Religion in the modern world. The main types of religions

Dear visitors of the HeatherBober website, hello! I am Alexey Morozov, an expert and one of the authors. The topic of today's material is trading on the stock exchange.

There are slightly different laws in comparison with the Forex market, so you need to be careful.

So let's get started!

1. What is the stock market and how does it work?

The financial market can be roughly divided into three segments: commodity market, stock and foreign exchange (Forex).

On the commodity and foreign exchange markets, respectively, goods / raw materials and currency are sold, but on the stock market - securities... These can be stocks, bonds, checks, bills of exchange, futures and forward contracts, and options.

Below we describe in detail the main categories of securities quoted on the stock exchange, but for now we will get acquainted with the participants in the trades.

All people related to the stock market can be divided into three groups:

1. Issuers- companies that issue securities (for example, Gazprom - the issuer of shares).
2. Investors- people who buy securities to generate income from them.
3. Traders- those who want to make money on the change in the rate of the security, and not on the direct income from it.

The difference between traders and investors is easy to explain with an example.

Example

If we buy a Gazprom share in order to receive annual dividends from it, we act as investors. If we bought a share at a price of 130 rubles and sold an hour later for 135 rubles, taking 5 rubles. profits - we behaved like traders.

It is very important to know the definition of “ blue chips". In the casino chip blue- the most expensive, on the stock exchange this expression was called the securities of the largest and most reliable companies.

Blue chip stocks are guaranteed to pay dividends. In addition, they are very liquid, so they allow you to make good money on speculation. By the change in the price of blue chips, one can judge the general state of the market.

2. What can be bought on the stock market - an overview of the TOP-4 trading instruments

Let's briefly describe four main instruments that can be successfully traded on the stock exchange.

Tool 1. Stock

A share is a security, by purchasing which we contribute capital (equal to the value of the share) to the total capital of the company and receive the right to a part of its income. For example, if we buy half of all shares, we will take 50% of the company's income.

The part of the earnings of the company that the owner of the share takes for himself is called dividend... Typically, dividends are paid annually.

Sometimes the Board of Directors may decide not to share profits with the shareholders: they will be reinvested to generate even more income in the future.

Tool 2. Bonds

A bond is an obligation under which one party (the issuer) undertakes to issue a certain amount of money to the bearer of the bond at a specified time.

The issuer of these securities can be individual firms or the state. In the first case, the issued securities will be called corporate, in the second - state... The former are taxed, the latter are not.

Bonds are not subject to such sharp fluctuations in price as stocks, so it is advisable to start trading with them.

Tool 3. Options

The principle of an option is as follows: we make an assumption how the price of a financial instrument (it can be anything) will change after a certain time, for example, in a day.

Then we buy the option, paying a certain amount for it, say ten dollars. The paid value is called option premium... When a day passes (or another period), the results are analyzed.

If the assumption turned out to be correct, we get the invested amount back and more profit. If not, we simply remain without the money previously paid for the option.

Tool 4. Futures

Futures is the obligation of one party to provide the other with a specific commodity in a specified quantity at an agreed price in the future.

Example

Let's say Rosneft wants to buy ten barrels of oil from Gazprom in a year. For this, futures are being issued: a year later, Gazprom will supply Rosneft with ten barrels at the price that was fixed at the time the parties signed the contract.

As the price of oil changes, futures can be traded freely on the exchange.

On a note

If in Forex you can trade both on the growth of the market and on the decline, then on the stock exchange it will be possible to make money only when the price of a financial instrument rises.

So, we have listed the main objects of trading, we move on to three ways to make money on the stock exchange.

Stock market or securities market (English stock market, English equity market)- one of the main parts of the financial market in which there is a turnover. Securities are stocks, bonds, bills of exchange, checks, investment shares, futures and options.

The stock market is a mechanism that ensures the transfer of funds from one sector of the economy to another.

What is the stock market for?

The stock market has many uses. It is used different people with absolutely different purposes and interests. In total, 3 main groups of application can be distinguished:

• Business

Entrepreneurs often use the stock exchange to conduct business more efficiently. So, it is here that large companies sell their shares and bonds, if desired, a businessman can buy an option or conclude, thereby minimizing his risks from sudden fluctuations in various goods. More details about all these securities will be discussed below.

• Investments

The most traditional participants in the stock market are investors. They buy securities that entrepreneurs sell in order to make money on it. The investor aims to make a profitable investment and get profit in the future. As a rule, he makes a long-term investment and does not expect too much profit. A rare investor can boast an income of more than 50% of the invested funds per month. Of course, this only applies to investors on the stock exchange, other methods can bring more income, of course, with greater risks.

• Speculation

V currently the overwhelming majority of participants in the stock exchange are speculators. They strive to buy a certain asset at a cheaper price and sell it at a higher price, thereby making money on the dynamics. Unlike investors, speculators are not interested in payments on securities (dividends, interest), their interest is the dynamics of the exchange rate. At the same time, a speculator can earn significantly more than an investor, but at the same time he has an increased risk. To make money, he needs to correctly predict where the course will move in the future, and then invest in the corresponding asset and try to make money on it.

Who is the stock market participant?

Stock market participants are:

• Issuers - those who issue (produce) securities on the market;
• Investors - buyers of securities;
• Professional market participants are individuals and companies for whom trading in the stock market is professional activities(dealers, brokers, traders, etc.).

What types of stock markets are there?

Stock Markets have many different classifications: by the nature of the securities placement, by the form of organization (exchange, over-the-counter), by types of securities, by territory, by types of transactions, etc.

By the nature of the placement of securities, there are:

• primary stock markets, which are only offering new securities;
• secondary - are engaged in the placement of securities already in circulation, the third and fourth markets.

Closely related to the concept of the secondary stock market is the concept stock exchange, because it is on it that investors and. Stock Exchange- is an organization, the subject of which is to ensure the normal and legally correct circulation of securities, as well as the determination of their market value.

Stock markets can also be divided into several types and according to some other criteria:

• by issuers - the government securities market, the securities market of private companies, etc.
• on a territorial basis - international market, national market, regional market;
• by types of offered and purchased securities - the market for shares, bonds, futures and other derivative securities, etc .;
• according to the exchange criterion - the exchange and over-the-counter market;
• by maturity - the market for short-term, medium-term, long-term and perpetual securities;
• by industry and some other parameters.

What are stock market indices?

The stock market index is a tool that gives an idea of ​​the general state of prices in the stock market, in other words, it shows where the market is generally moving.

The stock market index is calculated on the basis of a certain number of shares - different indices may have a different number of constituent securities, some are based on 10 securities, and some on 500 or more. And different indices of the same market make it possible to evaluate it from different angles.

On world exchanges, circulates great amount shares, but in order to understand how the stock market of a foreign country was traded as a whole, they use just the corresponding stock index, which shows the average value of the movement of a large number of shares traded on a given exchange (instead of viewing the trading result for each separate paper).

Is there a stock market in Russia?

The Russian Trading System (RTS) is also the key player on the Russian scene.

Stocks are mainly traded on the MICEX, while futures and options are mainly traded on the RTS.

How is the Russian stock market regulated?

The basic document that enshrines the foundations of securities legislation is the Civil Code of the Russian Federation, which defines the concept of securities, their types, requirements for them, subjects of rights enshrined in a security, the general procedure for the transfer and exercise of rights under securities, especially the fixation of rights arising from uncertified securities and their circulation.

The main special act that defines the structure and regulates the stock market is the Federal Law “On the Securities Market”. This Federal Law regulates relations arising from the issue and circulation of equity securities regardless of the type of issuer, as well as the specifics of the creation and activities of professional participants in the securities market.

How to trade the stock market?

The most important link in the stock market is the organizer of trades, thanks to which, in fact, the purchase and sale of securities takes place. Typically, the organizer of trading is the stock exchange. As a rule, stock exchanges do not need premises: now stocks are traded electronically.

Private investors do not have direct access to the stock market. Trading is carried out through a professional participant in the securities market - a broker.

The securities market is a system of economic relations between those who issue and sell securities and those who buy them. This is a set of mechanisms and actions aimed at trading in securities. The concepts of the stock market and the securities market are the same.

The securities market (stock market) is an integral part of the financial market. It differs from other sectors of the financial market (money, foreign exchange, the market of bank loans and deposits), first of all, in its object, but it is very similar to them both in the way of formation and in the importance of the circulation process.

The stock market is the sphere of the formation of supply and demand for securities. The demand is created by enterprises, as well as by the state, which do not have enough own income to finance investments. Individuals, institutions and the state are net creditors.

The stock market makes it possible to implement and accelerate the transition of capital from monetary to productive form. It creates a market mechanism for the free, albeit regulated, overflow of capital into the most efficient sectors of the economy. In the securities market, there is a redistribution of capital between sectors and spheres of the economy, between territories and countries, between different segments of the population.

The securities market develops and moves according to its own laws, determined by the specifics of the so-called fictitious capital, but it is closely linked to the capital market. The weak side of the stock market is its acute exposure not only to economic, but also to political shocks. The suspension of the securities market in a number of cases can have quite tragic economic and political consequences for the country.

The stock market, being one of the components of the market economy, has the ability to mobilize investment resources through its mechanisms for economic growth, the development of scientific and technological progress, innovation, and the development of new industries.

Stock exchanges serve as a form of organized functioning of the securities market. The stock exchange is an organization with the aim of bringing buyers and sellers together in a specially provided place. On them the rate of securities is formed.

V last years in the world there is a tendency to reduce banking operations and expand the sphere of influence of securities in the financial markets. This global process is called "securitization".

CLASSIFICATION OF SECURITIES MARKETS

The securities market is a polysyllabic structure, so it can be classified according to a large number of features, each of which characterizes it from one side or another, or from the point of view of different relationships that take place on it.

Classification by the nature of the movement of securities

The movement of securities is understood as their purchase - sale, as well as other actions provided for by law, leading to a change in their owner. Securities are traded on the primary and secondary stock markets.

The primary stock market is the market for the first and second issues of securities, in which they are initially offered to investors. Its most important function is full disclosure of information about the issuer, which allows the investor to make an informed choice of the type of securities for investing funds. Direct investors in the primary securities market are usually investment and commercial banks, investment funds, companies, institutional investors who purchase shares and bonds directly or through exchange firms and investment banks.

There are two forms of the primary market for securities: private placement and public offering.
A private placement is characterized by the sale (exchange) of securities to a limited number of previously known investors without a public offering and sale.
A public offer is a placement of securities during their initial issue by way of public announcements and sale to an unlimited number of investors.

A secondary stock market is a market in which previously issued securities are traded. This is a set of any operations with these securities, as a result of which there is a permanent transfer of ownership of them from one owner to another. Its most important feature is liquidity, that is, the possibility of successful and extensive trading with small fluctuations in rates and at low implementation costs.

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

Classification of stock markets by place of circulation

Depending on the degree of concentration (concentration) of relations between issuers and investors in terms of place, time, processes, etc. the securities market is subdivided into exchange and over-the-counter.

The stock market is exhausted by the concept of a stock exchange as a special institutional organized market on which securities of the highest quality are traded and operations on which are performed by professional participants of the stock market.

Distinctive features of the exchange market are:
- a specific time and place of trading;
- a certain circle of participants (stock market professionals);
- certain rules of trading and submission of participants to these rules;
- the organizer of the auction is a certain institution (organization that has the appropriate license).

On the over-the-counter market, there are firms whose size “falls short” of exchange standards (primarily in terms of the number of outstanding shares and the degree of their reliability). This market is characterized by the chaotic nature of the process of concluding transactions for the purchase and sale of securities in time and space, and in organizational and legal terms, the OTC market is dispersed throughout the country and among its participants.

The backbone of the over-the-counter market is a computerized communications network that transmits information on billions of quoted shares. Information about the prices prevailing on it during the day, about the volumes of transactions made is regularly printed along with the data of the exchange turnover.

Classification by the presence of trading rules

From the point of view of the presence of firmly established trading rules, fixed, up to their approval by the state, the securities market has historically been divided into organized and unorganized.

The organized market operates according to the rules binding on all its participants. The concept of an organized market now automatically includes its regulation by the state, since these rules must necessarily be approved by it.

The unorganized market operates without rules and without government regulation. For the modern highly developed securities market, the division into organized and unorganized is actually outdated and has ceased to be relevant. At present, the securities market in all its aspects is a more or less organized market, which is simply not conceivable without appropriate rules for working on it.

Classification by type of securities

By the type of securities, the stock market is subdivided into relatively independent markets for each individual security: markets for stocks, bonds, bills of exchange, etc. The market for a security is any relationship associated with a security, not just trading it. Circulation of a security in the form of its purchase and sale may be absent for one reason or another.

The market for an individual security can be subdivided into the market for this security itself and into markets for instruments dependent on it: the market for secondary securities and the market for derivative financial instruments based on futures contracts for securities.

The secondary securities market is based on other securities. An example of secondary securities in Russian conditions, in particular, are the issuer's options.

The market for derivative financial instruments for securities is a market for futures contracts for the purchase and sale of securities, concluded not for the purpose of actually buying or selling them, but only for the purpose of obtaining a difference in their market prices over time. Examples of such instruments are futures and other forward contracts.

Classification by issuer

The securities market, depending on the type of issuer, is subdivided into markets for government and corporate (non-government) securities.

The market for government securities is a market for securities, the issuer of which is the state represented by the relevant state executive authorities.

The corporate securities market is a market for securities issued by commercial organizations (corporations). In Russian practice, there are no securities issued by individuals.

Classification of stock markets by types of transactions

Depending on the type of transactions concluded, the securities market is subdivided into cash and urgent, investment and speculative, cash and debt (margin), etc.

The cash market is a market for the immediate execution of concluded transactions, while, purely technically, their execution can take up to one to three days, if the delivery of the security itself in physical form is required. As a rule, traditional securities (stocks, bonds) are traded on it.

A derivatives market is a market with a delayed execution of a trade, usually for several months. Derivative contracts are generally traded on it.

Classification by types of applied trade technologies

Depending on the applied trading technologies, the following securities markets can be distinguished:
1. Markets without rules are spontaneous.
2. Markets in which only buyers compete: simple auction market, Dutch auction market.
3. Markets in which only sellers compete: the dealer market.
4. Markets in which both sellers and buyers compete with each other: a dual auction market, which is divided into oncall and continuous auction.

A spontaneous market - the rules for concluding transactions, requirements for securities, for participants, etc. have not been established, trading is carried out arbitrarily, in the private contact of the seller and the buyer. There is no system for disseminating information about completed transactions.

A simple auction market is characterized by the fact that only buyers compete on it, there is no direct competition between sellers (typical for undeveloped exchange and over-the-counter stock markets). Before trading, a preliminary collection of orders for sale takes place, and a consolidated quotation list is drawn up. The auction is carried out by sequential public announcement of a list of offers, for each of which there is an open competition (according to a certain pattern) of buyers by setting new prices. The seller's price is taken as the starting price.

At the Dutch auction, there is a preliminary accumulation of buyers' bids, which are considered in absentia by the issuer or an intermediary working in his interests. A single price is set, which is equal to the lowest price in buy orders, which allows the entire issue to be sold. All bids for purchases submitted at prices higher than the official prices are satisfied at the official price.

Dealer markets. In these markets, sellers publicly announce bid prices and procedures for accessing where to buy securities. Those of the buyers who agree with the price offers and other investment terms declare their intentions and purchase the securities. Sellers are obligated to transact with anyone at the prices they have announced. There is no direct open competition between sellers or between buyers.

Dealer markets are used when:
a) initial placement of securities;
b) in tender offers (public offer of a large investor to purchase securities).

Before the start of trading on the oncolle market, there is an accumulation of bids and bids for sale, which are then ranked by price bids, sequence of receipt and quantity. They are satisfied in this order. According to certain rules, an official rate is established according to which it is possible to satisfy greatest number bids and proposals. After their satisfaction, the remaining positions form a list of unrealized bids and offers. Then the continuous auction market kicks in.

During the trading period on the continuous auction market, there is a constant stream of purchase orders and offers for sale, which are registered by specially authorized persons who bring together all the orders of sellers and buyers. If the order cannot be fulfilled, then the applicant either changes the conditions or is placed in the queue of unfulfilled orders. A continuous auction market is possible only with a significant daily supply of securities (more than 10,000 lots daily).

Classification of stock markets depending on the type of trade

Distinguish between traditional and computerized securities markets.

In the traditional stock market, sellers and buyers (usually in the person of stock intermediaries) meet directly at a certain place and there is a public open bargaining (as in the case of exchange trading) or closed trading takes place, negotiations that, for whatever reason, are not subject to wide publicity.

The computerized stock market is a variety of forms of securities trading based on the use of computer networks and modern communications.

The securities market is also divided into money and capital. Short-term securities (up to 1 year) are traded on the money market. Perpetual securities or securities are traded on the capital market with more than 1 year left to maturity.

An industry stock market is a market for all types of securities that are issued by commercial entities in a given industry. For example, the securities market of metallurgical or oil companies.

According to the territorial principle, the stock markets are divided into: international, national and regional.

By maturity, stock markets are divided into: markets for short-term, medium-term, long-term and perpetual securities.

SECURITIES MARKET STRUCTURE

The stock market is a complex financial and economic system, but its structure can be roughly represented as follows:
1. The actual market (exchange, over-the-counter).
2. Market participants (investors, issuers, intermediaries).
3. State regulatory bodies.
4. Self-regulatory organizations.
5. Market infrastructure: legal, information, depository and settlement and clearing network, registration network.

Securities market participants

The objects of the stock market are various types of securities. Subjects (participants) of the stock market are: the state, issuers, investors, intermediaries.

Issuers are legal entities that issue securities and bear obligations on their own behalf to the owners of securities to exercise the rights assigned by them.

Investors are individuals and legal entities who invest their own, borrowed or borrowed funds in the form of investments in securities in order to obtain profit and other positive economic results.

Financial intermediaries of the securities market - dealers, brokers, brokers, etc., who help the circulation of securities and the performance of various stock transactions.

State regulatory bodies

Government regulation the securities market is conducted in order to ensure the public interests of society and the private interests of entities operating in the market, to protect their rights and legitimate interests, to create uniform rules for the functioning of this type of market.

The main body of the state executive power of the Russian Federation that regulates the securities market is the Federal Commission for the Securities Market (FCSM). It is the FCSM:
1. Carries out state policy in the field of the securities market.
2. Controls the activities of professional participants in the securities market.
3. Provides protection of the rights of investors, shareholders and depositors in the securities market.

An important condition for the development of the securities market is to ensure free competition and limit monopolistic activities in this area. A special role in this is assigned to the RF Ministry for Antimonopoly Policy.

The government body in the field of the securities market is also the Ministry of Finance of the Russian Federation. His competence includes a number of issues related to the establishment of accounting rules for transactions with securities, the implementation of state policy in the field of issuing government securities.

The Central Bank of the Russian Federation, although it is not a state authority, has the right, on the basis of the law, to regulate the activities of credit institutions in the securities market. He registers the issues of securities of these organizations, monitors their compliance with the requirements of the law.

Self-regulatory organizations

Self-regulatory organizations of the securities market are voluntary associations of professional participants. According to Russian legal norms, they can take the form of associations, trade unions and professional public organizations, while the state delegates to them part of its functions.

Functions of self-regulatory organizations:
- self-regulation of the activities of participants in the securities market;
- maintaining high professional standards and staff training;
- development of the stock market infrastructure;
- carrying out joint scientific developments;
- collective entrepreneurship in their own interests and protection of the interests of investors.

All incomes of self-regulatory organizations are used by it exclusively for the implementation of statutory tasks and are not distributed among its members.

Control over the creation and activities of self-regulatory organizations is carried out by the Federal Commission for the Securities Market.

There are several types of self-regulatory organizations: international, national and regional.

Stock market infrastructure

From the point of view of internal organization, the stock market is a harmonious combination of the following elements of its infrastructure:
- legal (normative and legislative acts);
- informational (financial press, stock indicators, stock indicators, specialized databases on securities, on issuers, news agencies, the Internet);
- analytical (companies specializing in analytical processing of information about the stock market, rating agencies, companies specializing in the valuation of securities and other assets);
- depository and settlement clearing network (there are often separate depository clearing systems for government and private securities);
- registration network.

FUNCTIONS OF SECURITIES MARKETS

The stock market is an integral part of the financial market, therefore it performs both general market and specific functions:
1. Commercial - making a profit.
2. Estimated (value, measuring). The security gets its own market price.
3. Informational.
4. Regulatory. The stock market operates according to the rules it develops.
5. The stock market is a mechanism for attracting investment, primarily through the purchase of corporate securities.
6. Financial - intermediary. The redistribution of monetary resources, the flow of capital into the most efficient spheres of management, industries, enterprises. The stock market is a natural selection mechanism in the economy.
7. Centralization of capital - the combination of two or more capitals into one common capital. This function is primarily performed by the stock market.
8. An increase in the degree of concentration of capital and production - an increase in capital through accumulation, i.e. capitalization of net profit.
9. The stock market serves as a mechanism for attracting money to the state budget (mainly through government securities).

The securities market objectively competes with other spheres of capital investment, and therefore everything depends on how attractive it is from the point of view of market participants.

50. The securities market: concept, structure, types.

RZB- this is that part of the financial markets, formed from economic relations regarding the issue and circulation of the Central Bank, i.e. it is a set of economic institutions, instruments and mechanisms used to attract and redistribute fin. resources in society.

The structure of the securities market represent three main components:

– trade item(i.e. securities and their derivatives);

– professional participants; Issuers- an organization that has issued (issued) securities for the development and financing of its activities (enterprises of various forms of ownership, industries and types of activities, authorities at various levels). Investors- persons who have temporarily free funds, striving for their profitable placement and investing them in the Central Bank (legal l., F.l., authorities). Intermediaries professional participants of the securities market act, they are engaged in the placement of securities of issuers in the primary market - underwriting and operations with securities in the secondary market.

– market regulation system; Infrastructure Is a set of economic institutions, instruments and mechanisms that serve the functioning of the securities market. It includes institutions involved in settlement and clearing activities, storage of securities certificates, maintaining a register of securities owners, etc.

Types of RCB. 1.By the time of circulation of the Central Bank: money market- The Central Bank circulates with a maturity of less than 1 year (instruments: treasury bills, deposit certificates); stock- a set of mechanisms and actions aimed at trading in securities (stocks, bonds) 2. Depending on the moment the Central Bank appears on the market and the main participants: primary- the Central Bank first appears on the securities market, the market for new issues, participants - issuers and investors; secondary- the market on which previously issued securities circulate and includes all transactions with securities after their issue, participants - investors and intermediaries, but also issuers. 3. By the level of organization: organized by the RZB- making transactions according to strictly established rules, participants are only professionals and there is a trade organizer (exchange). unorganized RCB- both professionals and non-professionals are participants, the rules are less stringent. 4. By the way of organization: exchange- this is a part of the organized market, in which the trade organizer is prof. RCB participant - stock exchange; over-the-counter or street- it is part of the organized and all unorganized; electronic trading of the central bank- covers the exchange and over-the-counter market and involves trading through an electronic network. 5. By territorial coverage: regional RCB- issuers, investors, intermediaries of a certain region; National- the market of a specific country; world- a system of interconnected and interdependent markets on a worldwide scale. 6. By the level of development of the RCB: developed- the level of development of the stock market; emerging securities market- stock markets are in the making.

51. Security: concept, types, investment qualities.

In securities 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 its presentation. Economic properties of the Central Bank: negotiability or marketability- the ability of the Central Bank to sell, the degree of its convertibility into cash, the ability of the Central Bank to buy and sell; Central Bank liquidity- the ability of the Central Bank to quickly and without losses and with minimal transaction costs turn into cash; Central Bank yield- the ability of the Central Bank to generate income for its owner (not only in cash, but also benefits and advantages); reliability- the degree of security of investments in the Central Bank, reflects the stability of changes in the Central Bank to changes in market conditions. Types of securities: 1.by issuers:state central banks- the issuer is the authorities of the federal level and the subjects of the federation; municipal central banks- local government bodies; corporate securities- y.l .; private- F.L. (bill ). 2.by investors: Central banks intended only for legal entities... - as a rule, high par value, exist in non-documentary form, transactions with them are carried out by non-cash settlements; Securities intended only for f.l... - relatively low par value, in documentary form, settlements in cash. and non-cash. Forms; Central Bank, intended for both legal entities. and for F.L.. 3. by the terms of circulation (existence): urgent securities- issued for a certain period, which is negotiated during the issue (short-term - up to 1 year, medium-term - 1-3 (5) years, long-term - over 3 (5) years); indefinite (non-extinguishing Central Bank)- do not have a certain period of existence during the issue, and exist as long as the issuer (shares) exists. 4. in terms of the volume and quality of the rights granted: debt securities- creditor relations are the cornerstone and are characterized by 3 basic principles: repayment, urgency, payment (bonds, bills); equity shares of the Central Bank- reflect the right to a share in something: in management, in the income received by the issuer, the right to a share in the property of the issuer (shares, investment shares, privatization checks). 5. by the form of existence: documentary (blank) securities- details are recorded on certain paper carriers. uncertified (blank)- Central Banks appeared with computer technology, all details are stored in the form of entries in the register of central bank owners. 6.In the order of securing ownership of the securities: registered- the owner is indicated either on the letterhead of the Central Bank or in the register of owners of the Central Bank. bearer- the owner is not specified, the rights belong to the one who presents the securities and the transfer of the securities is carried out by handing over the securities. (privatization checks). order securities- the Central Bank of the rights for which belongs to a person named in the Central Bank, who can exercise these rights himself, or transfer by his order to another person (using the endorsement transfer inscription) (bill of exchange, check). 7. by nationality: national (pat.)- issuers and investors are residents of the same state; foreign (foreign)- issuers and investors are residents of different states; euro paper- the Central Bank, the denomination of which is a foreign currency, both for issuers and for investors, i.e. These are securities issued by an issuer of one country with a denomination in the currency of another country and circulating in the territory of 3 countries. 8. for the accrual of income for the Central Bank:profitable securities- give the owner a direct financial income in the form of%, dividends, discount. unprofitable- do not give a direct financial result, but give investors additional rights and (or) privileges. 9. according to the degree of risk:risk-free securities- state federal central banks (but in Russia 1998) ; low-risk- sub-federal and municipal central banks, corporate central banks, blue chips ; risky securities- corporate and private securities. 10.by the form of issuance of securities into circulation:emission securities- these are papers that must simultaneously be characterized by a trace. signs: assign a certain set of rights to the Central Bank; placed in issues (mass); within the framework of one issue, the rights are equal, registration of the Central Bank in the form of registration of their prospectus is required. (In the Russian Federation, these are stocks, bonds, the issuer's option) ; non-emission securities- do not meet the above criteria, all other securities belong to them. Under equal conditions, the market value of emis.tsb will be higher than that of non-em, since they are more reliable. 11.by type of use:investment- Central banks are an object for long-term capital investment ; non-investment- are used to generate speculative income and to service payments for goods. 12. by the nature of the appeal to rtsb market securities- can be traded on the market without any restrictions; non-market securities- have only the first and only investor and do not freely circulate on the market; Central Bank with limited possibilities of circulation- there may be restrictions on investors (legal, private, residents, non-residents), on the territory, on the timing, on the freedom of placement. 13. by the nature of the securities placement on the market:freely placed- when the investor makes the decision on the acquisition of the securities ; forced placement- the investor is forced to acquire the Central Bank.

The main goals of investing in securities. Diversification of investments. Balanced portfolio of securities.

Securities are monetary documents that certify the ownership or loan relationship of the owner of the document in relation to the person who issued such a document (the issuer). Securities can exist in the form of stand-alone documents or account entries.

Securities are one of the main types of private investments, whose purpose- distribution of savings aimed at increasing, accumulating funds. Any investor, investing money, pursues 4 goals:

1.security of investments; 2. return on investment; 3. investment growth; 4. liquidity of investments.

Investment security - save Invest., Ensuring their independence from fluctuations in financial market conditions. markets. The most basic safety criterion is income stability.

Profitability - the ability of investments to bring additional income, which may be current, i.e. regular. or one-time - speculative. Central banks of large JSCs are profitable, since they have access to a wide variety of sources of finance, have large reserves, and therefore can therefore use a part of their profits to pay dividends. But, although the income for these A is large, and they are, accordingly, expensive. Doh-ty is defined as the relation of doh to the costs of purchasing central bank.

Investment growth - increase in the rate of the th article of the Central Bank. Only holders A can increase investments in their pure form. There is a whole class of securities, cat. are called "Central Bank of Growth". These are, as a matter of fact, ordinary A of young fast-growing companies operating in advanced industries. Those. such A, such as others, bring a low (or zero) level of dividends, but their rate is growing rapidly. This is because they, like others, most their profits are reinvested.

Liquidity (market) investments- the ability to quickly and harmlessly for the holder to convert securities into money. A liquid market has three characteristics:

a) frequent transactions; b) a narrow gap between the seller's price and the buyer's price. Seller's price - the lowest price at which the seller is willing to sell a given securities. Buyer's price - the highest price that a buyer is willing to pay for a given securities. The difference between the buyer's and the seller's price spread . The smaller the spread, the faster the seller and the buyer will make a deal; c) small price fluctuations from deal to deal. Transactions can be concluded at different times, in different places, but the price fluctuation is small.

Investing in securities opens up the greatest opportunities for investors and is distinguished by the maximum variety. This applies to both the types of transactions carried out in transactions with securities and the types of securities themselves. All over the world, this type of investment is considered the most affordable.

Investing in securities can be individual and collective. When investing individually, government or corporate securities are purchased during the initial placement or on the secondary market, on the exchange or over the counter market. Collective investment is characterized by the acquisition of units or shares of investment companies or funds.

Diversification of Investments- the distribution of the investor's capital between various securities. In world practice, it is customary to limit investments in each type of securities to 10 percent of the total value of the portfolio. Diversification of investments is distinguished: by type of securities, by industry, by region and country, by maturity (for bonds). Diversification of investments is their distribution in various areas and instruments, which can significantly reduce risks and increase profits.

The main goal of diversification is to reduce the potential risks associated with the loss of funds. That is, in this case, investments are less susceptible to various failures in the markets.

What does it take to Diversify?

1. Limit investments in this type of securities to 5-10% of the total portfolio value.

2. It is necessary to include in the portfolio bonds, preferred and ordinary A. This is called diversification according to the type of the Central Bank.

3. It is necessary to include in the portfolio the Central Banks, diversified by sectors of the economy, regions and countries.

4. It is necessary to purchase bonds that are diversified in terms of maturity.

Balanced portfolio of securities- a set, a set of securities, in which, according to the investor acquiring them, profitability, liquidity, and reliability are rationally combined.

A balanced portfolio includes securities with different maturities, potential profitability and the level of riskiness of investments. Such a portfolio is usually a combination of securities with a rapidly changing market value with financial instruments that generate moderate stable income. The investor determines the ratio between them independently, based on his attitude to risk.

Balanced portfolios imply a balance not only of income, but also of risk, cat. accompanies operations with the central bank. Balanced portfolios proportions consist of central b, rapidly growing in the exchange rate, and of highly profitable central b. A portfolio is a set of fin. assets, cat. at the disposal of the investor. Ch. the goal of portfolio formation is to strive to obtain the required level of expected return at a lower level of expected risk. This goal is achieved, firstly, through portfolio diversification, i.e. distribution of the investor's average / y diff. assets, and, secondly, careful selection of fin. tools.

A balanced portfolio of securities is such a set of financial insrum-v, which corresponds to the idea of ​​this investor about the optimal combination of investment characteristics of the securities (reliability, profitability, investment growth, liquidity). This means that each investor will have their own balanced investment portfolio.

Introduction

1. The concept of the securities market

1.1 Concept, goals, objectives and functions of the securities market

1.2 The securities market as an integral part of the financial market

1.3 The concept of the mechanism of functioning of the securities market

1.4 Classification of stock transactions

2.Types of securities

2.1 Concept of securities and their types

2.3 Bonds

2.4 Other types of securities

Conclusion

List of used literature

INTRODUCTION

The securities market is a part of the financial market where different types of securities issued (issued) by economic entities and the state are bought and sold. The functioning of this market makes it possible to streamline and improve the efficiency of many economic processes, especially investment ones. This is achieved by a variety of stock instruments in this market - securities.

A security is a special commodity; it is not a tangible commodity, service, or money. Its value lies in the rights that it gives to its owner. The latter exchanges his goods or his money for a security only if he is sure that this security is no worse, or even better, than the goods or money themselves.

Securities are monetary documents certifying property rights or the relationship of the loan of their owners to the organization that issued such documents.

Securities are a necessary attribute of the development of market turnover. With their help, both credit and settlement relations, the transfer of rights to goods and real estate pledges, the creation of companies and many other operations necessary in a market economy can be formalized. This legal instrument makes it possible to speed up settlements between participants in property relations, to involve a wide range of persons in monetary and commodity obligations, contributing to the effective satisfaction of their property interests and, at the same time, protecting them from possible abuse by unscrupulous partners.

Transactions on the alienation or other transfer of securities from one person to another constitute the concept of securities turnover, which in turn is a legal expression of the economic category "market". Consequently, the securities market as the most important (and most complex) component of the market economy is nothing more than a set of transactions made by participants in property turnover regarding securities. It presupposes not only clear regulation and formalization of the interrelationships of participants (subjects), but also, above all, a clear understanding and consolidation of the very concept of securities and their varieties.

These relations by their nature constitute a subject of civil law. Securities have always been and are a kind of objects of civil rights (movable things), and actions for their alienation or other transfer are civil transactions. Thus, the "market" (turnover) of securities, as well as its preconditions and results, is regulated mainly by civil legislation: how general rules and the regulations specifically dedicated to securities.

1 .The concept of the securities market

1.1 Concept, goals, objectives and functions of the securities market

The securities market is an integral part of the financial market, in which transactions for the purchase and sale of securities are carried out.

The purpose of the securities market is to accumulate financial resources and ensure the possibility of their redistribution by various market participants performing various operations with securities, i.e. mediate in the movement of temporarily free funds from investors to issuers of securities. The tasks of the securities market are:

* mobilization of temporarily free financial resources for specific investments;

* formation of a market infrastructure that meets international standards;

* development of the secondary market;

* activation of marketing research;

* transformation of property relations;

* improvement of the market mechanism and management system;

* ensuring real control over stock capital on the basis of state regulation;

* reduction of investment risk;

* formation of portfolio strategies;

* development of pricing;

* forecasting promising areas of development.

The main functions of the securities market include:

1) accounting;

2) control;

3) balancing supply and demand;

4) stimulating;

5) redistributive;

6) regulatory.

The accounting function is manifested in the obligatory accounting in special lists (registers) of all types of securities circulating on the market, registration of participants in the securities market, as well as fixing stock transactions executed by contracts of purchase and sale, pledge, trust, conversion, etc.

The control function involves monitoring the observance of legislation by market participants.

The function of balancing supply and demand means ensuring the balance of supply and demand in the financial market by conducting transactions with securities.

The stimulating function is to motivate legal entities and individuals to become participants in the securities market. For example, by granting the right to participate in the management of an enterprise (shares), the right to receive income (interest on bonds, dividends on shares), the possibility of capital accumulation or the right to become the owner of property (bonds).

The redistributive function consists in the redistribution (through the circulation of securities) of funds (capitals) between enterprises, the state and the population, industries and regions. When financing the deficit of the federal, regional, regional and local budgets through the issuance of state and municipal securities and their sale, the free financial resources of enterprises and the population are redistributed in favor of the state.

Regulatory function means regulation (through specific stock transactions) of various social processes. For example, by conducting transactions with securities, the volume of the money supply in circulation is regulated. The sale of government securities on the market reduces the volume of money supply, while their purchase by the government, on the contrary, increases this volume.

The securities market plays an important role as an instrument of market regulation. The auxiliary functions of the stock market include the use of securities in privatization, anti-crisis management, economic restructuring, stabilization of monetary circulation, and anti-inflationary policy.

An efficiently operating securities market performs an important macroeconomic function, contributing to the redistribution of investment resources, ensuring their concentration in the most profitable and promising industries (enterprises, projects) and at the same time diverting financial resources from industries that do not have clearly defined development prospects. Thus, the securities market is one of the few possible financial channels through which savings flow into investments. At the same time, the securities market provides investors with the opportunity to store and increase their savings.

1.2 The securities market as a cofixed part of the financial market

The securities market (stock market) is a part of the financial market (along with the loan capital market, the foreign exchange market and the gold market). Specific financial instruments - securities - are traded on the stock market.

Securities are documents of the established form and details, certifying property rights, the exercise or transfer of which is possible only upon their presentation. These property rights on securities are due to the provision of money for a loan and for the creation of various enterprises, purchase and sale, pledge of property, etc. In this regard, securities give their owners the right to receive a specified income. The capital invested in securities is called stock (fictitious). Securities are a special commodity that circulates in the market and reflects property relations. Securities can be bought, sold, assigned, pledged, stored, inherited, donated, exchanged. They can perform separate functions of money (means of payment, payments). But unlike money, they cannot act as a universal equivalent.

Securities play a significant role in the payment turnover of the state, in the mobilization of investments. The totality of securities in circulation constitutes the basis of the stock market, which is the regulating element of the economy. It facilitates the movement of capital from investors with free cash resources to issuers of securities. The securities market is the most active part of the modern financial market in Russia and allows realizing various interests of issuers, investors and intermediaries. The importance of the securities market as an integral part of the financial market continues to grow.

1.3 The concept of the mechanism of funrationing the securities market

The mechanism of functioning of the securities market is the interaction of various market entities associated with the implementation of stock transactions. This mechanism is regulated by current legislation. It depends on the concept of the stock market development in the national economy, the specific financial policy of a particular region. The efficiency of its work is largely determined by the level of development of the infrastructure of the securities market.

The mechanism of functioning of the securities market has its own characteristics, which are associated with the specific structure of traded securities, the business activity of certain market participants, the general state of the economy, and the chosen market model. He should take into account the specifics and nature of individual securities as financial instruments. Bills of lading, commodity futures, options, commodity (commercial) bills are used in transactions in the market of industrial products, goods and services. Mortgages reflect transactions in the land market. Financial futures, options, bills are associated with financial resources, the loan capital market.

The mechanism of functioning of the securities market depends on the constituent elements of this market, i.e. its structure. The securities market can be conditionally divided into separate sectors:

* by the structure of participants. The securities market includes, on the one hand, issuers (legal entities or individuals) issuing securities, on the other hand, investors (legal entities or individuals) purchasing securities, as well as intermediaries (dealers, brokers, brokers, etc. .) helping the circulation of securities and the performance of stock transactions;

* on the economic nature of securities, in their relation to property (possession, disposal, use);

* on the connection of securities with the issue, initial placement and subsequent circulation (primary and secondary market). On the primary market, securities are issued into circulation (emission), and on the secondary market, various operations are carried out with already issued securities (stock transactions);

* by issuers and investors (state, local authorities, legal entities and individuals);

* by citizenship of issuers and investors (residents and non-residents);

* on the territory in which securities are traded (regional, national and world markets);

* according to the degree of risk (high-risk, medium-risk and low-risk markets).

Certain sectors (segments) of the securities market have a significant impact on its development.

1.4 Classification of stock transactions

Operations with securities (stock operations) are actions with securities and / or money in the stock market in order to achieve the set goals:

* provision of financial resources for the activity of the subject of the operation - the formation and increase of equity capital, attraction of borrowed capital or resources into circulation. According to their economic purpose, these are passive transactions that are carried out through the issue of securities (issue transactions);

* investment by the subject of operations of its own and attracted financial resources in stock assets on its own behalf. According to their economic purpose, these are active operations that are carried out by acquiring stock assets on the exchange, in the trading system, in the over-the-counter market (investment transactions);

* securing the obligations of the subject of transactions to clients in relation to securities or obligations of the client related to securities (client transactions).

The main stock transactions are:

Issue (issue);

Accommodation;

Purchase and sale;

Conversion (exchange);

Storage;

Trust (trust management);

Management;

Clearing;

Registration and re-registration of owners of securities;

Marketing;

Pricing;

Insurance;

Free delivery;

Investment risk assessment;

Repayment;

Donation;

Inheritance;

Split (splitting) or crushing;

Consolidation (unification);

Transfer (endorsement);

Determination of market value;

Accounting and Auditing;

Mediation;

Accrual and payment of dividends on shares and interest on bonds;

Formation and management of securities portfolios;

Investment design;

Consulting.

2.Types of securities

2.1 Understand the pricesecurities and their types

The objects of the stock market are various types of securities. Securities are monetary documents certifying the property rights of the owner of the document or the loan relationship. In addition, it is a tool for attracting funds, an object for investing financial resources. Securities circulation is a sphere of such activities as brokerage, custody, registrar, trust, clearing and consulting.

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

Basic securities are securities, which are based on property rights to any asset (usually to goods, money; capital, property, various resources, etc.).

Derivative securities are non-documentary forms of expression of property rights (obligations) arising from a change in the price of the underlying asset, i.e. the underlying asset of the security. Basic assets can be considered commodities (grain, meat, oil, gold, etc.), basic securities (stocks and bonds), etc. Derivative securities include futures contracts (commodity, currency, interest rate, index, etc.) and freely tradable options.

Classification of securities is the division of securities into types according to certain criteria. The type of securities is understood as an aggregate for which all essential features are common, the same. Classification of types of securities is the division of types of securities into subtypes, which, in turn, can be subdivided into smaller subtypes. For example, a bond is one of the types of securities. The bond can be coupon and zero coupon. A zero-coupon bond can be a winning bond and a discount bond.

* ownership of a security;

* certification of property and liability rights;

* the right to control;

* certificate of transfer or receipt of property.

Securities can be classified according to the following criteria:

· Lifetime:

Term - securities that have a fixed period of existence (long-, medium- and short-term).

Perpetual - securities that exist forever.

Origin:

Primary - securities based on assets, which do not include the securities themselves (stocks, bonds, promissory notes, mortgages, etc.).

Secondary - securities issued on the basis of primary securities; these are securities for the securities themselves (warrants for securities, depositary receipts, etc.).

Form of existence:

Paper, or documentary.

Paperless, or paperless.

Nationality:

Domestic

Foreign.

Usage type:

Investment, or capital - securities that are the object of capital investment (stocks, bonds, futures contracts, etc.).

Non-investment - securities that service cash settlements in commodity or other markets (bills of exchange, checks, bills of lading).

Ownership:

Bearer - securities that do not fix the name of their owner, and their circulation is carried out by a simple transfer from one person to another.

Registered - securities containing the name of their owner and, in addition, registered in a special register.

Order - registered securities transferred to another person by making a transfer inscription (endorsement) on them.

Release form:

Equity - securities, usually issued in large series, in large quantities, and within each series, all securities are absolutely identical (stocks and bonds).

Non-equity - securities issued individually or in small series.

· Type of ownership:

State. -Non-state- securities that are put into circulation by corporations (companies, banks, organizations) and even individuals. its issuer and after a specified period). · Level of risk: - Risk-free - Low risk. - Risky. · Availability of income: - Income. - Unprofitable. pay off the amount of debt on a certain date in the future (bonds, bank certificates, bills of exchange, etc.) have certain properties and characteristics: liquidity; profitability; well; reliability; the presence of an independent turnover; the potential for growth in market value. Securities can also be classified according to the following criteria: 1) by issuers (public, private and mixed); 2) by the degree of protection (high-grade and low-grade); 3) by the form of issue (documentary and non-documentary); 4) by the term of validity (urgent and indefinite); 5) by type (registered and bearer); 6) by the amount of rights granted (with the right of ownership, with the right to manage and with the right to credit); 7) by the territory of circulation (municipal, state, foreign and all-Russian); 8) in the form of income (with constant income and with a point income); 9) if possible exchange (convertible and non-convertible). The main types of securities are: * share; * bond; * bill; * check; * bearer passbook; * certificate of deposit; * option; * futures; * bill of lading, etc. 2.2 Stock Shares are securities issued by joint-stock companies (corporations) that certify the contribution of funds for the development of an enterprise and give their owners certain rights. Distinguish between ordinary and preferred shares. Ordinary shares certify participation in the share capital, provide the opportunity to manage a joint-stock company, give the right to vote (one share = one vote), the right to receive dividends, part of the property of a joint-stock company upon liquidation after satisfying the claims of creditors and otherwise debt.

The preference shares give the preemptive right to receive dividends. In the event of liquidation of an enterprise, the owner of a preferred share has a preemptive right (in relation to the holder of an ordinary share) to receive a part of the company's property in accordance with the share of co-ownership of the enterprise, expressed in the value of the shares. The charter of a joint stock company may provide for the right to vote on preferred shares of a certain type, if they are allowed the possibility of converting shares of this type into ordinary shares. Shareholders - owners of preferred shares participate in the general meeting of shareholders with the right to vote when deciding issues on the reorganization and liquidation of the company.

Preference shares differ in the nature of the dividend payment:

fixed income; with floating income; with participation (in profit in excess of the established dividend); guaranteed; ex-dividend (purchased on time, for example, less than 10 days before the official announcement of the date of dividend payment); cumulative (for these shares, an unpaid or incompletely paid dividend, the amount of which is determined in the charter, is accumulated and paid later).

Dividends are paid to shareholders based on the results of the activities of the joint-stock company for a quarter or a year. A dividend is a part of the net profit of a joint-stock company, subject to distribution among shareholders, per one ordinary or preferred share. The net profit allocated for the payment of dividends is distributed among shareholders in proportion to the number and type of shares they own. The size of the final dividend cannot be more than the one recommended by the board of directors of the joint-stock company, but it can be reduced by the general meeting of shareholders. The amount of the dividend on ordinary shares is not fixed. It depends on the amount of profit received and the decision of the general meeting of shareholders on the allocation of a share of funds for the payment of dividends. A fixed dividend on preferred shares is set by the joint stock company upon issue. Payment of dividends on such shares is made regardless of the profit received in the corresponding year. In case of insufficient profit, dividends on these shares are paid from the reserve fund.

The payment of dividends announced by the general meeting of shareholders is mandatory for the company. It is prohibited to declare and pay dividends if the company is insolvent or may become insolvent after the payment of dividends. Shareholders have the right to demand payment of the declared dividends from the company through the courts. In case of refusal, the joint-stock company must be declared insolvent and subject to liquidation in accordance with the procedure established by law.

Shares are divided into: 1) low quality; 2) high quality; 3) average quality; 4) freely circulating; 5) limited circulation. Restricted trades include vanculated shares, which can only be alienated with the consent of the issuer,

Distinguish between cyclical stocks, stocks of growth and stocks of decline. Cyclical stocks are stocks that rise when the economy rises and declines when the economy downturns. Growth stocks are stocks whose rate has a general upward trend. Recession stocks are stocks that tend to decline.

Only joint stock companies have the right to issue shares. Shares are issued without a specified maturity date. Shares can be issued (issued) both in cash and in non-cash form. In the event of a cash issue, the shareholder is handed over to the hands of the blanks of shares, which have several degrees of protection. In the case of a cashless issue, shares exist, as it were, conditionally: in the computer memory and in the shareholder registers, periodically updated with the help of a computer. In case of non-cash issue, a shareholder is issued a so-called share certificate - a document certifying the right to own a certain number of shares.

One of the characteristics of a share, although not the most important, is its nominal value - a conventional value, usually expressed in monetary form and determining the share of the property of a joint-stock company, which falls on one share. Based on the par value, the amount of dividends paid to the shareholder is calculated. The main characteristic of a share is its market value (share rate) - a value that shows how many times the current share price (the price at which it can be purchased currently on the market) is higher than par.

2.3 Bonds

Translated from Latin, "bond" literally means "obligation". This refers to the obligation to reimburse the amount borrowed, i.e. promissory note. The organization that issued the bond (issuer) acts as a borrower of money, and the buyer of the bond (investor, or bondholder) acts as a lender.

A bond is a security that certifies that its owner has deposited funds and confirms the obligation to reimburse him for the par value of this security within the specified time period with payment of a fixed interest (unless otherwise provided by the issuance rules). A bond is a security that: 1) expresses a debt, debt relationship between the bondholder and the issuer; 2) independently circulates on the stock market until it is redeemed by the issuer and has its own rate; 3) possesses the properties of liquidity, reliability, profitability and other investment qualities.

The bond has basic characteristics - face value, rate, point, coupon (coupon interest), maturity date, discount, etc. The rate of the bond is determined as a percentage of the face value. Discount - (like the premium) - this is the difference between the sale price and the face value of the bond; in the case of a premium, this difference is positive, and in the case of a discount, it is negative. Another name for a discount is discount. Coupon (coupon interest) is a fixed percentage that is set at the time the bond is issued. Based on this percentage, the bondholder receives regular payments on the bond. The coupon is usually issued as a tear-off part of a bond. The higher the coupon rate, the higher its investment attractiveness. The coupon value depends on the image and reliability of the issuer. It is also influenced by the maturity of the bond. The longer the term, the larger the coupon, since the market risk is directly proportional to the bond's maturity.

The bond belongs to the main securities, is actively used in the stock market and is a fixed-term debt paper that certifies the loan relationship between its owner and the issuer. It is issued, as a rule, for a period of one year or more. When buying a bond, the buyer credits the seller. The issuer undertakes to repurchase the bond within the specified period. A bond is a monetary document confirming the obligations of the borrower to reimburse the buyer for the par value of this security at a specified time, with payment of fixed or floating income.

The main differences between a bond and a stock:

The bond brings income only during the period indicated on it;

Unlike an unsecured dividend on a common share, a bond usually brings its owner income in the form of a predetermined percentage of its face value (par);

A bond of a joint-stock company does not give the right to act as its owner as a shareholder of this company, i.e. does not give the right to vote at the general meeting of shareholders.

The yield on bonds is usually lower than on shares, but it is more reliable, as it is less dependent on the market situation and cyclical fluctuations in the economy.

Bonds are issued with the aim of attracting additional funds to carry out any activities that increase profits or the volume of production of goods. The proceeds from the sale of government bonds are used to cover the government budget deficit. Only legal entities (enterprises and their associations, joint stock companies, cooperatives, banks, the state or municipal administrative bodies) have the right to issue bonds.

Bonds are of the following types:

Nominal - the owners of these bonds are registered in a special book, therefore, such bonds are usually zero-coupon;

Bearer - have a special coupon, which is evidence of the bondholder's right to receive interest upon the due date;

Ordinary (non-convertible) - often provide for the possibility of early redemption through redemption;

Convertible - issued against borrowed capital with the right to convert (after a certain period of time at a predetermined price) into ordinary or preferred shares;

Secured - issued on bail and secured by the issuer's real estate or trust of other companies. The claims of the owners of such bonds as creditors are subject to priority satisfaction;

Unsecured - not backed by real estate, so the owners of such bonds are not given an advantage over other lenders. In view of this, they have real value only if the issuer has a strong financial position and a high "bond" rating;

Full coupon - sold at par and characterized by a coupon yield equal to the current market rate;

With a zero coupon - income on them is paid at maturity by accruing interest to face value without annual payments.

Bonds can be freely traded or have a limited circulation. Bonds of state and municipal loans are issued to bearer. Corporate bonds are issued both in registered and to bearer. If the bond is supposed to pay periodic income, then it is usually made on coupons. Coupon income can be paid quarterly, semi-annually, or annually. The more often the coupon is paid, the more benefit the investor gets. Therefore, bonds with a quarterly payment at the same annual interest rate are always quoted higher than bonds that are paid only once a year.

2.4 Other types of securities

Government securities are securities issued and secured by the government and used to replenish the government budget. There are the following types of government securities:

* cash and non-cash;

* documentary and non-documentary;

* guaranteed and profitable;

* market and non-market;

* registered and bearer.

Government securities can perform such functions as: 1) tax exemption; 2) servicing the public debt; 3) financing of unforeseen government spending.

A bill of lading is a security issued by the carrier of sea cargo or his authorized representative to the owner of the cargo or his representative. This is a maritime title deed certifying:

The fact of the conclusion of a contract of carriage;

The fact of acceptance of the goods for shipment;

The right of disposal and the right of ownership of the holder of the bill of lading for the goods;

The holder's right to own and dispose of a bill of lading. The bill of lading is the unconditional obligation of the sea carrier to deliver the cargo to its destination in accordance with the terms of the contract of carriage. Lack of information about the transported cargo deprives the bill of lading of the status of a security. The bill of lading can be bearer, order or registered.

Checks are documents of the established form containing a written order from the drawer to the bank to pay the amount specified in it to the holder of the check. Thus, a check is, in essence, a kind of bill of exchange, but with some peculiarities, namely:

A check expresses only settlement functions and, as an independent property, does not participate in transactions (you cannot buy a check on the secondary market, you cannot pledge it, transfer it to management or lend it);

The payer for a check is always a bank or other credit institution licensed to perform such operations;

The check does not require the acceptance of the payer, since it assumes that the drawer has deposited the necessary amount of money with the payer.

From an investor's point of view, a check as an object of potential investment of free money seems unattractive, since this security has neither interest nor coupon income.

Bearer passbook and certificates of deposit. These documents are also securities. The main type of funds attracted by banks are the so-called deposits. A deposit (from the Latin depositum) - a thing given for safekeeping) is an economic relationship regarding the transfer of a client's funds for temporary use by a bank. Deposit accounts can be very diverse, and their classification can be based on such criteria as sources of deposits, their purpose, degree of profitability, etc. However, most often the criteria are the category of the depositor and the form of withdrawal of the deposit. Based on the category of contributors, a distinction is made between:

Deposits of legal entities (enterprises, organizations, other banks);

Individual deposits.

By the form of withdrawal of funds, deposits are subdivided:

On demand deposits (liabilities that do not have a specific maturity);

Time deposits (liabilities with a certain term);

Conditional deposits (funds to be withdrawn upon the occurrence of pre-agreed conditions).

Bills of exchange are securities that certify the unconditional monetary obligation of the drawer to pay, upon maturity, a certain amount of money to the owner of the bill. Bills of exchange are simple and transferable. A promissory note (solo promissory note) is the obligation of the drawer to pay, before maturity, a certain amount of money to the holder of the promissory note. Such a bill must indicate the due date; the place where the payment is made; the person to whom or on whose order the payment is made; date and place of issue of the bill. A bill of exchange (draft) contains a written order from the holder of the bill (drawer) to the payer (drawee) to pay the amount of money specified in the bill of exchange to a third party (the first holder of the bill - the remitter).

The form distinguishes between commodity and financial bills. A commodity (commercial) bill is used in the relationship between the parties in real transactions with the supply of products (performance of work, provision of services). A financial bill is based on a loan (loan, credit) issued by an economic entity at its own expense, and is acquired with the aim of obtaining profit from the growth of market value or interest. In practice, there are bronze and friendly bills used in order to obtain a cheap, interest-free loan. A bronze bill of exchange is a bill of exchange drawn on a fictional person. A friendly bill of exchange is based on a counter-bill of exchange.

Options and futures are classified as derivatives. Derivative securities are financial contracts for transactions in securities within contractual terms. They appeared as a result of the development of the stock market, the expansion and complication of operations with securities to formalize trade transactions.

The essence of the option is to conclude a contract for the right to buy (ca11) or sell (put) a certain number of securities. The option buyer pays a fee (premium) to the option seller. The option buyer may or may not exercise the purchased right. Unlike a futures, an option allows investors and exchange intermediaries to define and limit risk in the form of a premium - a premium paid for the right to buy or sell securities under futures contracts. Option holders are not limited by the maximum possible prices and expiration dates and can take advantage of emerging market trends. A variety of market situations and tactics in options trading, their various combinations with futures make these financial instruments quite attractive for investors.

Futures is a contract for the purchase of a known number of securities within a specified period at a base price, which is fixed when the contract is entered into, in a specific way. Futures contracts are strictly standardized and reflect the specific requirements of buyers and sellers of securities. Futures is an agreement according to which one person sells to another a certain number of securities at a fixed rate, but with the obligation to complete the transaction not immediately, but by a specified date. The buyer is obliged to accept the securities at the specified time and pay for them the amount specified in the contract, regardless of the actual market value of the securities by that date. Thus, the moment the seller and the buyer fulfill their obligations does not coincide with the date of the transaction. At the time of the sale of the futures, its owner may not have available the securities that he offers to buy, hoping to acquire them by the date of the contract execution at a price lower than the contract price.

Standard forward contracts (futures) purchase and sale a certain kind securities contain the following main positions:

Type of security;

Fixed selling price;

Number of securities;

The amount of the transaction;

Date of execution of the contract;

Terms of payment.

Securities such as mortgages play a special role.

A mortgage is a registered security that certifies the right to receive the property secured by the mortgage after the fulfillment of the monetary obligation, the right of pledge to the property specified in the mortgage agreement. Mortgages are subject to mandatory state registration. By agreement between the mortgagor and the mortgagee, a number of endorsements may be provided in the mortgage bond. Mortgages are widely used in the design of pawn loans.

CONCLUSION

The securities market, as part of the credit and financial sector, is subject to government control and regulation. The goals of the state influence of the securities market are focused on ensuring a competitive market environment, ensuring macroeconomic equilibrium, and legal protection of the interests of participants. Government regulation should be based on a model of the securities market that would be consistent with the goals of economic growth.

In the Republic of Kazakhstan, the securities market is at the stage of its formation, foreign experience of functioning and regulation of the securities market is being intensively studied, appropriate organizational structures, prerequisites for the participation of the population as a potential mass owner of securities are being created. The strategy for Kazakhstan to become one of the 50 most competitive countries in the world implies a radical increase in the role of the national securities market in order to ensure sustainable economic growth, strengthening the role of the human factor and international recognition of the Kazakhstani securities market.

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