What markets includes financial markets. Types of financial markets. The capital market includes

Financial market – it is a mechanism for the redistribution of capital between lenders and borrowers with the help of intermediaries based on supply and demand for capital. In reality, it is a set of financial institutions of the country that redistribute cash flows between owners and borrowers. The main function of the financial market is the transformation of idle funds into loan capital.

Consider financial market structure. The financial market includes money market and capital market. Sometimes, in common parlance, the concepts of financial and money market are considered identical, but this is not entirely true.

Money market is a market for short-term credit transactions, i.e. up to one year. According to the existing classification, the money market includes accounting, interbank, currency markets.

Consider the components of the financial market in more detail.

On the accounting market the main instruments are treasury bills, commercial bills and other types of short-term securities. The main characteristics of short-term securities circulating on the accounting market are high liquidity (ie, they can be quickly and without much cost converted into cash) and mobility.

Interbank market is a part of the loan capital market, where temporarily free funds of credit institutions are attracted and placed by banks among themselves, mainly in the form of interbank deposits for a fairly short period of time. The most common terms of deposits are from one month to one year, (sometimes the deadlines for placing interbank deposits can be from two to five years). The funds of the interbank market can also be used by banks for medium- and long-term active operations, balance sheet regulation, and compliance with the requirements of state bodies regulating banking activities.

Currency markets serve international payment turnover associated with the payment of monetary obligations of legal entities and individuals from different countries. Due to the fact that in international settlements there is no single means of payment for all countries (i.e., a global currency), a necessary condition for settlements in foreign trade, services, investments, interstate payments, etc. is the exchange of one currency for another in the form of the purchase or sale of foreign currency by the payer or recipient. Thus, foreign exchange markets are the official centers where the buying and selling of currencies takes place based on supply and demand.

capital market , which is the second part of the financial market, covers medium- and long-term credit transactions, as well as financial assets - stocks and bonds. It is subdivided into stocks and bods market, called the stock market or financial asset market, and market of medium- and long-term bank loans. The capital market as a whole is the most important source of long-term investment resources for governments, large corporations and banks. While the money market provides for meeting short-term needs with highly liquid funds, the capital market serves to meet long-term needs for financial resources.

In the market of medium-term and long-term bank loans, loans are issued to organizations to expand fixed capital (upgrade equipment, increase production capacity). Such loans are provided mainly by investment banks, sometimes by commercial ones.

The stock market (financial asset market) ensures the distribution of funds between participants in economic relations through the issuance of securities that have their own value. Securities can be bought, sold and redeemed. The main functions of the stock market are to centralize temporarily free cash and savings to finance the economy; in the elimination of the state budget deficit, in its cash execution and smoothing out the uneven receipt of tax payments; in information about the state of the economic situation, based on the state of the securities market.

The stock market can be viewed as a collection primary and secondary markets. On the primary market securities are issued, financial resources are mobilized on it for the purpose of investment. The main issuers of this market are private companies and government agencies, and the main objects of transactions are securities. Newly issued securities are placed by subscription or open sale.

On the secondary market resale of securities is carried out, resources for investment on it are no longer mobilized. The secondary market is subdivided into exchange and non-exchange. At the latter, there is a purchase and sale of securities that are not listed on the stock exchange.

Various types of securities, deposits and forms of loans circulating in the financial market are called financial instruments.

The financial market cannot exist separately from the state. Their relationship is varied. The state can act as both a creditor and a borrower, establish general rules for the functioning of the financial market and exercise daily control over it, conduct official monetary policy and other economic events through the market. The state usually encourages and develops financial markets, since the stable functioning of the national economy largely depends on their condition. At the same time, too persistent government intervention in the affairs of the financial market worsens the economic situation, as happened, for example, in the August 1998 crisis, when the government persistently imposed short-term treasury bills on the market. Financial markets are inherently unstable. Increasing interaction of financial markets and increasing volumes of capital flows increase the risk of instability in national markets and the risk of it spreading to other markets. Therefore, the role of state regulatory bodies has increased with the increase in financial flows, the expansion of financial market instruments, and the emergence of new participants.

A feature of the Russian financial market is that its social component is of great importance. The acuteness of social issues in the development of the capital market is due to the fact that Russians lost a significant part of their savings as a result of inflation in 1992-1994, financial pyramids, and the financial crisis of 1998. To protect the interests of depositors, in March 1999, the Federal Law “On protection of the rights and legitimate interests of investors in the securities market”. In December 2003, extremely important for the development of the financial market in Russia, the Federal Law “On insurance of deposits of individuals in banks of the Russian Federation” was adopted, according to which the creation of a system for protecting deposits of the population began in Russia. In August 2004, with the adoption of the Federal Law "On payments by the Bank of Russia on deposits of individuals in bankrupt banks that do not participate in the system of insurance of deposits of individuals in banks of the Russian Federation", depositors received additional protection for their savings. The new law was adopted as an addendum to the 2003 Federal Law, and its main goal was to ensure the same financial protection of the population's deposits, regardless of whether the bank in which the depositor's savings has entered the deposit insurance system or not.

Let's look at what financial assets, called securities, are traded on the stock market.

Securities , according to the Civil Code, they call a document certifying, in compliance with the established form and mandatory details, property rights, the exercise and transfer of which are possible only upon its presentation. Securities are representative of real capital and to a certain extent reflect its value. They are sometimes called fictitious capital.

In Russia, securities include shares, bonds, deposit and savings certificates, checks, bills of exchange, government securities, options, futures and other documents.

Let us briefly characterize these types of securities.

Stock - these are securities certifying the right of the owner to a share in the equity of the joint-stock company (its authorized capital). Thus, shares belong to the type of securities that are evidence of ownership. They generally refer to securities with non-fixed income, i.e. certify the ownership of a share or share in the capital of a joint-stock company and give the right to receive part of the profit in the form of dividends, as well as to participate in the management of the joint-stock company and to a part of the property remaining in the event of liquidation of the company.

Fixed Income Securities(debt obligations) are represented on the market by bonds, checks and bills of exchange, as well as deposit and savings certificates.

Bonds – debt obligations of the state, local governments, enterprises, various funds and organizations, usually issued in large quantities. They are evidence that the body that issued them is a debtor and is obliged to pay interest on it to the owner of the bond for a certain time, and upon the maturity of the payment, to pay off its debt to the owner of the bond. Thus, a bond is a debt of the body that issued it to its holder, who in this case is a creditor, but does not have the right to the organization's property, unlike a shareholder. According to Russian law, a bond is an issuance security that secures the right of the holder of this security to receive from the issuer of the bond within the prescribed period its nominal value and the percentage of this value fixed in it or other property equivalent. For example, in Soviet times, a car could be obtained with a bond in the form of a return on the value of the bond, which was more than profitable, since the car was a luxury item and one of the scarce goods that could not be freely purchased in a store even if there were funds.

Deposit certificate – financial document issued by credit institutions, which is a certificate of deposit of funds, certifying the depositor's right to receive a deposit. There are certificates of deposit on demand and urgent certificates, which indicate the term for withdrawing the deposit and the amount of interest due.

savings certificate – a written obligation to deposit funds by an individual in a credit institution, certifying the right of the depositor to receive the deposit and interest on it. Savings certificates are of two types: bearer and registered.

Check – a monetary document of the established form containing an unconditional order of the drawer of a check to a credit institution to pay its holder the amount specified in the check. The payer of the check is a bank or other credit institution that has such a right.

bill of exchange – an unsecured promise to pay a debt and interest on it when due. These securities are in last place among the debt obligations of the company. Like checks, bills of exchange can also be issued by individuals.

Government securities – is government debt. They differ in terms of issue dates, maturity dates, and interest rates. In a certain sense, this is an alternative to the issue of money.

In most countries of the world, the following types of government securities are currently in circulation: treasury bills with a maturity of 91 days, treasury bills with a maturity of up to 10 years, treasury bonds with a maturity of 10 to 30 years. These types of securities are issued for lending short-medium and long-term public debt. Accordingly, the interest payments on them also differ. For example, in the United States in the 1990s, payments on treasury bills were about 6%, on treasury bonds - about 7%.

In addition to federal governments, local governments can also issue debt-lending securities. This type of securities is called municipal bonds. Like other bonds, they are obligations to repay a debt by a certain date with a fixed interest payment. Municipal bonds are issued both in Russia and abroad.

The Russian securities market, like in many other countries in transition, is experiencing certain problems.

First, the origin and development of the stock market in Russia took place against the backdrop of a constant decline in production. Such a difference in the development of the stock market and the processes taking place in the national economy cannot but lead to crisis situations in the market, which was clearly proved by the sad experience of 1998-99.

Secondly, insufficient and inaccurate information about issuing companies increases the riskiness of market transactions with securities. Prior to 1999, the predominance of government debt issued to cover the budget deficit caused the dominance of short-term securities. And this, in turn, diverts free funds from long-term investment, which is always the most important factor in economic growth.

Thirdly, inflation and inflation expectations have had and continue to have a destabilizing effect on the Russian securities market for a long time, since the risk of money depreciation deters investors from long-term strategic investments. The negative impact of inflation on the securities market is overcome, as foreign experience shows, by issuing indexed securities, the income on which is indexed adjusted for inflation. In Russia, the market for indexed stock instruments has not yet been created.

Along with state regulation of the securities market, elements of its self-regulation, which is typical for countries with a developed market economy, are gradually appearing. For example, there is the Russian Trading System (RTS), which develops uniform rules for operations. The Professional Association of Stock Market Participants (PAUFOR) was established to regulate securities trading.

In the Russian stock market, there is such a phenomenon as stock bundle. A small group of stocks called "blue chips" are the most reliable stocks issued by large companies that are developing successfully. In Russia, such companies include RAO UES of Russia, Lukoil, Rostelecom, Rosneft, RAO Russian Railways, and a number of others. Their shares are in demand not only among Russian but also foreign investors. "Blue chips" are opposed by all other shares of many joint-stock companies, which are low-liquid securities with a high risk of investing in them and difficulties in selling on the secondary market. The gap between the position of blue chips and all other stocks is extremely large. Transactions with "blue chips" account for about 90% of the Russian turnover of shares.

Financial market

Financial market- a structure that, in a market economy, creates the possibility of borrowing, buying and selling securities, investment goods, such as. The turnover of financial markets may also include other assets with high liquidity.

Financial markets include:

The stock market where securities are attracted and placed;

The market of derivative financial instruments, derivatives, where the price of risk is determined;

Financial markets can exist in several forms.

1. In the form of organized markets, as is the case with exchange trading, when transactions are made in a strictly standardized infrastructure with a system of clearing and mutual settlements through a centralized one.

2. In the form of direct interorganizational agreements, an example of which is the interbank market.

3. In the form of retail relationships, when banks offer their services to legal entities and individuals.

Participants in financial markets can be divided into three categories: borrowers, lenders, intermediaries. Regulators occupy a special place in the structure of financial markets.

See what "Financial Market" is in other dictionaries:

Financial market- an organized institutional structure for the creation of financial assets and the exchange of financial assets. The financial market is focused on the mobilization of capital, the provision of credit, the implementation of exchange monetary transactions and the rational ... ... Financial vocabulary

financial market- - financial market Often called the money market, the market for long-term loans (as well as stocks, other securities and financial instruments, including financial derivatives ... ... Technical Translator's Handbook

Financial market- (financial market) the market for short, medium and long-term loans, investments, securities (for example, the market for government obligations), deposits, as well as the debt market, the foreign exchange market, etc. Usually F.r. generally divided into the capital market and ... ... Economic and Mathematical Dictionary

Financial market- Financial markets Securities market Bond market Bond g ... Wikipedia

financial market- A market where money is exchanged, capital is raised and credit is granted. Money markets specialize in short-term debt; capital markets buy and sell long-term debt and securities... ... Financial and investment explanatory dictionary

Financial market- a market in which money is exchanged, credit is granted and capital is mobilized - a general term for the capital market, money market, foreign exchange market ... A concise dictionary of basic forestry and economic terms

Financial market- (loan capital market) a mechanism for the redistribution of Capital between creditors and borrowers with the help of intermediaries based on the demand and supply of capital ... Economics: glossary

Financial market- see Financial market ... Terminological dictionary of a librarian on socio-economic topics

Financial market- - a specific area of ​​monetary relations, where the object of transactions is free cash provided to their consumers either in the form of loans or against securities; a market that mediates the distribution of funds between ... ... Stocks and bods market. Glossary of basic terms and concepts

Financial market- (or Securities Market) (FINANCIAL MARKET (or SECURITY MARKET)) a mechanism for facilitating the exchange of financial assets by bringing together buyers and sellers of securities ... Financial glossary

Books

• Financial market in transitional economy, V. R. Evstigneev. The main idea that runs through the entire book is the dependence of the complexity of the behavior of financial entities and the complexity of the structure of financial systems on the amount of information contained in ... Buy for 541 rubles
• Financial market in transitional economy. Investment strategies, struct. organization, prospects for international integration, Evstigneev V.R.

The financial and monetary sector as an independent element of the monetary economy forms financial market.

World financial market is a set of national and international markets that ensure the direction, accumulation and redistribution of monetary capital between market entities through financial institutions in order to achieve a normal ratio between supply and demand for capital.

The monetary sector, which includes financial and credit, is a specific market with its turnover and income. The global financial market provides society Financial services, supplying him at the right time and in the right place with money. In other words, a specific commodity in the financial market is . As a commodity, money circulates in such sectors of the world financial market as credit, securities, foreign exchange, insurance, etc. (Fig. 23).

The world financial market in its economic essence is a system of certain relations and a kind of mechanism for collecting and redistributing financial resources on a competitive basis between countries, regions, industries and institutional units.

The financial market consists of a number of sectors: investment, credit, stock, insurance, currency.

• (stock market)
• Investment market

In the financial market, the objects of sale and purchase are. However, there is a fundamental difference between transactions in various sectors of the financial market. If money is sold on the credit market as such, i.e., they themselves are the object of transactions, then on the stock market, for example, the rights to receive cash income, already created or future, are sold.

The financial market is not only a means of redistributing monetary resources in the economy (on a paid basis), but also an indicator of the entire state of the economy as a whole. essence the financial market is not just in the redistribution of financial resources, but primarily in determining the directions of this redistribution. It is in the financial market that the most effective areas for the application of monetary resources are determined.

The structure of such a financial market can be represented as follows:

Financial market instruments

Financial instruments- these are monetary obligations of economic entities documented in accordance with the current legislation.

At present, in developed market economies, there is a clear trend towards the merger of various financial intermediaries, as well as towards the diversification of their operations. The development of financial intermediation contributed to the emergence of a peculiar economic phenomenon - financial instruments, which include:

• IOUs
• credit cards
• insurance policies
• certificates
• various certificates giving the right to receive monetary income and so on.

Financial instruments are nominal and bearer.

The world financial market is a part of the world capital market of financial institutions.

The monetary part of the financial market consists of the financial and credit sectors, represents the entire market in aggregate and in terms of turnover and income. That is, money constantly rotates in the market sectors listed below.

• stocks and bods market;
• credit market;
• investment market;
• insurance market;
• currency market.

The structure of the financial market is divided into capital and money markets.

The money market is a market for short credit transactions for a period of not more than one year.
The capital market includes operations of any term, bonds and stocks. It is the most important source of long-term investment.

Financial market designates a list of the most efficient economic areas for investing money. Depends heavily on how the market works. interest rates. Their formation is the main function of the market, directly affecting the level of economic efficiency in the world.

Functions of the financial market:

- serving the population and the state to cover consumer public spending as a source of capital;
- servicing the circulation of goods through credit;
– increased centralization and concentration of capital;
- accumulation of cash reserves of the population, the state and enterprises;

Financial Market Participants

In the world of the market, the broker is the intermediary between the seller and the buyer. He has the right to perform actions with any securities (financial market instruments). The constant functioning of the securities market ensures.
Financial agents serve the market by accepting money for safekeeping for a certain reason, for example, for interest. The formation of such financial intermediaries requires a fairly large amount of time. Nowadays, they carry out maintaining the stability of the financial support of economic and social needs with the acceleration of the level of development of production. Also, intermediaries are engaged in saving money resources.

The duration of financial intermediaries is beneficial for entrepreneurs and owners
savings, as it leads to profits for all parties that are market participants.
The list of intermediaries includes banks and credit organizations. However, in addition to this, investment and insurance companies will also act as intermediaries. Their main difference from banks is that they do not affect the circulation of funds in the economy.

World financial centers

It implies the joint work of banks with financial institutions that conduct financial transactions with securities, metals and different currencies. This is a very important part of the market economy, on which a lot depends. The world's largest financial centers can be called London and New York.

Financial market instruments

Financial instruments are monetary obligations of certain economic entities, documented in accordance with the current legislation.

Financial instruments include checks, bills, bonds, stocks, IOUs, certificates, insurance policies, credit cards, mortgages and other certificates.

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To get a more complete picture of the financial market, it is extremely important to consider its structure and main elements. The financial market includes the money market, the capital market and the securities market (Figure 1). Short-term financial instruments with a term of less than one year circulate on the money market. Long-term financial instruments are traded on the capital market. The securities market is a part of the money market and the capital market, since it circulates both short-term and. long-term financial instruments.

Rice. 1 - The structure of the financial market

Money market includes such segments as the cash market, the market for short-term treasury bills, the market for short-term commercial bills, the market for short-term credit resources and the market for short-term loans. Functionally, only those short-term loans that are used to support the current activities of the borrower can be attributed to the money market; loans used to expand and modernize production belong to the capital market. That is, the money market serves the short-term needs of its participants, and the capital market serves their long-term positions.

For a period of more than one year, funds are attracted for capital market. Financial instruments circulating in this segment can be divided into long-term and medium-term loans and medium-term and long-term securities - bonds and stocks. The accumulation of temporarily free resources and their investment is carried out through the circulation of securities on the financial market - special documents that reflect the property rights associated with them, can independently circulate on the market and be the object of sale and other transactions.

Stocks and bods market is an area in which property relations are realized, financial sources are formed) of economic growth͵ investment resources are concentrated. This segment of the financial market redistributes investment resources in accordance with the needs of the market, ensures their concentration in the most profitable and promising sectors of the economy, contributes to the formation of the structure of the economy, and also expands and facilitates access to obtaining monetary capital for all subjects of the economic system. Τᴀᴋᴎᴍ ᴏϬᴩᴀᴈᴏᴍ, the securities market is a financial channel that transforms savings into investments in the most efficient way.

There is another position in determining the structure of the financial market, ‘according to which the financial market includes the market for cash in circulation, the loan capital market (credit market) and the stock market (securities market and derivatives market).

The money market is a market of means of payment, which includes not only cash, but also non-cash means of payment. The credit market is connected with credit operations of banks. The securities market is an economic relationship mediated by the movement of securities. In an extended interpretation, the financial market includes the insurance market, the credit market, the money market, the securities market, the foreign exchange market, the pension assets market, the investment market, etc.

World financial market- a part of the world loan capital market, a set of supply and demand for the capital of lenders and borrowers from different countries. One of the segments of the global financial market is the stock market or the securities market.

Basic business entities represented in the global financial market:

1. enterprises;

2. population;

3. government;

4. professional subjects.

The main functions of the MFR are:

· mobilization and redistribution of accumulated capital between national economies, countries, regions, corporations;

formation of the market price for individual financial instruments under the influence of supply and demand;

Reducing the costs of financial transactions;

· Accelerated concentration and centralization of capital (formation of large financial holdings), which is especially evident in mergers and acquisitions of commercial and investment banks, as well as stock exchanges.

The international financial market can be primary, secondary and tertiary.

New issues of debt instruments are placed on the primary market. As a rule, this happens with the assistance of large investment institutions.

In the secondary market, previously issued financial instruments are sold and bought. This market is formed as a result of the excess of demand from international investors over the supply of certain instruments in the primary market.

Derivative financial instruments are traded on the tertiary market.

Within the framework of the global financial market, there are:

the national financial market;

the international financial market.

This division is based on the sign of control over the national systems of monetary regulation.

The national financial market means:

1. the totality of lending and borrowing operations of residents, subject to national legislation, in national currency in the territory of its country of origin (for example, a loan received from a resident bank in national currency);

2. borrowing of residents in foreign currency;

3. borrowing by non-residents in national or foreign currency within the framework of the national regulatory system.

The global financial market does not exist in the form of a single market, it is only a collection of interconnected national markets. The international financial market is understood as lending and borrowing operations in currencies outside their countries of origin and, therefore, not subject to direct state regulation by these countries.

On the basis of functional differences (or depending on the economic content of the transaction), the global financial market, both national and international, can be divided into two main sectors:

World money market;

World capital market.

Money market is divided into: the interbank market (that is, the market for interbank deposits), which is a set of transactions between banking institutions to provide mutual short-term unsecured loans in the amount of up to 1 million US dollars;

Accounting market - accounting for bills of exchange of the private and public sector (treasury) management, as well as other short-term obligations (other commercial paper).

capital market divided by:

Credit market (takes into account the mechanism of lending);

The stock market (divided into the stock market and the bond market).

The features of the MFR include:

The huge scale of transactions (operations on the MFR exceed 50 times transactions in international trade in goods);

Absence of spatial, geographical and temporal boundaries. Operations on the MFR are carried out almost around the clock;

Use of leading currencies (dollar, euro, yen, SDR) in transactions between market participants;

Transactions are carried out at international interest rates (LIBOR, EUROBOR, etc.);

Widespread introduction of national financial markets into the MFR system while maintaining their certain independence. Their place in the MFR system is determined by:

The place and role of the country in the global economic system;

The presence of a developed national financial and credit system;

The stability of the national economy;

Favorable investment climate;

Currency, tax and investment legislation.

IFR participants can be classified according to the following criteria1:

1) the nature of the participation of subjects in operations:

Indirect.

2) purpose and motives for participation:

Hedgers;

Speculators (traders and arbitrageurs).

3) Types of issuers and their characteristics:

International and transnational agencies;

National governments and sovereign borrowers;

Regional authorities;

Municipal authorities;

Corporations, banks, other organizations.

4) Types of investors and debtors:

Private investors (individuals);

Institutional investors (financial institutions of collective investment).

5) Country of origin/location of subjects:

The developed countries;

Developing countries;

International institutions;

offshore zones.

34. International financial organizations

International financial organization- an organization created on the basis of interstate (international) agreements in the field of international finance. States and non-state institutions can act as parties to the agreements.

The goals of an international financial organization may be the development of cooperation, ensuring integrity, stabilizing complex situations, smoothing out the contradictions of the world economy.

Objects of MFIs can be:

· Funds of international institutional organizations;

· International loan capital funds;

· International investments;

· Monetary instruments participating in MFIs;

International financial institutions include:

1. International Monetary Fund (IMF) is an intergovernmental monetary and credit organization with the status of a specialized agency of the United Nations. The objective of the fund is to promote international monetary cooperation and trade, coordinate the monetary and financial policies of the member countries, provide them with loans to regulate the balance of payments and maintain exchange rates.

Main functions of the IMF:

Promoting international cooperation in monetary policy

Expansion of world trade

lending

stabilization of monetary exchange rates

Official IMF goals:

1) "to promote international cooperation in the monetary and financial sphere";

2) "to promote the expansion and balanced growth of international trade" in the interests of developing productive resources, achieving a high level of employment and real incomes of member states;

3) "to ensure the stability of currencies, to maintain orderly relations of the monetary area among the Member States" and not to allow "the depreciation of currencies in order to obtain competitive advantages";

4) to assist in the creation of a multilateral system of settlements between member states, as well as in the elimination of currency restrictions;

5) to temporarily provide member states with foreign exchange funds that would enable them to “correct imbalances in their balance of payments”.

The supreme governing body of the IMF is the Board of Governors, in which each member country is represented by a governor and his deputy.

Usually these are finance ministers or central bankers. The Council is in charge of resolving key issues of the Fund's activities: external changes to the Articles of Agreement, admission and expulsion of member countries, determination and revision of their shares in the capital, election of executive directors. The Governors meet in session, usually once a year, but may meet and vote by mail at any time. The IMF operates the principle of "weighted" number of votes: the ability of member countries to influence the activities of the Fund by voting is determined by their share in its capital.

Authorized capital The IMF is formed from the contributions of member states in accordance with the quota established for each country, which is determined based on the economic potential of the country and its place in the world economy and foreign trade. In order to assist IMF member countries experiencing difficulties in economic development for reasons beyond their control, as well as to assist in solving extensive problems of an economic and social nature. The Fund has created a number of special mechanisms that provide funds on foreign exchange terms. These include:

A mechanism for compensatory and emergency financing, the funds of which are allocated in connection with natural disasters that have befallen the country, unforeseen changes in world prices and other reasons;

Financing mechanism for buffer (reserve) stocks of raw materials created in accordance with international agreements;

The Financial Support Facility for External Debt Reduction and Servicing, which allocates funds to developing countries in external debt crises;

Structural Transformation Support Facility, which funds are channeled to countries in transition to a market economy through radical economic and political reforms.

2. The World Bank- an international financial organization established to organize financial and technical assistance to developing countries. The World Bank Group includes International (world) bank for reconstruction and development(IBRD) and three of its branches - International Development Association(MAP), international financial corporation(IFC) and Multilateral Investment Guarantee Agency(MIGA).

world bank as a specialized institution of the United Nations provides financial assistance to developing countries, acts as an adviser in the development of programs for their economic development, coordinates the actions of industrialized countries and the development of international economic organizations that provide technical assistance to these states. The supreme body of the IBRD is board of governors, consisting of representatives of all the member countries of the Bank, appointed by their respective governments for a five-year term. It meets in session once a year jointly with the IMF. Members of the IBRD can be countries that have joined the IMF, since they are obliged to pursue monetary and financial policies in accordance with the Charter of the IMF.

Structure of the financial market

IBRD members are 180 countries. Current activities are managed by Directorate, consisting of 22 executive directors. Directorate is headed President of the Bank. Authorized capital The IBRD is formed by subscribing member countries for its shares. To replenish its resources, the IBRD acts as a borrower in the global financial market, placing on it in some years bonded loans in the amount of more than $10 billion.

International Finance Corporation. The IFC was created to mobilize national and foreign capital for the development of the private sector in developing countries. IFC also lends to state-owned enterprises operating as stand-alone joint-stock companies. Loans are directed to the implementation of highly profitable projects in the most developed developing countries, which is associated with the high cost of loans. The supreme body of the IFC is board of governors, consisting of managers and their deputies. He can delegate most of his powers (with the exception of admitting new members, expelling a member, raising or lowering the authorized capital, changing the IFC agreement) to the directors. Each World Bank Governor (with an Alternate) is automatically Governor of the IFC if his country is a member of the IFC. The IFC Annual Meeting is held at the same time as the World Bank meeting.

Directs current activities Directorate. It consists of 24 directors of the World Bank, whose countries are also members of the IFC. IFC President ex officio is the chairman of the directorate of the IFC. To funding sources IFC owns members' contributions to the authorized capital, IBRD loans, deductions from profits, funds from repaid loans and attracted in international financial markets.

International Development Association. IDA and IBRD pursue largely the same goals - providing loans / credits for priority, economically and technically justified projects within the national economy. While the IBRD, which borrows capital primarily in financial markets, lends at slightly more favorable terms than normal commercial terms, IDA, which draws its capital from other sources, provides interest-free loans to the poorest countries. The structure of the IDA is the same as that of the IBRD. Administrative activities are carried out concurrently by IBRD staff. The IDA staff is divided into four sectors: operations, finance, policy, planning, and research. IDA has three main sources of funding: IBRD profits, member country contributions, and wealthy member country contributions. This includes the return of previously granted loans. Once every three years, a group of creditor countries (currently 34 countries) appoints official representatives who consult on the next IDA fundraising. The decision to hold the tenth IDA mobilization, used primarily to fight poverty, carry out economic reforms, improve management and the environmental environment, was made in 1993 (valid until 1996). Each IDA-financed project undergoes a political and economic review to ensure the most effective use of financial assistance.

Basic terms and concepts

. Financial market, money market, capital market, interest-bearing bonds, broker, mortgages, dealer, closed subscription of securities, open subscription of securities, secondary securities market, underwriter, registered shares, registered shares, treasury bills, preferred shares, certificates of deposit , corporate bonds, commercial paper, mortgage bonds, banker's acceptances, warrant option, price risk hedging

121 The economic essence of the financial market and its structure

The financial market is considered an essential attribute of a modern market economy. In the political and economic sense, it is a market that determines the supply and demand for various financial resources. This is a market where there are sellers and buyers, there is a product that is sold and bought. But this commodity is special - money provided for temporary or permanent use.

. The financial market is an exceptionally complex structure with a large number of financial intermediary participants, consumers of financial services - legal entities, individuals, the state that enter into economic relations, operating with a variety of financial instruments.

A characteristic feature of the market is that these relations are realized at the stages of distribution and redistribution of financial resources and means of the ongoing process of expanded reproduction. Therefore, the financial market should be considered as a specific area of ​​monetary relations arising in the process of movement of financial funds between the state, legal entities and individuals with the help of specialized financial institutions.

The main task of the financial market is to ensure the transfer of financial resources from those who have a surplus of them to those who require investment. At the same time, as a rule, they are directed from those who cannot effectively use the funds to those who use them productively.

Financial market and securities. Introduction to theory.

This contributes not only to increasing the efficiency and productivity of the economy as a whole, but also to improving the economic well-being of every member of society. So, for a modern market economy, the financial market is the center of the economic organism. According to the state of the financial market, one can judge the state of the economy, influencing the financial market, it is possible to manage the economic activity of society.

The financial market performs the following functions

1Pricing feature. The financial market sets prices for financial resources that balance supply and demand for them. The price of financial resources is income paid by the buyer (issuer) to the seller (investor or owner of financial resources) - bank interest, coupon rate on bonds, dividends on shares.

2. Liquidity function. The more efficiently the financial market functions, the higher the liquidity of financial resources circulating on it, since any investor can quickly and almost without cost at any time transfer financial resources to cash.

3. Cost saving feature. The financial market reduces transaction costs and information costs. Financial intermediaries, carrying out large volumes of operations for investing and raising funds, reduce the costs and corresponding risks for market participants from conducting operations with financial resources. Financial intermediaries reduce costs through the implementation of economies of scale and improvements in pricing procedures. Anna financial resources offered for sale.

. Structure The market may depend on the following features:

— term of circulation of financial resources;

— institutional composition;

— the nature of the movement of financial resources

According to the first feature, the market structure is shown in Figure 121, where the financial market is divided into two main sectors: the money market and the capital market. . In the money market short-term financial resources are circulating (up to 1 year); in the capital market– medium and long-term financial resources (for a period of more than 1 year)

According to the institutional composition, the structure of the market is formed by the following participants: institutions of the financial sector, the state, the population professional members market - financial institutions and infrastructure institutions, as well as foreign market participants

The state acts as a borrower in the financial market, which regularly places its debt obligations on the foreign and domestic markets. In addition, it performs a specific and very important function - market regulation. Sometimes the state acts as an investor, providing financial support to certain business entities.

Main activities of financial institutions — intermediaries in the financial market are:

— transformation of financial resources (i.e. the acquisition of some assets and their transformation into others);

- trade in financial resources at their own expense;

– purchase and sale of financial resources from the client;

— advising market participants, etc.

. infrastructure institutions markets are created to serve it, to ensure its normal functioning. Stock and currency exchanges, clearing centers that serve mutual settlements between financial entities of the mass market; depositories, registrars (serve operations with securities), information and rating agencies provide the necessary infrastructure for the financial market.

. Institutes of the financial sector- These are legal entities, residents that are engaged in the production of goods and the provision of services, including financial services. Together with foreign market participants, they either act as investors or issue and place their own financial assets on the market.

. Population performs the role of an investor in the market, acquiring securities or obtaining loans. In countries with developed economies, a large part of the population invests its own funds in various financial assets. Corresponding processes are also activated in the countries of the former socialist camp. Yes, in In Poland, there is a massive investment of money by individuals in investment funds. In Ukraine, only a small part of the population is engaged in I. Investing in securities.

Depending on the nature of the movement of the corresponding financial flows, the financial market is divided into the market direct funding where the purchase and sale of financial resources takes place directly between the seller and the buyer, and the market indirect financing– where the sale is carried out through financial intermediaries

The subjects of the direct financing market are legal entities, the population, the state, foreign market participants, and commercial banks. In addition, an important role in direct financing is played by brokers who perform a technical function.

. Broker -it is a direct financing market intermediary that performs a technical function(helps the seller meet with the buyer of financial resources). The broker receives a commission for concluding a financial agreement, while the conditions for the sale of funds, the seller and the buyer agree directly with each other.

In the indirect financing market, the role of financial intermediaries - dealers - is completely different. . Dealers first they accumulate financial resources intended for sale, and then they sell them on their own behalf, putting forward their demands and proposals. Dealers are becoming the main participants in the indirect financing market. One of the main conditions for the activity of dealers is the formation of their own start-up capital. For example, commercial banks in Ukraine (the main financial intermediaries of the domestic financial market), planning to provide financial services in the territory of one city, according to the law, must form their own capital in the amount of 3 million euros.

The financial market is a complex and diverse structure, so there are other ways to classify it.

The financial market is a sphere of manifestation of economic relations between sellers and buyers of financial (monetary) resources and investment values ​​(that is, tools for the formation of financial resources), between their value and use value.

The financial market consists of a system of markets: foreign exchange, capital market, and loan capital or money. A financial market is an organized or informal trading system for financial instruments. In this market, money is exchanged, credit is granted, and capital is mobilized. The main role here is played by financial institutions that direct cash flows from owners to borrowers. Commodities are actually money and securities. Like any market, the financial market is designed to establish direct contacts between buyers and sellers of financial resources.

Financial market- this is a special market in which a special commodity is sold and bought money, provided for temporary use in the form of loans or forever. The financial market consists of a number of sectors: investment, credit, stock, insurance, currency. In the financial market, the object of sale and purchase are financial resources. However, there is a fundamental difference between transactions in various sectors of the financial market. If money is sold on the credit market as such, i.e., they themselves are the object of transactions, then on the stock market, for example, the rights to receive cash income, already created or future, are sold.

The financial market is not only a means of redistributing monetary resources in the economy (on a paid basis), but also an indicator of the entire state of the economy as a whole. essence the financial market is not just in the redistribution of financial resources, but primarily in determining the directions of this redistribution. It is in the financial market that the most effective areas for the application of monetary resources are determined.

The concept of "financial market" should be considered as a generalized one. In practice, this phenomenon is a rather complex structure that combines various types of markets, each of which has its own segments. Accordingly, it can be classified according to certain criteria.
An immanent feature is the type of financial instrument as an object of relations. According to this criterion, the financial market is traditionally divided into:

Credit market.-Securities market.-Currency market.-Insurance market. — Precious metals market.

55. Capital Market (RZB).

Concept, structure. Instruments: stocks, bonds, etc.

The capital market (capital market) is a part of the financial market in which long money is circulating, that is, funds with a maturity of more than a year. In the capital market, there is a redistribution of free capital and their investment in various profitable financial assets.

Forms of circulation of funds (financial resources) in the capital market can be different:

Bank loans (loans);

Bonds;

Financial derivatives (Derivative financial instrument (derivative) (eng. derivative) - an agreement (contract) that, in accordance with its terms, provides for the parties under the agreement to exercise rights and / or fulfill obligations associated with price changes

the underlying asset underlying the financial instrument and leading to a positive or negative financial result for each party)

Notes and mortgages.

The money market and the capital market are secondary markets for loan capital. Each of them has its own toolkit, i.e. specific tradable financial assets, which differ in:

Status (share or bond);

Type of ownership (private or public);

Validity period;

Degrees of liquidity;

The nature of the risk (bankruptcy or market) and the degree of risk (risk, low-risk, risk-free).

Securities market instruments can be divided into three main categories of investment products:

— bonds;

— instruments giving the right to another instrument.

More than 90% of the value of all national and international investment products are bonds, which represent the most important area to study.

Bonds are loan agreements based on securities, for which there is no single lender, but, on the contrary, a number of lenders lending their funds to one borrower.

Securitization allows the instruments bearing the right of ownership to circulate in the market. Therefore, bonds are borrowing that is presented in a form that allows these obligations to be freely tradable on the market.

Corporate borrowers may issue the following types of bonds:

— secured or mortgage bonds;

— unsecured bonds;

— convertible secured or unsecured bonds.

Shares - this type of securities can be considered as a perpetual loan that has been

granted to the company in exchange for a share in the profits as one of the owners of the company. The main type of shares traded on the capital market are ordinary shares. The initial capital is distributed among the shareholders in proportion to the amount contributed when the company was founded. Additional shares may be issued for various reasons in order for a company to raise additional funds. The number of shares issued and the price paid for them will vary from issue to issue. It must also be understood that shareholders assume the risk associated with the functioning of the company for a certain share of the profits, but they also usually have a say in assessing the quality of the company's management, as well as in the decision-making process on company policy.

INSTRUMENTS THAT ELIGIBLE FOR ANOTHER INSTRUMENT - this group of securities market products includes one instrument that is created by issuing companies and other instruments that are artificially created by the market and securities companies. The product that can be issued by companies is called a warrant.

Financial market - what is it, structure and participants of financial markets + types and brokers

Warrants are issued in order to make the underlying asset more attractive (i.e., they are issued free of charge in order to set a good price on another instrument). This gives the warrant holders the right to subscribe for the company's shares at a specified price at some specific time(s) in the future. The only right this instrument grants is the right to purchase shares under these terms.

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The financial market is one of the functional parts of the market economy.

In the legal literature, the concept of "financial market" has no definition. However, since it is important for considering the operations of commercial banks with securities, we turn to the definitions used by economists.

The main function of the financial market is the formation, redistribution and use of capital as one of the factors of social production.

The financial market is divided into the stock market (which is based on the securities market) and the money market (bank loan market or loan capital market). This division is rather conditional, but it is carried out in theoretical studies. The criterion for dividing the financial market is the goal of attracting capital through appeal to the institutions of the stock or money market. If capital is attracted for the purpose of expanding production, renewing fixed capital, the stock market is used, as a rule. If it is necessary to cover the need for working capital, they turn to the money market.

The stock and money markets also differ in terms for which capital is attracted. In the stock market, issuers and borrowers raise capital, as a rule, for a period of more than one year, i.e. the stock market is an area of ​​medium-term and long-term investments. In the money market, capital is attracted for a period of less than Water, and, therefore, the money market is a sphere of short-term investments.

The stock market is a part of the financial market, mediating investments in fixed assets, primarily long-term investments.

Question number 2. The structure of the financial market and its segments.

The stock market is the main macroeconomic instrument of the future structure of production, therefore its condition in developed countries is under the constant control of state economic regulatory bodies. The core of the stock market is the securities market in terms of the so-called investment securities, i.e. securities that mediate investments in fixed assets (stocks and long-term bonds).

The stock market is sometimes referred to as the investment market or the investment market, and activities on it are called the investment business.

The main task of the securities market is to bring together persons in need of raising capital (issuers of securities) with persons in need of placement of financial resources (investors).

The very concept of the securities market has given rise to numerous disputes. Often the securities market is called the stock market.

The securities market has the following structural division: - primary market, which is understood as a set of transactions for the placement of securities, the sale of securities by their first

owners;

Secondary market, i.e. transactions for the resale of previously issued securities.

Credit institutions can be participants in both the primary and secondary markets.

The money market is a part of the capital market that mediates the reimbursement of the need for working capital for a period, as a rule, less than a year.

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Financial market

Financial market: concept, structure. The role of the stock market in the formation of funds

The financial market is an integral part of a perfect market economy, which, in turn, is a system of organizing the national economy based on commodity-money relations, a variety of forms of ownership, economic freedom and competition of business entities in the production and sale of goods and services.

In the domestic literature, you can find several definitions of the financial market.

For example, the financial market is “the sphere of functioning of the financial and credit mechanism”.

I.T. Balabanov believes that the financial market is "a sphere of manifestation of economic relations between sellers and buyers of financial resources and investment values ​​(that is, tools for the formation of financial resources)".

In this financial market, capital is redistributed between creditors (savers) and borrowers (investors). Since in a market economy most savings are made by households and most investments are made by firms, the purpose of the financial market is to transform savings into investments.

Financing of investments through savings is carried out:

1. in the securities market - through direct financing channels (sale of shares and bonds to households - savers).
2. in the money market - through indirect financing channels with the help of financial intermediaries - banks, pension funds, insurance companies.

The financial market is in equilibrium when

, (15)
where - savings; - increase in the money supply; - investments.

The financial market consists of interconnected segments, each of which is a relatively independent market structure and an element of the pricing mechanism (Fig. 11.1).

The national financial market consists of three relatively independent segments:

• circulating cash and other short-term means of payment (bills, checks, etc.);
• loan capital in the form of short-term and long-term loans provided to borrowers by financial and credit institutions; securities of various types and purposes;
• over-the-counter (primary) and exchange sectors, as well as the "street" sector.

The stock market combines most of the financial market, it is based on money as capital.

In general, the place of the stock market is shown in Fig. 11.2.

The stock market performs a number of functions that can be conditionally divided into general market (usually inherent in each market) and specific (distinguishing this market from all others).

General functions include:

• commercial - profit from operations in this market;
• price - the formation of market prices, their constant movement;
• informational - bringing to its participants the necessary market information;
• regulatory (creation of rules for trade and participation in it; resolution of disputes between participants, control and management).

The specific functions of the securities market include:

• redistributive function, which in turn can be divided into three subfunctions:
  • redistribution of funds between industries and areas of market activity;
  • transfer of savings (primarily of the population) from an unproductive to a productive form;
  • financing the state budget deficit on a non-inflationary basis, that is, without issuing additional funds into circulation;
• the function of insurance of price and financial risks (or hedging). This function became possible due to the emergence of a class of derivative securities: futures and options contracts.

The information function for all stock market participants is very important. The situation on the stock market informs investors about the economic situation and gives them guidelines for placing their capital. This information is presented in the market value of securities.

The components of the securities market are based not on this or that type of security, but on the method of trading in this market. From these positions, there are:

• the primary market is the acquisition of securities by their first owners in accordance with certain rules and requirements;
• the secondary market is the circulation of previously issued securities; the totality of all acts of purchase and sale or other forms of transfer of a security from one of its owners to another during the entire period of existence of the security;
• organized market - the circulation of securities on the basis of legally established rules between licensed professional intermediaries - market participants on behalf of other market participants;
• unorganized market - the circulation of securities without observing the rules uniform for all market participants;
• stock market - trading in securities on stock exchanges.

  Finance. Self test. Unit 2

  It is always an organized market;

• over-the-counter market - trading in securities, bypassing the stock exchange. Can be organized and unorganized;

  Securities are traded on traditional and computerized markets. In the latter case, trading is conducted through computer networks that unite the relevant stock intermediaries into a single computerized market;

• cash market (foreign name: "cash" market, or "spot" market) - a market with immediate execution of transactions within 1-2 business days;
• derivatives market - a market where transactions of various types are concluded with a maturity exceeding 2 business days (most often, a maturity of 3 months).

Stock market financial instruments

The role of the (financial) stock market is to create conditions for additional provision of economic entities and public authorities with the necessary financial resources through the purchase and sale of financial instruments.

A financial instrument is any contract by which there is a simultaneous increase in the financial assets of one entity and the debt or equity liabilities of another.

There are primary financial instruments, represented by varieties of securities, and derivative financial instruments, represented by financial derivatives (derivatives).

A security is a financial document certifying the property right or loan relationship of the owner of the document to the person who issued such a document (the issuer).

In accordance with the Civil Code, securities are divided into bearer, order and registered.

A bearer security is a security, the name of the owner of which is not fixed directly on it, and its circulation does not need any registration.

A registered security is a security, the name of the owner of which is recorded on its letterhead and (or) in its register of owners.

An order security combines the features of both bearer and registered paper, that is, it contains not only the name of the owner, but the owner can transfer the right to own his order (order) to another person.

From the point of view of circulation, a bearer security has significant advantages over a registered one, since the process of transfer of rights to capital takes place “instantly”.

From the point of view of security and transparency of transactions, registered securities have an advantage, since they allow you to identify its owner and all transactions with it become available for taxation by the state.

Primary financial instruments:

• shares - equity securities confirming the right of their owner to participate in the management of a business company, the distribution of the latter's profits and the receipt of a share of property proportional to its contribution to the authorized capital;
• bonds - securities that confirm the obligation of the issuer to reimburse the owners of their face value within a certain period of time with the payment of a fixed percentage, unless otherwise provided by the terms of the bond issue;
• treasury obligations - a type of government securities that are issued by the Ministry of Finance of the Russian Federation and are used as a means of payment for the current debt of the federal budget to enterprises and industries;
• promissory note - a debtor's monetary obligation of a strictly established form, giving its owner an unconditional right, upon maturity, to demand from the debtor or acceptor the payment of the amount specified in it (treasury - issued by public authorities; commercial - by companies in payment for goods and services);
• check - a monetary document drawn up in the form prescribed by law, containing an order from the owner of the personal account that issued the check to pay the owner of the latter the amount of money indicated in it;
• certificate of deposit - a written certificate of a credit institution (issuing bank) on the deposit of funds, certifying the right of the owner - a legal entity to receive the amount of the deposit and interest on it after the expiration of the established period;
• bank savings certificate - a written certificate of a credit institution on the deposit of funds, certifying the right of the owner - an individual to receive the amount of the deposit and income after the expiration of the established period. The certificate can be issued for a fixed period or on demand.

Secondary (derivative) financial instruments - financial derivatives, they arose as a result of the transformation of traditional financial relations associated with the acquisition of property rights and credit operations.

Financial derivatives give the right to another instrument, they differ in that:

• their existence is made dependent on the existence of the underlying asset;
• their circulation depends on the underlying asset;
• their price depends on the price of the underlying asset.

Derivative financial instruments:

• hedging - a method of insurance (compensation) of possible losses from the onset of certain financial risks: insurance of the price of goods against the risk of an undesirable fall for the seller or an increase in the price unprofitable for the buyer, by creating counter currency, commercial, credit and other requirements and obligations;
• forward contract - an agreement on the sale of goods or a financial instrument with an obligation to deliver and settle in the future (according to the contract, the seller is obliged to deliver a certain amount of goods or financial instruments at a certain place and time);
• futures contract (future) - a type of securities aimed at gaining from price changes (in terms of content, it is tied to a specific execution month and is freely traded on the stock market);
• swap - an agreement between two entities regarding the exchange of liabilities or assets in order to improve their structure, reduce risks and costs; the reason for creating this security is to simplify the settlement mechanism between the parties to a business transaction (during the transaction, the parties transfer to each other only the difference in interest rates from the agreed amount);
• An option is one of the varieties of futures, however, unlike futures and forward contracts, options do not require the sale or purchase of the underlying asset. The option gives the right to execute the contract within the agreed period, the subject can refuse the contract or sell the option to another person before the expiration of the contract;
• REPO operations (repurchase agreement) - an agreement on borrowing securities under a certain guarantee of cash or funds against securities (sometimes called an agreement on the repurchase of securities);
• A warrant is the right to purchase a company's shares at a specified price in the future.

Each derivative financial instrument is unique in its own way, its use is intended to contribute to the achievement of certain goals for which it was invented.

State regulation of the financial market

Regulation of the securities market is the streamlining of the activities of all its participants and transactions between them by organizations authorized by public authorities.

Regulation of the securities market covers:

• all participants in financial transactions;
• all types of activities;
• all types of transactions in the financial market.

Distinguish:

• state regulation of the market, carried out by state bodies;
• regulation by professional market participants or self-regulation of the market;
• public regulation or regulation through public opinion.

Goals of financial market regulation:

• maintaining order in the market, creating normal conditions for the work of all market participants;
• protection of market participants from dishonesty and fraud of individuals or organizations, from criminal organizations;
• ensuring a free and open pricing process for securities based on supply and demand;
• the creation of an efficient market in which there are always incentives for entrepreneurial activity and in which every risk is adequately rewarded;
• in certain cases, the creation of new markets, support for the markets and market structures necessary for society, market initiatives and innovations;
• influencing the market in order to achieve social goals.

The process of financial market regulation includes three stages (Fig. 11.3).

The main principles of RZB regulation are:

• separation of approaches in regulating relations between the issuer and investor, on the one hand, and relations involving professional market participants, on the other;
• highlighting those securities that are primarily in need of careful regulation (for example, investment securities);
• ensuring competition between market participants;
• ensuring transparency of rule-making;
• observance of the principles of continuity of the Russian system of financial market regulation and taking into account the experience of the world market.

Regulation of the financial market is carried out in the form of state regulation and self-regulation (Fig.

State regulation is carried out in the form of direct regulation and is as follows:

• ideological and legislative functions (development of the concept of market development, programs for its implementation, management, formation of regulatory support);
• concentration of resources (public and private) for the purpose of socio-economic development;
• establishment of rules for the functioning of the financial market (requirements for participants in operating and accounting standards);
• control over the financial stability and security of the market (registration and control over market entry, registration of securities, supervision of the financial condition of investment institutions, taking measures to improve them, control over compliance with legal and ethical standards, application of sanctions);
• creation of a system of information on the state of the securities market and ensuring its openness to investors;
• formation of a system to protect investors from losses (including state or mixed investment insurance schemes);
• prevention of negative impact on the stock market of other types of state regulation (monetary, currency, fiscal, tax).

The structure of state regulation bodies of the financial market consists of:

1. the highest bodies of state power:
2. special institutions of financial regulation:
   • The Ministry of Finance of the Russian Federation registers the issue of securities of corporations, subjects of the federation and local governments, licenses stock exchanges, investment companies and funds, issues government securities and regulates their circulation;
   • The Central Bank of the Russian Federation registers issues of securities of credit institutions, carries out operations and regulates the procedure for carrying out operations by credit institutions, establishes and controls antimonopoly requirements for operations;
   • The Antimonopoly Committee establishes antimonopoly rules and exercises control over their implementation;
   • The Insurance Supervision Department regulates the activities of insurance companies in the financial market and insurance of financial assets.

Indirect or economic management of the financial market is carried out through the taxation system, monetary policy, public capital, public property and resources.

The main directions of indirect regulation:

• control over the money supply in circulation and the volume of loans granted by influencing loan interest rates;
• changes in taxation and terms of depreciation;
• government guarantees (for deposits, private sector loans);
• foreign economic policy (operations with foreign currency, gold, measures to stimulate exports, currency restrictions);
• foreign policy activity - the development or curtailment of political contracts, affecting foreign trade and economic relations, military operations.

Self-regulation, in the most general sense, is the ability of a system to independently respond to the impact of the external environment.

The financial market self-regulation mechanism includes two aspects:

• market self-regulation is the self-adjustment of financial market processes under the influence of the law of value, the law of prices, supply and demand;
• administrative self-regulation is a means of forming self-regulatory organizations.

Self-regulatory organizations are non-profit, non-governmental organizations created by professional participants in the financial market on a voluntary basis in order to regulate certain aspects of the market on the basis of state guarantees of support, which is expressed in assigning them the state status of a self-regulatory organization.

Currently, self-regulatory organizations of the market are the organizers of the exchange and public associations of various groups of professional participants.

Professional participants in the financial market are legal entities, including credit institutions, individuals registered as entrepreneurs, who carry out various types of activities, entering into certain economic relations regarding the circulation of financial assets.

These include:

• organizers of the financial market (exchange);
• professional intermediaries;
• news agencies.

The types of professional activity in the stock market are:

• brokerage;
• dealer activity;
• securities management activities;
• activities to determine mutual obligations (clearing);
• activity on maintenance of the register of holders of securities;
• depository activity;
• activity on the organization of trade in securities.

A kind of organizer of professional activity is the stock exchange. According to the current Russian legislation, the stock exchange organizes the sale and purchase of securities, its tasks are:

• providing a place for the market, that is, a place where both the sale of securities to their first owners and their secondary resale can take place;
• identification of the equilibrium exchange price;
• accumulation of temporarily free funds and facilitating the transfer of property rights;
• establishing a mechanism for the smooth resolution of disputes;
• providing guarantees for the execution of transactions concluded on the exchange floor. The function is achieved by the fact that the exchange guarantees the reliability of the securities that have been listed.

Listing is a pre-sale check of the quality and reliability of securities offered for inclusion in the quotation list on the stock exchange.

The stock exchange has the right to establish the requirements for the verification of securities independently.

Self-regulation of the financial market is ultimately aimed at achieving a highly liquid market and involves the establishment of qualification and aesthetic standards for its participants, their responsibility to clients, the establishment of rules and the implementation of trading operations.