General provisions about the implementation valuable papers.

The law distinguishes two ways of selling securities at auction: this is the sale at auctions held by the stock exchange, and at auctions held by a specialized organization - the seller.

The stock exchange sells securities traded on it, investment shares of open and interval mutual investment funds, for their implementation the bailiff makes demands on the management company for their redemption, the sellers selected on a competitive basis sell all other securities.

Sale of securities on the stock exchange.

Securities circulating on the organized securities market are subject to sale at the auctions of the trade organizer on the securities market. Securities are subject to sale at auction by a broker or manager (if the securities are transferred to him for management), who is a participant in the relevant auction.

Trades of the organizer of trading on the securities market are carried out in the manner prescribed by the legislation of the Russian Federation on the securities market, without applying the provisions on trading provided for in Art. Art. 90 - 92 of the Law on enforcement proceedings.

Securities are put up for auction by a trade organizer on the securities market at a price not lower than the weighted average price of these securities for the last hour of trading on the previous trading day.

An application for the sale of securities at the auction of the trade organizer on the securities market may be submitted repeatedly within two months from the date of receipt of the decision of the bailiff.

If within two months from the date of receipt by the broker or manager of the decision of the bailiff, the securities were not sold at the auction, then the bailiff offers the recoverer to keep the securities at the weighted average price of these securities for the last hour of trading on the last trading day, in which broker or manager put them up for auction.

Realization of investment shares.

As for the sale of investment shares, the bailiff applies for the redemption of investment shares to the management company, since Management Company is obliged to redeem the share offered for redemption by the debtor at any time (open investment fund) or within a certain period of time (interval investment fund). Thus, in order to sell a share of an open-ended investment fund, the bailiff presents it directly to the mutual investment fund. In the case of the sale of a unit of an interval investment fund, the bailiff must decide whether to present it for sale in a unit investment fund or sell it at auction. In our opinion, the decision should be influenced by the following factors:

Time of redemption of the share (if the share is to be redeemed in a month, there is no point in putting it up for auction);

The economic sustainability of the mutual investment fund (in particular, the bailiff needs to consider whether there is a possibility of insolvency of the mutual investment fund in the near future);

Availability of a claimant's statement of readiness to wait until the maturity date of the share;

The presence of other property by the debtor (for example, if the debtor does not have other property or it is clearly not enough to pay off the debt, it may be worth waiting until the due date of payment, since at auction a share can be sold significantly cheaper than its actual value).

The Law on Enforcement Proceedings does not say anything about the specifics of the sale of units of closed investment funds.

However, shares of closed-end investment funds general rule cannot be presented for redemption to the shareholder investment fund, therefore, the general rules for the sale of securities apply to them.

Realization of securities at auctions in the general order.

And yet, the most common way of selling securities is the sale of seized securities by a specialized organization in a general manner.

The variety of types of securities was also reflected in the rules for their sale. It is necessary to distinguish between the procedure for selling shares of open joint stock companies and closed joint stock companies.

The sale of shares of closed joint stock companies also has its own characteristics. In particular, shareholders of closed joint stock companies in accordance with Art. 97 of the Civil Code of the Russian Federation and Art. 7 of the Law on joint-stock companies have the right of first refusal.

Transfer of a security after its sale.

The procedure for legal registration of the sale of securities and re-registration of rights to a new owner in the course of enforcement proceedings is not specifically stipulated in the current enforcement legislation, therefore, one must be guided general requirements legislation regulating the procedure for making transactions with securities.

At the same time, when realizing (selling) a bill in the course of executive procedures There are a number of gaps in the legislation. One of them is that bill legislation does not oblige the debtor-holder of the bill to make an endorsement in favor of the person who purchased the bill at auction. Therefore, legal difficulties may arise in connection with the transfer of a bill of exchange in the manner of enforcement proceedings to another bill holder before the due date for the fulfillment of obligations under the bill. We believe that the debtor should be obliged to make an endorsement in favor of the person who purchased the bill at the auction in the course of enforcement procedures with further prosecution for non-performance or improper performance this duty.

The issue of the possibility of an endorsement by an authorized representative of a specialized organization in favor of a new acquirer is debatable. It is possible that in this case the bill of exchange can be transferred to another person by a specialized organization that conducted the auction, on the basis of judgment, writ of execution and the minutes of the auction with the obligatory attachment to the promissory note of the copies of the said documents.

Peculiarities of the transfer of non-documentary securities after their sale.

When transferring book-entry securities to the person who bought them at the auction, it is necessary to take into account the provisions of paragraph 3 of Art. 73.1 of the Law on Enforcement Proceedings. If the debtor's securities are accounted for by the nominal holder, then their debiting from the personal account of the debtor's nominal holder of securities in the register of shareholders is not allowed without debiting them from the depo account. Such a write-off must be made simultaneously from both accounts, and if simultaneous write-off is impossible, first from a depo account with a nominal holder, and then from a personal account in the register of shareholders.

security paper- this is a form of existence of capital, different from its commodity, productive and monetary forms, which can be transferred instead of itself, circulate on the market like a commodity and generate income. This is a special form of the existence of capital, the essence of which lies in the fact that the owner of the capital does not have capital itself, but has all the rights to it, which are fixed in the security. The latter makes it possible to separate the ownership of capital from capital itself and, accordingly, to include the latter in the market process in such forms as is necessary for the economy. In other words, a security is a representative of real capital that actually functions in the economy, and as capital, a security is a fictitious capital.

The security paper has two costs : value as a representative of real capital (face value) and value as fictitious capital (market value).

face value The value of a security finds its expression in the amount of money that a security represents when it is exchanged for real capital at the stage of its issue or redemption. This amount of money is called par value of a security .

Market price security arises as a result of the capitalization of its property rights. The main property right of a security is its right to income, therefore the value of a security is, first of all, the capitalization of this income, calculated as the quotient of dividing this income by the market (bank) interest rate. Other rights attached to the security are not rigorously quantifiable. The greater their significance from the point of view of the market, the less determined the process of pricing for this security, the higher the role of subjective psychological assessments.

Market price of a security is the monetary value of its market value. in practice it is called market value, market quotation, exchange rate, etc.

Securities may be registered (the name of the holder is registered in a special register maintained by the issuer), order (drawn up for the first holder with the clause "by his order" and transferred to another person by making an endorsement) and bearer (not registered with the issuer in the name of the holder and transferred to another person by delivery).

The securities may be documentary or uncertificated form may vary. by deadline (short-term, medium-term, long-term and indefinite), can be urgent (with a specific maturity) or deadline on presentation .

The securities may fixed or wavering income (yield to face value changes in accordance with fluctuations in the average interest rate On the market).

Promotion - this is a security that gives their holder the right to a share in the capital of the company of the issuer of these securities and to receive income from the profits of this company.

Joint-Stock Company- This commercial organization, the authorized capital of which is divided into a certain number of shares, certifying the obligations of shareholders in relation to the joint-stock company.

A joint stock company may be open (JSC) or closed (CJSC), which is reflected in its charter and name.

Shareholders OJSC may transfer their shares into ownership to other persons as a result of free sale or donation without the consent of other shareholders of the JSC. The number of JSC shareholders is not limited; the minimum authorized capital of an OJSC must be at least 1,000 minimum wages established by federal law on the date of registration of the company. An open joint stock company may also distribute shares by closed subscription, unless otherwise provided by the charter of the open joint stock company.

Stock Company distributed only among its founders (the number of shareholders should not exceed fifty) or among a predetermined circle of persons. The authorized capital of a CJSC should not be more than 1000 and less than 100 minimum wages.

Distinguish between ordinary and preferred shares.

ordinary share is a security that gives its owner the right to participate in general meeting shareholders with the right to vote on all issues of its competence, to receive dividends, as well as part of the property in the event of its liquidation. However, the last two rights are not guaranteed. All ordinary shares of the company have the same par value.

Preferred shares (prefactions) have certain advantages over ordinary shares in terms of receiving dividends and distributing property in the event of liquidation of the JSC. A joint-stock company may issue several types of preferred shares, while prefactions of the same type provide shareholders with an equal amount of rights and have the same nominal value. The nominal value of all placed prefactions must not exceed 25% authorized capital society. Preferred shares usually do not give their holders the right to vote at the general meeting of shareholders. The exception is cases when it comes to the reorganization or liquidation of a company, the introduction of amendments and additions to the charter of a joint-stock company that restrict the rights of holders of preferred shares, including cases of determining or changing the amount of a dividend and/or the liquidation value of preferred shares. The right to participate in the meeting of shareholders with the right to vote on all issues arises for the owners of prefactions in the event that the annual meeting of shareholders does not decide on the payment of dividends on prefactions, or decides on the incomplete payment of dividends on prefactions. Such right arises from the meeting following the above annual meeting and terminates from the moment of the first payment of dividends on shares in full.

Bond is an emissive security that secures the rights of its holder to receive from the issuer within the prescribed period of its face value and the percentage fixed in it of this value or other property equivalent. Each bond is issued not on its own, but as part of a bonded loan - in series, which consist of securities equal to each other in terms of the rights they provide.

Bond face value- this is the amount indicated on the bonds and certifying the size of the principal debt on it.

Bond rate determined as a percentage of the face value. Change of course is expressed in paragraphs.

Discount (premium)- negative (positive) difference between the sale price and the face value of the bond.

There are bonds that are initially placed at a price below par and are redeemed at par. These bonds are called zero coupon bonds . The income on them is just equal to the discount.

Coupon (coupon interest) For bonds is called a fixed percentage, which is set at the time the bond is issued.

Maturity date bond is considered the day when the joint-stock company returns to the owner of the bond an amount equal to the face value of the bond, having paid the prescribed interest on it.

Securities market (stock market) provides distribution Money between participants economic relations through the issuance of securities that have intrinsic value and can be sold, bought, and redeemed.

The securities market is divided into primary and secondary. In the primary market new issues of securities are sold, as a result of which the issuer receives the funds he needs, and the papers end up in the hands of the original buyers. Subsequent resales of securities form secondary market , on which there is no accumulation of new financial resources for the issuer, and there is only a redistribution of resources among subsequent investors. By creating a mechanism for the immediate resale of securities, the secondary market strengthens the confidence of investors in them, stimulates their desire to buy new stock values, and thereby contributes to a more complete accumulation of society's resources in the interests of production. The core of the secondary securities market is the stock exchange.

Stock Exchange. is a market organized in a certain way in which transactions for the purchase and sale of securities are carried out.

The stock market is mainly three categories of participants :

1) brokers or brokers(trade at the expense of the client, receiving commissions for their work);

2) dealers or traders(trade at their own expense and in their own interests);

3) exchange specialists(trade at their own expense in the interests of the exchange).

Only its members can trade on the stock exchange. Other members stock market can perform trading operations on the exchange through the mediation of members of the exchange. The stock exchange is obliged to ensure transparency and publicity during trading. The Exchange is not entitled to set the amount of remuneration charged by its members for transactions with their participation. The Exchange independently establishes the procedure for inclusion in the list of securities that have passed the listing and delisting procedure.

Goods that are sold on the exchange must have such qualities as mass character, qualitative homogeneity and interchangeability, relative unpredictability of prices. To simplify exchange trading, not only types are standardized, but also volumes that can be sold under one contract. These minimum quantities are called exchange unit.

With the help of financial instruments such as securities.

Securities, according to legal definition, available in (Article 142), is a document of the established form and details, certifying property rights, the exercise or transfer of which is possible only upon its presentation.

In accordance with Art. 128 of the same code there is an object civil rights, the same as a thing, or rather, movable property.

Currently, the vast majority of securities exist not in their historically first - paper, or documentary form, but in the so-called paperless, or non-documentary form. The rights of the owner of a security are recorded only in a special register according to the rules established by law, and the security itself as a “physical” is absent.

Stocks and bods market is in constant development in accordance with growth. Its appearance was associated with the needs of commodity production, because without the involvement of private capital and their association through the issuance, primarily shares and bonds, it would be impossible to create and develop new enterprises and sectors of the economy. Therefore, it has become an important condition for the development of the economy of all the most developed capitalist countries of the world.

Securities Market and Commodity Market

Within the framework of a commodity economy, the securities market, on the one hand, is similar to the market for any other commodity, because a security is the same commodity, and on the other hand, it has its own characteristics associated with the specifics of its commodity - securities. The securities market in modern conditions is a sector of the general financial market and in this sense it differs from the real sector of the economy, which produces .

The securities market is an integral part of the financial market, as it is associated with capital flows from one market participant to another. It differs from other sectors of the financial market (money, foreign exchange, the market of bank loans and deposits) primarily in its object, but it is very similar to it both in the method of formation, and in the significance of the circulation process, and in relation to the market of real goods. The proximity of these markets is so great that in some cases securities can serve as means of payment and settlement (for example, a bill of exchange, a check). It should be noted that one of the prerequisites for the emergence of modern paper money was a bank note, or a bank bill.

The securities market covers international, national and regional markets, markets for specific types of securities, markets for government and non-government (corporate) securities, primary (initial) and secondary or derivative securities.

In a simplified and compact form, the place of the securities market is shown in the figure below.

Place of the securities market. The securities market and its main cash flows

The role of the securities market

The securities market, on the one hand, is an integral part of the financial market, as it allows through the use of securities to carry out the accumulation, concentration and centralization of capital and, on this basis, their redistribution in accordance with the requirements of the market, on the other hand, it is a sphere of capital increase, as and any other market.

Securities Market and Capital Raising

The securities market is an external source of capital raising in relation to any commercial activity. Usually internal financial sources work of an enterprise or company, consisting mainly of depreciation and a reinvested part net profit, make up on average from half to three-quarters of the total financial resources needed to maintain and expand the production and circulation of goods. The remaining need for financial resources is covered by two main external sources: the bank loan market and the securities market. According to existing estimates, up to 75% of external financial resources come from the securities market.

Securities market and capital investment

To get money from the sale of securities, you need to find a buyer for them. Consequently, the securities market is at the same time an object for investing free funds of enterprises, organizations and the population as an area where there is an increase in capital. However, capital can be increased either by putting money on bank deposit, on either foreign exchange market, or by investing in some kind of productive activity, in real estate or antiques, etc. Consequently, the securities market objectively competes with other areas of capital investment, and therefore everything depends on how attractive it is from the point of view of market participants.

Criteria for the attractiveness of the securities market for an investor. The attractiveness of the securities market is assessed according to the following criteria:

• rate of return. Market participants compare the profitability of their investments in various markets and their instruments;
• terms of taxation. Market participants consider the terms of taxation of transactions with securities in comparison with the taxation that takes place in other markets;
• risk level of investments in securities, i.e., the safety of the funds accumulated in them and the income received;
• level of service in the market. How convenient, simple, reliable, etc. is it for an investor to work in this market, how protected are its participants from all kinds of market and non-market risks, etc.

In general, directly to the securities market in developed countries Approximately 25-30% of the free funds of the population are invested and approximately the same amount is indirectly invested through insurance and pension funds(companies) that hold most of their assets in securities.

The place of the securities market in the total turnover of financial resources is shown in fig. 1.2.

Rice. 1.2. Securities market and main cash flows

A security has a specific use value, which is realized not in the process of consumption, but in the process of circulation.

Structure of the securities market

The securities market has a very complex structure. It is divided into primary and secondary; organized and unorganized; exchange and over-the-counter; public and computerized; cash and urgent.

Stocks and bods market has specific features that distinguish it from commodity market, For example:

• object and volume. A security is a specific commodity, a title of ownership. The use-value of such a commodity consists only in its ability to generate income in the future. The volume of the securities market, due to the continuity of their turnover, is many times greater than the volume of the market for real goods;
• by way of market formation. Real goods must be produced, and the security is simply put into circulation;
• by role in the appeal process. The purpose of producing real goods is their consumption, and securities are issued only for appeals and in it brings income;
• by subordination in economics. Stocks and bods market secondary compared to the market for goods and services.

Structure of the securities market

The securities market is a complex structure with many characteristics and therefore it must be considered from different angles.

Depending on the stage of circulation of a security, there are primary and secondary markets. Primary is a market that ensures the issuance of a security into circulation. This is her first appearance on the market. Secondary is the market in which previously issued securities are traded. This is a set of any operations with these securities, as a result of which a permanent transfer of ownership of them is carried out.

Rice. 1.4. Structure of the securities market

Depending on the level of regulation, securities markets are divided into organized And unorganized. At the first stage, the circulation of securities takes place according to firmly established rules, at the second stage, market participants agree on almost all issues.

Depending on the place of trade, there are exchange And over-the-counter stocks and bods market.

• stock market - is the trading of securities organized on stock exchanges.
• Not stock market - This is trading in securities without the mediation of stock exchanges.

Most types of securities, except for shares, are traded off exchanges. If the exchange market in its essence is always an organized market, then the over-the-counter market can be both organized and unorganized (“street”, “spontaneous”). At present, in developed countries market economy there is only an organized securities market, which is represented by either stock exchanges or over-the-counter electronic trading systems.

Depending on the type of trading, the securities market exists in two main forms: public and computerized.

Public (voice) market is a traditional form of trading in securities, in which sellers and buyers of securities (usually represented by fund intermediaries) meet directly at a certain place where public, open trading takes place (as in the case of exchange trading), or closed trading, negotiations are conducted, which for some reason are not widely publicized.

Computerized Market- these are various forms of trading in securities based on the use of computer networks and modern means of communication. It is characterized by:

• lack of a physical meeting place for sellers and buyers; computerized trading places are located directly in the offices of firms trading in securities, or directly at their sellers and buyers;
• lack of a public nature of the pricing process, automation of the process of trading in securities;
• continuity in time and space of the securities trading process.

Depending on the terms for which transactions with securities are concluded, the securities market is divided into cash and urgent.

cash market(the spot market, the cash market) is the market for the immediate execution of concluded transactions. At the same time, purely technically, this execution can be extended for up to one to three days, if delivery of the security itself in physical form is required.

Derivatives market securities is a market with a delayed, usually for several weeks or months, the execution of the transaction.

The cash market of securities reaches the largest size. Futures contracts for securities are mainly concluded in the derivatives market.

Depending on the instruments traded on the market, it is divided into:

• monetary— the maturity of instruments in this market is not more than one year (bill, check, bank certificate, short-term bonds);
• capital market(investment market) — the maturity of instruments is more than one year (shares, medium-term and long-term bonds).

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Raising capital is the main task of stock securities (CB). The characteristics that make it possible to attribute the Central Bank to this type are:

• uniformity;
• issuance of a document by a limited, previously established number;
• expression of ownership of a certain share in the capital, property or liability fund;
• circulation in a special market.

Thus, the main types of stock securities include stocks and bonds. This type of securities is traded on stock exchanges, the main tasks of which are to ensure the movement of documents and the formation of prices for them. The exchange is considered a non-commercial enterprise - it is a separate business entity that ensures the circulation of financial resources and the Central Bank.

The issuer or organization that produces (issues) stock securities can be the state or a commercial organization ( entity). Their release occurs by concluding an agreement between the issuer and the investor, also called a subscription to shares. As a result of such actions, the issuer receives capital (cash), and the investor receives securities, which give him certain rights (depending on the type of securities). As a result of the transaction, the investor has rights, while the issuer has only obligations. The issue of securities should be distinguished from their purchase and sale in the primary or secondary market. The issue of the Central Bank is subject to mandatory registration with state bodies.

A share is a document that confirms the right to own a part of the property of the joint-stock company that issued it. The Central Bank gives the right not only to a part of the profit of the organization, but also to the management of the company within the framework of such participation, what share of shares, out of the total number of issued ones, their owner owns. The exercise of the right of management takes place at meetings of shareholders, among which parts of the company are distributed.

A bond, on the contrary, allows only to receive profit from the enterprise in the form of a predetermined percentage, without granting the right to participate in its development.

Stock papers (FS), depending on the nature of the expressed rights, are divided into main and auxiliary. The main securities give property rights to a part of the enterprise and profits from its activities. Ancillary securities provide the opportunity to periodically withdraw profits from the underlying security in the form of interest or dividends. Such securities are called coupons. They can be issued to the bearer, even if the main security is registered. In addition, there is a kind of auxiliary papers called coupons - papers that provide the right to receive a coupon. Auxiliary securities may be separate securities, however, they do not have the right to circulate on the stock exchange.

FB trading takes place in whole batches. To conduct transactions, there is no need to place the Central Bank on the stock exchange - it only records transactions according to documents that are placed on bank accounts.

The price of shares or bonds depends on the share of the profit that its owner can receive. The value of the family of securities on the stock exchange, in turn, forms the stock index - an indicator of the state of the market.

According to the law "On the Securities Market", in order to sell them on a special stock exchange, documents must go through the listing procedure - a special examination and inclusion in the quotation list. The quotation or value of the Central Bank is formed on the basis of supply and demand indicators in the process of collecting applications by special intermediaries - brokers. The broker collects clients' bids for the purchase and sale of shares, agreeing with the parties on an acceptable price and quantity of securities. The broker has the right to make transactions both in favor of clients and in his own favor for own funds. He passes the data to the dealer, who collects orders for deals on specific securities and publicly announces their value. Thus, the price of the company's shares is set on the stock market. If the agreed price suits both parties, the buyer and seller make a deal.

Important! The main task of the dealer is to form the purchase price and the sale price of the securities: the greater the difference between them, the more dynamic the market is. During the day, stock prices can fluctuate, depending on various factors. Their value is fixed at the time of opening and closing of the exchange.

On the stock exchanges, trading takes place not only in basic papers like shares or bonds, but also in other securities: bills, checks, warehouse certificates, bills of lading, mortgages, and so on.

Stocks and bonds are corporate securities and are classified as primary or basic securities of this kind. Secondary securities include derivatives of the Central Bank, giving the right to their owner to purchase or sell other securities during their validity period. Derivative papers also serve the state securities market.

Stock and commodity securities form Common Market valuable papers.

The difference between the stock market and the securities market

In the domestic economics the stock market and the securities market are often used as synonyms, although they have cardinal differences in essence. The reason for this is the weak development of the commodity market, which, along with the stock market, forms the general market of the Central Bank.

At the heart of the market stock securities monetary relations lie - capital is mediated through stock securities. Commodity securities express goods or services that are sold and bought by market participants.

The main task of the securities market is to create inter-industry relations, thanks to which companies can attract domestic and foreign investment and transform them into the necessary investment resources.

Participants of the securities market, with different functions, can be:

• the state (as a borrower of capital);
• individuals (population can only supply capital);
• legal entities (for example, banks or other financial institutions) - can act both as providers of financial resources and as their consumers.

The main task of the stock market is to attract investment in a sector of the economy or a company, as well as to provide investors with the opportunity to profitably invest their own funds. Market participants can be the state, individuals or legal entities.

The stock market is the largest part of the securities market.

At the moment, trading in the securities market, whether it is stock or commodity exchanges does not require the mandatory physical presence of market participants. Thanks to Internet technologies, there are a number of trading programs that allow you to make transactions without leaving your home.

You can learn more about what the stock market is from this video:

primary stock market

Realization of economic interests of issuers takes place in the primary stock market. Issuers raise investment funds by issuing securities. For emissive securities, their issue is called emission. Permission to issue issuance securities gives federal agency executive branch for the securities market.

Placement by the issuer of securities among the first owners is called initial placement and going on in the primary stock market. At this stage, the issuer acquires the necessary investment resources. As a rule, the first buyers of securities are large investment companies implementing dealer activity in the stock market. The general picture of the interaction of participants in the primary stock market is shown in Fig. 1.14.

Option 1 refers to the case of a closed subscription for shares or other securities convertible η shares. In this case, the entire issue is placed among strategic investors who intend to control the joint-stock company. To protect the interests of shareholders, the decision to place the issue through a closed subscription (or an open subscription to ordinary shares accounting for more than 25% of previously placed shares) is accepted only by the general meeting

Rice. 1.14.

Option 2 describes the situation when the issuer uses the services of professional participants securities market - dealers, who in this case assume the obligation to buy out the entire issue or part of the issue at an agreed price.

Option 3. The issuer uses the services of professional participants in the stock market - brokers who act as intermediaries in transactions, assuming the obligation to provide maximum assistance in placing the issue of securities. In this case, the company has the right to place shares at a price below the market value by the amount of remuneration to the intermediary, but not more than 10% ( the federal law"On joint-stock companies", art. 38).

Option 4. The issuer assumes all the hard work of placing the issue of securities.

New owners of issued securities are recorded in the register. It should be noted that in the event that the number of shareholders exceeds 50, the register of shareholders must be maintained by an independent registrar.

Secondary stock market

Further movement of ownership of securities is carried out on secondary stock market. At the same time, dealers who have purchased securities in the primary stock market sell them at the market price. Dealers who purchase securities at their own expense and brokers who fulfill orders from their clients take part in transactions. Purchase and sale transactions are carried out on exchange and over-the-counter trading floors. Accounting for mutual obligations of trading participants is carried out by clearing organizations. The transfer of funds from the buyer to the seller is carried out commercial banks, and securities from the seller to the buyer - the depository. Fixation of buyers' ownership of securities is carried out by registrars.

In this case, the risk of adverse changes in the value of securities is assumed by stock market speculators. In a liquid market, an investor has the opportunity to sell his securities at market value at any time. This supports investors' confidence in the stock market as an instrument for investing temporarily free cash.

Another task that can be solved by the secondary stock market is the increase in the market value of securities - the "promotion" of the issuer's shares. This task in the secondary stock market is solved by dealers who, having bought back all the issued shares in the primary securities market, then start bullish and sell the securities at a higher market value.

The secondary stock market is also a tool for playing speculative games and making speculative profits. This opportunity provided by the secondary market is widely used by professional stock market participants - brokers. Carrying out a large volume of transactions of purchase and sale of securities and trying to buy them at a lower price and sell them at a higher one, they provide liquidity to the secondary stock market. The main operations carried out in the secondary securities market are shown in Fig. 1.15.

Rice. 1.15.

"Street market" of securities

In its most primitive form, the street securities market is a collection of unorganized traders in documentary securities who carry out purchase and sale transactions for cash. During the period of privatization, the "street market" allowed

take significant packages of vouchers from the population. At present, the "street market" has acquired a civilized form and is a network of intermediaries, buyers and sellers of securities, communicating with each other via telecommunications.

On fig. 1.15 shows the main ways of concluding transactions in the secondary stock market. Options 1–2 correspond to the case of a "street" stock market. Option 3 describes an organized over-the-counter stock market, and option 4 describes an organized exchange-traded securities market. Other, much more complex options are possible, which, without introducing fundamentally new approaches, significantly complicate the presentation of the material, so we will not consider them.

In conclusion, we detail the structure of the stock market, shown in Fig. 1.15, taking into account professional participants in the securities market (Fig. 1.16).