As a result of studying the materials of this chapter, the student must:
• RZB's structure, structure and tasks;
• RZB's basic concepts, functions and tools;
• characteristics of the participants of the RCB;
be able to
• Analyze the prospects for development of the securities market;
• use various RZB tools;
• evaluate the ratings of securities;
• interact with various institutions of the RZB: registrars, depositaries, intermediaries, etc.;
• methods of using RZB tools for more efficient organization (enterprise) activities
• skills of practical activity in the organization of relations with institutions and intermediaries at the RCB.
Securities market, its significance, functions, basic concepts
is the aggregate of economic relations that arise between participants about the mobilization and allocation of free capital in the process of issuing and circulating securities.
circulation of securities are actions that lead to the change of their owners and are accompanied by registration of the transfer of ownership (purchase and sale, exchange, donation, inheritance, etc.) .
RZB (stock) is a mechanism for attracting investments in the economy of the country, so the development of a stock market that meets world standards is a necessary condition for building a healthy economy. The main purpose of RZB is the accumulation of temporarily idle funds and their use for investment purposes.
The peculiarity of capital mobilization with the help of securities is that, as a rule, money can freely circulate on the market. Therefore, a person who has invested own funds in any production through the purchase of securities can return them (in whole or in part) by selling paper. At the same time, his actions do not affect and do not violate the very process of production, since money is not withdrawn from the enterprise that continues to function. The possibility of free purchase and sale of securities allows the depositor to flexibly determine the time for which he wishes to place his funds in a particular economic project.
The stock market is a civilized way to save and increase money. However, trade in securities, like any profession, requires full training and improvement of skills. Therefore, constant quality education, carried out independently or with the help of professionals, is a fundamental part of success.
The basis of RZB is the commodity market and money-capital; RZB serves as a superstructure over the commodity market.
The essence of RZB is manifested in its functions, which are divided into general market and specific (Table 3.1).
Obstacles to the fairness of information for all market participants are created by insiders, persons who have unique information and have an influence on decision-making.
Participants RZB are individuals and legal entities that enter into economic relations with each other regarding the circulation of securities. Distinguish the following main groups of participants RZB:
• issuers (borrowers) are legal entities, public authorities and municipal entities that issue (issue) securities and have obligations to investors,
• investors (creditors) - legal entities and individuals, residents and non-residents acquiring securities issued in circulation;
Functions of the securities market
The function of raising funds of depositors for the purposes of organizing and expanding the scale of economic activity of enterprises and lending to the state, the possibility of generating revenues from operations in this market
Ensures the transfer of funds between industries and financing of the country's budget deficit
The market must ensure the process of establishing market prices, their constant movement, etc.
Insurance of risks (hedging)
It is implemented on the basis of a new class of production securities: options and futures
The market should organize the availability of information to all market participants simultaneously and at no cost, i.e. give guidance for the placement of capital. Disclosure of information is one of the main conditions for the normal functioning of the stock market. The lack of information transparency of companies hampers the development of the RZB of United States enterprises and attracting investments
The market should create rules for trading and participation in it, the procedure for resolving disputes between participants, etc.
• stock intermediaries (professional participants of RZB) are legal entities and individuals acting as intermediaries between issuers and investors providing services on the basis of a relevant license.
The normal functioning of the securities market provides its infrastructure, ie. a complex of structural subdivisions that facilitate the conclusion and execution of transactions, as well as performing the function of informational support for participants of the securities market.
The RZB infrastructure includes:
• trade organizers - exchanges and trading systems that organize regular trading in securities;
• a system for calculating and recording rights to securities - registrars, depositories, clearing systems;
• information and analytical systems of investment support - information, rating and consulting agencies, analytical and research centers, providing investors with full information on the issuers.>
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