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
Primary securities market. Methods of issue of securities
The primary securities market, as a rule, covers only new issues of securities and mainly the placement of bonds of commercial and industrial corporations (the latter come into direct contact through investment banks and banking houses with financial institutions) that purchase these securities. Through the primary market, the reproduction process is mainly financed. There is a collective investor in the primary market represented by large credit and financial institutions, primarily CBs, insurance companies, pension and investment funds. Primary turnover has its own methods of trading securities, mainly bonds, allowing direct communication between the issuer of securities and their buyer. However, the only organizing intermediary here is investment banks. The primary market, which has its own placement methods, is an independent, rather complex and branched mechanism. However, this mechanism does not have its own specific place for trading securities, unlike the exchange. The peculiarity of the primary market also lies in the fact that it passes through itself new issues of shares and bonds, which then, when they are subsequently bought and repurchased, go to the stock exchange. But the vast majority of new bonds are not returned to the stock exchange and are in the hands (assets) of financial institutions.
The main role of the primary market is related to the trading of bonds, but shares are also sold on it. In these cases, mediation is usually undertaken by the investment. banks, banking houses and specialized brokerage and dealer firms. The volume and value of shares of primary turnover are significantly inferior to those of the stock exchange, but there is a tendency to their growth. The wide entry of shares, for example, in the United States, to the primary market is associated mainly with the peculiarities of diversification processes and speculative transactions, as well as with the specifics of the formation of new companies. In addition, the costs of listing shares here may be lower than on the stock exchange, where expensive specialized intermediaries usually operate. Assessing the quantitative and cost ratio of the primary market and the stock exchange, we can say that in quantitative terms the primary market is larger than the stock market, since the first receives a large number of issues of securities every year. At the same time, in terms of value, the exchange market can be larger than the primary one, since a lot of expensive stock values are concentrated on the exchange. In addition, frequent speculation, booms, and inflation push the stock price up.
Emission methods include:
Underright - subscription;
Direct (direct) - the direct sale of corporations to investors, bypassing banks, acting only as consultants;
Public - when several banks merge and begin to place on the terms of the issuing corporation;
Competitive bidding - auctions;
New technology of placement of securities - corporations create special departments that directly place securities.
Author: Shevchuk D.A.
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