The release of securities into market circulation is usually called emissions , and the company or organization that produces them is issuer .

Global financial market (securities market) - ϶ᴛᴏ segment of the global loan capital market, where the issue and purchase and sale of securities and various financial obligations are carried out. For this reason, the MFR is often called the world securities market.

Bonds, shares, etc. are issued on the primary financial market. In the secondary market, centralized or non-centralized (through stock exchanges) purchase and sale of previously issued securities takes place.

World securities market is divided into 2 parts:

1) circulation between countries of shares and bonds of national issuers of different countries (for example, bonds are issued in country A in its national currency and sold in countries B, C, D, etc.);

2) a special issue of securities of foreign issuers for a certain national market (for example, country A allows the opening of a foreign bond market for foreign individuals and legal entities issued in the currency of this country).

The main borrowing instruments on the world market are bonds, shares, Euro bills, etc.

Bonds placed by foreign companies in the USA are called Yankees, in Japan - samurai, in Spain - matadors, in the UK - bulldogs.

The market for long-term loans exists, as a rule, in the form of a bond market. With a certain degree of convention, it can be represented as a combination of two sectors: the foreign bond market and the Eurobond market. A foreign bond is essentially a type of national bond. Their specificity is that the issuer and the investor are located in different countries. There are two basic ways to issue foreign bonds (see above).

Eurobond – it's a bond issued by the borrower through the intermediary of the International Banking Consortium and expressed in eurocurrencies. It is usually issued in a currency different from the currency of the country of issue, and is placed simultaneously in several countries (on the international capital market). The usual maturity of Eurobonds is 10-15 years. Eurobonds have a number of advantages over foreign bonds. They are not subject to national rules for transactions with securities; interest on Eurobond coupons is not subject to withholding tax; they provide more opportunities for making a profit and avoiding currency risk. Eurobond holders do not require special registration. Eurobonds are issued to bearer and therefore have high liquidity.

Bonds have been circulating on the world market since the 60s, ᴛ.ᴇ. before the shares arrived there, and the value of bonds in international circulation is several times greater than the volume of shares.

The placement of foreign bonds on the national market is carried out by associations of banks called consortia.

International bonds are placed primarily as a market eurobonds- issues by foreign issuers in the markets of developed countries. Most foreign bond issues are concentrated in the markets of 4 countries: the USA, Germany, Japan, and Switzerland.

The foreign bond market in the USA is attractive, firstly, due to the large size of loans (on average $100 million), and secondly, due to their significant duration (up to 25-30 years).

There are more reliable borrowers on the Eurobond market; therefore, developing countries have limited access to this market. The duration of Eurobond issuance is now 5-7 years.

International bonds are issued in different currencies. And since they have different stability, the interest rate, and, consequently, the yield of bonds, mainly depends on the stability of the currency in which the loan is issued.

In addition to Eurobonds, various instruments of capital market operations have become widespread, in particular euro bills– short-term debt obligations that can be alienated (assigned). Eurobill interest more accurately reflects movements in current market rates. Unlike other securities, Eurobills can be issued by companies that do not have an official rating and for any period (usually 3-6 months).

Also widely used on the European market certificates of deposit- ϶ᴛᴏ written certificates issued by banks about the deposit of funds by depositors, giving them the right to receive deposits and interest (deposit terms from a month to several years).

The profound qualitative changes in the IEO that have occurred over the past decades have led to the creation of a global integrated loan capital market. This creates, on the one hand, more favorable conditions for obtaining global financial resources, and on the other, significantly increases systemic risks. It is in this regard that the importance of international monetary, credit and financial institutions is increasing.

Introduction

It is well known that the securities market is one of the main mechanisms for the accumulation and redistribution of investment capital in the global economy. At the current stage of development of the world economy, we can talk about the predominance of this source of capital formation in comparison with credit and internal accumulation and the further growth of its importance.

The globalization of the world economy, which has accelerated over the past decades, has led to the formation of an almost unified global capital market. To a certain extent, we can talk about the opposite pattern: the rapidly developing international securities market serves as a driving force for the further integration of national economies into a single world economy.

The relevance of the topic of the work is also emphasized by the fact that in modern conditions it is impossible to ensure the growth of competitiveness without attracting large capital, financing development projects only from the profits of enterprises. For this reason, at the center of modern global competition is the struggle for investment resources.

The securities market within a market economy is an important tool for achieving macroeconomic equilibrium, in particular by ensuring financial stability. The formation of an efficient securities market is the most important condition for mitigating the negative impacts of the global financial crisis.

Thus, we see that the research topic is extremely relevant for modern economic science. This is emphasized in the works of various economists. We note the works of such authors as Alekhin B.I., Anikin A.V., Matrosov S.V., Morova A., Rozhkova I.V., Rubtsov B.B., Fabozzi F., Fedorova A., Eng M. V., Yurov S.N. and a number of others.

The purpose of the course work is to identify the essential features of the global securities market.

This goal involves solving the following tasks:

The structure of the work contributes to a more complete disclosure of the topic and includes an introduction, three chapters with paragraphs, a conclusion and a list of references.

1. The essence and main features of the global securities market

1.1 Concept and main elements of the global stock market

The world experience of socio-economic development of industrial societies convincingly indicates that at a certain stage of concentration (consolidation) of industrial production, an objective need arises for the concentration and centralization of industrial capital. In turn, the concentration of capital and its centralization lead to the emergence of large joint-stock companies, corporations and financial institutions adequate to them, including the securities market.

The international stock market is a superstructure over the national stock markets, which form its basis, and is a market for secondary financial resources. If on national stock markets the subjects of financial transactions are legal entities and individuals of a given country, then on the international stock market - from different countries.

There are a number of factors contributing to the formation of the international stock market and the expansion of its geographical boundaries. These include:

1) the growing relationship between national and foreign sectors of the economy;

2) deregulation by the state of cash and capital flows, exchange rates, and in some cases, migration of labor resources;

3) introduction of innovations in trading operations, increasing the role and importance of international trade and stock exchanges, improving payment settlements;

4) development of computer-based interbank telecommunications, electronic transfer of financial assets.

By its structure, the international stock market is a collection of various credit and financial institutions through which capital is transferred in the sphere of international economic institutions. These are TNCs, TNB, international stock exchanges and financial institutions, government agencies, and various financial intermediaries.

All operations on the international stock market can be divided into commercial and purely financial (related to inter-industry capital migration). National instruments of financial markets (various types of securities, including bills) are at the same time an instrument of the international stock market.

Throughout the industrial world, the stock market, being an integral part of the financial market, allows for:

Mobilizing temporarily available financial resources and converting them into investment capital;

Financing (investment) of the real sector of the economy;

Free flow of investment capital between various industries and enterprises;

Effectively attracting savings from the population and turning them into investments in the national economy:

Effective solution of social problems of society, etc.

Along with its main economic role - attracting investments into the economy, the securities market is at the same time an important tool for social partnership between issuers and investors. Investors (individuals and legal entities) provide issuers with their savings in exchange for securities, receive income (dividends), as well as property and non-property rights. These rights provide investors (shareholders) with the opportunity to participate in the management of a joint-stock enterprise. Thus, in countries with developed stock markets, the population not only receives additional income from transactions with securities, but is also widely involved in corporate governance, which indicates the emergence of a sustainable trend towards reducing the level of social stratification in society.

In general, we can say that the international securities market is understood as one of the segments of the global financial market, that is, the market that ensures the distribution of funds between participants in international economic relations. The securities market implements a set of economic relations regarding the issue and circulation of securities between its participants.

1.2 Main stages of development of the world securities market

The world securities market (WSM) has existed for about 150 years and has gone through a number of stages in its development.

The first stage covers the time before the outbreak of the World War, when there were mainly episodic issues of bonds by foreign issuers in need of financial resources.

The appearance of securities and the performance of various types of financial transactions with them has a long history. The prototype of stock transactions was the process of exchanging one currency for another between traders at fairs. In different cities of the world, merchants from all over the world conducted a lively trade in their goods. To bring the currencies of different countries into line, there were money changers, whose owners exchanged money at the current rate for an appropriate commission. Due to the growth of trade and the increase in the number of derivatives transactions concluded, promissory notes gradually became the object of financial transactions. A bill of exchange is the first classical security that marked the beginning of the emergence and development of the stock market. Bills of exchange were very widespread in Great Britain, Germany and other countries that traded extensively with India and China. The bill of exchange was a very convenient tool for settlements between suppliers and buyers, but even at that stage of the development of the bill of exchange system it was not without fraud.

Initially, transactions with securities were made on commodity exchanges and other wholesale markets. The Belgian port city of Antwerp is officially considered the birthplace of the stock exchange. The first securities trading on this exchange took place in 1592. The beginning of the era of great geographical discoveries served as an impetus for the formation of organized trading in securities and the emergence of their new classical types. Equipping sea expeditions and large trade caravans to the countries of the New World required significant investments. This entailed the unification of merchants, shipowners, bankers and industrialists into a kind of partnership with the aim of creating common capital. The contribution of the share was formalized by a special document certifying the ownership of one’s share in the common capital and the right to receive a portion of the profit if the joint venture was successful. This document was called a “share”, and the partnership became known as a joint stock company or company. The first such joint-stock companies are considered to be the Dutch and English East India Companies, as well as the French company “Company des Endes Occidentals”, and these companies arose in the period from 1600 to 1628. The activation of the stock market and the rapid growth of exchange trading occurred in the first third of the 18th century and subsequent years. It was then that stock exchanges were formed in France, Great Britain, Germany and the USA. The number of stock exchanges grew rapidly and close relationships formed between them.

A segment of the global loan capital market is the global financial market, where the issue and purchase and sale of securities and various financial obligations are carried out. The central link of the financial market is the securities market, which converts funds into investments through the turnover of securities.

A security is a monetary document that allows you to claim the right to pay a certain amount of money and receive income from a share of the total capital as a result of the initial placement. One of the main tasks of the market is to ensure the circulation of financial resources in the economy through the issue, circulation, redemption (receipt of profit) of securities with the benefit of all subjects of economic relations.

The international securities market is considered as a combination of international issues proper and foreign issues, i.e. issuance of securities by foreign issuers on the national market of other countries. Currently, the international securities market includes both the stock market and the bond market. In addition, the world securities market can be considered as a set of national securities markets and as an international market for a certain type of securities. Thus, the global securities market is divided into 2 parts:

• 1) circulation between countries of shares and bonds of national issuers of different countries (for example, bonds are issued in country A in its national currency and sold in countries B, C, D, etc.);
• 2) a special issue of securities of foreign issuers for a certain national market (for example, country A allows the opening of a foreign bond market for foreign individuals and legal entities, issued in the currency of this country).

The global securities market is a complex structure, so it can be classified according to a large number of characteristics.

Depending on how often securities are traded, the securities market is divided into primary and secondary markets.

In the primary securities market, newly issued securities are distributed, they acquire their first owners, i.e. here the relationship regarding the release of a security into circulation is presented - this is the relationship between the issuer of a security and the investor, in which the movement of money and goods is directed from the investor to the issuer, and the movement of securities, on the contrary, from the issuer to the investor.

In the secondary securities market, securities previously placed on the primary market are circulated between investors. Here the relationship regarding the security is presented - in this case, the movement of money and goods and the reverse movement of securities is carried out exclusively between the investors themselves. The secondary securities market is a non-centralized or centralized (stock exchange) purchase and sale of issued securities.

Depending on the degree of concentration of relations between issuers and investors in terms of place and time, the securities market is divided into exchange and over-the-counter markets.

An exchange market is a market that has the legal status of an exchange. The economic basis of an exchange as a market is a high degree of concentration of similar transactions in securities in a certain place and over a discrete period of time.

The over-the-counter market is a market characterized by the chaotic process of concluding purchase and sale transactions with securities in time and space, and in organizational and legal terms, this market is dispersed across countries and participants.

The global securities market acts as a tool for attracting free funds, being an alternative to financing enterprises and companies.

The securities market in the economy of any country performs a number of important functions. One of them is the function of a regulator of investment flows, ensuring an optimal structure for the use of resources for society. Thanks to the securities market, there is a flow of monetary resources from obsolete industries and enterprises to more modern ones, which offer the greatest return on investment.

Thanks to this function of the world securities market, the state implements its structural policy. If the state is interested in the development of any industry, it will buy securities, their rate will rise, and a flow of investment will be formed in this industry. And vice versa.

The next function of the global securities market is to ensure the mass nature of the investment process - allowing any economic agents with free funds to invest in production by purchasing securities. The concentration of securities turnover on stock exchanges and/or professional intermediaries makes it possible for the investor to facilitate the investment procedure.

The global securities market, performing an information function, reacts very sensitively to ongoing and expected changes in the political, socio-economic, foreign economic and other spheres of social life.

Another function of the global securities market is the ability to be an instrument of government financial policy. The main lever through which this function is realized is the government securities market, through which the state influences the money supply and, consequently, the expansion or reduction of the level of GNI.

As an instrument of government financial policy, the global government securities market performs the following functions.

• 1. Financing the budget deficit of government bodies at various levels. As a result of issuing government securities and selling them on the open market, the government and local authorities receive funds that are used to cover budget deficits. This is one of the main internal sources of reducing the deficit, which does not lead to inflationary surges, but only redistributes free financial resources from enterprises and the population to the state. In addition to the achieved goal, this method of solving budgetary problems has a significant negative side effect regarding the reduction of productive investments, which leads to a reduction (decrease in growth rates) of GNI. In addition, an increase in public debt carried out for the purpose of normalizing the budget will subsequently lead to an increase in the burden on the budget due to the need to pay interest on previously made borrowings, which will result in an increase in both public debt and the state budget deficit.
• 2. Financing of specific projects. The state issues and sells target bonds on the securities market, with the help of which funds are raised for the implementation of certain projects. Most often, such securities are issued by local authorities.
• 3. Regulation of the volume of money supply in circulation. This function is usually implemented by the country's central bank when conducting monetary policy. Implementing an open market policy, the central bank, through the purchase and sale of government securities, increases or decreases the money supply, which leads to an increase or decrease in the rate of economic growth.
• 4. Maintaining liquidity of the financial and credit system. Banks form reserves, which they allocate to government securities that have the least risk. They can always sell these papers and pay off their obligations. The securities market acts as a tool for attracting free funds, being an alternative form of financing for enterprises and companies.

The issue, placement and trading of securities are associated with the involvement of professional participants, the type and number of which largely depend on the development of the stock market of the country and its individual regions. Market participants are, as a rule, legal entities and individuals serving its functioning. In almost every stock market, regardless of the state in whose territory it is located, its participants are united into groups (see Figure 1):

• · issuers;
• · investment institutions;
• · organizations specializing in serving the market;
• · self-regulatory organizations;
• · state regulatory and control bodies;
• · market infrastructure;
• · investors.

Rice. 1.

Between issuers, i.e. For those who are experiencing a shortage of funds, and for investors interested in effectively investing their surplus funds, there are a large number of various intermediaries who seek to make maximum money on transactions.

Participants in the global securities market are individuals or organizations that sell or buy securities or service their turnover and settlements, and they are also those who enter into certain economic relations with each other regarding the circulation of securities.

There are the following main groups of participants in the global securities market, depending on their functional purpose: issuers; investors; stock intermediaries. There are also organizations serving the securities market and government regulatory and control bodies.

An issuer is a legal entity, a group of legal entities interconnected by an agreement, or state authorities and local governments, bearing on their behalf obligations to investors of securities to exercise the rights certified by the security, supplying the stock market with a security whose quality determined by the status of the issuer.

The investor is a key figure in the stock market, since the market for any security exists and develops if it is based on the investor’s interest in purchasing it.

A broker is considered a professional participant in the securities market who is engaged in brokerage activities, which, in accordance with the Law “On the Securities Market,” is defined as the execution of civil transactions with securities as an attorney or commission agent, acting on the basis of an agency or commission agreement or a power of attorney to carry out such transactions. Both individuals and organizations can act as a broker.

A dealer is a professional participant in the securities market (individual or organization) who carries out dealer activity, which is defined as the execution of transactions for the purchase and sale of securities on its own behalf and at its own expense by publicly announcing the purchase and (or) sale prices of certain securities with an obligation purchases and (or) sales of certain securities at prices announced by persons carrying out such activities.

Registrars in the global securities market are usually called organizations that, under an agreement with the issuer, maintain a register (a list of owners of registered securities compiled as of a certain date). The registrar's job is to supply the emitter with the registry on time and without errors. Another responsibility of the registrar is maintaining personal accounts of securities holders and nominee account holders.

Depositories are organizations that provide services for storing securities certificates and (or) recording ownership rights to securities. In other words, the depository maintains accounts in which securities transferred to it by clients for safekeeping are recorded, and also directly stores certificates of these securities.

A settlement and clearing organization is a special banking-type organization that provides settlement services to participants in the institutional securities market and its main goals are:

• - minimal costs for settlement services for market participants;
• - reduction of calculation time;
• - reduction to a minimum level of all types of risks that occur during calculations.

A trade organizer is a professional participant in the securities market, carrying out activities to organize trading in the securities market, who is obliged to disclose the following information to any interested party:

• - rules for admission of securities market participants to trading;
• - rules for admission to securities trading;
• - rules for registering transactions, etc.

Thus, the securities market makes it possible to redistribute funds and further develop the economy. In general, the securities market is a complex system with its own structure, where there are buyers, sellers and intermediaries who trade securities.

The release of securities into market circulation is called emissions , and the company or organization that produces them is issuer .

Global financial market (securities market) is a segment of the global loan capital market where the issue and purchase and sale of securities and various financial obligations are carried out. Therefore, the MFR is often called the global securities market.

Bonds, shares, etc. are issued on the primary financial market. In the secondary market, centralized or non-centralized (through stock exchanges) purchase and sale of previously issued securities occurs.

World securities market is divided into 2 parts:

1) circulation between countries of shares and bonds of national issuers of different countries (for example, bonds are issued in country A in its national currency and sold in countries B, C, D, etc.);

2) a special issue of securities of foreign issuers for a certain national market (for example, country A allows the opening of a foreign bond market for foreign individuals and legal entities, issued in the currency of this country).

The main borrowing instruments on the world market are bonds, shares, Euro bills, etc.

Bonds placed by foreign companies in the USA are called Yankees, in Japan - samurai, in Spain - matadors, in the UK - bulldogs.

The market for long-term loans exists, as a rule, in the form of a bond market. With a certain degree of convention, it can be represented as a combination of two sectors: the foreign bond market and the Eurobond market. A foreign bond is essentially a type of national bond. Their specificity is that the issuer and the investor are located in different countries. There are two main ways to issue foreign bonds (see above).

Eurobond – it's a bond issued by the borrower through the intermediary of the International Banking Consortium and expressed in eurocurrencies. It is usually issued in a currency different from the currency of the country of issue, and is placed simultaneously in several countries (on the international capital market). The usual maturity of Eurobonds is 10-15 years. Eurobonds have a number of advantages over foreign bonds. They are not subject to national rules for transactions with securities, interest on Eurobond coupons is not subject to withholding tax, they provide more opportunities for making a profit and avoiding currency risk. Eurobond holders do not require special registration. Eurobonds are issued to bearer and therefore have high liquidity.

Bonds have been circulating on the world market since the 60s, i.e. before the shares arrived there, and the value of bonds in international circulation is several times higher than the volume of shares.

The placement of foreign bonds on the national market is carried out by associations of banks called consortia.

International bonds are placed primarily as a market eurobonds- issues by foreign issuers in the markets of developed countries. Most foreign bond issues are concentrated in the markets of 4 countries: the USA, Germany, Japan, and Switzerland.

The foreign bond market in the United States is attractive, firstly, due to the large size of loans (on average $100 million), and secondly, due to its significant duration (up to 25-30 years).

The Eurobond market has more reliable borrowers, so developing countries have limited access to this market. The duration of Eurobond issuance is now 5-7 years.

International bonds are issued in different currencies. And since they have different stability, the interest rate, and, consequently, the yield of bonds, mainly depends on the stability of the currency in which the loan is issued.

In addition to Eurobonds, various instruments of capital market operations have become widespread, in particular euro bills– short-term debt obligations that can be alienated (assigned). Eurobill interest more accurately reflects movements in current market rates. Unlike other securities, Eurobills can be issued by companies that do not have an official rating and for any period (usually 3-6 months).

Also widely used on the European market certificates of deposit– these are written certificates issued by banks about the deposit of funds by depositors, giving them the right to receive a deposit and interest (deposit terms from a month to several years).

The profound qualitative changes in the IEO that have occurred over the past decades have led to the creation of a global integrated loan capital market. This creates, on the one hand, more favorable conditions for obtaining global financial resources, and on the other, significantly increases systemic risks. That is why the importance of international monetary and financial institutions is increasing.

The global securities market is an integral and relatively firmly isolated part of the capital market, which consists of separate national markets. Together with the market for medium-term and long-term bank loans, the securities market forms the financial part of the capital market, the main participants of which are firms and individuals; they can act in this market, both as a lender and as a borrower. Firms and consumers who want to lend or borrow money are willing to do so in different amounts and for different periods of time, so intermediaries are needed in the capital market. One such intermediary in the capital market is securities.

The securities market is the area of ​​potential exchanges of securities, in other words, an institution or mechanism that brings together buyers and sellers of individual securities. Securities, while not being loan capital, allow one to partially bypass intermediaries in the capital market.

The formation and development of the world securities market is one of the leading trends in financial globalization; it is designed to ensure the movement of transnational capital flows and their subsequent placement. The global securities market as a system of institutions and relations refers to that part of the international financial market where transactions are carried out in foreign stock assets, such as shares, bonds and derivative financial instruments, and there is an international movement of financial claims and obligations between asset owners and companies managing them and debtors.

For any state, the securities market is an indicator of financial and economic health: a sharp drop in stock exchange rates serves as a threatening omen of a general financial catastrophe in the country, while any economic recovery immediately affects the volume of financial transactions. International securities market. [Electronic resource]. URL: http://www.webeconomy.ru/index.php?cat=mcat&mcat=137&newsid=1575&page=cat&type=news

The role of the securities market in the global economy is most fully revealed in the functions performed:

• 1. accumulation of free monetary resources and their direction for the development of promising sectors of the economy;
• 2. covering the budget deficit of states;
• 3. regulation of financial flows;
• 4. redistribution of property rights;
• 5. speculative operations - profitable sale of securities allows investors to receive additional financial resources in the form of profit. World stock market and interests of Russia / ed. Koroleva I.S. M.: Nauka, 2006.

As an external source of capital, the securities market is a tool for attracting free funds, representing an alternative to financing enterprises and companies. Thus, the securities market and the credit market, being components of the financial part of the capital market, simultaneously complement each other and compete with each other.

Thus, the international securities market, which is to a certain extent a reflection of the real reproduction process on a global scale, has a huge reverse impact on production processes both at the global and national levels.