Global financial market transactions with securities. Abstract: Global securities market

Securities not covered by Russian legislation.

In addition to the listed types of securities, there are other securities in world practice.

These are primary securities - mortgage securities on real estate and insurance policies of various types. In addition to primary securities, the class of basic securities in world practice also includes so-called secondary securities, which are issued on the basis of primary ones.

These include:

1. secondary securities issued on the basis of shares;
2. secondary securities issued on the basis of debt obligations (bonds).

The main types of equity-based derivatives are:

1. depositary receipts (or certificates);
2. warrants for shares;
3. signed rights to shares.

A depositary receipt is a negotiable secondary security issued in the form of a certificate by a reputable global depository bank for shares of a foreign issuer. There are American Depository Receipts (ADRs) and Global Receipts (GDRs), the difference between which lies in the geography of their distribution: ADRs are freely circulated on the US stock market, and GDRs - in other countries, the most common is ADR.

Depository receipts help simplify trading in shares of foreign issuers and reduce the costs of transactions with securities. The ADR issuer is a legal entity created by virtue of an agreement to issue ADRs. Thus, American investors, while actually investing money in foreign securities, for example, Russian ones, acquire American securities and are protected by the full power of American legislation. On the other hand, the owner of receipts is granted the same rights as the owner of shares, the right to dividends, etc. In this case, the depository (usually a bank) sends voting ballots to the holders of the receipts, then adds up the received votes and votes in accordance with them at the annual meeting of shareholders. At the same time, the American bank issuing the ADR is not responsible for the financial well-being of the foreign issuer. If the foreign issuer's business deteriorates, the holders of the receipts will be the first to suffer, not the issuing bank.

Depositary receipts are divided into sponsored and unsponsored.

The issue of unsponsored ADRs is initiated by a shareholder or group of shareholders and cannot be controlled in any way by the issuer. Unsponsored ADRs may be issued by one or more custodian banks, but may only be traded in the over-the-counter (OTC) market through the National Association of Securities Dealers' Bulletin Board and the daily Pink Pages guide.

The issue of sponsored ADRs is carried out at the initiative of the issuer itself. They can be issued by only one depositary bank, the signing of a special agreement with which is a mandatory condition for registration with the SEC (Securities Exchange Commission - US stock exchanges).

ADRs are one of the ways for Russian issuing organizations to penetrate global capital markets, a way to attract desired investments. And several Russian enterprises have already attempted to issue ADR. These are Mosenergo, NK Lukoil, RAO UES of Russia. Also now the first level ADRs of Nizhnekamskneftekhim JSC and Nizhnekamskshina JSC are being sold on the Berlin exchange. Their quotes as of March 11, 1999 amounted to $31.41 and $4.33 per share, respectively. The depository bank for this ADR is Bank of New York.

Stock warrants are securities that give its owner the right to buy a certain number of shares of a given company during a certain period at a fixed price.

The issuer of warrants is the same company that issues shares into circulation and aims to make its shares more attractive to investors. The price of the warrant does not include the price of the share itself. It reflects only the value of the right to purchase the share and depends on the difference between the market value of the share and the share price fixed in the warrant.

A rights underwriting is a security that gives the rights of a company's shareholders to purchase a specified number of new shares of the company's shares at a lower price than the price at which those shares are offered to outside buyers (investors). This security is similar to a stock warrant. The main difference is that the validity of subscription rights is limited to the time of subscription for new shares of the company, i.e. usually it is several weeks or months.

Main types of bond-based securities:

1. “strips”;
2. bonds against mortgaged securities.

“Strips” are zero-coupon (interest-free) bonds issued by a given company for annual interest payments on its portfolio of highly reliable bonds, usually government bonds. Strips are bought and sold at prices below the face value of the bond. Strips of the corresponding year are redeemed at par value at the expense of the coupon income of the same year on bonds owned by the company that issued the country.

Mortgage-backed securities are typically highly secure collateralized debt obligations. Having a portfolio of such mortgages, a company, in order to raise funds, can issue its own bonds, usually zero-coupon bonds, the repayment of which in the relevant period is carried out from the interest payments on the mortgages held by the company that issued these bonds.

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STATE EDUCATIONAL INSTITUTION

HIGHER PROFESSIONAL EDUCATION

RUSSIAN CUSTOMS ACADEMY

Rostov branch

Department of International Economic Relations

Coursework in the discipline:

"International Economic Relations"

SUBJECT:

“Current trends in the development of the global securities market.”

Performed:

Third year student majoring in “World Economy”

Kolosova Ekaterina

Checked:

Senior Lecturer, Candidate of Economics A.A. Guiliano

Rostov-on-Don

Introduction
	The essence and main features of the global securities market
		Concept and main elements of the global stock market
		Main stages of development of the world securities market
	Features of the development of the global securities market in modern stage
		The role of individual countries in the international securities market
		Russia's role in the global securities market
3. Problems and prospects for modern development of the world stock market
Conclusion
Bibliography

Introduction

It is well known that the securities market is one of the main mechanisms for the accumulation and redistribution of investment capital in the global economy. At the current stage of development of the world economy, we can talk about the predominance of this source of capital formation in comparison with credit and internal accumulation and the further growth of its importance.

The globalization of the world economy, which has accelerated over the past decades, has led to the formation of an almost unified global capital market. To a certain extent, we can talk about the opposite pattern: the rapidly developing international securities market serves as a driving force for the further integration of national economies into a single world economy.

The relevance of the topic of the work is also emphasized by the fact that in modern conditions it is impossible to ensure the growth of competitiveness without attracting large capital, financing development projects only from the profits of enterprises. For this reason, at the center of modern global competition is the struggle for investment resources.

The securities market within a market economy is an important tool for achieving macroeconomic equilibrium, in particular by ensuring financial stability. The formation of an efficient securities market is the most important condition for mitigating the negative impacts of the global financial crisis.

Thus, we see that the research topic is extremely relevant for modern economic science. This is emphasized in the works of various economists. We note the works of such authors as Alekhin B.I., Anikin A.V., Matrosov S.V., Morova A., Rozhkova I.V., Rubtsov B.B., Fabozzi F., Fedorova A., Eng M. V., Yurov S.N. and a number of others.

The purpose of the course work is to identify the essential features of the global securities market.

This goal involves solving the following tasks:

The structure of the work contributes to a more complete disclosure of the topic and includes an introduction, three chapters with paragraphs, a conclusion and a list of references.

1. The essence and main features of the global securities market

1.1 Concept and main elements of the global stock market

The world experience of socio-economic development of industrial societies convincingly indicates that at a certain stage of concentration (consolidation) of industrial production, an objective need arises for the concentration and centralization of industrial capital. In turn, the concentration of capital and its centralization lead to the emergence of large joint-stock companies, corporations and financial institutions adequate to them, including the securities market.

The international stock market is a superstructure over the national stock markets, which form its basis, and is a market for secondary financial resources. If on national stock markets the subjects of financial transactions are legal entities and individuals of a given country, then on the international stock market - from different countries.

There are a number of factors contributing to the formation of the international stock market and the expansion of its geographical boundaries. These include:

1) the growing relationship between national and foreign sectors of the economy;

2) deregulation by the state of cash and capital flows, exchange rates, and in some cases, migration of labor resources;

3) introduction of innovations in trading operations, increasing the role and importance of international trade and stock exchanges, improving payment settlements;

4) development of computer-based interbank telecommunications, electronic transfer of financial assets 1.

By its structure, the international stock market is a collection of various credit and financial institutions through which capital is transferred in the sphere of international economic institutions. These are TNCs, TNB, international stock exchanges and financial institutions, government agencies, and various financial intermediaries.

All operations on the international stock market can be divided into commercial and purely financial (related to inter-industry capital migration). National instruments of financial markets (various types of securities, including bills) are at the same time an instrument of the international stock market.

Throughout the industrial world, the stock market, being an integral part of the financial market, allows for:

mobilizing temporarily available financial resources and converting them into investment capital;

financing (investment) of the real sector of the economy;

free flow of investment capital between various industries and enterprises;

effectively attracting savings from the population and turning them into investments in the national economy:

effective solution of social problems of society, etc. 1.

Along with its main economic role - attracting investments into the economy, the securities market is at the same time an important tool for social partnership between issuers and investors. Investors (individuals and legal entities) provide issuers with their savings in exchange for securities, receive income (dividends), as well as property and non-property rights. These rights provide investors (shareholders) with the opportunity to participate in the management of a joint-stock enterprise. Thus, in countries with developed stock markets, the population not only receives additional income from transactions with securities, but is also widely involved in corporate governance, which indicates the emergence of a sustainable trend towards reducing the level of social stratification in society.

In general, we can say that the international securities market is understood as one of the segments of the global financial market, that is, the market that ensures the distribution of funds between participants in international economic relations. The securities market implements a set of economic relations regarding the issue and circulation of securities between its participants.

1.2 Main stages of development of the world securities market

The world securities market (WSM) has existed for about 150 years and has gone through a number of stages in its development.

The first stage covers the time before the outbreak of the World War, when there were mainly episodic issues of bonds by foreign issuers in need of financial resources.

The appearance of securities and various types of financial transactions with them has a long history. The prototype of stock transactions was the process of exchanging one currency for another between traders at fairs. In different cities of the world, merchants from all over the world conducted a lively trade in their goods. To bring the currencies of different countries into line, there were money changers, whose owners exchanged money at the current rate for an appropriate commission. Due to the growth of trade and the increase in the number of derivatives transactions concluded, promissory notes gradually became the object of financial transactions. A bill of exchange is the first classical security that marked the beginning of the emergence and development of the stock market. Bills of exchange were very widespread in Great Britain, Germany and other countries that actively traded with India and China. The bill of exchange was a very convenient instrument for settlements between suppliers and buyers, but even at that stage of the development of the bill of exchange system it was not possible without fraud 1 .

Initially, transactions with securities were made on commodity exchanges and other wholesale markets. The Belgian port city of Antwerp is officially considered the birthplace of the stock exchange. The first securities trading on this exchange took place in 1592. The beginning of the era of great geographical discoveries served as an impetus for the formation of organized trading in securities and the emergence of their new classical types. Equipping sea expeditions and large trade caravans to the countries of the New World required significant investment. This entailed the unification of merchants, shipowners, bankers and industrialists into a kind of partnership with the aim of creating common capital. The contribution of the share was formalized by a special document certifying the ownership of one’s share in the common capital and the right to receive a portion of the profit if the joint venture was successful. This document was called a “share”, and the partnership became known as a joint stock company or company. The first such joint-stock companies are considered to be the Dutch and English East India Companies, as well as the French company “Company des Endes Occidentals”, and these companies arose in the period from 1600 to 1628. The activation of the stock market and the rapid growth of exchange trading occurred in the first third of the 18th century and subsequent years. It was then that stock exchanges were formed in France, Great Britain, Germany and the USA. The number of stock exchanges grew rapidly and close relationships formed between them 1 .

At the end of the 18th and beginning of the 19th centuries, the role of the stock exchange in a capitalist economy increased significantly. The process of initial capital accumulation is underway. The first joint-stock banks and industrial corporations appeared in the countries of Europe and America, although at that time transactions with securities did not yet have a significant impact on the processes occurring in the economy. The stock exchange did not immediately, but gradually entered into a unified system of financial and economic relations and became an important element of the entire economic mechanism of the state. This happened with the growth of industrial production, the development of trade, credit relations, the construction of railways, etc. The element of the free competition market ensured an almost unlimited flow of large funds from industry to industry, bypassing state distribution, through the stock exchange and the lending sector.

Such an intensive growth of social production, which significantly outpaced consumption, led to a significant increase in living standards, as well as to a change in the role of financial capital in the system of economic relations. This period is characterized as a time of an unorganized “wild” market. Indeed, at that time there was almost no legislation regulating certain business transactions, regulatory bodies were not formed, and most transactions were not registered in any way. All this directly relates to the securities market, as an integral part of the state economy of capitalist countries of the last century. With the emergence of monopolies, large associations, enterprises and an increase in the issue of securities, the exchange and over-the-counter turnover of financial assets is growing. A major role is played by commercial banks that carry out initial public offerings of shares of corporations. The stock market is becoming increasingly regulated 1 .

The securities market in the United States has become particularly widespread. If in continental Europe businessmen generally preferred to keep free cash in bank accounts, purchase insurance or real estate, then in America most entrepreneurs invested capital in financial assets. Thus, the US national stock market has noticeably outstripped the European one in its development, it has developed a more advanced mechanism for carrying out financial transactions and is currently rightfully considered the most organized and democratic securities market. However, the stock market, like the entire economy as a whole, is not immune to recessions, crises and other shocks, which sometimes cause paralysis of all economic activity. Moreover, it is the collapse on the stock exchange that serves as a threatening omen of a general financial catastrophe in the state. The stock market crisis of 1929 was especially terrible and enormous in its consequences, when the fall in prices on the New York Stock Exchange led to a global economic crisis 1 .

Shows that... in the United States is divided into two large segments: organized exchanges valuable papers and over-the-counter market. At...

COURSE WORK

in the course "World Economy"

on the topic: “Modern trends in the development of the global securities market”

The circulation of capital is impossible without the existence of a capital market, of which the securities market is a part. This is the most important economic institution that brings together economic entities willing to provide credit in order to make a profit on the money invested; and economic entities wishing to obtain credit for the purpose of purchasing consumer goods or expanding production.

World market securities, as well as world market currencies is one of the most effective and global instruments for the redistribution of funds from one sector of the economy to another.

The current stage of development of the world market as a whole is characterized by an increasing role and importance of the securities market; in this regard, the topic of studying the securities market is especially relevant.

Now on world market securities, a number of trends can be identified. The purpose of the work is to study in detail the current state and development of the global securities market.

To achieve the goal, the following tasks were set:

briefly consider the stages of development, the essence and structure of the global securities market;

characterize the trends inherent in the modern global securities market.

M world market securities (MRSB) have existed for about 150 years. The first stage of its development began before the First World War, then the process was greatly slowed down by the Great Depression and the Second World War. During this period, there were mainly sporadic issues of bonds from foreign issuers in need of financial resources.

The second, main stage of the formation of the MRSB took place in the 50-60s. XX century The MRSM was formed as a result of the massive export of capital, primarily from the countries that own the main transnational corporations and banks. Its formation was accelerated by the scientific and technological revolution, which gave rise to many grandiose projects, the implementation of which required the use of capital from different countries, the development of integration processes, a certain stability of exchange rates, the introduction of common multinational currencies, and successes in the development of banking and stock exchange.

The third stage of development of the IRMS covers the time when the formation of the world economy was intensively underway and strong ties were established between industrialized countries. During this period, fictitious capital retained a clearly defined national identity. But even then, in the late 60s. XX century, a special superstructure appeared over national securities markets: Eurobond and Eurostock markets, the functioning of which is carried out according to special laws established by international agreements.

We can also distinguish a fourth stage, which began in the 90s of the twentieth century, when world market Russian oil and telecommunications giants emerged.

The MRSM is an integral and relatively firmly isolated part of the capital market, which consists of separate national markets. Together with the market for medium-term and long-term bank loans, the securities market forms the financial part of the capital market. The capital market, in turn, is an integral part of the market for factors (resources) of production and the market for loan capital.

The overaccumulation of capital within national boundaries causes its outflow to other regions and countries, where it brings profit to its owner. Therefore, the export of capital is a characteristic feature and an objective necessity of a developed economy. The markets of individual countries have merged into an international securities market, the economies of different countries have become highly interconnected, and investor capital flows from one country to another. This trend has not escaped our country, which is now a sector of the international market.

The main participants in the capital market are firms and individuals who can act in this market, both as a lender and as a borrower. Firms and consumers who want to lend or borrow money are willing to do so with different amounts and for different periods of time. Therefore, intermediaries are needed in the capital market.

Securities are one such intermediary in the capital market. The securities market is the area of potential exchanges of securities, in other words, an institution or mechanism that brings together buyers and sellers of individual securities. Securities are a special area for investing loan capital, although they themselves are not such; they are an institution that allows one to partially bypass intermediaries in the capital market.

The securities market, as an external source of capital, acts as a tool for attracting free funds, being an alternative to financing enterprises and companies. Thus, the securities market and the credit market, being components of the financial part of the capital market, simultaneously complement each other and compete with each other.

Now let's look at the relationship between the securities market and the financial and stock markets.

Capital is usually divided into capital that is involved in the substantive business activity, i.e. in the production of certain goods (things or services), and on capital that exists as market instruments that generate net income. The latter is usually called financial capital, and its market is called the financial market. Financial markets also differ, primarily in terms of the type of income-generating asset. Thus, a security corresponds to the securities market, a bank deposit and a bank loan to the credit market, currency as an income-generating asset to the foreign exchange market, insurance instruments to the insurance market, etc. Thus, the securities market is an integral part of the total financial market, and not the market of material goods. At the same time, the current stage of development of the international financial market as a whole is characterized by an increasing role and importance of the securities market.

The stock market is the largest part of the securities market. In essence, each security represents a separate market, but in practice this is not reflected in the development of separate market names, since with the exception of the stock, bill and mortgage securities markets, the markets for other securities are of insignificant size in terms of trading volumes, in mainly due to their extremely limited use as net income-generating securities, i.e. as capital.

However, the concept of the stock market does not have a strictly defined content. We can only point out the following characteristics:

the stock market covers the markets for shares, bonds and derivatives based on them;

the concept of “stock market” is close to the concept of “exchange market”, since a significant part of transactions with these instruments is concluded on a stock exchange (public or electronic). At the same time, the stock market is predominantly considered an exchange market, and the bond market is usually an over-the-counter market;

the stock market is a market in which transactions are concluded on a systematic basis, and not as one-time or random transactions;

the stock market is a market primarily for purchase and sale transactions, and not for any legally permissible transactions;

The stock market is a market for securities as instruments for increasing capital, and not as instruments for its circulation process.

Thus, when we talk about the securities market as a capital market, it largely means the stock market as the market for the most important securities that generate net income.

To summarize what was said in paragraph 1.1. We note that in its development, the securities market went through three stages of formation (taking into account the annexation of the Russian sector, four), becoming, as a result of globalization and internationalization, a single world market.

Securities, being intermediaries between producers and consumers, reduce the so-called. transaction costs associated with finding partners.

The MRSM is built into the structure of the world market as follows: on the one hand, it is a component of the financial part of the capital market, and a component of the financial market, on the other hand, it includes the stock market on which the main securities - stocks and bonds - rotate. The stock market represents the “lion's share” of the securities market, and the MRSM is sometimes called the world stock market.

1.2 Types of securities markets

MRSB is a complex structure, so it can be classified according to a large number of characteristics.

The securities market is divided depending on how often securities are traded, into the primary and secondary markets, depending on the place of sale - into the exchange (stock market) and over-the-counter.

The primary securities market is the market on which newly issued securities are distributed, the market where they find their first owners, i.e. relations regarding the issue of a security into circulation. This is a relationship between its issuer and the investor in which the movement of money and goods is directed from the investor to the issuer, and the movement of securities, on the contrary, from the issuer to the investor.

The secondary market is the circulation of a security between investors, their relationship regarding the security. In this case, the movement of money and goods and the reverse movement of securities takes place exclusively between the investors themselves. The secondary securities market is the market on which securities previously placed on the primary market are traded. The share and role of the primary and secondary securities markets may vary depending on specific conditions. In countries with established markets, the secondary market is more important and more active.

MRSM is, first of all, a primary market. The secondary market is less developed. Therefore, MRSB is often understood as the issue of the latter, expressed in the so-called. Eurocurrencies and carried out by issuers outside the framework of any national regulation, issues.

In a broader sense, the international securities market is considered as a combination of international issues proper and foreign issues, i.e. issuance of securities by foreign issuers on the national market of other countries. Currently, the international securities market includes both the stock market and the bond market. In addition, the world securities market can be considered as a set of national securities markets and as an international market for a certain type of securities.

The global stock market, like other capital markets, is dominated by developed countries.

The issue of shares, as the main source of raising funds in the financial market, is typical for most, but not all developed countries. Thus, in Germany, France and Italy, companies traditionally prefer to use bank loans for this purpose. Perhaps the majority of Russian companies are moving along this path. Therefore, the level of capitalization (the market value of shares in relation to the country’s GDP) often speaks not so much about the backwardness or advancement of the national stock market, but rather about the established approach of companies in this country to mobilizing resources in the financial market.

Depending on the degree of concentration of relations between issuers and investors in terms of place, time, etc., the securities market is divided into exchange and over-the-counter markets.

The primary market used to be over-the-counter. The secondary market was clearly divided into exchange and over-the-counter. However, now this division is blurred - over-the-counter markets are increasingly organized and differ from exchange markets only in the democracy of admitting issuers and investors to them.

An exchange market is a market that has the legal status of an exchange. The economic basis of an exchange as a market is a high degree of concentration (concentration) of similar transactions (purchase and sale transactions) with securities in a certain place (including in a certain electronic trading system) and over a discrete period of time.

An over-the-counter (non-exchange) market is a market characterized by the chaotic process of concluding purchase and sale transactions with securities in time and space, and in organizational and legal terms, this market is dispersed across countries and participants.

Both exchange and over-the-counter markets may differ in the types of trading organization - be it electronic or traditional trading, various types of auctions, etc.

Stock market volatility in general is especially characteristic of emerging markets, as well as the economies of all these countries. An example would be the Russian stock market, where rapid growth and decline depends on the influx of foreign capital.

In the modern securities market (i.e., the stock market in a broad sense), not only stocks and debt securities are sold, but also new types of securities. Basically, this is a financial derivative such as depository receipts, i.e. certificates of ownership of shares in a company, issued to ensure that the shares themselves do not cross borders and are not subject to related restrictions. For a number of emerging markets with their insufficient financial capabilities of residents, depository receipts have become a very important addition to the national securities market. Current market trends will be discussed in more detail in Chapter 2.

Today world market securities is almost entirely concentrated in two centers: the Tokyo Stock Exchange and the New York Stock Exchange, since 1971 the entire world market began to be reflected in the daily movements of company stock prices. Now the shares of the world's largest companies are presented here. The New York, Tokyo, and London stock exchanges influence the global stock market. All exchanges are closely interconnected and fluctuations on one of the exchanges necessarily respond to the other.

Note that a distinctive feature of the International Securities Market is that although there are a number of interstate agreements regulating relations in this area (for example, the Geneva Convention on the Uniform Bill of Exchange Law), each individual transaction with a security, as a rule, takes place within the national laws of specific countries . Using this feature, an analogy can be drawn between the MRSC and the UN forces. The UN itself, as is known, does not have armed forces; they are allocated under the banner of the armies of member states for a fee. The soldiers of such formations are under the command of their officers and are subject to the regulations of their armies. So is the MRSM - its components are delegated by national markets and operate on the basis of national laws, while simultaneously influencing the world economy as a whole.

As a conclusion to this paragraph, we note that the MRSM is, as a rule, primary, i.e. Issuers issue securities, usually denominated in Eurocurrencies, and distribute them among investors. Trading of securities between investors is carried out mainly on the exchange market. These relations can also be international in nature, but are essentially secondary. At the same time, due to the concentration of the world's financial centers on the largest exchanges, changes in stock prices on which affect the situation in the global securities market, we can conclude that the classification of securities markets on a global scale into primary and secondary, exchange and over-the-counter is quite arbitrary .

The International Securities Market is a factor that accelerates the global process of economic growth and facilitates access for various economic entities to the international market of free capital. The circle of participants of the International Securities Market is constantly expanding; they are being joined by an increasing number of national credit and financial institutions, UN organizations, CSCE, etc.

A development trend is the direction of change (development) in the state of an object in the future, determined by its state in the past and present.

Current trends in the development of the global securities market can be considered:

depending on their length in time - in practical or historical aspects;

depending on the specifics - as general or structural.

A practical, or short-term, development trend is a development trend that occurs over a period of time comparable to the duration of a human life. For example, a short-term trend can be considered a decline in stock prices on the largest stock exchanges, which may be evidence of an impending global economic crisis.

A historical, or long-term, development trend is a development trend that takes place over a number of generations of people. Historical trends take on the character of economic laws, since their truth is long-term in nature.

The historical trend, unlike the practical one, does not change from generation to generation, from one century to another. Historical trend shows the direction in which practical, or short-term, trends follow each other. As a result, it turns out that the historical trend traces the development of a certain essence, which remains unchanged over the centuries, but takes only different external forms that are adequate to specific historical conditions.

If we talk about the securities market, then its constant feature is its focus on the future, since a security is a special market (fictitious) form of existence of future capital. In the development of the securities market, the law of the aspiration of the entire economy for further growth and development in the future finds its indirect expression, which, in turn, follows from the laws of progress inherent in human society in general by its very nature. Everything that happens historically in the securities market is a special form of reflection of the future progressive development of the economy as a whole.

Historical trends concern not individual types of securities markets, but their market as a whole. However, the market for each individual security may have its own specific forms of manifestation of the historical trend characteristic of the given market as a whole. As a result, both practical and historical development trends necessarily take place simultaneously in the securities market, but not as separate, but as interacting trends.

From the moment of formation of the world securities market to the present day, the following trends in the development of fictitious capital in the form of securities are clearly visible:

concentration (concentration) of wealth in the form of securities owned by legal entities rather than individuals.

The first trend can be explained quite simply: the quantitative volumes of the securities market are constantly increasing, correlating with the growth of the world economy. The rapid development of the securities market has become a necessary condition for the development of the economies of all the most developed capitalist countries of the world.

The reasons for the further unlimited growth of the size of fictitious capital arise from the essence of the security itself, namely from:

its immaterial nature. A special feature of a security as a commodity is its intangible nature. The entire life of a security after its issue is connected with the market, with the processes of purchase and sale, for which there are no limits. The greater its turnover, or the more often it is bought and sold, the larger the size of the market;

the nature of its market price, which is in no way related to the value of material goods, and therefore is potentially limitless in its value. First of all, we are talking about the market price of a share, which tends to increase without limit by its very essence;

the loan nature of the capital represented by the security (no matter whether it is the equity or borrowed capital of the issuer of the security). At the same time, the modern world market is characterized by the fact that an increasing part of the social capital available on it necessarily takes the form of loan capital, i.e. capital, which is physically alienated from its direct owner, but the owner’s relationship with this capital is not interrupted, but only takes other market forms that differ from direct ownership of capital.

The second trend exists due to the fact that the securities market is characterized by crisis development. Periods of its progressive development are interrupted from time to time by drops in its volumes due to one or another level of decline in most (or even all) market prices for securities. These crises usually have a global character due to the internationalization of modern capital. Stock market crises cannot but be systematic, since the process of pricing, primarily for shares, is carried out completely spontaneously.

The third trend is explained by the fact that at present, differences in the level of provision of material goods between private individuals have largely disappeared (the majority of the population has the entire set of material goods necessary for modern life), and the main material wealth of society - means of production - is now predominantly concentrated in the ownership of joint stock companies. As a result, individuals are distinguished between rich and poor mainly in terms of the size of their ownership of shares and other income-generating securities.

The fourth trend is that the most important material wealth of society in the form of all kinds of means of production of all material values is mainly concentrated in the ownership of joint-stock companies. But a similar process takes place with regard to the securities themselves. The law of capital is its concentration in the ownership of relatively few (small number) market participants, since the larger the capital, the greater the profit it brings and the less susceptible it is to the risks of financial or material losses available on the market. A security is capital in its economic essence, and therefore it is also characterized by processes of concentration and centralization of capital. These processes occur in two main forms inherent in securities: on the basis of combining temporarily free cash capital of individuals in investment funds and by investing temporarily free cash capital of professional participants (organizers) of other financial markets in securities. If you look at the scale of this process, it will become obvious that there is a process of concentration of capital in the form of securities not so much among private (individuals) as among legal entities, i.e. in various types of financial institutions. The fictitious (financial) wealth of legal entities increasingly exceeds the fictitious (financial) wealth of individuals in its importance.

In this section, we examined mainly the historical, emerging from short-term, trends of the International Securities Markets, which acquire the character of economic laws. It is generally accepted that the securities market is one of the most important and defining links of the entire world market, and by studying its inherent trends and laws, it is possible to predict the development of the economy as a whole.

In our opinion, the most pressing trend for our country is the systematic nature of global stock crises. A fundamental stock crisis (as happened in 1929-1933), associated with a crisis in material production, does not seem to threaten humanity. In recent decades, in developed countries of the world, the level of material well-being and monetary income of the population has increased so much that the prerequisites for crises of overproduction in material production, caused by low effective demand from broad sections of the population, have practically disappeared. Systemic stock crises are another matter. A significant decrease in stock market capitalization, not associated with crisis processes in material production, and, accordingly, a fall in market prices “improves” market conditions on the stock market, removes distortions in market prices for certain shares and, in general, brings the size of stock market capitalization to more correct correspondence with the size of actual capital. Since our country has been striving in recent years to organically fit into the structure of the modern world economy, and Russian oil giants play a significant role in the global securities market, the study of issues related to crises seems quite relevant.

2.2 General trends

The securities market is a whole consisting of its inherent parts. Like any market, it consists of its participants and the instruments inherent in it and the transactions performed with them. Therefore, in addition to short-term and long-term, two other approaches to considering trends in the development of the securities market are additionally possible.

The first approach is to consider these trends in relation to the global securities market as a whole, which characterize its development relative to the development of other financial or other specific markets, or markets of other goods; these are general trends.

The second approach is to analyze development trends taking place within the securities market itself, or development trends of its individual parts, i.e. structural trends.

General trends in the development of the securities market are development trends related to the securities market as a whole in comparison with other markets. Because The securities market is subject to development trends characteristic of the entire modern market; general development trends of the world securities market can be divided into:

general market trends are trends that are characteristic of all markets, including the securities market;

specific general ones are trends that occur only in the securities market and are absent (or not significant) in other markets.

Current general market trends that also occur in the global securities market include:

computerization of the securities market;

internationalization and globalization of the securities market;

convergence of financial markets.

Computerization is the transfer of all processes taking place in the market to a computer basis. The modern securities market is developing in the direction of its complete computerization, which currently largely ensures the conclusion of market transactions with securities, and servicing of all market transactions and market participants is almost entirely carried out through computer technology and electronic networks. Computerization underlies most of the structural changes in the securities market. According to available forecasts, complete computerization of the securities market will be completed within the next 10-20 years.

Increasing the level of market regulation is the process of developing and establishing boundaries of behavior (actions) of securities market participants in the interests of the development of this market and the entire market economy as a whole. This process has two complementary sides: the development of state regulation and the development of self-regulation in the securities market. The emergence and existence of this trend is explained by the enormous role that the securities market plays in the modern era. The problem with this market is that its product is fictitious, fictitious and intangible. This is not a market of real, tangible goods, but a market whose product is a special kind of trust relationship between market participants, because a loan relationship is always a relationship of trust, since one party gives up its actual capital in exchange for a market obligation, and not for something material. The securities market will cease to exist if confidence in it and its instruments is lost. The reliability of this market and the trust in it on the part of the entire society can only increase, but in no way weaken or be doubted. Further development of the processes of regulation of the securities market is associated both with an increase in its scale and with the complication of its structure, the emergence of new instruments, the development of electronic forms of trading and other processes. An equally important aspect of this trend for society is the strengthening of the “fiscal” process in the securities market, i.e. There is a process of expanding the state’s capabilities to increase the objects of taxation and the amount of taxes collected from participants in this market.

Internationalization and globalization are a single process of formation of the world securities market on the basis of national markets. It is associated with the process of the formation of a single world economy or, more broadly, with the formation of world capital, or capital that does not have national affiliation. In the first case, national capital itself leaves national borders, and in the second, foreign capital comes to it. The end of the 20th and the beginning of the 21st centuries. characterized by ever-increasing freedom of movement of capital and almost universal internationalization of economic life. With globalization, there is a concentration and centralization of capital, expressed in the consolidation of organizations of professional participants in the securities market, a reduction in their number, and an increase in equity capital. At the same time, the range of services provided is expanding, new, more complex instruments are being created, and a larger volume of financial resources passes through the securities market.

The unification of national securities markets in world practice is carried out in such areas as: providing the opportunity for any investor to operate with securities, regardless of nationality; establishing a close connection between national stock markets thanks to modern means of communication and the organization of bank settlements on a global scale; transition to uniform standards of activity in the stock markets of developed countries and their general regulation, etc.

Market convergence is the process of interpenetration of financial markets. Financial markets have a single economic nature, and therefore they are always internally interconnected. However, their single essence is also manifested in external processes, when their participants, instruments and trading systems are intertwined. Each financial market usually has its own professional participants, but organizationally, professional participants in different financial markets are often united in a single organization. For example, commercial banks are often professional participants not only in the credit market, but also directly or through the creation of their subsidiaries they become professional participants in the securities market, derivatives market, insurance market, etc.

The range of financial instruments of all markets is largely intertwined. The global securities market is directly related not only to the securities themselves, but also to derivative instruments based on them, and to the foreign exchange market, since securities are often traded in different currencies.

General market trends in the securities market are usually more long-term in nature, but in some cases they can also be short-term in nature.

Specific trends that affect the entire securities market as a whole and at the same time are not characteristic of other markets include such a specific trend as the securitization of financial assets.

Securitization is a short-term or long-term assignment of capital assets, regardless of the form of their existence, to the form of certain types of securities in demand on the market. Securities are issued against property rights or future income, including new highly profitable but also high-risk companies.

Securitization is the process of transferring capital, which for various reasons is in various forms inaccessible to market participants, for example, in the form of real estate, some durable inventories, low-liquid types of securities, etc., into a liquid form, i.e. . a security that is well traded on the market.

Securitization leads to an increase in both quantitative indicators of the securities market - the volume of transactions with securities increases - and qualitative indicators - new financial instruments appear. Schematically, this trend can be viewed in two aspects.

On the one hand, the issuance of various types of secondary securities, the replacement of deposits with certificates of deposit, and traditional lending with the issuance of bond loans or the issuance of other debt securities based on this kind of low-active property, allows accelerating the turnover of social capital as a whole, receiving additional income, expanding the market and its possibilities.

On the other hand, the process of securitization in the global economy implies, in addition to the transfer of an asset from an illiquid form to a liquid one, and the redistribution of risks associated with this asset and is accompanied by a certain procedure, the result of which is securities issued by a specific issuer to secure this asset. The participants in this process are, as a rule, the borrower, the bank issuing the loan, and a specialized issuer issuing securities to secure the specified loan. In this case, the creditor bank transfers the risk of non-repayment of the loan from its balance sheet to the balance sheet of the specialized issuer, and the financial resources received as a result of the placement of securities are used to refinance the creditor bank. Today, securitization is especially active in the United States.

Another specific function is disintermediation - the elimination of intermediaries. Global financial markets are increasingly using trading tools and procedures to facilitate access for small and medium-sized investors. This general trend includes two structural trends, the creation of new instruments and changes in the structure of securities market participants and the functions they perform, which will be discussed in paragraph 2.3.

In addition to the listed generally recognized trends in the development of the securities market, it is necessary to note as a trend the process of creating complex structured products designed to satisfy the original needs of individual clients.

At the same time, investment companies both create complex chains consisting of standard instruments with unique parameters and in a unique execution sequence, and offer the market new instruments.

To summarize what has been said in this paragraph, we note that general trends give us an idea of changes in the securities market relative to other markets or the entire world market, in turn, being divided into general market and specific. Among the general market trends, which are especially characteristic of our century, in our opinion, are computerization - the rapid development of IT technologies and their no less rapid introduction into the everyday practice of investment banking, as well as globalization, contributing to the internationalization of the world market. The advent of the Internet has largely neutralized the importance of the factor of geographic remoteness of clients from centers providing financial services, and also reduced to a minimum the amount of initial capital with which a client can enter the market, making the entire range of financial instruments available to small and medium-sized investors, including to individuals.

Of the specific ones, securitization deserves special attention; it is a complex and multifaceted phenomenon, relatively new, including for the Russian market.

2.3 Main structural trends of the MRSM

Structural development trends are development trends related to certain parts of the securities market. These are, as it were, internal trends in the development of this market. Separate parts (segments) of the securities market always develop unevenly and to some extent in isolation from each other. The faster development of one part of the market, when it is discovered, spurs the need for accelerated development of other parts, etc. Structural trends in market development are designed to equalize the levels of functioning of some of its parts relative to others, otherwise, the effect of a “weak link” arises, which will hinder the development of the system as a whole.

In this sense, structural trends are the most practical and at the same time the most relatively short-term development trends. They cannot last long enough, due to the fact that stretching the process of market improvement over many years does not correspond to the general interests of market participants, since this contradicts their goals of speedy (within their own active life) enrichment, and also due to rapid technical and scientific progress .

The most significant internal directions of development of the securities market are shown in the diagram (Fig. 1). Let's take a closer look at it.

Figure 1. Structural trends of the International Securities Markets

Changes in the composition of securities market participants have two directions:

1. Development of forms of collective participation in the securities market, which is manifested primarily in the emergence and development of institutional investors, which are represented by investment funds, insurance organizations, health insurance organizations, various types of pension funds, banking structures, etc.;

2. Changes in the composition of professional participants in the securities market itself. This kind of change is happening in several directions at once:

further specialization of types of professional activities. Professional activity can be divided into its independent types, which previously existed in unity. The most recent such example is the identification as a special subtype of professional activity as a broker or dealer of the activities of a financial consultant in the securities market (providing services to the issuer for the preparation of a securities prospectus);

erasing the differences between certain types of professional activities. A classic example of this type of change is the blurring of the distinction between the professional activities of maintaining a securities register and depository activities. In conditions when a security is increasingly dematerialized, when its book-entry form becomes predominant, the differences between its forms of accounting are erased, and the function of “physical” storage of a security dies out altogether;

the extinction of certain types of professional activity. For example, the development of electronic forms of direct trading between market participants indicates that, perhaps, in the future, intermediary trading activity in the securities market may either completely disappear, or it will take some completely new forms, different from those currently existing;

concentration and centralization among professional participants. This trend in the securities market is manifested in the consolidation (in terms of the number of employees, capital, branches, etc.) of organizations of professional intermediaries and in the reduction in their number, including the number of stock exchanges operating in each country. Organizations of professional intermediaries are becoming increasingly powerful in terms of the size of their own capital and the capital attracted by their clients; their branch network develops not only within their country, but also extends beyond its borders; they are turning into multifunctional structures providing an ever wider range of services to market participants. At the same time, there is a continuous process of their merger, both among themselves and with the structures of other financial markets and banking structures.

Changes in market instruments are associated with the further development of the market, with the need for more and more new types of securities market instruments. In general terms, the following trends in the development of securities themselves are taking place on the world market today:

creation of secondary securities, i.e. representing rights to the underlying securities. For example, depositary receipts or stock warrants on shares, options on bonds, bonds secured by a pool of mortgage securities, etc.;

diversification of the characteristics of available securities, creation of increasingly “exotic” securities. This is most clearly manifested in the endless variety of bonds being issued. However, issues of, for example, preferred shares are becoming more diverse and unique in their characteristics;

creation of derivative instruments based on securities. The type composition of derivative instruments is infinite in its fictitious (intangible) nature, as is the type composition of securities. We can say that, as it were, on the same “base” of securities, all new derivative instruments are created, both exchange-traded (futures market instruments) and over-the-counter (various types of settlement (non-deliverable) contracts);

transformation of certain types of securities into low-use (little used) types. Historically, some types of securities were widely in demand, but later their role in the market greatly decreased for various reasons. Currently, in the era of joint stock companies, stocks and bonds have taken first place, and many other types of securities (checks, warehouse receipts, etc.) have faded into the background.

The direction that deals with the design of new financial instruments is called “financial engineering”, by analogy with the process of designing material goods and the process of their production. The creation of new securities market instruments is usually carried out by the largest and most scientifically advanced professional market participants of global importance.

Changes in the nature of market transactions can be considered from the perspective of both the investor (issuer) and professional participants. The former conclude transactions with securities, and the latter either help them in this or service an already concluded transaction. Therefore, this trend breaks down into changes:

in operations, i.e. changes that occur in the operations carried out by issuers and investors;

in trade, i.e. changes in the organization of securities trading.

Changes in operations that market participants perform is a fairly rare phenomenon due to the very nature of the market operation. Investment, speculative and arbitrage operations constitute the triune basis of all market operations. However, within these types of operations some changes occur from time to time - new types of operations arise, and some operations become little used. One such example of relatively new types of transactions with securities are repo transactions, which, in particular, have not yet been properly enshrined in Russian legislation.

Changes in the organization of trading in the securities market have become widespread with the development of the computerization process. In general, we can say that computerization actually leads to the erasure of all existing boundaries of the modern market, both temporal and spatial. Specifically, this is manifested in the following fundamental changes in the organization of securities trading:

There is no need for a physical meeting place for sellers and buyers. Two important consequences follow from this:

a public stock exchange and public trading become impossible; market participants do not gather together and do not enter into transactions in the presence of each other;

if there is no physical place of trade, then the world as a whole is now such a place, i.e. the securities market is becoming global not in form, not as a statistical sum of national markets, but in essence of the processes occurring on it, which have no national boundaries;

there is no need for professional resellers, whose task is to bring sellers and buyers together. Computerization allows you to trade without any intermediaries. The distinction between professional and non-professional traders takes the form of differences in knowledge of what is happening in the market, rather than differences in the legal status of market participants;

the trading process becomes continuous. Electronic trading is not associated with the physical capabilities of professional traders or other market participants, and therefore it can be carried out in a continuous mode, i.e. around the clock;

automated forms of securities trading are emerging. Computerization allows trading not only for the trader himself, who enters orders into the trading system, but also to automate the process of submitting orders based on a predetermined algorithm. When the conditions specified in the corresponding trading program appear on the market, the computer independently issues the necessary orders to the trading system (“program trading”). Computerization of securities trading may sooner or later completely replace public trading, but not due to its abstract “progressiveness”, but due to the lower costs of trading compared to its traditional forms, based on public trading and the participation of professional traders. The main problem of organizing electronic commerce is that the absence of a public trading process should not lead to a lack of “publicity” of the pricing process, i.e. The market nature of the pricing process should not only be preserved, but also, if possible, improved.

Taken together, the trends discussed could also be called innovations in the securities market to the extent that they are associated with the creation of ever new instruments of this market, new systems for trading securities, improvement of market infrastructure, etc.

All these market innovations are based on various reasons, in particular:

the desire to increase the return on capital invested in securities;

computerization of all aspects of market processes as a material basis for the creation of ever new instruments and market mechanisms;

increasing instability (riskiness) in the modern market and, because of this, the need to create more and more new tools to combat various and ever-increasing market risks in range and size.

The considered trends characteristic of the global securities market show that in its structure there are practically unlimited possibilities for the interchangeability of some parts of the system with others and unlimited ways for further growth and progress.

The task of the international organizations that control the world securities market is to ensure that the opportunities and advantages contained in the existence of the securities market are used for the benefit of the social development of all countries, as far as possible in conditions of relations between people aimed solely at making a profit.

The global securities market is a market in which securities are traded, as well as institutions and phenomena that ensure its functioning and influence it.

We have characterized the current trends in the development of international securities market:

Historical:

tendency towards unlimited growth of its size;

systematic nature of stock crises;

replacing material wealth with wealth in the form of securities;

concentration of wealth in the form of securities owned by legal entities rather than individuals.

General trends:

General market:

computerization of the securities market;

increasing the level of market regulation;

internationalization and globalization of the securities market;

convergence of financial markets.

Specific:

securitization;

disintermidation.

Structural:

changes in the composition of labor market participants - the emergence and development of institutional investors, specialization of types of professional activities, erasing differences between some types of professional activities, the withering away of some types of professional activities, concentration and centralization among professional participants;

changes in market tools - the creation of secondary securities, diversification of the characteristics of existing securities, the transformation of certain types of securities into rarely used types and the dominance of stocks and bonds;

changes in the nature of market transactions - in connection with computerization, the need for a physical meeting place for sellers and buyers, the need for professional trading intermediaries is gradually disappearing, the trading process becomes continuous, automated forms of trading in securities arise.

The MRSM now plays an important role in the rapprochement of states, their economies, and in the transition to a new world socio-economic order. In this regard, the integrating role of the International Securities Market becomes one of the dominant trends in its development; internationalization and globalization, or the process of formation of global capital, is the locomotive that moves forward the market process on the planet as a whole.

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Securities in international relations are properly executed documents expressing property relations between the subjects of these relations, confirming the right to some property or sum of money that cannot be realized or transferred to another person without the presence and presentation of the appropriate document. The securities market is a part of the financial market (in addition to the bank loan market) in which the purchase and sale of securities takes place. Regular transactions for the purchase and sale of securities of the same type form the corresponding market. Thus, there are markets for stocks, bonds, treasury bills, etc. Each of these markets has a specific range of participants and is served by corresponding institutions. Shares, for example, are traded primarily on the stock exchange, while bonds are only partly traded through the exchange and are mostly sold through the banking system.
The purpose of the securities market is to ensure a more complete and rapid flow of savings into investments at a price that suits the buyer and seller.

Brokers and investment dealers act as intermediaries in the securities market. Brokers are intermediaries who act on the stock exchange on their own behalf and enter into transactions for the sale and purchase of securities on behalf of their clients and at their expense. The role of brokers can be either individuals or brokerage firms registered on stock exchanges and representing the interests of their clients. Dealers are members of the stock exchange (individuals and firms) and banks involved in the purchase and sale of securities, currencies, and precious metals. They act on their own behalf and for their own account and can enter into transactions with each other, with brokers, and also directly with clients.

The main functions of the securities market are:

A) mobilization of depositors’ funds for the purposes of organizing and expanding production;
b) informational, which consists in the fact that the situation on the securities market provides investors with information about the economic situation and provides guidelines for investing their capital.

There are primary and secondary securities markets. The primary market serves the initial placement of securities. On it, the issuer receives the financial resources it needs. In the secondary securities market, previously issued shares and bonds are purchased and sold. It no longer accumulates new financial resources for the issuer, but only redistributes resources among subsequent investors.

There are two organizational forms of the securities market:

A) stock market (stock exchange), which is available only to reputable corporations;

B) an over-the-counter market, accessible to almost any company and operating on the basis of telephone, telex, computer network, connecting thousands of investment firms by communication wires into a single organism.

The international securities market (ISMS) was formed as a result of the massive export of capital, primarily from the countries that own the main transnational corporations and banks. Its formation was accelerated by the modern scientific and technological revolution, which gave rise to many grandiose projects, the implementation of which requires the use of capital from different countries. The International Securities Market is a factor that accelerates the global process of economic growth and facilitates access for various economic entities to the international market of free capital.

The international securities market is, first of all, a primary market. Therefore, the international securities market is understood as the totality of international and foreign issues of securities.

Distinctive features of the modern global securities market are:

Unusually increased speed of exchange transactions based on the use of modern information technologies;

A colossal increase in turnover, when billions of dollars are transferred from one market to another in a matter of seconds;

Securitization is the tendency to convert an ever-increasing mass of capital into the form of securities;

The global nature of this market. If before the Second World War the securities market was limited to the developed countries of Europe and North America, today almost all countries of the world are involved in it.

The development of the modern world securities market is also characterized by specific trends. Firstly, trends in the concentration and centralization of capital have two aspects in relation to the securities market. On the one hand, more and more new participants are coming to the market, for whom this activity is becoming the main one, and on the other hand, there is a process of identifying large, leading market professionals based on both an increase in their own capital (concentration of capital) and by merging them into more larger structures of the securities market (centralization of capital). As a result, trading systems such as NASDAQ (National Association of Securities Dealers Automated Quotations), SEAQS (Stock Exchange Automated Quotation System) or other market organizers appear on the stock market, as well as several of the most well-known platforms for trading securities (stock companies: New York Stock Exchange, Tokyo Stock Exchange, London International Stock Exchange, Frankfurt Stock Exchange), which service the majority of all transactions on the international securities market. Internationalization of the stock market means that national capital crosses the borders of countries, a global securities market is formed, in relation to which national markets become secondary. An investor from any country has the opportunity to invest his available funds in securities that are traded in other countries.

RUSSIAN ECONOMIC UNIVERSITY named after. G.V. PLEKHANOV

in the discipline "World Economy"

“The global securities market as part of the foreign exchange market”

Completed by a 4th year student

group No. 7462-2

Faculty of Engineering and Economics

Zaitseva Alexandra Olegovna

Moscow 2010

Introduction

World market securities, as well as world market currencies is one of the most effective and global instruments for the redistribution of funds from one sector of the economy to another.

Now on world market securities, a number of trends can be identified. The purpose of the work is to study in detail the current state and development of the global securities market.

To achieve the goal, the following tasks were set:

briefly consider the stages of development, the essence and structure of the global securities market;

characterize the trends inherent in the modern global securities market.

1. The essence of the securities market

1.1 Formation of the securities market and its place in the structure of the world market