The history of the development of the Russian securities market. The emergence and development of the securities market

Federal Agency for Education

State educational institution of higher professional education

All-Russian Correspondence Financial and Economic Institute

Chelyabinsk branch

Department of Money, Credit and valuable papers»

Test

by discipline

"Stocks and bods market"

Topic: "History of the emergence of the securities market"

(Option 1)

Chelyabinsk,

Introduction

Exercise 1

Prerequisites and stages of development of the initial types of securities

Features of the formation of the securities market of the industrially developed countries of the world

Education and development stock exchanges

Assignment 2

Conclusion

List of used literature

Introduction

The market in which transactions with securities are carried out is the securities market. The emergence of securities: securities and committing various kinds with them financial transactions has a long history.

As a result of the growth of trade and the increase in the number of concluded futures transactions, “promissory notes have gradually become the object of financial transactions. A bill of exchange is the first classic security, which marked the beginning of the emergence and development of the stock market.

Exercise 1

1. Prerequisites and stages of development of the initial types of securities

The first securities appeared in the bowels of feudalism. In the period of the 17th - 18th centuries, they began to play the role of an alternative tool for attracting temporarily free financial resources... The reasons for their appearance were associated with the need to finance the ever-increasing government spending, the provision of interstate loans and for other purposes. Therefore, historically, it was the state debentures issued in the form of securities, i.e. government bonds.

The appearance of the first securities marked the creation of markets for their circulation, i.e. spheres where they were bought and sold. The first securities markets emerged during the same period in developed countries Western Europe.

Following the government, the private sector of the economy began to show interest in alternative instruments for attracting financial resources. Private securities in the form of shares appeared in the so-called. period of initial capital accumulation. Their appearance is associated with the emergence of joint-stock companies in individual countries in the 17th century. The pioneers here are considered the East India and West India companies of Holland, engaged in colonial trade. These activities brought in high profits and contributed to the rapid rise in the prices of the shares they issued.

With the advent of stocks and the expansion of speculative trading in them, the first stock exchanges also appear. Historically, the first is considered the appearance of the stock exchange, established in the 15th century. During the same period, stock exchanges developed in England, France, Germany, etc. Leadership in stock exchange trading for many years was entrenched in England.

Subsequently, private ones appeared on the securities markets, i.e. corporate bonds. They did not change property relations, unlike shares, they brought stable income and therefore quickly gained popularity.

The development of securities markets in the world has been uneven, both across countries and over time. Their evolution proceeded faster in industrialized countries. In some time periods, there were bursts of activity in the development of securities markets.

One of them was celebrated in the late 19th - early 20th centuries. This was due to scientific, technical and industrial revolution, which began in the world, in particular with the construction railways... At the same time, there was a massive creation and development of joint-stock companies. different spheres activities. The turnover of securities took place mainly on stock exchanges, since over-the-counter markets practically did not exist during this period.

The rapid development of securities markets was also noted in the period after the end of the global economic crisis- the so-called "Great Depression" in the 30s of the XX century. This period was characterized by the intensification of the processes of concentration and centralization of capital in developed countries. From the same period, securities markets began to be actively regulated by the state in order to eliminate fraud and abuse that often occurred in this area. New segments of the securities market are also emerging, in particular the over-the-counter primary market.

After the end of World War II, there was another period of rapid development of national securities markets. The reasons were: the expansion of the scientific, technical and industrial revolution, the processes of rapid technological update in the production and information spheres, the strengthening of international competition, etc. This period was characterized by a sharp increase in the variety of types of securities, in particular the emergence of derivatives, international private securities, and so on .n. financial instruments, etc. There is a further complication of the infrastructure of the securities market. In addition to the stock exchange and the primary over-the-counter market, the so-called. "street" (organized secondary over-the-counter) market.

The evolution of the securities markets in the countries affected by the war was significantly slowed down, so the United States and some other countries still retain the leading positions here.

In some countries, where centralized systems of state management of the economy prevailed, the development of securities markets took place in special ways. An example is the USSR, where the securities market was practically absent. Only in a short period of the NEP (1922 - 28) in the country, along with state securities, there was also circulation of private securities. That's why modern development the securities market in Russian Federation- the historical successor of the USSR, today it lags significantly behind other countries.

Thus, the strengthening of the role of the state, the scientific and technological revolution, industrial growth and the expansion of joint-stock ownership were the main reasons for the emergence and development of securities markets in the world.

2. Features of the formation of the securities market of industrially developed countries of the world

With the emergence of monopolies, large associations, enterprises and an increase in the issue of securities, exchange and over-the-counter turnover grows. financial assets... An important role in this is played by commercial banks carrying out the initial public offering of corporate shares. The stock market is becoming more and more regulated.

The securities market in the United States has developed especially extensively. If in continental Europe, businessmen generally preferred to keep free cash in bank accounts, purchase insurance or real estate, in America, most entrepreneurs invested capital in financial assets.

However, the stock market, like the entire economy as a whole, is not immune from recessions, crises and other shocks, sometimes causing paralysis of all economic activity. Moreover, it is the stock market crash that portends a formidable omen of a general financial catastrophe in the state.

The stock market crisis of 1929 was especially terrible and grandiose in its consequences, when the fall in rates on the New York Stock Exchange led to the world economic crisis. Eyewitnesses say that the situation on the stock exchange at that time resembled the end of the world, they compare it with an apocalyptic nightmare. A gigantic stream of securities sales literally swept the stock exchange. Crowds of people attacked her and the police could not recover with them. The mass panic continued. The sale of shares increased all the time. The flow of offers drove down the rates. And stockbrokers received only one order: sell, sell. Real money disappeared. The total losses from the crash were enormous. The depth of the crisis can be seen in the example of the fall in share prices of leading companies from 1929 to 1932: General Motors - almost 80 times, Radio Corporation - 33 times, New York Central - 51 times. During the collapse of 123,884 stock speculators who arrived at the meeting in the "Cadillacs" were forced to return on foot. Yesterday's millionaires were selling matches on the streets.

After the world crisis of 1929-1933, the governments of most of the countries that have survived the crisis have embarked on a course of economic reforms. In this regard, the role of the state in the economy has sharply increased. The reform of stock exchange activities was aimed at maximum protection of all participants in stock transactions from bankruptcy, at civilized trading in financial assets, and this required severe regulation and control by the state. Commercial law and financial legislation were envisaged. In the United States, the Securities Act was passed (1933) and gradually the stock market acquired its modern form.

In the 60s, a new surge of stock exchange activity is outlined in the stock market. Europe recovered from the consequences of World War II, industry stabilized, new high-tech and capital-intensive industries appeared. The mechanism of the stock exchange contributed to the redistribution of funds in favor of industries providing the highest rate of return. With the help of the stock exchange, huge funds raised by banks and other settlement and credit institutions were used to finance the most effective economic programs, inventions and the introduction of new technologies. During this period, there was also a rapid growth in international securities transactions.

Since the mid-1970s, the stock market of capitalist countries with developed economies has already been a complex entity with a well-tested and well-oiled mechanism, with an extensive network of auxiliary structures, as well as with close international ties. Transnational industrial and banking corporations began to play a huge role in the world arena, the latter accumulate significant funds and pursue a policy of exporting capital.

Over the past twenty years, international trading in securities has increased tenfold compared to post-war period... Euro shares and Eurobonds appeared in circulation, which became the main object of transactions on the world stock market.

In Russia, the development of the stock market went through the same stages as in other countries, taking into account national characteristics. Operations with securities in Russia began to be carried out in an organized manner back in the period of Peter the Great. At first, transactions were concluded at meetings of merchants and other trading people, and in 1703 the first commodity and stock exchange was opened in St. Petersburg, which marked the beginning of the development of stock exchange business in Russia. Initially, foreign securities were traded on this exchange, mainly bills of exchange, but later shares and bonds appeared, both of foreign issuers and domestic ones.

After St. Petersburg, stock exchanges appeared in Odessa, Moscow and other cities. The peak in the development of the stock market in pre-revolutionary Russia fell on the second half of the last century, which is associated with a great economic upturn, the formation of the commodity market and the capital investment market. During that period, the stock exchanges of France and Germany had a great influence on the Russian securities market.

At the beginning of the 20th century, the connection between the St. Petersburg and Moscow stock exchanges with the stock exchanges of Western Europe was strengthened. On the Paris, Berlin, London stock exchanges, Russian securities were quoted for a total of about 8 billion rubles, which was approximately one third of the total value of all financial assets issued in Russia at that time.

An important role in the Russian stock market was played by the largest banks and corporations with the participation of foreign capital... OTC turnover developed and the number of brokerage firms and associations grew. This process was accompanied by impulsive outbursts of stock market activity, speculative transactions and crises. For example, in Russia there was a sharp drop in the rates of domestic and foreign securities in 1869, 1875, 1895, 1912 and 1914. With the outbreak of the First World War, all stock exchanges were officially closed, but illegal transactions in securities continued until the 1917 revolution.

With the coming to power of the Bolsheviks and the formation of the Soviet government, all state loans, both external and internal, were canceled, and operations with stock values were prohibited by a special decree of December 23, 1917. True, the NEP period contributed to the revival of the joint-stock form of ownership and some revival of stock exchange activity.

In a short period of 1922-1924, over 110 commercial, industrial and credit companies... Moreover, the state actively attracted private capital to the most important sectors of the economy through the mechanism of corporatization, over-the-counter and exchange trading. In 1922, the government issued bonds of an internal winning loan for a total of 100 million rubles, and a total of 24 different short-term loans were issued in seven years.

In October 1922, operations with securities were again allowed, and commodity and stock exchanges were reorganized and opened in many cities of the former Soviet Union. Transactions with financial assets contributed to the overflow of free cash, improved money circulation and stabilization of the ruble exchange rate against foreign currency... However, at the end of 1929, the establishment of a command-administrative system in the economy caused a complete rejection of market relations in the state and as a result of the closure of all exchanges in Russia, including stock exchanges. In connection with the implementation of the reform process in the Russian Federation and the perestroika system of all socio-economic relations.

Since 1990, the stage of revival of the securities market and stock exchange has begun in our country.

There are currently 5 stock exchanges in Japan: Tokyo, Osaka, Nagoya, Kyoto, and Sapporo. The main one - the Tokyo Stock Exchange was organized on May 15, 1878, 10 years after the "bourgeois meiji revolution" and the first trading on it began on June 1 of the same year. The founding date of the current Tokyo Stock Exchange is April 1, 1949, and trading on it began on May 16 of the same year. The trading rules introduced at the TFB were based on the trading rules of the Rice Exchange, which arose two years earlier. Until the closure of the TFB in 1943, the rules for trading on the Japanese stock and commodity exchanges did not differ in any way.

The Tokyo Stock Exchange is one of the three largest exchanges in the world and in terms of trading volume successfully competes with the New York Stock Exchange, which it in 1990 with sales of $ 1.2 trillion. dollars even surpassed. Bonds have been traded in Tokyo since the establishment of the Tokyo Stock Exchange. Shares of the largest trading companies Japan, called "zaibatsu", began to circulate on the stock exchange in the late 19th century.

Shortly before the end of World War II, the stock market temporarily ceased to function, and when trading resumed, it was already regulated by a number of laws passed during the American occupation of Japan, among which the 1948 Securities and Exchange Act occupies a special place. an organization with the goal of making a profit. It was closed in 1943, and stock exchanges in Tokyo and seven other cities in the country were reopened in 1949.

Germany ranks third among the leading countries in the importance of the securities market in capital accumulation, and in many respects it ranks first in Europe. At the same time, the share of Germany in the world securities market is only 2.5%, which is due to the rather late development of the securities market itself.

In essence, the movement and development of the securities market began only at the end of 1954. Thanks to government intervention and the introduction of tax and other incentives. High rates economic growth in Germany intensified capital accumulation and contributed to an increase in fictitious capital. Already in 1965. The issuance of all types of securities amounted to 4.4% of the NNP and 23% of the gross capital investment in the country. The nominal value of securities with a fixed interest rate in circulation was 100 billion marks, but their market value was significantly lower and amounted to 78 billion. just as in the 1950s, bonds and mortgages prevailed in the structure of purchased securities.

In the same period, the mobilization of funds from the population into securities increased from 100 million marks in the mid-1950s to 6.9 billion in the mid-1960s and amounted to 20% of all personal savings. Subsequently, individual investors, primarily wealthy ones, played a decisive role. In the possession of 162 thousand wealthy families, i.e. 1/5 of all families held 90% of all shares. At the same time, 41% of the owners had shares, the market value of which did not exceed 2 thousand marks.

Further market development was observed in the 1970s-1980s, when the average share price more than doubled. The structure of investors has changed, the share of individual investors has significantly decreased from 90 to 55%. In the 1970s, only one in 12 residents owned shares. Institutional investors accounted for 15%, commercial banks - 30%. The turnover of bonds increased from 38 billion marks in 1959 to 777 billion in 1983, at the same time the growth of shares in circulation slowed down, although their turnover increased from 28 billion marks to 101 billion, i.e. 3.6 times.

The specificity of the securities market was most clearly manifested in the structure of the titles of ownership in circulation: more than 66% were accounted for by various bank bonds, about 22 - for government loans, 11.8 - for shares and only 0.2% of all securities were corporate bonds.

Subsequently, the securities market continued to develop, but the main trends that formed during these years persisted: the number of bonds continued to grow, and the number of registered share issues decreased.

By the early 1990s, the share of households in the structure of the share capital of enterprises decreased to 16.8%, and in 1997-1998. individual investors accounted for only 13% of all shares, which amounted to 6% of the financial assets of the population. At the same time, the role of the securities market in mobilizing money capital has increased.

In 1996. on the German stock exchanges, a record turnover was obtained - 8.9 trillion. brands, having increased in comparison with 1995. by 0.8 trillion. stamps. Approximately three quarters of the turnover accounted for securities with fixed interest and a quarter - for shares.

Since that time, new issues of shares of German joint-stock companies began. If in 1996. The number of new emissions was 14, then in 1999. there were already 175. The boom on the stock exchange in 1999. increased not only the stock price, but also their number. However, after the crash of 2000. again there was a reduction in issuing activities (in 2000: the number of issues was 142, in 2001 - 26, in 2002 - 7 and in 2003 - 0) and the delisting of shares of both German and foreign companies. The number of shareholders has decreased.

By 2003. only 11.1 million Germans, or 17% of the total adult population, were shareholders, while back in 2001. there were 13.5 million of them, or 21%. The reason for this decline was the strongest, comparable to the crisis of 1929-1932. stock market crash. The share of shares as a tool for investing funds decreased over this period from 2 to 4.5%.

During the Middle Ages, as a result of the great geographical discoveries, the areas of international trade expanded and large sums of money, which led to the creation of joint stock companies (British and Dutch trading companies), which became the first major issuers of securities.

The stock exchange originated in the era of primitive capital accumulation. The emergence of exchanges (from the Latin word "Borsa" - wallet) is associated with the activities of the Berza family from the city of Bruges, whose family coat of arms was the image of three wallets.

The first stock exchange was established in Amsterdam in the 17th century, while the first commodity exchange appeared in Antwerp as early as 1531. In the 18th - 19th centuries. the stock exchange was widely developed in England with the development of capitalism and its transformation into a world power.

Initially, the development of the stock exchange was associated with the growth of government debt, since the capital invested in bonded loans could be converted into money at any time. In the XVII century. with the first joint stock companies the object of exchange turnover is the shares, mainly of the East India and West India companies in Holland. However, their activities were also determined by the presence of public debt, since joint stock companies were established on condition of investing part of their funds in government loans. The high profits obtained by these companies from colonial trade contributed to a sharp rise in the prices of their shares and, accordingly, exchange speculations. Therefore, the stock exchange during the formation of capitalism was to a certain extent an important factor in the initial accumulation of capital.

The importance of the stock exchange increased in the second half of the 19th century. in connection with the massive creation of joint stock companies and the growth of the issue of securities. More intense accumulation money capital in comparison with the growth of production and the increase in the layer of rentiers determined the huge demand for securities, which led to an increase in exchange turnover; the main place on the stock exchange was occupied by shares and bonds of private companies and enterprises.

The stock exchange is a traditionally and permanently operating market with a specific place and time of trading. It is used to sell their securities by subjects in need of funds, and the purchase of securities by subjects seeking to profitably place their temporarily surplus funds. The exchange provides high liquidity to this market and contributes to activity and stability stock trading.

Securities that have passed the initial placement are mainly resold on the exchange, i.e. it serves as a secondary market. In some countries (France and the Russian Federation, for example), the stock exchange can play a role primary market... In the volume of the value turnover of the stock exchange in developed countries, shares predominate, although other types of securities are also being bought and sold, the share of which is now gradually increasing. Unlike the primary market, the main role of the exchange is reduced to the redistribution of capital, but a small part of the resources to finance the economy still passes through it. The stock exchange is an essential element of the modern economic mechanism.

A stock exchange can have the organizational status of a private or mixed joint-stock company (the prefix in the name "Inc"), a private limited company, a public company or corporation (controlled by the state and created on the basis of the national stock exchange law), and also a government agency. In any case, making a profit is not the main goal of its activity. Most exchanges in the US and Europe are registered as non-profit institutions, i.e. have a non-profit status and enjoy significant tax incentives. However, the exchange provides an opportunity for its members to receive income through trading or intermediation. The exchange is headed by an elected or appointed exchange committee (board of governors). The activities of any exchange are regulated by the charter, which its members are obliged to obey.

Sellers and buyers of securities (legal and individuals) who are clients of the exchange, as well as intermediaries who are its members. The members of the exchange can be financial institutions, brokerage and dealer companies and offices, independent brokers, etc.

Exchange members fall into two main categories: brokers and dealers. Brokers carry out transactions on behalf of and at the expense of clients, receiving a commission (courtesy). Dealers act on their own behalf and at their own expense, receiving income from the exchange rate difference of securities. They enter into deals with brokers and among themselves. The number of dealers is significantly less than that of brokers.

The role of dealers, sometimes referred to as stock speculators, is invaluable to the exchange. By constantly buying and selling securities for profit, they support the activity of exchange trading and provide liquidity to this market. An individual or legal entity can become a member of the exchange, having secured several recommendations from its current members and bought a place on it for a substantial amount. Membership on the exchange is permanent.

The main element of the technical execution of the classic stock exchange is the operating room with a large electronic display. It displays the names of issuers and quotes (rates) of their securities, as well as other information. Usually, several types of quotes are reflected, in particular: the exchange opening and closing rates, current, maximum rates, etc. Based on this information, exchange market participants conclude transactions. The modern stock exchange is increasingly characterized by the use of automated computer systems for making transactions.

Transactions on the stock exchange can be divided into cash (simple) and urgent ( speculative). The former are used to place and redistribute capital, while the latter are used to generate income on the stock market game. Payment in cash transactions occurs either on the day of their execution, or before three days later, often in cash. Payment in urgent transactions takes place over a relatively long period of time. A cash transaction consists in buying or selling with the help of an intermediary and receiving, respectively, either real securities or the money received for them. Derivatives transactions differ in a wide variety of types.

Participants in speculative transactions, based on the tactics of behavior, are divided into the so-called. "bulls" (optimists) and "bears" (pessimists). The former are bullish, while the latter are lowering. Each of the parties seeks to make a profit at the same time.

When playing on the stock exchange, it is important to have objective information. Sources of exchange information are specialized publications: newspapers, magazines, bulletins of brokerage and consulting firms, etc. In England, one of such sources is the Financial Times, in France - ECO, in the USA - the Wall Street Journal, in the Russian Federation - Vedomosti, Kommersant and others. One of the main indicators reflected by such publications are stock exchange indices.

In general terms, they represent the weighted average exchange price of a certain set of securities of various issuers at a certain point in time. Stock indices allow assessing the state of individual market segments by recording changes in securities quotations.

The most famous, daily published in the world's leading publications, are: the Dow Jones Index, abbreviated as DJIA (The Dow Jones Industrial Average), calculated on the shares of the 30 largest industrial corporations in the United States, as well as the joint index of the Financial Times and the London Stock Exchange, denoted abbreviation FT-SE 100, calculated on the shares of 100 leading British companies. In addition to them, many other variants of indices are calculated, both Dow Jones and FT-SE, incl. of global importance. The Dow Jones Index is the oldest in the world, it has been calculated since 1897.

Other countries calculate their own stock indices: Nikkei-225 - in Japan, CAC-40 - in France, Xetra-Dax-30 - in Germany, RTS, AK&M, RBC, MICEX, etc. - in Russia, etc. Developed countries, as a rule, have not one but several indices. Stock indices can also be calculated on bonds. With all their diversity, one thing is common - a decrease in the value of any of them means a worsening of the situation in a certain major world geographic centers of modern stock exchange trading are New York, Tokyo and London. Other major centers of stock trading are Frankfurt am Main, Paris, Zurich, Milan, etc. The central stock exchanges of the leading countries have become international. In developed countries, in addition to central ones, there are also regional stock exchanges.

There are 13 stock exchanges in the United States, forming a powerful ramified network. They are located in New York, Chicago, Boston and other major cities. The leading position is occupied by the New York Stock Exchange, which makes more than 70% of all transactions in stocks in the country. She is the first in the world in all respects. It differs from others in a significantly larger specialization of brokers and brokers. The exchange has the status of a private joint stock company. The market value of its shares is steadily increasing.

The second most important place in the United States is occupied by the American Stock Exchange, also located in New York. Regional exchanges list shares of small local companies.

There are 6 stock exchanges in England, or rather the regional divisions of the London Stock Exchange. They are located in the centers of large financial flows countries: London, Birmingham, Manchester, Leeds, Belfast and Glasgow. The undisputed leader is the London Stock Exchange, which has concentrated more than 60% of the turnover of securities in the country. It is the oldest in the world and is currently ranked third, behind only the New York and Tokyo stock exchanges. Until recently, it had the status of a private limited company. In 2000, the London Stock Exchange and Deutsche Birch (Frankfurt am Main) merged. As a result, the international Anglo-German Exchange "IX" was formed with the status of a public corporation. The peculiarity of the exchange is that more than half trade turnover accounts for foreign securities. The organization of the conclusion and execution of transactions in the trading floor, which traditionally existed here, is now automated based on the German computer system XETRA.

There are 8 stock exchanges in France: Paris, Bordeaux, Lille and other cities. Central is the Paris Stock Exchange, which carries out more than 95% of securities transactions in the country. In France, a single quotation for securities has been established for all exchanges. The institute of the stock exchange in the country is state-owned. It simultaneously performs the functions of the secondary and primary markets.

In Germany, stock exchanges are located in Frankfurt am Main, Dusseldorf, Hamburg and other cities. There are eight of them. The leading position is Frankfurt Stock Exchange... The institute of the stock exchange in Germany, as well as in France, is state-owned.

There are 8 stock exchanges in Japan, located in the cities: Tokyo, Osaka, Sapporo, Nagoya, Kyoto, Hiroshima, Fukuoka and Niigata. The turnover of the Tokyo and Osaka stock exchanges is, respectively, 80 and 15% of the total exchange turnover of the country. The Tokyo Stock Exchange ranks second in the world in terms of turnover. It has two sections of the main market. The first one quotes the shares of the largest corporations - there are about 1200 of them. The second quotes the shares of about 600 lesser-known companies. In addition, for stocks that are not listed on the main market, there are special alternative markets on the exchange with less stringent conditions for admitting securities to trading. Japan's stock exchanges are public stock exchanges.

In the Russian Federation, the institution of the stock exchange began to revive with the beginning of market reforms. Among the first, in November 1990, the Moscow International Stock Exchange (MICEX) was established, and then the Moscow Central Stock Exchange (MCSE). The following year, the Leningrad (later St. Petersburg), Siberian, Baltic, Nizhny Novgorod, Russian (reorganized from the stock department of the RTSB) and other stock exchanges were formed. Their founders were large organizations and enterprises in various fields of activity, including government agencies.

Today, there are 10 stock exchanges in the Russian Federation, including the RTS Stock Exchange (stock exchange status since 2001) and the MICEX Stock Exchange (stock exchange status since 2005). They are located in large cities: Moscow, St. Petersburg, Yekaterinburg, etc. Back in 1995 there were more than 60 of them. Russian legislation there is only one organizational and legal form of the stock exchange - non-commercial partnership, i.e. non-profit organization. At the same time, in the world practice today, there is a tendency to an increase in the number of profitable exchanges.

The overwhelming majority of transactions are made on three main stock exchanges: trading system”(Stock Exchange RTS), Stock Exchange“ Moscow Interbank Currency Exchange ”(Stock Exchange MICEX), Moscow Stock Exchange (MFB). The size of the annual trade turnover of shares on Russian stock exchanges is tens and hundreds of times inferior to other countries. Similarly, the number of deals made here is hundreds and thousands of times less. Feature Russian market securities, there is still a significant volume of over-the-counter secondary turnover of shares with a small volume of their turnover on the stock exchange. The bulk of transactions in stocks are in the over-the-counter market. Its participants are numerous companies and firms that conduct operations through telecommunication networks with the assistance of self-regulatory organizations of professional stock market participants. The size of the exchange turnover of bonds is about 10 times higher than the corresponding figure for shares. The overwhelming part (99%) is occupied by the public sector. Corporate bonds, like stocks, are predominantly resold on the OTC market.

Assignment 2

Task

Owner savings certificate with a par value of 300 thousand rubles. received it on 20.01.2006. With the condition of repayment on 05.10.2006. at 6.3% per annum. Determine the amount of interest accrued and the redemption price of the certificate when using different methods of calculating interest.

security market stock exchange

Amount = 300000 * (1 + 0.063 *) = 313359

Interest = 13359

way

Amount = 300000 * (1 + 0.063 *) = 313545

Interest = 13545

way.

Amount = 300000 * (1 + 0.063 *) = 315225

Interest = 15225

Conclusion

international market loan capital (international financial market), being a reflection of the real reproduction process on a global scale, at the same time lives a relatively independent life, subject to its own special laws. It has a tremendous backward effect on production processes, both at the national and global economic levels. The international loan capital market emerged at the turn of the 50s - 60s of the current century. Towards the end of the 80s total amount net borrowing at the international level has already reached 14% of the amount of net borrowing in all financial markets of the world combined. Wherein modern stage development of international financial market characterized by the increasing role and importance of the securities market. The securities market is an integral and relatively firmly separate part of the loan capital market.

Bibliography

1. The securities market: a textbook for universities / Ed. E.F. Zhukova, 2005

2. The securities market / Ed. V.A. Galanova, A.I. Basov. Moscow: Finance and Statistics, 2004

Borovkova V.A. "Securities Market", 2005

Lyalin V.A., Vorobiev P.V. "Securities Market", 2006.

Stocks and bods market. Cribs Kanovskaya Maria Borisovna

1. History of the development of the securities market

The 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. It began with financial scams in ancient times, continued with the emergence of money changers in the Middle Ages in the form of the creation of a government bond market in the late 18th - early 19th centuries. and finally, the birth of the modern stock market.

The Russian securities market emerged and began to develop quite spontaneously. During the NEP period, there was an increase, and in the 30s. it was eliminated. The revival of the securities market in the USSR did not take place; it came only in the era of perestroika, as evidenced by the fact of the creation at the end of 1990 of the Moscow Central Stock Exchange and the Moscow International Stock Exchange.

Today, Russia has not yet developed a single stock space, there is no single infrastructure, but the situation is gradually changing. The experience of organizing the stock business, accumulated over many years, is used in the creation of various institutions of the Russian securities market. In the process of practical activity, the schemes and models that are most acceptable in the Russian Federation will be determined.

Prior to the adoption of the Law “On the Securities Market” dated April 22, 1996, more than 300 normative acts were in force. it federal laws Of the Russian Soviet Federal Socialist Republic, decrees of the President of Russia, decrees of the Government of the Russian Federation, instructions and other normative documents The Central Bank Russian Federation, Ministry of Finance of the Russian Federation, RNS of the Russian Federation, Roskomimushchestvo of the Russian Federation, State Committee statistics of the Russian Federation and other ministries and departments of the Russian Federation. They regulate the issue and circulation of stocks, bonds, bills of exchange, checks and other securities.

By Presidential Decree No. 2063 of 04.11.94, the Federal Committee for Securities of the Russian Federation was established.

This text is an introductory fragment. From the book Finance and Credit. Tutorial the author Polyakova Elena Valerievna

12.2. Participants of the securities market Subjects (participants) of the securities market are individuals or organizations that sell or buy securities or service their turnover and settlements on them, i.e. economic relations about valuable

the author Kanovskaya Maria Borisovna

2. Development of the securities market and its regulation The development of the securities market and its regulatory regulation was very rapid and lacked consistency and consistency. As a result, there are