A mandatory property of a security is achievement. Securities, their properties and types

1.3. Characteristics and properties of securities

The main properties of securities are the following:

- negotiability - they are freely bought and sold, and are also an independent payment instrument;

- availability for civil transactions - can be the subject of various agreements (purchase and sale, donation, storage, commission), are the object of civil relations;

- standardness rights and agreements, i.e. standard content;

- seriality- possibility of production in homogeneous series, classes;

- documentary- a security is a document, regardless of whether it exists in the form of a paper certificate or in non-cash form account records;

- regulation and recognition the state, which ensures public confidence in securities;

- marketability;

- liquidity - the ability to quickly sell on the market and turn into cash;

- risk - the occurrence of losses associated with investments in securities.

Securities as financial and monetary documents exhibit their properties as:

Documents confirming participation or membership in the issuing organization (shares, share certificates, share certificates, certificates of participation in investment funds, etc.). In the context of the securities market, belonging to the issuing organization, participation or membership in it gives the owner of this security the right to take part in the management of the issuer, i.e. general meeting shareholders or participants, vote, make proposals, nominate candidates for elected management bodies of the issuer, receive information regarding the activities and financial condition of the issuer, participate in the distribution of the issuer’s property upon its liquidation;

Debt documents, i.e. monetary documents indicating the existence of creditor-debtor relations between the issuer and the owner of the security ( different types bonds, certificates of debt, bills of exchange, commercial paper and etc.). When purchasing debt documents, their owner receives the status of a creditor of the issuer, and not the owner of its property. Conversely, when purchasing securities confirming participation or membership, their owner receives the status of owner of the issuer's property. In case of debtor-creditor relations, the right to participate in the management of the issuer’s affairs is not granted;

Means of payment (settlements), i.e. perform one of monetary functions, since they also have a cost;

A means of ensuring the fulfillment of obligations. In some cases, there is a possibility or risk that the obligations undertaken may not be fulfilled. To reduce such likelihood or risk, the debtor (buyer) may pledge its securities to the creditor (seller) as a guarantee that in the event of failure to fulfill its obligations, the corresponding losses of the creditor (seller) will be covered by the value of these securities.

Securities do not include:

Documents confirming receipt bank loan(in particular, a loan agreement);

Documents confirming deposit sums of money in a bank (except for deposit and savings certificates);

IOUs (not to be confused with bills of exchange!);

Wills;

Lottery tickets;

Insurance policies, etc.

In some countries, the main criterion by which some financial or monetary documents are considered securities, while others are not, is the legislative consolidation of the list of securities.

The list of securities contained in the laws of different countries may be exhaustive or open. In the first case, only those monetary documents that are directly indicated in the list are recognized as securities. In the second case, the category of securities includes all monetary documents listed in the law, as well as others not specified in the list, if they meet the requirements established by law.

Lists of securities can be broad or narrow. For example, in new edition The Law of Ukraine “On Securities and the Stock Market” provides for 15 types of securities: shares, investment certificates, local loan bonds, enterprise bonds, government bonds of Ukraine, treasury obligations of Ukraine, savings (deposit) certificates, bills, mortgage bonds, mortgage certificates, collateral, certificates of real estate funds (FON), privatization papers, derivative securities, title securities.

The Japanese Securities and Stock Exchange Law (1948) contains a less extensive list - 9 types of securities: shares, government bonds, local bonds, special bonds of legal entities, secured and unsecured bonds of legal entities, investment certificates that are issued legal entities and created pursuant to special laws, beneficial trust certificates, securities issued by foreign governments or foreign entities having the same status as listed securities, certificates issued by order of the government.

US law (1933) contains an even broader list of securities. According to this law, the term “security” means any short term bond, share, treasury share, government bond, secured bond, certificate of debt, certificate of participation in any income distribution agreement, certificate of a trust with secured assets, incorporation certificate, certificate of subscription for securities, outstanding share, investment contract, certificate of trust with voting rights, a certificate of deposit, an undivided interest in an oil and gas enterprise or other mineral rights, any call option, put option, double option or privilege associated with any security, certificate of deposit or group of securities or securities which are based on index performance or value indices, or any call, call, or double option, or privilege obtained on a national stock exchange and associated with foreign currency, or generally any instrument known as a “security”, or any certificate of ownership or participation, provisional or interim certificate, receipt, guarantee or option, or right of subscription, or right to acquire any of the foregoing.

National securities markets have both common features and specific features. These features may be explained by the historical development of a given country, or may have a linguistic origin. For example, when determining the types of securities, the Japanese approach is more “strict”, while the American approach is relatively “loose”. In Japan, the law ensures that only certain monetary instruments are called securities, while US law is willing to recognize a significant number of them as securities. large quantity monetary documents. In Japanese legislation (based on national-historical characteristics) it is not customary to use expressions like “any instrument that is understood as a security.” Conversely, the term “revenue distribution agreement participation certificate” or other terms represent features of the evolution of the American market.

Linguistic differences manifest themselves in two ways. For example, securities having a similar status may be referred to by different terms. Thus, in Europe, short-term obligations of the state are sometimes called a draft, in the USA - a bill. On the other hand, the same term can have different meanings. Thus, a written debt certificate “debenture” in the USA means a security secured by the reputation, and not the assets of the issuer, in the UK, on ​​the contrary, a security secured by the assets of the issuer. The term "income bonds" in the UK is used to define bonds with fixed percentage, which are issued by insurance companies; in the United States, it means a bond in which the issuer guarantees payment of the face value, and interest can be paid only if the issuer makes a profit and the board of directors decides to pay interest.

For example, the Japanese Law “On Securities and the Stock Exchange” (1948), the Ukrainian Law “On Securities and the Stock Market” as amended in 2006 contain an exhaustive list, in the USA the list is open in the “Securities Law” (1933).

Previous

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

Types of securities

The Civil Code of the Russian Federation lists specific types of documents that relate to securities:

    government bond;

    bond;

  • banking savings book to bearer;

    bill of lading;

  • privatization securities;

    warehouse receipt as part of a double certificate;

    certificate of pledge (warrant) as part of a double certificate;

    simple warehouse receipt;

    mortgage;

    other documents that are classified as securities by laws on securities or in the manner prescribed by them

Properties of securities

Securities have the following properties:

    Tradability is the ability of securities to be bought and sold on the market, and in many cases to act as an independent payment instrument.

    Availability for civil circulation – the ability of a security to be the object of other civil transactions.

    Standardity and seriality.

    Documentation; a security is always a document, and as a document it must contain all the mandatory details provided for by law.

    Regulated and recognized by the state.

    Marketability – securities are inextricably linked with the corresponding market and are its reflection.

    Liquidity is the ability of a security to be quickly sold and converted into cash.

    Risk is the possibility of loss associated with and inherent in investments in securities.

    Mandatory performance.

    Profitability – characterizes the degree of realization of the right to receive income by the owner of the security.

Functions of securities

Securities perform a number of essential functions:

    Securities characterize the state of the economy. Stable stock prices usually indicate a good economic situation.

    Securities play an important role in the redistribution of capital between various sectors of the economy. That is, securities perform a redistribution function.

    Securities are used to accumulate temporarily free cash savings of citizens. That is, securities perform a mobilizing function.

    Securities are used for regulation money circulation. That is, securities perform a regulatory function.

    Banks, enterprises and organizations use securities as a universal credit and settlement instrument. That is, in this case, securities perform a settlement function.

Classification of securities

Classification of securities is their division into types according to certain characteristics that are inherent to them. In turn, species can in some cases be divided into subspecies, and these can be divided even further.

Securities can be classified according to the following criteria:

1. By duration of existence: fixed-term (short-term, medium-term, long-term and revocable) and unlimited.

Securities issued for the entire life of a person and not directly related to any time period are considered perpetual securities. Such perpetual securities usually include shares.

Securities that have a life period established upon their issue or a procedure for establishing this period are considered futures securities. Typically, fixed-term securities are divided into three subtypes:

    short-term securities with a circulation period of up to 1 year;

    medium-term securities with a circulation period from 1 to 5 years;

    long-term securities with a maturity from 5 to 30 years (mortgage-backed securities, by law, can be issued with a maturity of up to 40 years).

2. By form of existence: paper (documentary) or paperless (undocumented).

The classic form of existence of a security is a paper form, in which the security exists in the form of a document. At the same time, with the active development of the securities market, many types of securities, primarily equity securities, are issued in book-entry form.

3. By form of ownership: bearer (bearer securities) and registered, which contain the name of their owner and are registered in the register of owners of this security.

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

4. According to the form of appeal (order of transfer): transferred by agreement of the parties (by delivery, by assignment) or order (transferred by order of the owner - endorsement).

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

5. By form of issue: emission or non-equity securities.

Issue-grade securities are usually issued in large series, which are subject to mandatory state registration. Equity securities usually include stocks and bonds.

Non-issue securities are issued without any state registration.

6. By registration: registered (state registration or registration of the Central Bank of the Russian Federation) and unregistered.

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

7. By nationality: Russian or foreign.

8. By type of issuer: government securities (this is usually different kinds bonds issued by the state), non-state or corporate (these are securities that are issued by companies, banks, organizations and even individuals).

9. By negotiability: market (freely circulating), non-market, which are issued by the issuer and can only be returned to him (cannot be resold).

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

10. By purpose of use: investment (the goal is to generate income) or non-investment (serve turnover in commodity markets).

11. By risk level: risk-free or risky (low-risk, medium-risk or high-risk).

Risk-free securities are securities for which there is virtually no risk. In world practice, these are short-term (1-3 months) government debt obligations (treasury bills). All other securities according to the level of risk are usually divided into low-risk (this is usually government papers), medium risk (this is usually corporate bonds) and high-risk (these are usually stocks).

12. Based on the availability of accrued income: non-income or income-generating (interest, dividend, discount).

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

13. At par: constant or variable.

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

14. By the form of raising capital: equity (reflecting the share in the authorized capital of the company) and debt, which are a form of borrowing capital (cash).

Book of securities accounting

All securities held by the organization must be described in the securities ledger.

The securities accounting book must have the following mandatory details: name of the issuer; nominal price of the security; purchase price; number, series, etc.; total amount; date of purchase; date of sale. The securities accounting book must be bound, sealed with the organization's seal and signed by the manager and chief accountant, and the pages must be numbered. Corrections to the securities accounting book can be made only with the permission of the manager and chief accountant, indicating the date of the corrections.

In the case of maintaining a securities book using funds computer technology the resulting information can be generated in the form of an output document on machine-readable media. Printing of information from machine-readable media is carried out as necessary or at the request of the authorities exercising control in accordance with the law. Russian Federation, courts and prosecutor's offices, but at least once a year.

In accordance with Federal law“On Accounting”, the head of the organization is responsible for organizing the storage of the securities ledger.


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Securities: details for an accountant

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Securities are monetary documents confirming the fact that their owner has deposited funds, give the right to receive a one-time or regular income, to return funds invested in the purchase of a security, and also confirm a loan relationship or co-ownership relationship.

A security has several values:

· par value - the value of a security indicated on its form or stipulated by the terms of issue. Calculated as the ratio of the authorized capital to the number of securities in circulation;

· issue price - the cost of a security at which it is sold to the first owner. It is the sum of the par value and the issue premium. For shares, the par value and issue value are the same or the issue value may be higher than the par value;

· market value - the value of a security on a specific date, determined based on supply and demand on the secondary securities market, that is, the stock price;

· book or book value - the book value of own property per one issued security. Represents an attitude equity enterprise to the number of securities in circulation.

The main indicator reflecting profitability and market value is the security rate. Calculated as ratio market value to the par, or market value of the reporting year to the market value of the base year, when the security has been traded on the market for several years.

One of the main indicators characterizing the investment attractiveness of a stock is the yield of securities. Profitability is calculated by the ratio of the amount of income on securities to the amount of expenses for their acquisition. The yield of securities is determined in percentage terms. Profitability can be current or final.

Current yield - the ratio of income received for a certain period to the amount of expenses for its acquisition.

Final yield - the ratio of income received on a security from the moment of its acquisition until the moment of its redemption by the issuer or sale to a third party to the amount of expenses for its acquisition.

Main properties of securities:

· negotiability – the ability of securities to be bought and sold on the market or to act as an independent payment instrument, to be the object of collateral as material assets;

· accessibility for civil circulation – the ability to perform all types of transactions in accordance with the status of a given security;

· standardization - securities must have a standard design and content, transactions with them also have a standard procedure. Such norms are most often established by the state;


· serialization – the possibility of issuing most securities in homogeneous series with their sequential sale;

· documentation. The fact of issuing securities means that the issuer assumes documented obligations in accordance with the terms contained in the information about the issue (or in another document) in accordance with applicable regulations or set forth in the security itself. The uncertificated form of securities issuance implies the application of similar rules;

· regulation and recognition by the state means that the main function government agencies in this area of ​​activity - regulation of the basic rules for the issue and circulation of securities, licensing (if necessary) and control over the activities of all market participants;

· marketability - reflects their characteristics as a unique product that has its own specialized markets with their inherent organization, operating rules, infrastructure, information systems, etc. As a result, securities are a certain form of investment or an object of short-term speculation;

· yield of securities. One of the main reasons for investing in securities is the possibility of generating income from owning or trading in these assets. This stimulates the activities of all participants in the securities market;

· liquidity of securities reflects the opportunity in a developed environment stock market their immediate sale with simple procedures for registering these transactions;

· risk. When dealing with securities, it is imperative to take into account their inherent risk, characterized by the likelihood of partial or complete loss of capital and expected income. There are methods for calculating, predicting and reducing probable risk;

· mandatory performance means that the parties involved in transactions with securities undertake in advance the obligation to fulfill all the conditions agreed upon when issuing and selling these securities. Control over execution should be provided by the state or other organizations (for example, the stock exchange);

· the lifespan of securities is determined by the terms of their issue and can be with a specific circulation period, after which they are redeemed and lose their functions (for example, bonds) or without specifying a specific circulation period (for example, shares). In the latter case, the securities exist as long as the issuer operates.

Features of the security include:

· a security can express both ownership and credit relations;

· a security may provide the right to receive income or the obligation to pay income;

· without having its own value, the security reflects the value of the real capital invested in the issuer’s enterprise;

· securities can act as means of payment or as an object of collateral.

Types of securities:

1. According to the rights claimed, securities are divided into registered, bearer and order.

Registered security – the transfer of ownership of registered securities is subject to mandatory registration in the register of owners of registered securities, which is maintained by a depository institution, registrar or issuer of securities.

If registered securities are issued in documentary form, the name of the new owner is indicated on the form or certificate of the securities.

Bearer security – are freely circulated, and all rights under them are transferred to the new owner through personal endorsement.

Order security – the owner can present the rights himself or transfer them by endorsement, without registration in the register of owners (bill).

2. According to the form of issue, there are documentary and non-documentary forms of securities.

Documentary form – provides for the issuance of forms of securities indicating the nominal value, information about the issuer (with the necessary means of protection).

The book-entry form does not provide for the issuance of blank securities, and the securities are circulated in the form of an entry in the accounts of the depository institution.

3. By subject.

Government securities – debt securities, the issuer is the state represented by the government. These include government bonds. In accordance with the Law of Ukraine “On Joint Stock Companies” in Ukraine, shares are issued only in uncertificated form.

Securities local authorities authorities – municipal debt securities, that is, bonds of regional and city authorities.

Corporate securities – debt (bonds) and equity (shares) securities of business companies can be issued by state and non-state enterprises.

4. By method of circulation.

Market – securities that can be freely traded on the securities market. For example, corporate and government stocks and bonds.

Non-marketable. An example is the shares of the founders of investment funds.

Securities with a limited circulation. These include shares of closed joint stock companies.

5. By timing:

· perpetual – the circulation period of which is not limited (shares);

· short-term – up to 1 year;

· medium-term – from 1 year to 3 years;

· long-term – more than 3 years.

6. By method of income payment:

· discount – placed at a price below the par value, and redeemed by the issuer at the par value. The difference between the issue price and the face value is called a discount and constitutes the investor's income. If the issue price exceeds the face value, the security is placed at a premium;

· interest-bearing securities - income on them is paid in the form of interest stipulated by the terms of issue of securities ( interest-bearing bill);

· mixed-type securities – interest-bearing securities placed at a price different from their nominal value;

· papers with non-guaranteed income , for example, common shares.

7. According to the degree of security of funds invested in securities:

· unsecured securities – the return of invested funds is ensured by all of the issuer’s property;

· secured papers – return invested capital provided collateral the issuer as a matter of priority.

8. Regarding the resulting property rights:

· property (equity) securities give the right to part of the property of the enterprise and the status of its co-owner;

· debt securities provide the owner with the status of a creditor in relation to the issuer of the securities;

· derivative securities – give the right to conduct future transactions with other securities on the terms fixed at the time of purchase of derivative securities.

9. By groups of securities.

Unit (equity) securities:

· share – a perpetual security confirming share in the authorized capital joint stock company and giving the right:

a) to manage a joint stock company;

b) to receive a part net profit in the form of dividends;

c) to receive part of the property of the joint-stock company in the event of its liquidation.

· investment certificate - a security issued by a mutual investment fund, confirming the deposit of funds and giving the right to receive dividends based on the results of activities investment fund at a price exceeding the price of its placement;

Debt securities:

· bond – a fixed-term security confirming the deposit of funds by its owner and confirming the issuer’s obligation to reimburse the face value of the bond with the payment of the interest specified in it;

· treasury bonds - bearer securities placed on a voluntary basis among the population, certifying that their owner has contributed funds to the budget and giving the right to receive financial income;

· savings (deposit) certificate - a written certificate from the bank about the deposit of funds into a deposit account and giving the right to receive the amount of the deposit and interest on it after the end of the deposit period;

· bill of exchange – a security document certifying an unconditional monetary obligation pay after the expiration of the term the amount agreed upon by the bill and interest on it.

Mortgage-backed securities are securities whose issue is secured by a mortgage.

Privatization securities – reflect the owner’s rights to free receipt in the process of privatization of part of the property of state enterprises, state housing stock, land fund.

Commodity securities – provide the right to dispose of the property specified in these documents.

Derivative securities are futures contracts for future transactions with securities of a given issuer within the circulation period of these contracts.

10.By types of markets on which securities are traded:

· monetary securities (short-term bills, bonds, certificates of deposit);

· capital securities – funds from the issue of these securities form or increase long-term capital.

The concept of a security, its properties and functions

Security- this is a form of existence of capital that is different from its commodity, productive and monetary forms, which can be transferred instead of himself, circulate on the market as a product and generate income.

Properties valuable papers:

1) negotiability– the ability of a security to be bought and sold on the market, and also in many cases to act as an independent payment instrument that facilitates the circulation of other goods;

2) accessibility for civil circulation– the ability of a security not only to be bought and sold, but also to be the object of other civil relations, including all types of transactions (loans, donations, storage, commissions, orders, etc.);

3) standardness– the security must have standard content (standardization of the rights that the security represents, standardization of participants, terms, places of trading, accounting rules and other conditions for access to these rights, standardization of transactions associated with the transfer of a security from hand to hand, standardization of the form of the security paper, etc.);

4)seriality– the possibility of issuing securities in homogeneous series and classes;

5)documentary– a security is always a document, and as a document it must contain all the mandatory details provided for by law; the absence of at least one of them entails the invalidity of the security or transfers this document their classification of securities into the category of other obligatory documents;

6) regulation and recognition by the state– stock instruments claiming to be securities must be recognized by the state as such, which should ensure their good regulation and, accordingly, trust in them;

7) marketability– negotiability indicates that a security exists only as a special product, which, therefore, must have its own market with its own organization, rules for working on it, etc.; should mostly belong to the market, be goods and those resources, the rights to which are securities;

8) liquidity– the ability of a security to be quickly sold and converted into cash (in cash and non-cash form) without significant losses for the holder, with small fluctuations in market value and sales costs;

9)risk– the possibility of losses associated with and inevitably inherent in investments in securities;

10)obligation execution– according to Russian legislation, refusal to fulfill the obligation expressed by a security is not allowed, unless it is proven that the security came to the holder through unlawful means.

It should also be noted that the security fulfills a number of socially significant functions:

1) redistributes funds (capital) between industries and spheres of the economy; territories and countries; groups and segments of the population; population and economic sectors; population and state, etc.;

2) provides certain additional rights to its owners in addition to the right to capital (for example, the right to participate in management, relevant information, priority in certain situations, etc.);

3) ensures receipt of income on capital and (or) return of the capital itself, etc.

Types of securities

There are dozens of types of securities. They differ in the rights and obligations of the investor (the buyer of the securities) and the issuer (the one who issues the securities) enshrined in them.

1 - Basic and derivatives .

As main securities are shares, bonds, treasury obligations of the state (notes, bills, certificates of deposit, etc.), which are rights to property, cash, products, land and other primary resources.

    Promotion– an issue-grade security that secures the rights of its holder (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in management and to part of the property remaining after its liquidation.

    Bond is a debt obligation in which the issuer guarantees the investor payment of a certain amount upon expiration certain period and payment of annual income in the form of a fixed or floating interest.

    Bill of exchange- a written contractual obligation drawn up in the form established by law and giving its owner the unconditional right to demand, upon the end of the term, from the person who issued the obligation, payment of the amount of money specified in it.

    Certificate of Deposit– a written certificate from credit institutions about the deposit of funds, certifying the depositor’s right to receive the deposit.

Derivatives securities – securities that certify the owner’s right to purchase or sell underlying securities. Such papers include options, financial futures.

    Option is a bilateral agreement to transfer the rights to buy or sell a specified underlying asset at a specified price on a specified future date. If the owner of the option can refuse to exercise his right, thereby losing the cash premium that he paid to the counterparty, then futures deal is mandatory for subsequent execution.

    Financial futures- a contract under which the investor who enters into it undertakes the obligation, after a certain period, to sell to his counterparty (or buy from him) a certain quantity of an exchange commodity (or financial instruments) at a specified price.

If the owner of the option can refuse to exercise his right, thereby losing the cash premium that he paid to the counterparty, then the futures transaction is binding for subsequent execution. .

2 - Fixed and unlimited By maturity, securities are divided into.

urgent and unlimited According to generally accepted practice urgent

securities are: short-term

– with a maturity of up to 1 year, medium term

– from 1 year to 5 years, long-term

– over 5 years (for debt obligations from 5 to 30 years). TO unlimited

securities include stock instruments that do not have a final maturity date - shares, perpetual bonds. .

3 - Personalized, order, bearer registered, order And to bearer.

Nominal A security is a document issued in the name of a specific person who alone can exercise the right expressed in it. Such securities can usually be transferred to other persons, but this requires the completion of a number of formalities and specially complicated procedures, which makes this type of securities low-tradable.

Warrant security – drawn up in the name of the first holder with the clause “by his order”. Accordingly, the order paper is transferred to another person by making an endorsement. According to Russian legislation, order papers can be a check, a bill of exchange, or a bill of lading.

Bearer is a security that does not indicate a specific person to whom execution should be performed. The person authorized to exercise the right expressed in such a security is any holder of the security who only must present it. This type of security has increased negotiability, since in order to transfer to another person the rights certified by the security, simply delivering it to that person is sufficient and no formalities are required. Examples of this type of securities are government bonds, bank bearer passbooks, checks, etc.

4 - State, corporate, private .

According to the form of ownership of the issuer, securities are divided into state, corporate and private.

    State securities usually cover stock instruments issued or guaranteed by the government on behalf of the state, its ministries and departments, and municipal authorities.

Federal loan bonds(OFZ) are the main type of medium-term securities issued by the Government of the Russian Federation to finance the budget deficit.

Government Savings Loan Bonds(OGSZ) are issued by the Government of the Russian Federation to cover the budget deficit. OGSS provides the right to receive income above the level of yield on other types of government securities.

Gold certificates, issued by the Ministry of Finance of the Russian Federation in 1993. for a period of 1 year, were placed in 1994. The guaranteed return on the certificate is accrued quarterly. The gold certificate is subject to tax benefits.

To securities corporations These include corporations' obligations to creditors to repay debt on time, as well as interest on loans received. Typically, the purpose of corporations issuing stocks and bonds is to raise long-term capital.

Many securities are issued by private companies or individuals and are therefore called private(commercial)

TO private Securities include bills of exchange and checks.

Bill of exchange – This is a security drawn up in a strictly defined form, certifying the monetary debt obligation of the drawer (debtor) to pay, upon the maturity of the period specified by the bill, a certain amount to the holder of the bill (owner of the bill, creditor). The bill may be simple and translatable. A promissory note is a registered security, since it indicates the name of not only the payer, but also the recipient of the funds. Moreover, the drawer himself acts as the payer here, and the recipient of the funds is the person in whose favor the bill is issued.

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 bank issues the drawer a special checkbook (limited or unlimited) with a certain number of checks. A check is a strictly urgent security, since its validity period is determined by law and is 10 days from the date of issue. Checks can be personal, order and bearer.

Features are the distinctive properties of securities, prerequisites. In the legal literature from the mid-19th century to the present, a varying number of signs have been proposed. So, G.F. Shershenevich identified four main characteristics of a security:

  • a) security - document;
  • b) a security is the embodiment of a right; securities - movable things;
  • c) the content of the right embodied in a security must constitute a property value;
  • d) the definition of the subject of law follows from the document.

According to A. Trofimenko, a security has the following characteristics (four in total): a security certifies subjective civil rights; corresponds to the beginning of the presentation; has the property of public credibility; corresponds to the legal grounds for classification as securities (classified by law, etc.).

E.A. Sukhanov identifies the following features (properties) of a security (seven in total): Literality (the ability to demand execution only of what is directly indicated in the security), compliance with strictly formal details; legitimation of the subject of law expressed in a security; presentation to the obligated person; the abstractness of the obligation enshrined in it; a security gives the right expressed in it the property of autonomy.

HE. Sadikov identifies the following features (three in total): firstly, a security is a document of the established form and with mandatory details; secondly, every security must certify certain rights; thirdly, in order to exercise or transfer rights certified by a security, it must be presented. Similar signs were named as main ones by T.E. Abova, E.Yu. Kabalkin.

Issue-grade security - any security, including uncertificated paper, which is simultaneously characterized by the following features: 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 this Federal Law; posted in releases; has equal volume and terms of exercise of rights within one issue, regardless of the time of acquisition of the security.

In modern legal literature, the following characteristics of securities are distinguished:

  • - circulation;
  • -availability for civil circulation;
  • -standard;
  • -documentary;
  • - regulation and recognition by the state;
  • - market nature;
  • -information disclosure;
  • -liquidity;
  • - risk;
  • - profitability.

Tradability is the ability of a security to be bought and sold on the market, and also, in many cases, to act as an independent payment instrument that facilitates the circulation of other goods.

Availability for civil circulation - the ability of a security not only to be bought and sold, but also to be the object of other civil relations, including all types of transactions (loans, donations, storage, commissions, orders, etc.).

Standardity - a security predominantly has standard content (standardization of the rights that the security provides, standardization of participants, terms, places of trading, accounting rules and other conditions for access to these rights, standardization of transactions related to the transfer of a security from hand to hand, standardization of form securities, etc.). It is standardization that makes a security a tradable commodity.

An individual non-standard contract is limited by the scope of the transaction in which it was concluded. He can't handle. To transfer rights under this contract, it is necessary to conclude a new contract on individual terms.

Documentation. A security is always a document, regardless of whether it exists in the form of a paper certificate or in the non-cash form of an account entry.

Documentation gives a final, “material” appearance to a product called a security. Only a document can record standard conditions its circulation and use, ensure multiple transfers of the security from hand to hand, as the same product, become evidence of the investor’s legal access to the rights provided by the security.

According to established legal practice, a security, as a document, must contain all the mandatory details provided for by law. The absence of at least one of them entails the invalidity of the security, or transfers this document from the category of securities to the category of other obligatory documents. For example, the absence of at least one mandatory details can make the bill invalid or transfer it to the category of a promissory note, the relationship under which is regulated instead of a bill of exchange - by general civil legislation.

Regulated and recognized by the state. Securities must be recognized by the state as such, which should ensure disclosure of information, clear rules for issue and circulation, necessary state supervision and, accordingly, risk reduction, and public confidence in them.

Marketability. Tradability indicates that a security exists only as a special commodity, which, therefore, must have its own market with its own organization, rules for working on it, etc.

Those resources, the rights to which are securities, should mostly belong to the market, be goods. For example, to the extent that the free market turnover of land and real estate is limited, the mortgage market will be underdeveloped to the same extent.

Information disclosure. Investing in securities on a fair and just basis becomes possible only if investors entering the market have equal access to information, if issuers of securities are required to disclose all information that may have a material effect on the market price of the security.

Liquidity is the ability of a security to be quickly sold and converted into cash (in cash and non-cash form) without significant losses for the holder, with small fluctuations in market value and sales costs.

If the market refuses to recognize its liquidity, the reality of the rights it expresses, then the security turns into a worthless piece of paper.

Mandatory performance. According to Russian legislation, refusal to fulfill the obligation expressed by a security is not allowed, unless it is proven that the security came to the holder through unlawful means.

Profitability. Investors generally view securities as financial assets, generating income. Accordingly, profitability is usually considered by investors as a necessary attribute of a security.