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 bonds can only be issued by the government, 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 economic types of securities are legally (legally) permitted for issue and circulation in Russia: shares, bonds, promissory notes, 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 the management of the 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 that certifies the rights of its owner, in accordance with a mortgage agreement (real estate pledge), to receive a monetary obligation or the property specified in it.

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 a number of details, or economic characteristics, along with their essential (“capital”) content. The indicated 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 characteristic 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 government authorities. Typically, equity securities are subject to state registration, since their issue affects the interests of a large number of market participants. According to Russian legislation, issued shares, bonds, bank certificates (registered by the Central Bank) and mortgages are subject to mandatory registration. 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 to generate income; it only redistributes them through or through its financial system, i.e., it 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(these are 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 the 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 given upon its release. 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 serve monetary 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.

One of the areas of investing capital for the purpose of generating income or making settlements is securities. Some people are very well versed in the variety of securities, while for others this is an unexplored field of activity. You cannot tell about securities and their types in one material, so only their brief descriptions are concentrated here. A more detailed description of the securities with which banks work will be presented by me in separate articles.

So, before talking about the types of securities, let's first give the definition of a security, which is set out in Article 142 of Chapter 7 of the Civil Code of the Russian Federation (Civil Code of the Russian Federation):

Security- this is a document certifying, in compliance with the established form and required details, property rights, the exercise or transfer of which is possible only upon presentation. A security can only appear as a result of an issue. The issue of securities is a sequence of actions by the issuer to place issue-grade securities.

Federal Law No. 39-FZ of April 22, 1996 “On the Securities Market” regulates relations arising during the issue and circulation of issue-grade securities, regardless of the type of issuer, as well as the specifics of the creation and activities of professional participants in the securities market. Depending on who issues the securities, they can be classified as bank securities, government securities, or securities of legal entities. The issue of securities cannot be carried out by individuals, but they can be holders.

Issuer- a legal entity or executive authorities or local governments that bear, on their own behalf, obligations to the owners of securities to exercise the rights assigned to them.

Owner- a person to whom securities belong by right of ownership or other proprietary right.

And Article 143 of Chapter 7 of the Civil Code of the Russian Federation lists the main types of securities. The main securities include:

• Government bonds;
• Bonds;
• Bills of exchange;
• Bill of lading;
• Stock;
• Privatization securities and other documents.

Working with most of the securities listed above refers to one of the types of banking services provided to clients, and the principles of banks’ activities in the securities market are enshrined in Article 6 of Federal Law No. 395-1 of December 2, 1990 “On Banks and Banking Activities” .

When working with bank securities, you must always remember that funds invested in securities are not subject to Federal Law No. 177 of December 23, 2003. “On insurance of deposits of individuals in banks of the Russian Federation”, i.e. are not covered by insurance. And in Art. 5 clause 2 of the same law specifically emphasizes that funds placed by individuals in bank deposits payable to bearer, including those certified by savings certificates and (or) savings books payable to bearer, are not subject to insurance.

Most types of securities (documentary), as a rule, are drawn up on standard forms of strict reporting and must contain the mandatory details established by the relevant laws, which include the following:

1. Name of the security;
2. Date of registration of the security (deposit of funds);
3. Full name and location of the legal entity - issuer;
4. Nominal value of the security;
5. Name of the holder (owner), only for registered securities;
6. Deadline for payment (claim) of the amount;
7. Type of return on a security – interest rate, which indicates the interest rate and the amount of interest due; discount; interest-free.
8. Other details depending on the type and purpose of the security.

Securities are divided into:

1. Registered issue-grade securities that carry information about the owners, which must be available to the issuer in the form of a register of owners of securities, the transfer of rights to which and the exercise of the rights assigned to them require mandatory identification of the owner.
2. Issue-grade bearer securities, the transfer of rights to which and the exercise of the rights secured by them do not require identification of the owner.

Now we can give a definition for each type of security, as well as give a brief description of them:

Bonds. Government bonds

Bond- this is a security, which is a debt obligation issued by the state or an enterprise under certain conditions when they issue an internal loan and giving its holder (owner) income in the form of a fixed percentage of its face value. The meaning of the term “bond” is legally enshrined in Part 2 of Art. 816 of the Civil Code of the Russian Federation, and the relationship between the issuer and the bond holder is regulated by Art. 807 – 818 Civil Code of the Russian Federation.

Depending on the issuer, i.e. of the person who issued the security, bonds are distinguished into the following types:

• government bonds, which are issued on the basis of the Law of the Russian Federation of November 13, 1992 “On the State Internal Debt of the Russian Federation”,
• municipal bonds, which are issued on the basis of the Law on General Principles of Organization of Local Self-Government,
• commercial bonds of legal entities, which are regulated by the Law on Joint Stock Companies.

Bonds can be:

• registered or bearer,
• free circulation or limited circulation,
• with or without security (collateral or otherwise),
• with a one-time repayment period or with repayment in series at certain dates,
• with a fixed or floating coupon rate,
• regular or convertible.

Bills of exchange

Bill of exchange- this is a security that certifies the unconditional monetary debt unilateral obligation of the drawer (bank) to pay a certain amount of money to the holder of the bill (owner of the bill) upon maturity. A bank bill is basically of a deposit nature, and is issued by the issuing bank on the basis of the client depositing a certain amount of funds with the bank. The legislative meaning of the term “bill” is enshrined in Part 2 of Art. 815 of the Civil Code of the Russian Federation. Commercial banks issue bills of exchange of the following types:

• promissory notes, which represent a unilateral, unconditional obligation of the bank to pay a certain amount specified in the bill within a specified period;
• bills of exchange for which payers indicate third parties - debtors or guarantors of the bank.

A bank bill can be registered or drawn out to bearer, and it is drawn up in national or foreign currency. The bills issued by banks also differ in their yield: interest-bearing, discount and interest-free.

The bill is used as:

• instrument of payment;
• collateral and means of payment for lending.

The relationship between the parties to the bill of exchange is regulated by Federal Law No. 48-FZ of March 11, 1997 “On bills of exchange and promissory notes”.

Checks

Check- this is a security containing an unconditional order from the drawer to the bank to pay the amount specified in the check to the check holder. The definition of a check is set out in Article 877 of Chapter 46 of the Civil Code of the Russian Federation and Chapter 7 of the Regulations of the Central Bank No. 2-P dated April 12, 2001. “On non-cash payments in the Russian Federation.”

Checks are of the following types:

• nominal,
• order
• bearer

The drawer of the check is a legal entity that has funds in the bank, which it has the right to dispose of by issuing checks, and the holder of the check is the legal entity in whose favor the check is issued. Only a bank where the drawer has funds that he has the right to dispose of by issuing checks can be indicated as the payer of a check.

The issuance of checks is carried out on the basis of an agreement (check agreement) between the drawer and the payer, according to which the paying bank undertakes to pay the checks if there are funds in the drawer's account.

Savings (deposit) certificates

Savings (deposit) certificate- this is a security certifying the amount of the deposit made to the bank, and the right of the depositor (certificate holder) to receive, upon expiration of the established period, the amount of the deposit and the interest stipulated in the certificate in the bank that issued the certificate or in any branch of this bank. This definition of a savings (deposit) certificate is set out in paragraph 1 of Article 844 of Chapter 44 of the Civil Code of the Russian Federation.

Savings (deposit) certificates are of the following types:

• personalized
• to bearer

A savings (deposit) certificate is used as:

• A special type of deposit with a fixed interest rate that is set when the security is issued. Payment of interest on a savings certificate is made simultaneously with the redemption of the certificate upon presentation.
• It can be given as a gift or transferred to another person. A savings certificate issued to the bearer is transferred to another person by simple delivery, and a registered certificate is transferred by simple execution of an assignment (assignment of a claim).
• Certificates can be bequeathed to your heirs.
• It can be used as collateral for loans.
• Used to store money while traveling.
• Used as a means of payment between individuals.

In accordance with Federal Law No. 177 - FZ of December 23, 2003 “On insurance of deposits of individuals in banks of the Russian Federation,” deposits certified by savings certificates do not participate in the bank deposit insurance system.

Bearer savings books

Bearer savings book is a security that certifies the deposit of a sum of money into a banking institution and the right of its owner to receive this amount in accordance with the terms of the cash deposit. The issuance of a bearer savings book is carried out in cases where this is provided for in the bank deposit agreement, and only citizens can be the owners of such a security. The procedure for issuing and circulation of a bearer savings book is enshrined in Art. 843 of the Civil Code of the Russian Federation and Chapter 6 of the Law on Banks and Banking Activities.

The transfer of rights to another person, certified by a bearer security, in this case, a bearer savings book, is carried out by simply delivering the security to this person, which is enshrined in Art. 146 clause 1 of the Civil Code of the Russian Federation.

In accordance with Federal Law No. 177 - FZ of December 23, 2003 “On insurance of deposits of individuals in banks of the Russian Federation,” deposits registered with a bearer savings book do not participate in the bank deposit insurance system.

In addition, it is worth noting that transactions involving the placement of funds of certain amounts into deposits with the registration of a bearer savings book are subject to mandatory control in accordance with Federal Law No. 115 of 08/07/2001. “On combating legalization (laundering) of proceeds from crime.”

Bill of lading

Bill of lading- this is a transport document, which is a security that contains the terms of the contract of carriage by sea and expresses ownership of the specific goods specified in it. A bill of lading is a document the holder of which receives the right to dispose of the cargo. The basic rules for the circulation of a bill of lading and its details are enshrined in Art. 123 - 126 of the Merchant Shipping Code.

The bill of lading is issued by the carrier to the sender after acceptance of the cargo and certifies the conclusion of the contract. A bill of lading is issued for any cargo, regardless of how the transportation is carried out: with the provision of the entire ship, individual ship premises, or without such a condition. Under a bill of lading, the delivery of goods by water is carried out in accordance with the Hague Rules contained in the International Convention for the Unification of Conditions of Bills of Lading of August 25, 1924, unless any other state law applies.
Types of bills of lading:

• Linear bill of lading. Linear bill of lading (linear B/L) is a document that sets out the will of the sender aimed at concluding a contract for the carriage of goods. A line bill of lading defines the relationship between the carrier and a third party - the bona fide holder of the bill of lading. A bill of lading is a receipt issued by the carrier to the sender confirming acceptance of cargo for carriage by sea, as well as a document of title. In this case, the contract for the purchase and sale of goods, as well as other transactions in relation to the goods, are carried out through a bill of lading without the physical transfer of the goods themselves.


• Charter bill of lading. A charter bill of lading (charter B/L) is a document issued to confirm acceptance of cargo transported under a charter. A charter is a charter agreement, i.e. an agreement to hire a vessel for a voyage or for a specified period of time. The charter bill of lading does not serve as a document for the execution of a contract of sea transportation, since in this case a separate contract for the charter of the vessel is concluded in the form of a charter. The charter bill of lading defines the relationship between the carrier and the third party - the bona fide holder of the bill of lading. A bill of lading is a receipt issued by the carrier to the sender confirming acceptance of cargo for carriage by sea, as well as a document of title. In this case, the contract for the purchase and sale of goods, as well as other transactions in relation to the goods, are carried out through a bill of lading without the physical transfer of the goods themselves.


• Shore bill of lading. Coastal bill of lading (custody B/L) is a document that is issued to confirm the acceptance of cargo from the sender on shore, usually at the carrier's warehouse. When cargo is accepted on board a ship for which a shore bill of lading has been issued, a note is made in it about the loading of the goods on the ship and the date of loading and other marks are indicated. Sometimes, when cargo is accepted on board a ship, the shore bill of lading is replaced by an onboard bill of lading.


• On-board bill of lading. On board B/L is a document issued when goods are loaded onto a ship.

The bill of lading, like a security document, must contain certain mandatory details and information about the cargo. Their absence deprives the bill of lading of the functions of a document of title, and it ceases to be a security. The bill of lading is issued in several copies, one of which is handed over to the shipper. When the cargo is released according to one of the copies of the bill of lading, all other copies become invalid.

The consignee is identified in the bill of lading in three ways. Depending on this, bills of lading differ in:

• Personal bill of lading(straight B/L) - a security that indicates the name of a specific recipient.


• Order bill of lading(order B/L) - a security for which the cargo is issued either by order of the sender or recipient, or by order of the bank. An order bill of lading is the most common in maritime transport practice.


• Bill of lading to bearer(bearer B/L) - a document indicating that it is issued to bearer, i.e. it does not contain any specific information regarding the person entitled to receive the goods, and therefore the goods at the port of destination must be released to any person presenting them.

Stock

Promotion is a security issued by a joint-stock company and securing the rights of its owner (shareholder) to receive part of the profit of the joint-stock company (JSC) in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation.

Today, shares of the largest Russian companies and banks are perhaps one of the most profitable assets that can be available to a private investor.

All shares issued by any Joint Stock Company are registered. As a rule, stocks are divided into two groups:

• Ordinary shares. Owners of ordinary shares of a joint stock company can, in accordance with the Federal Law and the charter of the company, participate in the general meeting of shareholders with the right to vote on all issues within its competence, and also have the right to receive dividends, and in the event of liquidation of the company, the right to receive part of its property


• Preference shares(one or more types). Owners of preferred shares do not have the right to vote at the general meeting of shareholders, unless otherwise established by this Federal Law.

Preferred shares of a company of the same type provide shareholders - their owners with the same amount of rights and have the same nominal value. The par value of the issued preferred shares must not exceed 25 percent of the authorized capital of the company.

The size of the dividend and (or) the value paid upon liquidation of the company (liquidation value) for preferred shares of each type must be determined in the company's charter. The dividend amount and liquidation value are determined in a fixed monetary amount or as a percentage of the par value of preferred shares. The size of the dividend and the liquidation value of preferred shares are also considered determined if the charter of the company establishes the procedure for their determination.

Owners of preferred shares for which the dividend amount is not determined have the right to receive dividends on the same basis as owners of ordinary shares.

The types and procedure for issuing shares, the procedure for creating and operating Joint Stock Companies, and protecting the rights and interests of shareholders are ensured by the Civil Code of the Russian Federation and the Federal Law of the Russian Federation “On Joint Stock Companies” dated December 26, 1995 No. 208-FZ (as amended).

The latest changes and additions were made on December 12, 2010.

The variety of types of securities predetermines the multiplicity of criteria for their classification.

1. In world practice, securities are divided into two large classes: basic securities, derivative securities.

Basic- these are securities based on property rights to any asset (goods, money, capital, property, resources, etc.). Fundamental securities can be broken down into primary and secondary securities. Primary securities are based on assets, which do not include the securities themselves (stocks, bonds, bills, mortgages, etc.). Secondary securities are securities issued on the basis of primary securities, i.e. they are securities for the securities themselves (warrants, depository receipts, etc.).

Foam paper derivatives- these are non-documentary forms of expressing a property right (obligation) arising in connection with a change in the price of the underlying asset, i.e. the asset underlying this security. These are securities for any price asset: for the prices of goods (grain, meat, oil, etc.); on credit market prices (interest rates); on foreign exchange market prices (exchange rates); on the prices of underlying securities (indices of stocks, bonds), etc. Derivative securities include futures contracts and freely traded options.

2. According to the form of issue (issue), securities can be divided into: emission (shares, bonds) and non-emission (bill, check, option).

According to Art. 2 of the Law “On the Securities Market”, an issue-grade security is any security, including uncertificated paper, which is simultaneously characterized by the following features: 1) secures a set of property and non-property rights that are subject to certification, assignment and unconditional implementation in accordance with the current procedure; 2) mixed with releases; 3) has equal volumes and terms for the exercise of rights within one issue, regardless of the time of acquisition of securities.

Non-issue (individual) security- a security issued individually or in small series.

3. According to the order of ownership (depending on how the rights secured by the securities are exercised), securities are divided into registered, order and bearer.

Registered security- this security contains information about its owner; the owner's name is recorded on its letterhead and (or) in the register of owners, which can be maintained in regular documentary and (or) electronic forms. The transfer of rights to such securities and the exercise of the rights secured by them require mandatory identification of the owner and maintenance of a register of owners of registered securities.

Order security- this is a security, the rights under which may belong to the person named in it, who himself exercises these rights or appoints another authorized person by his order. Rights under an order security are transferred by making an endorsement on this paper (check, bill of lading, bill of lading).

Bearer security is a security on which the name of its owner is not recorded. The transfer of rights to it and the exercise of the rights secured by it do not require identification of the owner; the rights secured by this document belong to the person who represents it. There is no register of their owners for bearer securities.

4. Depending on the form of issue, securities are: documentary (in the form of separate documents) and non-documentary (non-cash, in the form of entries in accounts).

Documentary form of issue-grade securities- this is a form in which the owner is identified on the basis of presentation of a properly executed security certificate or, in the case of deposit, on the basis of an entry in a securities account.

Uncertificated form of issue-grade securities- this is a form in which the owner is identified on the basis of an entry in the system for maintaining the register of securities owners or, in the case of depositing securities, on the basis of an entry in a securities account. Chain paper issued in book-entry form exists in the form of entries in personal accounts with the registry holder or in securities accounts with the depository. The record contains all the necessary details of securities (issuer, amount, holder, interest, etc.). When buying and selling a security, donating it, transferring it, it is moved by making entries in personal accounts with the registry holder and securities accounts with the depositary.

5. Based on their lifespan, foam papers are divided into fixed-term and perpetual.

Urgent- These are securities that have a specified lifespan. They are divided into: short-term (up to 1 year), medium-term (1-5 years) and long-term (5-30 years).

Indefinite- securities that exist forever; limited only by the life of the issuer.

6. Depending on the purpose of the issue, securities are divided into commercial and stock.

Commercial- these are securities that serve the process of trade turnover and certain property transactions (bills, checks, mortgages, warehouse and pledge certificates, bills of lading).

Stock- these are securities that are instruments for the formation of monetary funds (shares, investment shares).

7. Depending on the form of investment of the owner’s funds, securities are divided into debt and equity.

Debt- these are securities that provide for the repayment of the debt amount by a certain date and the payment of a certain percentage (bonds, bills).

Equity- these are securities that secure the owner’s rights to part of the property of an enterprise during liquidation, giving the right to receive part of the profit, information and to participate in the management of the enterprise (shares, share certificates).

8. Depending on nationality, securities are domestic And foreign.

9. According to the form of ownership and type of issuer, securities are divided into state, municipal And non-state. Non-government securities are represented by corporate (issued by business entities) and private financial instruments (issued by individuals).

10. Based on the nature of negotiability of securities, they are distinguished: market(freely traded on the secondary market), non-market(having only a primary market) securities and securities with limited circulation(shares of closed joint stock companies). Marketable securities are divided into securities admitted to exchange quotation and securities not admitted to exchange quotation.

11. According to the level of risk, securities can be risk-free And risky. Risky securities, in turn, are divided into high-risk, medium-risk and low-risk. The higher the yield, the higher the risk, and the higher the guaranteed income (reliability) of the security, the lower the risk.

12. Based on the availability of income, securities are divided into profitable(high income, middle income, low income) and non-income.

13. According to the form of income, they distinguish interest(coupon) with a fixed or floating rate, interest(no coupon), discount, indexed, winning, premium securities. Securities can be with fixed or fluctuating income.

There are the following ways to generate income from securities.

Income from orders a security is income from the sale of a security at market value when it exceeds the par or original cost at which it was purchased.
Income from possessions securities can be obtained in the following ways:

• fixed interest payment - constant income level. Due to inflation and rapidly changing market conditions, over time, a constant income will lose its attractiveness;
• stepped interest rate. The use of a stepped interest rate is that several dates are established, after which the owner of the security can either repay it or leave it until the next date. In each subsequent period the interest rate increases;
• floating interest rate. The floating rate of interest income changes regularly (once a quarter, every six months) in accordance with the dynamics of the discount rate of the Central Bank of the Russian Federation or the level of profitability of government securities placed through auction sales;
• income from indexation of the nominal value and interest rate of a security - the nominal or interest rate of a security - is indexed taking into account the inflation index (consumer price index);
• income due to a discount (discount) when purchasing a security. Sale of debt obligations (bills, certificates, etc.) at a discount against their nominal price - such a discount is called a discount;
• income in the form of winnings on a loan involves making winning loans;
• dividend - income per share, which is formed from the profits of the joint-stock company (or other issuer) that issued the shares.

14. Depending on the possibility of early repayment, the following are distinguished: irrevocable securities, which cannot be recalled and repaid by the issuer ahead of schedule; callable securities, which can be withdrawn and repaid by the issuer before the maturity date. The withdrawal procedure must be provided for in the prospectus.

15. If possible, securities can be exchanged convertible And non-convertible. Convertibles are securities that, under certain conditions, are exchanged for other types of securities of the same issuer.

16. By type of use, securities are classified as investment (capital) and non-investment.

Investment- securities that are the object of capital investment (shares, bonds, futures contracts, etc.).

Non-investment- securities that serve monetary settlements in commodity and other markets (bills, checks, bills of lading).

17. Depending on the rights expressed on paper, securities are divided into:

• papers securing the right to participate in any joint stock company(shares, share certificates);
• money papers(bonds, bills, checks, bank certificates);
• commercial papers, securing material rights: 1) ownership (certificates of ownership, property sheet, bill of sale); 2) the right of pledge on goods (mortgage, certificate of pledge); 3) both at the same time (warrant, bill of lading).

18. According to their economic nature, securities are divided into shares, bonds, bills, checks, deposit and savings certificates, bills of lading, options, warrants, housing certificates, investment shares, etc.

You can classify securities according to other criteria; to do this, you must always take into account the purpose of the classification.

Stock

A security that gives its owner the right to own part of the capital and the opportunity to receive income in the form of dividends.

• Simple - do not provide dividends, but at the same time give the right to vote.
• Preferred - guarantee the receipt of a dividend, but do not give its owner the right to participate in voting.
• Registered shares.

Bonds

A category of securities issued by a government or company that confirms a debt obligation to its owner. After a specified period, the bond holder will receive back the loaned amount, as well as interest on it. Income is transferred during the period of commitment in equal shares. There are short-term (valid for less than 10 years) and long-term (valid for more than 10 years) bonds.

The issuer issues these securities in order to generate capital, which is necessary to expand its activities or modernize production. Bonds give their owners the opportunity to participate in the management of the company. Bond - .

Bill of exchange

Confirms a debt obligation; a feature of promissory notes is the absence of asset collateral. This is a rather risky acquisition, but if successful, the benefits will be the highest. The issue of bills is carried out by companies that, at the time of issue, are in an unstable financial situation or are committed to a successful outcome of future economic and financial transactions. A bill of exchange can be commodity or financial, urgent (with a fixed payment date) and bearer.

Bank certificate

A security that confirms the placement of funds in an institution of the banking system, guaranteeing their return and interest. They are divided into:

• Certificates of deposit - issued by the bank as confirmation of the rights of the depositor (or his successor) to return the deposit placed for a specified period, as well as interest payments on it. They are provided exclusively to legal entities. The maximum period of issue is one calendar year.
• Savings certificates - can be issued to individuals for a period of up to 3 years.

Securities also include checks containing a written order from the drawer to the payer to provide the bearer with the amount specified in it.

Secondary securities

Options

A security that gives its holder the right to purchase or sell an asset at a future date. In this case, the price of assets will be “frozen”. The option seller is obligated to provide or purchase the asset. The buyer has the right to choose: he can exercise the option or refuse to exercise it. In other words, in options trading, all the rights are with the buyer, and the obligations are imposed on the seller.

Financial futures

An agreement concluded between a seller and a buyer that regulates the future process of buying and selling securities on a specified date at a previously fixed price. Both the seller and the buyer have obligations in this situation.

Warrants

A subtype of options that secures the right to purchase or sell securities within the framework of the conditions established by the parties.

Security– a document indicating certain property rights of its owner upon presentation. The security must be drawn up in accordance with its type and general criteria for such documents.

There are three most common definitions of securities:

• A security is a document the presentation of which is necessary to exercise the right expressed in it.
• A security is a business document of a standard form, monetary or property content, having legal force.
• A security is a special form of existence of capital; they can be transferred instead of capital itself, circulate on the market as a commodity and bring profit. Their essence is that there is no capital itself, but there are all rights to it, fixed by a security.

What types of securities are there?

Based on their economic nature, securities are divided into equity securities, debt securities and derivative financial instruments.

• Shares

They fix the relationship of co-ownership or share participation in the formation of the authorized capital and distribution of profits (shares).

• Debt papers

They are instruments of credit (bonds, bills, savings and certificates of deposit) - written testimony of the bank on the deposit (placement) of funds, which certify the depositor's right to receive, at the end of the established period, the deposit and interest on it. Certificates can be urgent and on demand, named and bearer.

• Derivative financial instruments (options, futures, warrants, etc.)

Certify the right to buy or sell securities (most often shares).

Depending on the purpose, securities are divided into stock and commercial.

• Stock securities (shares, bonds)

They are capital investment instruments traded on the stock market; they are usually perpetual or valid for more than one year.

• Commercial papers (bill of exchange, letter of credit, etc.)

They are credit instruments, mediate trading operations and circulate in the money market. These securities are predominantly short-term and are only partially used for capital investment.

Also, securities are divided into marketable ones, which can be resold, and non-marketable ones, which can be sold only once.

The most common securities are shares (,), checks, traveler's checks, mortgages. Each of them has certain rules for design and purpose.

Where do securities come from?

Securities arise through issue. The issue of securities means their release and placement among holders. Securities are issued:

• to attract primary capital of a joint-stock company or increase it;
• to reorganize an enterprise into a joint-stock company;
• to change the scope of rights of existing security holders;
• to attract additional investments (own or borrowed).

Central Banks can be issued by the state, authorities, legal entities and individuals.

What is the securities market?

The securities market, or, in other words, the stock market, is a set of transactions in the sphere of circulation and issuance of various securities - shares, bonds, certificates, mortgages, etc. Its infrastructure is extremely widely developed and covers almost all sectors of the economy. The functioning of the securities market makes it possible to streamline and increase the efficiency of many economic processes, especially investment ones.

The most common types of stock trading are stocks, bonds and options.

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