Types of securities and their profitability. What are securities

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Classification of securities

Securities has rad classification characteristics, which are divided into temporary, spatial, market.

A).To temporary include: lifespan and origin.

By lifespan There are types of securities: fixed-term and perpetual.

Urgent securities - securities that have a lifetime established at the time of their issue (for example, bills, bonds), Short-term - have a circulation period of up to 1 year. Medium-term - from 1 year to 10 years. long-term - 10-30 years.

Indefinite securities - securities whose circulation period is not regulated in any way (for example, shares, bonds such as “French annuity”).

By origin securities are divided into primary and secondary.

Primary - These are securities that give the right to income or a share in capital (stocks, bonds, bills, mortgages).

Secondary securities are rights to any priced asset (for example, futures and options).

B) To spatial characteristics include: form of existence, national and territorial affiliation.

According to the form of existence securities are:

- documentary or paper(classical form in which a security exists in the form of a document);

- paperless e or undocumented(electronic form or as an account entry).

In relation to securities issued in documentary form, the owner is established on the basis of presentation of a security certificate, and in the case of its deposit - on the basis of an entry in the securities account. In relation to uncertificated securities, the owner is identified on the basis of an entry in the system of maintaining the register of securities owners or, in the case of deposit of securities, on the basis of an entry in a securities account.

By nationality There are domestic and foreign securities.

Territorial affiliation shows in which region the security was issued.

VC market signs include: type of asset, order of ownership, form of ownership, nature of negotiability, economic essence, level of risk, profitability, form of investment.

By asset type, underlying the security (commodity or money), securities are divided into investment and non-investment:

- investment(capital) are an object for capital investment (stocks, bonds, futures);

- non-investment - securities that serve cash settlements in commodity or other markets (bills, checks, bills of lading).

By order of ownership Securities can be bearer or registered:

- bearer securities do not record the name of the owner, their circulation is carried out by simple transfer from one person to another;

- personalized contain the owner's name and are registered in a special register. When transferring a registered security to another person, a transfer inscription is made on it (endorsement). In this case, the security is called order

By type of ownership securities are divided into state, municipal and corporate.

Issuers state securities are federal authorities authorities and subjects of the Federation (for example, federal loan bonds, domestic bonds foreign currency loan, government short-term zero-coupon bonds, government savings loan bonds, gold certificate).

Issuers municipal securities - local governments.

Corporate securities are issued by companies, banks, and organizations.

By nature of appeal securities are divided into marketable and non-marketable.

- market - can be freely bought or sold on the market:

- non-market- their circulation is limited. For example, it cannot be sold to anyone other than the issuer, and even then after a specified period. Non-marketable securities include shares of the workforce.

According to economic essence differentiate the following types valuable papers:

- PROMOTION- a single contribution to the authorized capital of a joint-stock company with the ensuing rights.

- BOND- a single debt obligation to return the invested amount of money through fixed time with or without payment certain income.

- BANK CERTIFICATE- a freely circulating certificate of a deposit (savings) deposit in a bank with an obligation to pay this deposit and interest on it within a specified period,

- BILL- a written monetary obligation of the debtor to repay the debt.

- CHECK - a written order from the drawer of the check to the bank to pay the recipient of the check the amount of money specified in it.

- BILL OF LADING- a document (contract) of a standard form for the carriage of goods, certifying its loading, transportation and the right to receive it.

- WARRANT - a) a document issued by the warehouse and confirming ownership of the goods located in the warehouse; b) a document giving a pre-emptive right to purchase shares or bonds of any company during certain period at a set price.

- OPTION- an agreement according to which one of the parties has the right, but not the obligation, to sell (buy) a corresponding asset from the other party within a certain period at a price established at the conclusion of the agreement, with payment for this right of a certain amount of money, called a premium.

- FUTURES CONTRACT- a standard exchange agreement for the purchase and sale of an exchange asset after a certain period in the future at a price established at the time of the transaction.

By risk level There are risk-free, low-risk and risky securities.

By profitability There are income and non-income securities.

In terms of yield, securities are generally profitable, but may also be non-yielding. TO highly profitable Most often they are high-risk securities, so they are mainly used for speculative transactions. In Russia, government securities are considered high-yielding, while in other countries they are considered low-yielding.

TO medium- And low income in Russia include corporate securities.

No income there may be many securities, which is stipulated by the terms of issue.

According to the form of investment securities are divided into debt and equity;

- debt- securities that are issued for a limited period with the subsequent return of invested amounts (bonds, bank certificates, bills);

- equity- securities that give ownership of the relevant assets (shares, warrants, bills of lading).

One of the areas of investing capital for the purpose of generating income or making settlements is securities. Some people are very well versed in the variety of securities, while for others this is an unexplored field of activity. You cannot talk about securities and their types in one material, so only their brief descriptions are concentrated here. And more detailed description securities with which banks work will be presented by me in separate articles.

So, before talking about the types of securities, let's first give the definition of a security, which is set out in Article 142 of Chapter 7 of the Civil Code Russian Federation(Civil Code of the Russian Federation):

Security - this is a document certifying in compliance with the established form and mandatory details property rights, the implementation or transfer of which is possible only upon its presentation. A security can only appear as a result of an issue. The issue of securities is a sequence of actions by the issuer to place issue-grade securities.

Federal law dated April 22, 1996 N 39-FZ “On the Securities Market” regulates the relations arising during the issue and circulation of issue-grade securities, regardless of the type of issuer, as well as the features of the creation and activities of professional participants in the securities market. Depending on who issues the securities, they can be classified as bank securities, government securities, or securities of legal entities. The issue of securities cannot be carried out by individuals, but they can be holders.

Issuer - entity or executive authorities or local government bodies, bearing on their behalf obligations to the owners of securities to exercise the rights assigned to them.

Owner- a person to whom securities belong by right of ownership or other proprietary right.

And Article 143 of Chapter 7 of the Civil Code of the Russian Federation lists the main types of securities. The main securities include:

• Government bonds;
• Bonds;
• Bills of exchange;
• Bill of lading;
• Stock;
• Privatization securities and other documents.

When working with bank securities, you must always remember that funds invested in securities are not subject to Federal Law No. 177 of December 23, 2003. “On deposit insurance individuals in banks of the Russian Federation", i.e. are not covered by insurance. And in Art. Clause 5 of paragraph 2 of the same law specifically highlights what is not subject to insurance cash, placed by individuals in bank deposits to bearer, including those certified by savings certificates and (or) savings books to bearer.

Most types of securities (documentary), as a rule, are drawn up on standard forms strict reporting and must contain the mandatory details established by the relevant laws, which include the following:

1. Name of the security;
2. Date of registration of the security (deposit of funds);
3. Full name and location of the legal entity - issuer;
4. Nominal value of the security;
5. Name of the holder (owner), only for registered securities;
6. Deadline for payment (claim) of the amount;
7. Type of return on a security – interest rate, which indicates the interest rate and the amount of interest due; discount; interest-free.
8. Other details depending on the type and purpose of the security.

1. Registered issue-grade securities that carry information about the owners, which must be available to the issuer in the form of a register of owners of securities, the transfer of rights to which and the exercise of the rights assigned to them require mandatory identification of the owner.
2. Issue-grade bearer securities, the transfer of rights to which and the exercise of the rights secured by them do not require identification of the owner.

Now we can give a definition for each type of security, as well as give a brief description of them:

Bonds. Government bonds

Depending on the issuer, i.e. of the person who issued the security, bonds are distinguished into the following types:

• government bonds, which are issued on the basis of the Law of the Russian Federation of November 13, 1992 “On State domestic debt Russian Federation",
• municipal bonds, which are issued on the basis of the Law on general principles local government organizations,
• commercial bonds of legal entities, which are regulated by the Law on Joint Stock Companies.

• registered or bearer,
• free circulation or limited circulation,
• with or without security (collateral or other),
• with a one-time repayment period or with repayment in series at certain dates,
• with a fixed or floating coupon rate,
• regular or convertible.

Bills of exchange

• promissory notes, which represent a unilateral, unconditional obligation of the bank to pay a certain amount specified in the bill within a specified period;
• bills of exchange for which payers indicate third parties - debtors or guarantors of the bank.

The bill is used as:

• instrument of payment;
• collateral and means of payment for lending.

Checks

Checks are of the following types:

• nominal,
• order
• bearer

The issuance of checks is carried out on the basis of an agreement (check agreement) between the drawer and the payer, according to which the paying bank undertakes to pay the checks if there are funds in the drawer's account.

Savings (deposit) certificates

Savings (deposit) certificates are of the following types:

• personalized
• to bearer

• A special type of deposit with a fixed interest rate, which is established when issuing a security. Payment of interest on a savings certificate is made simultaneously with the redemption of the certificate upon presentation.
• It can be given as a gift or transferred to another person. A savings certificate issued to the bearer is transferred to another person by simple delivery, and a registered certificate is transferred by simple execution of an assignment (assignment of a claim).
• Certificates can be bequeathed to your heirs.
• It can be used as collateral for loans.
• Used to store money while traveling.
• Used as a means of payment between individuals.

Bearer savings books

The transfer of rights to another person, certified by a bearer security, in this case, a bearer savings book, is carried out by simply delivering the security to this person, which is enshrined in Art. 146 clause 1 of the Civil Code of the Russian Federation.

In accordance with Federal Law No. 177 - FZ of December 23, 2003 “On insurance of deposits of individuals in banks of the Russian Federation,” deposits registered with a bearer savings book do not participate in the bank deposit insurance system.

In addition, it is worth noting that transactions involving the placement of funds of certain amounts into deposits with the registration of a bearer savings book are subject to mandatory control in accordance with Federal Law No. 115 of 08/07/2001. “On combating legalization (laundering) of proceeds from crime.”

Bill of lading

The bill of lading is issued by the carrier to the sender after acceptance of the cargo and certifies the conclusion of the contract. A bill of lading is issued for any cargo, regardless of how the transportation is carried out: with the provision of the entire ship, individual ship premises, or without such a condition. Under a bill of lading, the delivery of goods by water is carried out in accordance with the Hague Rules contained in the International Convention for the Unification of Conditions of Bills of Lading of August 25, 1924, unless any other state law applies.
Types of bills of lading:

• Linear bill of lading. Linear bill of lading (linear B/L) is a document that sets out the will of the sender aimed at concluding a contract for the carriage of goods. A line bill of lading defines the relationship between the carrier and a third party - the bona fide holder of the bill of lading. A bill of lading is a receipt issued by the carrier to the sender confirming acceptance of cargo for carriage by sea, as well as a document of title. In this case, the contract for the purchase and sale of goods, as well as other transactions in relation to the goods, are carried out through a bill of lading without the physical transfer of the goods themselves.


• Charter bill of lading. A charter bill of lading (charter B/L) is a document issued to confirm acceptance of cargo transported under a charter. A charter is a charter agreement, i.e. an agreement to hire a vessel for a voyage or for a specified period of time. The charter bill of lading does not serve as a document for the execution of a contract of sea transportation, since in this case a separate contract for the charter of the vessel is concluded in the form of a charter. The charter bill of lading defines the relationship between the carrier and the third party - the bona fide holder of the bill of lading. A bill of lading is a receipt issued by the carrier to the sender confirming acceptance of cargo for carriage by sea, as well as a document of title. In this case, the contract for the purchase and sale of goods, as well as other transactions in relation to the goods, are carried out through a bill of lading without the physical transfer of the goods themselves.


• Shore bill of lading. Coastal bill of lading (custody B/L) is a document that is issued to confirm the acceptance of cargo from the sender on shore, usually at the carrier's warehouse. When cargo is accepted on board a ship for which a shore bill of lading has been issued, a note is made in it about the loading of the goods on the ship and the date of loading and other marks are indicated. Sometimes, when cargo is accepted on board a ship, the shore bill of lading is replaced by an onboard bill of lading.


• On-board bill of lading. On board B/L is a document issued when goods are loaded onto a ship.

The consignee is identified in the bill of lading in three ways. Depending on this, bills of lading differ in:

• Personal bill of lading(straight B/L) - a security that indicates the name of a specific recipient.


• Order bill of lading(order B/L) - a security for which the cargo is issued either by order of the sender or recipient, or by order of the bank. An order bill of lading is the most common in maritime transport practice.


• Bill of lading to bearer(bearer B/L) - a document indicating that it is issued to bearer, i.e. it does not contain any specific information regarding the person entitled to receive the goods, and therefore the goods at the port of destination must be released to any person presenting them.

Stock

Today the largest shares Russian companies and banks are perhaps one of the most profitable assets that can be available to a private investor.

All shares issued by any Joint Stock Company are registered. As a rule, shares are divided into two groups:

• Ordinary shares. Owners ordinary shares JSCs may, in accordance with the Federal Law and the company’s charter, participate in general meeting shareholders with the right to vote on all issues within its competence, and also have the right to receive dividends, and in the event of liquidation of the company - the right to receive part of its property


• Preference shares(one or more types). Owners preferred shares do not have the right to vote at the general meeting of shareholders, unless otherwise provided by this Federal Law.

Preferred shares of a company of the same type provide shareholders - their owners with the same amount of rights and have the same nominal value. The par value of the issued preferred shares must not exceed 25 percent of authorized capital society.

The size of the dividend and (or) the value paid upon liquidation of the company (liquidation value) for preferred shares of each type must be determined in the company's charter. The dividend amount and liquidation value are determined on a firm basis. monetary amount or as a percentage of the par value of preferred shares. The size of the dividend and the liquidation value of preferred shares are also considered determined if the charter of the company establishes the procedure for their determination.

Owners of preferred shares for which the dividend amount is not determined have the right to receive dividends on the same basis as owners of ordinary shares.

Types and procedure for issuing shares, the procedure for creating and operating Joint Stock Companies, protection of the rights and interests of shareholders is ensured Civil Code of the Russian Federation and the Federal Law of the Russian Federation “On Joint-Stock Companies” dated 26-12-1995 No. 208-FZ (as amended).

The latest changes and additions were made on December 12, 2010.

Security is a document certifying, in compliance with the established form and required details, property rights, the exercise or transfer of which is possible only upon presentation.

To give full description category such as a security, it is necessary to consider main inherent properties:

– a security indicates ownership of capital (share);

– a security reflects the loan relationship between the investor and the issuer (bond, bill);

– a security gives the right to receive a certain income from the issuer;

– securities in the form of shares give the right to participate in the management of the joint-stock company;

– securities give the right to receive a share in the property of the issuing enterprise upon its liquidation.

One of the essential properties of a security is its ability to serve as a subject of purchase and sale on the stock market.

Securities can be classified according to various criteria.

Emission and non-emission securities. TO securities include stocks, bonds, investment shares. Their release (as opposed to non-emission ones) in mandatory must be registered with financial authorities. Another feature of them is that they are posted in editions; have equal terms and volumes of rights realization within one issue.

Depending on the form in which the investor provides capital to the issuer and how these funds are reflected in the property complex of the enterprise, a distinction is made between equity and debt securities.

Equity security secures the owner’s rights to part of the enterprise’s property during its liquidation, confirms the owner’s participation in the formation of the authorized capital, gives the right to receive a portion of the profit and to participate in the management of the enterprise.

Equity securities include shares, share certificates, and investment units. Debt security reflects the loan relationship between its owner and the issuer, who undertakes to repurchase it within a specified period and pay a certain percentage. An example of debt securities are bonds.

The classification of types of securities by major issuers is as follows:

– government securities that are issued by the federal government;

– municipal securities, which are issued by local authorities;

– corporate securities issued by private businesses (mainly joint-stock companies). Depending on how the rights secured by the security are exercised, the following are distinguished:

– bearer securities – the rights under this security belong to the person who provides it;

– registered securities provide for unambiguous identification of the owner;

– order securities – the rights under them may belong to the person named in the security, who himself exercises these rights or appoints another authorized person (bill and check) to dispose of them. Rights under an order security are transferred by making a transfer signature on this paper - endorsement. A special type of securities is paper money (banknotes). These are a kind of debt obligations of the Central Bank of the country.

• double warehouse receipt;
• warehouse receipt as part of a double certificate;
• certificate of pledge (warrant) as part of a double certificate;
• simple warehouse receipt.

The fifteenth type of Russian security is one that has received citizenship rights in accordance with the Law of the Russian Federation “On Mortgage (Pledge of Real Estate),” which came into force on July 16, 1998. The last of the securities available in Russia is investment share(in accordance with the law of the Russian Federation “On investment funds", 2001).

Government bond and just a bond- this is the same type of security with the only difference, consisting in the fact that government bonds can only be issued by the government, but simply a bond - any legal entity.

If a bond is issued by the government, then such a bond is called a government bond. If local governments - then municipal. Legal entities also issue bonds: banks - bank bonds, the rest of the companies are corporate. Individuals do not issue bonds.

Banking savings book to bearer in fact there is a type of bank certificate(along with certificates of deposit and savings certificates).

Privatization check ended its existence by 1996.

The following eight are legally (legally) permitted for release and circulation in Russia: economic types securities: shares, bonds, bills of exchange, checks, bank certificates, bills of lading, mortgages and investment shares.

Promotion

Promotion - in accordance with the law of the Russian Federation “On” is “an emission security that secures the rights of its owner (shareholder) to receive 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 security that certifies a single contribution to the authorized capital of a business partnership with the ensuing rights for its owner.

Bond

Bond- in accordance with the law of the Russian Federation “On the Securities Market” - this is “an issue-grade security that secures the right of its holder to receive from the issuer of a bond within the period specified by it the nominal value and the percentage of this value or property equivalent fixed in it”;

Economic definition is a security that certifies a single debt obligation of the issuer (the state or any other legal entity) for the return of its nominal value after a certain period in the future on terms that suit its holder.

Bill of exchange

Bill of exchange- a security certifying a written monetary obligation of the debtor to repay the debt, the form and circulation of which are regulated by special legislation - bill of exchange law;

• promissory note- this is a security certifying the unconditional obligation (promise) of the debtor to pay the amount of money specified in it to the holder of the bill after a certain period of time;
• bill of exchange- this is a security that certifies an offer to the debtor to pay the amount of money specified in it to the person designated in it after a certain period of time.

Check

Check- a security document certifying a written order from the drawer of the check to the bank to pay the recipient of the check the amount of money specified in it during the period of its validity. A check is a type of bill of exchange that is issued only by a bank.

Bank certificate

Bank certificate- a security that is a freely negotiable certificate of a monetary deposit (deposit for legal entities, savings for individuals) in a bank with the latter’s obligation to return this deposit and interest on it after a specified period in the future.

Bill of lading

Bill of lading - security, which is a document of a standard form accepted in international practice, for the carriage of goods, certifying its loading, transportation and right to receive.

Mortgage

Mortgage - this is a registered security certifying the rights of its owner in accordance with a mortgage agreement (real estate pledge) to receive monetary obligation or the property specified therein.

Investment share

Investment share- a registered security certifying its owner’s share in the ownership of the property constituting a mutual investment fund.

The listed types of securities typical for countries with highly developed market economy, are not exhausted, and therefore we can 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 listed characteristics as follows.

In addition to the listed types of securities, which can be called basic, or primary, securities, in world practice there are securities that are based on primary ones, and therefore are considered derivatives in relation to them. Derivatives, or secondary securities, include securities based on stocks and bonds: depositary receipts, stock warrants, etc.

Secondary or derivative security is a security that provides its owner not directly with any property rights, but with rights to any underlying securities and, through them, to property rights.

Depository receipt - this is a security indicating ownership of a certain number of shares of a foreign issuer, but issued for circulation in the investor’s country; This is a form of indirect purchase of shares of a foreign issuer.

Stock warrant- this is a security that gives its owner the right to buy from a given issuer a certain number of its shares (bonds) at a price set by him during a period of time specified by him.

Characteristics of the security

The form has a number of details, or economic characteristics, along with their essential (“capital”) content. Specified market characteristics usually have a pairwise opposite nature (for example, paper or paperless forms of existence of a security), and therefore securities are classified depending on which feature of the corresponding pair they meet. The combination of these characteristics inherent in a security constitutes its economic content.

The set of characteristics that any security has includes:

• period of existence: when it was released into circulation, for what period of time or indefinitely;

• form of existence: paper, or, legally speaking, documentary form, or paperless, undocumented form;
• nationality: a security of domestic or another state, i.e. foreign;

• procedure for registering the owner: to bearer or to a specific person (legal, individual);
• form of issue: emission, i.e. issued in separate series, within which all securities are exactly the same in their characteristics, or non-emission (individual);
• type of issuer, i.e. the one who issues a security to the market: state, corporations, individuals;
• degree of negotiability: freely circulated on the market or there are restrictions;
• risk level: high, low, etc.;
• availability of accrued income: whether some income is paid or not;
• transfer procedure (form of address): delivery, assignment of rights of claim: assignment or endorsement;
• Registration: registered or unregistered;
• type of denomination: constant or variable.

Classification and types of securities

Depending on various characteristics, securities are classified as follows:

Types of securities by duration:

• urgent (lifetime is limited in time);
• perpetual (lifetime is not limited in time);

Securities issued for the entire life of the person obligated under them are not directly related to any time period, and therefore they are perpetual securities. These usually include shares. Securities issued for a limited period of time, regardless of whether it is specified when the security is issued or will be determined during its circulation, constitute a group of futures securities.

Future securities have a lifetime established upon their issue or a procedure for establishing this period. Typically, fixed-term securities are divided into three subtypes:

• short-term, with a maturity of up to 1 year;
• medium-term, with a maturity from 1 year to 5 years;
• long-term, having a maturity from 5 to 30 years (mortgage securities, by law, can be issued with a maturity of up to 40 years).

Fixed-term securities, the circulation period of which is not regulated in any way, i.e. they exist until the moment of redemption, the date of which is not indicated in any way when the security is issued, but only the procedure for their cancellation (redemption) is established, are called revocable.

Types of securities by form of existence:

• paper or documentary;
• paperless, or undocumented;

The classic form of existence of a security is a paper form, in 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 equity ones, to a non-documentary form of existence.

Types of securities by nationality:

• national (Russian);
• foreign;

Types of securities by form of ownership:

• bearer, or bearer securities;
• registered, which contain the name of its owner and are registered in the register of owners of this security;

Ownership of a security can be registered or bearer. A bearer security does not record the name of its owner, and its circulation is carried out by simple transfer from one person to another. A registered security contains the name of its owner and, in addition, is registered in a special register. It is usually transferred by agreement of the parties or by assignment.

If a registered security is transferred to another person by making a transfer note (endorsement) on it, or by order of its owner, then it is called an order security.

Types of securities by form of issue:

• emission, i.e. issued in large quantities, within which all securities are absolutely identical;
• non-emission, usually produced individually or in small batches without state registration;

The issue of securities may or may not be accompanied by their mandatory registration with the authorities government controlled. Typically, equity securities are subject to state registration, since their issue affects the interests of a large number of market participants. By Russian legislation Issued shares, bonds, bank certificates are subject to mandatory registration (registered Central Bank) and mortgages. Other types of Russian securities, regardless of the size of their issue, are not subject to state registration.

Issue-grade securities are usually issued in large series, which are subject to state registration. These are usually stocks and bonds. Non-issue securities are issued without any state registration.

Types of securities by type of issuer:

• government securities are usually different kinds bonds issued by the state;

• non-state, or corporate, are securities that are issued for circulation by corporations (companies, banks, organizations) and even individuals.

Government securities- securities issued by . They occupy a special place among securities.

The state is not a capitalist and does not use funds raised through securities to generate income; it only redistributes them through or through its financial system, i.e. acts as an intermediary. Consequently, government securities are not a representative of directly functioning capital, but a representative of capital that the state does not have, which returns to the economy in a roundabout way (through the salaries of civil servants, the military, the purchase of goods, for example, military equipment, etc.). Therefore, government securities are an indirect representative of real capital.

Types of securities by risk level:

• low risk;
• medium risk;
• high-risk;

According to the level of risk, securities are conventionally divided into risk-free and risky. Risk-free- these are securities for which there is practically no risk. In world practice, these are short-term (1-3 months) government debt obligations (treasury bills). All other securities according to the level of risk are usually divided into low risk e (this is usually government papers), medium risk(these are usually corporate bonds) and high-risk(these are usually shares). There are also higher-risk market instruments than ordinary stocks and bonds.

Graphically, the place of the main types of income-generating securities from the point of view of the ratio of risk and level of profitability is usually depicted as follows (Fig. 2.3).

In turn, each type of basic securities is divided into subtypes, etc.

Types of securities by degree of negotiability:

• market, or freely circulating;
• non-marketable, which are issued by the issuer and can only be returned to him; cannot be resold;

The main types of securities are marketable, i.e. they can be freely sold and bought on the market. However, in a number of cases, the circulation of securities may be limited, and the security cannot be sold to anyone other than the one who issued it, and then after a specified period. Such securities are called non-marketable.

Types of securities according to the form of raising capital:

• equity, or ownership, which reflect the share in the authorized capital of the company;
• debt, which is a form of borrowing capital (cash).

Types of securities by type of par value:

• with a constant denomination;
• with variable denomination;

According to Russian legislation, each security has its own denomination or face value. However, in world practice it is allowed to issue, for example, shares without a monetary par value, or with a zero par value. In this case, it is indicated what share in the authorized capital is one share, and therefore its par value, calculated by dividing the authorized capital by the number of shares, changes each time the size of this capital changes, and does not remain unchanged as in the case when the par value of the security is given upon its release. If a security is issued with a monetary denomination, then it is constant denomination paper. If a security is issued without a monetary face value (zero face value), then it is variable denomination paper.

Types of securities according to the form of capital servicing:

• Investment (capital) securities are an object for investing money as capital, i.e., for the purpose of generating income.
• Non-investment securities serve monetary settlements in commodity or other markets. Typically, this role is played by bills of lading, warehouse receipts, and bills of exchange.

Types of securities according to the availability of accrued income:

• no income;
• with accrued income;

From the point of view of accruable income, securities, as a rule, are profitable, but they can also be non-income when for their owner they are a simple certificate of goods or money, and not capital. Income on a security can be accrued in the form of a dividend (shares), interest (debt securities) or a discount, i.e., the difference between the par value of the security and its lower purchase price.

Securities first appeared in the world about four centuries ago, and it is believed that the first securities were government loan bonds (14-15 centuries), bills and shares. Bills of exchange were very widespread in Great Britain, Germany and other countries that actively traded with India, China, etc. The bill of exchange was a very convenient tool for settlements between suppliers and buyers, but even at that stage of the development of the bill of exchange system there was fraud. The emergence of shares is possible only with the formation of a joint-stock company; the first joint-stock companies arose in the period from 1600 to 1628. Almost simultaneously with stocks, bonds began to appear, which contributed to an additional influx of investment capital.

Security- a document certifying, in compliance with the established form and required details, property rights, the exercise and transfer of which are possible only upon presentation.

A security is a certificate of ownership of capital, the right to dispose of which is transferred on a temporary or permanent basis to other persons for the right to participate in the profits generated by this capital.

Securities are rights to resources that are separated from their basis and even have their own material form, for example, in the form of a paper certificate, account records.

Only those rights to resources that meet the following fundamental requirements are recognized as securities:

1. Tradability - the ability to be bought and sold on the market.

2. Availability for civil circulation - the ability to be the object of other civil relations, including all types of transactions (loan, gift, storage).

3. Standardity. The security must have standard content. It is standardization that makes a security a tradable commodity.

4. Seriality - the possibility of issuing securities in homogeneous series and classes. It is standard, serial documents that can be issued and circulated by homogeneous groups that are recognized as securities.

5. Documentation gives a final, “material” appearance to a product called a security. A security is always a document, regardless of whether it exists in the form of a paper certificate or in non-cash form account records.

6. Regulatory and state recognition. Stock instruments claiming to be securities must be recognized by the state, which should ensure their good regulation and public confidence in them.

7. Marketability. A security is a special product that must have its own market with its inherent organization and rules for working on it.

8. Liquidity - the ability of a security to be quickly sold and converted into cash without significant losses to maintain.

9. Risk - the possibility of losses associated with investments in securities.

10. Mandatory performance. According to Russian legislation,
Refusal to fulfill an obligation expressed by a security is not allowed.

Securities perform the following functions:

1. redistributes funds between industries and spheres of the economy, between the population and the state, between territories and countries;

2. provide certain additional rights to its owners;

3. ensures the receipt of income on capital and the return of capital itself.

Properties of securities

1. Possibility of exchange for money (repayment, purchase and sale).

2. Use in calculations.

3. Use as collateral.

4. Storage for a number of years or indefinitely.

5. Possibility of inheritance.

Classification of securities- this is the division of securities into types according to certain characteristics that are inherent in them. Securities existing in modern world practice are divided into two large classes.

Classification of securities

1. Basic securities- these are securities based on property rights to any asset (goods, money and
etc.). Basic securities can be divided into two subgroups:

Primary securities are based on assets that do not include the securities themselves.

Secondary securities are issued on the basis of primary securities; these are securities on the securities themselves.

2. Derivatives- a non-documentary form of expression of a property right (obligation) arising in connection with a change in the price of the exchange asset underlying this security.

Classification of types of securities- This is the division of securities into subtypes. Subspecies can divide even further.

I. Temporary sign.

1. Duration of existence:

Fixed-term securities (securities that have a lifespan established upon their issue) are divided into short-term (up to 1 year), medium-term (10 years) and long-term (30 years);

Perpetual (securities whose circulation period is not indicated at the time of issue).

2. Origin of securities: (primary, secondary).

II. Spatial feature.

1. Form of existence: paper, paperless. In the past, securities existed exclusively in paper form and were printed on special paper forms. IN Lately In connection with the significant increase in the turnover of securities, many of them began to be recorded in the form of entries in accounting books, as well as in accounts, i.e. went paperless.

2. Nationality (domestic, national).

3. Territorial affiliation (by region of the country).

III. Market sign.

1. Type of use: investment (securities that are an object for investment); non-investment (securities that serve monetary settlements in commodity and other markets).

2. Ownership order:

Registered (the name of the security holder is registered in the register of shareholders maintained by the issuer, if the number of shareholders does not exceed 500 people);

Bearer (the name of the holder is not registered with the issuer, the paper is transferred to another person by simple delivery);

Order (this is a registered security, transferred to another person
by means of an endorsement (endorsement).

3. Form of release: emission (produced in large series, in
large quantities); non-emission (produced individually or in small batches).

4. Depending on the legal status of the issuer (state, non-state, municipal and securities of government institutions).

5. Nature of negotiability: market (securities can be freely sold and bought on the market); non-marketable (securities cannot be sold to anyone except the one who issued it, and then after a certain period).

6. Risk level: risky (securities not listed on the secondary market); low-risk (securities that have a market quote); risk-free (reliable).

7. Availability of income:

Profitable;

Non-income (the amount of income is not specified when the paper is issued).

8. Form of investment (money is invested in debt or for
acquisition of property rights):

Debt (securities issued for a limited period with subsequent return of invested funds);

Equity (papers giving the right to property).

1. Economic essence(shares, bonds, bills, etc.)
We classify securities in terms of their economic essence or the type of rights of the owner of the security. The economic essence and market form of each security has a whole set of characteristics.

Kindsvaluable papers

Equity securities.

Promotion- this is a security without a specified circulation period, which is a certificate of contribution of a share and gives its owner the right to receive part of the profit in the form of a dividend. From this definition You can display the following stock properties:

No final maturity date (non-redeemable security);

Limited liability (the shareholder is not liable for the obligations of the joint stock company);

Indivisibility of shares;

The holder of a share is a co-owner of the joint stock company;

Shares may be distributed and consolidated.

A share confirms the participation of its owner in the capital of a joint-stock company and gives him the right to a part of the profit of this company. A share is considered, on the one hand, as a title of ownership and a right to income (dividend) on the other.

The following advantages attract the issuer's shares: Joint-Stock Company is not obliged to return to investors their capital invested in the purchase of shares;

Payment of dividends is not guaranteed;

The size of dividends is set arbitrarily regardless of profit.

A share can be issued both in documentary form and in uncertificated form. The document indicating ownership of shares is called a share certificate. It contains information about the issuer and information about the registered holder or holders, the denomination ( if any), the type and number of shares held by the certificate holder, and the associated voting rights.

Depending on the order of ownership, shares can be registered or bearer.

Registered shares belong to a specific legal or natural person, are registered in the owner book and are issued in large bills. The charter of the joint-stock company must state that family shares are sold only with the consent of the majority of other shareholders. Most securities markets in various countries use registered shares. In Russian practice, only registered shares are allowed. The use and circulation of only registered shares presupposes a qualitatively different technical infrastructure of the stock market.

Bearer shares- these are shares without indicating the name of the owner. Issued in small denominations to attract funds from the general population. Such shares can change hands freely without any record of the transaction. The new shareholder must present his shares on the day of the shareholder census in order for the dividends to be transferred to his name.

Types of share prices:

1. Face value (nominal value) is an arbitrary value established at the time of issue and reflected in the share certificate.

2. Book value- this is the amount of the company's equity capital per share.

3. Market price(share price) - the current value of a share on a stock exchange or in over-the-counter circulation, the price at which shares are freely sold and bought on the market.

4. Redemption value announced at the time of issue of shares. Typically, the redemption price exceeds the face value by 1%. Only revocable preferred shares have this value.

Debt securities. Debt securities are called cash securities. They are widely used within the credit and banking sector. The funds received from the issue of these securities are subsequently used as traditional money to make current payments or pay off debts. Some of these securities are used as substitutes for cash as a means of payment. For example, commercial bills are used to pay for goods, while government treasury bills can be used to pay federal taxes. Economic role of valuable money papers consists of ensuring the continuity of the circulation of industrial, commercial and banking capital, the uninterruption of budget expenditures, accelerating the process of sales of goods and services, that is, ultimately, ensuring the process of each individual reproduction, which presupposes a continuity of influx money capital to the starting point. The existence of such securities allows banks to realize all the funds released on short time funds as capital.

Bonds- a security certifying the loan relationship between its owner (lender) and the person who issued it (borrower). Current Russian legislation defines a bond as an issue-grade security that secures the right of its holder to receive from the issuer of the bond, within the period specified by it, its nominal value and the percentage of this value fixed in it or other property equivalent.” Thus, a bond is a certificate of debt that includes two main elements:

The issuer's obligations to return to the bondholder after the agreed period the amount indicated on the face of the bond;

The issuer's obligation to pay the bondholder a fixed income in the form of a percentage of the face value or other property equivalent.

The status of a bondholder implies the role of a creditor, not an owner. The bond does not give its owner the right to manage the company. It is more reliable, investments in debt securities are better protected compared to investments in shares. In the event of liquidation, the debt to the holders of the company's bonds is repaid before the claims of the shareholders are satisfied.

Types of bonds

There is a wide variety of bonds; to describe their types, we classify bonds according to a number of characteristics. The following classification can be proposed:

1. Depending on the issuer, there are government, municipal, corporate, and foreign bonds.

2. Depending on the terms for which the loan is issued, there are:

Bonds with a specified maturity date (short-term, medium-term, long-term);

Bonds without a fixed maturity (perpetual bonds, callable bonds, redeemable bonds, renewable bonds, deferred bonds).

3. Depending on the order of ownership:

Personalized (ownership rights are confirmed by entering a name in the text of the bond);

To bearer (ownership rights are confirmed by simple
presentation of a bond).

4. For the purposes of the bond issue:

Ordinary (issued to refinance existing
debt issuer);

Targeted (funds from the sale of these bonds are used to finance specific investment projects).

5.By placement method (freely placed, forced placed).

6.Depending on the form in which the borrowed amount is reimbursed (with reimbursement in in cash, with compensation in kind).

7.According to the method of repayment of face value:

Repayment by one-time payment;

Repayment for a certain period of time;

Consecutive repayments with a fixed share of the total amount.

8. Depending on the payments made by the issuer:

Bonds that only pay interest;

Bonds that return capital at face value but do not pay interest;

Bonds on which interest is not paid until maturity;

Bonds that pay a fixed income periodically and the par value of the bond at maturity.

9. By the nature of circulation (non-convertible, convertible -
exchange of bonds for shares of the same issuer).

10. Depending on the collateral (unsecured by collateral, secured by collateral).

11. Depending on the degree of protection of investors’ investments:

Reliable bonds worthy of investment.

Scrap paper bonds of a speculative nature.

12. Periodic payment of income on bonds in the form of interest is made according to coupons. A coupon is a cut-out coupon with a coupon (interest) rate number indicated on it. By way
payments coupon income bonds are allocated:

With a fixed coupon rate;

With a floating coupon rate;

With a coupon rate that increases evenly over the years of the loan;

With minimal or zero coupon;

With optional payment.

Bill of exchange- this is a security drawn up in a strictly defined form, giving the right to demand payment of the amount indicated in the bill after a certain period. Features of a bill as a security:

The abstract nature of the obligation expressed by a bill of exchange is not
fulfillment of obligations under the main transaction cannot lead to failure to fulfill obligations under the bill of exchange;

The indisputable nature of the obligations under the bill;

Unconditional nature of the bill;

A bill is always a monetary obligation;

A bill of exchange is always a written document;

Bill of exchange - this is a document that has strictly established details;

The parties obligated under the bill are jointly and severally liable.

The bill is classified according to two criteria:

1) Depending on the operations.

A commodity (or commercial) bill of exchange is used in the relationship between buyer and seller in real transactions involving the supply of products and services.

A financial bill is based on a loan issued by an enterprise at the expense of available available funds to another enterprise.

2) Depending on the type of payer on the bill.

A promissory note is issued and signed by the debtor and contains his unconditional obligation to pay the creditor a certain amount at a specified time and place.

A bill of exchange (draft) is issued by the creditor (drawer) and is an offer to the debtor (payer) to pay a certain amount.

Bank certificate - freely circulating certificate of depository (savings) deposit in a bank with an obligation last payment this deposit and interest on it after a specified period.

Classified according to two criteria:

1. Depending on the order of ownership: registered, bearer.

2. By type of depositor: depository (if the depositor is a legal entity), savings (if the depositor is an individual).

Release savings certificates Only banks can:

Carrying out banking activities for at least a year;

Complying with banking laws and regulations Bank of Russia;

Having reserve fund in the amount of at least 15% of the actually paid authorized capital;

Having reserves for possible loan losses in accordance with the requirements of the Bank of Russia.

Certificates can be issued either one-time or in series. The circulation period of certificates of deposit (from the date of issue of the certificate to the date when the owner of the certificate receives the right to claim the deposit) is limited to one year. The circulation period of savings certificates cannot exceed three years.

Check- a security that is a payment and settlement document. By its economic essence, a check is a bill of exchange, the payer of which is the bank that issued the check.

According to Russian law, a check is issued for a period of up to 10 days and can only be redeemed in cash at a bank.

Types of checks:

1. Personal check is issued to a specific person with the clause “not to order,” which means that the check cannot be further transferred to another person.

2. Order check is issued to a specific person with the clause “to order”, meaning that further transfer of the check is possible by means of an endorsement - endorsement.

3. Bearer's check is issued to bearer and can be transferred from one person to another by simple delivery.

4.By check Cash payment is not allowed.

5.Cash check intended for receiving cash from a bank.

Bill of lading - a security that certifies the right of ownership of transported cargo or goods. Used when transporting goods in international maritime traffic.

An insurance policy for the cargo must be attached to the bill of lading.

The bill of lading may be accompanied by various additional documents necessary for the transportation of cargo, its storage and safety, and for processing customs procedures.

Types of bill of lading:

To the bearer (the bearer is the owner of the cargo);

Personalized (the owner of the cargo is the person indicated in the bill of lading);

Order (possibility of transfer to another person using an endorsement).

Warrant- a document issued by the warehouse and confirming ownership of the goods located in the warehouse. This document gives its owner the right to purchase shares or bonds of the company for a certain period of time at a set price.

Mortgage- view debt obligation, under which the lender, in the event of non-repayment of the debt by the borrower, receives this or that real estate (land or building).

In world practice, there are various types of mortgages:

- “family” (occurs in the process of purchasing a family home, when the buyer pays only part of the cost of this home);

For office buildings;

Farmer's.

Derivatives. A derivative security is a non-documentary form of expression of a property right (obligation) arising in connection with a change in the price of the exchange asset underlying this security.

Main features of derivative securities:

Their price is based on the price of the underlying exchange asset;

The external form of circulation of derivative securities is similar to the circulation of basic securities;

Limited time period of existence compared to the life period of an exchange asset;

Their purchase and sale allows you to make a profit with minimal investment compared to other securities, since the investor does not pay the entire cost of the asset, but only the guarantee fee.

There are two types of derivatives:

Futures contracts;

Options.

Futures contract- this is a standard exchange agreement for the purchase and sale of an exchange asset at a certain point in time in the future at a price established by the parties to the transaction at the time of its conclusion. The similarity between a futures transaction and a futures contract is that the seller and buyer in both cases undertake to sell or buy a certain amount of securities at a specified price at a specified time in the future.

Option- this is a standard exchange agreement for the right to buy or sell an exchange asset or futures contract at the exercise price before the specified date with the payment for this right of a certain amount of money, called a premium.

Types of options are divided according to the following criteria:

1. According to deadlines:

American (exercised at any time before the option expires);

European (executed only on the expiration date).

2. By type of exchange asset:

Foreign exchange (purchase and sale of currency);

Stock (purchase and sale of shares, bonds, indices);

Futures (purchase and sale of futures contracts);

Interest option (based on changes in the price of debt obligations).