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Lecture notes, cheat sheets
Commercial law. Stock exchanges. Objects of trading on stock exchanges (lecture notes)
Directory / Lecture notes, cheat sheets Table of contents (expand) LECTURE No. 27. Stock exchanges. Objects of trading on stock exchanges 1. Stock exchanges A stock exchange is a legal entity that is created in the form of a non-commercial partnership to organize trading in the securities market. The exclusive subject of activity of the stock exchange is the organization of trade in the stock market of securities. The main purpose of the stock exchange is the organization of open and public trading. In favor of the stock exchange, payments and remunerations made by members of the exchange for the services rendered are deducted, or fines are paid. The Exchange carries out depository activities, i.e. activities for recording rights to securities and clearing activities, which include the collection and reconciliation of information on transactions with securities. Publicity and publicity of trading is a necessary condition for the operation of the stock exchange. It is ensured by the exchange's obligation to notify its members about the place and time of trading, about the list and quotation of securities admitted to circulation on this exchange, about the results of trading sections, providing them with other information (clause 3, article 13 of the Federal Law "On the securities market papers"). Listing - the introduction of shares circulating on this exchange, the first quotation of shares on the exchange. The stock exchange approves the rules for admission to participation in trading on the stock exchange, as well as the rules for conducting trading on the stock exchange, which should contain the rules for making and registering transactions, measures aimed at preventing price manipulation and the use of official information. The participants in trading on the stock exchange are: 1) managers; 2) brokers; 3) dealers. The manager is a professional participant in the securities market. It carries out activity on management of securities. If trust management is connected only with the exercise by the manager of rights under securities, a license to carry out securities management activities is not required. A broker is a professional participant in the securities market carrying out this activity. Brokers are approached because of their specific knowledge of market conditions. When a broker provides services for the placement of emissive securities, the broker has the right to purchase at his own expense securities not placed within the period stipulated by the agreement. When combining the activities of a broker and a dealer, if there is a conflict of interests between the broker and his client, which led to losses to the client, the broker is obliged to compensate them in accordance with the procedure established by the civil legislation of the Russian Federation. The dealer is a professional participant in the securities market and carries out dealer activities. Only a legal entity that is a commercial organization can be a dealer. The dealer has the right to announce the essential terms of the securities purchase agreement, which include: 1) the price of the contract; 2) the minimum and maximum number of purchased or sold securities. The dealer is obliged to conclude an agreement on the essential conditions proposed by his client, if the announcement does not contain indications of other essential conditions. If the dealer evades the conclusion of the contract, a claim may be brought against him for the forced conclusion of such an agreement or for compensation for the losses caused to the client. Based on the rules, a special commission determines the rules for admission to trading (listing) or exclusion from trading (delisting). Data is included or excluded based on criteria such as: 1) the reliability of certain financial indicators of the issuer for a certain period; 2) profitability, measuring the percentage of profit; 3) liquidity (the ability to sell a security at any time). Disputes between members of the stock exchange, as well as between them and their clients, are considered by arbitration and arbitration courts. State regulation of the activities of stock exchanges is carried out by the Federal Commission for the Securities Market (Article 15 of the Federal Law "On the Securities Market"). 2. Objects of trading on stock exchanges A security is a document certifying, in accordance with the established form and mandatory details, property rights, the exercise and transfer of which is possible only upon presentation of this document. Securities include government bonds, bonds, bills of exchange, checks, deposit and savings certificates, bank savings books to bearer, bills of lading, shares, privatization securities and other documents. Objects of trading on stock exchanges: 1) shares; 2) bonds. A share is a security issued by a joint-stock company or a commercial bank without setting a maturity period, certifying joint ownership of an enterprise and entitles its holder to receive part of its profit in the form of dividends, and, in addition, a share certifies that its owner has contributed a share in the share capital of the company, i.e., a share gives the right to receive profit in the form of dividends, participate in management, and derive income by selling shares on the securities market. Shares are divided into ordinary and preference shares. Ordinary shares give the right to receive dividends and to participate in the general meeting of the company and its management, while preferred shares guarantee their owners annual payments of fixed inflated dividends, but the owners of preferred shares do not participate in the distribution of additional profit. When shares are traded on the stock market, they are characterized by the following parameters: 1) current market price; 2) dividends; 3) the number of dividend payments per year; 4) actual value; 5) current yield. Types of ordinary shares: 1) "blue chips" (elite shares of the company that regulate the payment of dividends for a long time in both successful and unsuccessful years for companies); 2) growth stocks designed for promising companies; dividends are either not paid or paid in a small amount; 3) profitable shares (shares with a long history and stable dividend payments, higher than average); 4) cyclical stocks (for companies whose profits change with the business cycle, i.e., depending on the general market situation); 5) speculative stocks (newly issued stocks or stocks with a highly fluctuating ratio of market price to share earnings; usually these are shares of small companies); 6) protective stocks (stable and relatively safe for investments in the medium term; such stocks are stable and rarely depreciate). A bond is a security that certifies the deposit of funds by its owner and confirms the obligation to reimburse him the face value of the security within the period stipulated in it with the payment of a fixed percentage (Article 2 of the Federal Law "On the Securities Market"). Main types of bonds: 1) bonds of legal entities; 2) government bonds. Confirm the contribution of their holders of funds to the budget and the receipt of the right to purchase, a fixed income; issued for up to 30 years. To place bonds, the state or legal entities hold auctions, where entities receive the right to place them, and then they are freely circulated on the secondary market. Bonds differ in terms of life, coupon interest, redemption conditions, issuer status, while government bonds are the most reliable. << Back: Legal regulation of trading on the stock exchange >> Forward: Currency Exchanges
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