State budget educational institution
higher education in the Moscow region
UNIVERSITY OF TECHNOLOGY
Korolyov
2015
Performed:
group student
EFO-032
Bridge Nina
Checked:
Babina Natalia
Vladimirovna
unlike world practice, in Russia there is no
spin-off of investment banks is practiced, then
there are acting as professional participants
market valuable papers, which complicates
the process of analyzing information in terms of activities
banks in the securities market, because
traditional banking should
correlate with investment activity in view of
their mutual influence and the need for adequate
balance sheet for efficient and sustainable operations
jar. The purpose of this work is to assess trends and
prospects for the development of banking operations with valuable
papers.
1) identify the place of securities in activity
commercial banks;
2) to classify the operations of banks with
securities;
3) analyze the activities of domestic
banks in the modern securities market;
4) identify problems in the functioning of banks as
securities market participants;
5) determine the prospects for the development of bank operations
in the securities market. The structure of the total authorized capital of credit institutions in Russia (number of
banks (units) in the context of the size of the authorized capital (million rubles) Dynamics of the issue of bank bonds (in millions of rubles) (Table 1)
Term of circulation
bonds
2012
2013
2014
2015
Up to 30 days
0
0
0
0
31 to 90 days
0
1 384
0
0
91 to 180 days
0
848
120
0
From 181 days to 1 year
1 218
14 834
3 558
12 021
From 1 year to 3 years
272 694
507 618
591 684
541 604
Over 3 years
392 807
512 725
617 736
802 848
Total
666 720
1 037 410
1 213 098
1 357 528Dynamics of issuance of bank certificates in Russia by maturity (Table 2) Fig.2. Dynamics of investment volumes
banks into securities Dynamics of investments of Russian banks in securities (in
million rubles) Table 3 Dynamics of banks' investments in shares of subsidiaries and
dependent companies. Table 4 Sectoral structure of Russia's GDP in 2014 (in
percent)
public administration and
military security
7%
Other
3%
Rural and forestry
economy,
fishing
4%
Extraction of useful
fossil
11%
Finance and Services
17%
Processing
industry
15%
Production and
distribution
electricity, gas and
water
3%
Construction
6%
Education and
healthcare
7%
Transport and communications
9%
Trade
18%Rice. 3. Dynamics of the number of transactions carried out by banks
Russian IPO Development of the secondary market mortgage lending on
two-tier American model, which means issuance by banks
mortgage bonds.
Formation of a system of interaction between banks and state
securities, thus stimulating their vigorous activity
in the securities market.
State maintenance banking system, through
use of government securities to stabilize
individual sectors of the country's economy is confirmed by one of the
trends in recent years.
As innovative directions for the development of banks
can be called online trading
As well as the prospects of commercial banks in the stock market
are seen in the bank's entry into the international securities market
through the issuance of eurobonds
IN THE MODERN ECONOMY
In the Russian Federation, a bank is a credit organization that has the exclusive right to carry out in the aggregate a number of
basic banking operations. It is the combination
simultaneous execution of basic banking operations
makes it possible to qualify a credit institution as a bank
1. Attracting deposits funds of individuals and legal entities;
2. Placement of attracted Money on its own behalf and at its own expense;
3. Opening and maintenance of bank accounts individuals and legal entities;
4. Making payments (money transfers) on behalf of their clients (individuals and legal entities, including correspondent banks), on their bank accounts;
5. Collection transactions
(collection of cash proceeds, bills of exchange, collection of checks, collection of export and import, execution of collection orders, etc.);
6. Purchase and sale of foreign
currencies in cash and non-cash forms;
7. Attracting deposits and placement precious metals;
8. Issuance of bank guarantees (the guarantor bank is liable for the debts incurred by the borrower in those
limits that were stipulated in the issued guarantee);
9. Implementation of money transfers on behalf of individuals without opening bank accounts, including electronic money (for
except for postal orders).
1) Issuance of guarantees for third parties, providing
fulfillment of financial obligations. On the onset
of the case stipulated by the contract, the debtor and the guarantor share joint and several liability for the timely and complete fulfillment of debt obligations.
2) Acquisition of the right to claim from third parties fulfillment of obligations in cash (usually in the form of factoring);
3) Trust management of funds and other propertyunder an agreement with individuals and legal entities ( trust);
4) Operations with precious metals and precious stones(purchase and sale
ingots);
5) Leasing to individuals and legal entities special premises or located in them safes
for storing documents and valuables;
6) Leasing operations;
7) Provision of consulting and information services. This mainly concernsactivities of the stock and currency markets , clarification
certain provisions of the law.
The activities of the domestic bank are not limited to the listed operations. I.
Russian legislation prohibits a credit institution from engaging in production, trade and insurance activities.
PAGE_BREAK--1.2 Procedure for issue and registration of securities
Commercial banks perform the issuing and founding function by issuing and placing securities, in particular, shares and bonds. At the same time, banks have the opportunity to direct savings for production purposes. The securities market, as it were, complements the credit system and interacts with it. On behalf of enterprises in need of long-term investments and resorting to the issuance of shares and bonds, banks take upon themselves the determination of the size, conditions, period of issue, the choice of the type of securities, as well as the responsibility for their placement and organization of secondary circulation. Banks guarantee the purchase of issued securities by purchasing and selling them at their own expense or by organizing banking syndicates for this, provide loans to buyers of shares and bonds. Liabilities for significant amounts issued by large companies can be placed by the bank by selling directly to its customers, and not by selling freely on the stock exchange.
Sufficient economic awareness and the ability to control economic situations allow banks to provide advisory services to clients. Banks analyze the financial activities of enterprises, the state of their accounting, evaluate the development strategy and identify possible directions for increasing income. When dealing with securities, banks assess the prospects of issuing new shares of the client and the reality of their placement; advise clients on the choice of firms that are ready to take on the placement of new securities, and provide other consulting services: from opening accounts to advising on transactions in the money and commodity markets.
Recently, commercial banks have faced a sharp increase in competition from numerous specialized lending institutions, which encourages banks to search for new areas of activity, increase the number of services offered to customers and improve the quality of service.
Development of the tendency to expand the functions of commercial banks in modern conditions continues. To strengthen their positions in the market, they more actively carry out operations that are not typical for banks, infiltrating into areas of financial entrepreneurship that are not traditional for them. This increases the role of banks in the functioning of the economy.
The bank's own resources are bank capital and equivalent items. The role and value of the equity capital of commercial banks has a special specificity, which differs from enterprises and organizations engaged in other types of activities in that banks cover less than 10% of the total need for funds from their own capital. Usually the state sets for banks the minimum boundary of the ratio between own and borrowed resources.
The value of the bank's own resources, first of all, is to maintain its stability. At the initial stage of the bank's creation, it is the own funds that cover the primary costs (land, buildings, equipment, salaries), without which the bank cannot start its activities. At the expense of their own resources, banks create the reserves they need. Finally, own resources are the main source of investment in long-term assets.
The structure of own funds of different banks is heterogeneous. They include:
1. authorized capital;
2. additional capital;
3. reserve fund, special purpose funds and others, as well as retained earnings.
The attracted funds of banks cover about 90% of the total need for financial resources for the implementation of active operations, primarily credit. Their role is exceptionally high. Mobilizing temporarily free funds of legal entities and individuals in the market of credit resources, commercial banks with their help satisfy the need of the national economy for additional working capital, contribute to the transformation of money into capital, and meet the needs of the population in consumer credit.
Passive credit operations, first of all, include deposit operations.
Deposit operations are called banks' operations to attract funds from legal entities and individuals in deposits, either for a certain period or on demand. Deposit operations account for the bulk of their liabilities.
By maturity, deposits are usually divided into two groups:
1. demand deposits;
2. time deposits (with their varieties - deposit and savings certificates).
Demand deposits are funds on current, settlement, budget and other accounts related to making settlements or intended use and demand deposits.
Due to the frequency of transactions on these accounts, operating costs for them are usually higher than for term deposits, but since banks usually pay low or no interest on these accounts (then various benefits can be provided to customers), these resources are relatively cheap for the bank. At the same time, this is the least stable part of the resources, banks need to have a higher operating reserve for them in order to maintain liquidity. Therefore, the optimal share of these funds in the bank's resources is up to 30% -36%.
Demand deposits also include credit balances on correspondent accounts and demand deposits of other banks in this bank.
Term bank deposits are funds deposited with a bank for a fixed term in the contract. According to them, the owners are usually paid more than high percent than on demand deposits and, as a rule, there are restrictions on early withdrawal, and in some cases, on replenishment of the deposit.
Term bank deposits are divided into conditional (the deposit is kept until the occurrence of any event), with prior notice of withdrawal of funds (when the client must apply for withdrawal within a predetermined time frame) and term deposits proper.
Actually time deposits by terms of storage are divided into deposits with a period of:
Up to 30 days
31 to 90 days
91 to 180 days
From 181 days to 1 year
From 1 year to 3 years
Over 3 years.
Non-deposit sources of attracting resources include:
Obtaining loans in the interbank market;
Agreement on the sale of securities with a repurchase, accounting for bills and obtaining loans from the central bank;
Sale of banker's acceptances;
Issue of commercial papers;
Obtaining loans in the Eurodollar market;
Issue of capital notes and bonds.
In the market of interbank loans, funds are sold and bought on correspondent accounts with the central bank.
The interbank loan market is divided into three segments:
Three-month loans;
One-two-month loans;
- "short money" (the shortest-term loans up to 1-2 days).
Centralized and interbank loans are convenient in that they are available borrowing bank almost immediately and do not require backup, as they are not deposits.
The significance of the interbank loan market lies in the fact that, by redistributing resources that are surplus for some banks, this market increases the efficiency of using credit resources of the banking system as a whole. In addition, the presence of a developed market for interbank loans allows smaller funds to be kept in banks' operating reserves to maintain their liquidity.
Such a non-depository source of resources as the issuance of bonds has great prospects for banks. Banks have the right to issue bonds in the amount of not more than 25% of the authorized capital and after full payment of all previously issued shares. Bonds can be both registered and bearer. The loan is repaid at the expense of the bank's net profit or, if it is insufficient, at the expense of the reserve fund to influence the bond rate, the bank can buy or sell them on the stock exchange.
Continuation
--PAGE_BREAK--1.3 REPO operations
The efficiency of the operation increases when a REPO operation is performed. REPO transactions are carried out on the basis of an agreement between the participants in the transaction on the repurchase of securities. This agreement provides that one party sells a package of securities to the other party with the intention of buying them back at a predetermined price within a certain period of time.
A client with an OGSS applies to the bank on February 19, 1996 in order to obtain working capital, but he does not want to sell his bonds, since after 71 days he can expect to receive interest (not subject to income tax) on the coupon. The bank concludes an agreement with the client on the purchase of bonds, for example, for a period of 30 days, with the condition that after this period the client will buy them back. The bond is valued at 75% of face value plus coupon.
Such conditions guarantee the reimbursement of expenses and provide a profit to the bank in the event that the client refuses to redeem the bonds. Thus, the bank lends to the client against reliable liquid collateral, and the client receives from the bank a relatively cheap loan, the interest on which is included in the cost, and after 71 days - preferential coupon income.
Banks use OGGS and OVGVZ (bonds of an internal state foreign currency loan) when attracting funds. In this case, cash. In this case, the bank receives the privileged profit.
2. OPERATIONS OF COMMERCIAL BANKS WITH SECURITIES
2.1 Issuing transactions.
Banks of the Republic of Kazakhstan carry out issuing activities. Under Kazakh law, banks may issue shares, bonds, certificates of deposit and savings, bills of exchange, derivative securities.
Issue of shares and bonds.
Based on the issue of shares and bonds, the bank's own, borrowed capital is formed. Among bank shares, ordinary shares are the most common. Preferred shares are issued less frequently. The Civil Code of the Republic of Kazakhstan (Article 102, paragraph 4) imposes restrictions on the issuance of preferred shares, the share of which in the total volume should not exceed 25%. Bank bonds are even less popular than preferred shares, although in world practice bank bonds occupy a significant place in the financial market.
Banks, when issuing their own shares and bonds, must be guided by the instruction of the National Bank of the Republic of Kazakhstan No. 8 “On the rules for issuing and registering securities by commercial banks in the territory of the Republic of Kazakhstan”.
The instruction regulates the issue of securities, which a joint-stock bank can carry out in 3 cases:
at your institution;
· when increasing the initial authorized capital of the bank by issuing shares;
When a bank raises debt capital by issuing bonds or other debt obligations.
The current regulatory documents provide that when a joint-stock bank is established, as well as when it is transformed from a share into a joint-stock bank, all shares of the first issue are distributed among the founders of the bank. Moreover, the first issue of bank shares must consist of ordinary registered shares.
In the case when, simultaneously with the transformation of the bank from a share into a joint-stock company, the authorized capital of the bank is increased, its growth can occur exclusively at the expense of additional contributions from the founders.
The re-issue of shares in order to increase the authorized capital of a joint-stock bank is permitted only after the shareholders have paid for all previously issued shares. It may contain both ordinary and preferred shares.
Preference shares of the same type provide their owners with the same amount of rights and have the same nominal value. Owners of preferred shares participate in the general meeting and have the right to vote: when deciding on the reorganization and liquidation of the company; when deciding on amendments to the charter of the company. Placement of re-issued shares can be carried out by subscription (open or closed), by distribution among the shareholders of the company and by conversion.
Closed subscription for shares is allowed if 2 conditions are met simultaneously:
The number of previously known buyers is not more than 500 persons;
· the total amount of the issue is not more than 50 thousand minimum wages as of the date of the decision.
The registration of an additional issue of shares must be accompanied by the registration of an issue prospectus.
The minimum size of the bank's authorized capital required for registration is set from 1.01.97.3 million ECU, and by 2010 should be increased to 5 million ECU.
The issue of bonds by a bank to attract borrowed funds can be made only on condition of full payment of all shares issued by this bank (if the bank is joint-stock) or full payment to shareholders of their shares in the authorized capital (if the bank is a share) and for an amount not exceeding the bank's own capital.
Let's take a closer look at the stages of emission.
The decision to issue securities is made either by the general meeting of shareholders or by the Bank's Supervisory Board. In order to be eligible to issue securities, a bank must: break even during the last 3 completed financial years; not be subject to sanctions by state bodies for violation of the current legislation for 3 years; not have overdue debts to creditors and payments to the budget. All data confirming the bank's compliance with these requirements must be contained in the issue prospectus. Also, the prospectus should contain information about the bank, its financial position and information about the forthcoming issue of securities. The issue prospectus is prepared by the Board of the bank, signed by the Chairman of the Board and the Chief Accountant of the bank. For the first issue of shares of a bank being founded for the first time, the issue prospectus is prepared by its founders and signed by the members of the bank organization body appointed by the founders.
Registration of the issue of emissive securities.
To register an issue of securities, the issuing bank submits the following documents to the department for control over the activities of credit organizations in the financial markets of the Bank of Kazakhstan or to the territorial office of the Bank of Kazakhstan at its location:
Application for registration;
Extract from the minutes of the meeting of shareholders, in which the decision was made to issue securities;
Issue prospectus;
A document confirming the approval of this issue with the relevant institution of the State Committee of the Republic of Kazakhstan for Antimonopoly Policy and Support for New Economic Structures (for banks, the authorized capital of which is more than 500 million tenge).
A copy of the payment order on the payment of tax on transactions with securities.
The documents provided by the bank are considered by the registering authority for compliance with the current legislation, banking rules and instructions. Registered documents and a letter of registration are signed by an authorized person, certified by the seal of the registering authority and issued to the issuing bank. Along with the registered documents, the bank is sent a letter to the Settlement and Cash Center of the National Bank of the Republic of Kazakhstan at the place of maintenance of the main correspondent account about opening a special savings account for it to collect funds received as payment for securities.
If the registration of securities was accompanied by the registration of the issue prospectus, the issuing bank publishes the issue prospectus by issuing the prospectus in the form of a separate brochure. At the same time, the bank informs through the mass media about the issue of securities carried out by it.
Placement of emissive securities - i.e. alienation to their first owners by concluding civil transactions. The placement of issued securities begins after the registration and publication of the issue prospectus. It can be done in various ways:
The sale of shares may take place by selling shares for tenge. For this purpose, the buyer concludes a contract of sale for a certain number of shares. Here, the issuing bank can use the services of intermediaries - financial brokers, with whom special commission or commission agreements are also concluded.
Shares may be paid for by contributions from shareholders to the capital of the bank with material values, intangible assets, foreign currency. At the same time, only those assets that can be used in the direct activities of the bank should be accepted as payment for the authorized capital. Their share in the structure of the authorized capital should not exceed 20 percent at the time of the bank's establishment. Subsequently, it should be increased to 10 percent (excluding the cost of buildings).
It is possible to sell shares by re-issuing previously contributed shares into shares - when the bank is transformed from a share into a joint-stock bank.
The sale of shares can be carried out by replacing them with securities previously issued by the bank, as well as by consolidating and splitting shares.
Regardless of the type of sale, the price of all shares within each type in one issue when they are sold to the first owners must be the same, incl. when selling these shares through intermediaries.
Bonds can be sold in two ways:
When selling on the basis of an agreement with buyers.
When replacing with convertible bonds or other securities previously issued by the bank.
The number of shares and bonds actually sold by the bank should not exceed their number expected to be issued and specified in the registration documents of the issue. With regard to shares, there is a rule according to which their issue can be recognized as completed only if the actually paid increase in the authorized capital of the bank is at least 50 percent of the amount of the increase in the authorized fund that was supposed at the beginning of the issue.
Registration of the results of the issue takes place after the completion of the process of sale of securities. The issuing bank analyzes the results and draws up a report on the results of the issue, which is signed by the Chairman of the Board of the bank and submitted to the registration authority.
The report on the results of the issue of emissive securities must contain the following information:
Dates of beginning and end of placement of securities;
Number of placed securities;
The actual placement price of securities (by type of securities within the given issue);
The total amount of proceeds for the placed securities.
The registering body considers the report on the results of the issue of emissive securities within 2 weeks and, in the absence of violations related to the issue of securities, registers it. Publication of the results of the issue of securities must be carried out by the issuing bank in the same publication where the message about the issue was published.
Banks, the registration of the issue of securities of which was accompanied by the registration of the issue prospectus annually within 2 weeks after the annual general meeting of shareholders, submit to the registering authority a report containing data on the bank, its financial position, as well as information on the shares and bonds issued by the bank , information on other types of securities issued by the bank.
During the initial placement of shares, the issuing bank does not have the right to purchase them at its own expense, while in the secondary market, banks can act as their own shares, but in cases strictly prescribed by law. Many joint-stock banks, in order to maintain the market price of their own shares, are highly active in the secondary market of their own shares. Market price - the rate is determined by the formula:
Ka \u003d Kr / Nn * 100,
Where Ka is the market rate
Kr - market price
Нн - nominal price
For example: The rate of a share sold at a price of 15,000 tenge, with a par value of 10,000 tenge. (Ka=15000/10000*100=150%) equals 150. The market price of shares is determined by the ratio of supply and demand.
It is known that the market share price reflects the position of the bank in the market, its stability and profitability. The depreciation serves as a signal of emerging unfavorable trends in the development of this bank and can provoke not only the dumping of its shares by shareholders, but also a massive outflow of deposits from the bank, which will have a detrimental effect on it. Therefore, in the event of a decrease in the price of shares, banks not directly, but through investment companies, actively buy them in the secondary market, which leads to an artificial increase in their rate and creates the appearance of strengthening the market position of the bank.
Issue of bills.
Kazakhstani banks are actively mastering the issuance of bills as short-term debt obligations. It should be noted that although the issue of promissory notes is an issue operation, the promissory notes themselves are issued without registration of an issue prospectus, therefore, this operation can be rightfully characterized as an issue of promissory notes. Banks use the issuance of promissory notes mainly to raise funds for the active operations of the bank, at the lowest possible cost and with the lowest overhead costs compared to using traditional credit and deposit forms of investment. Reducing overhead costs is achieved due to the fact that performing the same function as a certificate of deposit, the bill has a simplified issuance procedure - there is no registration procedure with the Bank of Kazakhstan. The current rules require only notification of the Main Territorial Department of the National Bank of the Republic of Kazakhstan about the issuance of bills by the bank. At the same time, the current bill of exchange legislation allows issuers the opportunity to independently establish the rules for issuing bills that do not contradict this legislation, which makes bills the most attractive for banks. Banks can issue bills of exchange both in series and in a one-time order. The attractiveness of a single bill is that the conditions for its issuance and circulation can be determined taking into account the interests of a particular depositor. Banks give a clear preference to the serial issue of bills, since in this case it is possible to attract a large number of investors and a significant amount of resources.
Initially, banks began to issue bills at a discount. The income of the buyer in this case is the difference between the face value of the bill and the price of its acquisition. The formula for calculating the discount can be represented as follows.
Where C is the amount of the discount
T - time to payment
K - the amount of the bill
P - discount rate
But later it turned out that interest-bearing bills are more convenient and profitable for both banks and customers. The following formula is used in the calculation:
Where P is the amount of interest
H - face value of the bill
T - term of the bill in days
Ps - the interest rate for calculating interest on the bill of exchange amount specified in the text of the bill.
Attracting funds by issuing bills of exchange, banks must deduct a certain percentage of their amount to the mandatory reserve fund of the National Bank of the Republic of Kazakhstan (currently this percentage is 7%). Thus, by issuing an interest-bearing bill, the bank immediately receives at its disposal an amount equivalent to the face value of the bill, from which the reservation is made. When issuing a discount bill, the bank receives an amount less than face value, but is obliged to make a reservation from the full amount of its obligation.
Continuation
--PAGE_BREAK--2.2 Transactions secured by securities
Pledge of securities is an operation actively developing in the domestic credit market. It should also be noted that banks are showing increasing interest in operations related to collateral.
In accordance with the legislation of the Republic of Kazakhstan, a pledge agreement is recognized as a pledge, under the terms of which the pledged property (securities) is transferred to the pledgee for possession. The pledge agreement must provide for the right of the creditor bank to sell the pledged securities on its own, on behalf of the pledgor, and from the amount of proceeds to repay the debt to the creditor, the interest due, as well as to reimburse the costs of collecting the debt.
Bonds, shares, certificates of deposit, promissory notes and other securities may be pledged. The pledged securities must be owned by the borrower. Only in this case, in accordance with the current legislation of the Republic of Kazakhstan, securities can be alienated in favor of the creditor bank.
Bonds accepted as collateral against loans issued are accounted for at the value specified in the pledge agreement.
Lending secured by bills has certain specifics.
The purpose of the operation:
Increasing the reliability of loan security. The issuance of loans is made on the security of bills of exchange. If it is impossible to get a loan repayment, the bank may protest the bill and be able to unconditionally fulfill the bill of exchange obligation up to the bankruptcy of the client.
Expanding the scope of commercial lending through the use of promissory notes.
With a bill-holder credit, own accounts payable are drawn up in bills of exchange.
Obtaining additional income from the securities transferred as collateral for the loan.
Securities transferred as collateral can be used by the bank, in particular, they are recorded in the National Bank of the Republic of Kazakhstan.
Increasing the profitability of lending operations.
A loan on promissory notes pledged is granted only in the amount of 60-90 percent of their value, therefore, the recovery of the promissory note amount in case of non-fulfillment of the terms of the loan agreement may have a certain effect.
Technology of lending operations secured by bills of exchange.
1. Evaluation of the possibility of a loan.
At the same time, the bank considers, first of all, to what extent the economic and financial situation of the client characterizes the possibility of timely repayment of the loan.
2. Submission of an application for a secured loan to the bank.
3. Conclusion of a loan agreement between the bank and the client.
The agreement establishes the maximum loan amount, the amount of collateral, the amount of interest and commission in favor of the bank. The right of the bank to repay the debt is stipulated for the amounts contributed by the drawers to pay bills of exchange, and in the absence of such - the proceeds from the sale of goods and services received on the client's settlement account.
Loans secured by bills of exchange are:
urgent, when the owner of bills of exchange is obliged to redeem them from the bank within a predetermined period;
Oncol, i.e. demand loans, the return of which the bank has the right to demand at any time.
Since the financial market is subject to fluctuations, and demand lending is not limited in time, the loan agreement provides for the following rights of the bank:
· increase at its own discretion, without notifying customers in advance, the amount of interest and commission in favor of the bank;
· allow customers to replace some bills before their maturity with others.
4. Loan repayment.
The repayment of the loan can be carried out by transferring funds at the request of the client from his current account or by offsetting payments received on promissory notes that are secured by the loan from the drawers. If a credit balance is formed on a special loan account at the expense of incoming funds, then the bank charges interest on credit balances in the amount established for their storage on settlement (current) accounts.
The pledge of liquid state debt obligations is mainly used. The efficiency of the operation increases when a REPO operation is performed. REPO transactions are carried out on the basis of an agreement between the participants in the transaction on the repurchase of securities. This agreement provides that one party sells a package of securities to the other party with the intention of buying them back at a predetermined price within a certain period of time.
It is economically advantageous for a bank to use REPO operations when lending secured by government securities. Therefore, banks work under the REPO scheme with government securities, the profit from the operation with which is not subject to taxation. For example, such a scheme of work with OGSS (government savings loan bond) is possible.
A client with an OGSS applies to the bank on February 19, 1996 in order to obtain working capital, but he does not want to sell his bonds, since after 71 days he can expect to receive interest (not subject to income tax) on the coupon. The bank concludes an agreement with the client on the purchase of bonds, for example, for a period of 30 days, with the condition that after this period the client will buy them back. The bond is valued at 75% of face value plus coupon. Such conditions guarantee the reimbursement of expenses and provide a profit to the bank in the event that the client refuses to redeem the bonds.
Continuation
--PAGE_BREAK-- 3. INVESTMENT OPERATIONS OF COMMERCIAL BANKS WITH SECURITIES
portfolio investment.
The following types of investment are distinguished in the securities market:
direct investment;
portfolio investment.
Direct investment is the investment of funds in a company with the aim of generating income in a few years by participating in the authorized capital of the company. In a constantly changing economy, this type of investment is unacceptable for banks, because. banks use borrowed funds at a certain percentage and a certain period. In the future, we will consider portfolio investment - investment of funds by purchasing a set of securities that have investment attractiveness for the bank.
The investment attractiveness of a security is understood as the attractiveness of securities in terms of obtaining a certain income for a certain period of time, and satisfying the investment goals set by the bank. Let's introduce the concept of a portfolio of securities - this is a set of securities with a given ratio - risk / income. The meaning of the portfolio is to improve conditions by giving the aggregate of securities such investment characteristics that are unattainable from the standpoint of a single security and are possible only with their combination. Further, we will consider portfolio investment through the prism of the securities market.
A feature of the investment policy of banks is that banks use borrowed funds. The bank's income is the difference between the income received from investments and the expenses that it bears to its creditors. Another feature, no less important, is the coincidence in time of the income received from investments and the expenses incurred by the bank. For example, if a bank raised funds for 1 month and invested them in shares, then in a month the bank must sell the shares and receive the amount of funds that would cover its expenses to the creditor and commission costs for the purchase and sale of shares. That part of the funds that remains after covering expenses is the bank's income.
Thus, when forming an investment portfolio, banks adhere to the following principles:
· portfolio diversification both in terms of time and types of securities;
Getting the most income
Reduction of risk to a minimum;
time synchronization of cash flows;
reduction of the taxable base.
1. Portfolio diversification is the process of allocating funds to investments in order to reduce risk, since each security and each industry has its own risks.
In this case, the portfolio is formed from the following principles:
liquidity - the ability to withdraw securities from the portfolio by selling them at a price not lower than the face value;
Profitability - achieving the highest market value of the portfolio at any given time;
· urgency - a breakdown of securities in the portfolio by the timing of income;
· repayment - securities can be sold at a price not lower than the purchase price;
· observance of a certain specific weight of each category of securities in the portfolio;
Following these principles, the bank is faced with the task of obtaining the greatest income with the least risk. The risk of not receiving the expected income can be divided into 2 parts:
Market risk. When income fluctuations depend on the economic, political environment, affecting all securities simultaneously.
Specific risk - is caused by events related only to the company.
Securities have a quality: the greater the income, the greater the risk, and vice versa. To get the highest return, you can include in your portfolio:
Government bonds, in terms of less risk and stable income;
Bills of exchange, certificates of deposit;
Derivative securities: futures, options.
Specific ratios should be approximately:
5% - futures, options;
10% - shares;
10% - bills;
25% - deposit certificates of banks;
50% - government bonds.
2-3. The task of obtaining the greatest income with minimal risk is the most difficult one that does not have an unambiguous solution. When solving this problem, banks review their portfolio daily and, if necessary, make significant adjustments to it. To do this, they actively analyze the state of the securities market, the economic situation, the political situation in the country and in the world.
4. No less simple is the task of synchronizing the cash flows of receipt and expenditure of funds over time. In this case, the bank must form its portfolio so that when withdrawing a certain portion of the portfolio, this portion of the funds could cover the costs incurred by the bank to creditors, from whose funds the portfolio was formed. This procedure is carried out periodically and when the next due date for payment to creditors comes, the bank withdraws part of the funds from the portfolio, and the portfolio should not lose its quality. To achieve this goal, the bank also diversifies borrowed funds by time and volume. For example: The bank raised funds for the terms - 1, 3, 5 months. In this case, the bank must form a portfolio so that after 1, 3, 5 months it can withdraw funds from the portfolio without losing its quality.
5. Reducing the taxable base.
The Bank places free cash in various financial instruments. Among these instruments, there are those that have preferential taxation, for example, government bonds. Thus, the bank, forming part of the portfolio of government bonds, reduces the tax base.
To determine the results of investing in securities, banks compare this type of investment with other investments, such as loans. For this, there is the concept of profitability - how many percent per annum the invested funds will bring. Profitability is determined by the formula:
,
Where S is the final sum
P - initial investment amount
T - number of days in a year
T - investment period (in days)
I - profitability (in percent)
To be able to compare with other financial instruments, net yield is used:
,
Where z is the cost (e.g. commission)
Tr - the number of days from the day the funds were raised to the day the funds were returned to the lender
Ir - net yield.
Net income = income - taxes - commission expenses.
Therefore, comparing the net income from investments in various financial instruments, you can find the most profitable instruments in terms of profitability.
Here's an example:
one). Let the bank invest 100,000 tenge. into government bonds with a maturity of 30 days, half 30% per annum, preferential taxation - 15%.
2). The bank issues a loan of 100,000 tenge. for 30 days at 35% per annum (38% tax).
In the first case, the income will be 2465 tenge, in the second case 2877 tenge. Taking into account taxes 2095 and 1640 respectively. Thus, although the income is higher in the second case, the tax-adjusted income is higher in the first case. Net yield in the first case - 25.5%, and in the second - 20% per annum. Consequently, investing in government bonds at 30% per annum is more profitable than issuing a loan at 35%, and (25.5-20 =) 5.5% is the additional income of the bank.
Relationship between investor type and portfolio type.
Table No. 1
Type of investor
Investment goals
Degree of risk
Type of security
Portfolio type
Conservative
Inflation Protection
State. securities, shares and bonds of large stable issuers
Highly reliable but low income
Moderately aggressive
Long-term investment of capital and its growth
A small share of state securities, a large proportion of securities of large and medium-sized, but reliable issuers with a long market history
diversified
Aggressive
Speculative game, the possibility of rapid growth of invested funds
High share of high-yield securities of small issuers, venture companies
Risky but highly profitable
Irrational
No clear goals
Randomly selected securities
Unsystematic
Thus, the investment activity of the bank is associated with the solution of many non-trivial tasks. To do this, there is a field of knowledge called financial mathematics. Some decisions are made on the basis of political and economic conjuncture intuitively. There is no unambiguous rule for determining investment decisions; it is necessary to focus on the current situation. For the most effective and quick response to changes in the economic situation, banks become bidders on stock exchanges and carry out over-the-counter transactions.
Banking operations with bills
1. accounting of bills
Accounting for bills consists in the fact that the holder of the bill transfers the bills to the bank by endorsement before the maturity date and receives the bill amount for this, minus the early receipt of a certain percentage of this amount. This percentage is called the discount percentage or discount. For example, upon presentation of a term bill of Sberbank of the Republic of Kazakhstan before its maturity, the interest is set equal to the interest on the bill upon presentation of Sberbank of the Republic of Kazakhstan.
2. issuance of demand loans on a special loan account secured by bills of exchange.
Banks can open special loan accounts for enterprises, organizations and other clients and issue loans on them, accepting bills of exchange as security. Loans are issued without setting a term or before the maturity of bills accepted as security. Bills are accepted as collateral for a special loan account not for their full value: usually 60-90% of their amount, depending on the amount established by a particular bank, as well as depending on the creditworthiness of the client and the quality of the bills presented to him.
3. collection of bills
Banks often fulfill the instructions of bill holders to receive payments on bills on time (acceptance of a bill for collection). Banks assume responsibility for presenting bills of exchange on time to the payer and receiving payments due on them. Banks charge a certain fee for this operation.
4. domiciliation of bills
Banks may, on behalf of bills of exchange or a drawer, make payments within a specified period. The bank, in contrast to the collection of bills of exchange, is not the payee, but the payer. The appointment of a third party as a payer on a bill of exchange is called domiciliation, and such bills are called domiciled. Banks usually charge a fee for this transaction.
In the course of operations with bills of exchange, commercial banks accumulate a significant number of bills. With proper accounting operations, the bill portfolio is a reliable item of its asset for the bank, more stable than other securities, such as shares. Another advantage of bills is precisely established liquidity by maturity.
The bills market consists of two parts: the bank and corporate bills market. Before the crisis, the share and volume of the bank bills market was much more significant, many banks began to experience serious problems, and the market of bank bills narrowed. Among today's issuers of bank bills are Alfa-Bank, Sobinbank, Sberbank, Gazprombank. If earlier large and medium-sized banks were active participants in the promissory note market, now small banks that did not have large investments in GKOs have become the most noticeable. At the same time, some of the traditional participants in the bill market are still involved in trade and have even expanded their influence.
The market conditions for bills are influenced by: first of all, the general economic and political situation in the country, as well as the dollar exchange rate. The growth of the dollar after the crisis led to a decrease in trade activity. Investors preferred to invest in dollars; the second factor influencing the market of bills is related to the resolution economic problems, primarily issues of internal and external debt.
For the normal functioning of the bills market, an alternative is needed that ensures the transfer of capital from one sector of the financial market to another. Today, only short-term investments in promissory notes are attractive; there is no alternative and no possibility to predict the dollar exchange rate for a long time.
Federal bond market.
Assessing the investment attractiveness of the market of any financial instrument, it is always compared with the markets of other securities. The first place in terms of reliability, and therefore, with a minimum level of risk, is the federal bond market. The federal bond market consists of highly reliable government securities.
Investment transactions with bonds of the state savings loan (OGSS).
The issuer of OGSS is the Ministry of Finance of the Republic of Kazakhstan, and the agent for servicing and circulation of issues is Sberbank of the Republic of Kazakhstan.
OGSS are issued in documentary form. Now in circulation are OGSS with a maturity of 2 years and with 4 coupons (coupon income is paid once every six months, the size of coupon rates is 65% and 50% per annum). The transfer of rights is carried out by simple delivery, and coupon payments can be received at any branch of Sberbank.
The purpose of the operation:
Receiving income from investments of the bank's own funds. Income when investing in OGSS can be obtained from 3 sources: coupon payments; profits from operations in the secondary market; income from underwriting operations.
Investments in OGSS can be considered as one of the tools for managing liquidity and optimizing financial flows, since they allow you to invest free cash for a short period of time.
Investing in OGSS can also serve other purposes. So, these securities can be used as collateral.
The effectiveness of the operation.
One of the attractive investment properties of OGSS is that its value increases daily by the amount of accumulated coupon income (ACI).
The yield of a coupon bond, excluding commission costs, is calculated by the formula:
,
Where D - coupon bond yield (in percent)
N - face value of the bond in tenge
P - bond price excluding ACI in tenge
C - coupon announced for this series in tenge
A - ACI in tenge
Tax - tax rate (for banks 38%)
T - term until coupon payment
The coupon value in tenge is calculated by the formula:
,
Where R is the announced coupon rate as a percentage per annum
Tk - coupon period
The amount of ACI is determined as follows:
When calculating the sale and purchase price, the bank uses the formula:
When buying: Cpok=N+A-K
When selling: Cprod=N+A+K, where
N - bond face value
K - exchange rate
K - exchange rate discount
If the bank is interested in purchasing bonds, increasing the turnover and activity of this operation, the value between the purchase and sale prices is reduced.
Regional bonds are attractive for investors (low risks and high returns). In terms of liquidity, subfederal securities, unfortunately, are inferior to many. It can be said that regional bonds are practically illiquid. This does not mean that they will not be repaid in a timely manner. An investor who has bought sub-federal securities will have to keep them in his portfolio and wait for redemption. In 1997, non-purpose loans, telephone and housing loans were mainly placed.
The crisis certainly affected the market of subfederal loans. It has become even less liquid. All major banks, many foreign investors bought bonds. After the crisis, there was an outflow of foreign investors from the subfederal securities market.
The issue of subfederal securities is growing every year. The number of registered bonded subfederal and municipal loans in 1997 increased by more than 4 times in comparison with 1996. The volume of emissions increased by more than 2.5 times in real terms. If in 1996 the total volume of the issue amounted to 1895 million dollars, then in 1997 - 5085 million dollars. It was 1997 that became the year of mass entry of issuers to the market.
Continuation
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Requirements for banks: a license of a professional participant in the securities market Dealer's license Depository's license Trust management license Brokerage license
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Licenses of professional intermediaries Source: FFMS of Russia. brokerage activities in itself do not imply accounting for clients' rights to securities, therefore, brokers wishing to carry out such accounting need to obtain a separate license for depositary activities; Dealer activity recognizes only such securities purchase and sale transactions that are accompanied by a public announcement of purchase and / or sale prices, therefore, companies and individuals who regularly perform transactions with securities, including even publicly offering to buy or sell securities, are exempted from regulation. , however, prices are not announced; trust management of securities formally differs from trust management of mutual funds and non-state pension funds, which is expressed in the existence of two different types of licenses for these similar activities; Type of activity 2005 2006 2007 Brokerage 1,379 1,433 1,445 Dealership 1,398 1,394 1,422 Securities management 1,022 1,100 1,169
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Investment operations of banks Activity objectives: Diversification of assets Expansion of sources of income Maintaining liquidity The investment portfolio of a bank is a set of securities formed with specific goals (in risk-return coordinates)
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Investment policy Statement of goals Investment portfolio structure Limits by types of securities (issuers, types of securities, terms) Procedure and conditions of trading (exchange, OTC) Specifics of transactions (currency, GDR,..)
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Banking securities portfolio Trading portfolio (papers for resale within 6 months, under repo and loan agreements). Investment portfolio (papers for receiving investment income, with a shelf life in the portfolio of more than 6 months) Portfolio of controlling participation (10%, allowing you to influence the management of the issuing company)
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Accounting for securities on the bank's balance sheet Account Name Asset / Liability 501 Debt obligations acquired for resale and under loan agreements A 502 Unquoted debt obligations A 503 Quoted debt obligations purchased for investment A 504 Accumulated coupon (interest) income on debt obligations P 505 Overdue debt obligations A 506 Shares purchased for resale and under loan agreements A 507 Unlisted shares A 508 Listed shares purchased for investment A 509 Other securities accounts A 512-519 Accounted promissory notes A
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Largest bondholders # Bank Bonds, mln RUB Stake in assets,% 1 Sberbank 503426 11 2 VTB 132923 9 3 Gazprombank 122905 16 4 Bank of Moscow 54361 11 5 Sitibank 42995 31 6 Unicredit Credibank (MMB) 42511 12 7 Raiffeisenbank 37980 9 8 Uralsib 37444 11 9 NOMOS-BANK 24796 13 10 VTB24 23534 8
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Who are the most conservative investors? # Bank Bonds, million rubles Share in assets, % 1 Khlebobank 2374 86 2 Russian Land Bank 1746 49 3 Trust 5923 47 4 Transport Investment Bank 2130 46 5 Denizbank 3295 41 6 BFA 1798 39 7 Mezhtrustbank 890 35 8 Yug-investbank 1186 34 9 Zheldorbank 3 3104 Obi11 3 3104 2854 Otkritie 2517 33 12 Tver 1583 33 13 PRB 3426 32 14 North-Eastern Investment Bank 1382 32 15 Citibank 42995 31
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Dependence of investments in bonds on the size of the bank (share in assets and size of assets)
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Largest shareholder # Bank Shares, mln rub. Share in assets, % 1 VTB 180179 12 2 Gazprombank 89271 11 3 Sberbank 85664 2 4 Uralsib 31628 9 5 Bank of Moscow 19725 4 6 Petrocommerce 15976 10 7 Unicreditbank 11230 3 8 Russian Credit 10751 5TB10 6 Severo-Zapad Finance113 9 KIT Finance 113 10051 5
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Are our banks investment banks? # Bank Shares, million rubles Share in assets, % 1 Capital 1521 60 2 Russian credit 10751 57 3 MAB 1642 33 4 Russobank 1430 33 5 SVA 3943 30 6 Energotransbank 1269 22 7 People's credit 1021 21 8 Opening 1498 19 9 Almaz-invest bank 522 18 302 11 Power 525 16 12 First investment bank 390 16 13 My bank 994 15 14 SGB 1586 13 15 VTB 180179 12
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Rating of investment banks, March 2008 http://www.cbonds.info/rus/ib/index.phtml # Intermediary Volume, million rubles Number of issuers Number of issues Issues 1 VTB Group 19,000 4 4 AFK Sistema, 1; Rosselkhozbank, 6; TransContainer, 1; VTB 24, 2 2 Bank of Moscow 13,600 3 3 Bank of Moscow, 2; Mikoyanovsk Meat Processing Plant, 2; AirUnion RRG, 1 3 Troika Dialog 11,000 3 4 AVTOVAZ, BO-2; AVTOVAZ, BO-1; Eurocommerce, 5; TGK-10, 2 4 Rosbank 6.226 5 5 AFK Sistema, 1; Far East Generating Company, 1; Kalmykia, 31001; Kaluga region, 34003; 5 Moscow Financial Agency 4.604 1 3 Moscow, 49; Moscow, 45; Moscow, 46 6-8 Gazprombank 4,500 2 2 AHML, 11; TransContainer, 1 6-8 NOMOS-BANK 4,500 2 2 Far Eastern Generating Company, 1; NOMOS-BANK, 8 6-8 KIT-Finance 4,500 2 2 AHML, 11; Far Eastern Generating Company, 1 9-10 Bank Soyuz 3,000 1 1 Bank Soyuz, 4 9-10 Citibank 3,000 1 1 AHML, 11
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Sectoral structure of public offerings of shares of Russian companies Source: www.offering.ru. № Industry Share in the total volume of placements, % 1 Financial activities 50 2 Construction, real estate 17 3 Metallurgy 7 4 Fuel and energy complex 6 5 Pharmaceutical industry 4 6 Chemical industry 4 7 Trade 4 8 Transport 4
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Debt securities issued, March 2008 No. Bank Securities issued, % of liabilities 1 MIA 80 2 Moskommertsbank 42 3 Khovansky 41 4 Khlebobank 36 5 Evrazbank 36 6 Russian Credit 34 7 Northern Sea Route 34 8 Federal Depository 33 9 Express Credit 30 10 Ekstrobank 30 11 Peresvet 30 12 Russian Mortgage 29 13 Shipbuilding 26 14 National Space 24 15 Tauride 24
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Useful link Group of companies "REGION" (bills market) http://www.region.ru/AboutGroup/
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Disclosure of information Quarterly reports on securities Reports on changes in the position of the issuer and on the concentration of more than 20% of equity securities of any kind in one hand.
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Trust operations Primary placement of securities (organization of issue, underwriting) Maintaining the register of shareholders and registration of transactions with securities Asset management on behalf of the client Custody services
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General Funds of Banking Management http://www.naufor.ru/tree.asp?n=6532 General Funds of Banking Management (OFBU) – investment product, which is offered by banks based on the rules of the Bank of Russia. OFBU is recognized as a property complex consisting of property transferred to trust management by different persons. An investor, investing his funds in OFBU, receives a certificate equity participation which is not a security. The requirements for the composition and structure of FBU assets are more liberal than the requirements for mutual funds. In 2008, 34 banks were engaged in the management of OFBU. Indicator 2005 2006 2007 2008 Number of funds 101 149 158 162 incl. ruble 59 91 99 103 incl. foreign exchange 42 58 59 59 Net asset value (billion rubles) 7.83 17.05 22.12 21.09
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Accounting system The depositary renders services on accounting and certification of rights to securities, accounting and certification of the transfer of securities, as well as custody of securities (in the case of a documentary form of issue). It operates on the basis of an agreement with the owner of securities or a person having other rights in relation to securities (deposit agreement). A registrar is a professional participant in the securities market that maintains a register of holders of registered securities (collection, fixation, processing, storage and provision of data constituting the system for maintaining a register of holders of securities). The registrar works on the basis of an agreement with the issuer of securities; persons opening accounts in the registry do not enter into an agreement with the registrar.
3 Brief description of the discipline The course is devoted to the analysis and evaluation of operations of commercial banks with securities: the state and movement of funds, securities, created reserves, income and expenses associated with securities and their impact on the final financial results bank work. Issue and investment operations of banks are considered separately.
4 Goals and objectives of teaching the discipline The purpose of studying the discipline "Operations of commercial banks with securities" is to give students a body of knowledge on the theory and practice of conducting operations with securities of commercial banks in the face of increasing competition in the financial markets and modification of relations between banks and clientele. The objective of studying the course "Operations of commercial banks with securities" is to implement the requirements established by the State Educational Standard of Higher Professional Education for the training of specialists in banking, to familiarize students with the content of operations of commercial banks with securities, the main directions of their implementation, techniques and methods of analysis these operations.
5 The place of the discipline among related disciplines The course "Operations of commercial banks with securities" is studied by students in close connection with modern business practice, the organization of the activities of a commercial bank based on modern methods and models of banking business management in order to achieve the maximum final economic result. This course uses the knowledge gained by students in the process of studying the subjects "Money, Credit, Banks", "Finance, Money Circulation and Credit", "Securities Market". Questions of analysis of operations of a commercial bank with securities are an organic continuation of the banking business. The discipline "Operations of Commercial Banks with Securities" expands and deepens the knowledge acquired by students in the process of studying the course "Securities Market" and is studied in close conjunction with such courses as "Organization of Commercial Banking", "Bank Management", "Bank Marketing ”, “Accounting and operating activities in commercial banks.
6 Basic knowledge Successful mastering of the course requires knowledge of the fundamentals of the functioning of the securities market, the activities of a commercial bank, the Central Bank, the functioning of the country's monetary system and the organization of monetary regulation.
7 Final knowledge, abilities and skills As a result of studying this discipline, the student must: know: - the basics of the organization of banking, the essence and specifics of the work of the securities department in a commercial bank; - goals, objectives, and types of bank operations with securities; - features of the formation of the information and analytical field of the bank; - legislative basic issuing operations of the bank; - techniques and methods for analyzing the investment activities of a commercial bank; - the main characteristics necessary for the organization of a reliable, efficient and competitive banking business. be able to: - use the methods and techniques of analysis to evaluate bank operations with securities, both for the whole bank and for individual areas: investment, issue, trust operations, depository activities, etc.; - on the basis of the analysis, identify factors that affect the efficiency of the bank's operations with securities and assess the degree of influence of each of them; - assess the impact of the bank's operations with securities on financial stability jar; - analyze and practically assess the level of risk in the implementation of certain operations of the bank with securities; - give a real and comprehensive assessment of the achieved results of the investment activity of a particular bank and determine ways to optimize it; - use theoretical knowledge in research work (primarily when completing term papers and theses). The solution of the tasks set will allow future specialists to successfully fulfill their duties in practical activities, applying their theoretical knowledge and practical skills.
8 Contents of the lecture course Topic 1. Basics legal regulation investment activities of banks Topic 2. The system of legal acts regulating the securities market Topic 3. The role and importance of operations with securities Topic 4. Types of operations of commercial banks with securities Topic 5. Commercial Bank as an issuer of securities Topic 6. Investment banks Topic 7. Mortgage banks
9 Topic 1. Fundamentals of legal regulation of investment activities of banks The first topic of the course is an introduction to the study of the discipline. Includes familiarity with the concepts of investment and investment activities of banks. The financial market and its components, the international financial market and its structure are considered. The structure of the credit market is considered in more detail. The place of the securities market in the economy. The concept of the securities market, its essence and functions in the macro and micro economy. Characteristics of the securities market of the Russian Federation. The main participants of the stock market. Savings and investments. The securities market as an alternative source of financing the economy.
10 Topic 2. The system of legal acts regulating the securities market The second topic of the course is entirely devoted to the consideration of legislation regulating the securities market. Questions concerning the concept of a security, the main properties of securities are considered. Particular attention is paid to equity securities and their classification. Shares are also considered: concept and characteristics. Types and types of shares. Types of preferred shares. convertible shares. Types of share prices; bonds, types of bonds, types of bonds according to the method of accruing income, types of bonds according to the method of securing obligations. Convertible bonds, development trends of the Russian corporate bond market; types of state, subfederal and municipal securities, comparative characteristics of the functioning of the government securities market in Russian and international practice.
11 Topic 3. The role and importance of operations with securities In this topic, you will get acquainted with the main directions and trends in the development of operations with securities. Consider the role of securities in the international integration of capital and the specifics of capital accumulation in the form of securities. In addition, you will get acquainted with the forms and methods of enrichment through operations with securities, the development trends of the derivatives market in Russian Federation, the main properties of derivative securities, types of derivative securities taking place in Russia and abroad.
12 Topic 4. Types of operations of commercial banks with securities This topic discusses the place of banks in the securities market. Types of securities and operations with them by commercial banks. Banking operations with stock securities. Operations with government securities. Investing in shares. Investing in bonds. New types of securities and financial instruments. The concept and types of professional activity in the securities market. Requirements for participants in the securities market, their organizational and legal forms. Licensing, restrictions on the activities of commercial banks in the securities market.
13 Topic 5. Commercial bank as an issuer of securities This topic is devoted to the study of issues related to the issue of securities by commercial banks and their placement. The issue of shares and bonds is considered in more detail: the procedure, features, requirements, as well as the issuance of certificates and bills by the bank.
17 Control activities Preliminary control is carried out on the basis of independent selection and completion of an essay on the proposed topics Current control is carried out on the basis of the performance of the proposed tests and tasks Final control is carried out in the form of a test, including answers to questions and solving final tests.
19 References Main: 1. Berdnikova T.B. Securities market and exchange business. Tutorial. M., INFRA - M., Guseva I.A. workshop on the securities market M., "Lawyer", Nalivaysky V.Yu. Vladyka M.V., Goncharenko T.V. Operations of commercial banks with securities. Tutorial. BelGU Publishing House Securities Market / Ed. Galanova V.A., Basova A.I., Textbook. 2nd ed., add. And a reworker. M.: Finance and statistics, Rubtsov B.B. World stock markets: current state and patterns of development. M., Financial Academy under the Government of the Russian Federation, 2000 Official sources of information Official website of the State Committee of the Russian Federation on Statistics: http://www. gks.ru Official website of the Federal Commission for the Securities Market of Russia: Official website of the Bureau Economic Analysis»: Official website of the Central Bank of the Russian Federation: Official website of the Central Bank of the Russian Federation:
20 Independent work Topics of abstracts 1. The role of commercial banks in the securities market. 2. Current trends in the development of the banking system in Russia. 3. Forms of organization of exchange trading in securities. 4. The role of gold in the accumulation of capital. 5. Investment banks and their development in Russia. 6. Trust operations of commercial banks. 7. Mortgage banks and their development in Russia. 8. Fictitious capital and its forms. 9. Stock exchanges and organization of their work. 10. Organization of the securities market. 11. Forms and methods of participation of commercial banks in the organization of exchange trading. 12. Depositary activities of commercial banks. 13. Operations of commercial banks with bills. 14. Operations of commercial banks with securities and their role in liquidity regulation. 15. Structure and dynamics of operations of commercial banks with securities. 16. Issue operations of commercial banks. 17. Clearing operations of commercial banks. 18. Assessment of the risk factor in transactions with securities. 19. Current trends in the development of the securities market. 20. The role and importance of operations with securities. 21. Savings of the population - as a source of resources of the securities market. 22. Exchange infrastructure and its development trends. 23. Foreign experience of operations of the population with securities. 24. Management of the investment portfolio of a commercial bank. 25. Raising resources by commercial banks by issuing securities. 26. Taxation of operations of commercial banks with securities. 27. Off-balance sheet operations of banks with securities. 28. Methods for calculating and paying income on securities.
