Examination: Basic operations with securities. The main operations with securities operation with securities is made on

2) Urgent, or gaming, operations that have its own main goal extraction of profits from the transaction made in the form of income is not from the securities themselves, but by changing their course value upon subsequent resale.

The main operations in the securities market are:

1) issuance (emission) of securities - the after-readiness of the issuer's actions established by law on the placement of emission securities;

2) the placement of securities - the alienation of the issuer of the valuable bu-magazine to their first owners by concluding civil transactions;

3) the appeal of securities is the conclusion of civil law and lok, entailing the transfer of ownership of securities from one owner to another;

4) registration and re-registration of securities owners - the accounting of securities owners, control over the change in the composition of the owner of securities;

5) Conversion - the operational operation of securities leading to other rights and capabilities;

6) Trust - confidential securities management, aimed at incrementing capital by selecting the most effective use of securities;

7) clearing - fulfillment of obligations to supply securities and calculations on them;

8) storage - protection against theft and other causes of loss;

9) insurance - ensuring relative stability, and the following, attraction of additional potential investment;

10) gratuitous delivery (donation, inheritance) - the implementation of the right of inheritance, the exercise of donation;

11) Pledge - provision of mortgage secure;

12) Marketing - study of a certain segment of the valuable bu-magazine market, assessing potential investors, stock diagnostics

13) operations, risk assessment, development of a strategy to promote securities in the market;

14) Split (splitting) or crushing - an increase in the number of securities;

15) Consolidation (association) is a decrease in the number of securities.

16) accounting and auditing;

17) accrual and payment of dividends on shares and interest on bonds;

18) pricing - the process of establishing a price, taking into account the existing economic conditions current legislative norms and established practices;

19) formation and management of securities portfolios;

20) assessment of investment risk;

21) Investment Design - Financial Policy Development, Forecasting;

22) Consulting is professional assistance in the form of consultation or recommendations from highly qualified experts on analysis, forecast and solving practically problems in the securities market, etc.

The most significant operations in the securities market are the emission and circulation of securities.

The procedure for the release and circulation of emission securities

The procedure for the release and circulation of securities in the Russian Federation is governed by the Law of the Russian Federation "On the Securities Market" and other legislative acts.

Emissions (release) of securities is a consistency of the issuer's actions established by law on the placement of emission securities.

The main objectives of emissions are:

1. Creation of a joint-stock company (formation of equity);

2. Attracting borrowed capital through the release of debt securities;

3. Capital management through additional issues of securities (an increase in the equity capital of the issuer, reducing the share of borrowed capital in aggregate capital);

4. Using financing;

5. Changing the structure of share capital (distribution of shares, first of all voting, between groups of shareholders) or overcoming negative trends in this change;

6. Repayment of payables by providing creditors from part of the securities issued.

The procedure for emissions (release) of securities includes the following steps:

1. The issuance of the decision on the placement of emission securities;

2. Approval of the decision on the release (additional issue) of securities;

3. State registration of the issue (additional issue) of securities;

4. Placing securities;

5. State registration of the report on the results of the issue (additional issue) of securities.

Emissions of securities is carried out in two forms:

1. In the form of a closed (private) accommodation among the limited circle of investors, i.e., with the registration of the issue, but without publicly 'announcements of him;

2. In the form of an open (public) placement of the securities of the EL, a potentially unlimited circle of investors, that is, with the registration of the issue and prospectus of the issue of securities, which implies the disclosure of the information contained in the report on the outcome of the issue.

Public accommodation of securities - placement of securities by open subscription, including the placement of securities at the trading of stock exchanges and (or) other organizers of trade in securities.

The honors from the open sale from closed is the mandatory registration of the emission prospectus, the disclosure of all the information contained in the emission prospectus and in the report on the output.

As a result, the issuance of securities with public accommodation is added by the following steps:

1. Preparation of securities emissions prospectus;

2. Register the emission prospectus of emission securities;

3. The disclosure of all the information contained in the Avenue of Emis-Seia;

4. The disclosure of all information contained in the report on the results of the issue.

The issuer is obliged to complete the placement of issued issuing securities no later than one year from the date of state registration of the release (additional issue) of such securities.

The issuer may accommodate a smaller amount of emission securities than indicated in the issuance solution (additional release of emission securities. The actual amount of securities accommodation is indicated in the report on the outcome of the output of the registration. The proportion of unstasted securities from among the following is indicated in the issuance decision ( An additional issue) of emission securities, in which the issue is considered failed, establishes the federal executive body on the market of valuable boom:

The procedure for issuing state and municipal securities, the conditions for their placement and circulation are governed by federal laws or in the manner as established.

A favorable completion of the issue procedure means that securities enters the securities market for their further appeal.

The appeal of securities is the conclusion of civil transactions that entail the transfer of property rights to securities. The transition of rights to securities and the realization of the rights enshrined by price-based papers is determined by ch. 6 of the law "On the securities market".

The most important point in the circulation of securities is to fix the transition of rights to emission securities from one owner to another. The procedure for the transition of securities rights as a result of the commission of civil transactions depends on the procedure for ownership (nominal, on bearer and order) and on the form of existence (documentary or non-documentary) securities.

The rights of the owners on the issuing securities of the documentary form of release are certified by certificates (if certificates are at the owners) or certificates and records on the accounts account in depositors (if certificates are transferred to depository storage).

The rights of the owners on emission securities of the non-documentary form of release are certified in the registry management system - records on personal accounts at the registry holder or, in the event of accounting for rights to securities in the depositary, records on the deposit accounts in depositories.

The right to the bearer documentary securities proceeds to the acquirer when: finding its certificate from the owner - at the time of the transfer of this certificate to the acquirer.

The right to nominal uncertified valuable paper proceeds to the acquirer in case of accounting for its right to securities:

In the registry maintenance system - from the moment of making a receipt for the personal account of the acquirer;

At the Depositary - from the moment of making a profitable record on the account of the depot of the acquirer.

Rights enshrined with emission valuable paper are transferred to their acquired from the moment of the transfer of rights to this valuable paper.

ORDERS Securities are transmitted by filling out the transmission inscription - an endorsement located on the reverse side of the security.

The release and circulation of securities is carried out under the tight control of the state. The list of registering bodies in the territory of the Russian Federation is established by the Federal Service for Financial Markets and the Central Bank (Department of Licensing and Financial Health of Credit Organizations of the Bank of Russia). State regulation is carried out by establishing compulsory requirements for issuers, professional participants in the securities market and its standards; licensing activities of professional market participants; creating a system for the protection of the rights of owners and control over compliance with their rights by issuers and professional market participants; Prohibition and suppression of illegal activities in the securities market.

Types of operations in the securities market

When classifying securities transactions, you can proceed from several criteria. The most important is division into cash and urgent operations. There are also arbitration transactions based on resale securities on various exchanges, when there is a difference in their courses, and batch transactions that are transactions on the purchase and sale of large batches of securities.

Cash and urgent operations

Typical for cash register It is that its execution mainly occurs immediately after the conclusion of the transaction. In Germany, for example, the operation must be completed no later than the second working day after the conclusion of the transaction. In the US, there are differentiated terms of the execution of cash transactions - from immediate payment up to five days. The analogue is also valid in the UK. In Japan, depending on the contract, cash transactions can be performed from one to $ 14 $ days; Switzerland for their implementation is relying up to five days. In Russia, such transactions are carried out, as a rule, within two or three days.

Note 1.

It should be indicated that the securities themselves do not physically participate in operations, because, as a rule, are stored in special accounts of banks. In order to translate the sold securities from the bank to the buyer, their owner discharges a special check on securities. After the introduction of comprehensive computer systems of exchange calculations, the need to exhibit checks on securities disappeared and all translations are carried out using a computer.

Picture 1.

Urgent operations are, in essence, contracts for delivery, by virtue of which one Party undertakes to pass within the prescribed period a certain amount of stock values, and the other - immediately accept them and pay a predetermined amount. Urgent transactions are usually concluded for a period of one to three months, rare - for half a year. Such operations are not allowed in all countries. Thus, in Germany at $ 1931, the city as a result of the global economic crisis, they were prohibited and only with $ 1970, urgent transactions with stock values \u200b\u200bare again allowed in a modified form and with certain restrictions. Under Russian legislation, the execution of the transaction and its payment can be inverted from each other by no more than $ 90 $ days. Urgent transactions are widely practiced in the United States and Switzerland.

Urgent operations are presented, first of all, simple urgent operations, futures and options. Financial futures - This is a standard deal, which is the rules in the established exchange of the Exchange when a partner in each transaction is the Exchange itself represented by its clearing (calculated) chamber. The futures market has a large liquidity, as the standard rules provide the possibility of free trade for the arbitrarily number of participants.

If you add such a condition to a futures contract as the right to choose for a certain remuneration (premium) to buy (sell) a valuable paper on a price predetermined in a contract or refuse to deal, then this additional parameter turns an urgent transaction into an option.

Purchase and sale of securities

In the simplified form of the purchase and sale of securities as follows. Investor (buyer) instructs broker to buy $ 100 $ stock company $ x $ at the rate of $ 150 $ rub. per share. The seller instructs his broker to realize the same batch of similar shares on the same course. Brokers appeal to a dealer specialist who form a package of applications regarding $ x $. Seeing that the proposals received by them are mutually satisfactory and other offers does not come, the dealer sets the official exchange rate at $ 150 $ rub. And notifies both clients about the transaction. All transactions in the securities market can be performed at two different levels - stock exchange and street, and, in accordance with the classification of them to a particular level, differ by technology (mechanism) of execution, order of mutual settlements and principles of regulation. At the same time, the structure of the stock market allocate primary and secondary markets, which also have their own specifics. Thus, in the most general form, the classification of transactions is as follows:

1. transactions with securities committed on the primary market;
2. transactions in the secondary market;
3. securities transactions concluded on stock exchanges;
4. transactions on the over-the-counter market.

In fact, the dealer receives a much larger number of applications for buying and selling the same securities with queries of sufficiently diverse courses. Its goal is to determine the course in which most applications can be satisfied, and the difference between supply and demand. It is this information that he announces in the Exchange Room in the search for missing securities or in order to sell their surplus.

The main goal of the dealer - Balanced demand and offer and implement all batch securities. Since information on demand and proposal is permanent, the paper course also undergo certain changes during the day. Therefore, courses are recorded in the exchange sheets at the time of opening the exchange and at the time of termination of its work.

If the transaction is performed, stock fees are deducted from the sales price of stock values, including junction (remuneration) Intermediaries, stock exchange tax and sometimes some other payments.

State regulation of operations in the securities market

In the context of the weakening of the state's intervention in the economic life, which is observed in most countries, the refusal of state regulation of securities has not happened anywhere. It would not only be undesirable, but even unreal. You can see an objective process of the growth of money capital, an increase in stock exchange activity, which is significantly higher than the increase in real capital turnover, and, accordingly, stock exchange speculation, the real danger of exchanging collants with all possible economic and social consequences. All these problems today do not lose their acute and do not allow to abandon the created system of state regulation.

There is also a process of qualitative changes in the stock market, which requires an adequate reaction of regulatory authorities. These changes occur in two directions. First of all, the so-called globalization of securities market . The formation of a world market whose parts are all national markets. The current stage is characterized by increasing overcoming the national borders of exchange operations, simultaneously appealing in the national markets of securities, expressed in different currencies, the appearance of securities-cosmopolitis type of Eurobonds, EuroCilities and Euronota. Expansion of the Emissions of Securities TNK makes the regulators of all developed countries to monitor changes that occur in the legislation of partner countries, to check their laws and regulatory systems with them. And within the EU, the official process of creating a single legal space is underway for the functioning of nationwide securities markets of the members of this union.

Second direction - This is a modification of tools, forms of activity, as well as subjects of the securities market. The emergence of automated securities trading systems, a speculation mechanism, especially derivatives, which include options, futures, swaps, does not fit into the traditional understanding of the securities market.

- The main subject of transactions in the securities market.

All operations with securities are divided into cash, urgent and prolongation.

Securities transaction - This is a mutual agreement associated with the emergence, termination or change of property rights laid down in securities. Legal forms of securities transactions: purchase and sale, Mena, Pledge.

• cash or transactions with immediate execution (usually for up to 3 days);
• urgent or transactions with execution after a certain period of time;
• combined or prolongatives, which are a combination of cash and urgent transactions.

• in the case of buying securities on transactions at their own expense; borrowed funds (these are transactions with margin);
• in the case of the sale of securities - on transactions through the sale of customer's own securities or paper taken by the client.

Urgent operations divided into forward, futures and optional.

Forward operationit is drawn up by a forward contract, which is a contract for the sale of securities after a certain period in the future, all conditions of which is the subject of the agreement of the transaction.

Futures operationit is drawn up by a futures contract, which is a standard stock sales contract (supplies) of the exchange asset for a certain period in the future at the price agreed by the parties to the transaction at the time of its conclusion. Unlike the forward futures contract consists only during stock trade. Futures contract participants are negotiated only about the price. And all the rest of his conditions remain unchanged from the transaction to the transaction.

Optional operation- This is a standard stock exchange agreement, in accordance with which one of the parties receives the right to buy (or sell) an exchange asset at a prescribed price after a certain period of time in the future with the payment of money by agreed by the parties, called the Award.

Types of securities transactions

Securities are the main subject of contracts concluded in the securities market.

Treaty - This is a mutual agreement of the parties associated with the emergence, termination or change of property rights laid down in the valuable paper. Legal forms of contracts related to the transfer of ownership of securities include contracts for sale, exchanges, pledge, donation, inheritance, etc.

• cash, or immediate execution agreements (usually up to 2-3 days);
• urgent, or contracts with execution after a certain period in the future;
• combined, or prolongation, or combination of opposite cash and urgent transactions on the same market asset (valuable paper).

Cash Controls, or transactions are divided:

• in the case of buying securities - on transactions at the expense of the customer's own funds (investor) or at the expense of the customer's own funds and borrowed funds that provide any lender (for example, the Bank). The latter were called "transactions with margin";
• in the case of the sale of securities - on transactions in which the sale of its own securities of the client or the sale of securities taken by the client taken loan.

Urgent contracts

Urgent agreementswith securities are divided into forward, futures, optional and swap.

Forward contract - This is a contract of sale (supplies) of security after a certain period of time in the future, all the conditions of which is the subject of the agreement of its parties.

Forward contract is a deal in which the seller and the buyer agree About the delivery of an asset to a specific date in the future.

At the time of conclusion are coordinated price, quality and amount of asset, settlement date, delivery points. Delivery of goods and payment are made in a specific date in the future. Forward contracts at the moment of imprisonment are not cost, since the contract is only an agreement on the purchase or sale of anything in the future. The contract is not neither asset nor the obligation.

The contract price (forward price) is determined from the calculation of the price at the time of conclusion and overhead. Overhead costs may include a charge for storing, insurance, transport costs, interest on loans, dividends.

the main thing advantage of forward contract It is that it records prices for the future date. The main disadvantage of forward datarkta is that when the price changes in one direction or another, the counterparties cannot break it and inevitably receive profit or losses.

• Forward contract is over-the-counter (not traded on the stock exchange).
• Confidential and is the subject of negotiations between the parties without any exchange guarantees.
• It does not provide for making margin (initial deposit).
• Used for hedging and physical delivery.
• Characteristics are established as a result of negotiations.
• Opaque, reporting requirements are missing (Condifental)

Futures contract- This is a standard stock sales contract (supplies) of the exchange asset after a certain period in the future at the price agreed by the parties of the transaction at the time of its conclusion. In contrast to the forward contract, the futures consists only during stock trade and is fully standardized, that is, the parties of the futures contract are negotiated about its price, and all other conditions remain unchanged from the transaction.

Optional contract - This is a contract, according to which one of its parties receives the right to buy (or sell) at the prescribed price after a certain period of time in the future with the payment for this, another side of a certain amount of money called "award". According to the purchase option, or the call option, one of the parties receives the right to buy a valuable paper, for example, after three months at the option of execution of the option with the opposite side of the option premium. The first side of the option transaction is called an option buyer (holder), and the opposite side of the OPTION seller (subscriber). The subscriber receives an optional award, but for this it is obliged at the request of the buyer to sell him a valuable paper at a price recorded in the option.

According to the sales option, or the option "Puth", the buyer (holder) of the option has the right to sell the seller (subscriber) of the option of valuable paper, for example, after three months at a prescribed price with payment for this right to subscribe to the option of the premium amount of money. The seller is obliged at the request of the buyer of the option to buy the last securities for the price recorded in the option.

Options can be executed on the set date in the future or during the entire period of its action to any date.

Swap, or swap contract - This is a special agreement, thanks to which his parties receive an opportunity for a temporary basis to exchange market liabilities that have themselves. For example, exchange obligations to pay interest payments on securities, one of which brings an annual fixed interest income, and the floating market interest income is being paid.

Combined, or ProlongationThe contracts are called in practice the reports "Report". The report "Report" is to sell securities on the basis of a cash transaction and at the same time its purchase on a forward contract through the required period in the future. The deportation "Depart" is to buy a security on a cash transaction and at the same time its sale in a forward contract after a certain period in the future.

Securities Market Tools -this is a socially recognized agreement between market participants about the market asset.

In practice, the securities market tools are customary to be called a set of various types of securities and transactions performed with them, although usually an asset that makes the subject of the transaction (contract) is not a market tool for the very definition, because the market tool is that Market action with some kind of market object or subject. However, this misunderstanding disappears if we recall the essence of the security, which, in turn, is a kind of market agreement, an agreement between its issuer and the owner. In a market transaction, a security paper is the subject of the contract, but at the same time, by itself, it also has a contract.

When considering contracts as urgent contracts are the most important treaties as investment instruments, since market relations reflected in them exist for a long time, while the relations of participants in cash transactions occurring as quickly, cease. Therefore, the market tools are considered to be more urgent contracts (and cash transactions are considered to be a granted tool).

Urgent contracts underlie the so-called derivatives of financial market tools, which are commonly referred to as the origin of the source contract: futures contracts, option contracts, etc.

New types of securities based on their classical species - promotions, bonds, also called derivatives and include in the composition of derivatives at all.

In general, the tools of the securities market are presented in Fig. 3.2.

Securityit is a document certifying the compliance with the established form and obligatory details of property rights, the implementation or transfer of which is possible only upon its presentation. With the transfer of security, all the rights in the aggregate are transferred.

Em session securities - Any securities, including non-documentary, which is characterized simultaneously by the following features:

· Fastens a set of property and non-property rights subject to certificate, assignment and unconditional implementation in compliance with the form and procedures established by this Federal Law;

· Is posted;

· It has an equal amount and timing of the rights within a single issue, regardless of the time of acquiring a security.

Other securities not characterized by listed features are called non-emission.

Securities are monetary documents certifying the property right in the form of title ownership (for example, shares) or property right as a loan attitude of the owner of the document to face, its released (bonds, bills). Consequently, these are documents reflected in the issuer's assets requirements. In addition, securities act as documents testifying to investment. In this sense, they are asses that bring revenue, which makes them capital for the owners. But such capital does not function in the production process. Securities are a type of money capital, whose movement mediates the distribution of material values.

The most important specific properties of securities include:

a) legal recognition;

b) turnover (ability to be an object of free sale on the market);

c) standardity (the presence of a legislatively established list of mandatory details);

liquidity (the ability to turn into cash);

risk (expected in the future income can not always be known).

Types of securities:

· State bond;

· Bond;

· Bill;

· Deposit and savings certificates;

· Bank savings book on bearer;

· Covenant;

· Privatization securities, etc.

In the form of release distinguish:

a) documentary securities whose owners are established on the basis of a certificate or account of the depot;

b) non-documentary securities whose owners are installed on the basis of a record in the system of maintaining the register of securities owners or in case of securities deposit, on the basis of an account on the depot account.

Rights certified by the security may belong:

1) security presenter ( valuable Bearer Paper ; To transfer to another person of rights certified by the bearer, enough to provide securities to this person); 2) the face called in the valuable paper ( personal securities ; rights certified by it are transmitted in the manner prescribed for concessions of the requirements (cession));

3) the person named in the valuable paper, which may be able to implement these rights or appoint another controlled person to his order (order). order Security ; Rights on order securities are transmitted by making a gear inscription on this paper - an endorsement.

The endressment transfers all rights certified by the valuable paper on a person who or the order of which rights are transferred to the Industion. The indorsement may be a blank (without an indication of a person who needs to be executed) or order (with an indication of a person who or the order of which should be performed).

Depending on the essence of expressed economic relations, distinguishes:

· Equity securities;

· debt securities;

· Hybrid securities;

· Derived securities;

· Commodity securities.

Equity securities Make sure the owner's right in the capital's capital. These securities include shares and shares of investment funds.

Stock -this is an emission valuable paper that enshrines its owner's rights (shareholder) to receive a part of the profit of the joint-stock company (AO) in the form of dividends, to participate in management and part of the property remaining after the liquidation of JSC. Select simple and preferred shares. The owners of preferred shares have an advantage in obtaining dividends to the owners of ordinary shares, but usually do not have the right to vote.

There are several types of preferred shares:

1) Cumulative - any due, but not declared dividends accumulate and pay for these shares to the announcement of the payment of dividends on ordinary shares;

2) non-immigative - holders of these shares lose dividends for any period in which they were not announced about their payment;

3) preferred shares with a share of participation - give holders the right to receive additional dividends in excess of the amount announced if dividends on ordinary shares exceed the announced amount;

4) convertible privileged stocks - can be exchanged for a set number of ordinary shares in pre-agreed proportions;

5) preferred shares with a corrected bid of dividends - payments for these shares are adjusted taking into account the dynamics of market interest rates;

6) Review privileged shares - contain the right to revoke, i.e. The issuer can redeem them at the agreed price. Debt securities Make sure the right of a specific monetary requirement. These include bonds, bills, checks and certificates of debts.

Bond -this is an emission valuable paper that enshrines its holder's right to receive from the issuer to the term of its nominal value or other property equivalent from the issuer into the bond.

The income on the bond is the percentage and / or discount. The term of "maturation" of the bond is a period, after which the bond repayment occurs. Before the end of this term, the bond can be sold to other persons. Bonds can be registered, bearer, freely addressed or with limited circulation. There are state, municipal and corporate bonds.

In the form of paying the income bonds are:

a) coupon, with a fixed or floating coupon rate. They, along with returning the principal amount of debt, provide periodic cash payments (1.2 or 4 times a year). The size of these payments is determined by the coupon rate, expressed as a percentage of the nominal;

b) with the payment of income at the time of repayment.

Hybrid securities – convertible shares and preferred shares with sharing law on ordinary shares.

Derived securities Certify the right of their owner to purchase or sell primary securities. These include options, futures, warrants, swaps.

Option (optional certificate) - Personal securities that enshrines the right of its owner on time and on the conditions specified in the certificate of optional certificate for the purchase or sale of securities (basic asset) of the issuer of the option or third parties at a fixed price.

Only shares and bonds (with the exception of government bonds and bonds of municipalities) can be basic assets of optional evidence.

Varant. - This is a security, the owner of which receives the right to buy securities at a prescribed price for a certain period of time or indefinitely.

TO commodity Securities relate:

· Covenant - a commodity-based document, certifying the right of its holder to dispose of the cargo specified in the Covenant and get the goods after the transportation is completed. It can be registered, presenter or order;

· Simple warehouse certificate - presenter securities, the holder of which acquires the right to dispose of the goods;

· Double warehouse certificate - consists of warehouse certificate and collateral certificate (or warrant) that can be separated from each other and contact themselves.

By terms of circulation, short-term (up to year), medium-term (from 1 to 5 years), long-term (from 5 to 30 years) and perpetual securities are distinguished.

According to the mechanism of formation and payout, the income is allocated:

1) fixed-income securities (bonds, bills, certificates);

2) with variable income (ordinary shares, floating coupon bonds, options, futures).

According to the degree of risk distinguish: risk-free, median and high-risk securities.

For the market function, securities are divided into:

but) money market tools - These are commercial and financial promissory bills, certificates of banks, state, municipal and corporate bonds and other securities with the term of appeal not exceeding the year. The economic role of these securities is to ensure the continuity of the capital circuit, the acceleration of the process of selling goods, the smoothness of the calculations;

b) tools market capital - Shares, bonds, certificates, mortgage, mortgage papers, whose appeal is more than a year. With the help of these securities, capital is attracted to the scope of material production.

Operations of banks with securities are divided into 2 types:

1. Release of own securities (promotions, bonds, bills, deposit and savings certificates);
2. Operations with securities of other issuers.

Based on a license for banking operations, banks can:

a) carry out the following operations: release, purchase, sale, accounting, storage and other operations with securities that perform the functions of a payment document, with securities confirming the raising funds into deposits and bank accounts, with other securities;

b) to confidentially manage the specified securities under an agreement with individuals and legal entities.

Credit organizations can carry out the following types of professional activities (based on a special license):

1) brokerage,

2) dealer,

3) depositary

4) securities management,

5) definition of mutual obligations (clearing),

6) maintaining the register of owners of securities.

Brokerage activity - the commission of civil law transactions with securities as an attorney or commissioner acting on the basis of an instruction or commission agreement, as well as a power of attorney to commit such transactions in the absence of instructions on the authority of the attorney or commissioner in the contract.

Dealer activity - Completing the purchase and sale transactions of securities on its own behalf and at its own expense through the public announcement of the purchase prices or sales of certain securities with the obligation to buy or sell these securities on an announced person carrying out such activities, prices. The dealer can only be a legal entity that is a commercial organization.

Under contract trust management One party (the founder of the Office) transmits the other Party (Trust Manager) for a certain period of securities in trust management, and the other Party undertakes to manage them in the interests of the Founder of the Office or the person specified (beneficiary).

Securities Management Activities - Implementation by a legal entity or an individual entrepreneur on his own behalf for the remuneration during a certain period of trust management transferred to him and belonging to another person in the interests of this person or those specified by those faces of third parties:

· Securities;

· Cash intended for investing in securities;

· Cash and securities obtained in the process of securities management.

Clearing activity - Activities for the definition of mutual obligations (collection, reconciliation, adjustment of information on securities transactions and the preparation of accounting documents on them) and their offset for the supply of securities and calculations on them.

Depository activities - provision of services for storing certificates of securities and / or accounting and transition rights to securities. Only a legal entity can be a depositary. The person who uses the services of the securities depository depositary and / or the accounting of rights to securities is referred to as a depositor. The conclusion of the depositary contract does not entail the transition to the depositary of ownership of the securities of the Depositor. The depositary has no right to dispose of depositor's securities, manage them or implement any actions with securities on behalf of the Deposit, except those undertaken on behalf of the Depositor in cases provided for by the Depositary Treaty. The depositary has no right to determine the conclusion of a depository agreement with the depositor of the latter's refusal at least from one of the rights enshrined by securities. The depositary carries civil liability for the safety of securities deposited from him.

Public appeal of securities - the appeal of securities at the barking of stock exchanges and other organizers of trade in the securities market, the appeal of securities by offering securities to an unlimited circle of individuals, including the use of advertising.

Listing is the inclusion of securities in a quotation list.

Delusing is the elimination of securities from the quotation list.

Banks often resort to repo transactions, i.e. sale of securities with the condition of their reverse ransom after a certain time.

Operations with bills

Billit is a debt obligation drawn up in a strictly defined form and gives the undisputed right to demand payments designated in it after the expiration of the period on which it is discharged. Standard props of bills:

· bill label -part of the text of the bill of exchange, which distinguishes its qualitatively from other monetary documents. The label is assumed to signify the words "pay against this bill";

· order of payment - The main props of a bill of exchange, which gives it legal force. The order is formed as « pay "or" Compassion " ;

· bill Sales -debt parameter for this bill;

· name of the payer -the legal address of the debtor indicating its full name and location;

· payment period -calendar date or period of debt repayment time on a bill;

· placement Place -the legal address of the payer or the bank who has taken on the recovery of debt;

· bill Date -the calendar date of the bill is shown next to the place of its emission.

Depending on the sphere of circulation, promissory bills are divided into two groups. First - bill of one-timeor solo-notch, representing a personalized debt of the initial buyer to its supplier. Solo-bills stop serving the payment tool immediately after payment of the debt on a commercial loan. A bill of one-time bill received a name simple bills .

Second group - Recreation of multiplemovement from one enterprise to another. Recreation of repeated action are called translated bills or tratti..

Technical design of translation bills are called tracing. Opening the route of their movement. A legal entity that opens the route is drawer;payer on the route - drawee,and winner of the bill - remittor.Rerthentu belongs to the right to demand the commission in accordance with the amount, deadlines and the place specified in the bill. The value of the payment is very large, and therefore a third legal entity can perform as a payer, including banks. Such a person (reserve payer) is called the guarantor , or avalist. When calculating on promissory notes, the Avalist makes the required amount of funds for the payer, providing the imperative character of the payment obligation. The transfer of the bill to the next legal entity and its entry into the process of treatment as a classical type of credit money is carried out using a transfer inscription. This inscription is called an endorsement.The face, an executive bill, is referred to indussant And the face - the recipient of the loan commitment - announcer.

The endorsement may contain an indication of the person in favor of which the document is translated (full or nominal indexment), to be for the bearer or consist of an industice subscription one (forms). A person who owns a blank endorsement document has the right to fill out the form on its name or name of another person, indictment a document by means of a full or blank endorsement, transfer to a new holder with a simple hand. In addition to the gear ratio, the indexment on the bill (or check) also performs a warranty function: each endorseant on the bill is responsible for acceptance and for payment (an endorsant for a check for payment). The endorsant carries joint responsibility together with the credentials (check), the Avalist and the payer (although it can take off this responsibility through an endorsement with the reservation "without turnover").

When violating the period of payment, the bill is presented to the protest. The protest is declared a bill holder to forced debt recovery from the payer. Protest bill as a legal act is made by an authorized notary and testifies to the financial insolvency of the debtor.

Appointment by the payer on a bill of exchange of any third person is called the domicion, and such bills - domicylated , their external signs are the words "payment" or "payment in ... Bank", placed under the signature of the payer.

Such a reservation is affixed on the bill of charge. If the domicile is not specified in it, it can be called the payer when accepting. The domicile bill is made to pay for domiciliata, which is not a person responsible for the bill, but only timely pays bill at the expense of the payer who has provided the necessary funds to his disposal.

Speaking as a domicile, the bank does not bear any risk, since he pays bills only if the payer has earlier a bill of bill or if the client has a sufficient amount on his current account and empowers the bank to write off the amount of the amount necessary To pay bills. Otherwise, the Bank refuses the payment in the payment, and the bill is protesting the usual order against the drawer.

For payment of bills as a special payer, usually numbered a small commission, and paid bills are sent to the client. For persons with this bank, the calculated (current) account, payment of domicile bills is made free.

Protection bill. In conditions when the debt has existed for a long time, and the borrower is not required and unreliable, the provider will be required from it. In this case, the bill is used as providing a loan. The bill is stored on the borrower's deposited account and is not intended for further turnover. If the payment is performed on time, then the bill is repaid. If the payment of the loan is delayed, then the debtor makes complaints.

Option

Option - A speculative transaction concluded in granting the right (but not obligations) to buy anything in the established date in the future at the price agreed today, but including commissions. The option gives its owner the right to buy or sell anything at a fixed price during the prescribed period.

The option seller makes commitment to which he must buy something or sell. And his buyer decides whether to realize him or not. That is, such a contract is not obligatory for him, as opposed, for example, from a futures transaction, which should be executed by both parties.

If the price enshrined in the option will be more profitable for the value formed by this time on the market, the buyer will receive a profit in the form of a difference between them. Thus, its losses are limited only by the cost of the option itself - the award, which he pays for the seller for the fact that he takes on all market risks. If the price has changed in a favorable direction for the investor, then it executes an option and receives a profit if it does not fulfill it and does not lose it and does not lose anything but the award-paid prize.

It is on option contracts that new structured banking products are built. Part of the funds investor invests in the purchase of options for the stocks chosen by him, and the remaining amount sends to a bank deposit or reliable bonds of Russian companies that bring a stable guaranteed income of 8 to 11% per annum. Investment products are built so that the percentage received from the placement of money in bonds or on deposits covers the costs of options, so the depositor will return all invested funds in any case. At the same time, in the case of a favorable development of events in the market, he receives an additional income that dozens can reach, and sometimes hundreds of percent per annum.

Options are two types:

Option "Call" - the right to buy a futures contract, product or other value at a predetermined price. Call provides the buyer the right to buy an asset from the Seller option for the price of execution on time or refuse to purchase this purchase. At the first stage, the depositor buys Call, if it expects an increase in the currency value of the asset (shares). On the second it implements (or does not implement) this option is the right to buy an asset. Option "Put" is the right to sell a futures contract, product or other value at a predetermined price. "Put" provides its customer with the right to sell an asset for the execution price on time to the seller of the option or refuse to sell it. The depositor acquires "Put" if it expects a decline in the currency value of the asset.

Options differ in the ratio of the price of execution and the current value laid down in their foundation. If the market situation was developed in such a way that the price of execution is higher for the present value of the tool in its foundation, then it is called the "without money". The option "Put" becomes "without money" in the case when the price of execution is below the current value of the market tools laid down in its base. The option "without money" is an option that does not have independent value. The option "With money" is an option with independent value. The option "With its own" is an option, the basic price of which is equal to the current futures price. The option "At the interest rate" is an option that must be paid in advance at a certain interest rate.

Source - TA Frolova Banking: A summary of Taganrog lectures: TTI South Afu, 2010.

2.2. Securities operations

Securities operations - These are actions with securities and / or cash in the stock market to achieve their goals.

The main operations in the securities market are:

? emissions of securities - established by law a sequence of the issuer's actions for the placement of emission securities;

? placing securities - alienation by the issuer of securities to their first owners by concluding civil law transactions;

? purchase and sale of securities - conclusion of civil transactions that entail the transfer of property rights to securities from one owner to another;

? registration and re-registration of securities owners - accounting of securities owners, monitoring the change in the composition of the owners of securities;

? conversion - Operation on the exchange of securities leading to other rights and opportunities;

? trust - Trust management of securities, aimed at incrementing capital through the choice of the most effective use of securities;

? clearing - fulfillment of obligations to supply securities and calculations on them;

? storage - protection against theft and other causes of loss;

? insurance - ensuring relative stability, and consequently, attracting additional potential investors;

? add to free - implementation of the right of inheritance, the exercise of donation;

? pledge - provision of mortgage secure;

? marketing - study of a certain segment of the securities market, evaluation of potential investors, diagnostics of stock operations, risk assessment, development of a strategy for promoting securities in the market;

? split (splitting) or crushing - increase in the number of securities;

? consolidation (merge) - reduction of the number of securities;

Accounting and audit;

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

? pricing - the process of establishing a price, taking into account the existing economic conditions that exert legislative norms and current practices;

Formation and management of securities portfolios;

Assessment of investment risk;

? investment design - development of financial policies, forecasting;

? consulting - professional assistance in the form of consultations or recommendations from highly qualified experts on analysis, forecast and solving practical problems in the securities market, etc.

Test 1. Choosing a faithful answer

1. What belongs to the operations in the securities market?

c) Rentitis.

2. The sequence of actions of the issuer on the placement of emission securities is established by law - this is:

a) emission;

c) clearing.

3. Listing is:

a) a list of members of the stock market;

b) the shares quotation;

c) the inclusion of securities in the quotation list.

4. What is the "emission income" of the joint-stock company?

a) the difference between the nominal value of the action and the price of its actual sale in the secondary market;

b) income from the sale of shares in the primary emission at prices above the nominal;

c) revenue from the sale of shares, which receives an intermediary carrying out the placement of shares on the basis of a contract with the issuer.

5. Delivery is:

a) the inclusion of securities in the quotation list;

b) the elimination of securities from the quotation list;

c) list of members of the stock market.

6. Alienation by the issuer of securities to their first owners by concluding civil-law transactions is:

a) emission;

b) placement of securities;

c) clearing.

7. The conclusion of civil transactions entailing the transfer of property rights to securities from one owner to another is:

a) emission;

b) appeal;

c) clearing.

8. Operation on the exchange of securities leading to other rights and opportunities is:

a) conversion;

b) appeal;

c) clearing.

9. Crushing shares for a greater number of less large denominations in order to facilitate their distribution - this is:

a) Rentitis;

c) Emissions.

10. The pricing process taking into account the existing economic conditions current legislation and current practice is:

a) conversion;

b) pricing;

c) Emissions.

11. Pledge of uncertified emission securities:

a) is impossible;

b) it is possible and arises from the date of signing by the Parties to the Pledge Treaty;

c) possible and arises from the moment of registration of the burden by the registrar leading the register of owners of registered securities or depositary.

12. Emissions of securities is:

a) the conclusion of civil transactions entailing the transfer of property rights to securities;

b) The sequence of the issuer's action for the placement of emission securities established by law.

13. The placement of securities is:

b) the sequence of the issuer's action for the placement of emission securities established by law;

c) Conclusion of civil transactions entailing the transfer of property rights to securities from one owner to another.

14. The appeal of securities is:

a) alienation by the issuer of securities to their first owners by concluding civil transactions;

b) the conclusion of civil transactions that entail the transfer of property rights to securities from one owner to another;

c) The sequence of the issuer's action for the placement of emission securities established by law.

15. Conversion is:

a) alienation by the issuer of securities to their first owners by concluding civil transactions;

b) the operational operation of securities leading to other rights and capabilities;

c) The sequence of the issuer for the placement of securities established by law.

16. Pricing is:

a) the operational operation of securities leading to other rights and capabilities;

b) the process of establishing a price taking into account the existing economic conditions current legislative norms and the current practice;

c) alienation by the issuer of securities to their first owners by concluding civil-law transactions.

Test 2. Exception of nonconformity

1. To operations in the securities market include:

a) consolidation;

c) emission;

d) placement;

e) warrant;

(e) Covenant;

g) conversion;

2. Actions with securities and / or cash in the stock market to achieve their goals are the following:

a) emission operations;

b) reinsurance;

c) investment operations;

e) real estate operations;

e) client operations.

3. Credit transactions using securities are:

a) overdraft;

b) forward contract;

c) fortification;

d) mortgage loan with mortgage;

e) a commercial loan;

g) accounting loan.

Test 3. Search Alternatives

Answer "Yes" or "No".

1. Placing securities is the alienation by the issuer of securities to their first owners by concluding civil law transactions?

2. Appeal is the conclusion of civil transactions that entail the transfer of property rights to securities from one owner to another?

3. Conversion is a securities exchange operation, leading to other rights and capabilities?

4. Split is the crushing of shares to a greater number of less large denominations in order to facilitate their distribution?

5. Listing is the admission of securities to trading on the stock exchange after verifying the financial position of their issuers?

6. Consolidation is a decrease in the number of securities?

7. Pricing is the process of establishing a price taking into account the existing economic conditions current legislative norms and the current practice?

8. Established by law, the sequence of the issuer's action on the placement of emission securities is split?

9. Is it possible to lay only documentary valuable paper?

10. Delivery is the elimination of securities from the quotation list?

Test 4. Term Definition

1. Find the definition of the terms specified in the left column in the right column.

This text is a familiarization fragment.