Question code: 2.1.89 An investment share provides the owner with the following rights:

I. Share in the ownership of property constituting a mutual investment fund II. Ownership of property constituting a mutual investment fund

III. The right to demand from the management company proper fiduciary management of the mutual investment fund

IV. Right to receive income (interest)

V. The right to receive monetary compensation upon termination of the trust management agreement for a mutual investment fund with all owners of investment shares of this mutual investment fund Answers:

A. I, III, V

B. II, IV, V

C. I, IV, V

D. II, III, IV

Question code: 2.1.90 An investment share of one mutual fund certifies: Answers:

A. An equal share in the right of common ownership of the property constituting a mutual investment fund, and the same rights

B. Different shares in the right of common ownership of the property constituting a mutual investment fund, but the same rights

C. The same share in the right of common ownership of the property constituting a mutual investment fund, but different rights

D. Different shares in the right of common ownership of the property constituting a mutual investment fund and different rights

Question code: 2.1.91 Investment units can be issued as: Answers:

A. Documentary bearer securities

B. Registered documentary securities

C. Registered uncertificated securities

D. Uncertificated bearer securities

Question code: 2.1.92 Restrictions on the circulation of investment shares can be established: Answers:

A. Management company

B. The decision to release

C. Federal law

D. Fund rules

Question code: 2.1.93 In cases where it is required to compile a list of owners of investment shares, the depository, which

a nominee holder account has been opened in the register of owners, is obliged to provide the person maintaining the register with the information necessary to compile a list of owners of investment shares no later than:

A. One business day from the date of receipt of the relevant request

B. Two working days from the date of receipt of the relevant request

C. Five working days from the date of receipt of the relevant request

D. Seven working days from the date of receipt of the relevant request

Question code: 2.1.94 Mortgage coverage can be:

I. Claims secured by a mortgage for the return of the principal amount of the debt and (or) for the payment of interest under credit agreements and loan agreements, including those certified by mortgages;

II. Mortgage participation certificates certifying their owners' share in the common ownership of another mortgage;

III. Cash in the currency of the Russian Federation; IV. Cash in foreign currency;

V. Government securities;

VI. Real estate in cases provided for by Federal Law. Answers:

A. All except II

B. All except IV

C. All except VI

D. All of the above

Question code: 2.1.95 The mortgage participation certificate provides the owner with the following rights:

I. Share in the right of common ownership of the mortgage cover II. Ownership of mortgage coverage

III. The right to demand from the person who issued it the proper fiduciary management of the mortgage coverage IV. The right to participate in trust management of mortgage coverage

V. The right to receive income from trust management of mortgage coverage

VI. The right to receive funds received in fulfillment of obligations, the requirements for which constitute mortgage coverage Answers:

A. I, III, VI

B. II, IV, V

C. II, III, VI

D. I, IV, V

Question code: 2.1.96 An issue-grade security securing the right of its owner to purchase within the period specified in it

and/or upon the occurrence of the circumstances specified therein, a certain number of shares of the issuer at the price specified in this security is:

A. Issuer Option

B. Option contract

C. Futures contract

D. Forward contract

Question code: 2.1.97 Specify the correct statements regarding the issuer option:

I. Is an issue-grade security

II. Is a non-issue security

III. It is a derivatives market instrument that determines the right to receive (transfer) property (including money, currency values ​​and securities) or information with the condition that the option holder can unilaterally waive the rights under it

IV. Secures the right of its owner to purchase, within a specified period and/or upon the occurrence of circumstances specified in this security, a certain number of shares of the issuer at a price specified in this security

V. Is a registered security

VI. Is a bearer security Answers:

A. I, IV, V

B.III

C. II, VI

D. VI

Question code: 2.1.98 Specify the correct statements regarding the issuer option form: Answers:

A. Documentary bearer security

B. Order documentary security

C. Registered documentary security

D. Registered uncertificated security

Question code: 2.1.99 An issue-grade security that secures the right of its owner to receive a security from the issuer in

the term stipulated in it for its nominal value or other property equivalent Answers:

A. Bill of exchange

B. Bond

D. Investment share

Question code: 2.1.100 What is the name of a bond on which no interest is paid, and the investor receives income from

the difference between the purchase price and the redemption of the bond at par. I. Coupon;

II. Discount no coupon. Answers:

A. I

B.II

C. All of the above

D. The correct answer is not specified

Question code: 2.1.101 Specify the correct statements regarding the bond:

I. The bond is an issue-grade security

II. The bond is a non-issue security

III. The bond secures the right of its owner to receive from the issuer within the period specified in it its nominal value or other property equivalent

IV. The bond secures the rights of its owner to receive part of the profit of the joint-stock company in the form of dividends and to participate in the management of the joint-stock company

V. A bond may provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights

VI. The yield on a bond is interest and/or discount VII. Bond income is dividends

A. I, III, V, VI

B. II, IV, VII

C. I, IV, VII

D. I, IV

Question code: 2.1.102 In accordance with the Federal Law “On the Securities Market”, the fulfillment of obligations under bonds can be ensured:

I. Collateral II. Penalty

III. Withholding of the debtor's property IV. Surety

V. Bank guarantee VI. Deposit

VII. State or municipal guarantee Answers:

A. I, IV, V, VII only

B. II, III, VI only

C. V, VII only

D. I, IV, VI only

Question code: 2.1.103 Specify the correct provisions regarding bond security

I. The subject of collateral can only be securities and real estate

II. The subject of collateral can be any thing, including money and securities, other property, including property rights

III. The period for which the bank guarantee is issued must be at least 6 months longer than the date (expiration date) of the bond redemption

IV. The period for which a bank guarantee is issued may be equal to the maturity date of the bond V. Bonds secured by a mortgage must be placed before the state registration of the mortgage

VI. It is prohibited to place bonds secured by a mortgage before state registration of the mortgage. Answers:

B. II, IV, V C. I, IV

Question code: 2.1.104 A mortgage-backed bond is: Answers:

A. A bond, the fulfillment of obligations under which is secured in whole or in part by the mortgage collateral

B. A security that gives its owner the right to pay monetary obligations under a mortgage-backed agreement

C. A bond, the fulfillment of obligations under which provides for the payment of income in real estate pledged by the issuer

D. A bond, the fulfillment of obligations under which provides for the payment of its nominal value in real estate pledged by the issuer

Question code: 2.1.105 Specify the patterns that need to be taken into account by the borrower and the lender in order to

determine the interest rate for using a loan?

I. The higher the credit rating, the higher the interest rate for using a loan II. The higher the credit rating, the lower the interest rate for using the loan

III. The more stable the state policy, the higher the interest rate for using the loan IV. The more stable the state policy, the lower the interest rate for using a loan

V. The higher the inflation rate in the country, the higher the interest rate that lenders will require for using a loan

VI. The higher the inflation rate in a country, the lower the interest rate that lenders will require for using a loan Answers:

A. I, III, V B. II, IV, VI C. I, IV, V

Question code: 2.1.106 Specify the correct statements regarding the form of a corporate bond:

I. Documentary bearer security; II. Order documentary security;

III. Registered documentary security;

IV. Registered uncertificated security. Answers:

A. II

B.III

C. I and IV

D. I, III and IV

Question code: 2.1.107 Specify the correct statement regarding a floating rate bond Answers:

A. The market price of a floating rate bond is less volatile than the market price of a fixed rate bond

B. The market price of a floating rate bond is more volatile than the market price of a fixed rate bond

C. The floating interest rate on the bond is continuously adjusted depending on the level of inflation

D. The market prices of floating rate bonds and fixed rate bonds move identically

Question code: 2.1.108 Specify the correct statements regarding the market prices of bonds with fixed and floating interest rates

I. The market price of a bond with a fixed coupon rate does not change, since the coupon is a constant value throughout the entire circulation period of the bond

II. The market price of a fixed coupon bond varies with market interest rates

III. The market price of a floating rate bond does not change because the coupon is adjusted

V depending on market interest rates

IV. The market price of a bond with a floating coupon rate is less volatile compared to the market price of a bond with a fixed coupon rate Answers:

A. I and III

B.II and III

C. I and IV

D.II and IV

Question code: 2.1.109 Mark the incorrect statement regarding the state guarantee: Answers:

A. Securities issued by third parties, the obligations of which are guaranteed by the Russian Federation, are not government securities

B. The period of the state guarantee is determined by the period of fulfillment of obligations on securities of third parties

C. The decision to ensure the fulfillment of obligations under third party securities is made by the Government of the Russian Federation

D. The guarantor under the state guarantee bears joint liability for the obligation guaranteed by him

Question code: 2.1.110 A document containing an unconditional obligation of the drawer to pay a certain amount of money in

a certain period for the holder of the bill is called: Answers:

A. Promissory Note

B. Bill of exchange

C. Tratta

D. Rekta-bill

Question code: 2.1.111 What is the name of the guarantee of payment on a bill of exchange for any person obligated under it: Answers:

A. Acceptance

B. Allonge

C. Endorsement

D. Aval

Question code: 2.1.112 What is the name of the drawer of a bill of exchange: Answers:

A. Trassant

B. Trasat

C. Recipient

D. Avalist

Question code: 2.1.113 What is the name of the payer of a bill of exchange: Answers:

A. Trassant

B. Trasat

C. Recipient

D. Avalist

Question code: 2.1.114 What is the name of the holder of a bill of exchange: Answers:

A. Trassant

B. Trasat

C. Recipient

D. Avalist

Question code: 2.1.115 The absence of which details deprives the document of the force of a bill of exchange:

I. The name “bill” included in the text of the document itself and expressed in the language in which this document is drawn up

II. Payer's name

III. Indication of the payment term

IV. Signature of the person issuing the bill (drawer)

V. Name of the person to whom or to whose order the payment is to be made VI. Indication of the date of drafting the bill of exchange

VII. Indication of the place of drawing up the bill of exchange

VIII. Indication of the place where payment should be made Answers:

A. I, II, IV, V, VI

B. III, VII, VIII

C. I, II, III, VII, VIII

D. I, III, V, VII, VIII

Question code: 2.1.116 Mandatory details of a promissory note

I. The name “bill” included in the text itself and expressed in the language in which this document is drawn up

II. A simple and unconditional promise to pay a certain amount III. Indication of the payment term

IV. Payer's name

V. Indication of the place where payment should be made

VI. The name of the person to whom or to whose order the payment is to be made VII. Dates of drafting the bill

VIII. Indication of the place of drawing up the bill of exchange

IX. Signature of the person issuing the document (drawer) Answers:

A. I, II, V, VI, VII, IX

B. III, IV, VIII

C. I, III, V, VII, IX

D. III, IV, V, VIII

Question code: 2.1.117 Specify the correct statements regarding the endorsement:

I. The endorsement must be simple and unconditional

II. The endorsement may be subject to the conditions specified on Additional Sheet III. Partial endorsement is invalid

IV. Endorsement transfers all rights arising from the bill of exchange

V. The endorser has the right to transfer part of the rights by endorsement, indicating them on additional sheet VI. Crossed out endorsements are considered unwritten.

VII. A bill of exchange is considered invalid if it contains crossed out endorsements. Answers:

A. I, III, IV, VI

B. II, V, VII

C. I, IV, VII

D. None of the above

Question code: 2.1.118 In accordance with the Federal Law “On Bills of Exchange and Promissory Note” on transferable and promissory notes

the bill of exchange has the right to undertake:

I. Citizens of the Russian Federation

II. Legal entities of the Russian Federation

III. The Russian Federation, constituent entities of the Russian Federation, urban, rural settlements and other municipalities only in cases specifically provided for by Federal Law IV. Foreign citizens

V. Foreign governments and international organizations Answers:

A. I, II, III

B. II, III, IV, V

C.II

D. I, II, III, IV, V

Question code: 2.1.119 Bills of exchange payable within a certain period from sight must be presented for acceptance within:

A. One year from the date of issue

B. Three years from the moment the person learned or should have known about the violation of his rights

C. Three months from the date of issue

D. 10 banking days

Question code: 2.1.120 A bill of exchange can be issued for the following period: I. Upon presentation

II. In such and such a time from presentation

III. In such and such a time from the compilation of IV. On a specific day

V. Before any event occurs

VI. Consecutive payment terms may be established. Answers:

A. I, II, III, IV

B. I, II, III, IV, V, VI

C. I, II, III, V, VI

D. II, III, IV, V

Question code: 2.1.121 In accordance with the letter of the Central Bank of Russia “On banking operations with bills of exchange,” banks carry out the following types of operations:

I. Accounting for bills of exchange

II. Issuance of demand loans under a special loan account secured by bills of exchange III. Acceptance of bills for collection to receive payments and to pay bills on time Answers:

A. I only B. II only

C. I and II only

D. All of the above

Question code: 2.1.122 Specify the correct sequence of actions for collection of bills by banks

I. The holder of the bill presents the bill to the bank

II. The bank assumes responsibility upon presentation of the bill of exchange to the payer within the period specified by the bill holder to receive payment.

III. Upon receipt of payment, the bill is returned to the debtor

IV. Upon receipt of payment, the bill is returned to the drawer

V. If payment is not received, the bill is returned to the creditor, but with a protest of non-payment Answers:

A. I, II, III, V

B. II, IV, V

C. I, II, IV

D. II, III, IV, V

Question code: 2.1.123 Specify the signs of domicile of bills by the bank:

I. The bank acts as the payer of the bill

II. The bank acts as the recipient of payment on the bill

III. The external sign of a domiciled bill is the words “payment” or “payment in.... bank” placed under the payer’s signature

IV. An external sign of a domiciled bill of exchange is the indication of the word “domiciled” in the title of the bill of exchange.

V. The bank pays a domiciled bill if the payer has previously paid him the bill amount or if the client has a sufficient amount in his current (current) account and authorizes the bank to debit from his account the amount necessary to pay the bill

VI. The bank pays the domiciled bill of exchange from its own funds, which it then has the right to recover from the payer in the manner provided for in Article 851 of the Civil Code of the Russian Federation Answers:

A. I, III, V

B. II, IV, VI

C. I, IV, V

D. II, III, VI

Question code: 2.1.124 The essence of bill accounting is as follows: Answers:

A. The holder of the bill transfers (sells) the bill of exchange to the bank by endorsement before the maturity date and receives for this the bill amount minus the early receipt of a certain percentage of this amount

B. The Bank collects and forms in writing information about bills issued and received, as well as about bill loans, indicating the name of the drawer (holder of the bill), payer, bill amount, payment term

C. Bill accounting is a subsection of accounting

D. Accounting for bills of exchange issued for an amount equal to or exceeding 600 thousand rubles is one of the programs implemented to combat the legalization (laundering) of proceeds from crime and the financing of terrorism

Question code: 2.1.125 Income from transactions with a bill of exchange, the issuance of which is based on a loan relationship, is recognized as:

I. Bill amount on interest-bearing bill II. Interest on a bill

III. Bill amount on interest-free bill IV. Discount amount

A. II, IV

B. I, II, IV

C. I, III

D. All of the above

Question code: 2.1.126 The endorser can relieve himself of responsibility for payment of the bill by stipulating: Answers:

A. Not by order

B. Turnover without costs

C. Pay the order

D. No turn on me

Question code: 2.1.127 The mortgage certifies the following rights of its owner

I. The right to receive performance under a monetary obligation secured by a mortgage without providing other evidence of the existence of this obligation

II. Right of pledge on property encumbered with a mortgage

III. The right to receive part of the profit in the form of dividends

IV. The right to receive, upon expiration of the established period, the deposit amount and the interest stipulated in this security Answers:

A. I, II

B. II, III

C. I, IV

D. III, IV

Question code: 2.1.128 A mortgage is: Answers:

A. Bearer security

B. Registered security

C. Order security

D. Not a security

Question code: 2.1.129 Who issues the mortgage to the original mortgagee? Answers:

A. Pledger

B. The body carrying out state registration of rights, prior to state registration of the mortgage

C. The body carrying out state registration of rights, after state registration of the mortgage

D. The body that registers rights to registered securities

Question code: 2.1.130 A security certifying the amount of a deposit made to the bank and the depositor’s right to receive

upon expiration of the established period of the deposit amount and the specified interest, is called: Answers:

A. Passbook

B. Warrant

C. Bill of Lading

D. Deposit (savings) certificate

Question code: 2.1.131 The preparation and issuance of a certificate of deposit confirms the conclusion of an agreement: Answers:

A. Storage

B. Bank deposit

C. Depository

D. Trust management

Investment operations of banks are reduced mainly to operations with securities. Securities are understood as specially executed financial documents, the presentation of which is necessary for the exercise of the right expressed in them. The specifics and patterns of the processes of primary and secondary circulation of securities are determined depending on their type.

1. Equity securities certify the owner’s right to a share in the capital of the enterprise. These include stock. In the Federal Law “On the Securities Market” of March 20, 1996. promotion is defined as “an issue-grade security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation. The issue of bearer shares is permitted in a certain ratio to the amount of the paid-up authorized capital of the issuer in accordance with the standard established by the Federal Commission for the Securities Market.”

Based on the differences in the method of paying dividends, we can distinguish common and preferred shares, providing any benefits to their holders. The content and specific forms of realization of benefits are determined in the constituent documents. As a rule, these special benefits consist of a preferential right to receive dividends over ordinary shareholders. At the same time, the charter may provide for the absence of voting rights at the general meeting of shareholders for owners of preferred shares. Thus, the rights of their holders to participate in the management of economic activities are limited.

The rights of preferred shareholders can also be exercised in the possibility of receiving a preferred dividend, paid every year, in a predetermined proportion to the par value of the preferred share. In the event of insufficient distributable profits, the preference dividend is usually carried forward to the subsequent financial year and paid on a priority basis.

The most attractive preferred shares are for individual holders who have little money and have neither the time nor the opportunity to participate in the management process.

2. Debt securities certify the right to a specific monetary claim (but not the right of ownership). These include bonds, bills, checks and certificates of indebtedness.

Bond- an issue-grade security that secures the right of its holder to receive from the issuer a bond within the period specified by it, its nominal value or other property equivalent. A bond may provide for other property rights of its holder, if this does not contradict the legislation of the Russian Federation. Bonds can be bearer or registered, freely tradable, or with a limited circle of circulation.

One of the important characteristics of a bond is its maturity. This is the duration of the contractual agreement for this issue, after which the holder receives the value of the bond, that is, it is fully repaid. The maturity period can be very different, including perpetual types of bonds.

Bonds have nothing to do with profit. Interest must be paid even if there is a loss. Before the end of the maturity period, bonds, like shares, can be sold on a stock exchange or on the free securities market, and just like shares, their market price can be higher or lower than their nominal value.

Bill of exchange is a security certifying the unconditional monetary obligation of the drawer to pay upon maturity a certain amount of money to the owner of the bill. As a written promissory note of a strictly established form, a bill of exchange gives its owner the indisputable right, after the expiration of the obligation, to demand from the debtor payment of the amount indicated on the bill of exchange.

The bill of exchange can only be issued to legal entities and individuals registered on the territory of the Russian Federation or on the territory of another state that uses the ruble as an official monetary unit. The bill cannot be exported to the territory of a state that does not use the ruble as an official currency.

For the entrepreneur providing the loan, a bill of exchange is not only a simpler, but also a more reliable way of repaying the debt. The bill can be used to defer or installment payment, that is, it is a kind of purchase on credit. For example, in a purchase and sale transaction, payment for goods can be partially made by transferring money in cash or using a bill of exchange. You can also issue a bill of exchange for the entire cost of the goods. Thus, payment is made not at the time of purchasing the goods, but after some time - buying on credit. By the time the bill is paid, the price of the goods may increase. Thus, the bill is convenient to use in conditions of rising inflation.

We will consider the remaining types of securities in less detail and will focus only on the definitions, since for the formation of a portfolio of securities of a commercial bank they are not as important as those listed above.

By check A security is recognized that contains an unconditional written order from the drawer to the bank to pay the holder of the check the amount specified in it. The check must be presented for payment within the period established by law.

Various certificates are issued to attract additional funds. There are two main types of bank certificates: deposit and savings certificates.

Certificate of Deposit is a document that is a bank's obligation to pay off deposits placed with it, the right of claim for which can be transferred by one person to another. A certificate of deposit can only be issued to an organization that is a legal entity registered in Russia or in the territory of another state that uses the ruble as an official currency.

Savings certificate may be referred to as a document that acts as an obligation of the bank to pay out savings deposits placed with it.

3. Derivatives certify the right of their owner to purchase or sell primary securities. These include options and warrants.

Option is a security in the form of a contract concluded between two persons, one of whom writes and sells the option, and the other buys it and receives the right, within a specified period, to buy or sell other securities at a fixed price.

Warrant- this is a security, the holder of which receives the right to purchase securities at a set price for a certain period of time or indefinitely.

4. Commodity securities include such documents of title as bills of lading And warehouse receipts.

Bill of Lading a document of title is recognized, certifying the right of its holder to dispose of the cargo specified in the bill of lading and to receive the cargo after completion of transportation. It can be bearer, order or registered. When a bill of lading is drawn up in several original copies, the release of cargo according to the first presented bill of lading terminates the validity of the remaining copies.

Warehouse receipts can be simple or double.

A simple warehouse receipt is a bearer security, the holder of which acquires the right to dispose of a commodity by owning not the commodity, but the security.

Feature double warehouse receipt is that it consists of a warehouse receipt and a pledge certificate (or warrant), which can be separated from each other and circulate independently.

In addition, the listed types of securities may differ according to the following characteristics:

a) by release form:

- for documentary, that is, the owners of which are identified on the basis of presentation of a properly executed security certificate or, in the case of deposit, on the basis of an entry in the securities account;

- undocumented, the owners of which are identified on the basis of an entry in the system for maintaining the register of securities owners or, in the case of deposit of securities, on the basis of an entry in a securities account;

b) according to the form of certificate of ownership:

- to bearer- securities, the transfer of rights to which and the exercise of the rights secured by them do not require identification of the owner;

- personalized- securities, information about the owners of which must be available to the issuer in the form of a register of the owner of securities, the transfer of rights to which and the exercise of the rights assigned to them require identification of the owner;

- order- securities, the rights of the holders of which are confirmed both by the bearer of these securities and by the presence of appropriate inscriptions;

c) according to the form of placement:

- for emission- any security, including book-entry securities, which is simultaneously characterized by the following characteristics: placed in issues; establishes a set of property and non-property rights that are subject to certification, assignment and unconditional implementation; has equal volume and terms of exercise of rights within one issue, regardless of the time of acquisition of the security;

- non-emission- other securities that are not characterized by the characteristics listed above.

In addition, in the most general form, the classification of the main instruments of the securities market can be presented as follows. Depending on the nature of the transactions underlying the issue of securities, as well as the purposes of their issue, they are divided into stock(stocks, bonds) and commercial paper(commercial bills, checks, warehouse and pledge certificates). It is in accordance with this classification of securities that banking operations with them are divided into stock and commercial.

A share is an issue-grade security that secures the rights of its owner to receive part of the profit of a joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation.

Participation share is a property right of a participant in a limited liability company, giving its owner a set of property and non-property rights in relation to the company.

A bond is an issue-grade security that secures the holder’s right to receive from the issuer, within the period specified by the bond, the nominal value and the percentage of this value fixed in it or other property equivalent.

The authorized capital of a company is a conditional value equal to the total value (monetary value) of participants’ contributions made as payment for the acquired right of participation in the company, necessary to determine the volume of the participant’s (shareholder’s) claims to the company.

An ordinary share is a share that provides the owner with the same amount of rights: the right to receive part of the profit of the joint-stock company in the form of dividends, the right to participate in the management of the joint-stock company and the right to receive part of the property remaining after its liquidation.

Preferred share is a share that, as a rule, does not provide voting rights at a general meeting of shareholders, the amount of dividend and (or) liquidation value of which must be determined in the company's charter.

Authorized shares are shares, the issue and placement of which is planned by the company in the future in addition to already placed shares.

Issued shares are shares purchased by shareholders.

An uncertificated security is a security, the rights to which are recorded by entering data about their owner, quantity, nominal value and category of securities owned by him in special lists (registers).

A fractional share is a part of a share formed in cases provided for by law and granting their holder rights in an amount corresponding to the part of the whole share that it constitutes.

The nominal value of a participant's share is a conditional value in monetary terms determined by the value of the participant's contribution made to the authorized capital of the limited liability company.

The preemptive right to purchase a share is the right owned by a participant in a limited liability company to purchase a share (part of a share) of a company participant at the price offered to a third party.

Issue - a sequence of actions by the issuer aimed at accumulating funds by the issuer by placing securities.

An issue-grade security is a security, including uncertificated paper, which is simultaneously characterized by the following features: it secures a set of property and non-property rights that are subject to certification, assignment and unconditional implementation in compliance with the form and procedure established by law; posted in releases; has equal volume and terms of exercise of rights within one issue.

Issuers of issue-grade corporate securities are legal entities that bear, on their own behalf, obligations to the owners of securities to exercise the rights assigned to them.

If you are planning to start investing and are looking closely at the stock market, it will not be easy for you to understand the variety of terms and classifications.

Which are ready to fall upon you from all imaginable and inconceivable sources: from Internet portals and scientific libraries to fashion magazines and advice from experienced well-wishers.

What should you pay attention to first? On the origin and legal status of the document, that is, on the features of the issue and the degree of trust in the issuer.

An issue-grade security is an instrument issued en masse, in series, and characterized by special characteristics.

Read more about these features, as well as about the main types of digital securities, conditions and nuances of issue and circulation in the article.

Securities

The regulation of the securities market in the Russian Federation is based on the Civil Code of the Russian Federation and the Federal Law “On the Securities Market”.

In furtherance of the laws, regulations of ministries and departments have been issued, such as, for example, decrees of the Government of the Russian Federation, Orders of the Federal Service for Financial Markets - the main regulator of the securities market in the Russian Federation, Orders of the Central Bank of Russia, regulations of the Ministry of Finance of the Russian Federation.

According to the legislation of the Russian Federation, a security is understood as a document of a certain form, containing mandatory details, which certifies the property rights of its holder. Possession of rights certified by a security is directly related to ownership of the security itself. The ownership of the right to a paper by a certain person determines the fate of the right from it.

Documentary and undocumented

In cases provided for by law, property rights may be certified by a book-entry security. The rights to them are recorded on the basis of an entry in the register of securities owners or on the basis of an entry in a securities account.

A document confirming the rights of the owner of a book-entry security is issued at the request of the owner by the person responsible for maintaining such a register.

Bearer securities are issued in documentary form, and registered securities are issued in uncertificated form, except for cases provided for by federal laws.

The right to a bearer documentary security passes to the acquirer at the time of transfer of the security certificate to the acquirer, and if the certificates are stored in the depository - at the time of making a credit entry to the acquirer's securities account.

The right to a registered uncertificated security passes to the acquirer from the moment of making a credit entry on the personal account (depository account) of the acquirer.

In Russia, a distinction is made between emission and non-equity securities.

An issue-grade security is any security that is simultaneously characterized by the following characteristics:

1. establishes a set of property and non-property rights, which, in compliance with the form and procedure established by law, are subject to certification, assignment and unconditional implementation,
2. posted in releases,

Issue-grade securities include shares, bonds, options of the issuer, Russian depositary receipts.

A share is an issue-grade security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation. A share is a registered security.

A bond is an issue-grade security that certifies the right of its holder to receive from the person who issued the bond, within the period specified by it, the nominal value of the bond or other property equivalent, as well as a percentage of the nominal value of the bond fixed in it, or other property rights. The yield on a bond is interest and/or discount.

An issuer's option is an issue-grade security that secures the right of its owner to purchase, within the period specified therein and/or upon the occurrence of the circumstances specified therein, a certain number of shares of the issuer of such an option at a price specified in the issuer's option.

An issuer option is a registered security. The decision to place the issuer's options and their placement are made in accordance with the rules established by federal laws for the placement of securities convertible into shares.

In this case, the placement price of shares in fulfillment of the requirements for the issuer's options is determined in accordance with the price determined in such an option.

An issue of issue-grade securities is a collection of all securities of one issuer that provide the same amount of rights to their owners and have the same nominal value (if any). All securities of one issue have a single state registration number or identification number, if the issue is not subject to state registration.

Additional issue of issue-grade securities - a set of securities placed in addition to previously placed securities of the same issue of issue-grade securities. Additional issue securities are placed on the same terms.

Non-equity securities include promissory notes, checks, bills of lading, savings (deposit) certificates, investment shares, mortgage participation certificates, etc.

State, municipal securities and option certificates

Federal government securities are securities issued on behalf of the Russian Federation.

State securities of constituent entities of the Russian Federation are securities issued on behalf of the constituent entity of the Russian Federation.

Municipal securities are securities issued on behalf of a municipal entity (clause 1 of Article 2 of the Federal Law of July 29, 1998 N 136-FZ “On the peculiarities of the issue and circulation of state and municipal securities”).

State and municipal securities can be issued in the form of bonds or other securities related to issue-grade securities, certifying the right of their owner to receive from the issuer funds (in Russian rubles) or other property, established percentages of the nominal value or other property rights within the terms stipulated by the terms of the issue.

In the case of the issue of registered state and municipal securities in documentary form with mandatory centralized storage, the name of the owner of these securities is not a mandatory requisite of the security certificate.

In this case, the certificate indicates the name of the depository to which the issuer transfers the specified certificate for storage, with the “depository” requisite indicated against its name.

For registered securities of the Russian Federation, a register of owners of registered securities is not maintained.

The issue of state and municipal securities may be carried out in separate issues. As part of the issue of state or municipal securities, series, categories, and numbers of securities may be established.

Information on the conditions for the issue of state and municipal securities is subject to disclosure in accordance with the Federal Law “On the Securities Market” (Article 12 of the Federal Law of July 29, 1998 N 136-FZ “On the Peculiarities of the Issue and Circulation of State and Municipal Securities”).

Option certificates are a type of registered security that were circulated on the territory of the Russian Federation before October 13, 2003 - before the entry into force of Resolution of the Federal Securities Commission of Russia dated 08/13/2003 N 03-35/ps, which invalidated the Resolution of the Federal Securities Commission of Russia dated 01/09/97 N 1 “On the option certificate, its application and approval of the Standards for the issue of option certificates and their issue prospectuses.”

The option certificate secured the right of its owner within the terms and conditions specified in the option certificate certificate and the decision on the issue of option certificates for the purchase or sale of securities (the underlying asset) of the issuer of the option certificates or third parties, the report on the results of the issue was registered before the date of issue of the option certificates evidence

Currently, instead of option certificates, similar issuer options are circulated in the Russian Federation.

ECB numbering order

The state registration number identifying a specific issue of equity securities consists of nine digits (numbers and letters):

1-23-45678-9 (X – XX – XXXXX – X,) in which:

• 1st category indicates the type (category) of the issue-grade security;
• 23rd category - serial number of the issue of a given type (category) of an issue-grade security for a given issuer;
• 45678-9 – unique code of the issuer, where the ninth digit indicates the issuer

1. 1 – for ordinary shares;
2. 2 – for preferred shares;
3. 3 – for issuer options;
4. 4 – for bonds;
5. 5 – for Russian depositary receipts;
6. 6-8 – reserved;
7. 9 – for other types of issue-grade securities.

(clause 2.2 of the Procedure for assigning state registration numbers to issues (additional issues) of equity securities, approved by Order of the Federal Financial Markets Service of Russia dated March 13, 2007 N 07-23/pz-n).

Values ​​of the ninth digit:

• B – the issuer is a bank (regardless of its organizational and legal form);
• C – the issuer is a non-bank credit organization (regardless of its organizational and legal form);
• A, D, E, F – the issuer is an open joint-stock company (except for banks, non-bank credit organizations, joint-stock investment funds, insurance organizations);
• H, J, K, N, P - the issuer is a closed joint-stock company (except for banks, non-bank credit organizations, joint-stock investment funds, insurance organizations);
• Y – the issuer is a joint-stock investment fund (regardless of its organizational and legal form);
• Z – the issuer is an insurance organization (regardless of its organizational and legal form);
• L, R, T – the issuer is another organization not specified above;
• G, U, V, W, X – reserved.

(clause 2.4 of the Procedure for assigning state registration numbers to issues (additional issues) of equity securities, approved by Order of the Federal Financial Markets Service of Russia dated March 13, 2007 N 07-23/pz-n).

If the issuer is a credit organization, in the state registration number of the issue of issue-grade securities the fourth digit has a zero value, the fifth, sixth, seventh and eighth digits duplicate the license number of the credit organization to carry out banking operations.

The state registration number of an additional issue of issue-grade securities has 13 digits, in which the tenth, eleventh, twelfth digits indicate the serial number of the additional issue of a given type (category) of issue-grade securities placed by the issuer in addition to the previously placed issue-grade securities of the same issue.

The thirteenth digit indicates that this release is additional and has a value of “D”.

The individual number (code) of an additional issue of issue-grade securities is canceled after three months from the date of state registration of the report on the results of the additional issue or submission to the registration authority of a notification on the results of the additional issue of issue-grade securities (clause 4.1 of the Procedure for assigning state registration numbers to issues (additional issues) issue-grade securities approved by Order of the Federal Financial Markets Service of Russia dated March 13, 2007 N 07-23/pz-n).

The procedure for the formation of the state registration number assigned to issues of government securities of constituent entities of the Russian Federation and municipal securities was approved by Order of the Ministry of Finance of Russia dated January 21, 1999 No. 2n.

The state registration number assigned to the issue of government securities of constituent entities of the Russian Federation or municipal securities consists of eleven categories Х1Х2Х3Х4Х5Х6Х7Х8Х9Х10Х11Х12, in which:

1. Х1Х2 - letter code indicating the issuer's affiliation with the Russian Federation;
2. X3X4 - type of security, maturity and type of income on it;
3. Х5Х6Х7 - serial number of the issue of securities of this type of issuer;
4. Х8Х9Х10 - letter code indicating the issuer of securities (identical to the letter code of the registration number assigned to the conditions of issue and circulation of government securities of constituent entities of the Russian Federation or municipal securities during state registration);
5. X11 equals zero for government securities of constituent entities of the Russian Federation and equals one for municipal securities.

Values ​​of categories Х3Х4 (type of security, maturity and type of income on it):

• 21 - for zero-coupon government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of less than 1 year;
• 22 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of less than 1 year and variable coupon income;
• 23 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of less than 1 year and a constant coupon income;
• 24 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of 1 to 5 years with variable coupon income;
• 25 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of 1 to 5 years with a constant coupon income;
• 26 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of more than 5 years with a constant coupon income;
• 27 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of more than 5 years with variable coupon income;
• 28 - for government securities of constituent entities of the Russian Federation or municipal securities, the terms of issue of which require their repayment primarily in non-monetary means, with a circulation period from 1 to 5 years;
• 29 - for government securities of constituent entities of the Russian Federation or municipal securities, the terms of issue of which require their redemption primarily in non-monetary means, with a circulation period of more than 5 years;
• 30 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of less than 1 year and a fixed coupon income;
• 31 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of 1 to 5 years with a fixed coupon income;
• 32 - for government securities of constituent entities of the Russian Federation or municipal securities with a circulation period of more than 5 years with a fixed coupon income;
• 33 - for government securities of constituent entities of the Russian Federation or municipal securities with debt amortization with a circulation period of less than 1 year;
• 34 - for government securities of constituent entities of the Russian Federation or municipal securities with debt amortization with a circulation period of 1 to 5 years;
• 35 - for government securities of constituent entities of the Russian Federation or municipal securities with debt amortization with a circulation period of more than 5 years.

Source: "lin.ru"

An issue-grade security is a security characterized by special features

Issue-grade security is any security, including uncertificated security, which is simultaneously characterized by the following characteristics:

1. consolidates a set of property and non-property rights that are subject to certification, assignment and unconditional implementation in compliance with the form and procedure established by the Federal Law on the Securities Market;
2. posted in releases;
3. has equal volume and terms of exercising rights within one issue, regardless of the time of acquisition of the security.

The documentary form of issue-grade securities is a form of issue-grade securities in which the owner is identified on the basis of presentation of a properly executed security certificate or, in the case of depositing one, on the basis of an entry in a securities account.

The uncertificated form of issue-grade securities is a form of issue-grade securities in which the owner is identified based on an entry in the system for maintaining the register of securities owners or, in the case of depositing securities, based on an entry in a securities account.

Source: "akm.ru"

Concept and types of securities, issue-grade securities

Securities include:

• government bond;
• bond;
• bill of exchange;
• deposit and savings certificates;
• bearer bank savings book;
• bill of lading;
• promotion;
• privatization securities;
• other documents that are classified as securities by securities laws or in the manner prescribed by them.

Consequently, a mandatory condition for recognizing a document as a security is to classify it as such by force of law or in the manner established by it.

Thus, in accordance with the Federal Law “On Mortgage Securities,” a mortgage certificate is a security certifying its owner’s share in the right of common ownership of the mortgage coverage, the right to demand from the person who issued it proper trust management of the mortgage coverage, the right to receive funds received in fulfillment of obligations, the requirements for which constitute mortgage coverage, as well as other rights.

The types of rights that are certified by securities, the mandatory details of securities, requirements for the form of a security and other necessary requirements are determined by law or in the manner established by it.

The absence of the required details of a security or the non-compliance of a security with the form established for it entails its nullity.

Securities may differ in the nature of the property rights embodied in them and in the method of legitimation (legitimation) of the person entitled to the paper. Depending on the type of rights, they differ:

1. money papers, i.e. documents confirming the right to receive a sum of money, for example, bills, checks, bonds;
2. commodity papers that secure real rights (most often the right of ownership and the right of pledge to goods that are for some reason in the possession of another person), for example, bills of lading, delivery orders (under certain conditions), warrants;
3. papers that secure the right to participate in a company, for example, shares, share certificates.

Depending on the method of legitimizing a person as a subject of law, papers are distinguished:

• bearer;
• nominal;
• order

A bearer security is a document, from the content or form of which it follows that its possession gives certain rights; the debtor not only can, but is also obliged to provide performance under this document, without requiring any other legitimation of the owner.

In a registered document (for example, a registered bill of lading, a registered check, registered shares) the subject of law is indicated. Rights to a security are transferred during purchase and sale transactions, donations, etc., rights from registered securities are transferred in the manner of general civil assignment.

To assign the right from an order paper, you need to make an endorsement on it and transfer it to a new person.

An order paper (for example, an order bill of lading, an order check) provides for the obligation of the debtor to fulfill the obligation to the person specified in this document or, by order of the latter, to a new entity, which, in turn, has the right, through a similar order, to transfer the document further.

The owner of the order paper is legitimized both by the presentation of the document and by a continuous series of endorsements, and continuity is determined by purely formal criteria: it is necessary that each endorsement bear the signature of the person indicated in the previous inscription as the endorser (endorser).

The functions of order papers can be performed not only by bills of lading, bills of exchange, checks, but also by other papers.

Depending on the type of entity issuing securities, they can be divided:

1. to government ones;
2. subjects of the Russian Federation;
3. municipal;
4. corporate.

Government securities are issued by the Russian Federation represented by the Ministry of Finance of Russia, these include government short-term zero-coupon bonds (GKOs), federal loan bonds with a variable coupon (OFZ-PK), bonds of the state savings loan of the Russian Federation (OGSZ), bonds of the domestic state currency bond loan (OVVZ).

Subjects of the Russian Federation, as well as local governments, have the right to issue bonds and other securities in the manner prescribed by current legislation.

Securities are:

• internal;
• external.

Domestic securities include securities the issue of which is registered on the territory of the Russian Federation, the nominal value of which is expressed in Russian currency, or securities certifying the right to receive the currency of the Russian Federation and the issue of which was carried out on the territory of Russia.

Other securities are classified as external. According to the information carrier, securities can be divided:

1. on documentary (for example, on paper, polymer media);
2. undocumented, where information is stored on various other media (for example, electronic, optical, etc.) and additional technical means are required to read it.

To carry out transactions with uncertificated securities, the participation of special subjects of these legal relations is necessary - a registrar, a depositary, who carry out registration and transfer of ownership rights to securities.

Uncertificated securities, which emerged as an economic category along with the Russian stock market, are still the subject of numerous legal discussions. Practice has confirmed the validity of the most balanced approach in assessing this legal category, expressed by L.G. Efimova and D.V. Murzin.

Book-entry securities should be classified as “incorporeal things,” already known to Roman law.

Depending on the order of placement, securities can be:

• emission;
• non-emission.

Conditions for issue and circulation of ECB

Issue-grade security - any security, including uncertificated paper, which, in accordance with the Securities Market Law, simultaneously secures a set of property and non-property rights subject to certification, assignment and unconditional implementation in compliance with the established form and procedure, is placed in issues, has equal volume and the timing of the exercise of rights within one issue, regardless of the time of acquisition of the security.

By virtue of this Law, any property and non-property rights enshrined in documentary and non-documentary forms, regardless of their name, can be recognized as issue-grade securities, if the conditions of their issue and circulation correspond to those.

The life cycle of equity securities consists of the following stages:

1. making a decision on the placement of equity securities;
2. approval of the decision on the issue (additional issue) of issue-grade securities;
3. state registration of the issue (additional issue) of issue-grade securities;
4. placement of issue-grade securities;
5. state registration of a report on the results of the issue (additional issue) of issue-grade securities or submission to the registration authority of a notification on the results of the issue (additional issue) of issue-grade securities;
6. circulation of issue-grade securities on the secondary market with the implementation of payments provided for them;
7. withdrawal of issue-grade securities from circulation;
8. redemption of issue-grade securities.

The placement of issue-grade securities is possible only after state registration of their issue; at the same time, in relation to individual issue-grade securities, deviations from the general issuance procedure are possible.

Issue-grade securities include: shares; bonds; issuer option; depositary receipts.

Trading these types of securities forms the basis of the modern stock market.

Promotion

A share is an issue-grade security that secures the right of its owner to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation.

There is a primary release and additional releases. Issues of shares (primarily primary) are accompanied by advertising events, the purpose of which is to attract the attention of potential investors. Subscription is carried out by submitting an application and is accompanied by payment of either a fraction of the purchase price or the full price.

Upon completion of the subscription, securities are distributed among potential shareholders:

• If the number of subscribers exceeds the number of shares, then the company develops a formula for distributing shares between applicants.
• If there are insufficient investors, unallocated shares are redeemed by banks participating in the issue.

Investors who have applied for shares, whose rights are confirmed by distribution, fully pay for the shares reserved for them within a specified period. After full payment of shares, investors are entered into the shareholder register and are issued share certificates. The transfer of ownership is carried out by writing off or crediting securities to the owner's DEPO account.

An ordinary share is a security that gives the right to a share in the share capital of the company and to a proportionate share of the profit and balance of assets upon liquidation, as well as the right to vote at general meetings of shareholders when resolving issues submitted to the general meeting of the joint-stock company.

Thus, investors participate in the management of a joint-stock company and bear the risks of negative consequences of their own decisions.

A preferred share gives its owner the right to dividends in the form of a fixed income from the activities of the joint-stock company, the right of ownership of the property of the joint-stock company during liquidation, but gives only limited voting rights at the general meeting of shareholders.

Dividends paid to shareholders are considered to be part of the net profit of a joint stock company after taxation and interest payments on loans, paid at the end of the financial year or more often (interim dividends) in money, shares, property and other securities.

For ordinary shares, the size of the dividend depends on the amount of profit and the decision of the meeting of shareholders; for preferred shares, the dividend has a fixed amount.

Bond

A bond is a debt security that gives its owner the right to receive, upon expiration of a specified period, the par value of the bond and investment income.

Bonds can be registered or bearer, documentary or undocumented.

There are secured and unsecured bonds. The security can be a pledge, surety, bank guarantee, state or municipal guarantee.

Bonds are classified according to the method of payment of investment income:

1. discount;
2. interest.

The yield on a discount bond is the difference between the bond's purchase price and its face value paid at maturity. A positive difference between the nominal value and the purchase price is called a discount, a negative difference is called a premium. The discount and premium are calculated as a percentage of the bond's face value.

Income on interest-bearing bonds is expressed as a percentage set on the face value of the bond and paid to its owner after a certain period of time, most often a quarter or a year. This income is also called coupon income, and bonds are called coupon bonds. For certificated coupon bonds, the coupons are attached directly to the bond and are trimmed when they are paid.

The issue of bonds is a form of attracting external financing for the internal purposes of the issuer.

Government bonds are issued on behalf of the Russian Federation and individual constituent entities of the Russian Federation; local government authorities issue municipal bonds; business entities and corporations issue corporate bonds.

State and municipal bonds are issued to cover the deficit of the corresponding budget or for the implementation of investment projects, corporate bonds - to replenish working capital and business development.

An exchange-traded bond is issued by open subscription at stock exchange auctions for a period of up to three years. An exchange-traded bond has a simplified issuance procedure and does not require state registration.

Issuer option

An issuer's option is a registered issue-grade security that secures the right of its owner to purchase, within the period specified therein and (or) upon the occurrence of the circumstances specified therein, a certain number of shares of the issuer of such an option at the price specified in the issuer's option.

The decision to place the issuer's options and their placement are possible after full payment of the authorized capital of the joint-stock company and are carried out within the limits of the issuer's already announced shares.

The placement price of shares in fulfillment of the requirements for the issuer's options is formed in accordance with the price determined in such an option.

Depository receipt

A depositary receipt is a registered issue-grade security that has no par value, certifying ownership of a certain number of shares or bonds of a foreign issuer and securing the right of its owner to demand from the issuer of Russian depositary receipts to receive, in exchange for a Russian depositary receipt, the corresponding number of represented securities and the provision of services, related to the exercise by the owner of a Russian depositary receipt of the rights secured by the represented securities.

If the issuer of the represented securities assumes obligations to the owners of Russian depositary receipts, the specified security also certifies the right of its owner to demand the proper fulfillment of these obligations.

Depository receipts of one issue can certify the ownership of the represented securities of only one foreign issuer and only one type (category, type). Depositary receipts can be freely traded on the market.

A derivative (derivative financial instrument) is a financial instrument whose value is derived from the price of an underlying asset or index indicator.

Derivative financial instruments include:

• futures;
• forwards;
• options;
• swaps.

Used in transactions, they are not associated with the purpose of the actual purchase and sale of tangible or financial assets and serve as protection against the risks of changes in the price of the underlying asset and the extraction of additional, speculative profit when the value of the underlying asset increases in the future.

Prices of derivative financial instruments reflect the conditions of expected future demand and supply for securities, foreign currencies, and other assets. They are based in part on current prices of underlying assets, but also take into account interest rate trends, inflation rates and may take into account political and social processes, and various natural phenomena.

The level of reliability of equity securities is determined by its issuer. Traditionally, government securities, securities of companies with state participation, and securities of the Central Bank of the Russian Federation are considered the most reliable. From this point of view, government bonds are considered the most reliable, but the 1998 default affected precisely this category of securities.

A short circulation period increases the level of security reliability. The reliability of corporate bonds is determined by the level of liquidity of the collateral provided.

The return on investment in equity securities is determined as a percentage of the annual increase in market value and other payments on it to the acquisition amount. The level of liquidity of a security of a particular issuer is determined by a combination of its reliability, profitability and the volume of these securities freely traded on the market.

Non-emission securities, unlike emission securities, are issued individually; the decision on their issue, as a rule, does not have legal significance.

Typically, the release of non-equity securities into circulation (or their issuance) does not require special regulation and control by government bodies, and therefore is not subject to state registration, unlike equity securities, the state registration of which is mandatory.

Source: "sci.house"

The essence of the concept of “equity security”

The modern securities market can be characterized as a capital industry that is gigantic in size and variety of instruments and has no boundaries.

For those who are just starting to study the securities market or are looking closely at it, in order to start investing, it is quite difficult to understand all this abundance of classifications, terminologies and definitions, with which, one might say, all available information resources are overflowing - from university libraries to investment Internet portals.

In order to put it into practice (to make money on the stock market, for example), all this knowledge, with a little effort, can be reduced to several brief and succinct provisions and axioms that anyone who is going to deal with securities should know.

One of these basic chains of knowledge about financial markets is the classification of securities, on which the correct and appropriate choice of financial instrument directly depends.

For the purposes of both trading and investing, it is very important to have an understanding of the origin of a security and its legal status, which are the main element of such a concept as the liquidity of a security, directly related to the definitions of “issue” and “issuer”.

First of all, a general description of a security must be given, which is a document that is equivalent to the value of a material object (goods, commercial relations and money) on the basis of an established agreement between persons using the security for business transactions.

As can be seen from this essential definition, one of the main components of a security is the concept of a contract.

This is actually the main feature of securities. Depending on who issued them, how the rights of the buyer (holder) of this security are ensured and on the basis of what agreements the rules for its circulation are established, the value of the security is determined as an element of trust between counterparties.

If, for example, a security is issued (issued) by a company that does not inspire certain confidence in the market, then it is natural that the market will evaluate its value as insignificant.

Or vice versa, if a security is issued by the government of a superpower (with a guarantee ranging from the banking system to the aircraft carrier group), then such a security will be in great demand.

Thus, it can be stated that an issue-grade security is a document confirming the property rights contained in it, issued for circulation in accordance with certain rules enshrined in the relevant agreements or legislative acts.

In order to clearly understand how an issue-grade security differs from others, one should focus on certain formal characteristics, using which one can draw a conclusion about the status of a financial instrument.

For this purpose, there is a certain characteristic of an issue-grade security:

1. A strict issuance procedure, which is regulated by acts of government (represented by the Central Bank), including mandatory registration.
2. Carrying out the issue of securities as part of a certain package.
3. The issue occurs through placement on open markets (in most cases on stock market exchanges) or public subscription through credit institutions. The concept of issue is revealed quite fully through the study of the national legislation of the country of circulation of securities.
4. Unlike non-equity securities, emission securities can have a non-documentary form of issue, such as options or futures contracts.
5. Issued Financial assets can be freely circulated both on and outside exchange platforms.

Main varieties

As mentioned above, issue-grade securities are financial documents that have the right to be issued by companies and organizations that have passed special state registration procedures and have the status of public entities.

Directly issued securities include:

• Shares of public companies and corporations whose shares have gone through the issuance process and can be traded both on stock exchanges and as part of normal commercial circulation.
• Corporate debt obligations. Issue-grade corporate securities are primarily bonds and some forms of promissory notes.
• Issue-grade debt securities in the form of bonds of state and municipal authorities. These financial instruments, intended to attract funds from investors in order to implement socially significant projects, may have their own special form of issue.
  
• Derivatives. Issued order securities are, first of all, various types of options and futures, widely used for various trading operations (mainly for risk insurance or hedging operations).
• Some types of bills. Currently, the question: whether a bill is an issue-grade security is determined by the specific purposes and types of issue (issue). In practice, cases where a bill of exchange is an issue-grade security are quite rare.

This method of attracting debt financing is used, for example, by banks when a large package (in one tranche) of bills is issued to the market for the short-term repayment of their own obligations (for example, a cash gap, payment of claims or for an urgent repurchase of their own shares from the market).

The general concept of an issue and the procedure for carrying it out

The above types of equity securities, shares and bonds (and their derivatives) are dominant in the securities market, since the issuance procedure itself involves a certain verification of the issuer (its solvency for debts, general financial condition, etc.).

In general, the placement of issue-grade securities is carried out through special and clearly regulated procedures determined by law:

1. The decision to issue is approved, for example, by the general meeting of shareholders, who make the decision by direct secret vote.
   

   This decision, formalized accordingly, is a necessary formal procedure for the preparation of the Prospectus.

2. The issue prospectus, which has been audited and state registered, is a document that defines all the technical and legal aspects of the process.
3. Underwriting, the IPO procedure, is the issuance technology itself, which begins from the formation of client lists among potential investors to the placement of a block of shares on the stock exchange.
4. The entire placement process must undergo state registration, which is precisely the factor that determines the liquidity of a security, and therefore the level of confidence in it.

Since issue-grade securities are a very important element of the financial system, such a costly and thorough preparation of securities for entering the market is a guarantee that the work of this finely tuned structure will not be disrupted by the entry of low-quality (very risky) assets into the market.

At the end of this article, it makes sense to say a few words about the fact that equity and securities of other types and classes are effective tools for managing capital and increasing it.