Banking. The essence of the securities market (SMS), its tasks and functions (the most important)

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Banking. The essence of the securities market (SMS), its tasks and functions (the most important)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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Topic 52. The essence of the securities market (SM), its tasks and functions

Under RZB understand economic relations regarding the issue, placement and circulation of securities.

Main Markets, which are dominated by financial relations are: - Bank capital market, - RZB, - Foreign exchange market, - Insurance and pension funds market.

Place RZB can be assessed from two positions: from the point of view of the volume of funds raised from various sources and from the point of view of investing free cash in any market. Attraction of funds can be carried out at the expense of internal sources (profit) and external (borrowed) sources (issuance of securities, bank loans). The ratio between internal and external sources should be as 75% and 25% respectively. Attracting free cash in the RZB should be carried out taking into account the following indicators: 1. The degree of market liquidity 2. The level of market profitability 3. The level of risk of capital loss and failure to receive the expected profit 4. Taxation conditions.

RCB functions: It is conditionally possible to distinguish general market and specific functions.

General market functions: 1- commercial function, making a profit from operations in this market. 2 - pricing function, provides the process of price formation and their constant change. 3- information function, the market produces and brings to its sites information about the subjects and objects of trade. 4- regulatory function, the market creates the rules of trade and participation in it, the procedure for resolving disputes between participants, establishes priorities, control and management bodies.

Specific Functions: 1.

Redistributive. The market redistributes funds between spheres of the economy, and also finances the state budget deficit on an inflationary basis (without issuing money). 2.

Hedging. That is, insurance of securities market participants against unfavorable price changes, which became possible thanks to the emergence of derivative securities, as well as special mechanisms for concluding transactions.

Authors: Shevchuk D.A., Shevchuk V.A.

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