Participants in the securities market. Professional participants in the securities market as broker customers

Brokers.Some of the main professional market participants valuable papers are brokers. Brokers commit civil transactions with securities as attorneys or commissioners operating on the basis of contracts of instructions or commission, as well as powers of attorney to commit such transactions.

As a broker can act as individualsand organization. Professional brokerage activity on stock market Performed on the basis of a license obtained in the prescribed manner. Broker receives this license in local financial authorities. The law is allowed to combine brokerage activities with other activities in the securities market.

For activities in the securities market, a broker or brokerage organization must be responsible for the following qualifying requirements:

have in the staff of specialists who have qualifying certificates;

possess the established minimal own capitalnecessary for liability to investors;

place the developed accounting and reporting system, accurately and fully reflective operations with securities. The duty of the broker includes conscientious execution of customer assignments. He should put the interests of customers in the first place and perform them in order of receipt.

Broker and customer are building their relations on a contractual basis. At the same time, both the contract of instructions and the Commission agreement can be used. If a contract of assignment is concluded, this means that the broker will speak on behalf of the client and at the expense of the client, that is, the parties on prisoners are a client, and it is responsible for executing the transaction. Transactions made on behalf of customers are subject to priority execution compared to the transactions of the Broker itself (if they are engaged in them). If the broker has an interest that impedes the implementation of the client's instructions on the most profitable conditions for the client, the broker is obliged to immediately notify the latter about the presence of such interest. If the preference is given to the Commission's contract, then when concluding the transaction, the broker opposes its own behalf, but acts in the interests of the client and at his expense. The side of the transaction in this case is a broker, and he is responsible for its execution. Acting as a commissioner, a broker can store customer cash, intended to invest in securities or obtained as a result of selling them, on their off-balance accounts and use them until the client returns (in accordance with the terms of the contract). Part of the profits received from the use of these funds and the remaining broker is listed in accordance with the Treaty of the Client. All losses incurred by the Client in connection with the Broker's activities are reimbursed by him a broker in the manner established by civil law. Russian Federation (RF). According to the existing legislation, the client before the execution of the contract has the right to unilaterally Stop it.

The fulfillment of the Agreement of the Order or Commission is considered to be transferred to the Customer of the official notice of the broker on the conclusion of the transaction. As a rule, the broker registers the prisoner and controls the change of the owner - timely introduction to the register of shareholders of the necessary changes.

The main income broker gets due to commission charged from the transaction amount. Therefore, the task of the broker is to have customers, among which would be both suppliers of securities and their buyers, owners of temporarily free cash.

So, having considered brokerage in more detail, we can formulate a number of rules that the broker is guided by performing their operations:

1) the client concludes a contract with the brokerage company, which stipulates all types of orders, including where to buy securities (on stock Exchange or on the over-the-counter market);
2) the broker acts within the amount defined by it by him, retaining the right to select securities in accordance with the installation obtained by it;
3) The client can give a broker order to stop all the transactions entrusted to him;
4) By completing the commission, the broker is obliged to inform the client as agreed in the contract and list it funds received from the sale of securities (minus commission);
5) The transaction must be registered by the broker in a special book, and the client has the right to demand an extract from it.

Dealers. Dealers make the sale and sale of securities on their own behalf and at their own expense by public announcement of the purchase prices and / or sale of certain securities with the obligation of purchase and (or) selling these securities at the announced prices carrying out such activities. Dealer can only be a legal entity that is commercial organization.

The income of the dealer consists of the difference in selling sales and purchase. Therefore, the dealer must constantly monitor and take into account the changing market conditions. Usually it specializes in certain types of securities, but large organizations can serve the securities market as a whole.

Speaking in the role of the market operator, the dealer announces the price of selling and buying, minimal and maximum amount Bought and (or) sold papers, as well as the term during which announced prices are valid.

Thus, dealers are the same brokers, but in contrast to them they invest their capital at the conclusion of transactions. This can be clarified on the following example:

Dealers in the securities market perform the following main functions:

1) provide information on the release of securities, their courses and quality;
2) act as agents that carry out customer assignments (sometimes attract brokers for this purpose);
3) follow the state of the securities market; In cases where the activity of purchase and sale decreases (as a result of the lack of sellers or buyers), the dealers at their own expense make the necessary operations to align the securities course;
4) give impetus to the development of the securities market, bring buyers and sellers (act as market catalysts).

Manager. One of the professional participants in the securities market may be managers regardless of the specific legal form of their organization, but having a state license for securities management activities.

The managers receive rights to perform operations with securities (in the interests of customers) on their own behalf and for remuneration for established period. Cashs intended to invest in securities can also be transferred to trust. Managing managers may be legal entities or individual entrepreneurs.

Securities management activities include:

1) management of securities transferred to their owners to the appropriate company;
2) management cash customers intended for profitable investment in securities;
3) Management of securities and cash that companies receive in the process of their activities in the securities market.

The procedure for the management of securities, the rights and obligations of the Manager are determined by the legislation of the Russian Federation and treaties. If the actions of the managers cause damage to their clients, managers are required to compensate.

Clearing. Clearing-clearing organizations carry out settlement and clearing activities, which, in particular, includes:

1) carrying out settlement operations between members of the calculation and clearing organization (and in some cases - both other participants in the stock market);
2) the implementation of the initiation of mutual requirements between the calculation participants, or the implementation of clearing;
3) collection, reconciliation and adjustment of information on transactions committed in the markets that are serviced by this organization;
4) Development of the schedule of calculations, i.e. The establishment of strict deadlines during which the cash and the information and documentation corresponding to them must enter the calculation organization;
5) control over the movement of securities (or other assets underlying stock exchange transactions) as a result of the execution of contracts;
6) guaranteeing the execution of prisoners on the exchange of contracts (transactions);
7) accounting and documentary design of the calculations;
8) other activities.

The law "On the securities market" it has been determined that clearing activities are activities to identify mutual obligations (collection, reconciliation, adjusting information on securities transactions and the preparation of accounting documents on them) and their offset for the supply of securities and calculations on them.

Organizations that carry out clearing on securities, due to the calculations on operations with securities, take on the execution prepared in determining mutual obligations accounting documents Based on their contracts with participants in the securities market for which calculations are made.

In practice, these organizations may have such names as: Clearing Chamber, Clearing Chamber, Clearing Center, Estimated Center. In very in general terms Clearing-clearing organization is a specialized organization bank typewhich is performed estimated service Participants of the organized securities market. Its main goals are:

1) minimum costs for the calculated maintenance of market participants;
2) reduction of the calculation time;
3) Reduced to the minimum level of all types of risks that occur during calculations.

To reduce the risks of non-fulfillment of securities transactions, the settlement and clearing organization is obliged to form special funds. Minimum size Special Funds of Clearing and Curving Organizations is established by the Federal Commission on the Securities Market in coordination with Central Bank Russian Federation.

Brokers and dealers perform on the securities market as intermediaries.

Broker- This is a professional participant in the securities market, operating on the basis of the license of the attorney or the commissioner under the contractual agreement, the Commission or Power of Attorney. Individuals and organizations can act as a broker. The law is allowed to combine brokerage activities with other activities in the securities market.

Broker or brokerage organization Must meet certain qualifying requirements:

- have in the staff of specialists who have qualifying certificates;

- have a minimum proprietary capital required for liability to the investor (at least 50 thousand rubles);

Place the developed accounting and reporting system, accurately and fully reflective operations with securities.

In Russian markets, the dealer and broker is not established by tough specialization, therefore, if the broker is engaged in dealership, he is obliged to notify its customers about it.

The duties of the broker enters the conscientious fulfillment of customer assignment. He must put the interests of customers in the first place and perform them in order of receipt.

If the broker and customer build their relationship based on contractual contractsThis means that the broker will speak on behalf of the client and at the expense of the client, i.e. The conclusion of the transaction is the client, and he is responsible for executing the transaction.

If the broker and the client conclude treaty Commission, when concluding a transaction in the securities market, the broker opposes its own behalf, but acts in the interests of the client and at his expense. A side of the transaction in this case is a broker, and he is responsible for the transaction.

The fulfillment of the Agreement of the Order or Commission is considered to be transferred to the Customer of the official notice of the broker on the conclusion of the transaction. Most often, the broker registers the concluded transaction and controls the change of the owner - timely introduction to the register of shareholders of the necessary changes.

The main income broker receives at the expense of commissions, from the transaction amount. The task of the broker is to have customers, among which would be suppliers Securities and their buyers are the owners of temporarily free cash.

Broker Combines its activities with consulting customers in the securities market. In Russian practice, individuals are performed by individuals who do not need to have a qualification certificate. Consulting on the securities market has three directions:

Justification of the choice of shareholder registry holders;

Assistance to issuers in creating and maintaining their image;

Assistance to individual and corporate investors in the formation of (selection) of the securities portfolio.

Dealer They call the professional participant in the securities market engaged in the commission of the purchase and sale of securities on their own behalf and at their own expense through the public announcement of the purchase prices and selling certain securities with the obligation of the purchase and sale of certain securities.

The dealer's income consists of a difference in selling prices and purchases, so the dealer must constantly control the changing market conditions. It usually specializes in certain types of securities, but large dealers (organizations) can serve the securities market as a whole.

The dealer acts as a market operator, announces the price of sales and purchases, the maximum and minimum number of purchased and sold papers, as well as the period during which announced prices are valid.

On the russian market In the Role dealer can perform investment company, one of the functions of which is to invest in securities, the implementation of transactions with them on its own behalf, including by their quotation (ads on certain securities "Prices of the Seller" and "Buyer Prices", for which the investment company undertakes to sell or acquire securities). Attachments of enterprises in securities are presented in Table.5.1.

For today, a number of factors affect the stock market of the Russian Federation:

problems in the banking sector;

2. Conflict with YUKOS;

3. Strong reduction of securities;

4. Good macroeconomic indicators Russia;

5. Rising prices for raw materials.

Growth market value The leading issuers and the RTS index from 01.01.2005 to 09.09.2005 as a percentage:

(rTS stock index reflects the dynamics of shares of leading russian companiesDriving on the stock exchange. The RTS index on 09.09.04 weighs 564 points):

1) RAO Gazprom + 46.8;

2) Mosenergo OJSC + 45.6;

3) OJSC Sberbank + 44.4;

4) OJSC NK LUKOIL + 20.3;

5) Tatneft JSC + 13.3;

6) Surgutneftegaz JSC + 11.3;

7) Rao Rostelecom - 5.1;

8) Sibneft OJSC - 9.5;

9) RAO UES - 12.4;

10) OJSC MMC Norilskel - 20.9;

Courses Shares of Far Eastern Issuers in RTS in July 2005:

1) Dalsvyaz - 16.83;

2) Dalenergo - 62.5;

3) Kamchatenergo + 5,56;

4) Magadanenergo - 19;

5) Sakhalinmorneftegaz - 11.22;

6) KhabarovskEnergo - 37.5;

7) Yakutgazprom - 7.7.

Reference: 1. Shares rate \u003d (Dividend (%): Banking rate on loans) 0100%

2. Market price stock. (Shares rate (%) × Nominal shares).

Table 5.1. Enterprise Investments in Securities

	Invested in 2005.	Accumulated at the end of 2005
Investments
1. Dredger investments: a) in pairs and promotions subsidiaries; c) in bonds and other debt obligations.
2. Small-term investments a) in pairs and promotions subsidiaries; b) in the PAI and the shares of other people's organizations; c) in bonds and other debt obligations

Federal Agency for Education

State educational institution

Higher professional education

All-Russian Zagoi

Financial and Economic Institute

Test

under the discipline of the "securities market"

Option 15.

Topic: Professional activities in the securities market. Brokerage and dealer activities.

Artist: Mytka O. K.

Specialty Fik

Cred book number 05C03428

Head: Korotaeva N.A.

Introduction .................................................................................... ... 3

1. Views professional activity On the securities market ..........5

2. Sphere of activity of brokerage firms, the system of interaction between the broker and the client ............................................................ ..13

3. Characteristics of dealership firms ...............................................19

Task .........................................................................................23

Conclusion ................................................................................................24

List of references ........................................................................ 25

Introduction

In the conditions of the holding economic reforms The role of the securities market, as the stock market, completing the money market and the bank loans market, is increasing in the Russian Federation, is the active part of the country's financial market.

Along with the establishment of the securities market, professional market participants began to appear, i.e. Legal, individuals who carry out brokerage, dealer activities, activities on securities management, activities to identify mutual commitments (clearing), depository activities, activities to conduct registers of securities owners, activities on the organization of trade in the securities market.

Currently, professional participants in the securities market are key in the system of operation of the securities market, which ensure the interaction of capital suppliers on the stock market (investors) and its consumers (issuers).

Over the past years, the infrastructure has been developed on the securities market of Russia, an increase in the number of market participants, the increase in their professionalism, the rates of operations with securities are growing rapidly.

At this stage, the securities market in Russia is largely formed: there are issuers of securities, numerous companies and enterprises, as well as the state and municipal entities, there are investors interested in the best for themselves to accommodate funds. It becomes obvious to the need for the existence of structures that would allow with mutual benefits for themselves, the security and convenience of two interested parties to conduct operations with securities.

Considering the specifics of the paper market, the availability of
organizations professionally working on the market as intermediaries (brokerage investment companies and banks). The important component of the securities market is also the functioning of structures directly carrying out the organization of securities (stock trading structures).

1. Types of professional activity in the securities market.

The functioning of the securities market is impossible without professionals serving it and decisive arising tasks. In the Federal Law "On the securities market" it is determined that "professional participants in the securities market are legal entities, including credit organizationsAs well as citizens (individuals) registered as entrepreneurs who can carry out the following activities in the securities market:

1. brokerage;

2. Dealer activities;

3. Securities management activities;

4. Clearing activity (activities to identify mutual obligations);

5. Depository activities;

6. Activities for maintaining the register of securities owners;

7. Activities for the organization of trade in the securities market. "

IN modern conditions Special training of securities market professionals are needed, including both general economic and technical, and, given the acute situations arising in the market, psychological. In the activities of the securities market professionals, experience and intuition also have great importance.

The main professionals of the securities market are:

1) brokers (mediators at the conclusion of transactions, not participating in them);

2) dealers (mediators participating in transactions by their capital);

3) managers (persons who are disposed of securities transferred to him);

4) clearing (organizations involved in the definition of mutual obligations);

5) depository (providing services for the storage of securities);

6) registrars (maintain securities registers);

7) organizers of trade in the securities market (provide services to convep the conclusion of securities transactions);

8) Jobbers (specialists at the securities market conjuncture).

Along with these professionals, the securities market serve bank employees, investment fund employees, as well as government officials and lawyers providing the necessary lawmaking and control for the financial market.

Let us consider in more detail every type of professional activity in the securities market.

Brokerage activity - Activities for committing civil transactions with securities on behalf of and at the expense of the client (including the issuer of emission securities when they are placed) or on their own behalf and at the expense of the client on the basis of compensated contracts with a client.

Professional participant in the securities market, carrying out brokerage, is referred to as a broker.

As a broker can act as individuals and organizations. Professional brokerage activity in the stock market is performed on the basis of a license obtained in the prescribed manner. Broker receives this license in local financial authorities. The law is allowed to combine brokerage activities with other activities in the securities market.

Under the assignment agreement, the broker acts as an attorney, i.e. He makes a deal on behalf of the client and at his expense. In this case, the problem of the broker is to find securities for the client, which would have arranged for the price, or sell on the instructions of the client-owned securities at the specified price. Broker Based on the Agreement of the OrderA provides the Client for the purchase of securities. The broker finds on the market the necessary client paper and on his behalf concludes an agreement with the owner of securities, and the client from his account pays for their acquisition. For their services, the broker receives a commission remuneration. If the client gives an instruction to sell securities, then the transaction is performed by the same scheme. In this case, the client supplies securities to the buyer, and the latter makes them pay.

Carrying out a transaction under the contract of the Commission, the broker acts as a commissioner and concludes a deal on its own behalf, but at the expense of the client. The client, concluding a commission of the Commission with the broker, transfers funds to the purchase of securities (supplies securities to the Broker for sale), which the broker is taken into account on the off-balance accounts "Depot". Money is listed in full or partially according to the terms of the contract. Broker is obliged to lead a separate accounting of its funds and customer funds.

Dealer activities It is recognized by the commission of the sale of securities on its own behalf and at its own expense through the public announcement of the purchase prices and / or sale of certain securities with the obligation of the purchase and / or sale of these securities at the announced prices of the person carrying out such activities.

A professional participant in the securities market that carries out dealerships is referred to as a dealer. The dealer can only be a legal entity that is a commercial organization.

In addition to the price, the dealer has the right to announce other essential conditions for the sale and sale of securities: the minimum and maximum number of purchased and (or) securities, as well as the period during which announced prices are valid. In the absence of an indication in the declaration to other essential conditions, the dealer is obliged to conclude an agreement for the substantial conditions proposed by its client. In the case of the dealer to enter into an Agreement, it may be claimed for the forced conclusion of such a contract and (or) on compensation for damages caused to the client.

Under securities management activities Admitted implementation legal entity on his own behalf for remuneration for a certain period trust management Transferred to him in possession and belonging to another person in the interests of this person or those specified by this face of third parties: securities; cash intended for investing in securities; Cash and securities received during securities management.

A professional participant in the securities market that performs securities management, referred to as the manager.

The availability of a license to carry out securities management activities is not required if confidential management is associated only with the implementation of the Governance of Securities Rights.

The procedure for carrying out activities on securities management, the rights and obligations of the managing are determined by the legislation of the Russian Federation and treaties.

The managing in carrying out its activities is obliged to indicate that it acts as a manager.

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.

Organizations that carry out clearing on securities, in connection with the calculations on operations with securities, take accounting documents prepared in determining mutual obligations on the basis of their contracts with the participants of the securities market for which calculations are made.

Clearing organization, carrying out calculations on securities transactions, is obliged to form special funds to reduce the risks of non-fulfillment of securities transactions. The minimum amount of special foundations for clearing organizations is established by the federal executive body on the securities market in coordination with the Central Bank of the Russian Federation.

Clearing organization is obliged to approve the rules for making clearing activities.

Depository activities It is recognized to provide services for storing certificates of securities and (or) accounting and transition rights to securities. A professional participant in the securities market that carries out depository activities is referred to as a depositary. Only a legal entity can be a depositary.

The person who has been using the services of the securities storage depositary and (or) accounting for the rights to securities is referred to as a depositor.

The contract between the depositary and the depositor, regulating their relations in the process of depository activities, is referred to as a depositary agreement (a deposit account agreement). The depositary must approve the conditions for the implementation of the depository activities that are inherent part of The concluded depository contract.

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 on the instructions 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.

The depository contract must contain the following essential conditions:

a) the unambiguous determination of the subject of the contract: the provision of services for the storage of securities certificates and (or) accounting of rights to securities;

b) the procedure for transfer by the Depositor to the Depositor of Information on the disposal of depository depositored by securities;

c) the term of the contract;

d) the size and procedure for payment of services of the depositary provided for in the Treaty;

e) the form and frequency of reporting depositary before the depositor;

e) responsibilities of the depositary.

Activities for maintaining the register of owners of securities The collection, fixation, processing, storage and provision of data that make up the system of registering owners of securities is recognized.

Only legal entities are entitled to engage in registering owners of securities. Persons engaged in maintaining the register of owners of securities are referred to as registering holders (registrars).

A legal entity involving the register of securities owners is not entitled to carry out transactions with securities registered in the register of the issuer's securities register.

The system of registering owners of securities should ensure the collection and storage of information on all facts and documents established by the legislation of the Russian Federation on all facts and documents that entail the need to make changes to the register of securities owners and on all the actions of the registry holder to make these changes.

For securities on bearer, the system of maintaining the register of securities owners is not conducted.

The register of securities owners is part of the registry management system, which is a list of registered owners, indicating the number, nominal value and category of personal securities owned by them, compiled as of any set date and allowing to identify these owners, the number and category of securities belonging to them .

The registry holder may be a issuer or a professional participant in the securities market, performing registry maintenance on the basis of the issuer's instructions. If the number of securities owners exceeds 500, the registry holder should be a professional participant in the securities market, performing registry management, with the exception of cases provided for in this Federal law. The registrar has the right to convey a part of its functions to collect information included in the registry management system, other registrars. The transfer of these functions does not exempt the recorder from responsibility to the issuer.

The contract for maintaining the registry is only with one legal entity. The registrar can lead the registers of owners of securities of an unlimited number of issuers.

Activities for the organization of trade in the securities market The provision of services directly contributing to the conclusion of civil law transactions with securities between the participants of the securities market.

A professional participant in the securities market that carries out activities on the organization of trade in the securities market is called the trade organizer on the securities market.

The trade organizer in the securities market is obliged to disclose the following information to anyone interested person: the rules for the admission of the participant in the securities market to trades; Rules for admission to trading securities; Rules of conclusion and reconciliation of transactions; rules for registration of transactions; procedure for execution of transactions; Rules restricting price manipulation; Schedule for the provision of services by organizer of trade in the securities market; List of securities admitted to trading.

The implementation of registry activities does not allow its alignment with other types of professional activities in the securities market.

Restrictions on the combination of activities and operations with securities are established by the federal authority of the executive power on the market of securities.

2. Sphere of activity of brokerage firms, the interaction system between the broker and the client.

Under brokerage, according to Art. The 3 of the Law "On the Securities Market" is understood as the commission of civil transactions with securities as an attorney or commissioner acting on the basis of an agreement of the instruction or commission, 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.

As a broker can act as individuals and organizations. Professional brokerage activity in the stock market is performed on the basis of a license obtained in the prescribed manner. For activities in the securities market, a broker or brokerage organization must meet the following qualifying requirements:

Have in the staff of specialists who have qualifying certificates;

Have the established minimum equity capital necessary for liability to investors;

Place the developed accounting and reporting system, accurately and fully reflective operations with securities.

Broker determines the relationship between the exchanges and merchants, is a professional intermediary. Brokers and brokerage firms make transactions according to the rules of stock trading. They acquire and receive information about all products and services offered on the stock exchange, using the Exchange personnel services, working in the trading room with communications, computing technology, and participate in the work of the Exchange Commission. The relationship between customers and brokers add up on the basis of contracts and agreements. A distinctive feature of brokerage activities from other types of professional activities in the securities market is that brokers can be transmitted transactions of the transmission, if specified in the contract, or to protect the interests of their client with the notification of the latter and only brokers. Transferred is carried out in accordance with the Civil Law of the Russian Federation.

For services rendered to customers, brokerage firms receive remuneration. Its size is determined by the type of transaction performed and the type of instructions. Commissions are paid or for each transaction, or for a month as a percentage of profits.

Broker features are: mediation when concluding transactions by making customer assignments and the rise in the relevant counterparties; Representation of customer interests when conducting stock operations; advising trade on issues related to the conclusion of stock exchange transactions and the quality of the goods sold; documenting transactions and presenting them to registration; Preparation of conclusions on trade practices and trade conjuncture, on stock exchange transactions committed without the participation of brokers, and participation in experts in conducting examinations on general reasons.

Among the main responsibilities of the broker can be called:

a) the obligation to bring to the attention of customers all the necessary information related to the implementation of customer assignments and the execution of obligations under the purchase agreement - sales of securities, including not to recommend the Customer's deal, without taking measures to ensure that the client can understand the nature of the risks associated with it ;

b) to ensure the safety and separate accounting of customer securities, within the deadlines established by the Agreement, submit to the Client reports on the implementation of the contract, extracting cash and securities on the Client Accounts;

c) take measures to ensure the confidentiality of the customer name, its payment details and other information obtained in connection with the fulfillment of obligations under the contract with the Client, with the exception of information to be submitted to the Federal Commission and other bodies within their competence established by the legislation of the Russian Federation, In the event that the contract with the client comprises a condition about a commercial secret.

In the process of working in the stock market it is possible when a broker and client arises conflict of interest. In such cases, the broker is responsible for notifying the client about the existing interest. Failing a broker of this duty, as a result of which the client suffered losses, serves as a basis for compensation for damages in the manner prescribed by civil law (Article 15 of the Civil Code of the Russian Federation).

From a legal point of view, a securities transaction has its own specifics, depending on how the broker operates: as an attorney (under the instruction agreement) or as a commissioner (under the Commission agreement).

If the assignment contract is concluded, this means that the broker (attorney) will speak on behalf of the client and at the expense of the client (principal). The client's concluded on the prisoners is the Customer, it is from him that relevant rights and obligations arise, he is responsible for executing the transaction. Transactions made on behalf of customers are subject to priority execution compared to the transactions of the Broker itself (if they are engaged in them). Calculations on the transaction in which the broker acts as an attorney is carried out by its client from the account of the owner in the registry or depository (when selling securities) or from the current account in the bank (when buying securities).

If the preference is given to the Commission's contract, then when concluding a transaction, a broker (commissioner) speaks of its own behalf, but acts in the interests of the client (Committee) and at his expense. The side of the transaction in this case is a broker, and he is responsible for its execution. At the same time, ownership of things purchased by a broker for its client arise from the client; If the client gave a broker to a commission to sell securities, then it remains their owner until the moment of sale, and then the ownership of them arises directly from the buyer. The money received from the sale of securities is also recognized by the customer; Broker can only hold the remuneration due to him.

Acting as a commissioner, a broker can store customer cash, intended to invest in securities or obtained as a result of selling them, on their off-balance accounts and use them until the client returns (in accordance with the terms of the contract). Part of the profits received from the use of these funds and the remaining broker is listed in accordance with the Treaty of the Client. All losses incurred by the Client in connection with the Broker's activities are reimbursed by him a broker in the manner established by the civil law of the Russian Federation. According to the existing legislation, the client before the execution of the contract has the right to unilaterally terminate its action.

In their activities on the Exchange Brokers are guided by orders. Order is the task of the exchange broker for the purchase or sale of securities. The order indicates the number and name of the securities with which the operation is entrusted with, as well as the limiting transaction prices, the time of action of the order and other conditions for the execution of the order.

In addition to orders, brokers are also guided by reservations. There are several reservations that may be in stock exchange orders. Consider the most common of them - the right broker to act at their discretion, "execute or cancel", "execute immediately or cancel", "only in full", "at the time of opening", "at the time of closing", "the price does not reduce the price" , "price not to raise."

Broker's right to act at its discretion

A reservation about the right broker to act at its discretion - an additional position in the order, giving the right to a broker to fulfill the contract immediately or postpone its execution before the emergence of a more favorable situation. At the same time, the broker is not responsible for the failure to fulfill the order of the estimated period specified on the instructions or according to the estimated price established in it. Such a reservation in the order is often used in the implementation of operations with large batches of securities.

It was originally assumed that orders with such a reservation will be transferred to brokers to specialists, and they themselves will decide on the moment of execution and price. However, the Securities and Exchange Commission forbade specialists to engage in such assignments, in connection with which brokers themselves are obliged to monitor the situation and give instructions to those skilled in the world, in their opinion, the moment.

In this regard, this reservation gradually began to be less used in market orders and are increasingly used in limit.

Follow or cancel

The reservation "execute or cancel" means that the order must be executed immediately in full or canceled.

Execute immediately or cancel

The reservation "execute immediately or cancel" is similar to the previous reservation, but when it is turned on, the order can be performed in part, and the unused part is canceled.

Only in full

The reservation is "only in full" - a reservation included in the order for performing operations with large battles, according to which the order must be executed in full or canceled, but unlike the two previous reservations, it does not mean its immediate execution.

At the time of discovery. At the time of closure

The reservations "at the time of opening" or "at the time of closure" implies that the order must be executed among the first (or among the latter) after opening (or before closing) the Exchange.

Do not reduce the price. Do not raise price

The reservations "price do not reduce" and "the price is not raised" means that the price indicated in the order, in no case should be adjusted in the event of crushing shares or other unforeseen circumstances.

Or or

Conclusion One transaction automatically cancels all the others.

Care

This reservation draws the attention of the broker to the most important orders.

In our country, brokers services are becoming increasingly popular.

3. Characteristics of dealership firms.

According to the Federal Law "On the Securities Market" of dealership, dealer activities recognize the commission of securities purchase and sale transactions and at its own expense by public announcement of the purchase prices and / or sale of certain securities with the obligation of purchase and (or) sales of certain securities According to the announced person carrying out such activities. Therefore, the dealer must constantly monitor and take into account the changing market conditions.

The dealer can only be a legal entity, which is a commercial organization, as well as a state corporation, if for such a corporation the possibility of carrying out dealerships is established by federal law, on the basis of which it is created.

Dealers in the securities market perform the main functions:

Provide information on the release of securities, their courses and quality;

Act as agents that perform assignments of customers (sometimes attract brokers for this purpose);

Follow the state of the securities market; In cases where the activity of purchase and sale decreases (as a result of the lack of sellers or buyers), the dealers at their own expense make the necessary operations to align the securities course;

Give impetus to the development of the securities market, bring buyers and sellers (act as market catalysts).

Dealer activities based on licensing provisions different species Professional activities in the securities market of the Russian Federation can be combined with brokerage activities and other types of professional activities in the securities market In addition to registry management, as well as brokerage activities, dealer activities are subject to licensing.

Dealers depending on the functions performed are divided into:

Traders carrying out pure dealerships with any securities;

Market meters, carrying out the quotation of certain securities during the working day;

Specialists who buy and sell securities assigned to them at their own expense, and also perform limit assignments of brokers.

The dealer income is formed due to the difference between the purchased and selling value of securities.

In the Russian market, an investment company, one of the functions of which is to invest in securities, carrying out transactions on them on its own behalf, including by their quotes (ads for certain securities of the seller's prices and the buyer prices ", By which the investment company undertakes to sell or buy.)

The actions of dealers in the securities market are of greater scale than the actions of brokers. Dealer firms own large capital, which they increase due to the received commission and profits on investment capital. Dealer firms still in more thanThan Brokerage should take part in the activities of their professional associations and be connected to national and international information systems.

Specialists perform the functions of setting quotes (quotation - a purchase or sale offer, containing the name of the security, its element and the essential conditions of the transaction (the number of shares, the calculation currency, the deadlines for the fulfillment of obligations)) on the securities attachment, acquire and sell securities in In accordance with the set quotes, the limit assignments of brokers are performed, determine the opening course.

Moreover, the execution of brokers orders is priority for execution, which is fixed by the Rules of the Exchange, mandatory for execution by dealers.

Dealers declare quotes and are required to maintain the minimum number of quotes for each valuable securities. Dealers regulate demand and supply in the market and can "cross" orders who received them in order to profit.

The main role of the dealer is ready to name the bilateral quotation of market intermediaries to ensure the liquidity of securities. This task is performed on the market Market Maker, which supports a bilateral quotation for the purchase / sale of securities, and within the three-way contract - the provision of services to the Issuer on the inclusion and maintenance of securities in quotation lists.

A bilateral quote is an application (or application) on the purchase and sale of securities on a certain valuable paper that meets the requirements for the spread (value calculated as a percentage, and defined as the difference between the best price in the sale application and the best price in Purchase request in relation to best price In an application for a purchase for a certain security) and the volume of quotations (the amount of the product of prices for the number of securities specified in the purchase and sale applications in a two-way quotation) established for the security. The advantages of bilateral quotes are that they reduce the risk of liquidity of securities.

Thus, dealership can be considered as effective mechanism Implementation and maintenance of investment policy of a bank or company and its portfolio.

A task

Determine the net value of assets joint Stock Companyper share if the amount of assets of the company is 920 thousand rubles., the amount of debt and costs are 710 thousand rubles, the number of issued shares is 3 thousand.

The net value of assets per share is equal to the ratio of the amount of all company assets with the exception of debts and costs for the number of shares issued.

The net value of assets per share \u003d (920 thousand rubles. - 710 thousand rubles.) / 3 thousand \u003d 70 rubles. For the action

Thus, the net value of assets per share is equal to 70 rubles. per share.

Conclusion

Thus, we considered the issue of professional activities in the securities market, and especially brokerage and dealership activities. The mechanism of interaction between issuers and investors is very complex and is associated with huge financial risksTherefore, there is an urgent need to play in the securities market by professionals well knowing this market and able to control the situation.

In each country, the circle of participants in the securities market, as well as the conditions for their participation in the work of the securities market is determined by the state. State legislation in this area reflects the specifics of the state of production and finance of the country and in the case economic crisis undergoes changes.

In Russia, the functioning of the securities market and the composition of its participants are defined primarily by federal laws on the securities market, "on joint-stock companies", the decrees of the FCCB, etc.

IN last years In Russia, the number of securities market professionals has increased significantly, but only their interaction can provide market stabilization and increase the liquidity of securities.

List of used literature

1. Zhukov E.F. Securities and stock markets.: Tutorial For economic universities. - M.: Banks and stock exchanges; Unity, 2006.

2. Solonskaya L.A. Securities. Tutorial. SPB: SZTU, 2005. - 450 s.

3. under. ed. V.I. Kolesnikova, V. S. Torkanovsky. Securities. - M.: Finance and Statistics, 2005. -353c.

4. under. ed. A. I. Basova, V. A. Galanova. Market of securities. - M.: Finance and Statistics, 2008. - 128C.

5. Securities Market and Exchange Business: Support Lectures / Yudina I.N. Barnaul. Publishing house "ABC", 2006 - 119 p.

6. Securities Market: Tutorial for universities / ed. prof. E. F. Zhukova. - M.: Uniti-Dana, 2006.- 399С.

The functioning of the RCB is impossible without professionals serving it and decisive arising tasks. In modern conditions, special training of RCB professionals are needed, including both general economic and technical, and, given the acute situations arising in the market, psychological. In the activities of the RCB professionals, experience and intuition also have great importance.

The main professionals of the RCB are:

1) brokers - intermediaries when conclusted transactions, not participating in them;

2) dealers - mediators participating in transactions by their capital;

3) managers - persons who managed to confidently manage securities;

4) clearing - organizations defining mutual obligations;

5) depository - provide services for the storage of securities;

6) registrars - registers of securities;

7) The organizers of trade on the RCB - provide services to convep the conclusion of securities transactions;

The broker is considered a professional participant in the securities market, which is engaged in brokerage activities. In accordance with the Federal Law "On the Securities Market" "... Brokerage Activity recognizes the commission of civil transactions with securities as an attorney or commissioner acting on the basis of an agreement or commission or a power of attorney to commit such transactions" .

As a broker can act as physical and legal Persons. Professional brokerage activity in the stock market is performed on the basis of a license obtained in the prescribed manner. Broker gets this license in Federal Commission According to the market of securities (FKSB of Russia) or in the authorized organizations that have received a general license.

Field of activity - provision of consulting services, placement of securities on primary and secondary markets, creation and management investment funds etc. Also provide a number of special services in the financial market - mediation in obtaining a loan, assistance in the insurance of transactions, incl. With securities.

Broker and customer relationships are built on contractual basis. It can be used both as an agreement of the assignment and the Commission agreement. If concluded agreement of instructions, this means that the broker will act as an attorney, i.e. On behalf of the client and at the expense of the client. In this case, the parties on prisoners are the Customer, and it is responsible for executing the transaction. If preference is given treaty of CommissionAt the conclusion of the transaction, the broker acts as a commissioner, i.e. on his own behalf, but acts in the interests of the client and at his expense. A side of the transaction in this case is a broker, and he is responsible for its execution.

Broker can also act on the basis power of attorney To commit such transactions in the absence of instructions on the authority of the attorney or commissioner in the contract.

For activities in the securities market, brokers or brokerage organizations must be responsible for the following requirements:

1) to have specialists in the staff who have qualifying certificates;

2) possess the established minimal own capital necessary for material responsibility to investors;

3) Place the developed accounting and reporting system, accurately and fully reflective operations with securities.

Brokers make their operations, guided by a number of rules:

- The client concludes a contract with the brokerage company, which negates all types of orders, incl. Where to buy securities (on stock or over-the-counter market).

- The broker operates within the amount of the amount defined by it by the client, leaving the right to choose securities in accordance with the installation obtained by it.

- If the broker is engaged in dealership, he is obliged to notify its customers about it.

- The client can give a broker an order to stop all the transactions entrusted to him.

- By completing the commission, the broker is obliged to notify the client about this agreed in the contract and transfer to it funds received from the sale of securities (minus commission). The fulfillment of the Agreement of the Order or Commission is considered to be transferred to the Customer of the official notice of the broker on the conclusion of the transaction. As a rule, the broker registers the prisoner and controls the change of the owner - timely introduction to the register of shareholders of the necessary changes.

- The transaction must be registered in a special book, and the client has the right to demand an extract from it.

- Law allowed to combinebrokerage activities S. other activities On the securities market.

If the broker acts as a commission agent, it can store customer cash, intended to invest in securities or obtained as a result of their sale, on their off-balance accounts and use them until the client returns (in accordance with the terms of the contract). Part of the profits received from the use of these funds and the remaining broker is listed in accordance with the Treaty of the Client. All losses incurred by the client in connection with the activities of the broker, reimburse him by the broker in the manner established by the civil law of the Russian Federation.

The second professional mediator in the securities market is a dealer.

Dealers make securities purchase and sale transactions from their own behalf and at their own expense through the public announcement of the purchase price and (or) sales of certain securities with the obligation of purchase and (or) selling these securities at the announced prices.

The dealer also has the right to announce other essential conditions for the purchase and sale of securities: the minimum and maximum number of purchased and sold securities, as well as the period during which the announced prices are valid.

Dealer can be only legal entitywhich is a commercial organization.

1) provide information on the release of securities, their courses and quality;

2) act as agents that carry out customer assignments (sometimes attract brokers for this purpose);

3) follow the state of the RCB; In cases where the activity of purchase and sale decreases (as a result of the lack of sellers and buyers), dealers at their own expense make the necessary operations to align the securities course;

4) give impetus to the development of RCB, bring buyers and sellers.

Dealers are characterized by greater scale than the actions of brokers. Dealer companies own great capital, which they increase due to the received commissions and profits on investment capital.

Governors receive rights to perform operations with securities (in the interests of clients) on their own behalf and for remuneration within the prescribed period . Cashs intended to invest in securities can also be transferred to trust. Managers can be legal entities or individual entrepreneurs. If the actions of the managers cause damage to their clients, managers are required to compensate.

Registrars on the securities market are usually called organizations that are registering under an agreement with the issuer. . Registrythe list of owners of registered securities compiled for a specific date is called. The task of the registrar is to provide the register of the issuer on time and without errors. And why is the issuer need a registry? First of all, it is necessary for the issuer to fulfill its responsibilities to the owners of the securities issued by him.

Joint-stock company Can perform the registrar's functions or transfer them to the execution of a third-party organization providing registry management services. Traditionally, banks or specialized recorders are in the role of such organizations. (We note that in the United States registrars call the transfer agents, while in Russia transfer agents there are usually organizations that the registry themselves do not lead, but help the investor and the registrar to register the change of ownership.) The Issuer concludes with the registrar treaty About registry and pays him for the work performed. In this case, the Issuer may entrust the registry maintenance only one registrar, while the registrar can keep the registry for many issuers.

In addition to its basic functions, recorders are usually performed and additional dutiesClosely related to registry maintenance:

1) on documentary securities are responsible for issuing certificates of securities and control over their appeal;

2) When changing the owner should write down the certificate in the name of the new owner and at the same time make sure that the certificate delivered to renew the certificate really belongs to those who passed it, and not stolen and is not wanted, i.e. The registrar takes into account the rights of investors to the securities belonging to them;

3) draw up the blocking of securities associated with arrest, pledge or other operations;

4) are an issuer's agent for the implementation of corporate actions against securities, such as split (splitting shares into smaller), consolidation, conversion, etc.;

5) Through the registrar, the issuer may transfer informational messages to its investors;

6) can act as a payment agent of the Issuer.

The registrar performs its main responsibilities for the collection and transmission of the registry of the issuer as follows. It leads the facial accounts of securities owners. On the personal account indicated the number of securities owner, as well as all the necessary information about the owner. If a sale transaction occurred, the owner's change should be marked in the registry. Otherwise, the Issuer will legally continue to fulfill its responsibilities in relation to the former owner.

Thus, the personal account is a set of data on a registered person, about securities belonging to it and operations with them. The registry holder can lead the following types of facial accounts:

1) emitage account issuer- The securities of the issuer who passed in the prescribed manner are credited. state registration release, and are written off as they place or repayment;

2) face account Issuer- the issuer's posted shares, redeemed at the request of shareholders or acquired on the balance of the Board of Directors, are credited.

3) facial account of a registered person- An account that opens the owner, a nominal holder, a mortgagee or a trust manager.

Nominal holder- This is a person on which securities recorded in the registry, whereas in fact he is not their owner. The nominal holder itself is keeping accounting for real owners.If the old and new owners of the security opened accounts from the nominal holder, then the status of bills in the nominal holder changes, but the total number of securities recorded on it remains unchanged and the state of its account does not change. Therefore, you do not need to go to the registrar and make it a deal made. The change of owner is drawn up at the nominal holder. It is very convenient if the issuer and his registrar are far from the main financial markets. The institute of nominal holders allows you to bring the place of registration of the change of the owner to the place of the majority of transactions and as a result of this significantly speed up and should be cheaper registration of transactions. In those moments when the issuer needs a full register of its owners, the registrar sends a request to the nominal holder, and he provides him with a complete list of true owners whose bills he leads.

Thus, in the activity of the registrar, as a rule, two main responsibilities are combined - to draw up registers for the issuer and take into account investor rights rights on securities.

Registering the issuer himself is possible only if the number of holders of its securities does not exceed 500. Registrar, being a professional participant in the securities market, can not combine this activity with other types of professional activities. Activities for registering owners of registered securities are considered exclusive. In the role of the registrar can perform only a legal entity having an appropriate license.

As noted earlier, sellers, buyers and intermediaries representing their interests are needed for market functioning. Brackers and dealers are as a rule as intermediaries.

In accordance with the Law on the Securities Market, "brokerage activities recognizes the commission of civil transactions with securities as an attorney or a commissioner acting on the basis of an agreement of the instruction or commission, as well as a power of attorney to commit such transactions."

As a broker can act as individuals and organizations. Professional brokerage activity in the stock market is performed on the basis of a license obtained in the prescribed manner.

Professional participant in the securities market, engaged in brokerage, is referred to as a broker.

Broker and customer are building their relations on a contractual basis. At the same time, the Agreements of the Assignment and Commission can be used. If a commission is concluded, this means that the broker will speak on behalf of the client and at the expense of the client, i.e. The client is the side of prisoners and it is responsible for executing the transaction. If the commission is concluded, then when concluding the transaction, the broker opposes its own behalf, but acts in the interests of the client and at his expense. A side of the transaction in this case is a broker and he is responsible for its execution.

The fulfillment of the Agreement of the Order or Commission is considered to be transferred to the Customer of the official notice of the broker on the conclusion of the transaction.

If the broker acts as a commissioner, the Commission agreement may provide for the obligation to keep funds intended for investing in securities or obtained as a result of the sale of securities, at the Broker on off-balance accounts and the right to use them by a broker before the return of these funds to the Client In accordance with the terms of the contract.

Transaction brokers are allowed only to brokers. The transmission is allowed if it is stipulated in the contract of the commission or the assignment or in cases where the broker is forced to this force for the protection of the interests of its client with the notification of the latter.

Transferred is carried out in accordance with the Civil Law of the Russian Federation.

The main income of the broker gets due to commissions charged with the amount of the transaction. Therefore, the task of the broker is to have customers, among which would be both suppliers of securities and their buyers, owners of temporarily free cash.

The broker must fulfill customer instructions in good faith and in order of their receipt, unless otherwise provided by the contract with the client or his assignment. Transactions carried out on behalf of clients, in all cases are subject to priority execution compared with the dealership operations of the Broker itself when combining the Broker and Dealer's activities.

If the broker has an interest that impedes the implementation of the client's instructions on the most profitable conditions for the client, the broker is obliged to immediately notify the latter about the presence of such interest.

If the conflict of the interests of the broker and his client, about which the client was not notified to the relevant assignment broker, led to the execution of this instruction with damage to the interests of the client, the broker is obliged to compensate for the losses in the manner established by the civil law of the Russian Federation.

Dealer activities recognize the commission of the sale of securities of securities on its own behalf and at its own expense by public announcement of the purchase and / or sale prices of certain securities with the obligation of the purchase and / or sale of these securities on an announced person carrying out such activities, prices.

A professional participant in the securities market that carries out dealerships is referred to as a dealer. The dealer can only be a legal entity that is a commercial organization.

Speaking as a market operator, the dealer has the right to declare the essential conditions of the purchase and sale of securities: the minimum and maximum number of purchased and / or sold securities, as well as the period during which the announced prices are valid. In the absence of an indication in the declaration to other essential conditions, the dealer is obliged to conclude an agreement for the substantial conditions proposed by its client. In the event of the dealer to enter into an Agreement, it may be claimed for the forced conclusion of such a contract and / or compensation for damages caused to the client.

In the domestic market, a dealer can be an investment company, one of the functions of which is to invest in securities, the implementation of transactions with them on its own behalf, including by quotes. On the market of state debt obligations the main dealers were credit organizations.

Securities management activities are recognized as a legal entity or individual entrepreneur On his own behalf for the remuneration during a certain period of trust management transferred to him and owned by another person in the interests of this person or those listed by third parties:

· Securities;

· Cash intended for investing in securities;

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

A professional participant in the securities market that performs securities management, referred to as the manager.

The procedure for carrying out activities on securities management, the rights and obligations of the managing are determined by the legislation of the Russian Federation and treaties.

The managing in carrying out its activities is obliged to indicate that it acts as a manager.

If the conflict of the interests of the managing and its client or different clients of one manager, which all parties were not notified in advance, led to the actions of the manager who had damaged the interests of the Client, the managing was obliged at his own expense to pay damages in the manner established by civil law.

Similar information.