Table of contents (expand)
- The credit system of the Russian Federation: essence, structure, meaning
- Legal basis for the activities of banks in the Russian Federation (Laws "On banks and banking activities", "On the Central Bank of the Russian Federation (Bank of Russia)")
- Central banks, their functions (western model)
- Functions of the Central Bank of Russia
- Passive and active operations of the Central Bank of the Russian Federation
- Monetary regulation of the economy by the Central Bank (Western and Russian models)
- Regulation and control by the Central Bank of the activities of commercial banks of the Russian Federation
- Organization by the Central Bank of cash circulation in the Russian Federation
- Refinancing of commercial banks by the Central Bank of the Russian Federation
- Operations of the Central Bank of the Russian Federation on the open market
- The essence and purpose of the fund of required reserves of commercial banks in the Central Bank of the Russian Federation
- Banks of individual elite service - Private banking ("Private banking")
- Credit auctions: essence, order of organization, meaning
- Operations of the Central Bank of the Russian Federation on servicing the public debt of Russia
- Modern inflation: essence, causes, forms of manifestation and their types in the Russian Federation
- Money circulation and its structure
- Indicators of the volume and structure of the money supply in circulation in the Russian Federation
- Monetary systems, their main elements (Western model)
- Features of the monetary system of the Russian Federation
- Interbank loans in commercial banks of the Russian Federation
- Interest rate policy of Russian banks
- Stocks: types and characteristics
- Securities in the Russian Federation. Types and characteristics
- Loan capital market: structure and functions
- Securities market: structure and functions
- Primary securities market. Methods of issue of securities
- Stock exchange: organizational and functional mechanism in the Russian Federation
- Characteristics of the secondary securities market
- Features of retail banking services - Retail banking ("Retail banking")
- The essence of money, their functions
- Theories of money and inflation
- Credit money, their types
- Bill, its essence, types
- Government securities (western model)
- Commercial banks: essence, types and role in the economy (Western model)
- Commercial banks: essence, types and role in the Russian economy
- Passive operations of commercial banks of the Russian Federation
- Formation of own resources of Russian banks
- Attracted resources of commercial banks in the Russian Federation
- Liability management in commercial banks of the Russian Federation
- Active operations of commercial banks of the Russian Federation
- Loan operations of commercial banks in the Russian Federation: essence, types, characteristics
- Documents submitted by the borrower for obtaining a loan from a commercial bank of the Russian Federation
- Forms of loan security
- Operations of commercial banks of the Russian Federation with securities
- Investment activity of Russian banks
- Asset management of commercial banks
- Liquidity of credit institutions of the Russian Federation. Liquidity indicators
- Financial risks
- Characteristics of the bank's assets in terms of providing liquidity, profitability
- Forms of credit: commercial, banking, consumer, state, international
- Financial services of commercial banks (leasing, factoring, trust transactions)
- Settlement operations of commercial banks
- The main forms of cashless payments in the Russian Federation
- Formation of check circulation in the Russian Federation (checks of commercial banks)
- Main forms of international payments
- Foreign exchange operations of Russian banks
- Foreign exchange market in the Russian Federation: participants, structure
- Mortgage banks and their operations (western model, experience in the Russian Federation)
- Investment banks and their operations (western model, experience in the Russian Federation)
- Savings banks and their operations (Western model)
- Savings banks of the Russian Federation
- Insurance companies and their operations
- Pension funds and their operations
- Investment companies and investment funds (western model, experience in the Russian Federation)
- Theories of credit
- The essence, functions and role of credit in the market economy of the Russian Federation
- International financial institutions
- Essence and functions of banking marketing
- Essence and functions of banking management
- Credit, investment and financial consulting
Securities market: structure and functions
The classification of securities is primarily determined by their intended purpose, which in turn determines the conditions of issue, quotation and their profitability. On this basis, securities are divided into:
1) shares of private companies, mixed and state companies;
2) bonds of private companies, mixed and public companies and corporations;
3) government bonds issued by the central government and local authorities.
shares serve three main purposes. Firstly, their release is necessary when organizing a joint-stock company in order to provide a new enterprise with a certain initial capital for the development of economic activity. Secondly, this is the attraction of additional financial resources already in the course of economic activity. Thirdly, the issue of shares is used for an exchange for the purpose of merging with another company. The profitability of shares is determined solely by the payment of dividends on them.
Bonds issued by companies serve the sole purpose of raising funds to renew fixed capital, replace equipment, and expand production capacity. As a rule, bonds are issued in three cases, when corporations or companies do not have enough own financial sources (profit and depreciation) to expand their economic activities.
A feature of bonds issued by companies is differentiated terms: from one or more years. Bond yields are usually determined by the annual interest payment (which is quite high).
The next important type of securities are bonds issued by the central government and local governments, usually to cover budget deficits. The fact is that the executive branch does not have enough tax revenues to balance its budget expenditures, and money emission leads to inflation. Therefore, an important additional element of cost coverage is government loans, i.e., the issue of bonds by various levels of executive power (central and local) for different periods - from several weeks to several years. Depending on the period of issue of bonds, their income fluctuates, that is, the percentage paid to buyers by the state.
Thus, the securities market, depending on the type of securities, is divided into markets for shares, private bonds and government bonds. The last two are sometimes called the bond market. Between these types of securities there is constant competition in terms of profitability, that is, we are talking about the ratio of dividend on shares to interest paid on private and government bonds, on the one hand, and the ratio between interest on private and government bonds, on the other.
Author: Shevchuk D.A.
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