Commodity security is a security as a fictitious commodity. It is a substitute for goods, a certificate of ownership of a temporarily alienated thing, which can circulate on the market instead of this thing itself.

A commodity security is a form of existence of a simple commodity loan relationship as a security. Her legal types are warehouse receipts and bills of lading.

The temporary alienation of a thing as a simple commodity, fixed by issuing a security to its owner, is the establishment of a special value relationship between the issuer and the investor. In accordance with this relationship, the issuer of a commodity security receives at his disposal the commodity only as a thing, i.e., he affects only the use value of the commodity, and the owner of the commodity security receives at his disposal the value of the commodity, but only, of course, not directly, since value cannot be separated from a thing, but in the form of a security, that is, as a fictitious value.

The commodity form of a security makes it possible to separate the use value of a product from its value, as a result of which, in the form of a security, the value of the product begins to circulate separately between market participants without physically moving the product itself between them, i.e., without circulating its use value.

Money security - this is a security as a substitute for money, a kind of evidence of ownership of a certain amount of temporarily alienated money, which can perform the payment function of money. A monetary security is a form of existence of a simple monetary loan relationship. Its legal types are checks and bills of exchange. The essence of a monetary security is the splitting of the functions of a certain sum of money between the issuer of a security and its owner. This is done in such a way that the issuer has money only as a source of a monetary loan, and the owner of the security has money only as a means of purchase and payment (settlements). In other words, in the form of a monetary security, the payment and settlement function of money is relatively isolated from its use as a loan. A monetary security is a type credit money. A monetary security is a market form of existence of the payment and settlement function of money, relatively isolated from other functions of money.

Differences between a cash security and a commodity security: The return of money by the issuer when canceling a monetary security is outwardly no different from its purchase and sale. When a marketable security is redeemed, the commodity itself is returned (in exchange for the security), and therefore the cancellation does not act as a form of purchase and sale of a security; the sale of a monetary security on the secondary market (i.e., before its redemption date) is always made at a price less than the amount of money repaid on it, since the amount of money lent is always less than the amount of the debt repaid. The sale of a marketable security on the secondary market is carried out in accordance with the current market price of the product it represents.

Commodity security – ϶ᴛᴏ security as a fictitious product. It is worth noting that it is a substitute for goods, evidence of ownership of a temporarily alienated thing, which can circulate on the market instead of the thing itself.

A commodity security is a form of existence of a simple commodity loan relationship as a security. Its legal types will be warehouse receipts and bills of lading.

The temporary alienation of a thing as a simple commodity, fixed by issuing a security to its owner, is the establishment of a special value relationship between the issuer and the investor. In this relationship, the issuer of a commodity security receives at his disposal the commodity only as a thing, i.e., it affects exclusively the use value of the commodity, and the owner of the commodity security receives at his disposal the value of the commodity, but only, of course, not directly, since value cannot be separated from a thing, but in the form of a security, that is, as a fictitious value.

The commodity form of a security makes it possible to separate the use value of a product from its value, as a result of which, in the form of a security, the value of the product begins to circulate separately between market participants without physically moving the product itself between them, i.e., without circulating its use value.

Money security – a security as a substitute for money, a kind of evidence of ownership of a certain amount of temporarily alienated money, which can perform the payment function of money. A monetary security is a form of existence of a simple monetary loan relationship. Its legal types will be checks and bills of exchange. The essence of a monetary security is the splitting of the functions of a certain amount of money between the issuer of the security and its owner. This is carried out in such a way that the issuer has money only as a source of a monetary loan, and the owner of the security has money only as a means of purchase and payment (settlements). In other words, in the form of a monetary security the relative isolation of the payment and settlement function of money is carried out from their use as a loan. A monetary security is a type of credit money. A monetary security is a market form of existence of the payment and settlement function of money, relatively isolated from other functions of money.

Differences between a cash security and a commodity security:

• The return of money by the issuer when canceling a monetary security is outwardly no different from its purchase and sale. When a marketable security is redeemed, the commodity itself is returned (in exchange for the security), and therefore the cancellation does not act as a form of purchase and sale of a security;
• the sale of a monetary security on the secondary market (i.e., before its redemption date) is always made at a price less than the amount of money repaid on it, since the amount of money lent is always less than the amount of the debt repaid. The sale of a commodity security on the secondary market is carried out in conjunction with the current market price of the product it represents.

Trading securities also include securities received in the execution of the following transactions, if the bank intends to sell them within three months in order to make a profit:
- securities sold as part of a transaction under repurchase agreements;
- securities transferred on loan;
- acquisition (accounting) of bills.
Trading securities are securities that are purchased for the purpose of generating a profit from short-term price fluctuations and/or trading margins, or securities that are part of a portfolio that is actually used by the Bank to generate short-term profits.
The Bank classifies quoted and unquoted according to legislation Russian Federation securities into the category “Trading securities” according to IFRS, if there are intentions to sell them within 6 months (180 calendar days) from the date of acquisition.
The responsible employee of the bank forms and documents a reasoned judgment on trading securities in the form approved in the bank’s regulations on transformation financial statements. The data presented in the reasoned judgment is transferred to the adjustment sheet. In the event that the portfolio valuable papers is large enough, a development table for trading securities is created to form a professional judgment.
The following is documented professional judgment. As an example, a judgment on the reversal of securities reserves is given.

I approve
Deputy Chairman of the Board _____
"___" December 2005

The Bank classifies debt and equity securities quoted under the laws of the Russian Federation into the “Trading Securities” category under IFRS, with the exception of debt securities for which there are intentions to be held to maturity.
Such securities are classified as either “available-for-sale investment securities” or “held-to-maturity investment securities.” A motivated judgment on this issue is formed by a responsible employee of the Bank. The data presented in the reasoned judgment is transferred to the adjustment sheet and included in the transformation table.
The Bank classifies discounted bills of exchange into the “Trading securities” category under IFRS if the following conditions are met:
- the bill was purchased for the purpose of resale within 6 months (180 calendar days) from the date of acquisition;
- Information about financial condition the drawer (payer of the bill) is published in the media and (or) disclosed on websites;
- the bill is not overdue in accordance with bill of exchange legislation.
A motivated judgment on this issue is formed by a responsible employee who is entrusted with the authority to form judgments on bills. This information included in the transformation table.
Trading securities are carried at fair value. Realized and unrealized income and expenses on transactions with trading securities are reflected in the income statement for the period in which they arose as income less expenses on operations with trading securities. Interest income on trading securities is reflected in the income statement as interest income. Dividends received are reflected in other operating income in the income statement.
Purchases and sales of trading securities, the delivery of which must be made within the time limits established by law or convention for a given market and the purchase and sale of which are governed by “standard contracts”, are recorded at the delivery date. In all other cases, such transactions are reflected as derivatives financial instruments until the first value date under the terms of the transaction occurs - or the settlement date, or the delivery date.

b) Article 912 (second part of the Civil Code of the Russian Federation) introduces four more types of securities:

• double warehouse receipt;
• warehouse receipt as part of a double certificate;
• certificate of pledge (warrant) as part of a double certificate;
• simple warehouse receipt.

The fifteenth type of Russian security is one that has received citizenship rights in accordance with the Law of the Russian Federation “On Mortgage (Pledge of Real Estate),” which came into force on July 16, 1998. The last of the securities available in Russia is investment share (in accordance with the law of the Russian Federation “On investment funds", 2001).

Government bond and just a bond- this is the same type of security with the only difference, consisting in the fact that government bond can only be released by the state, but simply a bond - any legal entity.

If a bond is issued by the government, then such a bond is called a government bond. If local governments - then municipal. Legal entities also issue bonds: banks - bank bonds, other companies - corporate ones. Individuals do not issue bonds.

Bank passbook bearer in fact there is a type of bank certificate(along with certificates of deposit and savings certificates).

Privatization check ended its existence by 1996.

The following eight are legally (legally) permitted for release and circulation in Russia: economic types securities: shares, bonds, bills of exchange, checks, bank certificates, bills of lading, mortgages and investment shares.

Promotion

Promotion - in accordance with the law of the Russian Federation “On” is “an emission security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, participation in management joint stock company and part of the property remaining after its liquidation.”

Economic definition is a security that certifies a single contribution to the authorized capital of a business partnership with the ensuing rights for its owner.

Bond

Bond- in accordance with the law of the Russian Federation “On the Securities Market” - this is “an issue-grade security that secures the right of its holder to receive from the issuer of a bond within the period specified by it the nominal value and the percentage of this value or property equivalent fixed in it”;

Economic definition is a security that certifies a single debt obligation of the issuer (the state or any other legal entity) for the return of its nominal value after a certain period in the future on terms that suit its holder.

Bill of exchange

Bill of exchange- a security certifying a written monetary obligation of the debtor to repay the debt, the form and circulation of which are regulated by special legislation - bill of exchange law;

• promissory note- this is a security certifying the unconditional obligation (promise) of the debtor to pay the amount of money specified in it to the holder of the bill after a certain period of time;
• bill of exchange- this is a security that certifies an offer to the debtor to pay the amount of money specified in it to the person designated in it after a certain period of time.

Check

Check- a security document certifying a written order from the drawer of the check to the bank to pay the recipient of the check the amount of money specified in it during the period of its validity. A check is a type of bill of exchange that is issued only by a bank.

Bank certificate

Bank certificate- a security that is a freely negotiable certificate of a monetary deposit (deposit - for legal entities, savings - for individuals) in a bank with the latter’s obligation to return this deposit and interest on it after a specified period in the future.

Bill of lading

Bill of lading - a security, which is a document of a standard form, accepted in international practice, for the transportation of cargo, certifying its loading, transportation and right to receive it.

Mortgage

Mortgage - this is a registered security certifying the rights of its owner in accordance with a mortgage agreement (real estate pledge) to receive monetary obligation or the property specified therein.

Investment share

Investment share- a registered security certifying its owner’s share in the ownership of the property constituting a mutual investment fund.

The listed types of securities, characteristic of countries with highly developed market economies, are not exhaustive, and therefore it can be predicted that in the future the number of types of securities permitted by Russian legislation will increase.

Russian securities can be distributed according to the main listed characteristics as follows.

Comparative characteristics (classification) of Russian securities

In addition to the listed types of securities, which can be called basic, or primary, securities, in world practice there are securities that are based on primary ones, and therefore are considered derivatives in relation to them. Derivatives, or secondary securities, include securities based on stocks and bonds: depositary receipts, stock warrants, etc.

Secondary or derivative security is a security that provides its owner not directly with any property rights, but with rights to any underlying securities and, through them, to property rights.

Depository receipt - this is a security indicating ownership of a certain number of shares of a foreign issuer, but issued for circulation in the investor’s country; This is a form of indirect purchase of shares of a foreign issuer.

Stock warrant- this is a security that gives its owner the right to buy from a given issuer a certain number of its shares (bonds) at a price set by him during a period of time specified by him.

Characteristics of the security

The form has whole line details, or economic characteristics, along with their essential (“capital”) content. Specified market characteristics usually have a pairwise opposite nature (for example, paper or paperless forms of existence of a security), and therefore securities are classified depending on which feature of the corresponding pair they meet. The combination of these features inherent in a security constitutes its economic content.

The set of characteristics that any security has includes:

Timing characteristics:

• period of existence: when it was released into circulation, for what period of time or indefinitely;

Spatial characteristics:

• form of existence: paper, or, legally speaking, documentary form, or paperless, undocumented form;
• nationality: a security of domestic or another state, i.e. foreign;

Market characteristics:

• procedure for registering the owner: to bearer or to a specific person (legal, individual);
• form of issue: emission, i.e. issued in separate series, within which all securities are exactly the same in their characteristics, or non-emission (individual);
• type of issuer, i.e. the one who issues a security to the market: state, corporations, individuals;
• degree of negotiability: freely circulated on the market or there are restrictions;
• risk level: high, low, etc.;
• availability of accrued income: whether some income is paid or not;
• transfer procedure (form of address): delivery, assignment of rights of claim: assignment or endorsement;
• Registration: registered or unregistered;
• type of denomination: constant or variable.

Classification and types of securities

Depending on various characteristics, securities are classified as follows:

Types of securities by duration:

• urgent (lifetime is limited in time);
• perpetual (lifespan is not limited in time);

Securities issued for the entire life of the person obligated under them are not directly related to any time period, and therefore they are perpetual securities. These usually include shares. Securities issued for a limited period of time, regardless of whether it is specified when the security is issued or will be determined during its circulation, constitute a group of futures securities.

Future securities have a lifetime established upon their issue or a procedure for establishing this period. Typically, fixed-term securities are divided into three subtypes:

• short-term, with a maturity of up to 1 year;
• medium-term, having a maturity from 1 year to 5 years;
• long-term, having a maturity from 5 to 30 years (mortgage securities, by law, can be issued with a maturity of up to 40 years).

Fixed-term securities, the circulation period of which is not regulated in any way, i.e. they exist until the moment of redemption, the date of which is not indicated in any way when the security is issued, but only the procedure for their cancellation (redemption) is established, are called revocable.

Types of securities by form of existence:

• paper or documentary;
• paperless, or undocumented;

The classic form of existence of a security is a paper form, in which the security exists in the form of a document. The development of the securities market requires the transition of many types of securities, primarily equity ones, to a non-documentary form of existence.

Types of securities by nationality:

• national (Russian);
• foreign;

Types of securities by form of ownership:

• bearer, or bearer securities;
• registered, which contain the name of its owner and are registered in the register of owners of this security;

Ownership of a security can be registered or bearer. 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. It is usually transferred by agreement of the parties or by assignment.

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

Types of securities by form of issue:

• emission, i.e. issued in large quantities, within which all securities are absolutely identical;
• non-emission, usually produced individually or in small batches without state registration;

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.

Issue-grade securities are usually issued in large series, which are subject to state registration. These are usually stocks and bonds. Non-issue securities are issued without any state registration.

Types of securities by type of issuer:

• Government securities are usually different types of bonds issued by the government;

• non-state, or corporate, are securities that are issued for circulation by corporations (companies, banks, organizations) and even individuals.

Government securities- securities issued by . They occupy a special place among securities.

The state is not a capitalist and does not use funds raised through securities cash to generate income, it only redistributes them through or through its financial system, i.e. acts as an intermediary. Consequently, government securities are not a representative of directly functioning capital, but a representative of capital that the state does not have, which returns to the economy in a roundabout way (through the salaries of civil servants, the military, the purchase of goods, for example, military equipment, etc.). Therefore, government securities are an indirect representative of real capital.

Types of securities by risk level:

• low risk;
• medium risk;
• high-risk;

According to the level of risk, securities are conventionally divided into risk-free and risky. Risk-free- these are securities for which there is practically 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 e (these are usually government papers), medium risk(this is usually corporate bonds) And high-risk(these are usually shares). There are also higher-risk market instruments than ordinary stocks and bonds.

Graphically, the place of the main types of income-generating securities from the point of view of the ratio of risk and level of profitability is usually depicted as follows (Fig. 2.3).

In turn, each type of basic securities is divided into subtypes, etc.

Rice. 2.3. Dependence of income on risk

Types of securities by degree of negotiability:

• market, or freely circulating;
• non-marketable, 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. they 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 then after a specified period. Such securities are called non-marketable.

Types of securities according to the form of raising capital:

• equity, or ownership, which reflect the share in the authorized capital of the company;
• debt, which is a form of borrowing capital (cash).

Types of securities by type of par value:

• with a constant denomination;
• with variable denomination;

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 is one share, 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 it is constant denomination paper. If a security is issued without a monetary face value (zero face value), then it is variable denomination paper.

Types of securities according to the form of capital servicing:

• Investment (capital) securities are an object for investing money as capital, i.e., for the purpose of generating income.
• Non-investment securities are served cash settlements in commodity or other markets. Typically, this role is played by bills of lading, warehouse receipts, and bills of exchange.

Types of securities based on the availability of accrued income:

• no income;
• with accrued income;

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 on a security can be accrued in the form of a dividend (shares), interest (debt securities) or a discount, i.e., the difference between the par value of the security and its lower purchase price.

is a security as a fictitious commodity. It is a substitute for goods, a certificate of ownership of a temporarily alienated thing, which can circulate on the market instead of this thing itself.

A commodity security is a form of existence of a simple commodity loan relationship as a security. Its legal types are warehouse receipts and bills of lading.

The temporary alienation of a thing as a simple commodity, fixed by issuing a security to its owner, is the establishment of a special value relationship between the issuer and the investor. In accordance with this relationship, the issuer of a commodity security receives at his disposal the commodity only as a thing, i.e., he affects only the use value of the commodity, and the owner of the commodity security receives at his disposal the value of the commodity, but only, of course, not directly, since value cannot be separated from a thing, but in the form of a security, that is, as a fictitious value.

The commodity form of a security makes it possible to separate the use value of a product from its value, as a result of which, in the form of a security, the value of the product begins to circulate separately between market participants without physically moving the product itself between them, i.e., without circulating its use value.

Money security - this is a security as a substitute for money, a kind of evidence of ownership of a certain amount of temporarily alienated money, which can perform the payment function of money. A monetary security is a form of existence of a simple monetary loan relationship. Its legal types are checks and bills of exchange. The essence of a monetary security is the splitting of the functions of a certain amount of money between the issuer of the security and its owner. This is done in such a way that the issuer has money only as a source of a monetary loan, and the owner of the security has money only as a means of purchase and payment (settlements). In other words, in the form of a monetary security, the payment and settlement function of money is relatively isolated from its use as a loan. A monetary security is a type of credit money. A monetary security is a market form of existence of the payment and settlement function of money, relatively isolated from other functions of money.

Differences between a cash security and a commodity security:

• The return of money by the issuer when canceling a monetary security is outwardly no different from its purchase and sale. When a marketable security is redeemed, the commodity itself is returned (in exchange for the security), and therefore the cancellation does not act as a form of purchase and sale of a security;
• the sale of a monetary security on the secondary market (i.e., before its redemption date) is always made at a price less than the amount of money repaid on it, since the amount of money lent is always less than the amount of the debt repaid. The sale of a marketable security on the secondary market is carried out in accordance with the current market price of the product it represents.