financial market includes several sectors.One of them - the stock exchange.The securities market - a source of income and redistribution of funds.Investors buy shares of promising companies and banks, accelerating their growth.Here in circulation are documentary and uncertificated securities.On the peculiarities of their operation will be discussed in the article.
Determination
Securities Market - a set of economic relations on the issue and circulation of the Central Bank.It is also called the stock exchange.The main purpose of the market - to ensure the financial development of the economy.This can be done with the help of bank loans and through securities.In the second case, funds are investors:
- to developing companies that can generate income in the short term;
- in promising sectors, which in the long run may sakkumulirovat earnings and capitalization.
placed on the primary market of the Central Bank at the time of issue.It is here that the financial resources mobilized.Issuers, investors, underwriters, FFMS - participants in this sector.In the secondary market resale occurs the Central Bank, the direction of capital in promising industries.There is formed by the market rate assets.
functions RZB
- redistribution of capital between the spheres of the economy.
- Insurance of financial risks through options and other derivatives.
- accumulation of free funds.
- Investing in the economy.
- flow of capital into profitable industry.
- The "overheating investment."The value of securities changes.After excessive demand comes capitalization of asset price returns to the market.
- Providing information on the level of market development.
Issuing Bank of
It is the most common form of shares in the market.Such CB fix the property rights of the owner to which the assignment and unconditional implementation, in accordance with the law;are the result of the release;have equal scope of rights regardless of the time of purchase.
By issuing CB are:
- share - enshrines the right of the owner to dividends, management of the organization, part of the property after the liquidation of the organization;
- bond - confirms the right of the holder to receive from the issuer the face value of securities or other assets within a specified period;
- option - enshrines the right of the holder to buy / sell within a specified time a certain number of shares at a fixed price.
Issuing CB available in two forms, is:
- certificate stating the holder;
- uncertificated form of equity securities - provides fixing holders in the registry.
History of
definition of "book-entry securities" comes from the American right.In the 80s of the last century used negotiable, stock certificates of title and with a different legal regime of regulation.In Art.UCC 8-102 US defined the concept of securities in book-entry form: it is a share to participate in the assets of the issuer, which is not represented by another document, and its transmission is recorded in a special book.
first "dematerialized" certificate of France.The country's legislation in 1984 cemented this possibility in relation to stocks and bonds.In Germany, a special law was allowed to issue "of global certificates."
securities market in Russia
With the development of information technologies form the confirmation of the property right to the documentary was changed to e.These certificates are referred to as securities, but they are subject to legal rules of ownership.This trend clearly reflects the mobility of the securitization of financial relations.Turnover "dematerialnyh" CB mounted Art.142-149 of the Civil Code.Issuer received a license, can detect the right with the help of computer technology.The procedure and rules of these transactions are regulated by law.
book-entry securities - is electronic documents.Law defines the procedure of fixing and confirmation of transactions on them.Responsibility for the safety of the records shall be the person who updates the registry.It also constitutes a 'decision to issue the Central Bank ", register it with the government authorities.This document certifies the right owners.It is made in three copies.One is the owner, the second is attached to the registry, and the latter is transferred to the repository.
feature of these documents is that the obligation of the Issuer expressed as a record in a special account "depot", which contains all the necessary details.In this form, the law allows the issue of shares and bonds.But the issue of promissory notes, carried out in this manner, is prohibited.
problems handling
national legislation has also been allowed to use "dematerialnye" securities.AO when emissions should only be registered in the books of their release, and can not be spent for the preparation of forms.Short-term government bonds - another example of uncertified CB.The law allowed the emission of all types of certificates in such form.But legal regime disputes it does not exist.All the issues are resolved on the basis of the provisions of Art.28 of the Federal Law "On securities market", which stipulates that ownership of these objects passes as well as things.
Legal aspects
in American law are the subject of property rights themselves.For the Russian legislation, this approach is unacceptable.In US law there is no concept of commitment.Therefore, the automatic transfer of these interpretations of the rules and regulation of the domestic market is not possible.Buying and selling of securities should be regulated on the basis of the already existing law.
Before making changes to the RF KG questions emissions regulated "Regulations on the issue of the Central Bank» № 78. This document has been provided for the possible existence of the certificates in the form of entries in the accounts.The new concept of the securities of the Civil Code provides that the main purpose of the document is to fix certain property rights.Their transmission is possible without a certificate.In Art.149 of the Civil Code stipulates that the rights of securities are recorded in a special register.And it already makes little sense for one of the functions of the instrument.
analyzing these provisions of the law, it can be concluded that the book-entry securities - property rights, which can certify as a general rule or by fixing the registry entries.
solutions to the problems of the domestic securities market
- Redistribution of shareholdings, the direction of financial resources for reconstruction and development of production in Russia.
- overcoming political instability, economic crisis.
- Improvement of legislation.
- Enhancing the role of the state: the final choice of the model of the stock market, the definition of sources of replenishment of the budget, the formation of an effective system of supervision.
- protection of investments in documentary and non-documentary securities.
- Development depository, clearing and agency networks, which record the movement of documents.
- Increased information on the activities of issuers.Creating a common system of indicators to assess the market, the introduction of ratings, the development of a network of publications specializing in specific sectors of the economy as an investment.
features of the European model
American market - the most developed in terms of infrastructure, profitability, capitalization, revolutions liquidity.The legal framework has been laid after the economic crisis of 30-ies.the last century.Then it was revised concept of money management.We enacted a law "On the Central Bank" (1933), "On the Stock Exchange" (1934) and other acts.Therefore, today uncertificated securities are wrapped in the United States.
Western European market functions effectively domestically, though inferior to the US.The great merit of this mega-regulator, adjusted his work.Each sector of the financial market performs a specific list of functions.And in the case of shortage of capital there is a redistribution of resources.All these actions are governed by the relevant ministries (Finance and Economic Affairs).
trends in the global securities market
- asset concentration - concentration of capital at the professional participants on the world's major stock exchanges.This increases the reliability of certificates and trade organizers.
- globalization - the rapid growth of the Central Bank issues.
- computerization market - the use of new technologies and their constant updating, ensuring means of communication available to any investor.
- Strengthening of regulation - driven by the need to protect the rights of investors, improve document security, issuers, transparency of the stock exchanges, the security of computer data processing systems.
- introduction of Internet technologies.
- spread of new tools, systems and infrastructure.
- Securitization - shift money from traditional forms (savings and deposits) with the Central Bank, with the purpose of unification of illiquid assets and integrate them into circulation.
- Mergers and acquisitions leading exchanges its partners.
Named paper VS CB bearer
some time all the securities of the Russian Federation governed by the same regulations.With the change in the law right after the disappearance of the certificates received independent significance.Such documents do not assume the properties of things, but changing the way of fixing.As a result, there is a need to improve the protection of interests of the owners."Replacement" paper carriers leads to the disappearance of the classic registered certificates.Non-documentary bearer securities hardly appear.A "dematerialized" the order, though not prohibited by law (Art. 149 of the Civil Code), but will not be widespread.Therefore, undocumented Central Bank are only emission.
Conclusion
securities market in Russia functions for financial development of the economy.In the back are certified in book-entry form.In fact, this same pie, which confirms the contribution of the owner of the property in the enterprise, the fact of transfer of fixed registry entries.
