Topic 53. The structure of the securities market (SM), characteristics of its participants

RZB is a complex structure with many characteristics.

There are the following types of markets: 1. Primary and secondary 2. Organized and unorganized 3. Exchange and over-the-counter 4. Traditional and computerized 5. Cash and urgent. Depending on the stage of securities circulation:

primary market - this is a market that provides the issue of securities. into circulation, its first appearance on the market. Acquisition by their original owners.

Secondary market - this is the market on which previously issued securities are traded, this is the purchase and sale of securities. and other forms of transfer of ownership rights during the full life cycle of securities. Depending on the level of market regulation: organized and unorganized.

At first, the appeal of the c.b. takes place according to firmly established rules., on the second, the participants independently agree on all issues. Depending on the place of trade.

Stock market - trade in securities conducted on stock exchanges, however, most types of securities. traded outside the stock exchange. Always organized.

OTC (non-exchange electronic trading systems) - trading. c.b. bypassing the stock exchange with varying degrees of organization. Depending on the type of trade: Traditional market - a traditional form of trading securities. in which buyers and sellers of securities meet in a certain place and public public trading takes place (exchange trading) or closed trading takes place (Sources of business financing).

Computer market - various forms of trade in securities. based on the use of computer networks and modern means of communication. It is characterized by: the absence of a meeting place, trading is reduced to the introduction of bids for the purchase and sale, continuity in time. Depending on the terms for which transactions with securities are concluded.

cash market - (CASH and SPOT market) the market for the immediate execution of transactions, while technically their execution can take up to 3 days if the supply of securities is required. in physical form. The futures market is a market with a delay, usually for several months, of the execution of a transaction. RZB participants are f.l. or organizations that sell or buy securities, serve their turnover and settlements on them. There are the following main groups of participants: 1. Sellers (issuers) 2. Professional intermediaries (brokers and dealers) 3. Buyers (investors) -rating agency) 4. Regulatory and control bodies.

Salespeople (issuers and owners of securities) - carry out the issue and placement of securities. in the primary market and their further sale in the secondary market. Issuers are the state, commercial enterprises and organizations.

Buyers: Depending on the status, one can single out: an institutional investor is a j.l. investing money in securities; an individual investor is a f.l. investing money in securities

Depending on the from the purpose of investment: portfolio investor - an investor who forms and manages a portfolio of securities. Strategic investor - inv. managing the share of ownership in the form of securities.

Depending on the on the degree of risk: a timid investor is an investor who invests money in securities. for the purpose of their preservation. An aggressive investor is an investor who carries out 60-65% of speculative transactions with shares. Moderate investor. Sophisticated investor. An incompetent investor - incurs losses.

Professional intermediaries: A broker is a professional intermediary who carries out transactions at the expense of a client on the basis of an agency agreement or a commission agreement. A dealer is a professional intermediary who carries out transactions at his own expense and on his own behalf. Margin - credit.

Banks carry out lending to securities market participants in the amount of margin, as well as form and manage portfolios of securities.

Depositories - exist at stock exchanges. Transfer of ownership rights to securities. as a result of transactions as well as their storage. The registrar transfers ownership rights to the securities. based on the results of the transaction.

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

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