home Contributions The value of the securities market for the global economy. Introduction Types of securities markets

The value of the securities market for the global economy. Introduction Types of securities markets

An important segment of the world market is the world market valuable papers. Stocks and bods market- an integral part of the financial market in which securities are circulated.

Its role has increased significantly in recent years. At high rates economic growth In many industrialized countries of the world, traditional sources of financing no longer fully satisfy the capital needs of large corporations. Therefore, such companies are not limited to the services of national banking systems and, relying on their high credit rating, attract cheap financial resources by issuing securities. Growth in demand from issuers, an increase in supply as a result of the integration of national markets, competition as a result of the openness and globalization of the economy leads to a decrease in the role of the banking sector as a mechanism for redistributing financial resources at the national and international levels and to a simultaneous strengthening of investment and lending activities in the global securities market .

There are many ways securities market classifications:

· By the nature of the movement of securities (primary, secondary).

By type of securities (bond market, stock market, derivatives market).
By form of organization (exchange and over-the-counter).
By territorial principle (international, national and regional markets).
By issuers (securities market of enterprises, government securities market, etc.).
By terms (market of short-, medium-, long-term and perpetual securities).
By types of transactions (cash market - implies instant execution of transactions, forward market, etc.).

Classification by the nature of the movement of securities.

Primary securities market is the market in which the initial placement of securities takes place. There are two types of initial placement - private and public.

Private accommodation. In this case, the package of securities is sold to a limited number of persons (as a rule, one or two institutional investors). A feature of private placement is the closed nature of the transaction. There are no financial disclosure requirements.

public placement happens through intermediaries. They can be both exchanges and institutional brokers.

Secondary securities market is the market in which securities are traded. This market no longer accumulates new financial resources for the issuer, but only redistributes resources among subsequent investors.

As a resale mechanism, it allows investors to freely buy and sell securities. In the absence of a secondary market or its weak organization, the subsequent resale of securities would be impossible or difficult, which would discourage investors from buying all or part of the securities. As a result, society would be the loser, since many, especially the newest, undertakings would not receive the necessary financial support.

Introduction

It is well known that the securities market is one of the main mechanisms for the accumulation and redistribution of investment capital in the global economy. At the present stage of development of the world economy, one can speak of the predominance of this source of capital formation in comparison with credit and domestic accumulation and the further growth of its significance.

The globalization of the world economy, which has accelerated over the past decades, has led to the formation of an almost unified global capital market. To a certain extent, one can also speak of the reverse pattern: the rapidly developing international securities market serves as the driving force for the further integration of national economies into a single world economy.

The relevance of the topic of the work is also emphasized by the fact that in modern conditions it is impossible to ensure the growth of competitiveness without attracting large capitals, financing development projects only at the expense of enterprises' profits. For this reason, the struggle for investment resources is at the center of modern world competition.

Securities market within market economy is an important tool for achieving macroeconomic balance, in particular through ensuring financial stability. The formation of an efficient securities market is the most important condition for mitigating the negative effects of the global financial crisis.

Thus, we see that the research topic is extremely relevant for modern economic science. This is also emphasized in the works of various researchers-economists. We note the works of such authors as Alekhin B.I., Anikin A.V., Matrosov S.V., Morovoy A., Rozhkova I.V., Rubtsov B.B., Fabozzi F., Fedorova A., Eng M. V., Yurov S.N. and a number of others.

Target term paper– to identify the essential features of the global securities market.

This goal involves the solution of the following tasks:

The structure of the work contributes to a more complete disclosure of the topic and includes an introduction, three chapters with paragraphs, a conclusion and a list of references.

1. Essence and main features of the global securities market

1.1 The concept and main elements of the global stock market

World experience in the socio-economic development of industrial societies convincingly indicates that at a certain stage of concentration (aggregation) of industrial production, there is an objective need for concentration, centralization of industrial capital. In turn, the concentration of capital, its centralization lead to the emergence of large joint-stock companies, corporations and adequate financial institutions, including the securities market.

The international stock market is a superstructure over the national stock markets, which form its basis, and is a market for secondary financial resources. If in the national stock markets the subjects of financial transactions are legal entities and individuals of a given country, then in the international stock market - different countries.

There are a number of factors contributing to the formation of the international stock market and the expansion of its geographical boundaries. These include:

1) the growing interconnection between national and foreign sectors of the economy;

2) deretulation by the state of cash and capital flows, exchange rates, and in some cases the migration of labor resources;

3) introduction of innovations in trade operations, increasing the role and importance of international trade and stock exchanges, improving payment settlements;

4) development of interbank telecommunications based on computers, electronic transfer of financial assets.

In terms of its structure, the international stock market is a combination of various financial institutions through which capital is transferred in the sphere of international economic institutions. These are TNCs, TNBs, international stock exchanges and financial institutions, government agencies, and various financial intermediaries.

All transactions in the international stock market can be divided into commercial and purely financial (associated with intersectoral migration of capital). National financial market instruments (various types of securities, including promissory notes) are at the same time an instrument of the international stock market.

Throughout the industrial world, the stock market, being an integral part of the financial market, allows you to:

Mobilization of temporarily free financial resources and their transformation into investment capital;

Financing (investment) real sector economy;

Free flow of investment capital between various industries and enterprises;

Effective attraction of savings of the population and their transformation into investments national economy:

Effective solution of social problems of society, etc.

Along with the main economic role - attracting investments in the economy, the securities market is at the same time an important tool for social partnership between issuers and investors. Investors (individuals and legal entities), provide issuers with their savings instead of securities, receive income (dividends), as well as property and non-property rights. These rights give investors (shareholders) the opportunity to participate in the management of a joint-stock company. Thus, in countries with developed stock markets, the population not only receives additional income from transactions with securities, but is also widely involved in corporate governance, which indicates the emergence of a steady trend towards a decrease in the level of social stratification in society.

In general, we can say that the international securities market is understood as one of the segments of the global financial market, that is, the market that ensures the distribution Money between participants in international economic relations. In the securities market, a set of economic relations is realized regarding the issue and circulation of securities between its participants.

1.2 Main stages of development of the global securities market

The world securities market (ISMB) has existed for about 150 years and has gone through a number of stages in its development.

The first stage covers the time before the start of the World War, when there were mainly sporadic issues of bonds by foreign issuers in need of financial resources.

The appearance of securities and the performance of various kinds of financial transactions with them has a long history. The prototype of stock transactions was the process of exchanging one currency for another between traders at fairs. In different cities of the world, merchants from all over the world carried on a brisk trade in their goods. In order to harmonize the monetary units of different countries, there were exchange offices, the owners of which exchanged money at the current rate for an appropriate commission. Due to the growth of trade and the increase in the number of futures transactions, debt receipts - bills of exchange - gradually became the object of financial transactions. A bill of exchange is the first classic security that laid the foundation for the emergence and development of the stock market. Bills of exchange were very widespread in Great Britain, Germany and other countries that actively traded with India and China. The bill was a very convenient instrument for settlements between suppliers and buyers, but even at that stage of the formation of the bill of exchange system, it was not without fraud.

Initially, transactions with securities were made on commodity exchanges and other wholesale markets. The Belgian port city of Antwerp is officially considered the birthplace of the stock exchange. The first trading on this stock exchange took place in 1592. The beginning of the era of great geographical discoveries served as an impetus for the formation of organized trading in securities and the emergence of their new classical types. The equipment of sea expeditions and large trade caravans to the countries of the New World required significant investments. This entailed the association of merchants, shipowners, bankers and industrialists in a kind of partnership in order to create a common capital. The introduction of a share was formalized by a special document certifying the ownership of one's share in the total capital and the right to receive part of the profit in the event of a successful joint venture. This document was called a "share", and the partnership became known as a joint-stock company or company. The first such joint-stock companies are considered to be the Dutch and English East India companies, as well as the French company "Companies des Ende ocidantal", and these companies arose in the period from 1600 to 1628. The activation of the market for stock values and the rapid growth of stock trading falls on the first third of the 18th century and subsequent years. It was then that stock exchanges were formed in France, Great Britain, Germany and the USA. The number of stock exchanges increased rapidly and close relationships formed between them.

In the late 18th and early 19th centuries, the role of the stock exchange in the capitalist economy increased significantly. There is a process of initial accumulation of capital. The first joint-stock banks and industrial corporations appear in the countries of Europe and America, although at that time operations with securities did not yet have a significant impact on the processes taking place in the economy. The stock exchange did not immediately, but gradually entered into a single system of financial and economic relations, became an important element of the entire economic mechanism of the state. This happened with the growth of industrial production, the development of trade, credit relations, the construction of railways, etc. The elements of the market of free competition ensured an almost unlimited flow of large funds from industry to industry, bypassing state distribution, through the stock exchange and the lending sector.

Such an intensive growth of social production, which significantly outpaced consumption, led to a significant increase in living standards, as well as to a change in the role of financial capital in the system of economic relations. This period is characterized as the time of unorganized "wild" market. Indeed, at that time there was almost no legislation regulating certain business transactions, regulatory bodies were not formed, most transactions were not registered in any way. All this directly relates to the securities market as an integral part of state economy capitalist countries of the last century. With the emergence of monopolies, large associations, enterprises and an increase in the issue of securities, the exchange and over-the-counter turnover of financial assets is growing. A large role is played by commercial banks that carry out the initial public offering of shares of corporations. The stock market is becoming more and more regulated.

The securities market in the United States has developed especially widely. If in continental Europe businessmen generally preferred to keep free cash in bank accounts, purchase insurance or real estate, then in America the majority of entrepreneurs invested capital in financial assets. Thus, the US national stock market has significantly outstripped the European one in its development, it has developed a more advanced mechanism for financial transactions, and at present it is rightfully considered the most organized and democratic securities market. However, the stock market, like the entire economy as a whole, is not immune from recessions, crises and other shocks, sometimes causing paralysis of everything. economic activity. Moreover, it is the collapse of the stock market that serves as a formidable omen of a general financial catastrophe in the state. The stock market crisis of 1929 was especially terrible and grandiose in its consequences, when the fall in rates on the New York Stock Exchange led to a world economic crisis.

Eyewitnesses say that at the stock exchange at that time the situation resembled the end of the world, comparing it with an apocalyptic nightmare. A gigantic flow of sales of securities literally swept the stock exchange. Crowds of people attacked her, and the police could not cope with them. The mass panic continued. Sale of shares all increased. The flow of proposals lowered rates. And stockbrokers got only one order: "sell, sell." Live money is gone. The total losses from the collapse were enormous. The depth of the crisis can be seen in the example of the fall in the stock prices of leading companies from 1929 to 1932: General Motors - almost 80 times, Radio Corporation - 33 times, New York Central - 51 times. During the crash, 123,884 speculators arriving in Cadillacs were forced to return on foot. Yesterday's millionaires were selling matches on the streets.

After the global crisis of 1929-1933, the governments of most of the countries that survived the crisis took a course towards economic reforms. In this regard, the role of the state in the economy has sharply increased. The reform of exchange activities was aimed at maximum protection of all participants in stock transactions from bankruptcy, at a civilized trade in financial assets, and this required strict regulation and control by the state. Economic law and financial legislation were provided for. In the United States, the Securities Act (1933) was passed and gradually the stock market acquired its modern form.

The second stage of the development of the MRCB covers the time when the process of formation of the world economy was intensively going on, strong ties were established between industrialized countries. During this period, fictitious capital retained a clearly defined national identity.

In the 1960s, a new surge of exchange activity is planned in the market of stock values. Europe recovered from the consequences of the 2nd World War, industry stabilized, new knowledge-intensive and capital-intensive industries appeared. The mechanism of the stock exchange contributed to the redistribution of funds in favor of industries providing the highest rate of return. With the help of the stock exchange, huge funds collected by banks and other settlement and credit institutions were used to finance the most effective economic programs, inventions and the introduction of new technologies. During that period, there is also a rapid growth in international securities transactions. Since the mid-70s, the stock market of the capitalist countries with developed economies has already been a complex formation with a well-established and well-established mechanism, with an extensive network of auxiliary structures, as well as with close international ties. Transnational industrial and banking corporations began to play a huge role on the world stage (the latter accumulate significant funds and pursue a policy of exporting capital).

Over the past twenty years, international securities trading has increased tenfold compared with the post-war period. Euroshares and Eurobonds appeared in circulation, which became one of the main objects of transactions on the world stock market.

The IRMCB is directly connected to the international free capital market, which consists of separate national markets. The overaccumulation of capital within national boundaries is the reason for its outflow to other regions and countries, where it brings profit to its owner. Therefore, the export of capital is a characteristic feature and an objective necessity of a developed economy.

Already in the 1980s, certain qualitative changes appeared in the functioning of the world securities market, reflecting a new stage in its development. These changes are associated with a significant reduction in differences between national and international markets, which is manifested in the formation of the largest global market interconnected by all its constituent parts. National markets are gradually becoming, either directly or indirectly, a kind of part of a larger market outside the country. However, this process is most clearly manifested at the level of the secondary market, where centralized trading in securities is concentrated on the three largest exchanges - Tokyo, New York and London, which now account for more than half of the market value of securities listed on all exchanges in the world. It is between these three exchanges that the most noticeable strengthening of the relationship in securities trading takes place. This process is taking place against the background of the general internationalization of securities markets - both primary and secondary, which is due to a number of factors: the very course of internationalization of production; growth of mutual investments between companies from different countries; reducing government restrictions on international securities trading; the rapid development of modern means of communication, which greatly facilitate and accelerate the trading of securities in the technical sense; etc. But still, this does not give grounds to believe that a single global world securities market has already been formed, since differences between national markets still remain, although the process of globalization is certainly accelerating.

In general, the world stock market of securities, as well as the world currency market, is one of the most effective and global tools for redistributing funds from one sector of the economy to another. Now in the world market, several trends can be distinguished, regardless of the industry. First of all, there is a decrease in the role of the state even in such areas of the economy as labor migration. The resettlement of people is now almost not slowed down in Europe, this is especially true for qualified personnel.

In addition, the growing interconnection of world market participants forces us to look for new technological solutions to overcome distances, hence the growing informatization of any financial institutions. Now the world securities market is entering a new era in terms of globalization - this applies to trading in Euroshares and Eurobonds and means a possible revision of the entire market and a change in positions on key indices.

MRCB is a factor accelerating the global process of economic growth and facilitating access for various economic entities to the international market of free capital. The circle of participants in the MRCB is constantly expanding, an increasing number of national credit and financial institutions, UN organizations, the CSCE, and others are joining them.

The MRCB is now playing an important role in bringing states and their economies closer together, in the transition to a new world socio-economic order. The integrating role of the MRCB is becoming one of the dominant trends in its development.

Thus, the international securities market was formed as a result of the massive export of capital, primarily from countries that own the main transnational corporations and banks. Its formation was accelerated by the modern scientific and technological revolution, which gave rise to many grandiose projects, the implementation of which requires the use of capital from different countries, the development of integration processes, a certain stability of exchange rates, the introduction of common multinational currencies, and success in the development of banking and exchange business.

2. Features of the development of the world securities market on present stage

2.1 The role of individual countries in the international securities market

The US Stock Market is undoubtedly the largest in the world with the presence of global players striving to reach newer heights. The US Stock Market includes most of the Fortune 500 companies that go to explain its status in the World Stock Market scenario.

The United States is the only country in the world whose economy emerged from World War II much stronger. The war saved this country from serious competitors, but not for long. The economic rise of Western Europe and the industrial breakthrough of Japan significantly changed this situation.

The threat of the leading role of the United States in the world economy has necessitated decisive measures in the United States, spending on research and development work has increased markedly, processes of industrial restructuring in favor of knowledge-intensive industries have accelerated and deepened, and new methods of stimulating scientific and technological progress have arisen and developed.

American transnational corporations and their affiliates abroad are becoming an increasingly important factor in international economic life. Approximately from the beginning of the 70s, in the export of capital from the country, the export of capital in the form of loans came first.

Shares of American companies are traded on the three largest US stock exchanges - NYSE NASDAQ AMEX. More than 10,000 stocks are traded on these exchanges, representing the entire US economy - about 200 industries.

In the US, operations with government securities are of great importance; with the obligations of the government, in the system of monetary regulation of the economy. However, there is one significant feature: government securities in the markets never dominate private, corporate ones (this rule also applies to other developed countries).

The extremely developed secondary market for government securities in the United States contributes to the successful fiscal and monetary regulation of the economy: the entire state budget deficit is covered only by issuing government debt, and the Fed's open market operations, introduced since the late 30s, make it possible to constantly adjust the size of the money supply .

Corporate papers are represented by private short-term and long-term liabilities.

Short-term liabilities include commercial paper and certificates of deposit. Commercial unsecured bills of exchange of private firms are issued for a period of 3 to 270 days (average maturity - 30-35 days), so their secondary market is limited. Commercial paper placements are handled by investment banks, and only reputable companies with close ties to such banks have access to this market. Deposit certificates are evidence that a term deposit has been made with a credit institution. They are issued by large commercial banks, have a coupon system for paying interest, and are bought by non-financial corporations as a means to place temporarily free funds.

Long-term securities include stocks and bonds. There are ordinary, or ordinary, shares (ordinary, common stocks) and preferred (preference stocks). Ordinary shares in case of distribution of profits, participation in management, as well as in case of distribution of property in case of bankruptcy, have ordinary rights. Preferred shares, upon receipt of a dividend or division of property, provide their owners with certain advantages.

In the structure of financial assets of American corporations, the share of debt (bond loans) has increased significantly. Investment banks are engaged in primary placement of securities. The secondary turnover of shares is divided into exchange and over-the-counter. Each exchange sets its own requirements for the acceptance of securities, but, as before, the New York Stock Exchange is the standard of strictness here. Since 1982, its requirements for issuing companies have become tougher. To be admitted to the exchange, you must have an annual income of at least $ 7 million; the market price of shares owned by shareholders must be at least $16 million; the value of the company's property is at least 16 million dollars.

As a result of the development of information technology, a unified information network emerged that united all exchanges and the most organized part of the over-the-counter turnover - the stock exchange without a trading floor (NASDAQ).

At present, the prestige of the NASDAQ has become so high that individual companies, even if they reach the indicators that meet the requirements of the NYSE, remain in the NASDAQ. Thus, in stock trading, off-exchange turnover complements exchange trading and even competes with it.

Although the high proportion of share capital as a source of financing for the economy is a national feature of the United States, the stock market has long been no longer the main segment of the stock market. Currently, the value of bonds is 1.3 times higher than the value of shares (for example, in Germany, 10 times). Bonds are the main instrument of corporations in terms of mobilizing financial resources in the stock market.

With the advent of new types of issues, such as zero coupon bonds (zero coupon bonds) and junk bonds (Junk bonds), the bond market began to change. Investing in bonds began to lose its reliability. Regular interest on zero-coupon bonds is not currently paid, and this increases the risk. However, as the maturity date of the zero coupon approaches, an invisible interest accrues. More risk is offset by higher returns. This is true for investing in junk bonds, which have the lowest investment rating. That's why American brokers are talking about turning the bond market from a backwater to a casino.

OTC market. The most important feature of the US bond market is its predominantly OTC nature, and the turnover of government securities is 99% OTC. The growing importance of over-the-counter markets in modern conditions is connected not only with their decisive role in the initial placement of securities and in the trading of debt instruments.

In modern American practice, in the structure of over-the-counter turnover, it is customary to single out the "third" (third market) and "fourth" (fourth market) markets. The "third" and "fourth" markets are over-the-counter, focused exclusively on institutional investors, and at the same time they are very capacious. The trend towards the institutionalization of financial markets has been traced in America for a long time, as a result, institutional investors currently own 1/3 of all securities.

Derivative financial instruments (derivatives). In the US stock market, the importance of institutional investors has grown quite actively; their share in derivatives trading is 65%, and some operations (such as index futures) are focused exclusively on insurance of large portfolios. Derivatives trading originated in the US (and for the first time in the world) in the mid-1970s. At present, the volume of the derivatives market has reached such proportions (the annual value of contracts is 2 times greater than GNP) that in America they are already talking about a special branch of the financial industry (a kind of management of the emerging financial market Managed Futures), which is designed to professionally manage investments in derivatives.

The modern commodity futures exchange has become a universal (in terms of the composition of trading objects) institution. It retains its original commodity specialization (agriculture, oil) and at the same time has sections for currency futures (precious metals and foreign currency), financial futures (interest and index contracts), and options.

Since transactions with financial contracts significantly predominate over futures commodity trade, then the distinction between commodity and stock exchanges loses its meaning.

The radical shifts that have taken place and continue to take place in the movement of loan capital, in general in the financial markets, have contributed to the growing instability of situations on world, regional and local stock exchanges. The transition to "floating" currencies in due time increased the likelihood of currency risks. Fed deregulation interest rates required insurance of those risks that were associated with fluctuations in short-term interest rates.

New hedging strategies have emerged in the securities market, and derivatives transactions have become widely used. In particular, derivatives contributed to the adaptation of the stock market to the changed conditions, becoming its fastest growing and dynamic segment.

The American experience of the past decade shows that in the conditions of dynamic, stable economic growth of a large state, the problem of internal debt ceases to be relevant.
Changes in the regulation of the government securities market (in particular, the placement of the vast majority of liabilities among non-bank investors) allowed the federal government to weaken the impact of budget deficits on the expansion of money circulation. The rise in public debt never led to an increase in market interest. There was no deterioration in the conditions for financing private investment. The increase in government borrowing was combined with an intensive expansion of private credit operations. Accordingly, public debt has ceased to be seen as a priority problem of the economic policy of the US government.

Along with the American market, the eurozone plays an important role in the development of the global stock market.

The main factor in the development of the stock market in Europe is the union of the EU countries in the European Monetary Union (EMU). The elimination of foreign exchange risk and the reduction in transaction costs as a result of the introduction of the single European currency will reduce debt issuance costs and increase investment in government debt securities. This led to an increase in supply and demand in the sovereign debt market and stimulated the convergence of transaction standards, making them more transparent and attractive to investors .

Since January 1, 1999, new issues of government securities circulating on the secondary market have been denominated in euros.

The scale of the European corporate bond market is small. Of the total debt obligations of EU private enterprises, only 25% was issued outside the EU stock market. The issue of corporate obligations in the domestic market of the EEC countries was inferior to others developed countries, amounting to 0.1 billion dollars in Germany, 6.4 billion dollars in France and 20.7 billion dollars in the UK against 77.2 billion in Japan and 154.3 billion in the United States.

The creation of the EMU contributed to the acceleration of the development of national markets for corporate obligations (due to the abolition of a number of restrictions in force in a number of EU countries).

The formation of the EBU increased competition, accelerated consolidation and technological innovation in the equity markets.

We emphasize that the London Stock Exchange is the largest stock market in Western Europe. It expanded the trading volume of "Continental" shares by creating an electronic trading system for non-UK shares SEAQ-1 (Automated Stock Exchange Quotation System).

The creation of new electronic trading systems, notably CAC in Paris and IBIS in Frankfurt, allowed continental exchanges to capture a significant share of share trading and the value of SEAQ-1 decreased. Nevertheless, the London Exchange remains the most important means of maintaining liquidity for a large block of transactions and largely determines the share price on most continental exchanges.

In the context of accelerating computerization and the implementation of EU directives regarding investment services, the introduction of the euro led to the development of a pan-European market for highly liquid shares - a single electronic exchange - a trading system similar to IBIS.

The creation of the EBU also affected the functioning of 16 futures and options exchanges in Western Europe. With the introduction of the euro, the number of contracts with derivatives decreased (due to the fact that contracts for European currencies ceased to circulate). This intensified competition between the three largest futures exchanges in Europe - English (LIFFE), German (DTB) and French (MATIF).

The London and French futures exchanges specializing in futures contracts with Western European currencies suffered the most. The German futures exchange has maintained and strengthened its position thanks to its technological advantages - a fully computerized ordering system that allows almost a third of its members to trade from sites located outside Germany. The London Futures Exchange also has electronic potential, but its leading position may be buried if the UK does not join the EMU, as contracts for European currencies, which dominate LIFFE's turnover, will cease to circulate.

Demand for options on interest rate spreads increased sharply, which allowed investors to hedge interest rate risk spreads between the debt securities of countries - large debtors and interest rates on Eurobonds. A market has developed for contracts for interest rate spreads on private debt securities, the high risks of which determine the possibility of obtaining high returns.

Another financial center that has a significant impact on the development of the global securities market is the Asian stock markets.

We are now experiencing a period of redistribution in a world of political, economic and even cultural influence. Therefore, centers that were once considered peripheral, and more recently secondary, are now clearly strengthening their positions. These trends include the general rise of Asia in the world and Asian markets in particular. It was hard to imagine a few years ago that the Chinese government could advise its banks not to work with US financial institutions because of their lack of reliability. This is evidence of a sharp kind of activity of Asian players in the world.

The stock markets of most Asian countries are less stable than the European and American markets. They are still emerging markets. But, nevertheless, they are now beginning to play a large role in world trade and in the balance of power in world financial markets.

Thus, we can conclude that the stock market in the global sense is a set of securities markets of individual countries and regions. The most developed and active are the American and European markets.

2.2 The role of Russia in the global securities market

The key tasks performed by any national securities market are:

Ensuring flexible intersectoral redistribution of investment resources;

Attraction of national and foreign investments to domestic enterprises;

Creation of favorable conditions in the country to stimulate the accumulation and transformation of savings into investments.

In Russia, the main functions of the corporate securities market, such as the accumulation of funds from private investors and providing enterprises with access to long-term capital for investment purposes, are still underdeveloped. To a large extent, the Russian stock market still serves high-risk speculative investments in securities.

Although it should be noted that lately the Russian participants in the securities market have changed a lot, and many investors have already begun to think strategically.

Recently there have been changes in the strategy of many portfolio investors in the Russian stock market. So, if earlier investors purchased shares of domestic enterprises solely for the purpose of subsequent resale at a higher price, now a large investor often buys a significant block of shares in one enterprise and wants to influence the management of the company itself. To do this, the new owners of controlling stakes in Russian enterprises often carry out a change in the management of companies, change their development strategy, or are specifically engaged in creating a positive public image of enterprises. In addition, the position of the small private investor, who now has sufficient personal savings and a variety of investment vehicles to operate on the Russian stock market, which requires relatively small initial investments, has also strengthened to a large extent. In addition to the most accessible forms of collective investment in various mutual funds, a private investor in Russia also has the opportunity to participate in trading in order to purchase securities on various trading floors through Internet portals, access to which is now provided by many banks and other financial intermediaries.

For example, the successful IPOs in recent years of the oil state company Rosneft, Sberbank of Russia and VTB have clearly demonstrated the significant interest of a small private investor in Russia in investing personal savings in securities of rapidly developing sectors of the Russian economy. The stock market infrastructure created in Russia in recent years has made it possible to successfully resist the attempts of foreign underwriters involved in the issuance and initial placement of corporate securities, to transfer most of the activity with the initial placement of shares of Russian companies to foreign stock exchanges. Despite the popularity of Russian IPOs in London, in recent years Russia has regained its leadership in the competition of “local shares against depository receipts” - more than 70% of transactions in the total volume of transactions with Russian securities were concluded on the MICEX Stock Exchange (two years ago, the ratio was 50 to 50 ) .

Now we can safely say that foreign investors are ready to invest significant funds in the placement of shares on the Russian stock market. After all, it was the capital of non-residents that played an important role in the process of developing the domestic stock market of the Russian Federation, gradually moving away from trading in GDR / ADR in favor of Russian shares. The Russian exchange market has taken a fairly strong position in the global segment of trading in Russian securities, but at the same time has become a very attractive object for the international exchange and investment business.

However, an analysis of the main stages in the development of the Russian stock market allows us to conclude that Russia is forming a typical securities market for economically developing countries, closely integrated into the global financial system: stock prices in such markets usually grow with a decrease in political and economic risks, as well as under the influence of a favorable international situation, and fall sharply with an unfavorable change in the above factors.

Thus, the outbreak of the global financial crisis, which began in the United States in the mortgage lending market and subsequently spread to all other segments of the global financial market, in 2008 caused a collapse in the stock markets on all major stock exchanges, including the Russian one.

Let's define the financial crisis - it's a deep disorder financial system country, accompanied by inflation, defaults, instability of exchange rates and securities rates.

Now we can already say that the financial crisis in Russia greatly affected the stock market, which since May 19, 2008 has fallen by 70% in 5 months. In other countries, the fall averaged 25-30%.

The main objective reason for the collapse of the Russian stock market was the massive outflow of speculative foreign capital from Russia. This once again showed that the main problem of the Russian stock market, despite its high investment attractiveness in the long term, is primarily its high volatility and the dependence of our market on the movement of speculative funds of foreign investors. In general, large portfolio investors in the world consider emerging stock markets as particularly risky, and invest money there only during their rapid growth, and at the beginning of any crisis, investors try to immediately, without waiting for developments, to transfer money to less risky assets.

In conclusion, we emphasize that the Russian securities market is not yet sufficiently developed, but is already integrated into the global financial system. In order to reduce the impact of crisis phenomena in the context of globalization, it is necessary to turn the Russian market into a strong financial center. The methods of these transformations will be discussed in more detail in the next chapter of the course work.

3. Problems and prospects of modern development of the world stock market

It is generally recognized that the global crisis first of all and most painfully hit the stock market and organizations of the credit and financial sector. On the other hand, it was precisely in the financial area that problems arose that paralyzed the normal functioning of the global economic organism. The direct detonator of the crisis was the surrogate money, derivatives, that had penetrated deeply into the world financial system. This is a special type of derivative securities. The American authorities at one time lost control over the unprecedented replication of derivatives, only a part of which turned out to be related to mortgages, and the bulk was aimed at increasing the borrowing capacity of corporations. The well-known world investor Warren Buffett called such securities "financial weapons of mass destruction." Today there are so many of them that no one in the world is able to say exactly how many money surrogates roam the planet.

Ultimately, this led to the emergence of a syndrome of distrust in the real sector of the financial and mutual distrust between financial institutions. Quite naturally, in an environment of total distrust and uncertainty, the stock market reacted by dumping everything that is not provable financial means.

The depth and scale of the fall in the world's leading stock markets are unprecedented.

In October 2008 alone, the total losses of the global stock market amounted to $11 trillion.

The US economy as a "catalyst of the crisis" continues to "fall" into recession, and at a pace that is ahead of the most pessimistic forecasts. Over the past twenty-six years, Americans will not remember such a strong fall in GDP.

US GDP in the IV quarter of 2008 fell by 6.3%. In the 3rd quarter of 2008, US GDP declined by 0.5%. The fall of the economy over the course of six months was recorded for the first time since 1991. At the end of 2008, according to the final data, the US GDP grew by 1.1%, which is 2 times lower than in 2007. The GDP price index, which gives an idea of inflationary trends taking place in the US, showed an increase of 0.5% per year. In general, this is a very small increase, which gives the Fed even more confidence that their monetary policy is not yet leading to higher inflation, or even hyperinflation, as some analysts sometimes try to predict.

The deterioration of the economic situation in the United States had a negative impact on the American stock exchange. This is evidenced by the dynamics of the Dow and SNP-500 stock indices, which reflect business activity in the US markets. (Fig. 1).

As for the euro area, at the beginning of 2009. there is also a drop in key indicators, but at a slower pace. According to preliminary data from Eurostat, the Eurozone trade deficit in January 2009 amounted to 10.5 billion euros, while in January 2008 there was a negative trade balance of 11.1 billion euros. Exports from the euro area fell to 94.7 billion euros in January from 112.2 billion euros a month earlier, while imports fell 7.6% to 105.2 billion euros. In December 2008, according to the final data, the trade deficit amounted to 1.7 billion euros.

World Bank experts predict that the fall in global GDP in 2009 will increase by 1.7%.; predicts the average annual oil price in 2009. at the level of 47.8 dollars per barrel; index of business sentiment in the euro area in March 2009. decreased by another 0.7 points - up to 64.6 points.

Figure 1. Dynamics of the Dow Jones and SNP-500 indices

To date, the bottom of the global crisis has not yet been reached, so there is a negative trend in the world's leading stock markets. At the beginning of the year, the global stock market saw a moderate rise in prices due to investors' optimism regarding a new program to support the American economy, prepared by the team of US President-elect Barack Obama. The new program will create 3 million jobs and includes tax cuts and investments in infrastructure projects in the US. The cost of this program, according to preliminary estimates, may be about $775 billion. The Russian securities market is no exception in this case, although the situation on the domestic market is multidirectional.

In the future, the conjuncture of the world and Russian market shares began to deteriorate under the influence of a new set of negative statistics on Europe and the US.

Hope that Developing markets will be able to avoid the fate that befell the developed markets, and did not materialize. The problems of the world's largest economies only provoked a flight of capital and inevitably led to a decrease in the main stock indices of emerging markets, many of which lost almost 50% of their capitalization. The MSCI Emerging Markets Index, which is based on emerging market stocks, has fallen more than 50% since the beginning of last year, up from about 35% in 2007.

In mid-2009, the situation on the world financial markets gradually began to stabilize, but the global financial crisis still continues to have a negative impact on the markets of developing countries. Developing countries are only now beginning to fully feel the impact of the global economic and financial crisis, which may soon flare up with renewed vigor where it began - in the industrialized countries.

Many experts share the same opinion. Investors have already begun betting on a quick exit from the crisis, but they did not take into account one thing - the high probability of corporate defaults in developing countries. It is only natural that Russian companies burdened with rather impressive debt obligations will also fall into the risk zone. According to some estimates, by the end of 2009, about 35% of domestic companies will need to refinance loans taken in good years. In such a situation, the state will have to provide real assistance, but no one knows how much this assistance will last.

Nevertheless, the bet on the speedy recovery of the economy has brought certain results. Over the six months of 2009, the vast majority of the world's stock markets showed a positive trend. Moreover, the growth favorites were precisely the emerging markets, which, according to the results of 2008, were in the first places in terms of falling. The top ten consists exclusively of emerging economies, including the BRIC countries, ranked second, fourth, sixth and ninth, respectively (Table 1.).

Table 1. - Stock markets of the world - results of the first half of 2009
№	Index	Country	YTD change (%)	Index value at the end of June 2009	Index value at the end of 2008	Market Type
1	Peru Lima General	Peru	85.62	13 084.02	7 048.67	Developing
2	China Shanghai Comp	China	62.53	2 959.36	1 820.81	Developing
3	Sri Lanka All Share	Sri Lanka	61.82	2 432.15	1 503.02	Developing
4	Russian MICEX Index	Russia	56.82	971.55	619.53	Developing
5	Russian RTS Index	Russia	56.20	987.02	631.89	Developing
6	India BSE 30	India	50.24	14 493.84	9 647.31	Developing
7	Argentina	Argentina	46.73	1 584.22	1 079.66	Developing
8	Israel TA-100	Israel	42.04	801.26	564.09	Developing
9	Brazil Bovespa	Brazil	38.85	52 138.00	37 550.00	Developing
10	Turkey ISE National-100	Turkey	37.54	36 949.20	26 864.07	Developing

According to the results of the first half of 2009, the market of the Republic of Peru became the fastest growing stock market in the world. The Peru Lima General (IGRA) Index has risen 85.62% over the past six months. But the second place is occupied by the representative of the BRIC countries - the Chinese index China Shanghai Comp (SSEC) for the same period grew by 62.53%. The MICEX and RTS indexes are ranked fourth and fifth with 56.82% and 56.20%, respectively.

The advanced economies in the rankings are closer to the bottom of the list, and some have not managed, albeit not significantly, to win back last year's losses over the past six months. For example, the German DAX index fell by 0.3% (39th place), CAC 40 (42nd place) fell by 2.41%, the British FTSE 100 - by 4.17% (44th place) .

The financial crisis is evident in Russia as well, and this indicates that it has become part of the global market economy.

The list of causes of the financial crisis in Russia is quite extensive. Undoubtedly, the impact of the situation on international financial markets is great. However, the scale of the decline in the capitalization of the Russian financial market is incommensurable with the decline in these markets in other countries of the world.

For comparison: the RTS index in Russia fell by about 72-75%, while similar indices in the USA - only by 35%, in China they fell by 49%, in India - by 40%, Brazil - by 50% (Fig. 2). Thus, import reasons for the decline in capitalization can be estimated at about 35%, but the remaining 37-40% are Russian reasons.

Russian realities are dominated by internal factors. These include:

1) The “Dutch disease”, and the overheating of the economy with money, when petrodollars and loans at low rates corrupted entrepreneurs and the state with the belief that this situation will continue for quite a long time, and in this situation it is possible to finance high-risk infrastructure projects, the acquisition of assets secured by these same assets and so on.

2) Low labor productivity growth compared to income growth, outpacing the growth of the financial sector compared to the growth of the real sector of the Russian economy.

3) High corporate debt. The debt of the largest companies over several years increased from $31.4 billion in 2000 to $488.3 billion at the end of 2007 and more than $500 billion by September 2008. Moreover, more than half of these debts are debts of corporations and financial organizations with state participation. At the same time, the foreign exchange reserves of the Central Bank grew annually in approximately the same amounts as corporate debt. At the same time, the amount of repayment of loans for the III and IV quarters of 2008 and 2009 is more than 200 billion dollars.

4) Decrease investment attractiveness and the outflow of capital from Russia. On the Russian stock market, non-resident funds accounted for up to 70% of all circulating funds. Therefore, it was from the Russian market, due to its unpredictability and riskiness, that foreign investors withdraw money in the first place. The conflicts around relations between BP and TNK, Euroset, Metchel and the South Ossetian conflict played their role.

5) Lack of real sources of long-term investments in Russia.

Figure 2. Dynamics of the RTS and MICEX indices

The global crisis has convincingly demonstrated the need for a radical reform of the global financial system. The conceptual foundations of such a reform were outlined by the President of the Russian Federation Dmitry Medvedev on the eve of the summit of the leaders of 20 leading states of the world, held on November 15 in Washington. The main thing in the Russian proposals is the need to develop a new legislative framework on which the world financial institutions will operate, as well as the implementation of the idea of a plurality of world financial centers and world reserve currencies. These proposals are close to the position of the European Union and China and do not always meet with understanding from the United States of America.

Actively supporting the idea of creating an International Financial Center (IFC) in Russia, the Chamber of Commerce and Industry of the Russian Federation took part in the preparation of the concept of creating an IFC, which, as the main developers of this document, specialists from the Ministry of Economic Development of the Russian Federation, emphasize, is not only and not so much a matter of increasing the prestige of the country, how much a matter of forming serious investment sources for our companies. According to the concept of the IFC, it is a certain geographical area where the capital of investors from different countries is concentrated. And they come there because they know that it is possible to make transactions with capital there, there is always a wide range of financial instruments, which makes it possible for a large number of operations in the allocation of capital. So far, there have been few such instruments in Russia and, as a result, as a result of the financial crisis, foreign investors have fled with their money to find more interesting points of application for them.

According to many analysts, it is Moscow, which already occupies 56th place in the rating of competitiveness of financial centers, that is the most prepared city for hosting all financial market institutions on its territory.

The rivalry between the US and Russia in the financial markets with the expected victory of the ruble as a regional currency over the dollar has become the official doctrine of the development of the Russian financial market. As is known, D. Medvedev devoted part of his Message to the Federal Assembly on November 11, 2008 to this idea and announced the first necessary steps in that area - the speedy transfer of oil and gas exports to ruble payments.

In October 2008, Russia officially offered Belarus, China, and Vietnam to switch to temporary trading in rubles. Previously, such proposals were made to Ukraine, Moldova and Mongolia.

Possibly, electricity supplies will also be transferred to ruble settlements. The Inter RAO company already receives 35% of its foreign trade revenue in rubles with Kazakhstan and Belarus, payments are made only in rubles, with Ukraine - half. Negotiations are already underway with other countries, including China.

Of indisputable interest for the Russian business community are the assessments of the measures taken by the authorities to counteract the crisis.

Along with constant monitoring of the state of the domestic stock market, the Russian business community is obliged to use the current situation here to increase the degree of transparency of all entities operating in this market. Important in this regard is the implementation of the order of the Federal Financial Markets Service (FFMS) No. 08-39 / PZ-N dated October 7, 2008 “On Amendments to the Procedure for Licensing Types of Professional Activities”. Under this by-law, all participants in the securities market will be required to disclose their ultimate owners, most of whom hide in offshore jurisdictions.

On October 28, a law came into force that gives the Bank of Russia the right to make transactions with Russian and foreign credit institutions, as well as with the government of the Russian Federation, on the open market for buying and selling not only government, but also a number of other securities. It will result in the appearance on the securities market of the largest state player, whose luggage has two main goals: to prevent panic sales and to stabilize the situation with the capitalization of large backbone enterprises of the domestic economy.

There are several strategies for the development of the Russian stock market in the context of the global financial crisis.

The most promising is the formation and development of an independent national financial center in Russia. This is the only true path under present conditions. The basis in this case should be the formation in Russia of the price for export Russian strategic raw materials. Moreover, pricing should be carried out exclusively in the national currency - in rubles.

In conditions when old stereotypes are collapsing, many types (“safe harbor”, “tax paradise”, etc.) of financial centers lose their significance, since they are largely an attribute of the current monetary and financial system. Only real production centers or transport hubs will remain as real centers of gravity. It is to this class that Moscow belongs, whose geographical position allows it to act as a nodal point of trade, transport, migration and other routes between Europe and Asia. In addition to this, in the medium term, as a result of global warming, the importance of the northern regions of Russia will increase significantly, the processes of developing the Arctic will be activated, which will become an additional development in the role of Moscow as a transport hub not only "West-East", but also "North-South" .

The rapid development and deepening of the crisis phenomena in the country showed the high importance of stock market instruments in ensuring the stability of the country's financial system as a whole. It is from the stock market, as from the most dynamic segment of the country's financial market, that the current crisis began. In many respects, the way out of the crisis will be connected with the stabilization of the situation on it.

The current state of affairs in the industry did not allow the Russian leadership to use the stock market as an effective tool for stabilizing the situation in the country's economy. As a result, the Russian stock market, in the conditions of the outbreak of the financial and economic crisis, did not become an effective tool in the hands of the country's leadership. It all came down to a periodic halt in trading on the stock exchanges, which only added to the nervousness of Russian and foreign investors. Frequent halts in trading during the crisis led to an outflow of already low liquidity from the Russian market to the UK and German markets.

Assessing the situation on the Russian stock market during the development of the crisis, and also taking into account the lack of effect from the actions of regulatory bodies, it can be assumed that in the near future the Russian stock market will completely fall under the influence of world exchange centers, which will have a sharp negative impact on the sovereignty of the economy country as a whole.

To prevent this, urgent action is needed.

Thus, in a crisis, it is necessary to ensure the consolidation of liquidity (both currency and ruble) on one trading floor, eliminating competition between Russian exchanges. The merger of the exchanges will make it possible to unite their clearing houses and depositories, which will significantly increase stability and reduce the costs of performing transactions in the stock market. The merger of exchange depositories will finally solve the problem of creating a Central Depository in Russia, which in itself will significantly improve Russia's investment image.

Within the framework of the united exchange, it is extremely important to create and develop a commodity direction. First of all, to create a market for Russian strategic raw materials.

Russian raw materials on the world market should be sold for rubles, and the price for it should be formed in Russia. And here the participation of the state should be manifested in the provision of state guarantees and an increase in the capitalization of the settlement infrastructure in order to create conditions adequate to the current unstable situation on the market.

In the difficult conditions of the crisis, the role of the state as a supervisory and regulatory body is significantly increased. Therefore, state participation in the stabilization of the stock market should be expressed in the strengthening of control functions for public funds aimed at supporting the market. There is no doubt that it is more efficient to ensure reliable control over the circulation of funds if there is one modern trading platform.

State participation in the process of modernizing the infrastructure of the stock market should be aimed not so much at targeted support of market participants with “live” money, but at providing state guarantees and increasing the capitalization of the elements of the exchange infrastructure. The entry of the state into the stock market not as a player in the face of state-owned banks, but as a guarantor of stability, will make it possible to significantly reduce risks when placing financial assets of the pension system, funds of the mortgage lending system, etc., in stock market instruments.

It is also extremely important to create conditions that do not allow manipulating Russia's main index, the RTS index, in the conditions of a small number of transactions on the market.

The merging of stock exchanges into a holding is spelled out in the strategy for the development of the financial market until 2020, presented by the Federal Financial Markets Service last fall. However, the document does not specify the goals and objectives of creating such a holding. Moreover, in the current Russian conditions, taking into account the different forms of ownership of Russian exchanges and the different views of their shareholders on the merger, the process of consolidation “from above” risks dragging on for a long time, and in unstable crisis conditions, the process of consolidation with the participation of the two leading stock exchanges of the country may lead to paralysis of the national stock market.

Under these conditions, the unification of exchanges should begin with the unification of their technological platforms and rules for organizing trading. Exchanges should start working as a single entity, retaining the current form of ownership, and only later does it make sense to talk about the completion of the merger process. In our opinion, the unification of exchanges should start from the bottom. Estimates show that if there is an agreed position, the technical work on unifying the regulations of the exchanges can be completed within four to six months.

Thus, in modern conditions, the stock market has lost its economic functions in the sense of determining the value of companies in order to attract funds, and in the conditions of a liquidity crisis, it has become a useless tool, turning into a "generator of bad news." Under these conditions, both at the national and global levels, it is necessary to develop and implement a strategy for the development of national and global securities markets.

Conclusion

In conclusion of the course work, we can conclude that the stock market is a mechanism for investing financial resources in the interests of forming priority areas for the development of the economy.

The securities market regulates investment flows that provide an acceptable structure for the use of resources. Through the securities market, the main part of the process of moving capital to industries that provide the highest return on investment is carried out. The price of shares in the secondary market, changing under the influence of market demand and supply, determines their price in the primary market, which is very important for production, since enterprises can receive investment funds for further development.

The securities market ensures the massive nature of the investment process, allowing any economic agents with free cash to invest in production by acquiring securities.

The world stock market in the global sense is a set of securities markets of individual countries and regions (American, European, Russian, etc.). The most developed and active are the American and European markets.

The world securities market in our understanding has existed for about 150 years. Its development began before the First World War, then it was severely hampered by the Great Depression and the Second World War, but in the 60s, along with the technical revolution and the outflow of capital, the second stage of the rapid development of the global stock market began. The third stage of development is usually associated with the emergence of euroshares, but it is logical to single out the 90s, when Russian oil and telecommunications giants appeared on the world market.

The current stage of development of the world stock market is characterized by global crisis phenomena.

In the course work, it was concluded that the processes taking place in the global financial system clearly showed the leading role of the stock market in the origin and development of the crisis. The crisis showed its high importance in solving the problems of ensuring the economic security of the state. The underestimation of the role and importance of the stock market led to significant financial losses for the state, a decrease in investment attractiveness and an outflow of foreign investment from the country.

The early adoption of a decision, agreed with all interested parties, on the technological unification of the largest Russian exchanges and the creation on their basis of a prototype of a single powerful national exchange will help strengthen the country's financial system and intensify the activities of its participants, which will ultimately serve as the basis for exiting the current financial and economic crisis and the formation of an independent international financial center in Russia in the future.

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earnings) lowers investor returns but also reduces risk. If the company's growth is financed by using internal savings, as the most efficient way, then the investor should not expect high dividends. Do not promise quick benefits for investors and rapidly growing companies. But of course the quotes of such stocks are growing. In the economic literature, this strategy is called the policy of low dividends. There is a constant attraction of funds through new issues of securities.
The market value of securities depends on a number of factors, but the main one is the movement of real capital, which they represent. The sum of the market value of common and preferred shares is defined as capitalization.
The price-to-earnings ratio represents the ratio of a share's market price to net earnings per share, and is an indicator of the relative value of a share. This is not the degree of its profitability. Significantly higher than the average of this ratio by different shares indicates that these shares are being paid an inflated price. For example, the growth of the US economy is insignificant, while the Dow Jones index is growing at a rapid pace. This means that the stock market is inflating. The ratio of market capitalization of companies to the size of net profit in the US is 26, and the UK - 20. The dynamics of the value of shares should correspond to the dynamics of the national product produced. Otherwise, the fictitious capital will exceed the real one. The central figure becomes a speculator who inflates and controls the stock market. If there is a very large gap between the market value of shares and the value of real capital, then world financial markets are periodically forcibly corrected when quotes inflated by financial speculation are brought into line with the real cost of capital. The result of the overvaluation of stock markets is the financial crisis
Investing in securities is based on 5 criteria: income, growth, reliability, liquidity and tax implications. Moreover, these criteria do not always work in the same direction. Stocks can earn interest but provide minimal capital gains, while growth stocks generate high capital gains but no dividends. The high reliability of stocks is accompanied by low returns. Certain regularities have developed in world practice. If the economy is on the rise and the stock market is running smoothly, then you should invest about 75% in stocks, 20% in bonds and 5% in cash. If the stock market is in a downturn, then 30% in stocks, 40% in short-term treasury bills or government bonds, and 30% in cash to take advantage of favorable conditions in the future. Most of all, the above criteria are met by "blue chips", that is, shares issued by well-known companies are distinguished by stability in making profits and paying dividends.
Among industrial companies, the most dynamic ones should be singled out.

Introduction

The securities market within a market economy is an important tool for achieving macroeconomic balance, in particular, by ensuring financial stability. The formation of an efficient securities market is the most important condition for mitigating the negative effects of the global financial crisis.

The purpose of the course work is to identify the essential features of the global securities market.