An entrepreneurial union of companies united in certain territories. Reasons for creating and benefits of entrepreneurial networks and alliances

03.03.2020 | State

Professional participants in the securities market are called legal and individuals who conduct official business activities in the securities market.

They can be conditionally considered as 8 conditional groups:

Professional traders.
Brokerage companieswho are intermediaries between sellers and buyers.
Dealers- they trade securities exclusively on their own behalf and at their own expense.
Companies that accept investors' moneyinto management and trade on their behalf.
Registrars- maintain lists (registers) of securities.
depositaries- take into account and store securities for which they are authorized by market participants.
Clearing organizations- keep accounting records and reporting on trading operations with securities.
Market Organizers(for example, the stock exchange) - create favorable conditions for trading in securities.

The requirements that apply toprofessional participants market - have a licenseto conduct their activities.

All market participants can also be divided according to a different principle into 3 large groups:

Investors;
Issuers;
Intermediaries between them.

Issuers- enterprises that issue securities and sell them. A and become new owners.

Professional Membersdiffer in thatare licensedand participate in the auction as intermediaries or organizers. Now let's talk about them in more detail.

Brokers

They make transactions with shares and other securities on behalf of clients and at their expense, but they can also act on their own behalf. Depending on the nature of the transactions,brokers can be attorneys, commission agents and act by proxy in accordance with the contract.

Dealers

They trade on their own behalf and at their own expense, publicly announcing the prices for the purchase and sale of specific securities with an obligation to buy/sell at the announced prices.Only a legal entity can be a dealer.

The dealer has the right to announce other significant terms of the agreement, such as the minimum or maximum number of securities in a transaction, the validity period of the current price.

Securities trust management activities

Below we will talk about trust management. Such market participants are called managers. This does not require a license.

In this case, the trustee operates:

stocks, bonds and other securities;
money that is entrusted for the purpose of investing;
money and securities that are acquired in the process of fiduciary trading.

depositaries

They provide services for storage, calculation of the results of transactions or the transfer of rights to securities. Their activity is regulated by the contract.

Activity on maintenance of the register of holders of securities

Those who keeps registers, called registrars or registry holders. They collect, record, process and store data in registers, and provide information to the owner of securities. This can only be done legal entities.

Registrars issuer's securitiesif their owners appear in the registers they maintain.

Registers- these are lists of registered owners of shares, bonds and other securities, which indicate the number of securities, category and their nominal value.

Clearing Services

Clearing organizations undertake to collect, verify and correct information on mutual obligations, and conduct settlements for deliveries of securities.

Intermarket and intramarket participants

Intermarketparticipants coordinate or serve the work of several financial markets at the same time. These includeinvestment groupswho invest in different assets - currency, real estate, securities. They also include agencies and private professionals providing services for .

TO intramarketParticipants include persons primarily working in the securities market. They can be both professional market participants and non-professional ones.

Can professional activities in the financial markets be combined?

Easy, but within the framework of legal acts.

For example: the law does not allow combining registry maintenance with other professional activities in the financial market.

Rwork of brokers, dealers, depositories and managers may well be performed by one organization.

Depositories may combine their activities with the performance of clearing company functions.

Control over professional market participants

On the territory of the Russian Federation, the work of professional market participants falls under the control of the Bank of Russia, which issues 2 types of licenses:

a license that allows you to be a professional participant in the securities market
license to trade

This is the basic minimum that every trader and investor needs to know about market participants. And if you want to move gradually and systematically -, where we will analyze these, and not only questions related to trading.

The functioning of the securities market is impossible without professionals serving it and solving emerging problems. The Federal Law “On the Securities Market” defines that “professional participants in the securities market are legal entities, including credit institutions, as well as citizens (individuals) registered as entrepreneurs who can carry out the following types of activities on the market valuable papers:

brokerage activities;

dealer activity;

Securities management activities;

clearing activities;

depository activities;

Activity on maintenance of the register of holders of securities;

Activities for the organization of trade in the securities market.

The main professionals of the securities market are:

1) brokers (intermediaries in concluding transactions, not participating in them themselves);

2) dealers (intermediaries participating in transactions with their own capital);

3) managers (persons disposing of the securities transferred to them for trust management);

4) clearing houses (organizations engaged in the determination of mutual obligations);

5) depositories (provide securities storage services);

6) registrars (maintain registers of securities);

7) organizers of trade in the securities market (provide services facilitating the conclusion of transactions with securities);

8) jobbers (specialists in the situation of the securities market).
To operate on the securities market, a broker or brokerage organization must meet the following qualification requirements:

To have in the staff of specialists who have qualification certificates;

Possess the established minimum own capital necessary for material liability to investors;

Have a developed accounting and reporting system that accurately and completely reflects transactions with securities. It is the duty of the broker to faithfully execute the orders of clients. He must put the interests of clients first and fulfill them in the order in which they are received.

The broker receives the main income from commissions charged from the amount of the transaction. Therefore, the task of a broker is to have clients, among whom would be both suppliers of securities and their buyers, owners of temporarily free funds.

So, having considered the brokerage activity in more detail, we can formulate a number of rules that guide the broker when performing his operations:

The client enters into an agreement with the brokerage firm, which stipulates all types of instructions, including where to buy securities (on the stock exchange or on the over-the-counter market);

The broker acts within the amount determined by the client, usually retaining the right to choose securities in accordance with the instructions received by him;

The client can give the broker an order to stop all transactions entrusted to him;

Having completed the order, the broker is obliged to notify the client about this within the period specified in the contract and transfer to him the funds received from the sale of securities (minus commissions);

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

2. Dealers make securities purchase and sale transactions on their own behalf and at their own expense by publicly announcing the purchase and (or) sale prices of certain securities with the obligation to purchase and (or) sell these securities at the declared prices by a person carrying out such activities. Only a legal entity that is a commercial organization can be a dealer.

The dealer's income consists of the difference between the selling and buying prices. Therefore, the dealer must constantly monitor and take into account the changing market conditions. It usually specializes in certain types of securities, but large organizations may serve the securities market as a whole.

Acting as a market operator, the dealer announces the sale and purchase prices, the minimum and maximum number of purchased and (or) sold securities, as well as the period during which the announced prices are valid.

Dealers in the securities market perform the following main features:

Provide information on the issue of securities, their rates and quality;

They act as agents executing orders for clients (sometimes they involve brokers for this purpose);

Monitor the state of the securities market; in cases where the activity of buying and selling decreases (as a result of a lack of sellers or buyers), dealers at their own expense perform the necessary operations to equalize the price of securities;

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

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

Securities management activities include:

Management of securities transferred by their owners to the respective company;

Management of clients' funds intended for profitable investment in securities;

Management of securities and cash that companies receive in the course of their activities in the securities market.

4. Making transactions with securities is accompanied not only by their transfer from one owner to another or by the re-registration of ownership rights to them with registrars or depositories, but also by the oppositely directed transfer of money for these securities from their buyer to the seller. If we are talking about one-time or few transactions, then settlements for them are made in the usual way, as in transactions for the sale of other goods.

Settlement and clearing organizations carry out settlement and clearing activities, which, in particular, include:

Carrying out settlement transactions between members of the settlement and clearing organization (and in some cases - and other participants in the stock market);

Implementation of offset of mutual claims between participants of settlements, or implementation of clearing;

Collection, reconciliation and adjustment of information on transactions made in the markets served by this organization.

In practice, these organizations may have such names as the Clearing House, Clearing House, Clearing Center, Settlement Center. In the most general terms, a settlement and clearing organization is a specialized banking type organization that provides settlement services to participants in the organized securities market. Its main goals are:

Maximum cost reduction for settlement services for market participants;

Reducing the time of calculations;

Reduction to the minimum level of all types of risks that occur in the calculations.

In order to reduce the risks of non-execution of transactions with securities, the settlement and clearing organization is obliged to form special funds. The minimum amount of special funds of settlement and clearing organizations is established by the Federal Commission for the Securities Market in agreement with the Central Bank of the Russian Federation.

A settlement and clearing organization usually exists in the same legal forms as commercial banks, but more often in the form of a closed joint-stock company, and must have a license from the Central Bank of the countries for the right to service all types of settlement transactions in the relevant securities market.

A settlement and clearing organization is a commercial organization that must operate at a profit. Its authorized capital is formed from the contributions of its members. The main sources of income consist of:

Transaction registration fees;

Income from the sale of information;

Income from the circulation of funds at the disposal of the organization;

Proceeds from the sale of their calculation technologies, software;

other income.

5. depositaries called organizations that provide services for the storage of securities certificates or accounting for ownership of securities, i.e. The depository maintains accounts on which the securities transferred to it by clients for safekeeping are recorded, and also directly stores the certificates of these securities. Only a legal entity can be a depositary.

The deposit agreement must contain the following essential terms:

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

b) the procedure for the depositor to transfer to the depository information on the disposal of securities deposited with the depository
depositor;

c) the duration of the contract;

d) the amount and procedure for paying for the services of the depository, provided for
contract;

e) the form and frequency of reporting by the depository to the depositor;

f) obligations of the depositary.

6.Registrars maintain a register of holders of securities, carry out
collection, fixation, processing, storage and provision of data constituting the system for maintaining the register of securities holders. Only legal entities may be engaged in the maintenance of the register.
persons who do not have the right to engage in transactions with valuable
papers.

Owners and nominal holders of securities are required to comply with the rules for submitting information to the registry system. The register keeper may be an issuer or a professional participant in the securities market acting on the basis of the issuer's instruction. If the number of owners exceeds 500, the register keeper must be an independent specialized organization that is a professional participant in the securities market and carries out activities for maintaining the register.

The registry maintenance agreement is concluded with only one legal entity, which is the registrar. An agreement is concluded between the registrar and the issuer on maintaining the registry, which provides for payment for the work performed. For its part, the registrar may maintain registers of holders of securities of an unlimited number of issuers.

The main duty of the registrar is the timely provision of the register to the issuer. Another duty of the registrar, closely related to the main one, is the maintenance of personal accounts of holders of securities and nominal holders of accounts, which, in case of non-documentary issue, certify the ownership of securities. The activity of the registrar, as a rule, combines two main duties - to draw up registers for the issuer and to take into account the ownership rights of investors to securities.

7. Trade organizers in the securities market provide
services directly facilitating the conclusion of civil law transactions. They are required to disclose the following information to any interested person:

Rules for admission to trading of securities participants;

Rules for admission to trading in securities;

Rules for concluding and reconciling transactions;

Rules for registration of transactions;

The order of execution of transactions;

Rules restricting price manipulation;

Schedule for the provision of services by the organizer of trade in the securities market;

The procedure for making changes and additions to the above information;

List of securities admitted to trading.

8. Professional participants in the securities market may be jobbers are equity market consultants who first appeared in the City of London. Their activities were required in connection with the constant expansion of the scale and structure of the securities market, the complexity of operations in this market. In depositaries and other places of storage there is a huge amount of securities issued by various issuers, in different time and endowed with dissimilar properties. Jobbers are needed not only to correctly evaluate the investment qualities of already issued securities, but also to help issuers carry out their new issues. They not only give one-time advice, but also solve complex problems of the securities market ( make forecasts of changes in stock prices, determine the prospects for the development of individual sectors of the economy, analyze tax policy). To do this, they create temporary research teams from among economists, bank workers and other specialists.

Business is a very exciting thing. This is what successful and richest entrepreneurs think: Bill Gates, Warren Buffett, Jeff Bezos, Mark Zuckerberg, and others. Their capital was formed not only thanks to brilliant ideas and commercial talent, but also due to the popularity of their shares on world exchanges. And if Microsoft or Facebook can be attributed to the technology sector, then the Buffett Foundation for a long time did without them at all. Consequently, huge fortunes can bring different kind shares.

Many consider activity in this complex and voluminous market to be the lot of the elite: work requires an analytical mindset, many years of experience, and professionalism. Others see securities as something like casino chips, trying to capitalize on their fluctuations. Which view is the most correct? Many of the billionaires on the Forbes list started their fortunes with the first small investments, contracts and deals - perhaps only Soros has succeeded using a speculative approach. The securities market is extremely diverse - but before touching on individual types of assets, let's talk about the history and regulation of this market.

History and regulation of the securities market

The first exchanges were organized in London and Antwerp at the beginning of the 16th century to trade in commercial bills and promissory notes of states. The exchange was thus a place for transactions. In Russia, stock exchanges appeared in the 1830s and actively developed until the outbreak of the First World War, with the railway market acting as a catalyst in the 1860s. People felt the taste of "fast" money and started speculating, according to the memoirs of contemporaries, there was a stir around. In 1900, in St. Petersburg, at the Commodity Exchange, which had existed since 1701, a special department was created for trading in currency and stock assets.

In the US, the stock market has been operating since 1792 and is often a standard of comparison - it is on it that the maximum amount of information has been accumulated. In 1924, the first American one appeared, allowing you to immediately invest in a pool of assets. In 1997, Russian mutual funds were created on their model. In addition, since 1993, diversified instruments of many stocks or bonds traded on stock exchanges as one share have been circulating on the international market.

The modern International Federation of Exchanges has more than 50 trading floors, where almost 40 thousand joint-stock companies and a huge number of qualified players are represented. The world's largest centralized exchanges are London, New York, Tokyo and Euronext.

The securities market in the state performs a number of important functions: investing borrowed funds in business, private savings, and activating entrepreneurship. This is an important component of the country's stability, therefore, in all modern states, the regulation of the securities market is carried out very carefully.

Regulation of the securities market is a constantly changing process, adapting to the needs of society and ultimately aimed at the benefit of the investor. Thus, in May 1975, fixed commissions to Wall Street players were abolished, initiating price competition. Gradually cheaper ones appeared. investment products, the entry threshold for financial institutions was lowered. Electronic form replaced the paper one, allowing you to send copies of the originals to the other side of the world in a few seconds - today, having an amount of several thousand dollars, a private investor has the opportunity to buy assets around the world. In the United States, it is engaged in the regulation of the securities market.

In Russia, the financial instruments market was reopened only in the early 1990s - the 1996 law "On the Securities Market" established the procedure for the work of all interested parties in the Russian Federation. He defined the interactions of the participants, incl. professional, when dealing with securities, the obligation of licensing and information transparency, the role of, opportunities for self-regulation of organizations. Regulation ensured the interests of all market participants, although in the early years it did not rule out a large number of manipulations.

Since the activity of the securities market is closely intertwined with the economy, the provisions governing it are contained in in large numbers legal documents of civil legislation related to the work of the banking and investment sectors and trading floors.

Participants of the securities market and its structure

In national law, it is fixed that participants in the securities market are divided into issuers, investors and professional participants.

Organizations start selling securities when they need to replenish capital or want to raise money for a certain period. For example, to expand the business. The buyers are organizations and individuals who purchase securities in order to receive income and take part in the management of the joint-stock company.

The intermediary role is performed by licensed legal entities: brokers, dealers, management companies, depositories, registrars, clearing organizations. What exactly are they doing?

The broker performs transactions on behalf of the client. The dealer acts independently, and the forex dealer can cooperate with citizens on unorganized auctions. Currency speculation is not investing, the foreign exchange market is just a way to exchange one currency at the current rate for another at a better rate than in a bank around the corner. However, a few years ago, on the wave of interest in the unregulated foreign exchange market in Russia and the CIS, there were several large ones with a yield of about 10% per month.

Management companies manage the securities of their clients - the most common. The depository is designed to store securities, and the register keeper collects and stores information about their owners. Clearing organizations organize reporting on transactions.

Exchanges (self-regulatory organizations) organize trading in stock assets on their platforms, i.e. the exchange cannot carry out transactions with securities on its own behalf and at the request of clients. In fact, today's exchange has the same basic functions as several centuries ago - it is an intermediary, a guarantor of a transaction between the parties. The largest exchange in Russia -. When the paper is placed on the market for the first time, a procedure is carried out. After the security has been bought by the first investor, he can sell it to another at the established price. The exchange of securities between investors without the mediation of the issuer is called the secondary market. An analogy can be found in the real estate market, where primary property means a new apartment, and secondary property means a private owner.

If securities exist but are not listed on the stock exchange, they can be bought and sold using electronic trading systems. The range of assets is from shares of small factories at a few kopecks apiece to Eurobonds from $100,000 or euros. The main problem of the over-the-counter market is low.

Banks occupy a special position in the securities market: they raise money and invest it, participate in investment transactions (for example, list company shares on stock exchanges), and advise depositors. At the same time, consultation will always be beneficial for the bank, but not always for the other party. Under a special license, banks provide brokerage, dealer, depository, management and clearing services. Since 2013, the Bank of Russia has been playing the role of the main institutional regulator of the market through monetary and credit operations. It is important to note that major players (including banks) act as market makers, providing market liquidity. Read more about market makers.

The professional securities market abroad may differ somewhat from the Russian one in terms of rules and composition of participants, however, in general, stock markets various countries adjusted in a similar way. For example, the US market is much larger and more liquid than the Russian market: it has a much larger number of securities that are in demand. Accordingly, the share of private investors abroad is much higher than the domestic indicator. If in the Russian Federation only 1% of the population is active in the stock market, then in the USA - almost 50%, in Germany and Japan -30%, in Australia - 40%.

Typology of securities

The securities market in Russia is represented by shares, bonds, promissory notes, checks, mortgages, investment shares, bills of lading, double and simple warehouse certificates, pledge certificates - warrants, savings and deposit certificates, etc.

Novice entrepreneurs-investors get confused in numerous securities, and strange names sometimes create the illusion of a special market complexity. For example, the unusual term "blue chips" is used to refer to the shares of the most stable companies, and "fallen angels" are securities of previously profitable, but now depreciated firms. In the 1980s, Buffett, known for his love of cheap but promising securities, successfully invested in fallen angel bonds.

Experts have not yet compiled an exhaustive list of classifications, since financial securities markets are developing dynamically and new products appear on them from time to time. Common typologies of securities are summarized in the matrix below:

CAPITAL / INVESTMENT

(receiving income, increasing the capital of companies)

shares, bonds, shares of cooperatives, investment certificates, mortgage bonds, issuer options

CASH (DEBT)/ NON-INVESTMENT

(servicing cash settlements, ensuring the circulation of capital)

commercial and financial bills up to 1 year, banker's acceptances, commercial corporate papers up to 1 year, short-term savings bills and bank certificates of deposit, government treasury bills, government bonds for 3, 6, 9, 12 months, check, bill of lading

PRIMARY / BASIC

(provide monetary and property rights)

shares, bonds, promissory notes, pledges, bank certificates

SECONDARY / DERIVATIVES

(gives the right to primary securities, the value depends on the primary)

stock warrants, depositary receipts, issuer option, futures, swaps

MORTGAGE

(serve the mortgage agreement)

mortgage bonds and participation certificates, collateral / mortgages, FON certificates

PRIVATIZATION

(the right to receive a share of property free of charge)

privatization check

COMMODITY DISTRIBUTION

(the right to dispose of the said property)

bill of lading, warehouse receipt, warrant

EMISSION

(issued in large quantities, registered)

shares, bonds, bank certificate, issuer option

NON-EMISSION

(issued individually)

bill of lading, bill of lading

(ownership of shares in the authorized capital)

shares, investment certificates

DEBT

(cash loan)

promissory note, bonds, government treasury bills of lading, savings (deposit) certificates

shares, mortgage, bonds, promissory note, bank certificate, bill of lading, issuer option, gold certificates

BEARER

bonds, promissory note, bank certificate, bill of lading, OGSZ

ORDER

(transferred to another person by making an endorsement)

bond check, bill of exchange, bank certificate, bill of lading

STATE

(issued by government agencies)

GKO, OFZ, OGSS, KO, OVVZ, gold certificates

CORPORATE

(issued by commercial organizations)

shares, bonds, promissory note, eurobonds, euronotes, euroshares

(lifetime is limited)

deposits, bonds, promissory note, bank certificate, bill of lading, mortgage

PERMANENT

(existence is not limited)

DOCUMENTARY

(paper form)

shares, bonds, promissory note, bank certificate, bill of lading, mortgage, OGSZ

UNDOCUMENTARY

(entry in the register of holders)

stocks, bonds, GKOs

PROFITABLE

(generate income)

NON-INCOME

(certify the owner's right to goods, money, and not to capital)

IRREVOCABLE

(cannot be withdrawn and repaid early)

REVIEW

(may be withdrawn and repaid early)

MARKET

(freely traded on the market)

NON-MARKET

(cannot be resold, returned only to the issuer)

WITH A CONSTANT VALUE

(when issued, the denomination is indicated)

WITH VARIABLE RATING

(issued without monetary value)

FIXED INCOME

(the amount of income is specified in advance)

WITH NON-FIXED INCOME

(the amount of income is determined by the results of work)

NATIONAL

(issued by residents of the state)

FOREIGN

(issued by residents of a foreign state)

In abbreviated form, you can use the following scheme:

Risks and profitability of securities

The market is in constant motion. New securities appear, old ones disappear. World famous giants are losing popularity, and in their place come previously unknown new stars. Some companies go bankrupt, while others soar by thousands of percent. Huge markets for new asset classes are emerging, as was the case with mortgage bonds in the 1980s. Inflate and occur global. How can a lone investor not get lost in this ocean?

Investing money, incl. By purchasing investment papers, investors are looking for a balance between risk and profit. At the same time, it is not necessary to be well versed in each type of security from the table above in order to be a good investor - the ability to use a compass and navigate by the stars can be enough to bring a ship in the ocean to the target. Although the experience of actually hitting the waves of the market certainly adds stability to your ship.

Until now, the most popular among Russians are low-yield bank deposits, for which stock exchanges and securities are not needed - however, it is quite possible to find, for example, large Russian issuers, whose bond yield will be a couple of percent higher than the yield of standard deposits. The risk is that deposits are insured against bank failure, but not against issuer failure. And if the deposit is not taxed, then when working with a bond, income tax may arise. In addition, since 2015, an individual investment account () has been available for Russians.

The best way to optimize risks is portfolio investment. For a primary understanding, we can say that it is aimed at diversification - combining, taking into account their urgency, reliability, riskiness and profitability. Thus, potential losses from risky assets during bad periods are smoothed out by guaranteed profits from less risky ones. But in fact, this method has other advantages.

The risk is measured numerically standard deviation from the average yield of the security. Simply put, this is the range of fluctuations in quotes - and the more profitable the asset, the stronger the fluctuations: when buying potentially high-yielding securities, there is a high risk. How would you feel if, after buying a stock for $100, at some point it will cost half as much? Therefore, a classification that helps to make decisions has been developed for investors:

risk-free - US government short-term debt obligations up to a year (treasury bills);
low-risk - government bonds (GKO, and others);
medium-risk - bank certificates, mortgages, corporate;
high-risk - stocks and derivatives (derivatives).

Gamblers willing to take risks for profits are attracted to stocks and derivatives. Conservatives will choose OFZ, bills and investing in gold. Prudent investors are focused on compiling a portfolio of different securities. The classification described is often represented by something like this diagram:

In this case, you need to understand the difference between shares and derivatives. In the simplest case, a derivative instrument can be represented as a change in the price of an asset multiplied by a certain coefficient. For example, if the price of a share rose by 1%, then that share could rise by 10%. But the fall will be appropriate. The derivatives mechanism is based on leverage from a liquidity provider, in other words, a loan for buying or selling futures.

And here lies the main difference. A derivative instrument is a swing game, a casino. A leveraged bet on the rise or fall of the underlying asset. At the same time, the long-term change in the share price has a different nature - it is an indicator of the company's business performance. Since stocks and entire markets can drop 50% or less in value in the short term, using even a very small 1:2 ratio can lead to a complete loss of funds. The stock market is growing in the future, but greed in the form of buying a derivative instrument can destroy all capital, as it will not allow you to survive the inevitable market drawdowns. And this capital will go to another player - the one who bet on the fall.

The future of the market

The securities market has great prospects associated with positive trends:

the level of capitalization of companies and the volume of exchange operations are increasing;
information support has improved, trading technology has changed - exchanges have become electronic;
are happening organizational changes– trading platforms become self-regulating;
the activity of investors when buying shares is growing;
changes in pension, tax and social security legislation encourage private investors to actively work in the market.

The attractiveness of the participation of individuals and organizations in investment transactions is also increasing with the formation of a global financial market.

1.2. Participants of the securities market

Participants of the securities market(market entities) are individuals and legal entities that sell, buy securities or service their turnover and settlements on them, entering into certain economic relations with each other related to the circulation of securities.

All participants in the securities market can be conditionally divided into professionals and non-professionals. In accordance with the Law "On the Securities Market" professional members securities market - these are legal entities that carry out the following activities: 1) brokerage; 2) dealer activity; 3) securities management activities; 4) settlement and clearing activities; 5) depository activities; 6) activity on maintenance of the register of holders of securities; 7) activity on organization of trade in securities.

depending from functional purpose all participants in the securities market can be divided into: 1) issuers; 2) investors; 3) fund intermediaries; 4) regulatory and control bodies; 5) organizations serving the market.

I. Issuers securities are business entities seeking to obtain additional sources of financing, as well as public authorities that issue loans to cover part of government spending.

Issuers include:

State (central government, regional and municipal authorities, large national companies);

Joint-stock companies (corporations of the manufacturing sector, the credit sector, large international companies, stock exchanges, financial institutions);

Private enterprises (can only issue debt securities);

Individuals (only IOUs and checks can be issued).

II. Investors - individuals and legal entities that have temporarily free funds and wish to invest them to obtain additional income. Investors purchase securities in their own name and at their own expense.

Distinguish:

? institutional (collective) investors– 1) the state, 2) corporate investors (joint stock companies), 3) specialized institutions: specialized funds and companies (banks, Insurance companies, pension funds), investment institutions ( investment companies, investment funds);

? market professionals– stock intermediaries (brokers, dealers);

? individual investors– individuals using their savings to purchase securities;

? other investors- enterprises, organizations.

In practice, there is no clear distinction between issuers and investors; often an economic entity or an investment institution that issues its own securities can be an investor, i.e., buy securities of other issuers.

Some of the main issuers and investors of securities are: banks, investment companies, etc.

Bank - is an organization created to attract funds and place them on its own behalf on the terms of repayment, payment and urgency. The main purpose of the bank is to mediate the movement of funds from lenders to borrowers and from sellers to buyers.

Russian banks are active players in the Russian stock market. They have the right to carry out stock and trust transactions with securities. The development of legislation on mortgages and the adoption of the law on mortgage-backed securities open additional features to expand a new area of activity for banks.

Mutual investment fund(PIF) is a separate property complex, consisting of property transferred to trust management of a management company by the founder (founders) of trust management with the condition of combining this property with the property of other founders of trust management, and from the property received in the course of such management, a share in the right ownership of which is certified by a security issued by the management company (Article 10 of the Law "On Investment Funds" dated November 29, 2001 No. 156-FZ).

This property complex is created at the expense of the contributions of investors (individuals and legal entities), as well as incremental property, the share in the ownership of which is certified by a security issued by the management company – investment share. A mutual investment fund is not a legal entity and becomes a market entity through a management company that conducts its operations, as well as with the help of a specialized depository that keeps records of the property and rights of investors.

Investors' funds transferred to trust management of the management company are invested in the most reliable and liquid instruments of the securities market, while striving to ensure the highest possible profitability.

Joint stock investment fund(AIF) is an open joint stock company, the exclusive subject of activity of which is the investment of property in securities and other objects provided for by the Law "On Investment Funds" (Article 2 of the Law "On Investment Funds" dated November 29, 2001).

The exclusive activity of an investment fund is the issuance of its own shares and their sale to everyone, including the public, and at the same time investing own and borrowed funds in the securities of other issuers. By purchasing shares of the fund, investors become its co-owners and share in full the entire risk from financial transactions carried out by the fund. The success of such operations is reflected in the change in the current price of the fund's shares.

Non-state pension fund(NPF) is a special organizational and legal form non-profit organization social security, the exclusive activity of which is non-state pension provision of fund participants on the basis of agreements on non-state pension provision of the population with fund investors in favor of fund participants. The activities of NPFs are regulated by the Law of the Russian Federation dated May 7, 1998 No. 75-FZ “On Non-State Pension Funds”.

The NPF transfers its assets to specialized trust companies for management.

Insurance Company is a legal entity of any organizational and legal form provided for by the legislation of the Russian Federation, which conducts insurance activities and has received a license for its implementation in the prescribed manner. The license to the insurer is issued by the Federal Service for Supervision of Insurance Activities for each type of insurance.

Insurance companies invest in various financial assets: government securities of the Russian Federation, government securities of constituent entities of the Russian Federation, municipal securities; bills of banks, bank deposits (deposits); shares, bonds of enterprises; housing certificates; investment shares of mutual funds, certificates of equity participation in OFBU (General Funds of Banking Management). The principles of placement of insurance reserves are: diversification, repayment, profitability, liquidity.

III. The next group of participants in the securities market are fund intermediaries- traders that ensure the relationship between issuers and investors in the securities market. These include brokers and dealers.

Brokerage- this is a licensed activity for making civil law transactions with securities on behalf of and at the expense of the client (including the issuer of issue-grade securities during their placement) or on their own behalf and at the expense of the client on the basis of reimbursable agreements with the client. A professional participant in the securities market carrying out this activity is called broker.

In addition to operations with securities, a broker can also provide information and consulting services. He can provide information on the situation on the securities market, the supply and demand of their individual types, consult on individual stock transactions, as well as on the conclusion of contracts and agreements.

Dealer activity is the execution of securities purchase and sale transactions on one's own behalf and at one's own expense by publicly announcing the purchase and / or sale prices of certain securities with the obligation to purchase and / or sell these securities at the announced prices. In addition to the price, the dealer has the right to announce other essential terms of the securities purchase and sale agreement: the minimum and maximum number of purchased and/or sold securities, as well as the period during which the announced prices are valid. If there is no indication in the announcement of other essential conditions, the dealer is obliged to conclude an agreement on the essential conditions proposed by his client. Dealer activities are licensed and can be combined with brokerage activities.

IV. Bodies of regulation and control.

In world practice, four main forms of regulation of the securities market are known.

1. State regulation based on legislation and taxation.

2. self-regulation, carried out through the activities of various associations of stock market professionals.

3. Exchange regulation, i.e. regulation through the rules of operation of general and specialized stock exchanges.

4. Public regulation or regulation through public opinion.

1. State regulatory bodies. The securities market is regulated at the state level by:

1) the highest authorities: Federal Assembly, President, Government;

2) government bodies regulation of the securities market at the ministerial level: the Ministry of Finance of the Russian Federation, the Bank of Russia, the Federal Service for Financial Markets, the Federal Service for Supervision of Insurance Activities, etc.

2. Self-regulatory organization of professional participants in the securities market(SROPURTSB) is a voluntary association of professional participants in the securities market, operating on the principles of a non-profit organization, created to ensure conditions professional activity securities market participants, compliance with professional ethics standards, protecting the interests of securities holders and other clients of professional securities market participants who are members of a self-regulatory organization, establishing rules and standards for conducting transactions with securities that ensure efficient operation in this market. All income of a self-regulatory organization is used by it exclusively for the fulfillment of statutory tasks and is not distributed among its members.

V. The following participants in the securities market are organizations serving the market. These are organizations that perform all functions in the securities market, except for the function of buying and selling securities. They can be divided into:

Organizations that ensure the conclusion of transactions;

Organizations that ensure the execution of transactions.

I. Organizations that ensure the conclusion of transactions.

Organizers of trading in the securities market are professional market participants - stock exchanges and trading systems that organize regular trading in securities.

Activities for the organization of trading in the securities market– provision of services directly facilitating the conclusion of civil law transactions with securities between participants in the securities market. A professional participant in the securities market, carrying out activities for the organization of trade in this market, is called the organizer of trade in the securities market.

Trading on the organized securities market is carried out: 1) on stock exchanges; 2) on the organized over-the-counter market.

Stock Exchange is an organized, regularly functioning, centralized market with a fixed place of trading, with a procedure for selecting securities and market operators that meet certain requirements, with temporary regulations for trading in securities and standard trading procedures, with centralized registration of transactions and settlements on them, the establishment of official (exchange) quotes. The stock exchange is a non-profit enterprise operating under a license. It supervises the members of the exchange, provides settlement and information services, gives certain guarantees and receives commissions from transactions.

Trading on the organized over-the-counter securities market is carried out in the trading system. Trading system- this is a set of technical, technological and organizational means that make it possible to conclude transactions with securities, to verify their parameters.

There are many different trading system technologies. The most famous electronic trading system in the world is the American NASDAQ system developed by the US National Dealers Association. An analogue of the NASDAQ system in Russia is the Russian Trading System (RTS), which conducts over-the-counter trading in shares of Russian issuers. This system was developed by experts National Association of Stock Market Participants (NAUFOR) and entered into force in September 1995. NAUFOR developed both the rules for the use of RTS and the rules for conducting trading.

II. TO organizations that ensure the execution of transactions, include clearing organizations, depositories, registrars.

Clearing activity- this is an activity to determine mutual obligations (collection, reconciliation, correction of information on transactions with securities and preparation of accounting documents on them) and their offset for the supply of securities and settlements on them.

Clearing activities cannot be combined with other types of professional activities in the securities market, with the exception of activities as a trade organizer or depository.

depositaries- professional participants in the securities market engaged in depository activities, i.e. activities related to the provision of services for the storage of securities issued in documentary and non-documentary forms, and taking into account the transfer of rights to them.

The duties of the depository include: 1) storage of certificates of securities, if the securities are issued in documentary form; 2) registration of the facts of encumbrance of the depositor's securities with obligations (collateral, resource provision, etc.); 3) maintaining a depo account of a depositor separate from others, indicating the date and reason for each transaction on the account; 4) transfer to the depositor of all information about securities received by the depository from the issuer or the holder of the register of holders of securities; 5) verification of securities certificates for authenticity; 6) collection and transportation of securities; 7) acting as an intermediary between the issuer and the investor.

The depositary has the right to register in the system of maintaining the register of securities owners or with another depository as a nominal holder in accordance with the depository agreement. He also has the right, on the basis of an agreement with other depositories, to involve them in the performance of his duties for the storage of securities certificates and / or accounting for rights to securities of depositors (i.e. become a depositor of another depository or accept another depository as a depositor), unless expressly prohibited by the deposit agreement.

Custody activities can be combined with clearing activities and activities for the organization of trading in securities.

Registrar - a legal entity that maintains a register of registered securities holders (there is no register system for bearer securities), which consists in collecting, fixing, processing, storing and providing data that make up the system for maintaining a register of securities holders.

The function of the registrar can be performed by the joint-stock company (issuer) itself or by a third-party organization (if the number of securities holders exceeds 500 people) - a registrar professional (this can be a bank, a specialized registrar, i.e. a legal entity).

The task of the registrar is to provide the issuer with the register of securities owners in time and without errors, which is a list of all registered persons indicating the number, nominal price and category of securities they own. In addition to their main functions, registrars, as a rule, also perform additional ones: they are responsible for issuing and controlling the circulation of securities certificates; draw up a blocking of securities related to the arrest, pledge or other operations; act as the paying agent of the issuer (if the role of the registrar is performed by the bank), etc.

Combining the activities of maintaining the register with other activities is not allowed.

Securities Management Activities- implementation by a legal entity or individual entrepreneur on its own behalf for a fee for a certain period of trust management of property transferred into the possession and belonging to another person, in the interests of this person or third parties indicated by this person - beneficiaries.

This type of activity is carried out by a professional participant in the securities market, called a trustee. The objects of trust management in the securities market are: securities; funds intended for investment in securities; cash and securities received in the course of securities management.

The trust manager is liable to the founder of the management (beneficiary), and in the event of losses, he compensates the founder of the management for losses, and the beneficiary - for lost profits in the manner prescribed by civil law.

Test 1. Choosing the right answer

1. According to federal law"On the Securities Market" a legal entity or executive authorities or bodies local government, bearing obligations on their own behalf to the owners of securities to exercise the rights secured by them, are:

a) the issuer;

b) an investor.

2. According to the Federal Law "On the Securities Market", a person who owns securities by right of ownership (owner) or other real right (owner) is called:

a) an investor in securities;

b) an issuer of securities.

3. Legal entities, including credit institutions, that carry out the types of activities specified in Ch. 2 of the Federal Law "On the securities market", is:

a) professional participants in the securities market;

b) collective investment institutions;

c) non-profit financial institutions.

4. The activity of making civil law transactions with securities on behalf of and at the expense of the client (including the issuer of emissive securities when they are placed) or on their own behalf and at the expense of the client, on the basis of reimbursable agreements with the client, is:

a) brokerage;

b) dealer activity;

c) depositary activity.

5. What is the name of the activity of making securities purchase and sale transactions on one's own behalf and at one's own expense by publicly announcing the purchase and / or sale prices of certain securities with the obligation to purchase / sell these securities at the declared prices?

a) brokerage;

b) dealer activity;

c) depositary activity.

6. What is the name of the activity on the implementation by a legal entity on its own behalf for a fee for a certain period of trust management of securities transferred to its possession and belonging to another person, in the interests of this person or third parties indicated by this person, securities?

a) brokerage;

b) dealer activity;

c) securities management activities.

7. Activities for determining mutual obligations (collection, reconciliation, correction of information on transactions with securities and preparation of accounting documents on them) and their offset for the supply of securities and settlements on them are:

a) clearing activities;

b) activity on maintenance of the register of holders of securities;

c) depositary activity.

8. What is the name of the activity of storing certificates of securities and/or recording and transferring rights to securities?

a) brokerage;

b) dealer activity;

c) depositary activity.

9. What is the name of the activity of collecting, fixing, processing, storing and providing data that make up the system for maintaining the register of securities holders?

a) brokerage;

b) dealer activity;

c) activity on maintenance of the register of holders of securities.

10. What is the name of the activity for the provision of services that directly facilitate the conclusion of civil law transactions with securities between participants in the securities market?

a) depository activities;

b) dealer activity;

c) activities to organize trading in the securities market.

11. Determine the types of professional activities in the securities market that can be combined by one legal entity:

a) clearing activities and activities for maintaining the register of holders of securities;

b) brokerage and dealer activities;

c) depositary activities and activities for maintaining the register of holders of securities.

12. The main task of self-regulatory organizations in the securities market is:

a) maximizing profit

b) establishment of rules and standards of professional activity;

c) taxation.

13. Who implements state regulation the securities market?

a) a self-regulatory organization;

b) the federal service for financial markets;

14. A person who uses the services of depositories for safekeeping of securities and/or registration of rights to securities is referred to as:

a) the issuer;

b) a depositor;

c) dealer.

15. Which of the statements about financial institutions is true:

a) financial institutions offer their services to make a profit;

b) the bank accepts deposits only for safekeeping;

c) the main function of all financial institutions is to provide loans to borrowers.

16. When transferring funds for trust management, the income received is the property of:

a) an investor;

b) a management company;

c) depositary.

17. Opening of depo accounts for holders of issue-grade securities shall be carried out by:

a) the registrar;

b) depository;

c) a clearing organization.

18. Opening of personal accounts for owners of emissive securities shall be carried out by:

a) the registrar;

b) depository;

c) a clearing organization.

19. The nominal holder of securities is:

a) the owner of the securities to whom they belong by right of ownership;

b) a professional participant in the securities market who acts as a holder of securities on his own behalf, but in the interests of another person and is not the owner of these securities;

c) a legal entity or an individual entrepreneur authorized to make civil law transactions with securities on behalf of their owner on the basis of a power of attorney.

20. An open joint stock company, the exclusive subject of which is the investment of property in securities and other objects, is:

a) mutual investment fund;

c) joint-stock investment fund.

21. Stock exchanges in accordance with Russian legislation are created in the organizational and legal form:

a) a limited liability company or a closed joint stock company;

b) non-profit partnership or joint-stock company;

c) an association or non-profit partnership.

22. The holder of the register of shareholders of a joint-stock company may be:

a) a specialized registrar or a joint-stock company that carried out the placement of shares;

b) an exclusively specialized registrar;

c) exclusively a joint-stock company that carried out the placement of shares.

23. According to the Law "On the Securities Market", an issuer of securities may be:

a) a joint-stock company that has made a decision on the issue at the general meeting of shareholders;

b) a legal entity or bodies of executive power, or bodies of local self-government, bearing obligations on their own behalf to the owners of securities to exercise the rights enshrined by them;

c) a legal entity that carried out the state registration of the issue of securities.

24. Can a person professionally engaged in register maintenance combine it with other types of activities in the securities market:

b) cannot;

c) can, if he has a license to conduct other activities.

25. Individuals and legal entities that have temporarily free funds and wish to invest them to obtain additional income are:

a) investors;

b) issuers.

26. Economic entities seeking to obtain additional sources of financing, as well as public authorities issuing loans to cover part of government spending, are:

a) investors of securities;

b) issuers of securities.

27. Who carries out activity on management of securities?

a) the registrar;

b) stock exchange;

c) a trustee.

28. Who is responsible for keeping the register of securities holders?

a) the registrar;

b) a broker;

29. Who carries out the activity of storing securities and recording rights to securities?

a) the registrar;

b) depository;

c) a trustee.

30. Who carries out activities to determine mutual obligations and their offset for the supply of securities and settlements on them?

a) a depository;

b) clearing organization;

c) registrar.

31. Who makes securities purchase and sale transactions on his own behalf and at his own expense by publicly announcing the purchase and sale prices of these securities?

b) a broker;

c) a trustee.

32. Who makes transactions of purchase and sale of securities on behalf and at the expense of the client?

b) a broker;

c) depository.

33. Who carries out activities to organize trading in the securities market?

a) a depository;

b) a trustee;

34. Determine the types of professional activities in the securities market that can be combined by one legal entity:

a) brokerage and activities for maintaining the register of holders of securities;

b) activity on maintenance of the register of holders of securities and dealer activity;

c) depositary activities, clearing activities and trade organization activities.

35. A legal entity that, under an agreement with the registrar, performs the functions of receiving from registered persons (their authorized representatives) and transferring to the registrar information and documents necessary for performing operations in the register, as well as the functions of receiving information and documents from the registrar and transferring them to registered persons , is an:

a) a transfer agent;

b) a broker;

c) dealer.

36. A legal entity that has a license to carry out brokerage and/or dealer activities in the securities market and provides services to the issuer in preparing a securities prospectus is:

a) financial advisor;

b) depository;

c) registrar.

37. What kind of activity is recognized as the activity of organizing trading in the securities market?

a) provision of services directly facilitating the conclusion of civil law transactions with securities between participants in the securities market;

b) dealer activity;

c) brokerage.

38. What is the name of the activity to determine mutual obligations for the supply (transfer) of securities of participants in transactions with securities?

a) brokerage;

b) depositary activity;

c) activities to determine mutual obligations (clearing).

39. A legal entity performing the functions of a stock exchange is not entitled to combine the specified type of activity with other types, except for:

a) activities for maintaining the register of holders of securities;

b) depository, clearing and information dissemination activities;

c) activities: currency exchange, dissemination of information, publishing, registration.

40. What is the name of the activity of making civil transactions with securities on behalf of and at the expense of the client or on its own behalf and at the expense of the client on the basis of reimbursable agreements with the client?

a) brokerage;

b) depositary activity;

c) activities to determine mutual obligations.

Test 2. Mismatch Elimination

1. Types of professional activity in the securities market:

a) dealer activity;

b) clearing activities;

c) activities of the investment fund;

d) brokerage;

e) depositary activity;

f) trust activity;

g) evaluation activities;

h) registration activities.

2. An agreement concluded on the securities market between a professional market participant and an investor is an agreement:

a) commissions;

b) lease;

c) about the depo account;

d) contribution;

e) clearing services;

f) trust management;

g) instructions;

h) to maintain the register.

3. The clearing procedure includes:

a) reconciliation of the terms of the transaction;

b) registration of the transaction;

c) sending confirmations of completed transactions to participants in the transaction;

d) calculation of mutual requirements;

e) conclusion of a transaction;

f) conducting a multilateral offset;

g) supply of securities to sellers and transfer of funds to buyers for the execution of the transaction;

h) transfer of funds to the seller for delivered securities.

4. Types of broker orders:

a) a limit order;

b) night order;

c) market order;

d) stop order;

e) open order;

f) annual order;

g) day order;

h) an order to buy a standard lot of securities.

5. Duties of the depository include:

a) storage of securities certificates, if the securities are issued in documentary form;

b) registration of facts of encumbrance of the depositor's securities with obligations (collateral, resource provision, etc.);

c) maintaining a separate deposit account of a depositor, indicating the date and reason for each transaction on the account;

d) transfer to the depositor of all information about securities received by the depository from the issuer or the holder of the register of holders of securities;

e) collection and transportation of securities;

f) verification of securities certificates for authenticity;

g) maintaining a register of holders of securities;

h) acting as an intermediary between the issuer and the investor.

6. The following requirements are imposed on the organizers of the auction - they must:

a) have at its disposal a trading system;

b) organize a system of settlements under contracts for the sale of securities;

c) have agreed and registered in FFMS rules of the organizer of trade, internal operating procedures that contribute to the implementation of the rules of the organizer; listing and delisting rules;

d) have an established equity capital;

e) have at least 20 members;

f) maintain a register of authorized persons of its members;

g) be subject to an external audit at least once a year;

h) maintain a register of holders of securities.

7. Institutional investors are:

a) the state;

b) joint-stock companies;

c) specialized institutions (insurance companies, pension funds);

e) individuals;

f) private entrepreneurs;

g) joint-stock investment funds.

8. The functions of state regulation include:

a) creation of legislative acts;

b) registration of securities;

c) licensing the activities of professional participants in the securities market;

d) supervision financial condition investment institutions, etc.;

e) ensuring transparency and equal awareness of all market participants;

f) ensuring the stability of monetary circulation;

g) control and maintenance of law and order in the securities market;

h) accounting for transactions made with securities.

9. Bodies exercising state regulation of the securities market are:

b) Ministry of Finance;

c) Pension fund;

d) Central Bank;

e) off-budget funds;

f) President;

g) Government;

h) insurance companies.

10. Organizations related to self-regulatory in the securities market are as follows:

a) stock exchanges;

b) PARTAD;

d) NAUFOR;

f) the Central Bank of the Russian Federation;

Test 3. Finding an alternative

Answer "Yes" or "No".

1. Is a legal entity or executive authorities or local governments that, on their own behalf, liable to the owners of securities to exercise the rights enshrined by them, are they investors?

2. Individuals and legal entities that have temporarily free funds and wish to invest them to obtain additional income, are these issuers?

3. Are joint stock companies classified as institutional investors?

4. Can state bodies and local governments be investors of mutual funds? Is a mutual fund a legal entity?

5. Is a dealer a professional participant in exchange transactions, working independently and making transactions at his own expense?

6. Is an open joint stock company, the exclusive subject of which is the investment of property in securities and other objects, a mutual investment fund?

7. Can brokerage activities be combined with other activities in the securities market?

8. Should clients' funds transferred by them to a broker for investment in securities be kept in a special bank account?

9. Does the issuer itself have the right to be the holder of the register of securities owners?

10. Only professional participants in the securities market can be members of a self-regulatory organization of professional participants in the securities market?

11. Can a stock exchange be registered as a joint stock company?

12. Is the stock exchange obliged to accept for trading any placed share of an open joint stock company?

13. Only the registrar can carry out activity on the organization of trading in the securities market?

14. A set of technical, technological and organizational means that allow you to conclude transactions with securities, verify their parameters - is this a trading system?

15. Is a special license required for private clearing?

16. Can a clearing organization serve only one stock exchange?

17. Can only a legal entity be a depositary?

18. Does the registrar have the right to delegate part of his functions to other registrars?

19. Can a person professionally engaged in registry maintenance combine it with other activities in the securities market?

20. Does the depository have the right to dispose of the depositor's securities, manage them or carry out on behalf of the depositor any actions with securities, except for those carried out on behalf of the depositor, in cases stipulated by the depository agreement?

Test 4. Definition term

1. Look in the right column for the definition of the terms in the left column.

2. Look in the right column for the definition of the terms in the left column.

3. Look in the right column for the definition of the terms in the left column. author Kanovskaya Maria Borisovna

1. The history of the development of the securities market A market economy cannot exist without a developed circulation of securities, as well as without the securities themselves - the instrument with which it is provided. The securities market has a long history of development. She started with

author Kanovskaya Maria Borisovna

2. Development of the securities market and its regulatory framework The development of the securities market and its regulatory framework has been very rapid and lacked consistency and consistency. As a result, the regulatory framework contains