Banking operations with securities. Traditional securities banking

The trend of the modern period is the active penetration of commercial banks into the securities market in a direct AND indirect form. In Japan, the USA and Canada, their place in the stock markets is legally regulated, so banks use indirect ways to participate in investment and intermediary activities (trust companies, cooperation with brokerage firms, lending to investment companies and banks). In countries where it is legally allowed to carry out all types of transactions with securities, banks act as issuers, intermediaries and investors.

In Russia, a mixed model of the securities market has been chosen; the presence on it with equal rights of both commercial banks and non-banking investment institutions. Credit institutions in the securities market can act as issuers of their own issuable and non-issuable securities, investors, acquiring securities at their own expense, and intermediaries, performing operations for the placement, depositary accounting of securities and their management.

Classic bank operations with securities can be combined into several groups according to the criterion of goals:

· Operations to maintain liquidity reserves (issuance of certificates, bills of exchange);
· transactions with the aim of generating income in a relatively long period (investments in shares and bonds of other issuers);
· operations similar to lending to business entities (accounting for commercial bills, factoring);
· operations to attract resources through the issue of own securities (issue of shares and bonds by the bank itself);
· transactions in which the bank satisfies the needs of customers, acting as their agent (intermediation and services in the placement of securities).

The liquidity of the bank's balance sheet and the replenishment of its financial resources can be ensured by the issuance of bank certificates.

A certificate is a written certificate of the issuing bank on the deposit of funds, certifying the right of the depositor or his successor to receive the amount of the deposit and interest on it after the expiration of the established period (see Table 2).

A deposit certificate can only be issued to legal entities registered in the territory of the Russian Federation or another state that uses the ruble as an official currency.

The savings certificate is issued only to individuals.

According to the method of release, they are divided into:

for those issued in a one-time order;
produced in series.

By design method:

for nominal;
bearer.

By deadline:

urgent;
· on demand.

The term of circulation for certificates of deposit is set within one year, and for savings - within three years.

According to the terms of payment:

with a regularly paid interest rate until the end of the billing period;
with payment of interest on the date of maturity of the certificate.

Repayment is made in three ways:

New issue certificates
· non-cash transfers to other types of deposits or to a demand account;
cash (for individuals).

The required requisites are:

the name "deposit" or "savings" certificate;
· an indication of the reason for the issuance (making a deposit or savings deposit);
the date of the deposit;
date of redemption of the certificate;
the amount of the deposit or contribution;
an unconditional obligation of the bank to return the deposited amount;
the interest rate on a deposit or contribution;
the amount of interest due;
the name and addresses of the issuing bank and the nominal depositor;
· Signatures of two responsible persons of the bank, responsible for issuing the certificate, sealed with the seal of the bank.

A bank bill is a security containing an unconditional debt obligation of the drawer (bank) to pay a certain amount to the holder of a bill in a specific place at a specified time. A bank bill can be used by its owner as a means of payment for goods and services, can be transferred to a third party by endorsing it (see Table 2).

Credit institutions may carry out the following types of professional activities (on the basis of a special license):

1) brokerage,
2) dealership,
3) depositary,
4) securities management,
5) determination of mutual obligations (clearing),
6) maintaining a register of holders of securities.

Brokerage activity is the performance of civil law transactions with securities as an attorney or commission agent acting on the basis of an agency or commission agreement, as well as a power of attorney to perform such transactions in the absence of indications of the powers of an attorney or commission agent in the agreement.

Brokers also provide advice on the placement of securities on the secondary market. Brokers can carry out their activities with a special license.

Banks playing the role of brokers carry out their intermediary activities without obtaining a special license, if the charter provides for brokerage activities. Banks acting as brokers work with their clients on the basis of commission agreements or commission agreements.

Dealer activity - making securities purchase and sale transactions on one's own behalf and at one's own expense by publicly announcing the purchase or sale prices of certain securities with the obligation to purchase or sell these securities at the prices announced by the person carrying out such activities. Various investment institutions act as dealers, but banks play the main role here. Their role has increased significantly after government securities entered the financial market.

Large clients can have their own investment advisor in the bank. For particularly large clients - investors in the government bond market, there is the possibility of renting terminals and conducting purchase and sale transactions with the help of an experienced bank specialist.

Under a trust management agreement, one party (the founder of the management) transfers securities to the other party (the trustee) for a certain period of time in trust management, and the other party undertakes to manage them in the interests of the founder of the management or the person specified by him (the beneficiary).

Securities trust transactions include:

· initial placement of securities (organization of issue, initial placement of securities on behalf of clients - underwriting);
· maintenance of the register of shareholders and registration of transactions with securities;
· payment of annual income to shareholders (in cash or non-cash form or by reinvesting income from securities);
· asset management on behalf of clients (purchase of securities on behalf of a client and at his expense, formation of a securities portfolio in accordance with a client's loan order, sale of securities on behalf of a client);
· Custody services (maintenance of DEPO accounts, settlements on operations with securities). Trust operations enable owners of funds and securities to overcome investment uncertainty, reduce the risk of investments; for banks, they are less risky than transactions with securities on the banks' own account.

Activities for the management of securities - the implementation by a legal entity or an individual entrepreneur on its own behalf for a fee for a certain period of trust management transferred to its possession and belonging to another person in the interests of this person or third parties indicated by this person:

· securities;
· funds intended for investment in securities;
· cash and securities received in the course of securities management.

Clearing activities - activities to determine mutual obligations (collection, reconciliation, adjustment of information on transactions with securities and preparation of accounting documents on them) and their offset for the supply of securities and settlements on them.

Custody activity - provision of services for the storage of certificates of securities and / or accounting and transfer of rights to securities. Only a legal entity can be a depositary. A person who uses the services of a depositary for safekeeping of securities and/or recording rights to securities is referred to as a depositor. The conclusion of a depositary agreement does not entail the transfer to the depository of the ownership of the depositor's securities.

Various consulting companies operate on the securities market. Banks can act as consultants; they provide a wide range of consulting services:

examination of specific transactions;
· studying and forecasting the situation in the market of stock assets;
legal advice;
· preparation and organizational and methodological support of the issue of securities;
organization and support of the admission of securities to the stock exchange;
· development of methodical and normative documentation on operations with securities;
valuation of papers;
· evaluation of a portfolio (set) of securities, development of a common portfolio strategy, consulting on portfolio management;
investment service;
· development of draft sales and purchase agreements, trust management agreements.

Banking operations of banks with securities can be both active and passive.

Russian banks have the right to carry out stock and trust operations. These operations include: issue and placement of newly issued securities; lending secured by securities; purchase and sale of securities for own account and on behalf and at the expense of the client; storage and management of clients' securities.

Thus, depending on the operations, commercial banks can act on the market as an issuer of securities, a financial investor and an intermediary in relations between third-party issuers and investors. The object of these operations are securities.

Consider the investment activity of a commercial bank. Investments of commercial banks differ from lending operations in a number of ways. Credit loans involve the use of funds for a certain relatively short period of time, subject to their return on time with the payment of loan interest. Investments also provide for the investment of bank funds for a long period of time before these funds return to their owner. In bank lending, the originator of loans is the borrower. When investing, the initiative belongs to a commercial bank, which seeks to buy assets in the securities market.

Bank lending is directly related to the "bank-borrower" relationship. Investing is an impersonal activity of the bank.

The key factors that determine the purpose of the investment activities of commercial banks are the need to generate income and the need to ensure the liquidity of a certain group of their assets.

By type, securities are divided into: reflecting the relationship of debt (loan) - debt obligations or bonds; reflecting ownership relations - shares.

Debt obligations are divided into government securities (market and non-market) and corporate bonds (corporate). Market ones are freely sold and bought on the open market, non-market ones are issued by the state to attract funds from small individual investors (for example, savings certificates).

Along with the main securities in the stock market, auxiliary ones are circulating: bills, checks and certificates.

Share certificates are the most complete on the market - documents certifying the size of the shareholder's property: - banking - written certificates of the bank on the deposit of funds and the right to receive the deposit amount within the specified period; - insurance - for insurance against accidents.

Operations of a commercial bank related to the placement of resources in securities (CB) form its portfolio of securities, which, depending on the purpose of the acquisition and quoted™ on the organized securities market, is divided into a trading portfolio, investment portfolios, a portfolio of controlling participation.

The trading portfolio includes quoted securities purchased for the purpose of obtaining income from their sale (resale), as well as securities that are not intended to be held in the portfolio for more than 180 days and can be sold. The investment portfolio consists of securities purchased for the purpose of obtaining investment income, as well as in the expectation of the possibility of growth in their value in the long term or indefinitely. A controlling interest portfolio includes securities purchased in quantities that provide control over the management of the issuing entity or significant influence over it. Such securities are recognized as shares that give the right to participate in the management of the affairs of a joint-stock company, hereinafter referred to as voting shares.

Securities of the same type, issued by the same issuer, having equal amounts of fixed rights, are called equivalent.

The basis of the trading portfolio is quoted securities, which must meet the following conditions: they must be admitted to circulation on an open organized market or through a trade organizer on the securities market (including foreign open organized markets or trade organizers) that has an appropriate license from the Federal Commission for the Securities Market securities (FCSM), and for foreign organized markets or trade organizers - the national authorized body; their turnover for the last calendar month on the above organized open market or through a trading organizer is not less than the average amount of transactions per month, which, in accordance with the requirements of the FCSM, is established for inclusion of securities in the first level copy sheet; information about the market price of these securities is publicly available, i.e. is subject to disclosure in accordance with Russian and foreign legislation on the securities market or access to it does not require the user to have special rights (privileges). Any securities that do not meet the conditions specified above are not quoted.

The securities portfolio of a commercial bank is shown in Scheme 2.16.

Income from a security in the form of a discount, interest (coupon) income, dividends is called investment income.

If a commercial bank buys a security and registers it on the balance sheet accounts, then it acquires ownership rights to this security. A security is written off from accounting on balance sheet accounts as a result of its disposal due to the loss of rights to the securities (including during sale), the redemption of the security, or the impossibility of recovering the rights secured by the security. If the Central Bank ceases to meet the requirements of the portfolio in which it is listed, then it must be transferred to another portfolio or to an account for accounting for investments in overdue debt obligations.

The actual costs for the purchase of securities, including the costs associated with their acquisition and disposal (realization), and for interest-bearing (coupon) debt obligations - also the interest (coupon) income paid upon their acquisition, constitute the bank's investments in the Central Bank.

If in the balance sheet of a credit institution securities are accounted for at the market price, then investments in the securities are periodically revalued at the market price. When applying this method, provisions for depreciation of securities and for possible losses are not created. Revaluation of securities is carried out in order to determine the balance sheet value of securities that are in the bank's portfolio as of the end of the business day by multiplying their number by their market price. The market price of a security calculated by the trade organizer in accordance with the requirements of the FCSM is recognized as the market price.

For securities accounted for at the purchase price, reserves for depreciation and/or reserves for possible losses are formed in accordance with the procedure established by the Bank of Russia.

In the organized securities market, the trade organizer may establish a different procedure for fulfilling obligations for the supply of securities and cash settlements for transactions concluded during the trading day (session) - the so-called principle of executing transactions. The options for implementing this principle are listed below: the gross principle - obligations for the supply of securities and cash settlements are fulfilled for each transaction; net principle - a net position for the receipt/delivery of securities and the balance of settlements, determined by the results of the trades, are executed. The principle of forming a net position is shown in Scheme 2.17.

Net position - the difference between claims and obligations for delivery/receipt of securities of one issue, calculated based on the results of trading: Net position for delivery - excess of obligations over requirements for delivery of securities of one issue, calculated based on the results of trading; net position to receive - excess of claims over obligations to receive securities of one issue; calculated based on the results of the auctions; balance of settlements - the difference between the requirements and obligations for the payment / receipt of funds by a credit institution based on the results of the auction.

If we consider the passive operations of banks with securities, it becomes obvious: the purpose of such operations is to attract resources and maintain current liquidity.

In the chapter devoted to the formation of the authorized capital of the bank, the operations related to the issue of own shares are analyzed in detail.

To attract resources, banks can issue certificates of deposit and savings. For these types of securities, the bank must register and approve the terms of their issue and circulation in the territorial branch of the Bank of Russia. These certificates must be nominated in rubles, printed on special forms of the established form and must provide for certain terms of circulation.

Certificates can be registered and bearer, belong to residents and non-residents, issued in series and in a single order. The owner of the certificate can transfer it to another person by making an assignment of the claim - cession.

A savings certificate is a security for attracting deposits from the population, so payments on it can be made both in cash and in non-cash forms. A certificate of deposit is a security issued by banks to attract resources from legal entities, and therefore settlements on it are made only in a non-cash form.

In addition to the listed Central Banks, commercial banks are actively working with bills. A promissory note is a debt security that has a written form strictly established by law, which is a financial obligation (often a long-term nature) confirming the investment or issuance of financial resources for a certain period. It is on the basis of this definition that a bill of exchange should be considered as a universal credit and settlement document that performs several functions.

One of them is a security function, i.e. payment for goods supplied on credit, work performed and services rendered, guaranteed by a bill of exchange. In this case, the promissory note obligation is secondary in relation to the supply contract and ensures proper performance. The second important function is payment and accounting.

The bill becomes an object of bank accounting and payment is made against it before the due date of the bill of exchange.

If the bill is interest-bearing, then it is purchased for the face value (bill amount), and interest on it is accrued and paid only when it is repaid. If the promissory note is discounted, then the promissory note discount is the discount rate charged by the bank when accounting for them, on the basis of which the difference in price between the face value and the amount paid by the bank when purchasing the promissory note is determined. The discount charged by the Bank of Russia from banks when rediscounting commercial bills is the official discount rate.

Bills are simple and transferable (draft). A promissory note is an obligation issued in the name of a creditor. A bill of exchange is intended to transfer valuables from the disposal of one person to the disposal of another. Draft - a written order of the creditor (drawer) to the borrower (payer-drawer) to pay a certain amount of money to a third party - the bearer of the bill (payer).

If we consider bills depending on the purpose of the issue and the status of the issuer, then it is necessary to distinguish the following types: - commercial bill - issued by the borrower against the security of goods in trade transactions; can be accepted by banks as collateral for a loan; - banking - draft, issued by banks of one country to their correspondents from other countries; - treasury bill - issued by the state to cover its expenses; - financial bill - banks are engaged in issuing and placing it; - a security bill - is kept on the deposited account of the borrower, is used in the event of a long-term debt of an unreliable borrower, etc.

In the process of circulation, a bill is transferred from one person to another by means of an endorsement - an endorsement. There are several types of endorsements: full, blank, collection. Full is a nominal endorsement indicating the person to whom or by whose order payment is to be made; blank - this is an endorsement to the bearer; collection endorsement - an endorsement, according to which the person accepting the bill of exchange has the right to collect only the bill. On the basis of such an inscription, bills are accepted by banks for collection, i.e. to provide services for the collection of payments in favor of customers on accepted promissory notes. In addition to those listed above, there is also a pledge endorsement, according to which a bill of exchange is transferred as a pledge of a claim to the person transferring the bill.

If the payer agrees to pay the bill of exchange, then he accepts it. When accepting, the date must be indicated. The payer may accept only a part of the bill of exchange.

If there is a person who assumes responsibility for the fulfillment of bill obligations, then he must issue an aval - a special bill of exchange guarantee, through which payment is fully or partially guaranteed. Such a person is called an avalist. The portfolio of a commercial bank may contain promissory notes issued or avalized by federal authorities, authorities of constituent entities of the Russian Federation, local authorities, as well as bills issued or avalized by state or local authorities of other countries.

Thus, based on an analysis of the main functions of a bill, it should be concluded that a bill can be used as a means of payment, as a security for bank loans, as a way to attract bank resources (by issuing and selling its own bills) and as a tool for investing resources in order to generate income through accounting foreign bills.

Commercial banks can act as an agent for the preparation, issue and placement of regional bonds.

For example, Rosbank and the Trust and Investment Bank (DIB) entered into an agreement with the government of the Moscow Region on the preparation of the Moscow Regional Domestic Loan. The bond issue prospectus will be sent to the Ministry of Finance in September. The loan amount will be 1.9 billion rubles, the face value of the bonds will be 1,000 rubles, the maturity will be 18 months, and the yield will be 23%.

Thus, banks attract resources necessary for the development of the region.

Commercial banks also carry out urgent transactions with securities, among which the following should be mentioned: warrant (order) - the holder's right to purchase a certain number of shares at a certain price; option - a security that allows its owner to buy or sell a certain number of shares at a certain price during a specific period of time or on a specific date. That is, the buyer of an option acquires the right to buy or sell a commodity (real commodity, insurance, contract, etc.) under certain conditions in exchange for paying an appropriate premium (price). In addition, banks enter into futures contracts to buy or sell securities after a certain time at a specified price. These transactions are similar to currency futures contracts described in the section on foreign exchange transactions of banks.

As economic conditions change, the Bank's securities policy is reviewed and updated based on periodic reports and forecast data.

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Introduction

The securities market is an integral part of the financial system of the state, characterized by industrial and organizational and functional specifics. The importance of banks in the securities market is beyond doubt. In most countries, banks play a key role in the securities market. This work surveys a number of issues related to the activities of banks in the securities market.

The securities market can be defined as a set of relations associated with the purchase, sale and circulation of securities. Thus, the securities market is a rather broad concept. Banks, being credit institutions that raise and place funds, may also be participants in the securities market. They act as issuers, investors, intermediaries. In order to carry out investment and intermediary activities in the securities market, banks need, in addition to the main license, a license of a professional participant in the securities market, which is issued for banks by the Central Bank of Russia.

The purpose of this work is to consider banking operations with securities.

1 . Types of securities

A security is a document certifying, in compliance with the established form and obligatory details, property rights, the exercise or transfer of which is possible only upon its presentation. With the transfer of a security, all the rights certified by it are transferred in aggregate. Art. 142. Civil Code of the Russian Federation.

Two types of rights associated with a security should be distinguished. On the one hand, paper is a property (thing), an object of transactions, and property rights or other property rights (economic management, operational management) may arise on it, this is the so-called “right to paper”. On the other hand, a security determines and fixes the rights of the owner of the security (creditor) in relation to the person who issued the paper, this is called the right of the paper. The right certified by a security may be assigned to another person by its transfer.

A security has a certain set of characteristics:

Classification sign	Types of securities
Lifetime	Perpetual
Origin	Primary Secondary
Form of Existence	Paper (documentary) Paperless (non-documentary)
Nationality	Domestic Foreign
Usage type	Investment Non-investment
Ownership order	bearer
Release form	Issue Non-issue
Type of ownership	State Non-state
The nature of negotiability	Market Non-market
Availability of income	Profitable Incomeless
Investment form	Debt Ownership shares
Economic entity (type of rights)	Bonds
Level of risk	risky Risk-free and low-risk

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

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. The nominal value of the security;

5. Name of the holder (owner), only for registered security;

6. The term of payment (request) of the amount;

7. Type of yield of a security - interest, 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

The main types of securities listed in Article 143 of Chapter 7 of the Civil Code of the Russian Federation include:

· State securities;

· Bonds;

· Bills of exchange;

· Deposit and savings certificates;

· Bank savings books to bearer;

· Bill of lading;

1.1

Government securities- this is a form of existence of the state internal debt. These are debt securities issued by the state.

Depending on the criterion, several groups are distinguished:

By type of issuer:

- c securities of the central government;

Municipal securities;

Securities of state institutions;

Securities that have been given the status of government.

According to the application form:

- R marketable securities that can be freely resold after their initial placement;

Non-marketable, which cannot be resold to their holders, but can be returned to the issuer after a certain period of time.

By deadline:

- TO short-term (up to 1 year);

Medium-term (from 1 to 5-10 years);

Long-term (over 10-15 years).

According to the method of payment of income:

- P interest-bearing securities (interest rate can be: fixed, floating, stepped);

Discount securities that are placed at a price below par, and this difference forms the yield on the bond;

Indexed bonds, the nominal value of which increases, for example, by the inflation index;

Winning, income for which is paid in the form of winnings;

Combined bonds, on which income is generated by a combination of the previously listed methods.

1.2 Bond

Bond - This is a security that is a debt obligation issued by the state or an enterprise on certain conditions when they issue an internal loan and gives its holder an income in the form of a fixed percentage of its face value.

Thus, a bond is a debt certificate, which necessarily includes two main elements:

The obligation of the issuer to return to the holder of the bond after the expiration of the agreed period the amount indicated on the title (front side) of the bond;

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

A bond generates income only for a certain period and loses its use value at the time of redemption. Bond income does not depend on the results of financial and economic activities of the enterprise.

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

1. By issuer:

Government bonds issued on the basis of the Law of the Russian Federation of November 13, 1992 No. "On the state internal debt of the Russian Federation",

Municipal bonds, which are issued on the basis of the Law on General Principles for the Organization of Local Government,

Commercial bonds of legal entities, which are regulated by the Law on Joint Stock Companies.

2. According to the method of income payment:

With a fixed coupon rate;

With a "floating" or movable coupon rate;

With an increasing coupon rate;

Zero coupon;

With mini coupon;

With payment by choice;

Mixed type.

3. By type:

Bonds with extension;

Contracted bonds.

4. By reversibility:

reversible;

Irreversible.

5. By the right of early redemption by the issuer:

Redemption;

Not redeemable.

6. According to the method of securing a loan:

Secured bonds (bonds with collateral);

Unsecured (bonds without collateral).

7. According to the method of provision:

With collateral;

With a pledge of financial assets;

With a pledge of equipment;

With a pledge of vehicles;

With a pledge of future tax payments;

With a pledge in the form of income from the project;

With warranty;

Reorganization bonds.

8. By loan terms:

Short-term (from 1-3 years);

Medium-term (from 3-10 years);

Long-term (from 10-30 years);

Perpetual, issued by the government for a period of more than 30 years.

1.3 bill of exchange

bill of exchange - a monetary document with a strictly defined set of details. This means that a bill of exchange is only the document that contains all the necessary details of the bill, formulated in accordance with the Regulations on the transfer and promissory notes of June 24, 1991.

The bill certifies the unconditional obligation of the drawer or other payer specified in it to pay the bill holder the stipulated amount upon the due date.

The subject of a bill of exchange obligation can only be money. Bills of exchange are divided into two types: simple and transferable. A promissory note means the obligation of the drawer to pay within the specified period the agreed amount to the holder of the bill, or to whomever he names. More widely used is a bill of exchange (draft) - a document that regulates the bill of exchange relations of three parties: the creditor (drawer), the debtor (drawee) and the payee (payee).

A bill of exchange contains the following details:

bill marks;

bill amount;

Name of the payee;

Place of payment;

Indication of the place and date of compilation;

Drawer's signature.

A promissory note contains the following details:

The name of the "bill" included in the text of the document and written in the language of the document;

An obligation to pay a certain amount of money;

Indication of the payment term;

Indication of the place of payment;

The name of the payee to whom or to whose order it is to be made.

A bill of exchange may be transferred by endorsement.

Endorsement - endorsement on the reverse side of the bill. The endorsement fixes the transfer of the right of claim under the bill from one person to another. It is not allowed to transfer part of the amount of the bill, i.e. partial endorsement. The endorser is responsible for acceptance (acceptance - agreement to pay the bill in favor of the bill holder who presented the bill for payment) and payment. However, he can also relieve himself of responsibility if the bill is endorsed with the clause "without turnover on me."

Endorsements may be of the following types:

Collection endorsement - an endorsement in favor of a bank, authorizing the latter to receive payment on a bill.

Blank endorsement - differs from the rest in that it does not contain an endorser and such a bill is bearer.

Nominal endorsement - fixes the transfer of ownership of a bill of exchange from one person to another.

Pledge endorsement - is done in the case when the holder of the bill transfers the bill of exchange to the creditor as a pledge of the issued loan.

Payment on a bill of exchange can be secured in full or in part of the bill amount by means of an aval - a guarantee for a bill of exchange obligation. The avalist is responsible for paying the bill to any legal bill holder. The avalist and the person for whom he is responsible are jointly and severally liable (joint and several liability is the full responsibility of each person obligated under the bill to the legal bill holder) for the payment of the bill. In the event that the person for whom the guarantee was given is unable to pay the bill, the obligation to pay the bill lies with the avalist. Most often, in practice, banks act as avalists, giving guarantees for persons whose financial situation is under their control.

1.4 Check

Check - a written instruction of the drawer of the check to the bank to pay the payee of the check the amount of money specified in it.

A check drawer is a person who has money in the bank, which he has the right to dispose of by issuing checks, a check holder is a legal entity in whose favor a check is issued. Only the bank where the drawer has funds can be indicated as the payer of the check. Which he has the right to dispose of by issuing checks. Issuance of checks is carried out on the basis of an agreement (check agreement) between the issuer and the payer, according to which the payer bank undertakes to pay the check if there are funds in the drawer's account.

Mandatory details:

Name "Check";

An instruction to the bank to pay the drawer the amount of money specified in the check;

The name of the payer on the check and the number of the account from which the payment is to be made;

Signature of the drawer;

Indication of the payment currency;

Date and place of the check.

The check has several types:

Personal check - issued to a specific person.

Order check - is issued to a specific person, but further transfer of the check is possible by means of a transfer signature - endorsement.

Bearer check - is issued to the bearer and can be transferred from one person to another by simple delivery.

Payment check - it is allowed to pay in cash.

Money check - designed to receive cash from a bank.

1.5

Deposit and savings certificates - securities, the right to issue which is granted only to commercial banks. Deposit (savings) certificate - a security certifying the amount of the deposit made to the bank and the right of the depositor (certificate holder) to receive the deposit amount and the interest stipulated in the certificate in the bank that issued the certificate after the expiration of the established period. If a legal entity acts as a depositor, then a certificate of deposit is issued, if an individual - a savings certificate.

The peculiarity of a certificate as a security is that it can only be issued in documentary form. In this case, the certificate can be nominal or bearer.

The certificate form must contain the following mandatory details:

Name "Deposit (savings) certificate";

An indication of the reason for issuing the certificate;

Date of deposit or savings deposit;

The amount of the deposit or savings deposit issued by the certificate;

An unconditional obligation of the bank to return the amount deposited or deposited;

Date of demand by the depositor of the amount under the certificate;

Interest rate for using a deposit or contribution;

The amount of interest due;

Names and addresses of the bank - the issuer and for the nominal certificate - the beneficiary (depositor);

Signatures of two persons authorized by the bank to sign such obligations, sealed with the seal of the bank.

The absence of any of the mandatory details in the text of the certificate form makes this certificate invalid.

Each certificate has a tear-off coupon (stub), which is filled in by a bank employee and has the following details:

Registration number of the certificate;

The amount of the deposit (savings deposit);

Date of issue;

return period;

Name of the issuing bank;

Owner's signature certifying receipt of the certificate.

Coupons remain in the credit institution and are intended to keep records of issued certificates.

To issue deposit (savings) certificates, the bank must approve the conditions for their issue and circulation. To do this, they must submit them in 3 copies to the Main Territorial Administration of the Central Bank of the Russian Federation, the National Bank of the Republics as part of the Russian Federation at the location of the correspondent account within 10 days from the date of the decision to issue.

At the moment, there are certain restrictions on the subject composition of commercial banks that can issue savings certificates:

Carrying out banking activities for at least 1 year;

Compliant with banking legislation and regulations of the Bank of Russia;

Having reserves for possible losses on loans in accordance with the requirements of the Bank of Russia;

Having a reserve fund in the amount of 15% of the actually paid - statutory fund.

The circulation of deposit and savings certificates is carried out on the basis of general norms of civil law. The term of circulation of a certificate of deposit cannot exceed 1 year, and of a savings certificate - 3 years. At the same time, certificates cannot serve as a settlement or means of payment for goods sold or services rendered.

Assignment of the right to claim for certificates to the bearer is carried out by simply presenting this certificate. Assignment of rights under a personal certificate is formalized by a bilateral agreement between the person assigning his rights and the person acquiring these rights.

1.6

Savings book to bearer- this is a security that certifies the deposit of a sum of money in a banking institution and the right of its owner to receive this amount in accordance with the conditions of a monetary deposit. The issuance of a savings book to bearer is carried out in cases where it is provided for by a bank deposit agreement, and only citizens can act as owners of such a security. Operations for the placement of funds of a certain amount in deposits with the issuance of a savings book to the bearer are subject to mandatory control in accordance with the Federal Law No.

1.7 Bill of lading

Bill of lading- this is a transport document, which is a security, which contains the terms of the contract of carriage by sea and expresses the ownership of the specific goods specified in it.

The bill of lading is a document, the holder of which acquires the right to dispose of the goods. The bill of lading is issued by the carrier to the sender after receiving the goods and certifies the fact of 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, separate ship premises or without such a condition. According to the bill of lading, the delivery of goods by water is carried out in accordance with the Hague rules contained in the international convention on the unification of the conditions of bills of lading dated August 25, 1924, unless any other state law applies.

Types of bills of lading:

Liner bill of lading - a document that sets out the will of the sender, aimed at concluding a contract for the carriage of goods. The liner bill of lading defines the relationship between the carrier and a third party - the bona fide holder of the bill of lading. The bill of lading is a receipt issued by the carrier to the sender in confirmation of the acceptance of cargo for carriage by sea, as well as a document of title. At the same time, the contract for the purchase and sale of goods, as well as other operations in relation to the goods, are carried out by means of a bill of lading without the physical transfer of one's own goods.

Charter bill of lading - a document that is issued in confirmation of the acceptance of cargo transported on the basis of a charter. A charter is a charter contract, i.e. an agreement to hire a vessel to perform a voyage or for a specific period of time. A charter bill of lading does not serve as a document for drawing up a contract of carriage by sea, since in this case a separate contract for the charter of a vessel in the form of a charter is concluded. The charter bill of lading defines the relationship between the carrier and the third party. The bill of lading is a receipt issued by the carrier to the sender in confirmation of the acceptance of cargo for sea transportation, as well as an administrative document. At the same time, the contract of purchase and sale, as well as other operations in relation to the goods, are carried out by means of a bill of lading without the physical transfer of the goods themselves.

A shore bill of lading is a document that is issued to confirm the receipt of cargo from the sender on shore, usually at the carrier's warehouse. When a 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, the shore bill of lading is replaced by an onboard bill of lading.

On board bill of lading - a document that is issued when the goods are loaded onto the ship.

The bill of lading, as a security, must contain certain details and information about the cargo:

Name of the vessel;

Name of the company - carrier;

Place of receipt of cargo;

Name of the consignor of the cargo;

Name of the consignee;

Name of the cargo and its main characteristics;

Time and place of issue of the bill of lading;

Signature of the ship's captain.

The absence of any details in the bill of lading deprives the bill of lading of the functions of a document of title, and it ceases to be a security. The bill of lading is issued in several copies, one of which is handed over to the consignor. When issuing a cargo for one of the copies, all other copies become invalid.

The consignee is determined in the bill of lading in three ways. Depending on this, bills of lading are divided into:

Nominal - a security in which the name of a specific recipient is indicated;

Order - a security for which the goods are issued either by order of the sender or recipient, or by order of the bank. Order bill of lading is the most common in the practice of shipping.

Bearer - a document that indicates that it was issued to the bearer, i.e. it does not contain any specific data regarding the person entitled to receive the goods, and therefore the goods at the port of destination must be released to any person who presents them.

1.8 Promotion

Promotion- issuance security, securing the rights of its holder (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in management and to part of the property remaining after its liquidation.

A share is usually understood as a security issued by a joint-stock company during its creation (establishment), when an enterprise or organization is transformed into a joint-stock company, in the event of a merger (acquisition) of two or more joint-stock companies, as well as to raise funds when increasing the existing authorized capital. Therefore, a share can be considered a certificate of making a certain share in the authorized capital of a joint-stock company.

Holders (shareholders) can be divided into:

Physical (private, individual);

Collective (institutional);

Corporate.

The following provisions apply to the issue of the issuer's shares:

A joint-stock company is not obliged to return to investors their capital invested in the purchase of shares. Their purchase of shares is considered as long-term financing of the issuer's costs by the shareholders.

The payment of dividends is not guaranteed.

The amount of dividends can be set arbitrarily regardless of profit. Even if there is a net profit, a joint-stock company can direct all profits to the development of production and not pay dividends.

Having received funds through the placement of issued shares, the issuer has the opportunity to use them to form production and non-production fixed and working capital.

Investors in stocks are attracted to the following:

The right to income, i.e. to receive part of the net profit of the joint-stock company in the form of dividends.

Capital gain associated with the possible increase in the price of shares in the market. In essence, this is the main motive for purchasing shares.

Additional benefits that a joint-stock company can provide to its shareholders. They take the form of discounts when purchasing products manufactured by a joint-stock company or using services (preferential travel, reduced prices for hotel stays, etc.).

Right of first refusal to acquire new share issues.

The right to a part of the property of a joint-stock company remaining after its liquidation and settlements with all other creditors.

Shares have the following properties:

A share is a title of ownership, i.e. the holder of a share is a co-owner of a joint-stock company with the rights arising from this;

It does not have an expiration date, i.e. the rights of the shareholder are preserved as long as the joint-stock company exists;

It is characterized by limited liability, since the shareholder is not liable for the obligations of the joint-stock company. Therefore, in bankruptcy, the investor will not lose more than what he invested in the stock;

The share is characterized by indivisibility, i.e. joint ownership of shares is not associated with the division of rights between the owners, all of them together act as one person;

Shares can be split and consolidated. When splitting, one share turns into several. At a nominal value of 1000 rubles. 4 new shares are issued, so the par value of new shares becomes equal to 250 rubles. Old certificates are withdrawn from shareholders and new ones are issued, which indicate that they own a large number of shares.

Consolidation reduces the number of shares, which can lead to an increase in their market price. But the minimum cost increases, and the size of the authorized capital remains the same. Shareholders also receive new certificates to replace those withdrawn, which will indicate a smaller number of new shares.

Principles of classification of shares:

According to the method of accrual of income:

simple with non-fixed income, depending on the size of the net profit of the enterprise,

preferred fixed income.

By convertibility into other securities: convertible (convertible) shares that are exchanged in appropriate proportions for securities of another type (for example, bonds),

irreversible (non-convertible) shares that are not exchanged for securities of another type.

On the ability to retain dividends: preferred shares can be

cumulative (to guarantee the payment of previously unpaid dividends),

non-cumulative (do not guarantee the payment of previously unpaid dividends).

According to the dividend payment method:

shares with an adjustable dividend, which may vary in response to changes in rates on government short-term bonds or loan interest on bank loans;

shares with an unadjustable dividend, the amount of which does not change depending on changes in the yield on government short-term bonds or loan interest.

The circulation of shares is regulated by the Regulations on the Issue and Circulation of Securities on the Stock Exchanges of the RSFSR. According to this act, when establishing a joint-stock company, all shares must be distributed only among the founders, both in closed and open joint-stock companies. An additional issue of a share is possible when all shares previously issued by the given company have been fully paid up. Each issue of shares is possible only upon registration of this issue and its prospectus.

2. Operationsbanks with securities

In accordance with the Law of the Russian Federation “On Banks and Banking Activities”, banks in Russia act as universal credit institutions that perform a wide range of operations in the financial market: providing loans of various types and terms, buying, selling and storing securities, foreign currency, raising funds in deposits, making settlements, issuing guarantees, guarantees and other obligations for third parties, intermediary and trust operations.

Commercial banks of Russia can act as issuers in order to form their own authorized capital, redeem their own debt obligations - bonds and other securities, including derivatives. In an effort to attract customers, they are forced to constantly compete, expanding the range of services and reducing their cost. At the same time, it is not always possible for banks to maintain stability and reliability.

According to the Russian Law “On Banks and Banking Activity”, commercial banks are allowed to:

Issue, buy, sell, store securities, carry out other transactions with them;

Provide brokerage and advisory services;

Make settlements on behalf of clients, including transactions with securities;

Manage securities on behalf of clients (trust or trust operations).

These activities cover a wide range of possible transactions with securities. At the same time, due to the absence of restrictions for Russian banks on conducting transactions in the stock market, they can carry out certain types of business activities:

- brokerage activities;

- dealer activity;

- depositary activity;

· - Settlement and clearing activities for the transfer of securities and funds in connection with operations with securities;

· - maintenance and storage of the register of shareholders;

· - activity on the organization of trade in securities.

All types of bank operations with securities can be classified according to a number of features that reflect both the interest of the bank itself and its counterparties.

There are the following operations of banks with securities:

Issue of monetary securities;

Purchase and sale of securities of other issuers;

Storage of securities;

Management of securities on behalf of clients, etc.

2. 1 Issue of monetary securities

The standard issue of securities offers the following steps:

1. Making a decision on the placement of issue-grade securities;

2. Approval of the decision to issue equity securities;

3. State registration of the issue of emissive securities;

4. Placement of emissive securities (that is, the transfer of securities to the primary owners);

5. State registration of a report on the results of the issue of emissive securities or submission to the registering authority of a notification on the results of the issue of emissive securities.

The instruction regulates the issue of securities, which a joint-stock bank can carry out in 3 cases:

at its establishment;

when increasing the size of the initial authorized capital of the bank by issuing shares;

when a bank raises borrowed capital by issuing bonds or other debt obligations.

To raise funds in order to replenish resources or finance investment projects, individual events, etc. A bank can issue stocks and bonds. When issuing shares, the bank first acts as a seller, and then as an object of shared ownership of shareholders. If the bank issues bonds, then it is first a seller, and then a debtor. Buyers of bonds act as creditors. The issue by the bank of its own shares or bonds allows you to get the necessary financial resources at minimal cost to expand the scope and volume of services provided.

Based on the issue of shares and bonds, the bank's own, borrowed capital is formed. Among bank shares, ordinary shares are the most common. Preferred shares are issued less frequently. The Civil Code of the Russian Federation (Article 102, paragraph 4) imposes restrictions on the issuance of preferred shares, the share of which in the total volume should not exceed 25%. Bank bonds are even less popular than preferred shares, although in world practice, bank bonds occupy a significant place on financial market.

The re-issue of shares in order to increase the authorized capital of a joint-stock bank is permitted only after the shareholders have paid for all previously issued shares. It may contain both ordinary and preferred shares.

The issue of bonds by a bank to attract borrowed funds can be made only on condition of full payment of all shares issued by this bank (if the bank is joint-stock) or full payment to the shareholders of their shares in the authorized fund (if the bank is a share) and for an amount not exceeding the bank's own capital.

During the initial placement of shares, the issuing bank does not have the right to purchase them at its own expense, while in the secondary market, banks can act as their own shares, but in cases strictly prescribed by law. Many joint-stock banks, in order to maintain the market price of their own shares, are highly active in the secondary market of their own shares.

It is known that the market share price reflects the position of the bank in the market, its stability and profitability. The depreciation serves as a signal of emerging unfavorable trends in the development of this bank and can provoke not only the dumping of its shares by shareholders, but also a massive outflow of deposits from the bank, which will have a detrimental effect on it. Therefore, in the event of a decrease in the price of shares, banks not directly, but through investment companies, actively buy them in the secondary market, which leads to an artificial increase in their rate and creates the appearance of strengthening the market position of the bank.

Russian banks are actively mastering the issuance of promissory notes as short-term debt obligations. It should be noted that although the issue of promissory notes is an issue operation, the promissory notes themselves are issued without registration of an issue prospectus, therefore, this operation can be rightfully characterized as an issue of promissory notes. Banks use the issuance of promissory notes mainly to raise funds for the active operations of the bank at the lowest possible cost and with the lowest overhead costs compared to using traditional credit and deposit forms of investment.

Reducing overhead costs is achieved due to the fact that performing the same function as a certificate of deposit, the bill has a simplified issuance procedure - there is no registration procedure with the Bank of Russia. The current rules require only the notification of the Main Territorial Administration
Central Bank of the Russian Federation on the issuance of bills by the bank. At the same time, the current bill of exchange legislation allows issuers the opportunity to independently establish the rules for issuing bills that do not contradict this legislation, which makes bills the most attractive for banks.

Banks can issue bills of exchange both in series and in a one-time order.

The attractiveness of a single bill is that the conditions for its issuance and circulation can be determined taking into account the interests of a particular depositor.

Banks give a clear preference to the serial issue of bills, since in this case it is possible to attract a large number of investors and a significant amount of resources.

Initially, banks began to issue bills at a discount. The income of the buyer in this case is the difference between the face value of the bill and the price of its acquisition. But later it turned out that interest-bearing bills are more convenient and profitable for both banks and customers.

When raising funds by issuing bills of exchange, banks must deduct a certain percentage of their amount to the mandatory reserve fund of the Central Bank of the Russian Federation. Thus, by issuing an interest-bearing bill, the bank immediately receives at its disposal an amount equivalent to the face value of the bill, from which the reservation is made.

When issuing a discount bill, the bank receives an amount less than face value, but is obliged to make a reservation from the full amount of its obligation.

The issue of deposit and savings certificates can be carried out exclusively by banking institutions, pursuing the following goals:

· Attraction of deposit resources for active operations. Russian banks set flexible terms for certificates of deposit from 1 day to 1 year. This is due to the fact that, unlike bills, certificates of deposit can only be urgent, the maximum maturity of deposit certificates is 1 year, savings certificates - 3 years.

· Expansion of the bank's clientele by diversifying the services provided to the client.

· Reduced liquidity risk. By issuing certificates of deposit, the bank receives liabilities with a fixed term, which allows it to reduce liquidity risk.

The procedure for issuing deposit and savings certificates of commercial banks is less formalized than issuing shares and bonds.

During the initial placement of certificates of deposit, the auction method proved to be an effective way. When it is held, the bank offers investors limits on interest rates at which certificates of deposit are offered for placement. First of all, applications for the purchase of certificates are satisfied, which indicate the best conditions from the bank's position - the minimum percentage of placement.

The secondary market may be supported by the issuing bank. In this case, he must deal with certificates, offering two-way quotes.

Redemption when interest rates fall is an effective operation for the bank, but economically unprofitable from the position of the investor. That is why certificates sell well during the period of struggle to reduce inflation, accompanied by a drop in market interest. In the same period of gradual unwinding of inflation, it is advisable for banks to abandon certificates in favor of more convenient promissory notes.

The price that the bank sets for the sale of previously redeemed certificates is determined based on the time until its redemption and those interest rates that will allow the bank to sell the certificate.

Banks may also redeem their own previously issued securities in order to:

1. maintaining the market rate of their securities (i.e. to maintain or stabilize their market rate, as well as for their subsequent profitable resale);

2. subsequent preferential resale to its employees (in order to encourage or involve them in the management of the bank);

3. subsequent redemption of shares

4. early redemption of redeemable bonds (early redemption of securities is beneficial for the bank and not always beneficial for bondholders, since instead of lost interest they can receive only a small reward);

5. Exchange for own securities of another type (such an exchange takes place at the initiative of the investor, if the possibility of exchange is provided for by the terms of circulation of securities and the yield on previously acquired securities is lower than on securities of another type).

2.2 Purchase and sale of securities of other issuers

Operations of banks with securities of other issuers are more diverse than in the case of operations with their own. Banks are engaged in their placement both in the primary and secondary markets, while making transactions both on their own behalf and at their own expense, and on behalf of and at the expense of the client. Banks are also intermediaries between sellers and buyers of securities and receive from the client for their intermediation remuneration, which depends on the volume.

During the initial placement of securities, banks act as intermediaries between issuers of securities and investors. Mediation consists in the distribution of the issuer's securities among investors, which is carried out by various methods. In doing so, banks can:

1. to redeem at their own expense the entire issue of securities or a certain part of it, in order to resell it later at a premium;

2. distribute securities among investors, guaranteeing the issuer to redeem the unsold part of the issue ("distribution with a buyback guarantee");

3. to distribute securities among investors without a guarantee of repurchase of the unsold part of the issue ("without a buyback guarantee").

In the event of a buyout of the entire issue, banks act as a buyer for the issuer of securities and as a seller for the investor. In the case of distribution with a buyback guarantee, the bank is a commission agent or attorney for the issuer and a seller for the investor, and in the case of a buyout of the balance of the issue, it is the buyer for the issuer. In the case of distribution without a buyback guarantee, the bank acts as a commission agent and attorney for the issuer. Banks' counterparties in the course of initial placement of securities are issuers and investors. Banks can perform these operations on their own or with the help of intermediaries.

The technology of banks conducting transactions with securities of other issuers in the secondary market may also be different:

1. The bank concludes a commission agreement with the client on the purchase or sale of securities on behalf of the client, on the basis of which it concludes a sale and purchase transaction with a third party on its own behalf (the bank acts as a commission agent in relation to the client, and the client acts as a committent in relation to the bank. The third party is buyer or seller of securities);

2. the bank enters into an order agreement with the client for the purchase or sale of securities, on the basis of which it concludes a purchase and sale transaction with a third party on behalf of the client (the bank acts as an attorney in relation to the client, and in relation to a third party - as a representative of the client. in relation to the bank by the principal (the third party is the buyer or seller, respectively);

3. The bank concludes an agency agreement with both the seller and the buyer of securities, on the basis of which the buyer and seller conclude an agreement on the sale of securities between themselves (the bank acts as a trustee both in relation to the buyer and the seller of securities. Buyer and seller securities act in relation to the bank as principals).

Clients turn to the bank for mediation in order to quickly conclude a deal on the most favorable terms for themselves. Banks can enter into transactions for the purchase and sale of securities on their own behalf and at their own expense in order to receive income from these operations. At the same time, the tasks of banks can be different:

· formation and maintenance of a portfolio of securities that meets the investment goals of the bank;

· speculation with securities in order to attract profit due to exchange rate differences;

· "quotes" of certain securities, in which the bank acts as a seller or buyer for all who wish to purchase or sell these securities.

Speculative transactions with securities, as well as with other financial assets in other financial markets, are carried out with the aim of making a profit by changing the price of this asset over time and in different markets. The bank, as a rule, works with permanent counterparties and plays on short-term market conditions.

In the case of "quotes", the bank responds to any request from market participants to conclude a purchase and sale transaction by specifying the value of the securities in advance.

2.3 Custody of securities

The Bank may organize the storage and accounting of securities in its vault or vaults of other credit and financial institutions. The Bank can also, on behalf of clients, organize multilateral settlements for securities transactions concluded by clients, provide additional services: clearing, lending, insurance, etc. The interest of the bank in this case is to receive the maximum remuneration for customer service, including the maintenance of a depo account and the organization of securities settlements.

Banks can carry out the following operations for the storage of securities:

· store and keep records of clients' securities on their behalf;

· store and keep records of securities purchased at their own expense;

Maintain off-balance sheet depo accounts.

The purpose of these operations is:

Ensuring reliable storage and accurate accounting of securities;

· quick customer service when accepting and issuing securities;

· transfer of securities from one account to another on behalf of the client.

To achieve these goals, the bank must organize:

· storage of certificates (forms) of securities in one's vault or in the vault of another credit institution;

accounting for deposited securities in documentary form;

accounting for non-documentary securities, for which off-balance accounts "deposit" are opened;

· receipt, issuance, transfer and transfer of securities from account to account and from vault to vault.

The Bank's counterparties in these operations are:

Owners of securities who have deposited them;

· Principals for the organization of multilateral settlements;

Buyers of bank services;

participants in insurance transactions.

2.4 Management of securities on behalf of a client

Operations for the purchase and sale of securities on behalf of the client provide for the conclusion between the client and the bank of an appropriate agreement, according to which the bank undertakes to either buy securities or sell them on the terms specified by the client. Why does the client provide the bank with a certain amount of cash or a package of securities intended for sale.

In order to provide clients with services that ensure their execution in the best possible way, banks may create special units for managing clients' securities.

The functions of these divisions include:

1. collection of income from securities;

2. collection of repaid amounts for debt obligations;

3. exchange of certificates and coupon sheets;

4. exchange of shares upon the merger of joint-stock companies;

5. replacement of some types of securities by others;

6. informing clients about regular meetings of shareholders, about the issue of new shares in which clients have pre-emptive rights to purchase;

7. representation of the interests of clients on their behalf at meetings of shareholders, voting on behalf of clients, etc. Clients are interested in receiving comprehensive services related to the holding of securities.

The Bank, taking into account the funds received from customers and issuing certificates, can direct these funds exclusively for the purchase of securities of joint funds being created.

Thus, banks can carry out a full range of stock transactions, acting on the market as an issuer of securities, an investor and an intermediary in relations between third-party issuers and investors, provide depository and settlement and clearing services, as well as provide trust services.

Conclusion

In this paper, the basic concepts of the securities market and the operations of banks in the securities market were considered. These concepts in the Russian economy are inseparable from each other, since the main participants in the securities market are banks.

The interest of commercial banks in issuing their own shares and placing them on the open market can be explained by a number of circumstances. First of all, this is inflation, which constantly devalues the bank's own capital. Inflation deprives banks of the opportunity to attract long-term deposits, therefore, in order to make relatively long-term investments, banks must use their own capital.

High quotes of bank shares are considered by banks as a way to strengthen their positions in the market. Expand your reach and attract new customers. Therefore, in the event of a decrease in the price of shares, banks, through investment companies, actively buy them in the secondary market, which leads to an artificial increase in the rate and creates the appearance of strengthening the market position of the bank.

Bank bonds are not very popular, as investors are not yet able to invest funds for a long time.
The advantage of bonds is that they can be used as a means of payment.

Considering today's market of bank bills, all drawers can be conditionally divided into two groups. On the one hand, many banks issue purely financial bills, using them as an analogue of a deposit loan for profit. On the other hand, there is an already established circle of banks and financial organizations that use promissory notes for various trade and financial transactions.

Different securities with different characteristics are traded on the securities market, but the most important indicator is the risk-return ratio. These values are directly proportional. A feature of the investment policy of banks is the definition of this ratio and the profitable investment of funds in securities.

Although the Russian securities market is only developing, it depends on the global securities market, but it also has its own distinctive features in the field of taxation, government regulation, and industrial production. It should be noted that today the Russian securities market faces a number of problems, a quick and effective solution, which will serve as an impetus for its further development and increased activity of securities market participants-banks.

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13. Operations of banks with securities

Operations of banks with securities are divided into 2 types:

Issue of own securities (shares, bonds, bills, deposit and savings certificates).

Operations with securities of other issuers.

On the basis of a banking license, banks can:

a) carry out the following operations: issue, purchase, sale, accounting, storage and other operations with securities that perform the functions of a payment document, with securities confirming the attraction of funds to deposits and bank accounts, with other securities;

b) carry out trust management of the said securities under an agreement with individuals and legal entities.

Brokerage – making civil legal transactions with securities as an attorney or commission agent acting on the basis of an agency or commission agreement, as well as a power of attorney to perform such transactions in the absence of indications of the powers of an attorney or commission agent in the agreement.

Dealer activity – making securities purchase and sale transactions on its own behalf and at its own expense by publicly announcing the purchase or sale prices of certain securities with the obligation to purchase or sell these securities at the prices announced by the person carrying out such activities.

Securities Management Activities - implementation by a legal entity or an individual entrepreneur on its own behalf for a fee for a certain period of trust management transferred to its possession and belonging to another person in the interests of this person or third parties indicated by this person.

Clearing activity – activities to determine mutual obligations and their offset for the supply of securities and settlements on them.

Depository activity – provision of services for the storage of securities certificates and / or accounting and transfer of rights to securities.

Only a legal entity can be a depositary.

The conclusion of a depositary agreement does not entail the transfer to the depository of the ownership of the depositor's securities.

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Chapter 1 LEGAL FRAMEWORK FOR TRANSACTIONS WITH SECURITIES