The objects of the stock market are various types valuable papers. The security is monetary document certifying the property rights of the owner of the document or loan relationship. In addition, it is a tool for raising funds, an object for investing financial resources. Securities circulation is the scope of such activities as brokerage, depository, registrar, trust, clearing and consulting.
Securities as objects of civil rights have a free transfer nature from one person to another in the order of universal succession and are not limited in circulation. They can be documentary or non-documentary. Securities act as economic and legal categories. They are divided into two large classes - basic and derivative.
Basic securities are securities based on property rights to any asset (usually goods, money, capital, property, various types of resources, etc.).
Derivative securities are non-documentary forms of expressing a property right (obligation) arising in connection with a change in the price of the underlying asset, i.e. the asset underlying the security. Commodities (grain, meat, oil, gold, etc.), basic securities (stocks and bonds), etc. can be considered as underlying assets. Derivative securities include futures contracts(commodity, currency, interest, index, etc.) and freely tradable options.
ownership of a security;
certification of property and liability rights;
management right;
proof of transfer or receipt of property.
According to the main characteristics (features), securities are classified in accordance with Table 1. Each group of securities includes their subtypes.
Table 1- Classification of securities
Continuation of Table 1
existence |
Paper or documentary Paperless, or undocumented |
National belonging |
Domestic Foreign |
use |
Investment, or capital - securities that are the object of capital investment (shares, bonds, futures contracts, etc.) Non-investment - securities that serve cash settlements in commodity or other markets (bills, checks, bills of lading) |
Tenure |
Bearer securities are securities that do not record the name of their owner, and their circulation is carried out by simple transfer from one person to another Registered - securities containing the name of their owner and, in addition, registered in a special register Order - registered securities transferred to another person by making an endorsement on them (endorsement) |
Release form |
Emission - securities, usually issued in large series, in large quantities, and within each series all securities are absolutely identical (stocks and bonds) Non-emission - securities issued individually or in small series |
property |
State Non-government - securities that are issued by corporations (companies, banks, organizations) and individuals |
Character appealability |
Market, or freely traded Non-marketable (the circulation of securities may be limited, and the security cannot be sold to anyone other than its issuer and after a specified period) |
Risk level |
Risk-free and low-risk Risky |
Availability of income |
Profitable No income |
Attachment form |
Debt - securities that usually have a fixed interest rate and represent an obligation to repay the amount of debt at a specified date in the future Owner's shares - securities that give ownership of the relevant assets |
Economic essence |
Bonds, etc. |
Securities can also be classified according to the following criteria:
1) by issuer (state, private and mixed);
2) by degree of protection (high-class and low-class);
3) by form of issue (documentary and non-documentary);
4) by validity period (urgent and unlimited);
5) by type (registered and bearer);
6) by the volume of rights granted (with the right of ownership, with the right of management and with the right of lending);
7) by territory of circulation (municipal, state, foreign and all-Russian);
8) according to the form of receiving income (with permanent income and with point income); 9) if possible, exchange (convertible and non-convertible).
The main types of securities are: shares, bonds, bills, checks, savings certificates, certificates of deposit, options, futures, bills of lading, etc.
Promotion is an issue-grade security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation.
The types of shares are very diverse. Shares are classified based on the following characteristics:
by type of transfer of ownership rights;
according to the scope of rights granted to the owner of the share.
Common shares serve to ensure equal rights for all owners - members of a joint stock company, especially the right to vote and the right to receive dividends.
Preferred shares provide their owners with certain firm privileges in the distribution of profits, in the dissolution of the joint stock company and in the exercise of the right to preferential purchase newly issued shares.
There are different types of preferred shares. So they distinguish: cumulative, convertible, plural shares, preferred shares with an increasing share in the liquidation fund, returnable, or revocable preferred shares.
A common or ordinary share does not contain the name of the owner. The transfer of the paper itself represents the transfer of a share with all rights without identifying the owner.
A registered share is a share containing information about the owner of the security.
Vinculated registered shares are shares with limited transferability.
Adjusted shares are formed by transforming savings from retained earnings into fixed capital without attracting additional capital to the company.
Collective shares are distributed by the joint stock company among its collective either free of charge or at a reduced price and, as a rule, are held for a certain period.
People's shares are issued to the general population at preferential prices when the public sector is privatized. This guarantees the formation of capital by the masses.
A “golden share” is a special type of share that gives its owner, the state, special rights compared to 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 of March 4In 2009, the “golden share” institution was abolished in the country.
Shares are the most common securities of the entire variety of securities. This explains the increased interest in them not only among investors and professional managers, but also among academic economists.
Bond- this is an issue-grade security that secures the right of its holder to receive from the issuer of the bond within the period specified by it its nominal value and the percentage of this value fixed in it or other property equivalent.
There is a fairly wide variety of bonds. Bonds are classified by issuer, purposes of issue, loan terms, nature of circulation, methods of registration, form of issue and forms of income payment.
Bonds are generally agreed to be the safest investment. Professionals in the securities market call bonds, depending on the issuer, corporate, municipal, state and departmental. Despite the specifics of the issue and the characteristics of each type of bond, they have one common quality - they are debt obligations, evidence of a loan provided by the lender (bond owner) to the borrower (issuer). For the use of borrowed money, the bond issuer must pay the holder a reward in the form of interest during the entire period of ownership of the bonds. And the total amount to be repaid is called the principal amount of the loan, or face value. In relation to bonds, a number of well-established terms are used. The date of repayment of the loan amount is usually called the bond maturity date, the interest rate is called the coupon, and the circulation time of these securities is the circulation period.
Fixed income securities other than bonds are deposit and savings certificates. Certificates of deposit and savings are understood as written certificates from the issuing bank certifying the right of the depositor (beneficiary) or his successor to receive upon expiration of the deposit amount and interest on it. Certificates of deposit can be issued on a one-time basis and can be either registered or bearer. They are issued only legal entities and are issued for a period of 30 days to 1 year. Savings certificates are issued only individuals, and their repayment period is limited to three years.
Bill of exchange- this is a written promissory note, drawn up in the form established by law and giving its owner the unconditional right to demand, upon the arrival of the period specified in the bill of exchange, from the person who issued the obligation, payment of the amount specified in it. The most liquid are bills of exchange that have a guarantee from large banks in the form of aval (guarantee) or acceptance (agreement to payment).
Option- a contract concluded between two parties, according to which one of the parties (the seller of the option) gives the other party (the buyer of the option) the right to buy or sell a specified asset at a fixed price within a period of time specified in the contract or on a certain date.
Futures contract - This is a standard exchange agreement for the purchase and sale (supply) of an exchange asset after a certain period in the future at the price established by the parties to the transaction at the time of its conclusion.
Warrant is a security that gives its owner the right to purchase a certain number of shares (or bonds) of a company during a specified period of time at a fixed price .
Check- this is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder.
Bill of lading - this is a document standard form, accepted in international practice, for the transportation of goods, which certifies its loading, transportation and right to receive. A bill of lading is used when transporting goods in international traffic and is a security that certifies the right of ownership of the transported cargo or goods.
Mortgage - is a registered security certifying the rights of its owner in accordance with a mortgage agreement (pledge of real estate) to receive a monetary obligation or the property specified in it.
According to the level of risk, types of securities are arranged based on 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
b) Article 912 (second part of the Civil Code of the Russian Federation) introduces four more types of securities:The fifteenth type of Russian security is one that has received citizenship rights in accordance with the Law of the Russian Federation “On Mortgage (Pledge of Real Estate),” which came into force on July 16, 1998. The last of the securities available in Russia is investment share(in accordance with the law of the Russian Federation “On investment funds", 2001).
Government bond and just a bond- this is the same type of security with the only difference, consisting in the fact that government bonds can only be issued by the government, but simply a bond - any legal entity.
If a bond is issued by the government, then such a bond is called a government bond. If organs local government- then municipal. Legal entities also issue bonds: banks - bank bonds, other companies - corporate ones. Individuals do not issue bonds.
Bank passbook bearer in fact there is a type of bank certificate(along with certificates of deposit and savings certificates).
Privatization check ended its existence by 1996.
The following eight are legally (legally) permitted for release and circulation in Russia: economic types securities: shares, bonds, bills of exchange, checks, bank certificates, bills of lading, mortgages and investment shares.
Promotion - in accordance with the law of the Russian Federation “On” is “an emission security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, participation in the management of the joint-stock company and part of the property remaining after its liquidation.”
Economic definition is a security that certifies a single contribution to the authorized capital of a business partnership with the ensuing rights for its owner.
Bond- in accordance with the law of the Russian Federation “On the Securities Market” - this is “an issue-grade security that secures the right of its holder to receive from the issuer of a bond within the period specified by it the nominal value and the percentage of this value or property equivalent fixed in it”;
Economic definition is a security that certifies a single debt obligation of the issuer (the state or any other legal entity) for the return of its nominal value after a certain period in the future on terms that suit its holder.
Bill of exchange- a security certifying a written monetary obligation of the debtor to repay the debt, the form and circulation of which are regulated by special legislation - bill of exchange law;
Check- a security document certifying a written order from the drawer of the check to the bank to pay the recipient of the check the amount of money specified in it during the period of its validity. A check is a type of bill of exchange that is issued only by a bank.
Bank certificate- a security that is a freely negotiable certificate of a monetary deposit (deposit for legal entities, savings for individuals) in a bank with the latter’s obligation to return this deposit and interest on it through fixed time in future.
Bill of lading - a security, which is a document of a standard form, accepted in international practice, for the transportation of cargo, certifying its loading, transportation and right to receive it.
Mortgage - this is a registered security certifying the rights of its owner in accordance with a mortgage agreement (real estate pledge) to receive monetary obligation or the property specified therein.
Investment share- a registered security certifying its owner’s share in the ownership of the property constituting a mutual investment fund.
The listed types of securities typical for countries with highly developed market economy, are not exhausted, and therefore we can predict that in the future the number of types of securities permitted by Russian legislation will increase.
Russian securities can be distributed according to the main listed characteristics as follows.
Comparative characteristics (classification) of Russian securitiesIn addition to the listed types of securities, which can be called basic, or primary, securities, in world practice there are securities that are based on primary ones, and therefore are considered derivatives in relation to them. Derivatives, or secondary securities, include securities based on stocks and bonds: depositary receipts, stock warrants, etc.
Secondary or derivative security is a security that provides its owner not directly with any property rights, but with rights to any underlying securities and, through them, to property rights.
Depository receipt - this is a security indicating ownership of a certain number of shares of a foreign issuer, but issued for circulation in the investor’s country; This is a form of indirect purchase of shares of a foreign issuer.
Stock warrant- this is a security that gives its owner the right to buy from a given issuer a certain number of its shares (bonds) at a price set by him during a period of time specified by him.
The form has a number of details, or economic characteristics, along with their essential (“capital”) content. The indicated market characteristics usually have a pairwise opposite nature (for example, paper or paperless forms of existence of a security), and therefore securities are classified depending on which characteristic of the corresponding pair they meet. The combination of these characteristics inherent in a security constitutes its economic content.
The set of characteristics that any security has includes:
Timing characteristics:Depending on various characteristics, securities are classified as follows:
Securities issued for the entire life of the person obligated under them are not directly related to any time period, and therefore they are perpetual securities. These usually include shares. Securities issued for a limited period of time, regardless of whether it is specified when the security is issued or will be determined during its circulation, constitute a group of futures securities.
Future securities have a lifetime established upon their issue or a procedure for establishing this period. Typically, fixed-term securities are divided into three subtypes:
Fixed-term securities, the circulation period of which is not regulated in any way, i.e. they exist until the moment of redemption, the date of which is not indicated in any way when the security is issued, but only the procedure for their cancellation (redemption) is established, are called revocable.
The classic form of existence of a security is paper form, in which the security exists in the form of a document. The development of the securities market requires the transition of many types of securities, primarily equity ones, to a non-documentary form of existence.
Ownership of a security can be registered or bearer. A bearer security does not record the name of its owner, and its circulation is carried out by simple transfer from one person to another. A registered security contains the name of its owner and, in addition, is registered in a special register. It is usually transferred by agreement of the parties or by assignment.
If a registered security is transferred to another person by making a transfer note (endorsement) on it, or by order of its owner, then it is called an order security.
The issue of securities may or may not be accompanied by their mandatory registration with the authorities government controlled. Typically, issue-grade securities are subject to state registration, since their issue affects the interests of large number market participants. By Russian legislation Issued shares, bonds, bank certificates are subject to mandatory registration (registered Central Bank) and mortgages. Other types of Russian securities, regardless of the size of their issue, are not subject to state registration.
Issue-grade securities are usually issued in large series, which are subject to state registration. These are usually stocks and bonds. Non-issue securities are issued without any state registration.
Government securities- securities issued by . They occupy a special place among securities.
The state is not a capitalist and does not use funds raised through securities to generate income; it only redistributes them through or through its financial system, i.e. acts as an intermediary. Consequently, government securities are not a representative of directly functioning capital, but a representative of capital that the state does not have, which returns to the economy in a roundabout way (through the salaries of civil servants, the military, the purchase of goods, for example, military equipment, etc.). Therefore, government securities are an indirect representative of real capital.
According to the level of risk, securities are conventionally divided into risk-free and risky. Risk-free- these are securities for which there is practically no risk. In world practice, these are short-term (1-3 months) government debt obligations (treasury bills). All other securities according to the level of risk are usually divided into low risk e (this is usually government papers), medium risk(these are usually corporate bonds) and high-risk(these are usually shares). There are also higher risk ones than ordinary shares and bonds, market instruments.
Graphically, the place of the main types of income-generating securities from the point of view of the ratio of risk and level of profitability in them is usually depicted as follows (Fig. 2.3).
In turn, each type of basic securities is divided into subtypes, etc.
Rice. 2.3. Dependence of income on riskThe main types of securities are marketable, i.e. they can be freely sold and bought on the market. However, in a number of cases, the circulation of securities may be limited, and the security cannot be sold to anyone other than the one who issued it, and then after a specified period. Such securities are called non-marketable.
According to Russian legislation, each security has its own denomination or face value. However, in world practice it is allowed to issue, for example, shares without a monetary par value, or with a zero par value. In this case, it is indicated what share in the authorized capital one share constitutes, and therefore its par value, calculated by dividing authorized capital by the number of shares, changes each time the size of this capital changes, and does not remain unchanged as in the case when the par value of the security is set at the time of its issue. If a security is issued with a monetary denomination, then it is constant denomination paper. If a security is issued without a monetary face value (zero face value), then it is variable denomination paper.
From the point of view of accruable income, securities, as a rule, are profitable, but they can also be non-income when for their owner they are a simple certificate of goods or money, and not capital. Income on a security can be accrued in the form of a dividend (shares), interest (debt securities) or a discount, i.e., the difference between the par value of the security and its lower purchase price.
One of the areas of investing capital for the purpose of generating income or making settlements is securities. Some people are very well versed in the variety of securities, while for others this is an unexplored field of activity. You cannot tell about securities and their types in one material, so only their brief descriptions are concentrated here. And more detailed description securities with which banks work will be presented by me in separate articles.
So, before talking about the types of securities, let's first give the definition of a security, which is set out in Article 142 of Chapter 7 of the Civil Code Russian Federation(Civil Code of the Russian Federation):
Security- this is a document certifying, in compliance with the established form and required details, property rights, the exercise or transfer of which is possible only upon presentation. A security can only appear as a result of an issue. The issue of securities is a sequence of actions by the issuer to place issue-grade securities.
Federal law dated April 22, 1996 N 39-FZ “On the Securities Market” regulates the relations arising during the issue and circulation of issue-grade 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 the securities, they can be classified as bank securities, government securities, or securities of legal entities. The issue of securities cannot be carried out by individuals, but they can be holders.
Issuer- legal entity or bodies executive power or local government bodies that bear, on their behalf, obligations to the owners of securities to exercise the rights assigned to them.
Owner- a person to whom securities belong by right of ownership or other proprietary right.
And Article 143 of Chapter 7 of the Civil Code of the Russian Federation lists the main types of securities. The main securities include:
When working with bank securities, you must always remember that funds invested in securities are not subject to Federal Law No. 177 of December 23, 2003. “On insurance of deposits of individuals in banks of the Russian Federation”, i.e. are not covered by insurance. And in Art. 5 clause 2 of the same law specifically emphasizes that funds placed by individuals in bank deposits payable to bearer, including certified ones, are not subject to insurance savings certificates and/or bearer savings books.
Most types of securities (documentary), as a rule, are drawn up on standard forms of strict reporting and must contain the requirements established by the relevant laws required details, which includes the following:
Now we can give a definition for each type of security, as well as give a brief description of them:
Depending on the issuer, i.e. of the person who issued the security, bonds are distinguished into the following types:
The bill is used as:
Checks are of the following types:
The issuance of checks is carried out on the basis of an agreement (check agreement) between the drawer and the payer, according to which the paying bank undertakes to pay the checks if there are funds in the drawer's account.
Savings (deposit) certificates are of the following types:
The transfer of rights to another person, certified by a bearer security, in this case, a bearer savings book, is carried out by simply delivering the security to this person, which is enshrined in Art. 146 clause 1 of the Civil Code of the Russian Federation.
In accordance with Federal Law No. 177 - FZ of December 23, 2003 “On insurance of deposits of individuals in banks of the Russian Federation,” deposits registered with a bearer savings book do not participate in the bank deposit insurance system.
In addition, it is worth noting that transactions involving the placement of funds of certain amounts into deposits with the registration of a bearer savings book are subject to mandatory control in accordance with Federal Law No. 115 of 08/07/2001. “On combating legalization (laundering) of proceeds from crime.”
The bill of lading is issued by the carrier to the sender after acceptance of the cargo and certifies the conclusion of the contract. A bill of lading is issued for any cargo, regardless of how the transportation is carried out: with the provision of the entire ship, individual ship premises, or without such a condition. Under a bill of lading, the delivery of goods by water is carried out in accordance with the Hague Rules contained in the International Convention for the Unification of Conditions of Bills of Lading of August 25, 1924, unless any other state law applies.
Types of bills of lading:
The consignee is identified in the bill of lading in three ways. Depending on this, bills of lading differ in:
Today the largest shares Russian companies and banks are perhaps one of the most profitable assets that can be available to a private investor.
All shares issued by any Joint Stock Company are registered. As a rule, shares are divided into two groups:
Preferred shares of a company of the same type provide shareholders - their owners with the same amount of rights and have the same nominal value. The par value of the issued preferred shares should not exceed 25 percent of the authorized capital of the company.
The size of the dividend and (or) the value paid upon liquidation of the company (liquidation value) for preferred shares of each type must be determined in the company's charter. The dividend amount and liquidation value are determined on a firm basis. monetary amount or as a percentage of the par value of preferred shares. The size of the dividend and the liquidation value of preferred shares are also considered determined if the charter of the company establishes the procedure for their determination.
Owners of preferred shares for which the dividend amount is not determined have the right to receive dividends on the same basis as owners of ordinary shares.
Types and procedure for issuing shares, the procedure for creating and operating Joint Stock Companies, protection of the rights and interests of shareholders is ensured Civil Code of the Russian Federation and the Federal Law of the Russian Federation "On Joint-Stock Companies" dated 26-12-1995 No. 208-FZ (as amended).
The latest changes and additions were made on December 12, 2010.
Classification of securities is the division of securities into types according to certain characteristics. Thus, securities can be classified according to the following classification criteria:
Duration of existence - fixed-term, unlimited;
Origin - primary, secondary;
Form of existence - paper, paperless;
Nationality- domestic, foreign;
Type of use - investment, non-investment;
Ownership order - bearer, registered, order;
Form of release - emission, non-emission;
Form of ownership - state, non-state;
Nature of negotiability - market, non-market;
Risk level - high, low;
Availability of income - profitable, non-income;
Form of investment - debt, owner's equity;
Economic essence(type of rights) - shares, bonds, bills, etc.;
Degree of protection - high-class, low-class;
The scope of rights granted - with the right of ownership, with the right of management and with the right of lending;
Territory of circulation - municipal, state, foreign and all-Russian;
Form of receiving income - with permanent income, with point income;
Possibility of exchange - convertible, non-convertible.
Economically developed countries classification of securities is, first of all, determined by their intended purpose, which in turn determines the conditions of issue, quotation and their profitability. On this basis, securities are divided into:
a) shares of private, mixed and state companies;
b) bonds of private companies and corporations;
c) government bonds issued central government and local government authorities;
d) other types of securities.
There are certain standards in the securities market, which represent a set of economic, legal and technical requirements for securities.
Promotion- this is a security without a specified circulation period, certifying the deposit of funds and giving its owner the right to receive part of the enterprise’s profit in the form of a dividend.
Promotions serve three main purposes. Firstly, their release is necessary when organizing a joint-stock company in order to provide the new enterprise with a certain initial capital for deployment economic activity. Secondly, attracting additional financial resources already in the course of economic activity. Third, the issue of shares is used to exchange for the purpose of merging with another company.
The profitability of shares is determined solely by the payment of dividends on them.
Shares can be considered as units of measurement of the proprietary interests of members of a joint stock company, or shareholders. A share as an object of property rights by its nature represents a category of rights depending on its type: voting rights; the right to participate in the profits of the joint-stock company (to receive dividends); pre-emptive right to purchase new shares; right during liquidation (dissolution) of a corporation; right to inspection (verification).
Currently, stocks are becoming more and more diverse, since joint stock companies cannot limit themselves to one type of securities. There was a need to issue securities with different characteristics in order to ensure a balance between the cost of capital and risk. There are ordinary and preferred shares. I have the following preferred shares distinctive features from ordinary shares.
1. Dividends are usually set at a fixed rate.
2. They are issued with an indication of the par value and the amount of dividend as a percentage or in dollars per share.
3. Dividends are paid as a matter of priority and< зависят от прибыли акционерного общества.
4. Shareholders have a preferential right to a certain share of the assets of the joint-stock company upon its liquidation.
5. As a rule, they do not have preferential rights to purchase shares of a new issue and do not have voting rights.
In table 1 shows comparative characteristics of ordinary and preferred shares of various types.
The characteristics of preferred shares given in the table can be combined. Moreover, if Joint-Stock Company issues several classes of preferred shares, they are called preferred shares of class A, class B, etc.
Stocks, being risky securities, usually attract investors with the possibility of receiving higher income, which can consist of the amount of dividends and capital gains invested in the stock due to an increase in its price. Due to their higher yields, stocks generally provide better protection against inflation. Therefore, the main motive that encourages investors to invest in shares is the desire to ensure an increase in cash investments due to an increase in their price, as well as the desire to receive large dividends.
In addition to equity securities, which include shares, debt securities - bonds - are also traded on the securities market. Their issuers are state and local authorities, joint-stock companies.
Table 1 - Comparative characteristics of shares of various types
A security that gives its owner the right to own part of the capital and the opportunity to receive income in the form of dividends.
A category of securities issued by a government or company that confirms a debt obligation to its owner. After a specified period, the bond holder will receive back the loaned amount, as well as interest on it. Income is transferred during the period of commitment in equal shares. There are short-term (valid for less than 10 years) and long-term (valid for more than 10 years) bonds.
The issuer issues these securities in order to generate capital, which is necessary to expand its activities or modernize production. Bonds give their owners the opportunity to participate in the management of the company. Bond - .
Confirms a debt obligation; a feature of promissory notes is the absence of asset collateral. This is a rather risky acquisition, but if successful, the benefits will be the highest. The issue of bills is carried out by companies that are in an unstable state at the time of issue. financial situation or committed to a successful outcome of future economic and financial transactions. A bill of exchange can be commodity or financial, urgent (with a fixed payment date) and bearer.
A security document confirming the placement of funds in an institution banking system guaranteeing their return and interest. They are divided into:
Securities also include checks containing a written order from the drawer to the payer to provide the bearer with the amount specified in it.
A security that gives its holder the right to purchase or sell an asset at a future date. In this case, the price of assets will be “frozen”. The option seller is obligated to provide or purchase the asset. The buyer has the right to choose: he can exercise the option or refuse to exercise it. In other words, in options trading, all the rights are with the buyer, and the obligations are imposed on the seller.
An agreement concluded between a seller and a buyer that regulates the future process of buying and selling securities on a specified date at a previously fixed price. Both the seller and the buyer have obligations in this situation.
A subtype of options that secures the right to purchase or sell securities within the framework of the conditions established by the parties.