Loan market. One of the main components of the Russian financial market is the loan market. Given the high cost of loans provided domestic banks, an important share of its need for financial resources Russian enterprises satisfy by providing commercial loans and loans to each other directly, bypassing financial intermediaries.
The basis of regulatory regulation of the loan market of the Russian Federation is Civil Code RF. Art. 807 of the Civil Code of the Russian Federation states: “Under a loan agreement, one party (lender) transfers money or other things defined by generic characteristics to the ownership of the other party (borrower), and the borrower undertakes to return to the lender the same amount of money (loan amount) or an equal amount of other things of the same kind and quality. The loan agreement is considered concluded from the moment of transfer of money or other things.
Thus, the subject of a loan agreement can be either money or things defined by generic characteristics, i.e. things that do not have specific, individual, inherent features only to them. They are no different from other homogeneous things and are legally interchangeable.
For example, you cannot transfer original paintings on a loan, but it is quite possible to transfer paints, brushes, canvas, etc.
In addition to individually defined things, the restriction also applies to property limited in circulation (Article 129 of the Civil Code). You can not lend property that is entitled to belong only to certain participants civil circulation or requires a license if the borrower does not have a license.
Under the loan agreement, the item is transferred to the borrower in ownership, i.e. only similar things of the same kind and quality are returned, the originally received thing remains with the borrower.
Any legal entity and individual can transfer money or things on loan, with a few exceptions.
Institutions fully financed by the owner cannot act as lenders, since their right of operational management does not include such powers to dispose of the owner's property (clause 1 of article 298 of the Civil Code). State-owned enterprises can be lenders, but only with the consent of their owner (clause 1, article 297 of the Civil Code).
Individual entrepreneurs and citizens can enter into loan agreements in both household and business areas, both for a fee and free of charge.
In accordance with Art. 809 of the Civil Code, unless otherwise provided by law or the loan agreement, the lender has the right to receive interest from the borrower on the loan amount in the amount and in the manner specified by the agreement. In the absence of a clause on the amount of interest in the agreement, their amount is determined at the place of residence of the lender, and if the lender is a legal entity, at the place of its location, by the rate bank interest(refinancing rate) on the day the borrower pays the amount of the debt or its corresponding part. Unless otherwise agreed, interest is paid monthly until the date of repayment of the loan amount.
The loan agreement is assumed to be interest-free, unless it expressly provides otherwise, in cases where:
the contract is concluded between citizens for an amount not exceeding fifty times statutory minimum size remuneration, and is not related to the implementation entrepreneurial activity at least one of the parties;
under the contract, the borrower is transferred not money, but other things defined by generic characteristics.
The borrower is obliged to return to the lender the amount of the loan received on time and in the manner prescribed by the loan agreement. In the event that the repayment period is not established by the agreement or is determined by the moment of demand, the loan amount must be returned by the borrower within 30 days from the date the lender makes a request for this, unless otherwise provided by the agreement (Article 810 of the Civil Code of the Russian Federation).
At present, the law of the Russian Federation draws a clear line that distinguishes by subject legal regulation a loan (credit) agreement and a loan agreement, which should be taken into account by the parties to the loan relationship. According to Art. 689 of the Civil Code, a loan agreement is defined as an analogue of an agreement free use, the essence of which is that one party transfers to the other party a thing for free use with the obligation of the latter to return the same thing in the same condition in which it was received.
If an agreement is concluded between an enterprise and, for example, its employee, under which the enterprise transfers some property to the employee with the obligation of the latter to return exactly the property that he received, and in the condition in which it was provided to him (taking into account normal wear and tear or the degree of depreciation specified in the contract), then there is a relationship of gratuitous use (loans).
If the enterprise and the employee conclude an agreement under which the employee must return to the enterprise not the property that was transferred to him earlier, but completely different, but of the same kind and quality (and if it is money, the same amount that he received) , then such signs indicate that a loan agreement has been concluded between the parties (Article 807 of the Civil Code of the Russian Federation).
The loan agreement in this case is excluded, since, according to Art. 819 of the Civil Code, this type of civil law contract is concluded only when the lender is a bank or other financial and credit organization and the subject of the loan is only money.
It should be emphasized that since exactly the same thing is being returned, according to paragraph 3 of Art. 607 of the Civil Code, the loan agreement must contain data that make it possible to definitely establish the property to be transferred to the borrower. They can serve as indications of the composition of the transferred property, its location, etc. In the absence of these data, the condition on the object to be transferred to the loan is considered not agreed by the parties, and the corresponding agreement is not considered concluded.
The loan can be transferred land, enterprises, vehicles, but not money, since the subject of a loan can only be an individually defined thing. The loaned item must be legally irreplaceable. Therefore, intangible assets are also not suitable.
It should be emphasized once again that the loan is characterized by its gratuitousness, i.e. free use. The situation is different with a loan agreement, which (unless otherwise provided by law or agreement) is initially assumed to be reimbursable, i.e. the lender is entitled to receive interest.
These features of the loan, fixed in the Civil Code of the Russian Federation, determine the limited scope of the loan and, accordingly, the absence of a loan market in the Russian Federation.
Another option for obtaining financial resources bypassing an intermediary is a commercial and commodity loan.
In the Civil Code, Art. 822 it is noted that the parties may conclude an agreement providing for the obligation of one party to provide the other party with things defined by generic characteristics (commodity credit agreement). “Contracts, the execution of which is associated with the transfer of money or other things defined by generic characteristics to the ownership of the other party, may provide for the provision of a loan, including in the form of an advance payment, prepayment, deferral and installment payment for goods, works or services (commercial loan) unless otherwise provided by law” (Article 823).
The provision of a commercial loan means that the onerous agreement related to the transfer of ownership of property or the results of work performed contains a condition on the advance payment of property or, on the contrary, on a deferment or installment payment. Therefore, a commercial loan is not an independent transaction of a loan type, but a condition on the procedure for paying for the transferred property contained in the compensated contract.
At the same time, since to commercial credit the rules on the loan agreement are applied (clause 2 of article 823 of the Civil Code), and the loan agreement assumes compensation, the buyer of property has an obligation to pay interest for using the loan, if the contract of sale does not contain a clause that the deferment is interest-free. The law does not regulate the form of interest payments. It can be either in cash or in kind.
Credit market. The loan market should be distinguished from the loan market, since the latter can only be provided by organizations that have the status of credit and traditionally act as financial intermediaries.
According to Art. 819 of the Civil Code of the Russian Federation, under a loan agreement, a bank or other credit institution (creditor) undertakes to provide funds (credit) to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the received sum of money and pay interest on it.
The credit market is mainly provided in the Russian Federation by commercial banks. Therefore, in addition to the Civil Code of the Russian Federation credit operations regulated by the Law on Banks and banking and the Law “On the Central Bank of the Russian Federation”. As of June 1, 2002, as compared to January 2002, the share of loans in total banking assets rose from 41.1 to 47.9% or 6.8%. Accordingly, the ratio of issued loans to GDP is also steadily growing. If in June 1998 the share of loans to the non-financial sector was 8.5% of GDP, then by the beginning of 2002 it increased to 13.5%, although Russia continues to lag behind most industrialized and developing countries in terms of key lending indicators.
problems of domestic credit market remain low capitalization and profitability banking system. At the beginning of 2001, the total capital of the Russian banking system amounted to about $17 billion, which is almost 3 times lower than in Australia or Holland, whose GDP is approximately equal to Russia's.
The total profit of Russian banks in 2001 amounted to about 67 billion rubles. - or about 2 billion dollars, which is less than the profit of any of the US banks included in the top ten. For example, Citygroup's profit was about $22 billion, and Bank of America - over $10 billion.
Low capitalization reduces service opportunities large companies, the volume of business of which is often many times the capital of banks. The consequence of this is the tendency to expand operations Russian companies in foreign financial markets. According to experts, the turnover of Russian valuable papers(in the form of ADR) on the London Stock Exchange is 2 times higher than their turnover on Russian market.
To provide loans, commercial banks must attract funds from individuals and legal entities and thus ensure the formation of their financial resources. Thus, the reverse side of the credit market is the deposit market.
In order to raise funds for a period or on demand, the bank may conclude a bank deposit (deposit) agreement. In accordance with Art. 834 of the Civil Code of the Russian Federation, under a bank deposit (deposit) agreement, one party (bank), which has accepted the amount of money (deposit) received from the other party (depositor) or received for it, undertakes to return the deposit amount and pay interest on it on the terms and in the manner prescribed contract.
A bank account agreement is concluded to store customer funds necessary to ensure their current activities. Under the bank account agreement, the bank undertakes to accept and credit funds received to the account opened by the client (account holder), fulfill the client's instructions to transfer and issue the appropriate amounts from the account and conduct other operations on the account. The Bank can use the funds available on the account, guaranteeing the client's right to freely dispose of these funds.
Stocks and bods market. The securities market is the market where securities are bought and sold. (See chapter 14 for more details.)
Leasing market. The provision of leasing services in the Russian Federation is regulated by the Law "On Leasing" of October 29, 1998 No. 164-FZ, as amended by the Law of January 29, 2002 No. 10-FZ. In accordance with this law, leasing is a set of economic and legal relations arising in connection with the implementation of a leasing agreement, including the acquisition of a leased asset. A leasing agreement is an agreement in accordance with which the lessor (lessor) undertakes to acquire ownership of the property specified by the lessee from the seller specified by him and transfer this property to the lessee as a leased asset for a fee for temporary possession and use.
The leasing services market in the Russian Federation is developing at a relatively high pace, but so far it has not reached the scale of similar markets in countries with a developed market economy. The main source of funds for leasing companies- loans from commercial banks. To support the leasing of agricultural machinery authorized capitals a number of leasing companies are replenished through direct financing from the federal budget.
Factoring services market. The factoring services market, which has become widespread in countries with developed financial markets, has not been developed in the Russian Federation. In Russia, there is no legal regulation of the term "factoring" itself, although legal basis its implementation is laid down in the Civil Code of the Russian Federation, Ch. 43, which deals with financing against the assignment of a monetary claim.
According to Art. 824 of the Civil Code of the Russian Federation, under a financing agreement against the assignment of a monetary claim, one party (financial agent) transfers or undertakes to transfer funds to the other party (client) against the monetary claim of the client (creditor) to a third party (debtor) arising from the provision by the client of goods, performance by him works or provision of services to a third party, and the client assigns or undertakes to assign this monetary claim to the financial agent.
The monetary claim against the debtor may be assigned by the client to the financial agent also in order to ensure the fulfillment of the client's obligation to the financial agent.
Obligations of a financial agent under a financing agreement against the assignment of a monetary claim may include maintaining for the client accounting, as well as providing the client with other financial services related to monetary claims that are the subject of assignment.
The subject of the assignment can be both a monetary claim, the due date for which has come, and the right to receive funds that will arise in the future. However, the monetary claim must be clearly defined so that it can be identified at the time of the conclusion of the contract (existing claim) or no later than the moment it arises (future claim).
Unless otherwise provided for in the financing agreement against the assignment of a monetary claim, the client shall be liable to the financial agent for the validity of the monetary claim that is the subject of the assignment. A claim is recognized as valid if the client has the right to transfer a monetary claim and at the time of assignment of this claim he does not know the circumstances due to which the debtor has the right not to fulfill it.
Assignment of a monetary claim to a financial agent is valid even if there is an agreement between the client and his debtor on its prohibition or limitation.
Domestic legislation provides for two options for the assignment of a monetary claim:
purchase of a claim by a financial agent. The latter acquires the right to all the amounts that he receives from the debtor in fulfillment of the claim, and the client is not liable to the financial agent for the fact that the amounts received were less than the price for which the agent acquired the claim. In this case, the right of recourse of the buyer of the claim is not provided, just as the seller does not have the right to demand the return of the difference between the amount paid to him and the amount actually received from the debtor.
in order to secure the client's obligations to the financial agent. In this case, unless otherwise stipulated by the assignment financing agreement, the financial agent is obliged to submit a report to the client and transfer to him an amount exceeding the amount of the client's debt secured by the assignment of the claim. At the same time, if the funds received by the financial agent from the debtor were not sufficient to cover the client's debt, the client remains liable to the financial agent for the balance of the debt.
If in developed financial markets the analyzed actions are usually provided by a large number of special factoring companies, then in the Russian Federation this function is performed by several commercial banks. The most famous are Nikoil, Moscow credit bank, Prombiznesbank, although the Civil Code of the Russian Federation (Article 825) provides that banks can act as a financial agent, credit institutions and other licensed organizations.
There are several reasons for the weak development of the factoring services market in Russia. These are the distrust that banks and their clients have for each other, and the high risk of such operations, due to the low solvency of the majority of counterparties, and the low level of development legislative framework.
Trust management market. Legal framework implementation of trust management (trust) in the Russian Federation is Ch. 53 parts of the second Civil Code.
In Art. 1012 of the Civil Code, it is noted that under an agreement on trust management of property, one party (the founder of the management) transfers to the other party (the trustee) certain period property in trust management, and the other party undertakes to manage this property in the interests of the founder of the management or the person indicated by him (the beneficiary).
Thus, at least the founder of the management and the trustee are involved in the relationship of the trust. Participation and the third party - the beneficiary is possible.
The essential terms of the agreement on trust management of property are established by Art. 1016 GK. These include:
an exact indication of what property one party transfers to the other party for trust management, since it is at the end of the contract under general rule subject to return to the founder of the management (clause 3 of article 1024 of the Civil Code);
the agreement stipulates restrictions on individual actions of the trustee in managing property, as well as the obligations of the trustee to manage this property in the interests of the founder of the management or the person-beneficiary specified by him;
the amount and form of remuneration to the manager are indicated;
the name of the beneficiary in whose favor the trust management is established;
an agreement on trust management of any property is concluded in writing for a period not exceeding 5 years, unless other deadlines are established by the laws of the Russian Federation. The real estate trust management agreement is concluded in writing and is subject to mandatory notarization. Failure to comply with these requirements entails the invalidity of the contract (Article 1017 of the Civil Code).
The following features of trust management can be distinguished.
The transfer of property to trust management does not entail the transfer of ownership of it to the trustee.
Trust management should not be confused with an agreement on joint activities. The property contributed as a contribution to a joint activity, as well as the resulting products and income received, is recognized as common shared ownership participants in joint activities, while the transfer of property to trust management does not change its owner.
Transactions with entrusted property are made by the trustee on his own behalf, indicating that he acts as a trustee. This condition is considered to be met if the written documents after his name or title are marked "D.U." In the absence of such an instruction, the trustee is liable to third parties only with his property (Article 1012 of the Civil Code of the Russian Federation).
Only professional participant property turnover - commercial organization(with the exception of unitary enterprise) or individual entrepreneur.
Only credit organizations on the basis of a license from the Central Bank and organizations on the basis of a license from the FCSM can carry out trust management of funds.
The property transferred for trust management must be separated from other property of both the founder of the management and the trust manager. This property is reflected in the trustee on a separate balance sheet and it is independently recorded. And for settlements on activities related to trust management, a separate bank account is opened (clause 1 of article 1018 of the Civil Code).
If the trust manager has not shown due diligence, he shall compensate the beneficiary for the lost profit during the time of trust management, and the founder of the management - the losses caused by the loss or damage to property. Responsible for damages, unless he proves that they occurred as a result of force majeure or actions of the beneficiary or the founder of the management.
Art. 1018 of the Civil Code establishes that foreclosure on the debts of the founder of the management on the property transferred by him to trust management is not allowed, except in cases of insolvency (bankruptcy) of this person. And in case of bankruptcy of the founder, the trust management of this property is terminated and it is included in the bankruptcy estate.
The Russian financial market is represented by the following sectors:
1) Credit market;
2) Securities market;
3) Market of precious metals;
4) Foreign exchange market;
5) Derivative market financial instruments.
As mentioned above, in the credit market, the object of sale and purchase is temporarily free funds provided on loans on terms of repayment, urgency and payment. According to Article 819 of the Civil Code of the Russian Federation, under a loan agreement, a bank or other credit organization undertakes to provide funds to the borrower in the amount and on the terms stipulated by the agreement, and the borrower undertakes to return the amount received and pay interest on it. The credit market is mainly provided in the Russian Federation by commercial banks. The largest banks in Russia include Sberbank, VTB, Vozrozhdeniye and others. last years The credit market has developed rapidly. As of May 1, 2006, there were 1,233 credit institutions operating in the Russian Federation with 3,274 branches. The volume of the credit market and its structure are shown in the table.
The problems of the domestic credit market remain low capitalization, which reduces the ability to service large companies, the volume of business of which is many times greater than the capital of banks. The consequence of this is the tendency to expand the operations of Russian companies in foreign financial markets.
positive moment state of the art credit market is quite high quality loan portfolio 30 largest banks. At the same time, despite the favorable picture, many economists are concerned about the deterioration in the quality of the portfolio consumer loans, which in the future may lead to crisis situations from a number of banks.
Loans granted (billion rubles)
Russia, as a country with its own significant reserves and deposits of precious metals, has almost all the necessary prerequisites for the development of the precious metals market. In recent years, the creation of the market has been positive influence factors such as:
1) Formation of the main market participants;
2) Growth in metal production and, accordingly, growth in supply;
3) Inflow foreign investment in the extractive industry;
4) Increasing industrial consumption
5) Increasing demand from private investors;
6) Formation of prices for metals, taking into account the conjuncture of the world market.
In accordance with market participants and the nature of transactions, the precious metals market can be divided, like the securities market, into primary and secondary. In the Russian Federation, the primary market is more developed, the main participants of which are mining and processing industries. The object of transactions and transactions in the primary market is, as a rule, metal in physical form(ingots, powders, granules, rolled products) - primary metal mined from the bowels, as well as obtained during the processing of secondary raw materials. In the secondary market greatest development received interbank, wholesale and export markets. The retail sector is in the development stage, while the exchange sector is only being formed. The secondary market is represented by a wider range of participants. In addition to the participants in the primary market, these are private investors. In addition to transactions with metals in physical form on the secondary market, operations are carried out in an impersonal form (securities), which have an advantage over the first ones, since they are not subject to VAT.
An important step in the development of the gold market was made in June 2006. The RTS has started trading futures contracts for gold as part of its futures section FORTS. The first nominal trade in a futures contract for gold was concluded in July at a price of $626.5 per ounce (currently the price of one ounce is more than $1,200). Only during one day of trading 70 transactions were concluded for 46.793 million. rubles (currently this volume is typical for one hour of trading).
In the foreign exchange market, the object of sale and purchase is foreign currency and financial instruments servicing transactions with it. Interior currency market is important for the entire Russian financial market and the economy as a whole, providing interaction with other segments of the domestic financial market, communication with the real sector Russian economy and Russia's participation in the functioning of the global economic system. The exchange rate dynamics of the ruble was an important factor, which determined the comparative attractiveness of ruble and foreign exchange instruments of the money market and the capital market, and thereby influenced investment decisions financial market participants. Also dependent on exchange rate fluctuations financial results activities of credit institutions, non-banking financial institutions and non-financial enterprises due to changes in the ruble value of their foreign currency assets and liabilities.
At present, as can be seen from the histogram, the total turnover of the foreign exchange market has decreased.
At present, as can be seen from the histogram, the total turnover of the foreign exchange market has decreased. The structure of the domestic foreign exchange market is presented in the following way(Fig. 2).
Thus, in the first half of 2009, the domestic foreign exchange market remained one of the most significant segments of the Russian financial market. Price and volume indicators characterizing the market situation were characterized by high volatility in the analyzed period. After a serious deterioration in late 2008 and early 2009 in the context of the global financial and economic crisis, the situation on the domestic foreign exchange market began to gradually stabilize. Its participants have adapted to changes in market conditions. The infrastructure of the exchange and over-the-counter segments of the domestic foreign exchange market remained fully operational.
The most important segment of the Russian financial market is the securities market, which is a combination of economic relations arising between various economic entities regarding the mobilization and placement of free capital in the process of issuing and circulating securities.
The Russian securities trading market includes the Russian market, London, German, New York, etc. Foreign markets place depositary receipts and Eurobonds.
The Russian securities market is mixed model stock market: there are both commercial banks and non-bank investment institutions on the market. In the US, commercial banks have restrictions on transactions with securities.
The Russian securities market was dominated by state and municipal securities, which successfully competed with bank and corporate securities. The yield on securities in certain periods was up to 123% per annum. However, the high yield of securities, according to the laws of the market, meant a high degree of risk and made the Russian market risky.
The Russian securities market in the periods before 2007 did not fulfill its main purpose - the redistribution of funds for the purposes of productive investments. The market was small in volume, many securities were illiquid. Market infrastructure and trade technology were not developed. There was no open access to information. Demand for securities was low. The share of non-residents was approximately one third. In 1996 they were admitted to the primary market and then to the secondary market. In addition, in 1996 Russia was included in the IFC index. This meant that all major investment funds of the world, investing in developing countries, allocated from 1 to 3% of their funds for investing in the Russian economy. In the period 1997-1998, the share of non-residents decreased to 18%, and then completely zeroed as a result of the crisis in Russia.
Many of the above features were associated with the underdevelopment of the Russian securities market.
In the modern period, during the period of the world financial crisis the Russian securities market begins its gradual recovery. Let me remind you that in November 2008-February 2009, the losses of the Russian stock market on the RTS index amounted to 80% ( american index S&P 500 -45%; German DAX -47%; Japanese Nikkei 225 -56%). In the first half of 2009, the Russian stock market showed signs of improvement. In February, a gradual intensification of transactions with shares on the secondary market began, and in the last ten days of the month there was a reversal in price dynamics after a precipitous fall in quotations of instruments in the second half of 2008 - January 2009. The stabilization of the situation in the domestic foreign exchange market, an increase prices on the world oil and stock markets. However, the resumption of growth of quotations Russian shares was mainly due to the inflow of short-term speculative capital, including foreign capital, to the stock market. tributary long term investment to the domestic stock market was held back by the lack of tangible positive changes in the state of the world and Russian economy, the uncertainty of the future dynamics of quotations of Russian securities. Thus, the Russian stock market remained extremely vulnerable to a change in the direction of portfolio investors' capital flow and, consequently, to the possibility of a new significant price correction.
At the beginning of 2009, negative trends persisted on the Russian financial market recent months 2008. Capital outflow continued foreign investors from the domestic stock market, although monthly withdrawals of non-residents' funds in January-March 2009 were significantly less than in June-December 2008. This mitigated the impact of this factor on the dynamics of quotations of Russian securities, which have been steadily increasing since the last ten days of February. In April-May 2009, non-residents' funds began to return to the Russian stock market: according to the MICEX Stock Exchange, the balance of non-residents' transactions with shares on the secondary market (the volume of purchases minus the volume of sales) was positive.
Active buying up of Russian liquid shares by non-residents contributed to an increase in demand for them from domestic investors and accelerated growth rates of quotations. As a result, by the beginning of June, the prices of most shares reached maximum values the first half of 2009. Despite the fact that the inflow observed in April-May 2009 foreign capital was mainly of a short-term nature, its impact on the Russian financial market as a whole was positive. The growth of investors' interest in Russian instruments served as a signal that investment risks on the domestic financial market were decreasing and opened up new opportunities for Russian companies to restructure and refinance their debt due in 2009-2010.
According to the results of the first half of 2009, the MICEX index increased by 56.8% compared to the end of 2008 and at the close of trading on June 30, 2009 it reached 971.55 points. The range of its fluctuations in the analyzed period was 553.62-1206.20 points. RTS index increased by 56.2% and at the close of trading on June 30, 2009 reached 987.02 points, changing during the analyzed period in the range of 498.20-1180.56 points.
Thus, despite the positive developments that emerged in the first half of 2009, the situation on the Russian stock market remains unstable. It is still extremely vulnerable to changes in the direction and magnitude of capital flows, fluctuations in the global stock and oil markets, and changes in the external news background. This is due to the limited presence of conservative investors on the domestic stock market and the unattractive dividend policy of Russian issuers for shareholders. Further development of the Russian stock market will depend on the speed of recovery of the domestic and global economies, the creation of an effective system corporate governance, which will make it possible to attract significant funds from conservative investors, including retail ones, to the Russian stock market.
The market of derivative financial instruments ranks third in terms of exchange trading volume after the foreign exchange market and the stock market. The derivatives market is closely connected with the markets of underlying assets - the stock market, currency, money and commodity markets, therefore, changes in the situation in the markets of underlying assets are promptly reflected in the derivatives market. In this regard, the recovery rates of individual segments of fixed-term exchange market differed significantly, depending on the pace of recovery in the markets of the respective underlying assets.
In the first half of 2009, the Russian derivatives market showed signs of stabilization. Since February, the activity of participants in exchange trades has been gradually recovering, having significantly decreased in the second half of 2008. The total turnover of trading in futures contracts on Russian stock exchanges in 2009 amounted to 5.4 trillion. rub. (8.3 and 6.2 trillion rubles in the first and second half of 2008, respectively).
Financial market - a set of economic relations between participants in transactions (sellers, buyers, intermediaries) regarding the purchase and sale financial assets and financial services, where the object of transactions is the free cash of the population, business entities and state structures provided to users in exchange for financial assets.
5 main segments of the financial market:
1) capital market (bank loans (loans); stock; bonds; financial derivatives; notes and mortgages ) is a part of the financial market in which long money is circulating, that is, funds with a circulation period of more than a year. In the capital market, there is a redistribution of free capital and their investment in various profitable financial assets.
2) securities market- this is an economic relationship between market participants regarding the issuance and circulation of securities (often in paperless form) The securities market is an integral part of the financial market, in which funds are redistributed using financial instruments such as securities.
3) market of credit resources is the process of raising funds monetary form on terms of repayment, payment and urgency. Mobilized financial resources used to provide short, medium and long term loans. Short-term loans are provided for a period of 1 year, medium-term - from 1 to 5 years, long-term - for more than 5 years. Short-term loans in economic essence is a money market. Medium and long-term - capital market.
4) investment market- a strictly regulated set of relations of an economic nature, resulting from the purchase or sale of investment services and goods between participants in the investment market. The purpose of the investment market is to implement and ensure an independent and self-regulating investment process by activating and organizing the existing investment potential.
5) foreign exchange market- this is a system of stable economic and organizational relations arising from the implementation of transactions for the purchase or sale of foreign currency, payment documents in foreign currencies, as well as operations on the movement of capital of foreign investors
6) Gold Market- a market that ensures the implementation of international payments, industrial and domestic consumption, private hoarding, investments, risk insurance, speculative operations.
The degree of organization is exchange and over-the-counter gold markets
7) Insurance market- part of the financial market, which offers insurance services.
A specific product offered on insurance market, is insurance service. The insurance service can be provided on the basis of a contract (in voluntary insurance) or on the basis of law (in compulsory insurance). The list of types of insurance presented on the insurance market determines the range of insurance services.
The value of the system of financial intermediaries is very high. They provide stable funding for the most important social needs, save significant funds and thereby accelerate the development of production. They are provide additional income a large number of people while saving them from the immediate risks of production, organizing a new business, etc. Financial mediation shows that economic relations not necessarily associated with conflicts and struggles . The activity of financial intermediaries leads to the receipt of benefits by all parties involved in this process.
The role of financial intermediaries is not limited to concentration money capital and his rational use. They harmonize and link the interests of a huge number economic entities at a specific level. Financial intermediation has become a constant factor in the development market economy, especially given the diversity of current financial assets, including securities and currencies. Feature current financial intermediation in the fact that the money lent or collected in the form of any mandatory deductions is used in the vast majority of cases in profitable operations. financial intermediaries of their activities increase the amount of income created in society. This is their fundamental difference from usury, which did not improve, but worsened the financial situation of the borrower.
Financial intermediaries include:
1. credit organizations:
1) - banks, (most a large percentage)
2) – credit unions, credit cooperatives, savings associations etc.;
3) - non-banking credit institutions serving, as a rule, a pre-known circle of people in a particular area.
2. insurance companies, pension funds, mutual funds investment companies, stock exchanges, financial brokers, investment advisors and others
1) - they are not accept deposits and do not affect the amount of money in circulation;
2) - link is established between individual and the entire set of persons interested in insurance and pension provision;
3) - these intermediaries, unlike banks, do not pay income (interest) for deposited funds, but they pay pensions and produce insurance payments in accordance with the agreements;
4) – payments to insurance and pension funds partially obligatory(deposits in credit organizations are purely voluntary);
5) – commercial activity insurance and pension funds strictly regulated, to avoid the risk of bankruptcy.
gold market
After the collapse of the Bretton Woods system (in which gold played the role of world money) in the early 70s, gold gradually began to acquire the features of an ordinary, albeit valuable, highly liquid commodity. By now market and precious metals finally formed as an extensive round-the-clock trading system precious metals and gold.
world price of gold traditionally consider the quotes of the oldest trading center for precious metals - London.
The price of gold has undergone over the past 30 years since its free sale significant changes. From the 70s. it rose from $35 an ounce to a record price of $850 an ounce in 1980. The price gradually declined over the next 20 years. In 2002, the price was about $290 an ounce.
The price of a commodity (gold) is determined by supply and demand.
Offer on the gold market consists of two main components: the supply of "new" mined gold and the supply of old gold, located in the gold reserves of states and other owners. Gold producers have been extracting about 2,500 tons of metal in recent years. South Africa (450 tons) is the leader in production, followed by the USA (340 tons) and Australia (300 tons). Russia has a very high potential for gold mining (it could mine about 500 tons of gold per year). More than 85% of its reserves are in ore, and 80% of production in Russia is produced from placers. Currently, Russia produces about 190 tons per year. According to the forecast data of the Central Research Geological Prospecting Institute, by 2010 gold production in Russia may be about 205 tons per year, and by 2020 - up to 235 tons.
Newly mined gold provides a regular component of the market supply.
More than 90% of the gold mined throughout history is in reserves and can be released to the market at any time (120,000 tons + 33,000 tons of official state reserves). Owners of "old" gold throw it on the market, depending on the prevailing price situation. If gold prices rise, then the owners of “old” gold start selling it, and vice versa, if prices fall, they stop selling it. This leads to a decrease in supply volumes, which leads to a slowdown in the fall of prices and its stabilization.
In recent years central banks a number of countries are resorting to massive dumping of gold assets. By the beginning of 2000, Belgium sold 1067 tons and reduced its stock by 5 times, Holland - 722 (reduced stock by 1.7), Canada - 637 tons (by 12 times), Australia - 167 tons (by 3 times). Argentina has sold its entire stock (125 t).
The Asian crisis showed the impossibility of securing the stable financial position of the country with gold reserves. During that period, with a large dumping of gold on the market, its price fell from 12 to 9 dollars per gram. In this regard, the countries of the European Union, as well as Great Britain, Switzerland, Sweden signed an agreement under which its participants agreed not to sell their gold reserves. Their sale was allowed only to those countries that declared it before the signing of the agreement, and the volume of sales should be no more than 400 tons per year and no more than 2000 tons for the period from 2000 to 2004.
Demand in the gold market Today, it practically coincides with industrial demand, which is approximately 3,700 tons. Most of it falls on the jewelry industry (3,150 tons). Over the past decade, the demand share of the jewelry industry has increased from 55% to 85%. The rest of the demand is made up of speculative demand and demand for gold as a relatively risk-free means of storing wealth.
Money market
Money marketis a market for highly liquid (easily convertible into cash), highly reliable assets, including short-term securities and borrowing agreements.
The money market is characterized by a number of features:
1. the reliability of financial obligations issued only by first-class borrowers;
1. high degree of liquidity of money market instruments;
2. short-term repayment of money market obligations;
3. low level of transaction costs, due to the large amounts of transactions.
These requirements are due to the need for assets to be easily accessible for conducting transactions in the money market.
To money market instruments relate:
1. cash and non-cash form(i.e. money supply);
Aggregates money supply in Russia and abroad are somewhat different.
In developed foreign countries the money supply is expressed in the following terms: M1, M2, M3, M4.
M1 represents cash in circulation and funds in current bank accounts.
Unit M2 = M1 + urgent and savings deposits in commercial banks;
М3 = М2 + savings deposits in specialized credit organizations;
М4 = М3 + certificates of deposit of large commercial banks.
AT Russia the money supply is represented by aggregates: M0, M1, M2, M3.
M0 is cash in circulation outside banks;
M1 \u003d M0 + funds on settlement current and other accounts (accounts capital investments, checking accounts, bills local budget) + deposits in commercial banks + demand deposits in Sberbank;
M2 = M1 + term deposits in Sberbank (excluding deposits in foreign currency);
M3 = M2 + certificates of deposit and government bonds.
Relatively recently, in the Russian Federation, to characterize the amount of money supply, the M2X indicator began to be used, which, in addition to M2, also includes all types of deposits in foreign currency (in ruble equivalent - X). To characterize the relative security of turnover in the money supply, the coefficient K2 = M2X / GDP is used. The value of this coefficient (K2) characterizes the relative security of the turnover with means of payment.
The total volume of the money supply, including its growth, is largely determined by the increase in the absolute size of bank loans. From this side, the value of the money supply in circulation is the result of monetary policy.
In the Russian Federation, the structure of the money supply is characterized by a fairly large share of cash (up to 35% of the total volume in certain periods). As the system of non-cash payments develops, the structure of the money supply improves, the share of cash decreases and the share of money in non-cash circulation increases.
2. short-term securities (treasury bills, federal agency securities; transferable certificates of deposit; commercial paper; banker's acceptances).
Treasury bills- short-term securities. Issued for a period of 3, 6, 12 months. They are an ideal money market instrument, as are subject to only insignificant risk of exchange rate fluctuations, have practically no risk of default, have a high degree of liquidity (the ability to quickly turn into money). Treasury bills are sold at a discount (at a discount), which is the income of the investor (the difference between the nominal price and the purchase price).
Securities of federal agencies(in the USA) are short-term (usually from 3 to 6 months) coupon bonds and discount bills sold at a price below par. Have a slightly higher default risk than Treasury bills, but also more high yield. They are a good type of investment for financial institutions, accepted to secure tax bills, loans from commercial banks, deposits of government institutions.
Transferable certificates of deposit– urgent bank deposits with the right to transfer to another person. This instrument can be sold on the secondary market until maturity an unlimited number of times.
Currency market
Currency markets developed in the 19th century. Their emergence was facilitated by:
Development of international economic relations;
Internationalization of economic relations;
Strengthening the concentration and centralization of banking capital.
Currency market – it is a system of stable financial, economic and organizational relations associated with operations with currency and payment documents in foreign currencies.
In the function of the foreign exchange market, except for general financial functions(see clause 1.1) includes: timely implementation of international payments, insurance of currency and credit risks.
Modern currency markets are characterized by the following features:
Operations are performed continuously during the day, alternately in all parts of the world;
Technique currency transactions unified, settlements are carried out on correspondent accounts of banks;
Currency operations for insurance of currency and credit risks are widely developed. At the same time, previously practiced foreign exchange transactions reflected in bank balance sheets are being replaced by urgent and other foreign exchange transactions, which are taken into account on off-balance sheet items;
Exchange rates are quite unstable, fluctuations are inherent in them.
Depending on the various classification features, it is possible to distinguish various types of foreign exchange markets :
1. On a territorial basis, foreign exchange markets are divided into:
- national. Transactions are made in the national currency, and in hard currency, and in the euro;
- regional. In these markets, transactions are made in certain convertible currencies. The largest regional currency markets include: European (London, Paris, Frankfurt am Main, Zurich), American (New York, Chicago, Los Angeles, Montreal), Asian (Tokyo, Hong Kong, Singapore, Bahrain) ;
- world. Currencies widely used in international payment transactions (US dollar, euro) are used.
As the regional markets and deepening their mutual ties, a single world currency market has developed for the leading currencies in the world financial centers. Today, it is only conditionally possible to speak of regional currency markets: they are all closely interconnected by a complex and fast communication system, which makes them an integral part of the global currency market.
2. By types of transactions, the foreign exchange market is divided into:
- foreign exchange deposit market(deposit deposits in foreign currency);
- market of conversion operations ( exchange operations, i.e. buying and selling currencies ).
3. According to the place of transactions, the foreign exchange market is divided into two main segments:
- foreign exchange market(currency trading on the stock exchange) ;
- over-the-counter foreign exchange market(trading outside the exchange, for example, in banks). The main part of the over-the-counter foreign exchange market is interbank market.
With the development of high communications special kind foreign exchange market is the foreign exchange FOREX market. Its name comes from an abbreviation « For eignEx change market", which means in translation interbank market of foreign exchange transactions. It refers to the over-the-counter (interbank) foreign exchange market.
The FOREX international currency market is a system of interacting regional currency markets that perform conversion operations using the latest information technologies, i.e. through computer networks.
FOREX is the largest market in comparison with other segments of the global financial market (it accounts for up to 90% of the entire global foreign exchange market).
Thousands of participants in this market are banks, brokerage companies, investment funds, financial and Insurance companies– during the day they buy and sell currency, concluding transactions in a few seconds at any point the globe. Combined into a single global network by satellite communication channels with the help of the most advanced computer systems, they create a turnover of foreign exchange funds, which in total exceeds 10 times the total annual gross national product all states of the world.
Monetary system of Russia is in the process of formation. However, its contours and main trends are well defined. The national monetary system in Russia is formed taking into account the structural principles of the world monetary system, because the country has embarked on a course of integration into the world economy.
The basis of the monetary system is the ruble, put into circulation in 1993 and replacing the ruble of the USSR. After the isolation, and in fact the separation of the Russian Federation from the monetary credit systems republics former USSR, the ruble is a partially convertible currency according to current operations balance of payments while maintaining a number of currency restrictions. Russia, being a member of the IMF, aims to accept obligations under Article VIII of the IMF Charter on the abolition of foreign exchange restrictions on current operations of the balance of payments.
The ruble exchange rate is not officially tied to any currency or currency basket. Floating mode introduced in Russia exchange rate, which depends on the ratio of supply and demand for currency exchanges ah country, primarily on the Moscow Interbank Currency Exchange (MICEX). official rate US dollar, euro against the ruble is set by the Central Bank of Russia based on the results of trading on the MICEX. The rate of other currencies is determined on the basis of the cross-rate (). At the same time, the exchange rate of these currencies against the dollar is used as an intermediate (third) currency.
Russian currency are:
Banknotes in the form of banknotes and coins of the Bank of Russia that are in circulation as a legal means of cash payment on the territory of Russia, as well as the indicated banknotes withdrawn or withdrawn from circulation, but subject to exchange;
Funds in bank accounts and bank deposits.
foreign currency are:
Banknotes in the form of banknotes, treasury bills, coins that are in circulation and are legal means of cash payment on the territory of the relevant foreign state (group of foreign states), as well as the indicated banknotes withdrawn or withdrawn from circulation, but subject to exchange;
Funds in bank accounts and bank deposits in monetary units foreign states and international monetary or accounting units.
The currency legislation of Russia has established that transactions in the foreign exchange market can only be carried out through authorized commercial banks licensed by the Central Bank of Russia. Their role in the Russian foreign exchange market is growing. But the leading role is played by the MICEX and five other regional currency exchanges: St. Petersburg (SPVB), Rostov Interbank (RMVB), Ural Regional (URVB) in Yekaterinburg, Siberian Interbank (SMVB) in Novosibirsk, Asia-Pacific Interbank (ATMBB) in Vladivostok , which are united in the Association of Currency Exchanges of Russia.
Financial market: concept, segments, tasks
| Parameter name | Meaning |
| Article subject: | Financial market: concept, segments, tasks |
| Rubric (thematic category) | Finance |
Financial markets are commonly understood as money markets, that is, markets in which the objects of purchase and sale are the money itself. The following segments of the financial market are distinguished: the credit market, the securities market, the foreign exchange market, the gold market, and the money market.
credit market.
The credit market can be characterized as a set of transactions for the purchase and sale of loans. In the credit market, there is a movement of money from those sectors of the economy where there is an excess of them to sectors where there is a shortage. In the credit market, business entities receive the funds they need for investment. One of the basic tasks of lending is to use the savings of the population and free funds enterprises for investment purposes.
The credit market in the Russian Federation is represented by the following segments, which are identified in accordance with the parties to credit relations:
1) Central Bank - commercial banks;
2) banks - banks;
H) commercial banks - clients (legal entities and individuals);
4) Russian banks- foreign banks.
The first segment of the credit market is the relationship between the Central Bank of the Russian Federation and commercial banks. The central bank provides commercial banks refinancing loans. The refinancing rate applies to this segment of the credit market.
The second segment of the credit market - the market of interbank loans (IBK) - represents the relationship between banks. In the interbank credit market, banks periodically act as net creditors and net debtors. For net creditor banks, the amount of placed loans exceeds the amount of borrowed ones, and for debtor banks, the amount of borrowed loans exceeds the amount of placed loans. The system of regularly calculated and published indicators of the cost of loans operates on the interbank credit market.
Credit relations between banks and their clients (individuals and legal entities) form the third segment of the credit market. Here, legal entities and individuals act as a borrower, and a bank acts as a lender. In the client market, individuals and legal entities receive loans from banks. To obtain a loan, the client must apply to the bank with a letter setting out an economically justified request for a loan. With a positive decision commercial Bank enters into a loan agreement with the client, which fixes all the conditions for granting a loan.
The fourth segment of the credit market of the Russian Federation is formed by credit relations between Russian and foreign banks. Credit relationships arise after the first operations on correspondent accounts of NOSTRO and LORO. Foreign and international banks make investments in Russia in the form of loans at their own expense or through intermediary operations.
Stocks and bods market
Under securities market It is customary to understand the totality of transactions for the purchase and sale of securities. Structure The securities market is represented by issuers, investors and professional intermediaries.
Under issuers understood as legal persons state organizations and local governments that issue securities and bear obligations on them to the owners of securities on their own behalf. An enterprise of any form of ownership can act as an issuer of securities. Investor is the person providing the funds. In accordance with Russian legislation, investors are commonly understood as legal entities and individuals who purchase securities on their own behalf and at their own expense. Legal entities Those who provide funds in the financial markets are called institutional investors. Individuals Those who provide funds in the financial markets are called individual investors.
professional Various institutions act as intermediaries in the securities market, the main of which are brokerage and dealer firms. Under brokers understand the institutional intermediaries of the securities market, acting on behalf of and at the expense of the client. Brokers also provide advisory services for the placement of securities on the secondary market. Brokers operate on the basis of special license. Under dealers understand the institutional intermediaries of the securities market, carrying out activities on their own behalf and at their own expense.
Securities Market Infrastructure presented:
1) stock exchanges;
2) a system for organizing over-the-counter trading;
3) registrars (register holders);
4) depositories;
5) trading systems;
6) settlement and clearing systems;
7) news agencies and networks.
Stock Exchange- an organized, constantly functioning market in which securities purchase and sale transactions are made.
basis over-the-counter market constitutes an extensive telephone and computer connection, through which the exchange of information about securities is carried out. As a rule, professional intermediaries work in over-the-counter transactions.
Under registrars (registrars) refers to specialized participants in the stock market that maintain registers of shareholders under agreements with issuers. The appearance of registrars is associated with the processes of privatization and the creation of the first joint-stock companies to maintain registers of shareholders.
Depositary is intended for the storage of securities, as well as the organization of their accounting. Storage of securities in depositaries is carried out in two forms: cash and electronic. ʼʼDepoʼʼ accounts are opened for clients of the depositary.
Trading system creates conditions for organizing the sale and purchase of securities.
Settlement and clearing the system provides a clear and prompt organization of settlements between stock market participants.
Currency market
The foreign exchange market as an integral part of the financial market is a sphere of economic relations associated with the implementation of purchase and sale transactions. currency values, as well as investment of foreign exchange capital.
The structure of the foreign exchange market, as well as other financial markets, is represented by its participants, that is, buyers, sellers and professional intermediaries.
According to the scope of distribution, international and domestic currency markets are distinguished. Under the international market, it is customary to understand the markets of all countries of the world, closely interconnected by cable and satellite communications. The domestic foreign exchange market is a market that operates within a given country. Both the international and domestic foreign exchange markets consist of regional foreign exchange markets.
In relation to foreign exchange restrictions, a distinction is made between free and non-free foreign exchange markets. Under currency restrictions it is customary to understand administrative, legislative, economic and organizational measures to establish order in the conduct of foreign exchange transactions. Currency restrictions include measures for the targeted regulation of payments and transfers in foreign and national currency abroad, a complete or partial prohibition of the purchase and sale of foreign currency. Currency restrictions can be applied both to current transactions and to transactions related to the movement of capital. In the absence of foreign exchange restrictions, the foreign exchange market is called free, in the presence of foreign exchange restrictions - not free.
According to the degree of organization, exchange and over-the-counter currency markets are distinguished. Exchange currency market is a set of currency exchanges.
Financial market: concept, segments, tasks - concept and types. Classification and features of the category "Financial market: concept, segments, tasks" 2017, 2018.
