocks, bonds, bills, mortgages).

Secondarysecurities are the rights to any price asset (for example, futures and options).

B) to spatialcharacteristics include: the form of existence, national and territorial affiliation.

In the form of existencesecurities are:

- documentary or paper(a classic form at which the security exists in the form of a document);

- paperless e.or non-documentary(electronic form or in the form of records on accounts).

Regarding the paper released in the documentary form, the owner is established on the basis of the presentation of a certificate of security, and in case of its deposit, on the basis of a record on a depot account. Regarding uncertified securities, the owner is established on the basis of a record in the system of registering the owners of securities or in case of deposit of securities - on the basis of a record on a depot account.

By nationalitythere are domestic and foreign securities.

Territorial belongingshows in which region this securine paper has been released.

VC market signs include: type of asset, order of ownership, shape of ownership, nature of treatment, economic essence, risk level, profitability, form of investment.

By type asset,the underlying security (goods or money), securities are divided into investment and not investment:

- investment(Capital) are an object for capital investment (promotions, bonds, futures);

- non-investment -securities that are serviced by the share calculations for commodity or other markets (bills, checks, housing).

In order of ownershipsecurities are bearer and registered:

- bearersecurities do not record the name of the owner, their appeal is carried out by simply transmission from one person to another;

- namedcontain the name of the owner and register in the Special Registry. When transferring a personal securities to another person on it, a transfer inscription is made (endorsement).In this case, the security is called oRDER.

In the form of ownershipsecurities are divided into state, municipal and corporate.

Emittenami statesecurities are federal authorities and subjects of the federation (for example, bonds of a federal loan, bonds of the domestic currency loan, state short-term oscillating bonds, bonds of a state savings loan, a gold certificate).

Emirates municipalitiessecurities - local governments.

Corporatesecurities are issued by companies, banks, organizations.

By the nature of the appealsecurities are divided into market and non-market.

- market - can freely buy or sold on the market:

- non-markettheir appeal is limited. For example, it cannot be sold to anyone, except for the issuer, and then through a specified period. On non-market securities include shares of the labor collective.

By economic essence distinguish the following types of securities:

- STOCK- A single contribution to the authorized capital of the joint-stock company with arising rights.

- BOND- a single debt obligation to return the invested monetary amount after a prescribed period with payment or without paying some income.

- Bank certificate- freely appealing certificate of deposit (savings) contribution to the bank with the obligation to pay this contribution and the percentage on it after the prescribed period,

- Bill- Written monetary commitment of the debtor's debt.

- RECEIPT - Written instructions of the Bank of the Bank pay the amount of money specified in it.

- BILL OF LADING- Document (contract) of the standard form for shipping, certifying its loading, transportation and right to receive.

- VARRANT - a) a document issued by the warehouse and confirming the ownership of the goods in the warehouse; b) a document that gives preferential right to buy shares or bonds of any company within a certain period at a prescribed price.

- OPTION- Agreement, in accordance with which one of the parties has the right, but not the obligation, during a certain period to sell (buy) at the other side, the corresponding asset at the price established at the conclusion of the contract, with the payment for this, a certain amount of money called a prize.

- Futures contract- standard stock exchange agreement of the stock exchange asset through a certain time In the future at the price set at the time of conclusion of the transaction.

By risk levelsecurities are risk-free, little risky and risky.

For profitabilitysecurities are income and indispensable.

From the point of view of profitability, securities, as a rule, are income, but may be indispensable. TO high-yieldmost often include high-profile securities, so they are mainly used for speculative operations. In Russia, government securities are considered highly income, while in other countries they are considered low-income.

TO mediumand low-speedrussia includes corporate papers.

Indiscriminatemany securities can be stipulated by the production conditions.

In the form of investmentpaper are divided into debt and equity;

- debt- securities that are issued for a limited period with the subsequent return of nested cash (bonds, bank certificates, bills);

- equity- Securities that give ownership of the relevant assets (stocks, warrants, cavias).

One of the directions of investment of capital in order to obtain income or settlements are securities. Someone is very well versed in the diversity of securities, and for someone this is an unexplored field of activity. We will not tell about securities and their types in one material, so only their brief descriptions are concentrated here. A more detailed description of the securities with which banks work will be made by me in individual articles.

So, before talking about the types of securities, we first give the definition of the security that is set out in Article 142 of Chapter 7 of the Civil Code of the Russian Federation (Civil Code of the Russian Federation):

Security is a document certifying the established form and mandatory details of property rights, the implementation or transfer of which is possible only upon its presentation. Securities may appear only as a result. Emissions of securities is a sequence of actions for the placement of emission securities.

Federal law N 39-FZ "O" regulates relations arising from emission and circulation of emission securities regardless of the type of issuer, as well as the features of the creation and activities of professional participants in the securities market. Depending on who issues securities, they can be attributed to bank securities, public or securities of legal entities. The issue of securities cannot exercise individuals, but holders - can be.

The issuer is a legal entity or executive bodies or bodies that are boring from its own behalf of the owners of securities to implement the rights enshrined by them.

The owner is a person who securities belongs to the right of ownership or other.

Types of securities

Existing securities in modern world practice are divided into two large classes:

Grade 1 - basic securities;
Grade 2 - Derivatives securities.

The main securities are securities, which are based on property rights to any asset, as a rule, on goods, property, various kinds of resources, money, capital, etc.

The main securities are divided into two subgroups: primary and secondary securities.

Primary securities are based on assets, including the securities themselves. This is, for example, shares, mortgages, etc.

Secondary securities are securities produced on the basis of primary securities; These are securities on the securities themselves: warrants on securities, depository, etc.

The valuable paper derivative is a non-documentary form of an expression of property rights (obligations) arising in connection with the change in the price of the underlying basis of this secular paper of the exchange asset. If you simplify this definition and make it less strict, it would be possible to say that the valuable paper is a valuable paper on any price asset: at prices of goods (usually, stock goods: grains, meat, oil, gold and t .P.); on the prices of basic securities (usually, on the stock indices, on bonds); on the price of a credit market (interest rates); On the price of the foreign exchange market (exchange rates), etc.

Derived securities include: futures contracts (commodity, currency, interest, index, etc.) and free. Under the guise of securities, we will understand these combustion, for which all signs inherent in securities are common, the same.

Distinguish between securities classifications and classification of types of securities. Classifications of securities are dividing securities for species by certain signs that they are inherent. Classification of types of securities is a grouping of securities of the same type; This is the division of types of securities on subspecies. In turn, subspecies can in some cases even further. Each subordination classification is part of a particular classification. For example, an action is one of the types of securities. But the action may be ordinary and privileged. An ordinary share may be one-haired or multi-voiced, with a nominal or no nominal value, etc.

Security, has a specific set of features. Temporary signs: The term of the existence of a security: when it is released into appeal, for what period of time or indefinitely; Origin: whether the beginning of a security is leading from its primary basis (product, money) or from other securities. Spatial signs: Form of existence: paper, or, expressing legally, documentary or paperless, uncertified form; National belonging: Securities domestic or other state, i.e. foreign; Territorial belonging: in which region the country has produced this securities. Market signs: type of asset underlying the security, or its original base (goods, money, cumulative assets of the company, etc.); Oblast procedure: Valuable Paper on Bearer or on a specific person (legal, physical); Release form: Emisy, i.e. produced by individual series, inside which all securities are exactly the same in their characteristics, or non-emission (individual); Form of ownership of Emitten, i.e. someone who produces a valuable paper: state, corporation, individuals; Appeal Character: Freely drawn on the market or there are restrictions; Economic essence from the point of view of the type of rights that provides securities; Risk level: high, low, etc.; Availability of income: Some income is paid on the valuable paper or not; Form of investment of funds: money in debt or to acquire property rights. The main types of securities in terms of their economic essence are:

6. When designing securities and other financial instruments, the issuer is set to be mutually beneficial both the issuer and the investor.

7. Emission of securities is regulated by the legislation of the Russian Federation and consists of several stages

8. The placement of securities can be carried out according to an open and closed subscription.

9. The Issuer can organize emissions and placement of securities independently or attract professional intermediaries for these purposes.

10. The underwriter is a person who makes commitment to organize emissions and place the Securities of the Issuer

State securities

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).

State securities are the debt obligations of the Issuer (a legal entity engaged in the issuance of securities - the state, most often in the face of the Treasury) before the acquisition of these obligations (by the holder of government securities) is that the issuer undertakes on time and fully repay securities, Pay interest due to interest, if any follows from the purchase of securities, as well as perform other obligations that are stipulated in the contract. This is a source of financing of state expenses, territorial administrative bodies, municipalities; Form of cash investments by individuals and legal entities and the method of obtaining revenues from these investments.

Government securities can be produced by the central authorities, the bodies in the field, separated, relatively independent, government agencies, as well as organizations that enjoy state support. Therefore, individual securities issued by private legal entities may have, to a certain extent, the nature of state securities, if the state guarantees the yield on them.

The securities, in general, and the state securities, in particular, are monetary documents:

Certifying the right of ownership or loan relationship;
defining relationships between the person who released these documents and their owner;
Suppose, as a rule, the payment of income in the form of or percent, as well as the possibility of transferring monetary and other rights arising from these relations, to other persons.

It is necessary to determine the appointment of government securities:

First, the state uses them as a method for mobilizing money savings of citizens, temporarily free financial resources of institutional investors (insurance companies, pension funds, etc.) for financing exceeding its income.

Secondly, securities are used to regulate the money circulation.

For example, in the United States, cash issuance is carried out by the Central Bank - the Federal Reserve System (Fed) under acceptable provision, mainly by government bonds. After placing on the primary market, government securities appeal on the secondary market. If necessary, Fed misses them among commercial banks. As a result of this operation, reserves of commercial banks in the Fed are increasing. This means that they can issue significantly large amounts of loans to entrepreneurs. Thus, changing the amount of production and buying securities and loan accounting rates, the Fed regulates the money circulation.

The following securities adopted in world practice include the following securities: government bonds, treasury bills, savings certificates.

Consider these types of securities.

The bond is a debt monetary commitment to which the lender provides the issuer of the loan. The Issuer, which issued a valuable paper, undertakes to pay the owner of the bonds in the agreed paper term and annually (to repay) a fixed or floating percentage. It means that the bond recognizes the security by the right of the holder to receive from the issuer to its satisfied period of its nominal value and the interest recorded in it from the value of the bond or other property equivalent.

In such images, the bond is a valuable paper certifying the loan ratio between its owner (creditor) and the person who released it (the issuer, the debtor) and certify:

The fact of granting the cash paper by the issuer;
Issuer's commitment to return debt after a certain time; Investor's right to receive as a remuneration for the funds provided a certain percentage of the nominal value of the bond;
The percentage of bonds remains constant or varies slightly. Therefore, bonds are securities with fixed income or firmly revenge paper.

Bonds are issued in order to attract cash to cover the state budget and the implementation of government projects and serve as a source of financing budget expenditures in excess of income; The shape of the savings of the funds of citizens and organizations and their income.

There are different types of bonds depending on the issuer, the method of paying income, the validity of the action to which they are issued, the conditions for the treatment and their reliability.

Government bonds produce central governments. As a rule, the issuer is the Ministry of Finance. The obtained funds are directed to the coating budget deficit or financing certain. Local loan bonds produce local governments.

Depending on the payment of income payments, interest, discount and convertible bonds are distinguished. Interest bonds provide for income in the form of an annual percent, which is set to nominal value. By discount income is formed in the form of a difference between the nominal value and purchase prices. Convertible bonds provide not to pay income, but to exchange them for new ones. In this case, the nominal value of the acquired bonds increases, that is, the income is formed due to the difference between the nominal value of new and previous bonds.

The bonds indicated the nominal value. It can be sold for the amount less than the nominal value (with a discount).

Then the face that released it is obliged to compensate its holder within the limited value. The income of the holder in this case is formed in the form of a difference between the nominal and selling price. The bond can be sold at a par value or at a market price. In this case, the person who has released a bond is obliged to reimburse its holder within the saturated value of the nominal value and pay it a fixed percentage. When buying a bond at a raid income of the holder is equal to the percentage gained. When reselling bonds at a market price, her holder has an income or a loss in the form of a difference between the purchase price and the price of sale and income in the form of a percentage. In the case of a fixed percentage of the bond - firmly profitable securities.

The deadlines are distinguished by urgent, indefinite and bonds with the right of early repayment. Urgent are available at certain periods that cannot be changed. Depending on the duration of the period, they are divided into short-term (up to one or two), medium-term (up to five years) and long-term (more than five to ten years). It should be noted that, in each country there is an approach to determining the terms of separation of bonds for short-term, medium-term and long-term. Indefinite bonds do not provide for determining the terms of their release.

Depending on the conversion conditions of the bond, divide into two groups: with free and limited appeal, depending on the rights to their transition from one to another owner.

The reliability of the bond is divided into secured and not secured. Secured bonds provide guarantees of their repayment and income payments in accordance with the established periods. Providing such bonds can be immovable property, land and so on. State bonds regardless of whether or no objects and form of their collateral are indicated, are always considered secured, since the state cannot go bankrupt and are always considered secured, since the state cannot go bankrupt and always has sufficient resources and therefore its bonds are the standard of reliability.

Treasury obligations - the type of bearer securities, which is posted among the population, and testify to making their funds to the budget and give the right to receive financial income. Release such types of treasury commitments: short-term (up to one year); medium-term (from 1 to 5 years); Long-term (from 5 to 10 years).

Short-term treasury bills are a form of debt obligations of the state, are issued for a term, as a rule, to one year to cover the budget deficit with the payment of income in the form of a discount. Thus, short-term treasury bills - government obligations redeemed usually within one year since their release and implemented with discount, i.e., at a price lower than the nominal on which they are repaid (or sold at par, but manufactured at a price higher than the nominal value ).

Medium-term treasury bills, treasury bones Treasury obligations that have a duration of repayment from one to five years, usually manufactured with a fixed interest fee.

Long-term treasury commitments with a maturity of up to ten years and more; On them are paid coupon interest. After the expiration of such state securities have the right to receive their value in cash or refinance into other securities. In some cases, long-term liabilities can be repaid at the preliminary date, i.e., a few years before the official maturity.

Savings certificate - a written certificate of the Bank on the deposit of funds, which certifies the right of the investor to receive after the established period of deposit and interest on it.

Term Savings Certificates As Securrative Paper has two values:

Document - Certificate of a credit institution on cash deposit, certifying the right of the investor to receive a deposit (deposit certificates), or a bank certificate on obtaining money from citizens for long-term savings (savings; certificates);
Type of bonds of state loans.

Certificates make it possible to attribute depositors of free funds.

The owner of the certificate receives income either as a percentage or in the form of a difference between the amount to be paid and the purchase of the certificate. Savings certificates are issued urgent (under a certain contractual percentage for a certain period) or to demand.

Nominal certificates are not subject to reference, and their sale (alienation) by other persons is not valid. Savings Certificates for bearer can contact the secondary market. The interest accrued at the time of sale is included in the sales price.

Deposit certificates of demand give the owner the right to seize certain amounts upon presentation of a certificate. On urgent deposit certificates, the period of paying and the amount of interest due is indicated.

So, the state securities is the form of the existence of public debt, these are debt securities, whose statement is the state.

Government securities are usually 2 advantages over other securities:

The highest level of reliability for invested funds and, accordingly, the minimum risk of the loss of fixed capital and income on it;
- Preferential taxation compared to other securities or directions of capital investment. Often, state securities are lacking taxes on operations with them and the received income.

The government issues the debt obligations of a wide range of terms from treasury bills for a period of 3 months before bonds for a period of 30 years.

With the help of issues in the appeal of state securities, the following main tasks are solved: financing for non-inflationary basis, i.e. without additional issue of money in appeal; Financing of target state programs in the field of housing construction, etc.

Bank securities

Banks carry out activities in the securities market as financial intermediaries and professional participants.

As financial intermediaries, banks acquire securities in order to extract income on them or managing other companies when purchasing a controlling stake in these companies, and also carry out their own securities emissions in order to obtain additional equity.

How professional participants in banks carry out brokerage and dealer activities; work on the placement and management of securities; Depository activities. The procedure and conditions for the implementation of professional activities in the securities market are currently established by the Federal Law "On the Securities Market" and is regulated by the "Regulations on the procedure for licensing various types of professional activities in the RF Securities Market" approved by the Decree of the FCCS of Russia No. 26.

In most countries, banks play the most important, key role in the securities market. In general, it can be represented as follows:

Through the mediation of subsidiaries
Speculative operations
Operations aimed at the formation of authorized capital of the bank
Operations with currency futures
Acquisition of shares of privatized enterprises
Active operations
Emissions of ordinary shares
On behalf of customers
Acquisition of shares of commercial structures
With state securities
Emissions of preferred shares
Operations with government securities
Acquisition of shares of commercial banks
With private securities
Operations with private securities
Passive operations
Customer Emissions Services
Emissions of deposit and savings certificates
Depository activities
Emissions of bills
Emissions of bonds

Banks of the Russian Federation carry out emisy activity. Under Russian legislation, banks may emissive shares, bonds, deposit and savings certificates, bills, derivatives securities.

Emissions of shares and bonds

Based on the issue of shares and bonds, its own, borrowed capital of the bank is formed. Among the shares of banks, ordinary shares have the greatest distribution. Preferred shares are issued less often. IN civil Code The Russian Federation (Art. 102 p. 4) implies restrictions on the release of preferred shares, the share of which in the total volume should not exceed 25%. Bank bonds enjoy less popular than preferred shares, although in world practice bank bonds occupy a significant place on.

Banks, releasing their own shares and bonds, should be guided by the instructions of the Central Bank of the Russian Federation No. 8 "On the rules for the issue and registration of securities to commercial banks in the territory of the Russian Federation."

The instruction is regulated by the issuance of securities that the share bank can exercise in 3 cases:

At its institution;
with increasing the size of the initial authorized capital of the bank by issuing shares;
When the Bank is attracted by the Bank by issuing bonds or other debt obligations.

Acting regulatory documents It is envisaged that under the establishment of a joint-stock bank, as well as in its transformation from the shareholder to shareholder, all shares of the first issue are distributed among the founders of the bank. Moreover, the first issue of the bank shares should consist of ordinary registered shares.

In the case when simultaneously with the transformation of a bank from the Paus, the authorized capital of the bank increases, its growth can occur solely at the expense of additional contributions of the founders.

The re-issuance of shares in order to increase the authorized capital of the joint-stock bank is permitted only after payment by shareholders of all previously issued shares. It may contain both ordinary and preferred shares.

Preferred shares of the same type provide their owners the same amount of rights and have the same nominal value. The owners of preferred shares are involved in the General Meeting and have the right to vote: when deciding on the liquidation of society; In solving questions about amending the Charter of the Company. The placement of re-release shares can be carried out by subscribing (open or closed), by distributing the Company's shareholders and by conversion.

The closed subscription to stock is allowed if 2 conditions are performed at the same time:

The number of pre-known buyers no more than 500 persons;
The total emission volume is no more than 50 thousand minimum wages at the decision date.

Registration of an additional issue of shares must be accompanied by registration of emission prospectus.

The minimum amount of the authorized capital of the bank required for registration is set from 1. 01. 97. 3 million ECU, and by 1999 should be increased to 5 million ECU.

The issuance of bonds by the bank to attract borrowed funds can only be made on the condition of full payment of all the shares issued by this Bank (if the bank is a shareholder) or full payment of shareholders of their shares in the authorized capital (if the Pass Bank) and the amount of not more than the bank's own capital.

Consider in more detail the stages of emissions.

The decision on the release of securities is made either by the general meeting of shareholders or the Supervisory Board of the Bank. To get the right to produce securities, the bank must: be sufficient for the last 3 completed financial years; not subject to sanctions from state bodies for violation of current legislation for 3 years; Do not have overdue debt creditors and payments to the budget. All data confirming the Bank's compliance with these requirements should be contained in the emission prospectus. Also in the emission transpision should contain data on the bank, its financial position and information about the upcoming issue of securities. The prospectus of the issue is prepared by the Board of the Bank, signed by the Chairman of the Board and the Chief Accountant of the Bank. For the first issue of shares for the first time established by the Bank, the emission prospectus is prepared by its founders and is signed by the members of the Bank appointed by the founders.

Registration of issuance of emission securities.

To register the issue of securities, the Emitted Bank submits to the Department of Control for the activities of credit institutions in the financial markets of the Bank of Russia or to the territorial institution of the Bank of Russia at the place of its finding the following documents:

Application for registration;
- extract from the protocol of the meeting of shareholders, in which it was decided to issue securities;
- emission prospectus;
- A document confirming the coordination of this issue with the relevant institution of the State Committee for the Antimonopoly Policy and Support for New Economic Structures (for banks, the authorized capital of which is more than 500 million rubles).
- a copy of the payment order for the payment of tax on operations with securities.

Documents provided by the Bank are considered by the registering authority for compliance with the current legislation, banking rules and instructions. Registered documents and a registration letter are signed by an authorized person, assigned to the register of the registering authority and is issued to the Issuer Bank. Together with registered documents, the Bank passes a letter to the settlement and cash center of the Central Bank of the Russian Federation at the place of maintaining the mainly on opening a special accumulative account for collecting funds entering the payment of securities.

If the registration of securities was accompanied by the registration of emission prospectus, the issuer's bank was published by the issue of emission prospectus, by publishing a prospectus in the form of a separate brochure. At the same time, the Bank reports through the media about the issuance of securities.

Placement of emission securities - i.e. The alienation of their first owners by concluding civil law transactions. The placement of manufactured securities begins after registering and publishing an emission prospectus. It can be carried out in various ways:

The implementation of shares can occur by selling stocks for rubles. To this end, the buyer is a sales contract for a certain number of shares. Here, the bank-issuer can use the services of intermediaries - financial brokers with which special or instructions are also concluded.

In charge of shares, contributions from shareholders in the Bank's capital of material values, intangible assetsforeign currency. At the same time, only those assets that can be used in the direct activities of the Bank should be taken to pay for the authorized capital. Their share in the structure of authorized capital should not exceed 20 percent at the time of creating the bank. Subsequently, it must be brought to 10 percent (without taking into account the value of buildings).

It is possible to implement shares by renewing the earlier feces in stock - when converting the bank from the Pass to the shareholder.

The implementation of shares can be carried out by replacing securities on the bank previously released, as well as by consolidating and crushing shares.

Regardless of the type of implementations, the price of all shares within each type in one issue when they are selling the first owners must be one, incl. When selling these shares through intermediaries.

The implementation of bonds can occur in two ways:

When selling on the basis of a contract with buyers.
- When replacing the convertible bonds or other securities on the bank previously released.

The number of shares and bonds actually implemented by the Bank should not exceed their quantities intended to issue and indicated in the registration documents of the issue. Regarding the shares there is a rule, according to which their release can be recognized only if the actually paid increase in the Bank's authorized fund is at least 50 percent of the amount of the expected issue of an increase in the authorized capital.

Registration of outcomes of the release occurs after the completion of the process of implementing securities. The bank-issuer analyzes the results and is a report on the outcome of the issue, which is signed by the Chairman of the Board of the Bank and is submitted to the registering authority.

The report on the results of the issuance of issuing securities should contain the following information:

Dates of the beginning and end of the placement of securities;
- the number of securities placed;
- the actual price of placement of securities (by types of securities within this issue);
- Total income for placed securities.

The registering authority considers a report on the results of the issuance of issued securities in 2 weeks and in the absence of violations related to the release of securities, registers it. The publication of the outcome of the issue of securities should be made by the Issuer Bank in the same printed authority, where the release message was published.

Banks, the registration of the issue of securities of which was accompanied by the registration of emission prospectus annually within 2 weeks after the general annual meeting of shareholders, submit to the registering authority a report containing data on the bank, about its financial position, as well as information about issued by the Bank of Promotions and Bonds , information on other types of securities issued by the Bank.

With primary placement of shares, the bank-issuer has no right to acquire them at its own expense, on the secondary market banks can act as their own shares, but in strictly established laws. Many joint-stock banks in order to maintain the market course of their own shares show high activity in the secondary market of their own shares. Market price - the course is determined by the formula:

Ka \u003d kr / nn * 100,
where ka is a market course
Kr - market price
NN - nominal price

For example: the exchange rate sold at a price of 15,000 rubles, at a par 10,000 rubles. (Ka \u003d 15000/10000 * 100 \u003d 150%) is equal to 150. The market price of shares is determined by the ratio of supply and demand.

It is known that the market shares reflects the position of the bank in the market, its stability and profitability. The fall in the course serves as a signal of the emerging adverse trends in the development of this bank and can provoke not only the reset of its shares by shareholders, but also mass outflow of deposits from the bank, which will have a detrimental impact on it. Therefore, in the case of a decrease in the course of shares, banks are not directly, but through investment companies They actively buy them in the secondary market, which leads to the artificial growth of their course and creates the visibility of strengthening the bank's market positions.

After declaring the decisions of the Government of the Russian Federation and the Bank of Russia, the parameters of all sectors of the financial market changed dramatically. Under these conditions, the Bank of Russia proposed the market with its own short-term oscillation bonds - arr. These bonds are short-term, the treatment period is up to 3 months, the maximum amount of emission is 10 billion rubles. Currently, the Bank of Russia's bonds market is in the formation stage. The interest of market participants to these bonds is constantly growing. By the middle of November, 9 release issues were placed, incl. 4 releases at auctions and 5 issues in secondary trading. 5 issues were repaid, there are 4 issues in circulation with a total volume of about 2.4 billion rubles. At par.

The daily volume of trading in these bonds is about 100 million rubles. The profitability of the arrival in the secondary market in September-October was about 70 per annum, and by mid-November decreased to 35 percent. Obr are one of the few liquid, reliable and comparatively income tools on Russian financial market.

Release of bills

Russian banks are actively mastering the release of bills as short-term debt obligations. It should be noted that although the release of bills of bills is the issuing operation, the bills themselves are discharged without registration of the emission prospectus, therefore, this operation is legally characterized as a release of bills. Banks use the release of bills mainly to attract funds for active operations of the Bank if possible for a lower fee and with the smallest compared to the use of traditional credit and deposit forms of investment of funds. The reduction in overhead costs is achieved due to the fact that by performing the same function as the deposit certificate, the bill has a simplified issue procedure - there is no procedure for registering in the Bank of Russia. The existing rules imply only the notice of the main territorial administration of the Central Bank of the Russian Federation on the release of bills of bills. At the same time, current bill legislation allows for issuers the ability to independently establish the rules for the release of bills that do not contradict this legislation, which makes the bill of interest most attractive for banks. Banks can produce bills as a series, and in one-time. The attractiveness of a single bill is that the conditions for its release and circulation can be determined taking into account the interests of a particular depositor. The serial release of bills of bills of exchanges is explicitly preferred, since in this case there is a large number of investors and a significant amount of resources.

Attracting funds by issuing bills, banks must deduct a certain percentage of their sum in the Fund mandatory reserves Central Bank of the Russian Federation (currently this percentage is 7%). Thus, the release of interest bill, the bank immediately receives at its disposal an amount equivalent to the raid of the bill from which the reservation is carried out. When issuing a discount promissory note, the Bank receives the amount less than the denomination, but is obliged to fulfill the reservation from the full amount of its obligation.

Emissions of deposit and savings certificates

Emissia of deposit and savings certificates can exercise exclusively banking institutions, pursuing the following objectives:

Attracting deposit resources for active operations. This is achieved by:

Advantages in taxation;
- Ensuring the liquidity of investments.

Russian banks establish flexible terms for deposit certificates from 1 day to 1 year. This is due to the fact that, in contrast to bills, deposit certificates can only be urgent, the maximum time of appeal to deposit certificates is 1 year, savings - 3 years.

Maximum reduce the risk of investments.

By carrying out this operation in various banks, the client can reduce the already low risk of buying deposit certificates.

Expansion of the Bank's Clientele by services provided to the Client.

Reducing the risk of liquidity. Estimating deposit certificates, the bank receives liabilities with a fixed period, which allows it to reduce the risk of liquidity.

The procedure for the release of deposit and savings certificates of commercial banks is less formalized than the design of issues of shares and bonds.

Letter of the Central Bank of the Russian Federation No. 14-3-20 requires registration of certificate issuance, the refusal in which the Central Bank is possible only in the event of violations of current legislation. According to the letter, the right to issue a certificate is provided to banks under the following conditions:

Banking activities at least 2 years;
publications (balance and income statement) confirmed by an audit company;
compliance with banking legislation and regulatory acts of the Bank of Russia;
fulfillment of mandatory economic standards;
the presence of a reserve fund in the amount of at least 15% of the actually paid by the authorized capital;
fulfillment of mandatory reserve requirements.

The effectiveness of the operation is primarily depends on how the bank has been studied by the stock market and in particular in the sector of deposit and savings certificates. It is important to choose the correct conditions and the time of their issue, as well as to offer an investor income, adequate to the state of the stock market.

In case of primary placement of deposit certificates, auction method has proven to be an effective way. When he holds, the Bank offers investors the limits of interest rates, according to which deposit certificates are offered. First of all, applications for the purchase of certificates are satisfied, which indicate the best conditions from the bank's position - the minimum percentage of accommodation.

The secondary market can be supported by the Issuer Bank. In this case, he must perform certificate diling, offering bilateral quotes.

In the event that interest rates on the market went up, buying a certificate in the investor in the secondary market in the interest rate, established by the terms of the emission, is unprofitable, and n is set at the level of the NR market value.

Redemption when dropping interest rates - an operation effective for a bank, but economically unprofitable from the investor's position. That is why certificates are well sold in the period of struggle for the decline in inflation, accompanied by a drop in market percentage. In the period of gradual spinning of inflation, banks are advisable to abandon the certificates in favor of more convenient bills.

The price that the Bank establishes for the sale of previously repurchased certificates is determined based on the time before its repayment and interest rates that will allow the Bank to sell the certificate.

Accounting for securities

Promotion - Personal Emission Securities, Enlightened by its owner (shareholder) to receive a part of the profit of the joint-stock company in the form of dividends, to participate in the management of joint-stock company and part of the property remaining after its liquidation. Availability and movement of investments in stock joint stock companies, authorized (share) capital of other organizations, etc. Considered on the subaccount "PAI and stocks" to the account 58.

Paragraph 44 of the Regulations on the maintenance and in the Russian Federation, it was established that until the moment of payment is reflected in (in the amount of contractual value), and in passive (as debt on unpaid sums), and after payment, 76 "Calculations with different debtors and creditors" is closed And financial investments remain only in the balance sheet. The need to use account 76 for preliminary accounting due to the amount of dividends (part of the profits) is due to the observance of the assumption of the temporal certainty of the facts of economic activity.

Thus, after the decision on the acquisition of shares (or on participation in the authorized capital of a limited liability company) and the design of the necessary documents in the accounting accounting of the investor in the amount of the value of shares (shares) is made on the debit of account 58 in correspondence with the account of 76, and after Payment account 76 debits in correspondence with a score of 51 "" (52 "Currency Accounts").

After receiving the notice of the accrued dividends for the relevant reporting period (according to the current legislation, dividends may be charged not only for the full year, but for a lower period) in accounting should be carried out by wiring d 76 - to 91 "Other income and expenses", and The actual production of dividends - d 51 - to 76.

If the organization has invested in the shares of other organizations that appeal on the stock exchange of other organizations, the quotation of which is regularly published, then, when drawing up at the end of the reporting year, the cost of such shares is recorded at market value (if the last value of which securities have been taken to accounting or listed for the beginning of the year).

Instructions for the application of the accounting account plan of financial and economic activities of organizations6 established the procedure for reflection in the accounting of education and the use of the reserve for impairment of investments in securities using account 59 "Reserves for impairment of financial investments". But the correspondence of this account with a score of 58 "Financial Investments" is not provided, it can contact only 91. Thus, at a market value, financial investments will be recorded only in the balance sheet, but not in accounting. In the balance of accounting balance, the amount of the reserve is not separately shown separately, but in the asset for this amount decreases in account 58.

The scheme of posting to create and use the reserve may be as follows:

D 91 - to 59 - on the amount of the reserve created (the difference between the accounting value of the acquired shares and their market quotes);

D 59 - to 91 - in the amount of increasing the market value of shares during the year, which has passed after the creation of the reserve (but no more than the balance of 59 on the relevant types of shares).

Example 1. In August, the organization acquired shares with a total value of 100,000 rubles. As of December 31 of the same year, the acquired shares were quoted at the cost of 90,000 rubles, as of December 31 of the next year - 95,000 rubles., December 31, second-year after acquisition - 105,000 rubles.

In the accounting of the Organization, wiring are made:

In August, when acquiring shares
D 58 - to 76 - 100 000 rubles. - reflects the contractual value of financial investments;
D 76 - to 51 - 100 000 rubles. - paid shares;

In December of the same year
D 91 - to 59 - 10,000 rubles. (100 000 rub. - - 90 000 rubles.) - Created a reserve for the difference between the accounting value of the shares and their quotes. In balance this year, financial investments will be reflected in the cost of 90,000 rubles;

In December next year
D 59 - to 91 - 5000 rubles. (95 000 rub. - - 90,000 rubles) - reflected an increase in the value of shares. In the balance sheet, financial investments will be reflected in the cost of 95,000 rubles;

In December, the second after the acquisition of shares of the year
D 59 - to 91 - 5000 rubles. (10 000 rubles. - - 5000 rubles) - reflected an increase in the value of shares. In the balance sheet, financial investments will be reflected in the cost of 100,000 rubles, since the reflection in the accounting and reporting of the increase in quotes of PBU 19/02 is not provided.

Shares are a separate type of property and, accordingly, can be oversold as well as other types of assets. If the organization is not a professional participant in the securities market, such activities are not normal for it. Consequently, operations for the sale of shares and benefits should be reflected in the wiring:

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