Objects stock market There are various types of securities. Securities is cash documentcertifying the property rights of the owner of the document or the relationship of the loan. In addition, this is a fundamental tool, an object of investment of financial resources. The appeal of securities is the scope of such activities such as brokerage, depository, recorder, trust, clearing and consulting.
Securities as civil rights objects have the free nature of the transition from one person to another in the order of universal succession and are not limited in the turnover. They can be documentary and non-documentary. Securities act as economic and legal categories. They are divided into two large classes - main and derivatives.
The main securities are securities, which are based on property rights to any asset (usually on goods, money, capital, property, various kinds of resources, etc.).
Derived securities are non-documentary forms of the expression of property rights (obligations) arising in connection with the change in the price of the base asset, i.e. Asset underlying this securities. Products (grain, meat, oil, gold, etc.) can be considered as basic assets), the main securities (stocks and bonds), etc. The derivative securities includes futures contracts (commodity, currency, interest, index, etc.) and freely appealing options.
ownership of valuable paper;
certification of property and obligatory rights;
the right to control;
certificate of transfer or obtaining property.
According to the main characteristics (features), securities are classified in accordance with Table 1. Each securities group includes their subspecies.
Table 1- Classification of securities
Continued Table 1.
|
existence |
Paper, or Documentary Paperless, or uncertified |
|
National belonging |
Domestic Foreign |
|
use |
Investment, or capital - securities that are an object of investment of capital (promotions, bonds, futures contracts, etc.) Non-investment - securities that serve cash payments on commodity or other markets (bills, checks, cavias) |
|
Order of ownership |
Presenters - securities that do not record the name of their owner, and their appeal is carried out by simply transmission from one person to another Nominal - Securities containing the name of their owner and, in addition, registered in the Special Register Orders - registered securities transmitted to another person by making a transfer lettering on them (indorsement) |
|
Form release |
Em session - securities produced by large series, in large quantities, and inside each series, all securities are absolutely identical (stocks and bonds) Non-emission - securities manufactured by piece or small series |
|
property |
State Non-state - securities that are issued by corporations (companies, banks, organizations) and private individuals |
|
Character appeal |
Market, or free accessible Non-market (the appeal of securities may be limited, and it is impossible to sell a valuable paper to anyone, except for its issuer and through a specified period) |
|
Risk level |
Risk and Maloriskova Risk |
|
Availability of income |
Revenue Indulgent |
|
Form of attachments |
Debt - securities usually having fixed interest rate and being the obligation to pay the amount of debt for a specific date in the future Ownership equity - securities giving ownership of relevant assets |
|
Economical essence |
Bonds, etc. |
Securities can also be classified according to the following features:
1) on issuers (public, private and mixed);
2) according to the degree of protection (high-class and low-class);
3) in the form of release (documentary and non-documentary);
4) for the term of action (urgent and indefinite);
5) by type (nominal and for bearer);
6) in terms of the listed rights (with the right of ownership, with the right of management and with the right of lending);
7) on the territory of the treatment (municipal, state, foreign and all-Russian);
8) in the form of income receipt (with constant income and with point income); 9) If possible, exchange (convertible and non-convertible).
The main types of securities are: Promotion, bond, bill, check, savings certificate, deposit certificate, option, futures, billion and other.
Stock - This is an emission securities, fixing the rights of its owner (shareholder) for receiving part of the profits. joint Stock Company In the form of dividends, on participation in the management of joint-stock company and part of the property remaining after its liquidation.
Shares are very diverse. Classify shares based on the following signs:
by type of transfer of property rights;
by volume of rights provided by the owner of the action.
Simple shares are served to ensure the equal rights of all owners - members of the joint-stock company, especially the right to vote and the right to receive dividends.
Preferred shares provide their owners with certain solid privileges in the distribution of profits, during the dissolution of the joint-stock company and in the execution of the right to the predominant purchase of newly emitted shares.
Preferred shares are different types. So distinguish: cumulative, convertible, plural promotions, preferred shares with increasing fractions in the liquidation fund, return, or revitalized privileged shares.
A simple, or ordinary share does not contain the name of the owner. The transfer of paper itself is a transmission of a shares with all rights without identifying the owner.
Under the name of the action is a promotion containing information about the owner of the security.
Viculized registered shares are shares with limited transmission capabilities.
Shares with adjustment are formed by the transformation of savings from retained earnings in fixed assets without attracting additional capital to society.
Collective shares are distributed to the joint-stock company among their team or free, or at a preferential price and, as a rule, are in possession during a certain period.
Folk stocks are issued to wide segments of the population at preferential prices when the public sector is privatized. This is how capital formation is guaranteed by the folk masses.
The "Golden Action" is a special type of action, providing its owner - the state of special rights compared with all other shareholders for the purpose of state control over the privatized enterprise. According todecree No. 144 of the President of the Republic of Belarus on March 4 2009 Institute of Golden Promotion in the country is canceled.
Shares are the most common securities from the entire variety of securities. This explains the increased interest in them not only investors and professional managers, but also scientists.
Bond - This is an emission valuable paper that enshrines its holder's right to receive bond from the issuer to its nominal value and a percentage recorded in it from this cost or other property equivalent.
There is quite a large variety of bonds. Bonds are classified on issuers, issue targets, loan terms, nature of circulation, registration methods, in the form of release and forms of income payments.
Bonds, as a general opinion, are the most reliable object of investment. Professionals in the securities market are called bonds depending on the issuers of corporate, municipal, state and departmental. Despite the specifics of the issue and characteristics of each type of bond, they possess one common quality - are debt obligations, evidence of a loan provided by the lender (owner of the bond) borrower (issuer). For the use of occupied money, the issuer of bonds should pay their remuneration to the holder as a percentage during the entire duration of the bonds. And the total amount to be returned is called the principal amount of the loan, or the nominal value. With regard to bonds, a number of established terms are used. The date of return of the loan amount is customary to call the date of repayment of bonds, the interest rate is a coupon, and the time of walking these securities is to circulate.
Securities with fixed income in addition to bonds are deposit and savings certificates. Under deposit and savings certificates are the written evidence of the issuer's written evidence, certifying the right of the depositor (beneficiary) or its successor to receive the amount of the deposit (deposit) and interest on it after the expiration date. Deposit Certificates can be produced in a time and can be both nomigible and bearer. They are only issued to legal entities and are issued for a period of 30 days to 1 year. Savings certificates are issued only to individuals, and their repayment period is limited to three years.
Bill - This written debt obligation, compiled according to the law established by law and gives its owner an unconditional right to demand when the period specified in the bill of time from the person who issued the obligation to pay the amount agreed in it. The most liquidis are notes that have a guarantee of large banks in the form of Aval (guarantee) or acceptance (agreement for payment).
Option - The contract concluded between the two parties, according to which one of the parties (the Seller of the Option) provides the other party (the option to the BUST) right to buy or sell a certain asset at a fixed price within the time of the time specified in the contract or for a specific date.
Futures contract -this is a standard stock exchange for sale (supplies) of the exchange asset through certain period In the future, at the price set by the parties of the transaction at the time of its conclusion.
Varant. - This is a valuable paper that gives its owner the right to buy a certain number of shares (or bonds) of any company within the prescribed period of time at a fixed price .
Receipt- This is a valuable paper containing an unlocked disposal of the check of the bank to make the payment of the amount specified in it by the check holder.
Bill of lading - This is a document of the standard form adopted in international Practice, on shipping, which certifies its loading, transportation and right to receive. The exhibition is used when transporting goods in international communication and is a valuable paper that certifies the right of ownership of transportable cargo, product.
Mortgage - This is a personal valuable paper certifying the rights of its owner in accordance with the mortgage agreement (property of real estate) to receive a monetary obligation or the property specified in it.
In terms of risk, the types of securities are located on the basis of the principle: the higher the yield, the higher the risk, and the higher the guarantee of the security, the lower the risk. This dependence is shown in Figure 1.
Figure 1 - Classification of securities by risk level
b) in Article 912 (the second part of the Civil Code of the Russian Federation), four more types of securities are introduced:- double warehouse certificate;
- warehouse certificate as part of a double certificate;
- pledge certificate (warrant) as part of a double certificate;
- simple warehouse certificate.
The fifteenth kind of Russian security is, which received citizenship rights in accordance with the Law of the Russian Federation "On Mortgage (Pledge of Real Estate)", enacted from July 16, 1998, the last of the securities available in Russia - investment Pai. (In accordance with the Law of the Russian Federation "On Investment Funds", 2001).
State bond and just a bond - this is the same type of security with the only differenceconsisting of state bond. can only release the state, and just a bond - any legal entity.
If the bond produces a state, then such a bond is called state. If organ local governments - then municipal. Legal entities also produce bonds: banks - bank bonds, other companies - corporate. Physical faces of bonds are not released.
Banking savings book for bearer In essence, there the type of bank certificate (along with deposit and savings certificates).
Privatization check completed its existence by 1996
Legally (legally) allowed to issue and appeal in Russia are the following eight economic species securities: action, bond, bill, check, bank certificate, billboards, mortgage and investment Pai.
Stock
Stock -in accordance with the Law of the Russian Federation "O" - this is "Emisy Securities Consolidating the Rights of its owner (shareholder) to receive a part of the profit of the joint-stock company in the form of dividends, participation in the management of the joint-stock company and part of the property remaining after its liquidation."
Economic definition is a valuable paper certifying a single contribution to the authorized capital of a commercial partnership with arising rights for its owner.
Bond
Bond- in accordance with the Law of the Russian Federation "On the securities market" is "Em session securities that enshrines the right of its holder to receive a bond from the issuer in the nominal value of the nominal value and the interest recorded in it from this cost or property equivalent";
Economic definition is a valuable paper certifying a single debt obligation of the issuer (state or any other legal entity) to return its nominal value after a certain period in the future on the conditions that arrange its holder.
Bill
Bill-And paper certifying written monetary obligation the debtor on the return of debt, the form and circulation of which are governed by special legislation - bill;
- simple bill- This is a security certifying the debtor's unconditional obligation (promise) to pay the amount of money to the bill of money specified in it after a certain period of time;
- translated bill - This is a security certifying the proposal to the debtor to pay the amount of money indicated in it marked in it after a certain period.
Receipt
Receipt- Valuable paper certifying a written order of the check of the Bank to pay the check-upholder of the amount of money specified in it during its term. The check is a type of transfer bill, which is written out only by the bank.
Bank certificate
Bank certificate - Securities, which is a freely appeal certificate of a monetary deposit (deposit - for legal entities, savings - for individuals) In the Bank with the obligation of the latter on the return of this contribution and interest on it after the deadline in the future.
Bill of lading
Covenant - Security paper, which is a document of the standard form, adopted in international practice, to transport cargo, certifying its loading, transportation and right to receive.
Mortgage
Mortgage - This is a personal valuable paper certifying the rights of its owner in accordance with the mortgage agreement (property pledge), to receive a monetary obligation or the property specified in it.
Investment Pai.
Investment Pai.- Personal security certifying the share of its owner in the right of ownership of the property, which makes a share investment fund.
The listed types of securities characteristic of countries with highly developed market economies are not exhausted, and therefore it is possible to predict that in the future the number of types of securities permitted by Russian legislation will increase.
Russian securities can be distributed according to the main characteristics listed as follows.
Comparative characteristics (classification) of Russian securitiesIn addition to these types of securities, which can be called basic, or primary, securities, in world practice there are valuable securities that are based on primary, and therefore are considered derivatives in relation to them. To derivative, or secondary, securities include securities based on promotions and bonds: depositary receipts, stock warrants, etc.
Secondary, or derivative, security - This is a valuable paper that provides its owner not directly any property rights, but the rights to any basic securities and through them - on property rights.
Depositary receipt - This is a security testimony of ownership of a certain number of shares of a foreign issuer, but the investor issued in the country; This is the form of indirect purchase of shares of a foreign issuer.
Stock Varant- This is a valuable paper that gives it the right to buy a certain amount of its shares (bonds) at this issuer at the price set by it during the time defined period.
Characteristics of securities
The form has a number of details, or economic characteristics, along with their essential ("capital") content. These market characteristics usually have a pop-tract character (for example, a paper or paperless form of the existence of a security), and therefore the securities are classified depending on which the attribute from the corresponding pair they respond. The combination of these signs inherent in the valuable paper is its economic content.
A set of features that have any security includes:
Temporary characteristics:- the term of existence: when it was issued, for what period of time or indefinitely;
- the form of existence: paper, or, expressing legally, documentary, or paperless, uncertified form;
- national belonging: Securities domestic or other state, i.e. foreign;
- the order of fixation of the owner: for a bearer or on a specific person (legal, physical);
- release form: emission, i.e. manufactured by separate series, inside which all securities are exactly the same in their characteristics, or non-emission (individual);
- emit of the Issuer, i.e., who releases a valuable paper to the market: the state, corporation, individuals;
- the degree of treatment: freely turns on the market or there are limitations;
- risk level: high, low, etc.;
- availability of accrued income: Some income is paid or not;
- transmission order (application form): Presentation, assignment of rights Requirements: Cessia or endorsement;
- registerability: registered or unregistered;
- view of the nominal: permanent or variable.
Classification and types of securities
Depending on the various characteristics, securities are classified as follows:
Types of securities for the term of existence:
- urgent (the term of existence is limited in time);
- indefinite (the term of existence is not limited in time);
Securities manufactured for the entire period of the face of the face obliged on them are not directly related to any time period, and therefore they are indefinite papers. These usually include shares. Securities manufactured for some limited period time, regardless of whether it is given when the securities is released, or will be determined during its appeal, the group of urgent securities.
Urgent securities have the existence limit or procedure for establishing this period. Usually urgent papers are divided into three subspecies:
- short-term, having a taking period of up to 1 year;
- medium-term, having a period of appeal from 1 year to 5 years;
- long-term, having a taking period of 5 to 30 years (mortgage securities under legislation can be released with a circulation period of up to 40 years).
Urgent securities, the time of circulation of which is not regulated, that is, they exist until the date of repayment, the date of which is not marked in any way when the securities is released, but only the order of their quenching (redemption) is called revitalized.
Types of securities in the form of existence:
- paper, or documentary;
- paperless, or uncertified;
The classic form of the existence of a security is a paper form at which the security exists in the form of a document. The development of the securities market requires the transition of many types of securities, primarily emission, to a non-documentary form of existence.
Types of securities on nationality:
- national (Russian);
- foreign;
Types of securities in the form of ownership:
- bearer, or securities for bearer;
- registered, which contain the name of their owner and are registered in the register of owners of this securities;
Possession of valuable paper may be nominated or for bearer. The presenter securities does not record the name of its owner, and its appeal is carried out by simply transmission from one person to another. Personal securities contains the name of its owner and, in addition, is registered in a special registry. It is usually transferred by the Agreement of the Parties or by Cessia.
If a personal valuable paper is transmitted to another person by performing a transfer inscription (indorsement) on it, or the order of its owner, then it is called an order of state-owned paper.
Types of securities in the form of release:
- emission, i.e. issued into circulation by large batches, inside which all securities are absolutely identical;
- non-emission, usually manufactured by individually issued, or small batches without state registration;
The issue of securities may be accompanied or not accompanied by their mandatory registration in government bodies. Usually, state registration is subject to emission securities, as their release affects the interests of a large number of market participants. By russian legislation Mandatory registration is subject to issued shares, bonds, bank certificates (registered Central Bank) and mortgages. The remaining types of Russian securities, regardless of the size of their release, state registration are not subject to.
Emission securities are usually produced by large series that are subject to state registration. These are usually promotions and bonds. Non-emission securities are manufactured without any state registration.
Types of securities according to the issuer:
- government securities are usually different kinds bonds manufactured by the state;
- non-state, or corporate - these are securities that are issued by contact with corporations (companies, banks, organizations) and even individuals.
State securities - Securities manufactured. They occupy a special place in a row of securities.
The state is not a capitalist and does not use attracted through securities cash To obtain income, it only redistributes them through or through its financial system, i.e. performs an intermediary. Consequently, government securities are not a representative of directly functioning capital, but a representative of the capital, whom the state does not have, which is returning to the economy (through the salary of civil servants, military, purchasing goods, such as military equipment, etc.). Therefore, government securities are an indirect representative of valid capital.
Types of securities at risk levels:
- low-risk;
- medianly english;
- high-profile;
In terms of risk, securities are conventionally divided into risk-free and risky. Riskless - These are the paper for which the risk is practically absent. In world practice, it is a short-term (term of 1-3 months) government debt obligations (treasury bills). All other risk securities are customary to divide on lobyriskove (these are usually government paper) mediterranean (This is usually corporate bonds) I. highguish(these are usually shares). There are also more highly as ordinary shares and bonds, market tools.
Graphically, the place of the main types of income securities in terms of the risk ratio and the level of profitability are made as follows (Fig. 2.3).
In turn, each of the types of basic securities is divided into subspecies, etc.
Types of securities according to the degree of treatment:
- market, or free;
- non-market, which are produced by the issuer and can be returned only to it; can not resell;
Main types of securities are market, i.e., can freely sell and buy in the market. However, in some cases, the circulation of securities may be limited, and the valuable paper cannot be sold to anyone, besides who released it, and then through a specified period. Such papers are called non-market.
Types of securities in the form of capital attraction:
- equity, or owned, which reflect the share in the authorized capital of the Company;
- debt, which are a loan form of capital (cash).
Types of securities according to the nature of the nominal:
- with a constant face value;
- with a variable face value;
Under Russian legislation, each securities has its own nominal or nominal value. However, in world practice, a release is permitted, for example, shares without a cash random, or with a zero face value. In this case, it is indicated what share in the authorized capital is one share, and therefore its nominal calculated by division authorized capital The number of shares, changes each time with a change in the size of this capital, and does not remain unchanged as in the case when the value of the securities is set when it is released. If the security is manufactured indicating the money nominal value, then this permanent. If the security is manufactured without a cash nominal value (with a zero face value), then this paper with variable rates.
Types of securities in the form of capital service:
- Investment (Capital) Securities are an object for investing money as capital, i.e., in order to receive income.
- Non-invalid securities serve cash payments for commodity or other markets. Usually in this role there are cavias, warehouse certificates, bills.
Types of securities for the presence of accrued income:
- loose-free;
- with accrued income;
From the point of view of the income accrued, securities are usually income, but may also be indispensable, when they have a simple testimony for their goods or money, and not to capital. The income on the valuable paper may be charged in the form of a dividend (stock), percentage (debt papers) or discount, i.e. the differences between the value of the security and the lower price of its acquisition.
Security - a document certifying, compliance with the established form and mandatory requisitesProperty rights, implementation or transfer of which are possible only when it has been present. The Civil Code of the Russian Federation also determines that with the transfer of security, all rights to be transferred to the aggregate. At certain cases, for the implementation and transfer of rights certified by the security, sufficient evidence of their consolidation in a special register (ordinary or computerized). Securities are convenient in the organization and operation of commercial subjects - stocks, may be credit - bonds, bills, etc., or payment facilities - Checks. They provide simplified and prompt transmission of rights to material and other benefits.
From a legal point of view, securities can be considered as title of property rights, as well as movable property. FROM economic point Vision Visual Paper - Representative of Capital.
Securities as an economic category- This is the right to the share of aggregate capital, obtained as a result of the initial placement of these papers, as well as the distribution and redistribution of profits, which such capital gives. This right is slightly based on its natural basis (money, equipment, patents, etc.) and even has its own material form (for example, in the form of a paper certificate, records on accounts, etc.), as well as having the following fundamental properties:
Referred;
Accessibility for civil turnover;
Standard and seriality;
Documentation;
Regulatory and recognition by the state;
Market market
Liquidity;
Signs of Security:
Documentary - Securities There is a document, that is, an officially compiled by an authorized person in accordance with the details of an entry that has a legal value;
Private rights - the valuable paper is valuable not in itself, and due to the fact that it embodies the subjective civil rights of property (obligatory and real-legal) and non-property (for example, the right to participate in the management of society);
The need for a presentation - the presentation of the security is mandatory for the implementation of the rights enshrined in it;
Turnover - Securities may be the object of civil law transactions;
Public accuracy - in relation to the properly legitimized owner of a security obligatory, a person can put forward only such objections that arise from the content of the document itself or relate to the reality of the paper, or are based on direct relationship between the debtor on the valuable paper and its owner.
Edition of securities (emissions) usually consider as a tool for attracting financial resources. The issuer of security may be the state, authorities, legal and individuals.
The following can be secured by the following rights:
The right to claim a certain amount of money (bonds, bills, checks, savings certificates, trust certificates, etc.);
The right to participate in management and to receive a part of the profits in the form of dividends (shares);
Treatment law, most often ownership or rights of collateral for goods that are in possession of another person speaking, for example, as a carrier or keeper. Such securities enshrine the right to receive certain goods and are simultaneously a means of disposal of goods, that is, commodentary documents (billboards, certificates of the commodity warehouse, etc.);
Securities possesses two costs : nominal (nominal) cost (cost as a representative of valid capital) and coursework (market) cost (cost as fictitious capital).
Nennaya valuesecurity (nominal) is the amount of money that securities provides when exchanging it on real capital at the stage of its release or damping.
Market Cost of Security- This is the result of the capitalization of its property rights. It is calculated as the amount of capitalization of property and other securities rights. The market price of the security is a monetary evaluation of its market value.
Security must contain legislation provided by law mandatory details and comply with the requirements for the form of a security, otherwise it is invalid. Security details can be divided into economic and technical.
Technical details- Rooms, addresses, printing, signatures, name of service organizations, etc.
Economic details:existence form (paper or paperless); existence; affiliation; obligated person; denomination; Provided rights.
Classification of securities
Securities can be classified according to the following signs:
term of existence : Urgent (short-term, medium-term, long-term and revitalized) and indefinite;
form of existence : paper (documentary) or paperless (non-documentary);
order of the owner's fixation : Named (the owner is fixed on the letterhead or in a special register), the presenter (the owner is recognized as a direct holder), Orders (obligation is executed by order of a specified person, which can convey the right of the order to another person). As warrant securities, both bills, cavias, checks;
form of handling (transfer order) : transmitted by agreement of the parties (by presenting, by means of cession) or orders (transmitted by the order of the owner - an endorsement);
form release : emission or non-emission;
registerability : registered ( state registration or registration of the Central Bank of the Russian Federation) and unregistered;
nationality : Russian or foreign;
view of the Issuer : state (federal or municipal) and non-state (corporate or private);
appeal : Market or non-market;
goals use : Investment (goal - receiving income) or non-investment (serve turnover in commodity markets);
risk level : risk-free or risky (low-risk, median or high-risk);
availability of accrued income : loose-free or profitable (percentage, dividend, discount);
nominal : Permanent or variable.
Securities as resources rights(in iD of resource–appropriate securities):
Land- mortgage, mortgage bond
The property- mortgage, mortgage bond, privatization check, housing certificate
Property Complex- stock
Products- Covenant, warehouse certificate
Money- Bond, note (T-Note, medium-term bond), bill, deposit certificate, check, commercial paper, m.
Types of securities
Existing securities in modern world practice are divided into 2 classes:
Basic securities
Derivatives securities (derivatives)
Basic securities - These are the securities based on property rights to any asset, usually for goods, money, capital, property, various kinds of resources, etc. To such papers include:
Bond;
Bill;
Bank certificates;
Bill of lading;
VARRANT;
Deposit Certificate;
Savings certificate
Mortgage
Trust certificate
Basic securities can be divided into:
Primary securities- based on assets, including the securities themselves (secured assets). This is, for example, a promotion, bond, bill, mortgage, etc.
Secondary securities- these are securities produced on the basis of primary securities; These are securities on the securities themselves: warrants on securities, depository receipts, etc.
Derivative Securities or Derivative - This is a non-documentary form of an expression of property rights (obligations) arising in connection with the change in the price of the underlying basis of this securities of the exchange asset. Derived securities include: futures contracts (commodity, currency, interest, index, etc.), freely appeal options and swaps.
It should also be noted the division of securities on species by the method of determining the subject:
Presenter securities (implemented by any person);
Personal securities (can only be implemented by the person specified in paper);
Ordinary security (can be implemented by the person specified in the paper or appointed by their order by another controlled person).
Ways to transfer rights to other persons on the specified securities:
For bearer by simply transmission;
Registered in the order of concession requirements (cession);
Orders by making a gear-lettering (indorsement) on paper.
The indorsement may be forms (without specifying a person who should be executed) or an order (indicating such a person).
Securities in the context of Russian legislation:
Promotion, bank saving book for bearer, bill of exchange, deposit certificate, mortgage, investment part, mortgage certificate of participation, billiards, bond, bank saving book on bearer, bill of exchange, deposit certificate, mortgage, investment share, mortgage certificate of participation, billion, bond, Option of the issuer, simple warehouse certificate, double warehousing certificate and both of its part - warehouse certificate and warrant, privatization securities, Russian depository receipt, savings certificate, check.
The comma world is divided into two groups: actually goods (services) and money. Money, in turn, can be just money and capital, that is, money that bring new money. There is always a need for the transfer of money from one person to another. The markets have developed two main ways to transfer money - through the lending process and by issuing and circulating securities.
Securities are not money and not material product. Their value is in the rights they give to their owner. The latter, exchange your goods or your money on securities only if he is sure that this paper is almost worse, but even better than the money or the goods themselves.
Securities - this is a special product that appeals to the special, its own market - the securities market, but does not have a real nor money consumer value, that is, is neither a physical product or a service. In an extended understanding, securities is any document (paper) which is sold and bought at the appropriate price.
Security paper is a document that expresses the associated property and non-property rights, can independently contact the market and be the object of purchase and sale and other transactions serves as a source of obtaining regular or one-time income. Thus, securities are a type of money capital, the movement of which will mediate the subsequent distribution of material values.
In civil code Russian Federation It contains a classic definition of securities. "Security paper is a document certifying the compliance with the established form and obligatory details of property rights, the implementation or transfer of which is possible only upon presentation."
Security must contain mandatory details provided by the legislation and comply with the requirements for its form, otherwise it is invalid. Security details can be divided into economic and technical. Technical details are numbers, addresses, printing, signatures, the name of servicing organizations, etc. Economic details: the form of existence (paper or paperless), the term of existence, belonging, the obligated person, the nominal rights provided.
Signs of security are:
1. Documentality - Securities There is a document, that is, an officially compiled by an authorized person in accordance with the details of a record that has a legal value.
2. Protects private rights. Security paper is a monetary document that can express two types of law: in the form of the title of the owner and as the relationship of the loan of the person who owns the document to the person to his face.
3. The need for a presentation - the presentation of the security is mandatory for the implementation of the rights enshrined in it.
4. Pulpability - Securities may be an object of civil transactions.
5. Public accuracy - in relation to the owner of a security obligated person, only such objections that arise from the content of the document itself can be put forward.
6. Security is a documentary evidence of investing funds. Thanks to her, cash savings are becoming material objects.
Classification of securities
The classification of securities is their division on species on certain features that they are inherent. In turn, species can in some cases share on subspecies, and they are even further. Each subordination classification is part of a particular classification. For example, a share is one of the types of securities. But the action may be ordinary and privileged. An ordinary share can be one-haired and multifaceted, with a par or without a nominal value, etc.
Securities can be classified according to the following features:
1. For the term of existence: urgent (short-term, medium-term, long-term and revitalized) and indefinite.
2. On the form of existence: paper (documentary) or paperless (uncertified).
3. In the form of ownership: presenters (securities per bearer) and nominal, which contain the name of their owner and are registered in the register of owners of this securities.
4. In the form of handling (transmission procedure): transmitted by agreement of the parties (by means of awarding, by concession) or orders (transmitted by the order of the owner - an endorsement).
5. In the form of release: Em session or non-emission.
6. By registerability: registered (state registration or registration of the Central Bank of the Russian Federation) and unregistered.
7. According to nationality: Russian or foreign.
8. According to the issuer: government securities (these are usually various types of bonds manufactured by the state), non-state or corporate (these are securities that are issued in contact with companies, banks, organizations and even individuals).
9. According to treatment: Market (free-forming), non-market, which are produced by the Issuer and can be returned only to it (cannot be resold).
10. For use goals: Investment (goal - revenue) or non-investment (maintain turnover in commodity markets).
11. Risk levels: risk-free or risky (low-risk, median or high-risk).
12. According to the availability of accrued income: indestructible or profitable (percentage, dividend, discount).
13. At par: constant or variable.
14. In the form of capital attracting: equity (reflect the share in the authorized capital of the Company) and debt, which are the form of loan of capital (cash).
Types of securities
Securities are divided into 2 classes: the main securities and derivatives securities (derivatives).
The main securities are paper, which is based on property rights to any asset, usually for goods, money, capital, property, various kinds of resources, etc. To such papers include: Promotion, bond, bill, bank certificates, billboards , check, warrant, mortgage, pairs of mutual investment funds and others.
The main securities can be divided into primary and secondary.
1. Primary based on assets, which are not included with the securities themselves (secured assets). This, for example, the action, bond, bill, mortgage.
2. Secondary - these are paper on the securities themselves: warrants, depository receipts, etc.
Stock - This is a valuable paper issued by joint-stock company and the right to its owner (shareholder) to receive a part of the profit of the joint-stock company (AO) in the form of dividends, to participate in the management of the joint-stock company and on the part of the property remaining after its liquidation. As a rule, shares are divided into two groups: ordinary shares and preferred shares.
Bond - This is a valuable paper that is a debt obligation to return the invested monetary amount after a prescribed period with payment or without paying some income. If the bond produces a state, then such a bond is called state. If local governments are municipal. Legal entities also produce bonds: banks - bank bonds, other companies - corporate.
Bill (from him. wechsel - exchange) - Securities in the form of a long-term obligation, compiled in writing on a certain form, certifying no reason for the obligation of the bill stage (a simple bill), or a proposal to a different payer (transferable bill) to pay on the occurrence of The long-term exchange rate.
Bank certificate - Securities, which is a freely applying certificate of a monetary contribution (deposit - for legal entities, savings - for individuals) in a bank with the obligation of the latter on the return of this contribution and interest on it after a prescribed period in the future.
Bank Savings Book of Bearer In essence, there is a type of bank certificate (along with deposit and savings certificates).
Bill of lading - Securities, which is a standard form document adopted in international practice, which contains the terms of the contract of maritime transport, certifying its loading, transportation and right to receive. Types of bills: linear, charter, coastal and on-board.
Receipt - Security Paper, certifying a written order of a check of the bank to pay the check holder of the amount of money specified in it during its term of operation. The credit is a legal entity that has funds in the bank, which he has the right to dispose by issuing checks, and the checker holder is a legal entity in favor of which a check is issued. Checks are the following types: Named, Orders and Bearers.
Varant. - a) a document issued by the warehouse and confirming the ownership of the goods in the warehouse; b) This is a security that gives it the right to buy a certain amount of its shares (bonds) at this issuer for the price established by them during the time period defined by it.
Mortgage - This is a personal valuable paper certifying the rights of its owner in accordance with the mortgage agreement (property pledge), to receive a monetary obligation or the property specified in it.
Investment Pai. - Personal security certifying the share of its owner in the right of ownership of the property, which makes a share investment fund.
Depositary receipt - this is a valuable paper indicative of ownership of a certain number of shares of a foreign issuer, but the investor issued in the country; This is the form of indirect purchase of shares of a foreign issuer.
The derivative of the security or derivative is a non-documentary form of an expression of property rights (obligations) arising in connection with the change in the price of the underlying paper of the exchange asset. Derived securities include: futures contracts (commodity, currency, interest, index, etc.), freely appeal options and swaps.
Futures contracts (Commodity, currency, interest, index, etc. - obligations to buy or sell goods at a certain time in the future at a price set today). The conclusion of the futures contract is not a direct purchase of the purchase - sales, i.e. The seller does not give up his goods to the buyer, and the buyer does not give the seller his money. The seller assumes the obligation to deliver the goods on the price recorded in the contract to a certain date, and the buyer makes an obligation to pay the appropriate amount of money. To ensure the fulfillment of obligations, a deposit is made, saved by an intermediary, i.e. An organization conducting futures trading. Futures becomes valuable and can overbug throughout the term.
Option - This is a security paper that is a contract, the buyer of which acquires the right to buy or sell an asset at a fixed price during a certain period or abandon the transaction, and the seller undertakes at the request of the counterparty for the monetary premium to ensure the implementation of this right. The option gives the right to choose (Option), it gave the name of this valuable paper. The option, in contrast to futures, gives the acquirer of the right, not a duty. Options are executed if at the time of execution they are options with winnings.
Svapi There are an agreement between the two parties to carry out the exchange of basic assets or payments on these assets in accordance with the terms specifications defined in the contract. Swaps are currency, interest, stock (index) and commodity.
Svops have a number of significant advantages for investors, the main thing from which is the possibility of investors to reduce currency and interest risks, make a profit on the difference between interest rates in different currencies, reduce the costs of managing the securities portfolio.
All types of swaps are outdoor contracts, they do not turn on the stock exchange and their liquidity provide special intermediaries - banks (which are often called silver banks) and dealers. The feature of these types of derivative securities is that their appeal is not regulated by the state, the main place in the swap market is occupied by banks participating in these transactions.
Properties of securities
Security is a form of capital existence other than its product, productive and monetary formswhich can be passed instead of himself, contact the market as a product and generate income. Properties of securities:
1. Appeal - the ability to buy and sold on the market, as well as in many cases act as an independent payment instrument.
2. Availability for civil turnover - security ability to be the object of other civil transactions.
3. Standard and seriality.
4. Documentality - Securities is always a document, and as a document, it should contain compulsory details provided by law.
5. Adjustability and recognition by the state.
6. Market is inextricably linked to the relevant market, it is reflected.
7. Liquidity - security ability to be quickly sold and transformed into money.
8. Risk - loss opportunities associated with investment in securities and inevitably inherent in them.
9. Competence of execution.
10. The yield - characterizes the degree of realization of the right to receive income by the owner of the security.
Functions of securities
Securities perform a number of socially significant functions:
1. They carry a pronounced information function, indicate a state of the economy. Stable securities courses or their increase, as a rule, testify to the normal economic situation.
2. Play an important role in the flow of capital between different areas of the economy (redistribution function).
3. Used to mobilize temporarily free cash savings of citizens (mobilizing function).
4. Used to regulate cash circulation (regulating function).
5. Banks, enterprises and organizations use securities as a universal credit-calculation tool (calculated function).
Emissions of securities
Emission is a set of procedures for the placement of securities between investors. Its purpose is to attract the issuer of additional financial resources on borrowed conditions (in the case of bonds) or by increasing the authorized capital (in the case of the issue of shares), but this is done according to the rules and under the control of the state in the person of its bodies regulating the securities market.
The emission is usually carried out by attracting professional participants in the stock market, which are called underwriters, which under the agreement with the issuer take on certain obligations to produce and place its securities for the reward.
From the point of view, the issue of emission is customary to divide on primary and secondary. Primary emission takes place either when commercial organization For the first time produces its securities, or when the issue of some kind of security is this organization for the first time.
Subsequent emission is the re-placement of certain securities of this commercial organization. By the method of placement, the issue can be carried out by distribution, subscription and conversion.
Conversion of securities
Conversion is the placement of one type of securities by exchanging it to another on pre-established conditions. Participation in conversion can take only persons who have prior to its implementation rights to already posted securities. Conversion can be divided into the following types:
a) conversion of shares in shares with a greater nominal value,
b) conversion of shares in stock with a smaller nominal value,
c) conversion of shares in shares with other rights,
d) conversion of bonds in stocks
e) bond conversion in bonds,
(e) Conversion of securities in the reorganization of commercial organizations.
It is prohibited to convene ordinary shares into preferred shares of any types. In addition, the legislation of the Russian Federation on securities does not provide for the possibility of converting shares in bonds, which actually also means banning such conversion.
STOCKS AND BODS MARKET
Securities Market - System economic relations Between those who release and sell securities, and those who buy them. The securities market participants are issuers, investors and investment institutions. Enterprises that produce and sell securities are called issuers.
The stock market is an institution or a mechanism that minimizes buyers (demand bearers) and sellers (suppliers) of stock values, i.e. valuable papers. The concepts of the stock market and the securities market coincide.
According to the definition, the goods addressed in this market are the securities that, in turn, determine the composition of the participants in this market, its location, order of functioning, regulatory rules, and the like.
IN market economy The securities market is the main mechanism for the redistribution of cash savings. Stock market creates market mechanism Free, although regulated, overflow of capital in the most effective industries.
The financial market is a system in which relationships are built in the form of exchanging economic benefits. The mediator in this relationship is the financial instruments - securities. In order to sort out the complex structure of the market, possessing zero financial literacyYou need to master basic information on this topic.
Determination of securities
Securities either, as they say stock assets - this is official documentwhich assures the right to possess some capital or its cash equivalent. In fact, this is a special form of an asset, which confirms the ownership of its owner. In this case, this form of capital has such characteristic features:
- is a tool that serves and provides the possibility of market transactions between several participants;
- certifies the presence of certain property relations or loan facts;
- it is characterized by compliance with the form and content of the document with a mandatory indication of details, which differ depending on the type;
- it is determined by what type of property is attached to this form of capital, namely, the objects of movable property.
Criteria that determine stock assets
The stock assets market is very large and diverse. In order to understand which securities are, and facilitate the study of information in this area, it must be structured. There is a certain classification that submits the principle of complex systems.
Each individual property of these financial documents is a subsection of one group and at the same time may belong to another group of features.
The classification described below in the table covers the entire system of similar and distinctive characteristics.
Types of securities and their characteristics: Table
| Characteristic | Concept and types of securities |
| The term repayment | Urgent - repaid in the last time. |
| Permanent - issued indefinitely (a state loan bond). | |
| The form | Paper - that is, the documentary. |
| A non-documentary - the owner is established on the basis of a registry. | |
| Type of ownership | Bearer - the owner's person does not specify (long-to-date, which can be smoked without confirming the rights to it). |
| Name - rights are transferred subject to the identity of the owner (a bill that indicates the name of the holder and the recipient). | |
| View of the Issuer | State. it separate category. Their issuer always performs only the country in which they have a certain value. Wides of state securities: bonds, bill. |
| Commercial, produce corporations, organizations organizations, etc. | |
| Type of transmission | Transfer by agreement of the parties. |
| Orders - which are transmitted by the endorsement (for example, a transfer bill). | |
| Form release | Emission - are placed by issues with identical volume and the term rights of exercise within one issue |
| Non-emission - that is, piece. | |
| Place of Appeal | Market - have the possibilities for sale and resale in the stock market. |
| Non-market - acquired once without the right to resale. | |
| Cost (nominal) | Permanent - indicating the monetary denomination. |
| Variable - when a fixed money nominal value is not specified. | |
| Form of attracting capital | Delta - indicate a coordination of property. |
| Debt - Consolidate the presence of a loan. | |
| Income | Profitable - when the purpose of placement on the market is profit. |
| Individual - non-profit not applicable as such. | |
| Purpose of use | Investment - which are used to invest money as capital. |
| Non-invisiting (billboards, bills). | |
| Risk | Risk-free - short-term states. obligations. |
| Risky - all except state. | |
| Affiliation of nationality | National. |
| Foreign. |
Common species
The status of value of assets is attached on the basis of the country's domestic law. Based on how the country they are sold, that is, where they are issued, in accordance with what criteria are issued, there are basic types of securities, which are comparative analysis in the table.
Table of types of securities
| View | Emitten. |
| Stock | Issues an enterprise or organization to profit in the market |
| The bank issues a physical face | |
| Bill | State or organization |
| Deposit Certificate | Issues bank |
| Mortgage | Enterprise or organization |
| Investment Pai. | Organization |
| Mortgage certificate of participation | Any organization |
| Bill of lading | Enterprise or organization |
| Bond | Releases organization of any form of ownership |
| Option Issuer | Any organization |
| Simple (double) warehouse certificate | Enterprise or organization |
| Privatization | Emitted country |
| Depositary receipt | Bank |
| Savings certificate | Issued by the Bank to the Physics |
| Receipt | Bank |
If we talk about the stock market, then most often mention the trading shares.
Stock - Personal financial document that provides its holder legal right Receive dividends in the form of income or property equivalent from the enterprise, the shares of which it possesses.
Distinctive features:
- it has two prices: specified and real;
- determines the receipt of a part of the profits of the joint-stock company as dividends. Dividends may not always be accrued, depending on the decision of the annual meeting of shareholders;
- provides the opportunity to participate in the management of the joint-stock company;
- in the event of liquidation, it gives the right to return funds at mandatory. The liquidation of AO can be voluntary and forced, in bankruptcy.
The action does not have a uniform view, but differs from the type of income on ordinary and privileged. Ordinary shares possess all the above properties.
Preferred differ:
- priority in obtaining income when selling a joint stock company;
- mandatory presence at the meeting of shareholders, and the right of voting applies only to the questions of the reorganization and dissolution of society.
Bank savings book - confirms the presence deposit deposit in the bank. He regulates the procedure for returning the depository of placed funds and payments with interest strictly specified in the contract between the Bank and the Depositor.
Bill - Debt monetary commitment that the borrower gives a creditor. The purpose of the bill is to serve as a means of calculating and paying.
A bill of bill, depending on the obligation of payment, happens:
- simple- Such a bill records the promise of the debtor to pay the bill for due time;
- translation- In such a bill pointing a person who is invited to pay the debtor the specified amount in a clear time frame.
Deposit Certificate - a kind of bank certificate, which establishes the fact of entering into a bank of a certain monetary deposit legal entity and regulates the process of returning a deposit bank with charges on it.
Mortgage - A document provided by a deposit in which the conditions of the lending contract and the ownership parameters are prescribed by the mortgage. It has the property of therapy, can be rearked by an endorsement and also be the subject of pledge.
Collective investment - This is such an attachment form when the funds of several depositors are combined into cash and transferred to the manager to invest. Founder of share investment Fund, That is, an investor, possesses part of the property, recorded documented - this is an investment Pai.
Investment Pai. refers to personal assets. Fixes a monopoly on the ownership of the holder for the share of property family Fund. The fund is characterized by its type, managing and specialization and consists of property, which is transferred to the shareholders of the management company in trust management.
how financial instrument, it is optimal for those investors who possess small amount And ready to invest for a long time.
Mortgage certificate of participation - a type of document in the field mortgage lending. Certifies the availability of the right to possession of a certain part in common property by mortgage coating. The ownership of them also regulates the receipt of funds to fulfill the obligations required by the terms of the mortgage coverage.
Bill of lading - Sea transportation document, on the basis of which cargo transportation is carried out. A peculiar maritime invoice, which was adopted in international shipping, the use of it is caused by the need to perform transactions with transportable cargo while the vessel makes flights. The exhibition refers to the name of the type of securities and is most often discharged in the name of the Captain of the vessel.
Bond - Variety debt obligations, enshrining the owner of the possibility of receiving annual income or property equivalent to income value.
In essence, this type of loan, which is provided to the borrower by the investor. The borrower can act as a corporation and the state. The percentage, or the denomination specified on the bonds, is redeemed by the issuer in a strictly set period. An investor after repayment receives a coupon or discount income, so bonds are divided into coupon and discount.
By type of Issuer distinguish:
- state - issues a state;
- municipal - emit local governments to finance local programs;
- corporate Bonds are created by enterprises and companies.
Option Issuer - a kind of contract for the purchase of the right to make a buyer financial activities At a certain period, therefore, the urgent repayment type. The option is considered executed if the acquisition turned out to be winning.
Simple warehouse certificate - The prosecution of the asset, which confirms the fact of storage in the warehouse of the owner's goods. As a denomination, it is a product that is in a state of alienation.
Double warehouse certificate - differs from the simple presence of a second part or a mortgage certificate (warranta). The second part needs the owner most often to get a loan for the goods. In this case, the Warranta is transmitted to the creditor and returns back when repaying the collateral. Both parts refer to financial documents and give the privilege to each of the owners to dispose of the goods.
Privatization paper - confirm the right of the holder to own a part of the property in the process of privatization of enterprises belonging to the state.
Depositary receipt - It is a confirmation of the availability of shares issued by a foreign issuer, indicating the purchase of shares abroad, but is produced in the country of the depositor.
Savings certificate - The form of a bank certificate, which is evidence of the presence of a free circulation of the monetary deposit for individuals.
Receipt - a kind of order, which testifies to the instructions of paying the specified amount by the Bank the Chekodator for the sale of assets in a clearly designated timeline.
Primary and secondary stock assets
Depending on the type of release, the following classification is distinguished:
- primary or mains, Which assets are used directly property (movable and immovable), money, resources. All assets, except for depository receipts, are primary;
- secondary - Provide the owner the right to property possession, is mediated through the main stock tools. These include: VARRANT, depository receipt.
Warranta can be both primary and secondary document. In the first case, he is a reception that approves the right to own a commodity in a warehouse. In the second, Warranta gives the right to buy other bonds or shares.
Quality properties of securities
Since the main task of all existing stock assets is their ability to replace the goods in the stock market, then for the evaluation criterion, their independent appeal is made to allocate such properties:
- referred;
- obligation. Fulfillment of obligations in accordance with legislation;
- accessibility for turnover in private (donation, storage, etc.);
- standard is what makes it capable of turning on the market;
- documentality and registerability. Regardless of the form (paper or electronic), a mandatory register of release is made. Subsequently, securities must comply with the legislative standards;
- recognition by the state. Otherwise low level confidence is reflected in their market value of assets;
- market and liquidity - respectively, the ability to good trade and rapid transformation into cash;
- evaluation Loss, or Risk.
The concept of the stock market
Stock Market (securities market) allows you to mobilize cash for expansion economic activity and information about economic conjuncture. The main participants in the stock market are:
- issuer;
- investor;
- mediator.
The issuer always performs an enterprise or company that produces financial documents To attract funds. The investor is the party acquiring capital or its variety, with the help of certain intermediaries.
The qualitative understanding of the basics of the stock market is the key to the optimal operation of the mechanism of the redistribution of world capital.