Securities, like any other object of trade, is a commodity. And just like any other product, they can be sold and, accordingly, bought. Securities also have their own value, owner, transfer rules and place of trading. Transaction using valuable papers carried out on the stock market, that is, the stock exchange. It is its function to regulate and regulate trade relations between issuers, holders and buyers of the secondary market.

Announcement of tenders at the beginning of the working day of the site gives rise to a huge number of transactions, and monitoring how these transactions are concluded is one of the direct responsibilities of not only the audit trading platform, but also each participant of the concluded contract. A market that has the right amount of documentary securities is a model of all trade and economic relations that exist among people.

Traders

The purchase and sale of securities, as an action, is a series of contracts and transactions between participants. The number of these participants in the process may be different, but prerequisite is the presence of at least two parties - the seller and the buyer. In the secondary field of sales, this pattern of action is more obvious. But in order to figure out who is who in the primary auction, you need to understand the rights and obligations of the actors.

The issuer is the initial person in the chain of movement of the asset. The issuer is entity which issued the securities to the market. Most often, this is a company that provides investors with the opportunity to buy their own shares, bonds and other interesting documents. The issuer can be either a private corporation, a firm, or the state.

Holder - a person who has at his disposal a documented right to own a part of the capital of the company or a debt obligation. These certificates can be registered, that is, with the name of the holder or owner directly on the share or bond. Or the certificate can be tied to a specific person through additional documentation. Today, most often, all information is entered into the issuer's database, so additional certification is not required.

A broker is an intermediary between an exchange and an individual wishing to acquire assets. Since in many countries private placement of capital is prohibited by law, the duty of the broker is to perform these actions for his client. To work, a brokerage firm must have a license both from the state and from the trading platform on which it is going to conduct its activities.

The seller is a secondary player. This is a person or a company that bought bills or partial, fractional ownership, at the initial placement and then resells. Also the seller is the Central Bank. Sale Central Bank government securities is carried out after they were issued directly by the country's Ministry of Finance.

A buyer, on the other hand, is any person, natural or legal, that purchases assets on both a primary and a secondary site.

Products of this market

A share is a classic security, which is a certificate for owning a certain share of capital in a company. There are two main types of shares: ordinary and preferred. The differences in them are mainly in the receipt of dividends. According to ordinary receipts, money is paid only after a successful year of the company's operation. And privileged holders receive their income even in the event of a failed, unprofitable reporting period.

Dividends are part of the total profit paid by the company to shareholders at the end of a certain, most often one year, reporting period. Dividends form the main income of the holder on this receipt, and only after resale is speculative earnings formed. Of course, only on the condition that the value of the bidder has increased in relation to the purchase price.

Bonds are debt obligations that must be redeemed. The issuer issues a bond, the citizen buys it. After, at the end of the established period, the issuer takes the bond and in exchange returns not only the amount taken, but also the interest on it. This is how a bond earns. They can be issued by both a corporate commercial entity and a government entity.

Futures Contracts – This may include futures, forwards and options. These transactions do not represent direct trade in a specific product, but the transfer of rights to certain conditions for these purchases. Thus, you can buy not an asset, but the right moment for its implementation and other minor components. Urgent sales are in great demand among speculators, as they allow you to carry out a lot of profitable acts within short time periods, which entails an increase in profits over a distance.

It is worth noting that the tax burden is higher on urgent sales, so speculation is strictly regulated and regulated both by trading platforms and by state authorized bodies that oversee transparency. market relations between citizens of the country and legal entities carrying out activities.

Documentation of transactions

Despite the fact that most worthwhile assets are located on the stock exchange, the purchase of shares can be carried out outside of it. Such purchases are called over-the-counter purchases. Here, goods that do not go on a large scale are most often sold. For example, shares of a small company of a regional or city scale. Enterprises such as factories or small plants often sell their certificates to a limited circle.

Buying expensive documents outside the platform implies a special execution of the transaction. But it is quite understandable, as it is a classic contract for the sale of securities. The contract for the sale of debt and ownership certificates must contain basic information and be registered with the authorized bodies. Only when these conditions are met, the transaction is considered legal.

Also, according to the law Russian Federation, the contract is considered legitimate if it contains the object of the transaction, actions, participants, terms and signatures. This is more than enough to sue for default. We recommend that you conclude documentation only with the assistance of a hired experienced lawyer. But, nevertheless, we give below a list of mandatory items for a good business act.

Required Items

So, like most contracts, this type of conclusion must contain:

• Name of the contract. Indication of the date and time of imprisonment, possibly a place. This prevents possible disputes about the date, as well as the primacy of a particular agreement.
• Passport data of the parties, both the buyer and the seller. Their details are also indicated here, in the form of passport numbers and bank accounts. Mandatory indication of who is the seller and who is the buyer.
• The subject of the transaction. An object is indicated, which is a product, its main characteristics. Also the serial number, if available. Date of release/manufacture/initial placement.
• Subject of the contract. What is going on. That is, the conditions for the sale or transfer of ownership are indicated.
• Deadlines. Dates or time periods during which the parties are required to fulfill their part of the business partnership. Transfer the goods, pay for it in full, register and so on.
• Rights and obligations. Additional steps may also be specified to ensure that the terms of the partnership are considered met.
• Price, payment procedure. The cost of the transferred object is indicated, as well as the calculation scheme. Here it can be specified bank transfer, single or partial (in installments) with the obligatory indication of the terms and details, if any.
• Duration of documented responsibilities and obligations to fulfill them.
• Responsibility of the parties, where sanctions are prescribed for a party that does not fulfill its obligations
• Termination options. The probable ways of breaking mutual cooperation are indicated, the time frame in which it is necessary to notify all parties, and so on.
• Signatures. All documents are sealed with the personal signature of the indicated persons - participants in the partnership being formed.

The securities market, despite its unity, can be conditionally divided into several segments, which are also called markets. They are characterized by specific conditions, trading participants, securities circulating on them.

The securities market is divided into two types:

1) primary;

2) secondary.

In an attempt to give the most general definitions, "primary market" is a term used to describe when securities first appear in the public arena, usually in exchange for cash.

The secondary market is a term used to describe cases where the second and subsequent tranches of outstanding securities appear in the public arena; it is also the market in which the securities that have previously appeared on the market are traded.

Legislatively primary securities market is defined as the relationship that develops when issuing (for securities investment securities) or when concluding civil law transactions between persons incurring obligations for other securities and the first investors, professional participants in the securities market, as well as their representatives.

Thus, the primary market is the market for the first and repeated issues of securities, in which their initial placement among investors is carried out.

In the primary securities market, all types of existing securities are sold: shares and bonds of enterprises, short-term government securities, bonds of the state foreign currency loan, financial instruments (various certificates issued by banks, bills of exchange). Realization in the primary market is carried out through stock stores, as well as the current system of intermediaries: brokers and commercial banks.

The most important feature of the primary market is the full disclosure of information to investors, allowing them to make an informed choice of a security for investing money. All activities in the primary market serve to disclose information:

Preparation of the issue prospectus, its registration and control by state bodies from the standpoint of the completeness of the data presented;

Publication of the prospectus and subscription results, etc.

A feature of domestic practice is that the primary securities market still prevails. This trend is explained by such processes as privatization, creation of new joint-stock companies, financing public debt through the issuance of securities, the re-registration of the state's foreign currency debt through the stock market, etc.

The primary market includes:

Stock market;

Bond market.

There are two forms of the primary securities market:

Private accommodation;

public offer.

Private accommodation characterized by the sale (exchange) of securities to a limited number of previously known investors without a public offer and sale.

public offer - this is the placement of securities during their initial issue by public announcement and sale to an unlimited number of investors.

The relationship between a public offering and a private offering is constantly changing and depends on the type of financing that enterprises in a particular economy choose, on the structural changes that the government is implementing, and other factors.

It is very important to note that the primary market is the market for new issues and is the method that most borrowers use to raise new resources. For this market to work successfully, it is vital that savers and investors have the confidence that they are investing their money in this market for good reason. A weak primary market will undermine secondary market liquidity. Therefore, there is a need to provide accurate information so that investors can compare with other forms of investment and decide whether to invest in each new issue. In other words, a good primary market should be selective in order to be able to judge value.

On the other hand, the issuer needs a good primary market in order for the offer to purchase securities to reach the widest possible audience of potential investors, which should allow him to get the most favorable price for the offered securities.

There are several methods for listing securities on an organized primary market. These include:

1) direct invitation by the company. The Company invites the public to subscribe for its securities at a fixed price through the publication of a prospectus; all necessary formalities and underwriting (guaranteeing the issue) are carried out by the issuing company (usually an investment bank / securities company);

2) offer for sale. This method can be used in a situation where one of the original or existing shareholders wants to offer their shares to the public. The company may organize a syndicate of banks and brokerage firms that purchase the entire issue for distribution to their customers. Old shareholders may be the first to purchase the offered shares;

3) tender offer. The investor is invited to participate in the tender for the purchase of shares at the lowest price. After the deadline for submission of applications, the company's financial advisers calculate the ¬strike price-, which will allow the issuing company to raise the maximum required financing, the exercise price can be lowered if the company targets the issue to a particularly wide range of shareholders (a large number of shareholders owning a small number of shares each) . A company can acquire much more funds as a result of bidding than if it allowed speculative investors to cash in on first-day trading premiums, which could happen if the issue price was underpriced. If someone acts as an underwriter for an issue, then it (the issue) will be sold at the minimum tender price;

4) private placement. The method in which investment bank subscribes to the offered shares, having previously identified a small group of customers to whom he will then resell the shares. Alternatively, an investment bank may be used as an agent and be responsible for finding the ultimate investors for the issuing company. This method is often cheaper for the company than a public offer, because even though the price may be somewhat lower for clients (in order to make investments more attractive and compensate for their potential illiquidity), it will still be less than the cost of underwriting, which is not necessary in this case.

However, it should be noted that the regulators of the securities market usually insist on protecting the interests of investors, which is determined by the requirement for a minimum number of shareholders and a certain percentage of shares that must be sold to the public (usually 25%). The latter requirement is usually met through the use of a second investment bank or brokerage firm that distributes the shares. Using a placement method can be not only the cheapest method for small releases, but also the fastest. There is also a higher likelihood of a successful issuance, especially when there are already companies queuing to subscribe or sell, which can absorb all available funds;

5) reverse absorption by conditional issue of securities. The method by which a private company can achieve a listing in a situation where a public company offers its shares in exchange for the opportunity to purchase the private company's assets; if a controlling interest passes to a private company, then in fact it can be considered that it has privileges in terms of raising funds, since it received a listing;

6) admission of shares to the quotation on the stock exchange. When using this method, there is no need to issue new securities, but the company's share capital must be sufficiently paid up in order to gain access to a listing or listing on the exchange. It should be understood that with this form of proposal, the company does not raise any new funds. The company is required to provide a document of admission, but is generally not required to provide a prospectus unless, following admission, the company plans an additional issue of shares or fundraising activities.

While one of the main challenges facing the securities market is to provide an efficient mechanism for attracting capital for economic growth, it is equally important that there are opportunities to profit from the risk that those who provide the capital take.

Under secondary stock market refers to the relations that develop during the circulation of previously issued securities in the primary market. The basis of the secondary market is made up of transactions formalizing the redistribution of spheres of influence of foreign investors' investments, as well as individual speculative transactions.

The most important feature of the secondary market is its liquidity, i.e. the possibility of successful and extensive trading, the ability to absorb significant volumes of securities in a short time, with small fluctuations in rates and at low implementation costs.

The secondary securities market is divided into an organized (exchange) market and an unorganized (over-the-counter or "street") market.

Classification of the securities market by organization of trade includes:

Exchange market;

Over-the-counter (retail) market;

Electronic Market.

By types of securities circulating, in particular, on the Russian market today there are:

1) government securities market;

2) the stock market, in which, in turn, there are three main segments (sometimes they are called echelons): "blue chips" (the most liquid shares of the largest Russian companies), shares of the "second tier", approaching them, but not yet reached the appropriate liquidity, and shares of enterprises that practically do not appear on the market;

3) the securities market of local importance (in the majority - municipal bonds or bonds of the subject of the federation);

4) markets for promissory notes of different issuers;

5) markets for derivative securities (mainly futures).

The most developed is the exchange market. It is characterized by high turnover, which allows you to create a highly efficient infrastructure that can take on most of the risks and significantly speed up transactions and reduce unit overhead costs. The price for this is a strict standardization of the transaction, severe restrictions on the activities of market participants, increased obligations in relation to maintaining liquidity and reliability.

Organized market (exchange) is an auction type market. It is characterized by public vowel auctions, open competitions between the buyer and the seller with the presence of a mechanism for compiling bids and offers for sale, which can serve as the basis for concluding transactions. This is the circulation of securities on the basis of firm stable rules between licensed professional intermediaries - market participants on behalf of other market participants.

The stock market is the trading of securities on the stock exchange. This is always an organized securities market, trading on it is carried out strictly according to the rules of the exchange and only between exchange intermediaries, who are selected among all other participants.

An organized or exchange market is limited to the concept of a stock exchange as a special, institutionally organized market in which securities of the highest quality are traded and transactions are carried out by professional participants in the securities market.

Unorganized market (free, retail, over-the-counter) this is the circulation of securities without observing the rules uniform for all market participants. Trade takes place spontaneously, in contact between the seller and the buyer. Information about completed transactions is not recorded.

In the case when transactions are small, it is still unprofitable to execute them through large specialized trading systems. This is due to purely economic parameters. In this case, the buyer goes directly to the dealer and buys paper directly from him. As an example, we can point to many of our banks that trade in savings loan bonds for the public. This is a special segment of the securities market, which differs from the exchange market in many ways. It is called the retail (over-the-counter) market (OTS - market from the English Over the Counter - trade from behind the counter).

Note that sometimes, on the contrary, very large transactions are made on the over-the-counter market, for example, the purchase and sale of a controlling stake. In general, this is a market for individual, non-standardized transactions.

The over-the-counter market is the trading of securities bypassing the stock exchange, the sphere of circulation of securities that are not admitted to quotation on stock exchanges. New issues of securities are also placed on the OTC market. The OTC market is organized by dealers who may or may not be members of the stock exchange.

An organized market requires that stocks and bonds offered for sale undergo special registration and satisfy a set of additional conditions that provide maximum business information about the business for which these securities are issued to finance. Their purchase and sale is carried out by application on the stock exchange, and all related procedural issues are strictly regulated by the rules of this exchange and state legislation.

The free market in this sense does not impose strict requirements on sellers and buyers. There are legislative norms that provide full control over entrepreneurial activity. To the same extent as in an organized market, companies issuing securities bear administrative and criminal liability for deceiving or misinforming a buyer. Intermediaries act in accordance with the official rules and regulations for customer service, and the purchase and sale of securities itself is subject to legal formalization and has an absolutely legal character.

An organized securities market - a system of stock exchanges - has inalienable features:

1) transactions are frequent;

2) there is almost never a big gap between the demand price and the offer price;

3) transactions are carried out in a short time, as a rule, there are no significant price fluctuations.

All this is ensured by a set of purposeful organizational actions.

It is necessary that the circle of holders of securities of each company be as wide as possible. In addition, short-term purchase and sale transactions should be facilitated in every possible way. Another important factor is the presence of a large number of large companies, but the organized market must be represented by medium and small companies.

It should also be noted that the organized market has the ability to self-accelerate and self-decelerate. An active market creates the impression of easy liquidity of securities, which stimulates their purchase. In addition, it attracts with a variety of opportunities, which increases the number of operations on a credit basis.

A free securities market can be described as a market that does not have a fixed location, transactions in which are carried out outside the exchange. Another name - the telephone market - indicates the main way transactions are carried out.

The free market is the second equally important area for the distribution and circulation of investment resources. For some types of securities, it is inferior, and for others it is significantly superior to the exchange system. This applies primarily to state and municipal bonds, shares of many banks, insurance and investment companies. Together with them, a huge number of issues usually circulate on the free market, which, for various reasons, cannot be traded on the stock exchange.

These include the following:

Issues aimed at a limited circle of potential buyers, requiring special methods of distribution;

Small releases;

Papers with a very high price;

Papers in which supply matches demand, i.e. the buyer is widely known and it is easy to distribute papers;

Securities issued on the security of real estate;

Papers closely related to regional economic complexes or social and industrial infrastructure;

Paperless form of issue, when the issuer does not want to advertise himself.

Also on the free market, transactions are made with the shares of large companies circulating in the exchange system.

The main participants in the free market are brokerage and dealer offices, which are characterized by a relatively narrow specialization in types of securities and transactions, as well as banks and investment companies. In turn, banks are divided into investment banks, the main subject of which is the subscription to the distribution of shares and bonds of various corporations, and commercial banks, which are mainly engaged in the sale of federal and local bonds on the free market. A significant number of transactions in the free market are carried out not on a commission, but on a net (or dealer) basis. This means that services are rendered to clients for the sake of income from the price difference - from the subsequent resale by the dealer of securities at a higher price or from their purchase for clients at a lower price.

The free market is always not only under state control, but also under the control of an association that unites these market entities. In all developed capitalist countries, participants in the free market, as well as participants in stock exchanges, are subject not only to legal, but also to professional and qualification control.

Commissions in the free market are not regulated by general rules. In fact, commissions range from the minimum values ​​in the organized market to 5% (and sometimes even higher) of the transaction amount in the free market.

The secondary market consists of two parts. One of these parts can be described as a market for "used" securities. The second part consists of additional issues of securities already in circulation, regardless of whether the issue results in raising new funds or not.

The following are the methods that are used to obtain a listing for new issues of already existing securities that are already listed:

1) listing through execution or conversion. New securities or new issues of securities already traded may be listed by exercising a new share option (employee or executive bonus schemes) or by converting a listed security into another form of security, or by subscribing warrants for conversion into another form. valuable papers;

2) release of rights. The company wants to raise additional funds through the issuance and listing of a new issue of ordinary shares under preferred terms at a fixed price (usually slightly below the current market price). If one of the shareholders does not want to acquire these rights, then they can be sold outside the company, and the premium, that is, the amount of the excess of the issue price, will be credited to the account of the refused shareholder;

3) open offer. The offer is made to shareholders, inviting them to subscribe for additional shares at a fixed price, but (unlike in a rights issue) the number of shares purchased will not necessarily depend on the number of shares the shareholder already owns. This process results in a higher price, as shareholders who are willing to pay more will receive more shares. From a regulatory point of view, there is a trade-off between the preemptive right principle and the fact that the company raises additional funds;

4) bonus or capitalization issues. Shares are created as a result of the capitalization of reserves and are distributed free of charge to existing shareholders in proportion to the number of shares they already own.

Securities can be traded on traditional and computerized (electronic) markets.

In the electronic market, trading is carried out through computer networks that combine the relevant stock intermediaries into a single computer market, which is characterized by:

Lack of a physical location where sellers and buyers meet;

Full automation of the trading process to enter their applications for the purchase and sale of securities in the trading system.

Electronic securities markets arose later than exchanges - with the advent of modern means of communication and informatics. Currently, the turnover on them is comparable to the exchange. There were several such systems in Russia, but today only the Russian trading system really works.

Trade in it is carried out by professional brokers and dealers, united in the associations PAUFOR (Professional Association of Russian Stock Market Participants) and NAUFOR (National Association of Russian Stock Market Participants). In these trading systems, there are trades in shares of "blue chips" (RTS) and shares of the second tier (RTS-2). The difference from exchange trading lies mainly in the mechanism for executing transactions: by setting electronic system quotes for the security of interest, the trader-market-taker contacts the market-maker who issued the quote directly and concludes a standardized deal.

Markets of derivative securities. Separately, it is worth dwelling on the role of the organizer of trading in the derivatives markets. Since a futures is a mutual obligation to buy (respectively sell) the underlying security at a certain moment and at a predetermined price, the role of the organizer of the auction is, first of all, to ensure the fulfillment of this obligation. This is achieved by making both parties to the transaction a special pledge - margin. In the event that one of the parties fails to fulfill its obligations, the margin is used to compensate for the loss to the other party.

The process of formation of the securities market in Russia is difficult and controversial. Since the beginning of the 90s. the first steps in the organization of the securities market were made with the creation of infrastructure - stock exchanges and stock departments of commodity exchanges instead of the conditions for their functioning.

At the same time, denationalization of property organized “from above” took place, often forced corporatization of enterprises, and then the issuance of state privatization checks, designed for all 150 million of the country's population with the aim of investing them in shares of corporatized enterprises of privatized state property so that the entire population (according to the government's project) ) became owners and subsequently received dividends on their investments in shares. Ultimately, these measures turned out to be fundamentally wrong, and the very idea of ​​making the entire population owners with the help of privatization checks is absurd. Even in economically developed countries owners of securities, in particular shares, make up no more than a third of the population, since not everyone wants and not everyone can be them. Securities personify not only property, but also a form of income, therefore, in the West, the population seeks alternative forms of investment: in private securities, bank deposits, insurance policies, contributions to pension funds, government bonds of all levels, etc. It is important that this is done, as a rule, by wealthy segments of the population who have sufficient income from their main activities.

In addition, the Government of the Russian Federation designated the privatization check in two ways as a type of security and at the same time called it in par value a government bond and a check. There was already a significant contradiction in this, since a bond is a security, and a check is a quasi-paper that gives the right to purchase a security.

As a result of all these incompetent decisions, hasty and contradictory actions, commercial banks provided the main stream of share issue on stock exchanges, since they began to carry out corporatization before other legal entities operating on the market. Behind commercial banks insurance, investment and trading companies followed. However, all this gave a rather weak inflow of securities to the stock exchange. Exchange trade was based mainly on the purchase and sale of credit resources, performing functions unusual for it.

new aspects financial market began the emergence of new securities of state short-term bonds (GKO), bonds of industrial enterprises, etc., the work of new financial institutions in the securities market and a change in its structure, and then the emergence of large-scale fraud, fraud (the so-called pyramids, check investment funds) and, finally, as a consequence (not without the assistance of the securities market) - the financial and credit crisis of 1998.

Since 1999 (after the Government canceled the currency corridor and announced the restructuring of the GKO market) and to the present, a new stage in the development of the securities market has been going on.

magician - the stage of his recovery and serious changes, taking into account the accumulated positive and negative experience. The turning point that is observed in the post-crisis period in the securities market is associated with the support of investment activity due to socio-economic stabilization, the growth of effective demand, the decoupling of non-payments, a certain increase in efficiency banking system(in connection with its restructuring), state support real sector economy, in particular small business.

To date, the following structure of the securities market has developed:

Secondary market

Stock exchanges Commodity stock departments

primary market

Equity market Bond market

The market for government short-term bonds of stock exchanges - previously issued (GKO) shares and financial instruments

Market of bonds of the state savings loan (OGSS)

Bond Market federal loan(OFZ)

Market of bonds of foreign currency loan Market of treasury bills Market of financial instruments Market of gold certificate

The primary securities market sells all existing types of securities, shares and bonds of enterprises and companies, short-term government securities, government foreign currency loan bonds, financial instruments (various certificates issued by banks, bills of exchange). Realization in the primary market is carried out through stock stores, as well as the existing system of intermediaries: brokers and commercial banks.

Secondary market - stock exchanges and stock departments of commodity exchanges carry out the resale of previously issued securities. However, the secondary exchange market in Russia has a specific feature: in some cases, it continues to partially act as a primary market, taking on new elements of securities. This is explained by the fact that the primary market itself has not yet matured enough, Russian stock exchanges have extensive experience.

On the stock exchanges of Russia and the stock departments of commodity exchanges, mainly stocks and shares are concentrated for resale. financial instruments(certificates, options and futures, bills).

Securities are traded within the organized market, when transactions are concluded using exchange and over-the-counter systems, and in the so-called unorganized market, when transactions are concluded directly between buyers and sellers of securities. Trade organizers are professional participants of the securities market.

The leading trading platforms in Russia are the Moscow Interbank Currency Exchange (MICEX) and the Russian Trading System. The MICEX conducts trades in corporate and government securities, including bonds of subjects of the Federation. Within the framework of the Russian trading system trading in securities of corporate elements.

The main areas of activity of the exchange include: admission to the exchange membership and exclusion from the exchange membership; admission to trading (listing) and removal from trading (delisting) of securities; organization of regular trading in securities; carrying out clearing on transactions concluded on the stock exchange; organization of supervision over the conduct of tenders and prevention of manipulation; conducting analytical research of the stock market.

Currently, the following types of securities operate and circulate in the Russian Federation:

Shares of companies and enterprises, financial institutions (registered, bearer, ordinary (simple) and preferred);

Bonds of companies and enterprises, banks, which are designed to borrow additional Money to finance targeted projects;

Government short-term bonds (GKO) issued by the Ministry of Finance of the Russian Federation for financing public spending and covering the federal budget deficit;

Treasury bills (CO) issued by the Ministry of Finance of the Russian Federation to settle the debts of enterprises and tax payments;

Foreign currency loan bonds issued by the Government of the Russian Federation through Vnesheconombank to pay foreign currency payments on previously frozen foreign currency accounts of individuals and legal entities (the first payment (first tranche) took place in May 1995);

State Savings Loan Bonds (OGSS) issued by the Government of the Russian Federation since 1995 to cover the budget deficit;

Federal loan bonds (OFZ) issued since 1995 to finance the budget deficit;

Financial instruments issued by banks: savings certificate; investment certificate; deposit certificate;

Financial instruments of the stock exchange: option - sale of the right to purchase or acquire securities; futures - the conclusion of a futures contract on securities based on changes in their rate.

There is a classification of securities according to the following main features:

Registered securities, the data on the owner of which is recorded in a special register, and bearer securities, i.e. transferred to another person without identification;

Term securities, i.e. securities that have a specific maturity, and perpetual securities that do not contain a specific maturity;

Documentary securities, the owner of which is established on the basis of the presentation of a issued certificate, and non-documentary securities, the owner of which is established on the basis of an entry in the registry system;

Government securities issued by the federal government;

Securities of the subjects of the Federation, issued by the subjects of the Federation;

Municipal securities issued by local authorities;

Corporate, produced by enterprises and organizations.

As follows from the above classification, there are relatively diverse types of securities, which indicates the presence of various areas of investment for legal and individuals. However, the non-production sector dominates the securities market, which accounts for more than 70% of issuers (stock exchanges, banks, investment companies, trading houses and firms).

The main types of securities (with their diversity) are shares and bonds.

Shares are equity securities that confirm the contribution of their owner to the capital of the joint-stock company and, on this basis, give the right to vote at a meeting of shareholders and to receive part of the profit of the joint-stock company in the form of dividends. Shares are divided into ordinary and preferred, which, unlike ordinary shares, do not give its owner the right to vote at a shareholders' meeting, but for which a fixed dividend is set.

Bonds are emissive securities that secure the holder's right to receive from the issuer of bonds for the period stipulated by them the nominal value and a fixed percentage of this value, i.e. bonds are debt obligations expressing loan relations.

Mortgage (mortgage-backed securities) - securities reflecting the relationship of pledge. Mortgages certify the right to receive monetary obligations secured by a property mortgage.

Derivative securities - securities certifying the owner's right to acquire (sell) securities issued by a third party within the terms and conditions specified in the certificate and the decision to issue these derivative securities.

State and municipal securities are issued in the form of bonds or other securities certifying the right of their owners to receive funds from the issuer in the manner prescribed by the terms of the issue.

Government securities are part of the government debt. If these securities are denominated in rubles, then they are part of the internal debt, and if in foreign currency - then external.

The government securities market is represented primarily by government short-term bonds (GKO), federal loan bonds (OFZ), government savings loan bonds (OGSS) and domestic currency loan bonds (OVVZ). Over the past few years, the largest segment Russian market securities in terms of primary placement and turnover of secondary trades were GKOs.

Domestic foreign exchange bonds (“web bonds”) are issued by the Ministry of Finance and are an instrument of government debt denominated in foreign currency.

The bonds of the constituent entities of the Federation are considered the second most reliable after the securities issued by the federal center, and the yield on them even exceeded the yield on GKOs.

Municipal bonds have been developed in a number of states due to the provision of significant tax benefits. The issuer of this type of bonds is the municipality, which has the right to issue debt obligations.

It should be noted, however, that historically municipal bonds have not been developed in all countries, which, of course, is associated with the existing schemes for attracting resources to the budgets of cities and territories - by obtaining bank loans or the issuance of municipal bonds.

Issuable corporate securities are also issued in the form of shares and bonds. In developed Western countries, the issue of corporate securities is the most important mechanism for attracting funds by legal entities. Corporate securities issued by enterprises in one industry attract temporarily free capital from other industries, which contributes to the unimpeded flow of capital and its effective use in the most profitable industry projects.

Raising capital is the main task of stock securities (CB). The characteristics that make it possible to attribute the Central Bank to this type are:

• uniformity;
• issuance of a document by a limited, previously established number;
• expression of ownership of a certain share in the capital, property or liability fund;
• circulation in a special market.

Thus, the main types of stock securities include stocks and bonds. This type of securities is traded on stock exchanges, the main tasks of which are to ensure the movement of documents and the formation of prices for them. The exchange is considered a non-commercial enterprise - it is a separate business entity that provides a turnover financial resources and the Central Bank.

The issuer or organization that produces (issues) stock securities can be the state or a commercial organization (legal entity). Their release occurs by concluding an agreement between the issuer and the investor, also called a subscription to shares. As a result of such actions, the issuer receives capital (cash), and the investor receives securities, which give him certain rights (depending on the type of securities). As a result of the transaction, the investor has rights, while the issuer has only obligations. The issue of securities should be distinguished from their purchase and sale in the primary or secondary market. The issue of the Central Bank is subject to mandatory registration with state bodies.

A share is a document that confirms the right to own a part of the property of the joint-stock company that issued it. The Central Bank gives the right not only to a part of the profit of the organization, but also to the management of the company within the framework of such participation, what share of shares, out of the total number of issued ones, their owner owns. The exercise of the right of management takes place at meetings of shareholders, among which parts of the company are distributed.

A bond, on the contrary, allows only to receive profit from the enterprise in the form of a predetermined percentage, without granting the right to participate in its development.

Stock papers (FS), depending on the nature of the expressed rights, are divided into main and auxiliary. The main securities give property rights to a part of the enterprise and profits from its activities. Ancillary securities provide the opportunity to periodically withdraw profits from the underlying security in the form of interest or dividends. Such securities are called coupons. They can be issued to the bearer, even if the main security is registered. In addition, there is a kind of auxiliary papers called coupons - papers that provide the right to receive a coupon. Auxiliary securities may be separate securities, however, they do not have the right to circulate on the stock exchange.

FB trading takes place in whole batches. To conduct transactions, there is no need to place the Central Bank on the stock exchange - it only records transactions according to documents that are placed on bank accounts.

The price of shares or bonds depends on the share of the profit that its owner can receive. The value of the family of securities on the stock exchange, in turn, forms the stock index - an indicator of the state of the market.

According to the law "On the Securities Market", in order to sell them on a special stock exchange, documents must go through the listing procedure - a special examination and inclusion in the quotation list. The quotation or value of the Central Bank is formed on the basis of supply and demand indicators in the process of collecting applications by special intermediaries - brokers. The broker collects clients' bids for the purchase and sale of shares, agreeing with the parties on an acceptable price and quantity of securities. The broker has the right to make transactions both in favor of clients and in his own favor for own funds. He passes the data to the dealer, who collects orders for deals on specific securities and publicly announces their value. Thus, the price of the company's shares is set on the stock market. If the agreed price suits both parties, the buyer and seller make a deal.

Important! The main task the dealer is the formation of the purchase price and the sale price of the securities: the greater the difference between them, the more dynamic the market. During the day, stock prices can fluctuate, depending on various factors. Their value is fixed at the time of opening and closing of the exchange.

On stock exchanges, trading takes place not only in basic securities like shares or bonds, but also in other securities: bills of exchange, checks, warehouse certificates, bills of lading, mortgages, and so on.

Shares and bonds are corporate securities and refer to primary or basic securities of this kind. Secondary securities include derivatives of the Central Bank, giving the right to their owner to purchase or sell other securities during their validity period. Derivative papers also serve the state securities market.

Stock and commodity securities form a common securities market.

The difference between the stock market and the securities market

In the domestic economics the stock market and the securities market are often used as synonyms, although they have cardinal differences in essence. The reason for this is the weak development of the commodity market, which, along with the stock market, forms the general market of the Central Bank.

At the heart of the market stock securities monetary relations lie - capital is mediated through stock securities. Commodity securities express goods or services that are sold and bought by market participants.

The main task of the securities market is to create inter-industry links, thanks to which companies can attract domestic and foreign investments and transform them into the necessary investment resources.

Participants of the securities market, with different functions, can be:

• the state (as a borrower of capital);
• individuals (population can only supply capital);
• legal entities (for example, banks or other financial institutions) - can act both as providers of financial resources and as their consumers.

The main task of the stock market is to attract investment in a sector of the economy or a company, as well as to provide investors with the opportunity to profitably invest their own funds. Market participants can be the state, individuals or legal entities.

Stock market is a major part of the Central Bank market.

At the moment, trading on the securities market, whether it be stock or commodity exchanges, does not require the mandatory physical presence of market participants. Thanks to Internet technologies, there are a number of trading programs that allow you to make transactions without leaving your home.

You can learn more about what the stock market is from this video:

security paper- this is a form of existence of capital, different from its commodity, productive and monetary form, which can be transferred instead of itself, circulate on the market as a commodity and generate income. This is a special form of the existence of capital, the essence of which lies in the fact that the owner of the capital does not have capital itself, but has all the rights to it, which are fixed in the security. The latter makes it possible to separate ownership of capital from capital itself and, accordingly, to include the latter in the market process in such forms as is necessary for the economy. In other words, a security is a representative of real capital that actually functions in the economy, and as capital, a security is a fictitious capital.

The security paper has two costs : value as a representative of real capital (face value) and value as fictitious capital (market value).

face value The value of a security finds its expression in the amount of money that a security represents when it is exchanged for real capital at the stage of its issue or redemption. This amount of money is called par value of a security .

Market value security arises as a result of the capitalization of its property rights. The main property right of a security is its right to income, therefore the value of a security is primarily the capitalization of this income, calculated as the quotient of dividing this income by the market (bank) interest rate. Other rights attached to the security are not rigorously quantifiable. The greater their significance from the point of view of the market, the less determined the process of pricing for this security, the higher the role of subjective psychological assessments.

Market price of a security is its monetary value market value. in practice it is called market value, market quotation, exchange rate, etc.

Securities may be registered (the name of the holder is registered in a special register maintained by the issuer), order (drawn up for the first holder with the clause "by his order" and transferred to another person by making an endorsement) and bearer (not registered with the issuer in the name of the holder and transferred to another person by delivery).

The securities may be documentary or uncertificated form may vary. by deadline (short-term, medium-term, long-term and indefinite), can be urgent (with a specific maturity) or deadline on presentation .

The securities may fixed or wavering income (yield to face value changes in accordance with fluctuations in the average interest rate On the market).

Stock - this is a security that gives their holder the right to a share in the capital of the company of the issuer of these securities and to receive income from the profits of this company.

Joint-stock company- this is a commercial organization, the authorized capital of which is divided into a certain number of shares, certifying the obligations of shareholders in relation to the joint-stock company.

A joint stock company may be open (JSC) or closed (CJSC), which is reflected in its charter and name.

Shareholders JSC may transfer their shares into ownership of other persons as a result of free sale or donation without the consent of other shareholders of the JSC. The number of JSC shareholders is not limited; the minimum authorized capital of an OJSC must be at least 1,000 minimum wages established federal law on the date of registration of the company. An open joint stock company may also distribute shares by closed subscription, unless otherwise provided by the charter of the open joint stock company.

Stock Company distributed only among its founders (the number of shareholders should not exceed fifty) or among a predetermined circle of persons. The authorized capital of a CJSC should not be more than 1000 and less than 100 minimum wages.

Distinguish between ordinary and preferred shares.

ordinary share is a security that gives its owner the right to participate in general meeting shareholders with the right to vote on all issues of its competence, to receive dividends, as well as part of the property in the event of its liquidation. However, the last two rights are not guaranteed. All ordinary shares of the company have the same par value.

Preferred shares (prefactions) have certain advantages over ordinary shares in terms of receiving dividends and distributing property in the event of liquidation of the JSC. A joint-stock company may issue several types of preferred shares, while prefactions of the same type provide shareholders with an equal amount of rights and have the same nominal value. The nominal value of all placed prefactions must not exceed 25% authorized capital society. Preferred shares usually do not give their holders the right to vote at the general meeting of shareholders. The exception is cases when it comes to the reorganization or liquidation of a company, the introduction of amendments and additions to the charter of a joint-stock company that restrict the rights of owners preferred shares, including cases of determining or changing the amount of the dividend and/or the liquidation value of preferred shares. The right to participate in the meeting of shareholders with the right to vote on all issues arises for the owners of prefactions in the event that the annual meeting of shareholders does not decide on the payment of dividends on prefactions, or decides on the incomplete payment of dividends on prefactions. Such right arises from the meeting following the above annual meeting and terminates from the moment of the first payment of dividends on shares in full.

Bond is an issuance security that secures the rights of its holder to receive from the issuer within the prescribed period its nominal value and the percentage of this value fixed in it or other property equivalent. Each bond is issued not on its own, but as part of a bonded loan - in series, which consist of securities equal to each other in terms of the rights they provide.

Bond face value- this is the amount indicated on the bonds and certifying the size of the principal debt on it.

Bond rate determined as a percentage of the face value. Change of course is expressed in paragraphs.

Discount (premium)- negative (positive) difference between the sale price and the face value of the bond.

There are bonds that are initially placed at a price below par and are redeemed at par. These bonds are called zero coupon bonds . The income on them is just equal to the discount.

Coupon (coupon interest) For bonds is called a fixed percentage, which is set at the time the bond is issued.

Maturity date bond is considered the day when the joint-stock company returns to the owner of the bond an amount equal to the face value of the bond, having paid the prescribed interest on it.

Securities market (stock market) ensures the distribution of funds between participants in economic relations through the issuance of securities that have their own value and can be sold, bought and redeemed.

The securities market is divided into primary and secondary. In the primary market new issues of securities are sold, as a result of which the issuer receives the funds he needs, and the papers end up in the hands of the original buyers. Subsequent resales of securities form secondary market , on which there is no accumulation of new financial resources for the issuer, but only a redistribution of resources among subsequent investors. By creating a mechanism for the immediate resale of securities, the secondary market enhances the confidence of investors in them, stimulates their desire to buy new stock values, and thereby contributes to a more complete accumulation of society's resources in the interests of production. The core of the secondary securities market is the stock exchange.

Stock Exchange. is a market organized in a certain way in which transactions for the purchase and sale of securities are carried out.

The stock market is mainly three categories of participants :

1) brokers or brokers(trade at the expense of the client, receiving commissions for their work);

2) dealers or traders(trade at their own expense and in their own interests);

3) exchange specialists(trade at their own expense in the interests of the exchange).

Only its members can trade on the stock exchange. Other participants in the stock market may trade on the stock exchange through the mediation of members of the stock exchange. The stock exchange is obliged to ensure transparency and publicity during trading. The Exchange is not entitled to set the amount of remuneration charged by its members for transactions with their participation. The Exchange independently establishes the procedure for inclusion in the list of securities that have passed the listing and delisting procedure.

Goods that are sold on the exchange must have such qualities as mass character, qualitative homogeneity and interchangeability, relative unpredictability of prices. To simplify exchange trading, not only types are standardized, but also volumes that can be sold under one contract. These minimum quantities are called exchange unit.