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Since securities in most cases certify rights of obligation, or more precisely, each security certifies rights of obligation, and some also real rights, then a few words must be said about the nature of rights of obligation. A security is a unilateral obligation, since only its owner can exercise the rights enshrined in it; a person who does not own a security has no right to demand the implementation of the rights embodied in the security, i.e. it should be recognized that a security cannot express a bilateral obligation.

In addition, the rights certified by securities must be negotiable, intended for participation in civil circulation. V.A. Belov noted that “only then can a right (and should) be certified by a security when the creditor does not pursue the goal of owning this right itself, but only claims the right, its legal substitute, which will be the security” Belov V.A. Decree. op. - P. 33. .

And finally, concluding the consideration of the issue of subjective civil rights that can be certified by securities, it should be emphasized that each security provides a certain set of rights, which together determine its content. This set of rights, as a general rule, must be indivisible (the fact that in some cases the execution of a security is carried out in parts, for example, the payment of interest on bonds or dividends on shares, does not change this rule). The exception is fractional shares, which appeared in the Federal Law “On Joint Stock Companies” in 2001. This innovation can hardly be considered theoretically justified, since it is not consistent with the provision on the indivisibility of securities. At the same time, taking into account the peculiarities of equity securities, based solely on practical considerations, the emergence of fractional shares can be allowed. Also I.T. Tarasov, analyzing the “so-called shares of shares,” noted that “only exclusively utilitarian considerations, and, moreover, completely one-sided ones, and not some specific, firm principle, can force one to justify such an abnormal phenomenon as the issue of shares of shares.” Tarasov I.T. Teaching about joint stock companies. - M. Statute. 2000. - P. 377. .

The next sign of securities, which is most often found in legal literature, is the beginning of the presentation. It is traditionally believed that a security is a document, the presentation of which is necessary for the exercise of the right expressed in the document. A security is inextricably linked with the right embodied in it, because this right can be realized or transferred to another person only by using this document. BUT. Nersesov, M.M. Agarkov, E.A. Krasheninnikov noted that a document in the field of civil law can have different meanings; Thus, some documents serve only as a means of proving rights in court. Sometimes the law puts a document and a right in a relationship in which the presence of a document is required not only for evidence, but also for the emergence of a right. Finally, a document may be important in the exercise of the right expressed in it, and this last presentation type of document is the security of Nersesov N.O. Decree. op. - P. 141; Agarkov M.M. Decree. op. - pp. 173-175; Krasheninnikov E.A. Bearer securities. - Yaroslavl. Publishing house of YarSU. 1995. - pp. 5-6. .

Thus, an item in respect of which interested parties claim to be a security must:

constitute a document, i.e. be drawn up in compliance with the established form and mandatory details;

certify the subjective civil right of the creditor and the corresponding legal obligation of the debtor;

be adapted for transfer as a thing, in order to ensure the possibility of transferring the right embodied in the document;

ensure that the subject of the real right to the document coincides with the subject of the right expressed in the document;

property of public credibility;

the need to classify documents as securities under securities laws or in the manner prescribed by them.

Chapter 2. Types of securities

2.1 Basis for classification of securities

In accordance with Article 143 of the Civil Code of the Russian Federation, securities include: government bond, bond, bill of exchange, check, deposit and savings certificates, bearer bank savings book, bill of lading, share, privatization securities and other documents that are subject to securities laws or in the manner established by them are classified as securities. This article names the main types of securities, without, however, providing an exhaustive list of them Shevchenko G.N. Share as a corporate security // Journal of Russian Law. - 2005. - No. 1. - P. 67. .

For research purposes, all securities are divided into certain groups according to established criteria, i.e. they are classified. Various classifications are proposed in legislation and scientific literature. The most important and interesting classifications should be considered.

The most important division of securities is that which is based on the method of designating the authorized person and in accordance with which bearer, registered and order securities are distinguished. The practical significance of such gradation is expressed in giving different legal status to a certain type of securities, as well as in establishing the procedure for transferring the rights enshrined in them.

In accordance with Part 1 of Article 145 of the Civil Code of the Russian Federation, the rights certified by a security may belong to:

1) to the bearer of the security (bearer security);

2) the person named in the security (registered security);

3) the person named in the security, who can himself exercise these rights or appoint by his order (order) another authorized person (order security).

Thus, a bearer security is a security that does not indicate a specific person to whom execution should be performed. The person authorized to exercise the right expressed in such a security is any holder of the security who only must present it. This type of securities has increased negotiability, since in order to transfer to another person the rights certified by a security, simply delivering it to that person is sufficient and no formalities are required. Examples of this type of securities are bonds, bearer bank passbooks, bills of lading, simple warehouse receipts, etc.

A registered security is a document issued in the name of a specific person who alone can exercise the right expressed in it. Such securities can usually be transferred to other persons, but this requires the completion of a number of formalities and specially complicated procedures, which makes this type of securities low-tradability. If the rights certified by a registered security are nevertheless transferred to other persons, this occurs in the manner established for the assignment of claims (assignment). In accordance with Article 390 of the Civil Code, the person transferring the right to a registered security is liable for the invalidity of the corresponding requirement, but not for its failure to fulfill it. Shares, checks, savings certificates, etc. can appear as registered securities.

The name of order securities comes from the Latin word that came to us through the German language (order - order), and not from the English “order” (as is sometimes claimed), which is closer directly to the Latin ordo - row, but order securities can have rows and not to be, the word “order” is included in the text of the sample bill of exchange. Martemyanov T.S., Belov A.V. Securities: evolution of formation and development // Jurisprudence. - 1992. - No. 6. - P. 60. An order security, just like a registered one, is issued to a certain person, who, however, can exercise the corresponding right not only independently, but also assign by his order (warrant, order) another authorized person.

In other words, the owner of an order security is given the opportunity, unencumbered by special formalities, to transfer rights under the security to other persons. This is done by making an endorsement on this security called an endorsement (from the Italian words in dosso “on the back”, on the back), which can be a blank (without indicating the person to whom the execution should be made) or an order (indicating the person to whom or by whose order execution is to be carried out). The number of endorsements is usually not limited, i.e. Each new owner of a security can transfer it further, and therefore the turnover of order securities is very high. The proper holder of an order security will be the person whose name appears last in the series of endorsements (and in the case of a blank endorsement, any holder of the paper).

Order securities, as a rule, are characterized by increased reliability. Endorser, i.e. the person who made the endorsement is responsible not only for the validity of the right, but also for its implementation. In this case, liability to the owner of the order security is, as a rule, borne not only by the direct debtor, but also by all persons who made endorsements, unless they made a special clause: “without recourse to me,” which eliminates their liability. A typical example of an order security is a bill of exchange.

According to V.A. Tarkhov, securities are often of a mixed nature, they are both registered and order, which makes their circulation easier: “pay the Sokol company or its order.” Tarkhov V.A. Civil law. A common part. - Cheboksary. Chuv. book publishing house 1997. - P. 194. In his opinion, the specified person, by means of an inscription on the security, determines to whom exactly the execution should be made, either it should be made to the bearer of the security, or to the order of which new person the execution should be made. The order security either turns into a registered or bearer security, or remains with the next order holder. Tarkhov V.A. Decree. op. - P.194.

In accordance with paragraph 2 of Article 145 of the Civil Code of the Russian Federation, the law may exclude the possibility of issuing securities of a certain type as registered, or as warrant, or as bearer securities.

Depending on who is the issuer of the security, i.e. a person who bears, on his own behalf, obligations to the owners of securities to exercise the rights assigned to them, a distinction is made between government securities and securities of private individuals. The main provisions on the issue of government securities are determined by the Budget Code of the Russian Federation No. 145-FZ dated July 31, 1998 (as amended on February 2, 2006) Collection of legislation of the Russian Federation. - 1998. - No. 31. - Art. 3823. . Debt obligations of the Russian Federation can be short-term (up to 1 year), medium-term (from 1 to 5 years) and long-term (from 5 to 30 years) in nature. They take the form of government loans, carried out through the issuance of securities, in particular government bonds, on behalf of the Government of the Russian Federation. Government securities can also be issued for circulation by national-state and administrative-territorial entities, which bear independent responsibility for them, unless they have been guaranteed by the Government of the Russian Federation. There is a lot of talk now about the need to develop the government securities market, in particular bonds. Bondar T. Regional bond market: problems of formation // Finance. - 2003. - No. 1. - P. 15.

Securities issued for circulation in accordance with the procedure established by law by private individuals are guaranteed only by the property of these individuals themselves.

According to the content of the rights embodied in them, securities are divided into monetary, commodity and securities that give the right to participate in the management of a joint-stock company. Cash securities provide their holders with the right to receive a certain amount of money.

Examples of such securities include checks, bills of exchange, certificates of deposit and savings, etc. Commodity securities embody rights to goods and services. These types of securities include, for example, target commodity bonds and housing certificates. Commodity securities are often referred to as documents of title, since such securities are assigned to another person. the owner disposes of the goods belonging to him Kamyshanov A.E. Legal nature of housing certificates//Family and housing law. - 2004. - No. 3. - P. 15. . Securities that give, among other things, the right to participate in the management of a joint-stock company, are voting shares issued by G.N. Shevchenko joint-stock companies. Legal regulation of bonds: Concept and types // Modern law. - 2005. - No. 5. - P.19. .

Securities can be divided into basic and derivative securities (derivatives) Kruglova N.Yu. Decree. op. - P.366. . Basic securities are securities based on property rights to any asset, usually goods, money, capital, property, various types of resources, etc. Basic securities, in turn, can be divided into two subclasses: primary and secondary securities. Primary securities are based on assets that do not include the securities themselves. These are, for example, shares, bonds, bills, mortgages, etc. Secondary securities are securities issued on the basis of primary securities; these are securities for the securities themselves: warrants for securities, depository receipts, etc. These securities have become widespread in foreign practice.

A derivative security is a non-documentary form of expression of a property right (obligation) arising in connection with a change in the price of the exchange asset underlying this security. We can say that a derivative security is a security for any price asset: for the prices of goods (usually exchange-traded goods: grain, meat, oil, gold, etc.); on prices of underlying securities (usually stock indices, bonds); on credit market prices (interest rates); on foreign exchange market prices (exchange rates), etc. Derivative securities include futures contracts (commodity, currency, interest, index, etc.) and freely traded options.

The division of securities into debt and owner's equity reflects two possible ways of using funds: either for the acquisition of any asset for ownership, or for temporary use. If securities are issued for a limited period with the subsequent return of invested funds, then they are debt securities. These are bonds, bank certificates, bills, etc. Ownership securities give ownership of the corresponding assets. These are shares, warrants, bills of lading.

Depending on the nature of the operations and transactions hidden behind the issue of securities, as well as the purpose of their issue, they are divided into stock (shares and bonds traded on stock exchanges) and commercial papers serving the process of trade turnover and certain property transactions (vessels, checks , bills of lading, warehouse and pledge certificates, mortgages). Kashanina T.V. Decree. op. - P. 408.

Stock securities are divided according to their appearance and the method of their issue into main ones, in which the main property right or claim is expressed, and auxiliary securities, issued for confirmation or execution, which are carriers of certain or additional rights and claims on the security. For example, share certificates may be issued for shares, giving the right to benefits for their holders (preferential purchase, purchase at a preferential price). Ancillary securities also include securities that give the right to periodically receive income (interest or dividend) and are called coupons. Coupons are most often issued to bearer, even if the underlying paper (stock or bond) is registered. There is also a type of auxiliary papers such as coupons that give the right to receive a coupon. Subsidiary securities, separated from stocks and bonds, can become separate securities and be traded in the market, but they are never traded on stock exchanges. Kashanina T.V. Decree op. - P. 408.

From the point of view of commercial activities of organizations, all securities can be divided into investment and non-investment. Investment securities - securities that are the object of capital investment (stocks, bonds, savings certificates, warrants, futures contracts, options). Non-investment securities are securities that serve monetary settlements in commodity or other markets (bills, checks, bills of lading, warehouse receipts). Kruglova N.Yu. Decree. op. - P. 368.

The classification of securities into emission and non-emission securities has acquired its relevance in connection with the adoption of Federal Law No. 39-FZ of March 20, 1996 “On the Securities Market,” which established the concept of an emission security.

An issue-grade security is simultaneously characterized by the following features: a) secures a set of property and non-property rights that are subject to certification, assignment and unconditional implementation in compliance with the form and procedure established by the Law of the Russian Federation “On the Securities Market”; b) posted in releases; c) has equal volume and terms of exercise of rights within one issue, regardless of the time of acquisition of the security. Issue-grade securities include stocks, bonds, savings certificates, etc.

Issue-grade (investment) securities are characterized by the fact that they secure a set of rights that are isolated to the same extent (scale, volume) and have the same terms and procedure for exercising these rights in relation to the person obligated under the security (issuer). Thus, an individual issue security by its nature is not a unique security, but, on the contrary, represents one of many identical (within the same issue) securities. In this, an issue-grade security is fundamentally different from other securities (the most typical examples: bills, checks, mortgages), which, although they can be put into circulation simultaneously as a number of identical securities, have historically been focused on the fact that each security is a single, unique financial instrument.

Accordingly, if an issue-grade security is only a certain part of the total set of securities of one issue, then in the categories of the traditional securities doctrine, one security should have been issued for the entire volume of the issue (more precisely, for all the rights secured by the issue of securities). However, the meaning of investment securities and their relevance in life were determined precisely by the fact that the rights concluded within the framework of one issue of securities, in order to attract the maximum possible number of investors, were split into many separate lots, which were secured in a separate issue (investment) security . At the same time, the volume of rights granted to the owner of such securities is always determined as a certain part of the total set of rights provided by one issue of securities, and this part can be expressed in the form of a known sum of money or a fraction (we are talking about fractional shares, which will be discussed in the third chapter of the work).

In the first such case, the nominal value of a security is necessary only to show what part of the entire complex of rights contained in one issue of equity securities falls on such a security. If the nominal value of an investment security is not required to perform such a function, then the need for the nominal value of the security disappears. Accordingly, the next step in the development of domestic legislation in this area will be the abandonment of the mandatory presence of a nominal value of a security, which is already planned to be done. Thus, in the draft Federal Law “On introducing additions and amendments to the Federal Law “On the Securities Market” Collection of Legislation of the Russian Federation. - 2002. - No. 52 (2 parts). - Article 5141. it is proposed to make an entry in Article 2 of the Law , according to which the issue of issue-grade securities will be defined as “... the totality of all securities of one issuer, providing the same volume of rights to their owners and having the same nominal value, in cases where the presence of a nominal value is provided for by the legislation of the Russian Federation.” Decree. Op. - P.80.

Non-issue securities are issued in a “piece” order and assign an individual volume of rights to their owners. They are checks, bills of exchange, bills of lading, warehouse receipts, etc.

It seems necessary to briefly characterize the main types of securities, dividing them for convenience into emission and non-emission.

2.2 Features of issue-grade securities

The features and characteristics of equity securities are established by special legislation - the Law on the Securities Market. In accordance with this law, relations arising during the issue and circulation of issue-grade securities are regulated, regardless of the type of issuer, as well as the features of the creation and activities of professional participants in the securities market.

The main feature of the issue-grade security of A.Yu. Golubkov considers the commodity function. Golubkov A.Yu. Legal regulation of the securities market // State and law. - 1997. - No. 2. - P. 23. The main elements of the commodity function are: a) free negotiability, i.e. when the transfer of a security does not depend on the will of third parties (thus shares of closed joint stock companies do not have a commodity function); b) potential material interest of an unlimited number of investors in the acquisition of securities, expressed in dividends, interest, etc. paid on securities. Golubkov A.Yu. Decree. op. - P. 23.

The most common equity securities are stocks and bonds.

A bond is a security that certifies the right of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent. The bond also provides its holder with the right to receive a fixed percentage of the nominal value of the bond or other property rights (Part 2 of Article 816 of the Civil Code). A bond mediates a loan relationship between its owner (the lender) and the person who issued it (the issuer). The rules of Article 807 - 818 of the Civil Code apply to the relationship between the person who issued the bond and its holder, unless otherwise provided by law or in the manner established by it. Commentary on the Civil Code of the Russian Federation, part two (article by article) / Ed. Sadikova O.N. fifth edition, corrected and expanded using judicial and arbitration practice. - M. Infra-M. 2006. - P. 167. .

Depending on the issuer, bonds of state, municipal and commercial legal entities are distinguished. Government bonds are issued on the basis of the Law of the Russian Federation of November 13, 1992 “On the State Internal Debt of the Russian Federation”. These include, in particular, domestic government foreign currency bond bonds and government savings loan bonds issued by the Ministry of Finance of the Russian Federation. The possibility of issuing municipal bonds is provided for by the Federal Law “On General Principles of the Organization of Local Self-Government in the Russian Federation” dated October 6, 2003. Collection of legislation of the Russian Federation. - 2003. - No. 40. - Art. 3822. These securities are not included in the national domestic debt, and the federal government is not responsible for them. Bonds can be issued by commercial organizations that are classified as securities of individuals.

Bonds must have mandatory details. These, for example, for bonds of commercial legal entities are:

name - "bond";

name and location of the legal entity that issued the bonds;

par value of the bond;

name of the holder (for registered bonds);

maturity;

level and terms of interest paid (for interest-bearing bonds);

serial number;

nominal cost;

Date of issue;

type of bond;

total amount of issue;

signature of the head of the legal entity or another authorized person.

Bonds can be registered and bearer, freely tradable and with a limited circle of circulation, with or without collateral (collateral or otherwise), ordinary and convertible, i.e. transformable into shares. Several types of bonds are traded on the market: discount bonds, coupon bonds with a fixed coupon, bonds with a variable coupon and with the right of long-term presentation for sale, coupon bonds with a fixed coupon and the right of long-term redemption by the issuer, bonds with a variable coupon. Paranich A.V., Bogoslovsky D.V. Bond market of St. Petersburg: current state and prospects // Finance. - 2002. - No. 7. - P. 25. Currently, the Russian securities market and especially in its bond segment is experiencing dynamic growth Shornikova N. Legal problems of pledging shares // EZh-Lawyer. - 2006. - No. 16. - P. 5. . Nevertheless, Russia's share in the global financial market is more than modest - hundredths of a percent. Tretyakov A., Lyalin S. Foreign bond markets from the point of view of a Russian investor // Securities market. - 2002. - No. 23. - P. 24.

A share is a security that certifies the right of its owner (shareholder) to receive the profit of the joint-stock company in the form of dividends, to participate in the management of the affairs of the joint-stock company and to part of the property remaining after liquidation. The issue and circulation of shares are regulated by the Civil Code (see, for example, Articles 96 - 104), the Law on Joint Stock Companies, the Law on the Securities Market and other regulations adopted in the manner prescribed by these laws.

A share can exist in the form of: a) a separate document, which is a paper that has various degrees of protection and contains certain details; b) a certificate, which is evidence that its holder owns a certain number of shares of any one joint stock company, and has various degrees of protection and details; c) entries in the securities account.

Shares in the form of a separate document, for example, have the following details:

1) the name of the joint stock company that issued the shares and its location;

2) name - “shares”;

3) its serial number;

4) date of issue;

5) category of the promotion;

6) nominal value;

7) name of the holder;

8) the size of the authorized capital of the joint-stock company and the number of issued shares;

9) deadline for payment of dividends;

10) signature of the head of the joint-stock company or another authorized person G.N. Shevchenko. Issue-grade securities: concept, issue, circulation. - M. Statute. 2006. - P. 67. .

Stocks and bonds have a lot in common. Karatusev A.G. Securities: types and varieties. - M. BECK. 1997. - P. 71. Their commonality is manifested in the fact that:

they are mass issued securities;

have a number of general details, as well as exchange rate and book value;

can be traded on both the exchange and over-the-counter markets;

there is a state system of registration, control and regulation of their circulation;

they have an ex-dividend period when the buyer has no right to receive income from them;

the volume of both shares and bonds cannot exceed the authorized capital.

However, there are much more differences between the two types of securities:

if shares can only be issued by joint stock companies, then bonds can be issued by any corporation;

While bonds can be placed at a discount from their face value, this cannot be done for shares;

if shares are issued when a joint-stock company is formed or when its authorized capital is increased, then bonds are issued when there are not enough funds for the expanded reproduction of fixed assets;

if a shareholder can influence the work of a corporation, then a bondholder is a creditor of the corporation and has no right to interfere in its management;

in the event of bankruptcy of a corporation, the property claims of bondholders are satisfied first of all, earlier than the claims of shareholders;

a bond is a debt, fixed-term security, a share is an equity security, usually without indicating its validity period;

bonds have less significant price fluctuations compared to stocks;

a bond as a security is more reliable than a share because it guarantees both a specified return and its repayment;

bonds, however, play a lesser role (compared to stocks) due to their lower distribution.

2.3 Features of non-issue securities

Non-equity securities include: promissory notes and bills of exchange, checks, bills of lading, mortgage securities, savings and certificates of deposit; bearer bank savings books, etc. The issue of non-issue securities is not subject to the legal regulation of the Securities Market Law, as indicated by its provisions.

In the legal literature, an opinion has been expressed that denies the possibility of professional participants in the securities market carrying out any transactions in non-equity securities. So, V.K. Andreev writes: “The question has arisen: can a professional participant in the securities market engage in activities other than issue-grade securities, shares and bonds, for example, related to bills of exchange. Despite the fact that Section II of the Federal Law “On the Securities Market” states about securities in general, and not issue-grade ones, this question should be answered in the negative; as follows from the context of the Law, participants in the securities market have the right to deal only with shares and bonds.” Andreev V.K. Decree. op. - P. 39. Other authors believe that just the opposite follows from the context of the Securities Market Law. Article 14 of the Law states that “other securities” are allowed for circulation on the stock exchange, which may include non-issued securities. Lisitsyn A.Yu. Legal regulation of circulation of non-issue securities // Journal of Russian Law. - 2002. - No. 4. - P. 42. It seems that the legislator should give an explanation on this issue.

Non-issue securities include a check. Several periods can be distinguished in the development of check circulation. Thus, until 1917, check circulation was not regulated by law. The next period begins with the approval by the Central Executive Committee and the Council of People's Commissars of the USSR of November 6, 1929 of the Regulations on Checks, which applied only to organizations. For a long period, this act was applied taking into account a number of instructions from the State Bank and resolutions of the USSR Council of Ministers. A distinctive feature of the check at this time should be considered the possibility of its acceptance by the authorities of the State Bank of the USSR. This document was in force until 1991, when a new act dedicated to the security in question was adopted. This regulatory act, also called the Regulation on Checks, approved by Resolution of the Supreme Council of the Russian Federation of February 13, 1992 No. 2349-1, incorporating the main provisions of the Uniform Law on Checks, which is Appendix No. 1 to the Geneva Convention of 1931 Instruction of the USSR Vneshtorgbank No. 1 dated December 25, 1985 “On the procedure for performing banking operations for international payments” - M. Finance and Statistics. 1986. - P. 196. , however, is not completely identical to the latter. In the same way, the mentioned document is not equivalent to the previous Regulation on Checks of 1929.

The new stage was marked by the adoption in 1996 of part two of the Civil Code of the Russian Federation, which enshrined the main provisions on this security (Chapter 46, § 5 “Settlements by checks”). At the same time, in accordance with Article 2 of the Federal Law of January 26, 1996 No. 15-FZ “On the implementation of Part Two of the Civil Code of the Russian Federation,” the Regulations on checks of 1991 became invalid. However, since the Civil Code of the Russian Federation reflects only general issues of check circulation, it is assumed that the detail of most issues will be given in a special law.

A check is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder (clause 1 of Article 877 of the Civil Code). A check is a strictly formal document, which is always drawn up on paper and, according to Article 878 of the Civil Code, must contain the following details:

the name "check" included in the text of the document;

an instruction to the payer to pay a certain amount of money;

name of the payer and indication of the account from which the payment should be made;

indication of payment currency;

indication of the date and place of drawing up of the check;

the signature of the person who wrote the check - the drawer. The absence of any of the specified details in the document deprives it of legal force. Since a check is considered to be always a short-term security, the interest rate is not stated in this document. The percentage statement is considered unwritten.

The structure of a check obligation thus presupposes the presence of three parties:

drawer - the person issuing the check;

payer - the person to whom the drawer gives an order to pay the check (in this case, clause 2 of Article 877 of the Civil Code specifies that only a bank where the drawer has funds that he can dispose of can be indicated as the payer);

check holder - the person to whom the check is written.

We can conclude that the check, as well as the obligations formalized by it, have the following features: one-sidedness, formalism, monetary content, unconditionality and indisputability. A check is a means of payment, not a means of payment. Therefore, the issuance of a check does not extinguish the monetary obligation in fulfillment of which it was issued. Their release does not require permission or registration by any government authorities.

At the same time, one can hardly agree with the opinion that a check obligation is abstract (a check, like a bill of exchange, must be paid simply because it was issued) Rukavishnikova I. Legal nature of a bill of exchange. Features of accounting are more fun // Economy and Law. - 1998. - No. 1. - P. 35. . It seems that the abstract nature of the check obligation is relative. Since, if the relationship between the drawer and the check holder lies outside the scope of this obligation (it does not matter on what basis the check was issued: for the purpose of payment for goods, work or services, etc.), payment of the check by the payer is made because this document is covered in the form of funds in the drawer's account (covered account). And this always presupposes the preliminary conclusion of an agreement between the drawer and the bank to open an account.

Banks prefer to issue checkbooks to customers, which are check forms bound in a certain number. At the same time, to protect against counterfeiting and facilitate processing, standard check forms, printed on special paper and equipped with magnetic signs, are used in practice. As a result of this circumstance, according to paragraph 3 of Article 879 of the Civil Code, the payer’s responsibilities for a check include: certifying by all means available to him the authenticity of the check, the fact that the bearer of the check is the person authorized by it, as well as checking the correctness of the endorsements, but not the signatures of the endorsers. This means, writes O.S. Ioffe that “the risk of paying forged checks is borne by the drawer, since he is assumed to be guilty of improper storage of the checkbook, which contributed to the forgery. However, liability should be assigned to the bank if it is proven that the payment of a forged check was made as a result of his guilt” Ioffe O.S. Law of obligations. - M. Legal literature. 1975. - P. 520. .

Despite a number of similar features inherent in a check and a bill of exchange, the differences in the legal regulation of these two securities do not make it possible to subsume a check under the concept of a bill of exchange and, therefore, do not allow for a broad interpretation and extension to check circulation of Article 2 of the Federal Law of March 11, 1997 No. 48-FZ “On bills of exchange and promissory notes”, which states that state and municipal entities have the right to be obligated on bills of exchange and promissory notes only in cases specifically provided for by federal law.

All checks can be divided into settlement checks, used in non-cash payments, and checks for receiving cash (the so-called cash checks Belyaev O.A. Checks in modern civil circulation // Journal of Russian Law. - 2001. - No. 3. - P. 38. or settlement cash Efimova L.G., Novoselova L.A. Banks: responsibility for violations in settlements - M. Infra-M.

Appearing in the 12th century. the bill came to Russia at the beginning of the 17th century, under Peter I, through the mediation of German merchants. Pakhomov D.S. The emergence and development of bills of exchange and legislation on bills of exchange: from the Middle Ages to the present day // History of the state and law. - 2001. - No. 4. - P. 29. In 1729, the first Russian Bill of Exchange Charter was adopted, which embodied German views on the bill of exchange. In the middle of the 19th century. Work began on developing a new law, which involved stock exchange committees, courts, officials, merchant deputies, and outstanding lawyers, including German ones. Arkhipov I.V. Modernization of trade law and commercial process in Russia in the 19th - early 20th centuries. - Saratov. Publishing house of SSU. 2000. - P. 106. Later, a more advanced Charter on bills of exchange was adopted in 1902. Zholobova G.A. Charter on bills of exchange of 1902 // Journal of Russian Law. - 2002. - No. 5. - P. 53.

Currently, the main source of Russian bill law is the norms of the three Geneva Bill of Exchange Conventions of June 7, 1930, which the USSR joined in 1936:

1) No. 358 “On the Uniform Law on Bills of Exchange and Promissory Note” Collection of legislation of the USSR. - 1937. - Department.II. No. 18. - St. 108. with the application of the Uniform Bill of Exchange Law (UZL), as well as exceptions and reservations that participating states have the right to make in their national law;

2) No. 359 “On the resolution of certain conflicts of laws on bills of exchange and promissory notes”, Collection of Legislation of the USSR. - 1937. - Department II. No. 18. - Art. 109. 3) No. 360 "On stamp duty in relation to bills of exchange and promissory notes." Collection of legislation of the USSR. - 1937. - Department II. No. 18. - Art. 110. By the resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated August 7, 1937, the “Regulations on bills of exchange and promissory notes” were approved. Collection of legislation of the USSR. - 1937. - No. 52. - Art. 221. This Regulation was re-approved by the Resolution of the Presidium of the Supreme Council of the RSFSR dated June 24, 1991 “On the use of bills of exchange in the economic circulation of the RSFSR.” On March 11, 1997, the Federal Law “On Bills of Exchange and Promissory Note” was adopted, which confirmed Russia’s participation in Geneva Conventions of 1930 and the effect of the Regulations on bills of exchange and promissory notes of 1937, recognizing the Resolution of the Presidium of the Supreme Council of the RSFSR of June 24, 1991 as invalid.

A bill of exchange is a security that certifies the unconditional obligations of the drawer (promissory note) or another payer specified in the bill of exchange (bill of exchange) to pay a certain amount to the holder of the bill upon the maturity of the bill of exchange (Article 815 of the Civil Code).

The parties to a bill of exchange (draft) are the drawer (drawer), the payer (drawee) and the holder of the bill (remitee). In a promissory note there are two persons - the drawer, who is also the payer, and the holder of the bill. Citizens and legal entities can be obligated on both a transferable bill and a promissory note. The Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipalities have the right to be obligated on a bill of exchange and a promissory note only in cases expressly provided for by federal law.

In civil circulation, a bill of exchange is used as a means of payment and lending. The subject of a bill of exchange can only be money. A bill of exchange is a document; its text should not contain any indication of the transaction that served as the basis for its issuance Alekseev A.A. Legal nature of bill lending // Civil law. - 2006. - No. 1. - P. 14. . The reference to the terms of payment turns the bill into a promissory note. At the same time, the presence on the bill of exchange of any notes that are not intended to condition the offer (obligation) to pay contained therein does not entail the invalidity of the bill of exchange (clause 3 of the letter of the Supreme Arbitration Court of the Russian Federation dated July 25, 1997 No. 18 “Review of the practice of resolving disputes related to using a bill of exchange in economic circulation" Bulletin of the Supreme Arbitration Court of the Russian Federation. - 1997. - No. 10. - P. 15.).

Like all securities, a promissory note is a formal document. For the validity of a bill of exchange, it is necessary that it contains the details provided for in the Regulations on bills of exchange and promissory notes. These for a bill of exchange are:

the name “bill” included in the text of the document and expressed in the language in which this document was drawn up;

a simple and unconditional offer to pay a certain amount;

the name of who must pay (payer);

indication of the payment term;

indication of the place where payment should be made;

the name of the person to whom or to whose order the payment should be made;

indication of the date and place of drawing up the bill of exchange;

the signature of the person who issues the bill (the drawer) (Article 1 of the Regulations on bills of exchange and promissory notes). A promissory note in accordance with Article 75 of the said Regulation contains the same details, with the exception of “the name of the one who must pay (the payer).”

Bills of exchange are bearer, order and registered. Under a bearer bill of exchange, the debtor makes payment to any bearer of the document. By order - the first person named in the bill or other person “to whom he orders,” or by his order. On a registered bill - only to the person named in the document.

Payment on a bill of exchange can be secured in full or in part of the bill amount by means of a guarantee (aval). The avalist must indicate for whom he vouches. If there is no such indication, the aval is considered to be given for the drawer. The avalist is liable jointly with the person for whom he provided the guarantee. The avalist who has paid the bill may, by way of recourse, make a claim against all previous signers, against the drawer and the payer who accepted the bill.

Payment on a bill of exchange can only be received upon presentation, on the due date specified in the bill of exchange. Refusal to pay on a bill of exchange and acceptance, as well as non-payment on an accepted bill of exchange must be certified through a special pre-trial procedure - a protest made by a notary. According to requirements based on bills of exchange protested in the specified order, a court order is issued and execution is carried out by Urukov V.N. Presentation of a bill of exchange for payment (acceptance), non-payment (non-acceptance) and its legal consequences // Law and Economics. - 2005. - No. 9. - P. 29. .

A bearer bank savings book is a security that certifies the deposit of a sum of money into a banking institution and the right of its owner to receive this amount in accordance with the terms of the cash deposit. The legal conditions for the issuance and circulation of a bearer bank savings book are contained in Articles 834 - 843 of the Civil Code and the Law on Banks and Banking Activities (Chapter IV).

The bearer bank savings book must indicate and be certified by the bank the name and location of the bank, and if the deposit is made to a branch, also its corresponding branch, the account number of the deposit, as well as all amounts of funds credited to the account, all amounts of funds debited from the account, and the balance of funds in the account at the time of presentation of the savings book to the bank.

Only citizens can be owners of such securities. The transfer of rights certified by this paper is carried out in the manner established by clause 1 of Article 146 of the Civil Code, i.e. by simply handing over a book.

Researchers associate the emergence of documents of title with the needs of the rapidly developing trade turnover Neverov O.G. The role of documents of title in modern trade turnover // Legislation. - 2001. - No. 5. - P. 54. . While the goods are in a warehouse or in transit (mainly during rail and sea transportation), the holder of documents of title can dispose of the goods indicated in the document, making transactions with them by transferring documents of title. For example, trading real contracts on commodity exchanges cannot be done without documents of title. The seller of the actual product delivers the product to one of the warehouses approved by the exchange committee by the deadline specified in the contract and receives a warehouse receipt. The seller keeps the certificate in his bank and, when the delivery date arrives, is obliged to provide it to the buyer in exchange for a check. Neverov O.G. Document of title as an object of property turnover // Lawyer. - 2001. - No. 3. - P. 17.

Thus, the Civil Code (Articles 912 - 917) classifies as securities double warehouse receipts and simple warehouse receipts, previously known to legislation under the Resolution of the Central Executive Committee and the Council of People's Commissars of the USSR dated September 4, 1925 "On documents issued by commodity warehouses on the acceptance of goods at storage" Collection of legal acts of the RSFSR. - 1925. - No. 69. - Art. 51. .

A double warehouse receipt consists of two parts - a warehouse receipt and a pledge certificate (warrant), which can be separated from one another. A double warehouse receipt, each of its two parts and a simple warehouse receipt are securities.

Goods accepted for storage under a double or simple warehouse certificate may be subject to collateral during its storage by pledging the corresponding certificate. Kastalsky V. Securities as collateral // Law and Economics. - 2002. - No. 12. - P. 36.

In order for a document to be defined as a double warehouse receipt, the following must be identically indicated in each part of the double warehouse receipt:

1) name and location of the warehouse that accepted the goods for storage;

2) the current number of the warehouse certificate according to the warehouse register;

3) the name of the legal entity or the name of the citizen from whom the goods were accepted for storage, as well as the location (place of residence) of the goods owner;

4) name and quantity of goods accepted for storage - the number of units and (or) packages and (or) measure (weight, volume) of goods;

5) the period for which the goods were accepted for storage, if such a period is established, or an indication that the goods were accepted for storage until demand;

6) the amount of remuneration for storage or the tariffs on the basis of which it is calculated, and the procedure for paying for storage;

7) date of issue of the warehouse certificate. Both parts of the double warehouse receipt must have identical signatures of the authorized person and the seal of the warehouse Gudkov F. Purpose of the warehouse receipt // EZh-Lawyer. - 2006. - No. 11. - P. 10. .

The holder of warehouse and pledge certificates has the right to dispose of the goods stored in the warehouse in full. The holder of a warehouse certificate, separated from the pledge certificate, has the right to dispose of the goods, but cannot take it from the warehouse until the loan issued under the pledge certificate is repaid.

The warehouse certificate and the pledge certificate can be transferred together or separately by endorsements.

A simple warehouse receipt, unlike a double warehouse receipt, is issued to bearer. A simple warehouse certificate must contain information similar to the details of a double warehouse certificate, with the exception of indicating the name of the legal entity or the name of the citizen from whom the goods were accepted for storage, as well as the location (place of residence) of the goods owner, since a simple certificate is issued to bearer, as well as an indication of that it is issued to bearer. A document that does not meet these requirements is not a simple warehouse receipt.

Bill of lading is also a document of title. Regardless of the conditions under which the sea transportation agreement is concluded, when accepting cargo for transportation, the shipping company, at the request of the sender, issues a bill of lading, which is a security.

In the Merchant Shipping Code, a bill of lading is referred to as a document that is issued upon acceptance of cargo for transportation and contains the data specified in clause 1 of Article 144 of the Code of Transport and Communications:

1) name of the carrier and its location; name of the port of loading in accordance with the contract for the carriage of goods by sea and the date of acceptance of the goods by the carrier at the port of loading;

2) the name of the sender and his location;

3) name of the port of unloading according to the contract for the carriage of goods by sea;

4) name of the recipient, if specified by the sender;

5) the name of the cargo, the main marks necessary to identify the cargo, an indication, in appropriate cases, of the dangerous nature and special properties of the cargo, the number of pieces or items and the weight of the cargo or its quantity otherwise indicated. In this case, all data is indicated as it is provided by the sender; external condition of the cargo and its packaging;

6) freight in the amount payable by the recipient, or other indication that freight must be paid by him;

7) time and place of issue of the bill of lading;

8) the number of originals of the bill of lading, if there are more than one;

9) signature of the carrier or a person acting on his behalf.

The bill of lading is usually drawn up in triplicate. All copies of the bill of lading, which make up the so-called complete set, are originals, and they are stamped “original”. After the delivery of the cargo according to one of the originals, the others become invalid and the shipping company is relieved of all responsibility for the goods. Semenov A.V. Some issues of legal regulation of the bill of lading as evidence of a contract for the carriage of goods by sea // Transport Law. - 2001. - No. 1. - P. 27. .

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Select the correct statements about securities and write down the numbers under which they are indicated.

1) Securities contain certain property rights.

2) Securities are the object of purchase and sale.

3) All securities are legal tender.

4) Securities can exist only in forms determined by law.

5) The right to issue securities belongs exclusively to the state, municipalities and legal entities.

Explanation.

Securities are monetary documents. Types of securities:

A share is a security that certifies the contribution by its owner of funds, giving the right to participate in the management of the joint-stock company, to receive part of the profit in the form of dividends and part of the property in the event of liquidation of the enterprise. Shares are issued for an unlimited period and are not subject to redemption. Types of shares: ordinary or ordinary - voting rights, dividends are not guaranteed; preferred or preferential - no voting rights, fixed dividends (cumulative - dividends on them, convertible - can be exchanged for ordinary ones, returnable - they can be withdrawn by the joint-stock company). Shares may be split and consolidated. When splitting, one share turns into several. The annual dividend level is calculated using the formula: Y = D/R · 100%, where D is the annual dividend; P is the purchase price of the share.

A bond is a security that certifies the deposit of funds by its owner and confirms the obligation of the organization that issued the security (issuer) to reimburse the nominal value of this security within the prescribed period with the payment of interest. Bonds can be issued by the state and joint stock companies. Income on government bonds is paid in the form of winnings, on bonds - in the form of interest on the face value of the bonds. Bonds differ from shares in that their owners are not members of the joint stock company and do not have voting rights.

Certificate - a written certificate from the bank about the deposit of funds, certifying the owner’s right to receive, upon expiration of the established period, the amount of the deposit and interest on it.

A bill is a bank obligation.

A mortgage is a security, a document pledging the debtor of real estate, giving the creditor the right to sell the pledged property if the debt is not paid on time.

A voucher is a government security that gives the right to a share in government property.

A check is a security, a written order from the account owner to the bank to issue to another person or transfer to the account of another person a certain amount of money indicated in the check.

Stock exchange is an exchange where securities and currencies are traded.

1) Securities contain certain property rights - yes, that’s right.

2) Securities are the object of purchase and sale - yes, that's right.

3) All securities are legal tender - no, incorrect.

4) Securities can only exist in forms determined by law - yes, that’s right.

5) The right to issue securities belongs exclusively to the state, municipalities and legal entities - no, incorrect.

Answer: 124.

Answer: 124

Valentin Ivanovich Kirichenko

Shares and investment shares are not a means of payment at all. Please!

Yuri Avezov 16.05.2017 18:47

Who else has the right to issue securities besides those listed in paragraph 5?

Thanks in advance for your answer

Valentin Ivanovich Kirichenko

By issuing securities against loans, issuers can become government and business entities. It may also be an individual (as an individual entrepreneur) issuing debt bonds.

1) There are registered and bearer securities.

2) A bill of exchange is a certificate of a cash deposit in a bank with the bank’s obligation to return this deposit and interest on it within a specified period.

3) In accordance with the Civil Code of the Russian Federation, a security is any document issued by the state.

4) A security that certifies ownership of a share in the capital of an enterprise and gives the right to receive part of the profit of the enterprise is called a share.

5) The bond gives the owner the right to demand its repayment within a specified period.

Explanation.

In Russian civil law, securities are classified according to the method of legitimation of the owner of the security (authorized person) into bearer (bearer securities), registered, order (order). According to Russian legislation, securities include:

A share (Latin actio - order) is a security indicating the right to a share of ownership in the capital of a company and receipt of income (dividend). Ordinary shares. Preferred shares may impose restrictions on participation in management, and may also provide additional management rights (not necessarily), but bring constant (often fixed in the form of a certain share of accounting net profit or in absolute monetary terms) dividends.

A bill of exchange (from German Wechsel) is a strictly established form that certifies an unconditional obligation of the drawer (a promissory note), or an offer to another payer specified in the bill of exchange (a bill of exchange) to pay a certain amount of money upon the arrival of the period stipulated by the bill of exchange.

A bond (Latin obligatio - obligation; English bond - long-term, note - short-term) is an issue-grade debt security that secures the right of its owner to receive from the issuer of the bond within the period specified in it its nominal value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights. The yield on a bond is interest and/or discount.

A check (French chèque, English cheque) is a security containing an unconditional order from the drawer to the bank to pay the amount specified in it to the check holder. The drawer is a person who has funds in the bank, which he has the right to dispose of by issuing checks, the check holder is the person in whose favor the check is issued, the payer is the bank in which the drawer's funds are located.

1) There are registered and bearer securities - yes, that’s right.

2) A bill of exchange is a certificate of a cash deposit in a bank with the bank’s obligation to return this deposit and interest on it after a specified period - no, incorrect.

3) In accordance with the Civil Code of the Russian Federation, any document issued by the state is called a security - no, that’s incorrect.

4) A security that certifies ownership of a share in the capital of an enterprise and gives the right to receive part of the enterprise’s profit is called a share - yes, that’s right.

5) The bond gives the owner the right to demand its repayment within a specified period - yes, that's right.

Answer: 145.

Answer: 145

Valentin Ivanovich Kirichenko

The word ONLY is not in the judgment, which means it is true.

Share, bond, bill, security, check.

Explanation.

Securities are monetary documents. Types of securities:

A share is a security that certifies the contribution by its owner of funds, giving the right to participate in the management of the joint-stock company, to receive part of the profit in the form of dividends and part of the property in the event of liquidation of the enterprise.

A bond is a security that certifies that its owner has deposited funds and confirms the obligation of the organization that issued the security (issuer) to reimburse the nominal value of this security within the prescribed period with the payment of %. Bonds can be issued by the state and joint-stock companies. Income on government bonds is paid in the form of winnings, on bonds - in the form of a percentage of the nominal value of the bonds. Bonds differ from shares in that their owners are not members of the joint stock company and do not have voting rights.

Certificate - a written certificate from the bank about the deposit of funds, certifying the owner’s right to receive, upon expiration of the established period, the amount of the deposit and interest on it.

A bill is a bank obligation.

Mortgage is a document pledging real estate by the debtor, giving the creditor the right to sell the pledged property if the debt is not paid on time.

A voucher is a government security that gives the right to a share in government property.

A check is a security, a written order from the account owner to the bank to issue to another person or transfer to the account of another person a certain amount of money indicated in the check.

Futures are a security that gives the owner the right to purchase a commodity in the future at today's prices.

Answer: security.

Answer: security

Select the correct statements about securities and write down the numbers under which they are indicated.

Enter the numbers in ascending order.

1) A security is a document certifying certain property rights.

2) The name of the owner is always indicated on the security.

3) A security can be an object of purchase and sale.

4) Individuals cannot issue securities.

5) Securities can exist in both paper and electronic form.

Explanation.

1) A security is a document certifying certain property rights. YES that's right

2) The name of the owner is always indicated on the security. NO, incorrect, only in registered form, available to bearer

3) A security can be an object of purchase and sale. YES that's right

4) Individuals cannot issue securities. NO, incorrect, check, for example

5) Securities can exist in both paper and electronic form. YES that's right

Correct answer: 135

Answer: 135

CHARACTERISTIC		TYPE OF SECURITIES
A) a security that secures the right of its holder to receive from the issuer, within the period specified by it, the nominal value and the percentage of this value or property equivalent fixed in it B) a security that contains the payer's order to his bank to pay the recipient the amount of money specified in it during the term of its validity. C) the holder of this security has the right to part of the property remaining after the liquidation of the enterprise. D) a monetary document certifying the deposit of funds for a certain time, usually having a fixed interest rate D) a security, the sum of the par values ​​of which forms the authorized capital of a commercial organization		2) bond 3) savings certificate

A	B	IN	G	D

Explanation.

A) a security that secures the right of its holder to receive from the issuer, within the period specified by it, the nominal value and a percentage of this value or a property equivalent fixed in it - a bond.

B) a security that contains the payer’s order to his bank to pay the recipient the amount of money specified in it during the period of its validity - a check.

C) the holder of this security has the right to part of the property remaining after the liquidation of the enterprise - a share.

D) a monetary document certifying the deposit of funds for a certain time, usually having a fixed interest rate - a savings certificate.

D) a security, the sum of the par values ​​of which forms the authorized capital of a commercial organization - a share.

Answer: 24131.

Natalia Kravchenko 18.05.2017 21:02

Good evening, according to theory, both shareholders and bondholders have the right to part of the property remaining after the liquidation of an enterprise. If the company goes bankrupt, both return the property

Anastasia Shcherban 21.05.2017 22:20

The reference book by P. A. Baranov states that bond holders have a priority right to receive part of the company's property (before the owners of preferred shares) in the event of the company's bankruptcy. It turns out that the answer is ambiguous.

Valentin Ivanovich Kirichenko

Happens. StatGrad

Lyudmila Anatolyevna invests her savings in the purchase of securities of various enterprises. Find in the list below the securities that she can purchase in accordance with the Civil Code of the Russian Federation and write down the numbers under which they are indicated.

1) banknotes

3) bonds

5) investment unit of a mutual investment fund

6) property insurance agreement

Explanation.

Securities are documents that comply with the requirements established by law and certify obligations and other rights, the exercise or transfer of which is possible only upon presentation of such documents (documentary securities). Securities are also recognized as obligations and other rights that are enshrined in the decision on the issue or other act of the person who issued the securities in accordance with the requirements of the law, and the exercise and transfer of which are possible only in compliance with the rules for accounting for these rights in accordance with Article 149 of this Code ( uncertificated securities). Securities are a share, a bill of exchange, a mortgage, an investment share of a mutual investment fund, a bill of lading, a bond, a check and other securities named as such in the law or recognized as such in the manner prescribed by law.

1) banknotes - no, incorrect.

2) bills - no, incorrect.

3) bonds - yes, that's right.

4) shares - yes, that's right.

5) investment share of a mutual fund - yes, that's right.

6) property insurance contract - no, incorrect.

Answer: 345.

Basil 17.12.2017 14:06

In accordance with the current Civil Code of the Russian Federation, an investment share of a mutual investment fund does not belong to securities.

Valentin Ivanovich Kirichenko

The last of the securities available in Russia is an investment share (in accordance with the Law of the Russian Federation “On Investment Funds”, 2001). At the time of writing the assignment, it was:

Establish a correspondence between the characteristics and types of securities: for each position given in the first column, select the corresponding position from the second column.

Write down the numbers in your answer, arranging them in the order corresponding to the letters:

A	B	IN	G	D

Explanation.

A share is a security that certifies the contribution by its owner of funds, giving the right to participate in the management of the joint-stock company, to receive part of the profit in the form of dividends and part of the property in the event of liquidation of the enterprise. Shares are issued for an unlimited period and are not subject to redemption. Types of shares: simple or ordinary (voting rights, dividends are not guaranteed), preferred or preferential (no voting rights, fixed dividends), cumulative (dividends on them), convertible (can be exchanged for ordinary ones), returnable (they can be revoked by the joint-stock company).

Shares may be split and consolidated. When splitting, one share turns into several. The annual dividend level is calculated using the formula: Y = D / P x 100%, where D is the annual dividend; P is the purchase price of the share.

A bond is a security that certifies the deposit of funds by its owner and confirms the obligation of the organization that issued the security (issuer) to reimburse the nominal value of this security within the prescribed period with the payment of %. Bonds can be issued by the state and joint-stock companies. Income on government bonds is paid in the form of winnings, on bonds - in the form of a percentage of the nominal value of the bonds. Bonds differ from shares in that their owners are not members of the joint stock company and do not have voting rights.

A) provides the right to participate in the management of the company - an ordinary share.

B) gives the right to receive a fixed interest - a bond.

B) certifies the debt-bond relationship.

D) provides the right to an unconditional return of the nominal value upon expiration of the term - a bond.

D) certifies the owner’s right to a share in the capital of the company - an ordinary share.

Answer: 21112.

Answer: 21112

Valentin Ivanovich Kirichenko

Fixed dividend for shares

Using social science knowledge,

1) reveal the meaning of the concept of “securities”;

2) make two sentences:

− one sentence containing information about the types of securities;

− one sentence describing the term that denotes the issue of securities.

Sentences must be general and contain correct information about the relevant aspects of the concept.

Explanation.

The correct answer must contain the following elements:

Meaning of the concept:

1) this is a document drawn up in the prescribed form and with the presence of mandatory details, certifying property rights, the exercise or transfer of which is possible only upon presentation of this document.

2) two sentences.

There are debt (bonds) and equity securities (stocks);

The release of securities is called an issue.

Any other two sentences containing information about securities may be given.

SECURITIES

Explanation.

A share is a security that certifies ownership of a share in the capital of an enterprise and gives the right to receive a portion of the enterprise's profits.

Answer: promotion.

Answer: promotion

Write down the word missing in the table.

Characteristics of securities

Explanation.

A share is a security that certifies ownership of a share in the capital of an enterprise and gives the right to receive a portion of the enterprise’s profits.

Answer: promotion.

Answer: promotion

Source: Unified State Examination - 2019. Early wave

Establish a correspondence between the characteristics and types of securities: for each position given in the first column, select the corresponding position from the second column.

Write down the numbers in your answer, arranging them in the order corresponding to the letters:

A	B	IN	G	D

Explanation.

Answer: 22111.

Answer: 22111

Find the securities in the list and write down the numbers under which they are listed.

1) preferred shares

2) receipts

6) work books

Explanation.

A security is a document certifying, in compliance with the established form and mandatory details, property rights, the exercise or transfer of which is possible only upon presentation. Securities: shares, bonds, bills, futures.

1) preferred shares - yes, that's right.

2) receipts - no, incorrect.

3) bonds - yes, that's right.

6) work records - no, incorrect.

Answer: 134.

Answer: 134

Subject area: Economics. Securities

In the row below, find a concept that is generalizing for all other concepts, and write down this word (phrase).

Share, bond, security, bill, savings certificate.

Explanation.

Answer: security.

Answer: security

Find a concept that generalizes all other concepts in the series below. Write down this word (phrase).

Promotion; security; bond; bill of exchange; deposit and savings certificate.

Explanation.

All concepts presented are securities.

Answer: security.

Answer: security

In the row below, find a concept that is generalizing for all other concepts presented. Write this word down.

Securities, bill, bond, check, share.

Explanation.

These are all different types of securities...

Answer: securities.

Answer: securities

Andrey purchases shares of large companies, expecting to receive income from subsequent sales if their market rate increases.

Indicate the type of exchange on which Andrey purchases shares.

Name the type of income from shares that Andrey can receive before resale. Using your social science knowledge, name any three types of securities other than shares.

Test work on the topic: “Securities”
1. Zoya Anatolyevna invests her savings in the purchase of securities of various enterprises. Find in the list below the securities that she can purchase in accordance with the Civil Code of the Russian Federation, and write down the numbers under which they are indicated.
1. Bonds
2. Promotions
3. Banknotes
4. Coupons
5. Investment share of a mutual fund
6. Property insurance agreement
2. Establish a correspondence between securities and the types to which they belong: for each position given in the first column, select the corresponding positions from the second column.
Securities
A) privatization voucher
B) bill
B) bond
D) share
D) savings certificate
Types of securities
A) loan certificates
B) certificates of ownership
3. Establish a correspondence between securities and their characteristics: for each position given in the first column, select the corresponding position from the second column.
Characteristics
A) provides the right to participate in the management of the company
B) gives the right to receive a fixed percentage
C) certifies the debt relationship
D) provides the right to unconditional return of the nominal value upon expiration of the term
D) certifies the owner’s right to a share in the capital of the company
Types of securities
1. Bond
2. Ordinary share
4. Select the correct statements about securities and write down the numbers under which they are indicated.
1. A share is evidence of a cash deposit in a bank with the bank’s obligation to return this deposit and interest on it after a specified period
2. A security that certifies ownership of a share in the capital of an enterprise and gives the right to receive part of its profit is called a share
3. Securities can be registered or bearer
4. Bonds provide their owner with the right to participate in the management of the company and receive dividends
5. The bill gives the owner the right to demand its repayment within the specified time frame
5. Select the correct statements about securities and write down the numbers under which they are indicated.
1. Shares are a source of debt financing in the form of a set period of validity with their subsequent redemption and payment of certain interest
2. The release of securities into circulation is called an issue
3. Owners of preferred shares have a priority right to receive part of the company’s property in the event of its bankruptcy
4. The issue of government bonds aims to curb inflation
5. Issue of shares can be carried out by any types of business companies
6. Select the correct statements about securities and write down the numbers under which they are indicated.
1. A security is a document
2. Debt securities include shares
3. Securities embody private rights of a non-property nature only
4. A characteristic feature of securities is their negotiability
5. Presentation of a security is mandatory to exercise the rights enshrined in it
7. Select the correct statements about securities and write down the numbers under which they are indicated.
1. Securities contain certain property rights
2. Securities are the object of purchase and sale
3. All securities are legal tender
4. Securities may exist only in forms determined by law
5. The right to issue securities belongs exclusively to the state, municipalities and legal entities
8. Select the correct statements about securities and write down the numbers under which they are indicated.
1. There are registered and bearer securities.
2. A bill of exchange is a certificate of a cash deposit in a bank with the bank’s obligation to return this deposit and interest on it within a specified period.
3. In accordance with the Civil Code of the Russian Federation, a security is any document issued by the state.
4. A security that certifies ownership of a share in the capital of an enterprise and gives the right to receive part of the profit of the enterprise is called a share.
5. The bond gives the owner the right to demand its repayment within a specified period.
9. Establish a correspondence between the type of securities and their characteristics:
A) a security that secures the right of its holding to receive from the issuer within the period specified by it but -minal-no-sto-and-mo-sti and for-fi-si-ro-van-no-go in it the percentage of this cost-and-mo-sti or property- no equivalent
B) a security in which it is possible to pay a fee to your bank -the amount of money indicated in it during the period of its validity.
C) the holder of this price book has the right to part of the property remaining after the liquidation of the enterprise.
D) a monetary document that certifies the withdrawal of funds for a certain time, usually having a fi-si-ro one percent rate
D) a security, from the amount of the no-min-on-fishes of a warehouse, the authorized capital of a commercial organization
Types of securities
1. Promotion
2. Bond
3. Savings certificate
4. Check

Answers
1. 125
2. 21121
3. 21112
4. 235
5. 24
6. 145
7. 124
8. 145
9. 24131

b) Article 912 (second part of the Civil Code of the Russian Federation) introduces four more types of securities:

• double warehouse receipt;
• warehouse receipt as part of a double certificate;
• certificate of pledge (warrant) as part of a double certificate;
• simple warehouse receipt.

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 local governments - 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 economic types of securities are legally (legally) permitted for issue and circulation in Russia: shares, bonds, promissory notes, checks, bank certificates, bills of lading, mortgages and investment shares.

Promotion

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

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

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;

• promissory note- this is a security certifying the unconditional obligation (promise) of the debtor to pay the amount of money specified in it to the holder of the bill after a certain period of time;
• bill of exchange- this is a security that certifies an offer to the debtor to pay the amount of money specified in it to the person designated in it after a certain period of time.

Check

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

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 after a specified period in the future.

Bill of lading

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

Mortgage - This is a registered security that certifies the rights of its owner, in accordance with a mortgage agreement (real estate pledge), to receive a monetary obligation or the property specified in it.

Investment share

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, characteristic of countries with highly developed market economies, are not exhaustive, and therefore it can be predicted 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 securities

In 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.

Characteristics of the security

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:

• period of existence: when it was released into circulation, for what period of time or indefinitely;

Spatial characteristics:

• form of existence: paper, or, legally speaking, documentary form, or paperless, undocumented form;
• nationality: a security of domestic or another state, i.e. foreign;

Market characteristics:

• procedure for registering the owner: to bearer or to a specific person (legal, individual);
• form of issue: emission, i.e. issued in separate series, within which all securities are exactly the same in their characteristics, or non-emission (individual);
• type of issuer, i.e. the one who issues a security to the market: state, corporations, individuals;
• degree of negotiability: freely circulated on the market or there are restrictions;
• risk level: high, low, etc.;
• availability of accrued income: whether some income is paid or not;
• transfer procedure (form of address): delivery, assignment of rights of claim: assignment or endorsement;
• Registration: registered or unregistered;
• type of denomination: constant or variable.

Classification and types of securities

Depending on various characteristics, securities are classified as follows:

Types of securities by duration:

• urgent (lifetime is limited in time);
• perpetual (lifespan is not limited in time);

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:

• short-term, with a maturity of up to 1 year;
• medium-term, with a maturity from 1 year to 5 years;
• long-term, having a maturity from 5 to 30 years (mortgage securities, by law, can be issued with a maturity of up to 40 years).

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.

Types of securities by form of existence:

• paper or documentary;
• paperless, or undocumented;

The classic form of existence of a security is a 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.

Types of securities by nationality:

• national (Russian);
• foreign;

Types of securities by form of ownership:

• bearer, or bearer securities;
• registered, which contain the name of its owner and are registered in the register of owners of this security;

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.

Types of securities by form of issue:

• emission, i.e. issued in large quantities, within which all securities are absolutely identical;
• non-emission, usually produced individually or in small batches without state registration;

The issue of securities may or may not be accompanied by their mandatory registration with government authorities. Typically, equity securities are subject to state registration, since their issue affects the interests of a large number of market participants. According to Russian legislation, issued shares, bonds, bank certificates (registered by the Central Bank) and mortgages are subject to mandatory registration. 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.

Types of securities by type of issuer:

• Government securities are usually different types of bonds issued by the government;

• non-state, or corporate, are securities that are issued for circulation by corporations (companies, banks, organizations) and even individuals.

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., it 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.

Types of securities by risk level:

• low risk;
• medium risk;
• high-risk;

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 (these are usually government papers), medium risk(these are usually corporate bonds) and high-risk(these are usually shares). There are also higher-risk market instruments than ordinary stocks and bonds.

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 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 risk

Types of securities by degree of negotiability:

• market, or freely circulating;
• non-marketable, which are issued by the issuer and can only be returned to him; cannot be resold;

The 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.

Types of securities according to the form of raising capital:

• equity, or ownership, which reflect the share in the authorized capital of the company;
• debt, which is a form of borrowing capital (cash).

Types of securities by type of par value:

• with a constant denomination;
• with variable denomination;

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 is one share, and therefore its par value, calculated by dividing the 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 given upon its release. 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.

Types of securities according to the form of capital servicing:

• Investment (capital) securities are an object for investing money as capital, i.e., for the purpose of generating income.
• Non-investment securities serve monetary settlements in commodity or other markets. Typically, this role is played by bills of lading, warehouse receipts, and bills of exchange.

Types of securities based on the availability of accrued income:

• unprofitable;
• with accrued income;

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.

A security is a monetary payment document confirming the relationship between the issuer and the owner. A security is the main object of all transactions carried out on the securities market. It follows from the Civil Code (Article 142) that a security is considered to be a document that necessarily contains all the necessary details, thereby certifying the property rights of its owner.

The Civil Code (Article 143) includes the following documents in the list of securities: government bonds, bonds, savings and deposit certificates, promissory notes, shares, checks, bills of lading, bearer bank savings books, privatization securities, as well as a number of other documents, which are defined by law and classified as this type of monetary documents.

An issue-grade security secures a set of both property and non-property rights. At the same time, this document is placed in issues and has equal terms for the exercise of rights and volume within one issue, regardless of the timing of the acquisition of the security. Thus, all owners of specific securities are equal in their rights.

It is worth noting that a security can be issued both in cash and in non-cash form. At the same time, all cash (documentary) papers are divided into registered, bearer and order. Thus, a registered security requires the indication of the name of its owner and can be transferred to him only with the help of an assignment (a transfer note). Whereas a bearer security does not contain such a note and can be transferred to another person by delivering it. If it is necessary to transfer an order security, a special document must be used - an order (an order from the owner of this security).

Promotion

A share is an issue-grade security that reserves the right of its owner to participate in a joint-stock company, thereby claiming part of the property that may remain after its liquidation. In addition, the share assumes that its owner will receive dividends as profit of the joint-stock company. Shares are perpetual securities, which means they are valid on the securities market as long as the joint stock company that issued them exists. The fact is that the joint stock company itself is not obliged to buy back these securities, no matter what happens (liquidation, reorganization, etc.). In the event of liquidation of the enterprise, the shares may be considered invalid.
These securities can be either registered or bearer. At the same time, there are two main categories of shares: common and preferred. Regardless of the type of shares, its owners are shareholders of the company and can lay claim to its property.

Common shares (ordinary shares) enable their owner to participate in voting at shareholder meetings, if full payment for the shares has previously been made. Payment of dividends and liquidation value on common shares is carried out only after payments have been made to holders of preferred shares.

Preferred shares - this type of security does not give its owner the right to participate in voting at the meeting of shareholders. Exceptions are cases in which this right is assigned to the owners when creating the charter of the joint-stock company. The advantage of this paper is that upon liquidation of the company, the owners are required to receive the dividends due to them, as well as the liquidation value. In turn, preferred shares are divided into:

• convertible - a security that can be subsequently exchanged for ordinary shares or another type of preferred stock. At the same time, the conditions for the exchange of securities are set directly by the issuer;
• cumulative shares are securities that involve the accumulation of cash as dividends in the event that the owner of the shares refuses to receive payments on time and capitalizes the funds. Accumulation conditions, including capitalization periods, are also determined by the issuer.

At the same time, all shares, regardless of their type and the functions they perform, are divided into placed and announced. Thus, outstanding shares represent all those securities that have already been sold. Thanks to these shares, it is possible to determine the size of the authorized capital of the joint-stock company. Along with the placed ones, the company also has the right to place declared shares as an addition. The charter of a joint stock company strictly defines the number of issues of this type of shares.

It is worth dwelling on the most common concepts associated with the sale of shares.

The par value of a stock represents its value. The totality of the par value of all shares determines the size of the authorized capital of the joint-stock company.

Capitalization is an indicator by which you can determine the amount of capital of a company through the sale of shares.

Consolidation of shares is a procedure determined exclusively by the general meeting of shareholders. It assumes that two or more shares can be converted into one completely new share of the same type. If the consolidation procedure has been carried out, appropriate changes are made to the authorized capital of the joint-stock company regarding the number of authorized shares, as well as regarding their nominal value.

Income from shares can be presented in two forms. First of all, in the form of its market value. But to obtain this type of income, the share must first be sold, and the more profitable the share is sold, the greater the profit that can be obtained. This method of making a profit is considered a little risky, but, nevertheless, it can bring considerable profit to its holder. Those who are less risk-averse prefer to receive dividends. The price of such shares may rise over time, although not always quickly. The decision to pay interim dividends can be made by the board of directors of a joint stock company, while the issue of paying annual dividends is adopted by the general meeting of shareholders, but on the recommendation of the board of directors.

The degree of profitability of shares, its quality and demand are indicated by the corresponding ratings. Such ratings are carried out by world-famous analytical companies that evaluate the shares of certain joint-stock companies, enterprises, etc. The most popular analytical companies are Standard & Poor, as well as Moody’s Investors Service. Thus, the rating of a particular stock assigned through appropriate designations significantly influences the interest of investors, and therefore the profitability of this security. Using the example of the Standard & Poor rating agency, we can consider the procedure for evaluating shares. So, if there is an A+ rating, we can assume that the stock has the highest rating, while C means that the stock has a very low rating.

There is another definition, thanks to which you can secretly evaluate the rating of shares of certain enterprises. Thus, enterprises that have a high credit rating directly in their industries are called “blue chips”. The acquisition of shares in such enterprises presupposes further growing capital, because, as a rule, such an investment promises only income. Of course, the prices for shares of these enterprises are not low. Statistics show that the price of blue chips often only increases and it is extremely rare to see it fall. Shares in such enterprises are always in demand and their purchase and sale is possible at any time.

As you know, all shares are placed on the stock market and their prices are constantly changing. Price changes are influenced by a large number of factors. You can monitor the movement of shares on the market (decline and increase in demand for securities) using the trend - the vector of market movement. The most important tools for determining the dynamics of the stock market are the corresponding indices.

A stock index is a statistical average of changes in asset prices. By identifying the current value of the index and comparing it with the previous value, you can assess market behavior and group all events that occurred during the reporting period (from macroeconomic situations to corporate events of specific enterprises: mergers, liquidations, resignations of directors, etc.). Based on the data obtained, it becomes possible to make a forecast for the near future.

It should be borne in mind that depending on which securities were selected when calculating the stock index, it is possible to characterize the market. This can be an indicator for the entire market as a whole, or an indicator within a specific industry. Thus, it is quite possible to identify the most rapidly developing sectors of the economy, as well as those industries whose development has been suspended. Based on the data obtained, you can also safely make forecasts on the supply and demand for specific shares.

The most famous of all existing stock indexes is the Dow Jones index. This index includes 30 US organizations and industrial companies. This index is divided into four types: transport, utilities, industrial and composite. It is generally accepted that, despite the fairly large number of existing stock indices, only the Dow Jones is able to calculate the most accurate indicator.

Bond

A bond is a debt security that defines a borrowing relationship between its owner and the issuer. The main feature of this type of security is that the bond implies the provision of credit funds issued in the form of a debt obligation. Thus, the bond is a fixed-term security and is issued for a certain period, after which the bond must be redeemed at its face value. The issue of this security can be carried out by both joint-stock companies, private enterprises, and national and local authorities. All bonds imply the receipt of income, or as it is also called, a coupon.

There are several types of bonds:

1. Classic (solid interest, coupon). This type of bond involves the payment of a fixed income in advance.
2. Bond with a variable coupon. The income on a given security varies due to certain factors. As a rule, the price of a bond is influenced by the market economy, and therefore inflation is not uncommon. That is why the coupon value for a given bond directly depends on changes in market economy indicators. When positive macroeconomic news is released, the value of bonds can rise significantly, as well as fall if the corresponding news was negative.
3. Convertible - this type of security can be exchanged for shares or other bonds, according to previously agreed terms of issue.
4. Zero coupon – this type of bond does not imply the receipt of coupons. In this case, the investor's income directly depends on the difference between the par value of the security and its purchase price. In a word, the cheaper it is to buy and the more expensive it is to sell, the greater the profit you can get from the transaction.

Along with standard types of bonds, there are also such concepts as world bonds and. In this case, a global bond is a security issued in several countries at once, while a eurobond is a security issued by the issuer in the currency of a third-party country.

All government bonds are divided into securities of marketable and non-marketable loans. The most popular market debt bonds are the following:

• , which is a medium-term loan paper and implies a variable coupon;
• government short-term bond, issued in non-cash form, with a zero coupon;
• government savings loan bond – medium-term bearer security;
• domestic foreign currency loan bond - securities issued in 1993 to repay the debt of Vnesheconombank. Subsequently, these bonds were additionally issued in 1996. The coupon on the bond is 3% per year.

A special type of non-government bonds is a housing certificate. This security represents a transfer of the right to its owner to purchase an apartment in the event of purchasing a certain package of bonds. Thus, the acquisition of a housing certificate means that funds for housing construction have been contributed and subsequently the owner of the bond has the right to count on his own housing.

The degree of return on bonds, as in the example with stocks, is also determined by assigning ratings. The most influential analytical agency is also Standard & Poor. In this case, the rating does not apply to bonds issued by central government agencies. The thing is that these organizations are characterized by rather low reliability.

Bank certificate

A bank certificate is a security that confirms the placement of funds in a banking institution, thereby implying the receipt of both the face value of the security and the accrued interest on it. The owner of the bank certificate is the beneficiary.

Types of bank certificate:

1. Savings – this security is intended for individuals, which is issued for a period of up to three years. A savings certificate earns coupons, just like bonds. This type of paper can be either registered or bearer. Just as in the case of shares, a registered certificate is delivered personally to the owner through assignment, and a bearer certificate can be delivered to another person for the purpose of transfer to the immediate owner.
2. Deposit – this security is intended exclusively for legal entities. The deadline for issuing a certificate of deposit is one calendar year.

Bill of exchange

A promissory note is a debt obligation, according to which the owner of the paper undertakes to return the agreed amount of funds within a specified time frame. A bill of exchange is often used not only as a loan, but also as a means of payment for goods or services. Quite a few businesses use a bill of exchange as a payment document. It should be noted that the bill does not have an exact form of execution, with the details inherent in such securities obligations. As a rule, this document is drawn up in any form, while maintaining its purpose - fixed amounts and terms for refunds.

Types of bills:

1. Simple - according to this document, the drawer undertakes to pay the specified amount of funds to the bill holder within the agreed time frame.
2. Transferable - in this case, at the request or order of the person who issued the bill, the agreed amount of funds is paid within the specified time frame to a third party.
3. Friendly - as a rule, such securities are not concluded between organizations, since they involve a loan and repayment of funds on the basis of mutual assistance.
4. Bronze - this name is not official and the purpose of issuing such paper is fraudulent transactions. Often, this security is issued from an insolvent person. Subsequently, the funds received are resold to a third party.

All bills of exchange are divided into financial - those through which all monetary transactions are formalized, and commercial - bills that arise in the event of a commercial loan.