The financial market of Ukraine
The concept of the financial market and studying elements included in its structure, current condition of the financial market of Ukraine and role in the country. The kinds of the financial market: currency, valuable papers and loan capitals or money.
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| Язык | английский |
| Дата добавления | 22.06.2009 |
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3
Ministry of Science and Education of Ukraine
Kharkiv National University of Economics
Department of Foreign languages
The financial market of Ukraine
Kharkiv, 2008
Introduction
The financial market is a communication facility between the manufacturers and consumers, with its help the economic activity of all country is carried out by it; the urgency of research of the market of the finance of Ukraine is emphasized as the effective job of the market promotes development of economy as a whole.
The purpose of the given work to consider concept of the financial market and to study elements included in its structure, and also to determine the current condition of the financial market of Ukraine.
The market is not only economic category inherent to some extent in all stages of development of a civilization, but this simultaneously difficult social - philosophical concept. It at all is not limited to economic sphere. As result of natural development of a human society the market includes historical, national, cultural, religious, psychological features of development of the peoples which have incorporated all riches of centuries-old traditions of the joint device of cultural and economic life. It determines features of the modern market and market system in the various countries. The market took place in all civilizations, but its role in them considerably differs. That fact, that the market attitudes and today are far from perfect, probably, is explained to that in a nature the perfection in general is unattainable.
The market is an interaction of the sellers and buyers. Each of them is independent in the actions. The buyers can be the separate citizens, family, firm, intermediaries getting goods for the subsequent sale; official bodies. The role of the market in economy is determined by the following moments: the market promotes rational distribution of resources, the market influences volume and structure of manufacture, the market improves economy, exempt from the unprofitable noncompetitive enterprises, the market forces the consumer to choose rational structure of consumption, the market prices act by carriers of the economic information. In this abstract we shall consider essence and structure of the financial market.
The financial market is a sphere of display of the economic attitudes between the sellers and buyers of financial (money) resources and investment values (that is tools of education of financial resources), between their cost and потребительной in cost.
The financial market consists of system of the markets: currency, valuable papers, and loan capitals or money. The financial market represents the organized or informal system of trade in financial tools. In this market there is an exchange of money, granting of the credit and mobilization of the capital. The basic role here is played by financial institutions directing flows of money resources from the proprietors to the borrower. By the goods money and valuable papers acts actually. As well as any market, financial market is intended for an establishment of direct contacts between the buyers and sellers of financial resources.
1. General information about the financial market
1.1 Concept of the financial market
The term finansia has arisen in XIII-XV century. In trade cities of Italy and at first designated any money payment. The further use - as concept connected to system of the money attitudes (relations) between the population and the state concerning education of state funds, money resources. I.e. the given term reflected:
· The money attitudes (relations) between two subjects;
· The subjects had different customs during these attitudes (relations);
· During these attitudes (relations) the nation-wide fund of money resources - budget was formed. Hence, these attitudes (relations) carried share character;
· the regular receipt of means in the budget could not be supplied without giving to the taxes, taxes and other payments of state-compulsory character.
It is the basic attributes of the finance, on which it is possible correctly to allocate them from all set of the money attitudes (relations). For example, it is impossible to attribute (relate) the money attitudes (relations) between the citizens, between the people and retail trade to the finance. I.e. finance is always money attitudes (relations), but not any money attitude (relation) - always financial attitude (relation).
The finance is a set of the money attitudes (relations) organized by the state, during which the formation and use of nation-wide funds of money resources for realization of economic, social and political tasks is carried out.
The finance represents set of the money attitudes(relations) arising during creation of funds of money resources and the subjects state, private(individual), collective and other forms of managing and the state and use them on the purpose of reproduction, stimulations and satisfactions of social needs of a society(community). In general (common) set of the financial attitudes (relations) allocate three large interconnected spheres: the finance of the managing subjects, insurance, state subjects. The financial resources are formed at the expense of such sources: own and equated to them of a means (joint-stock capital, shares payments, profit on the basic activity, target receipts etc.); which are mobilized in the financial market as result of operations with valuable papers; acting by way of redistribution (budget grants, subventions, insurance compensation etc.).
The public finances are a means of redistribution of cost of a public product and part of national riches. In a basis them the system of the budgets lays. A separate element in system of public finances are out of budget funds for financing separate target measures (pension fund, fund of social insurance, fund of employment).
The finance - one of major tools, with which help is carried out influence on economy of the managing subject (country, region, enterprise etc.). The financial mechanism represents system of organization, planning and use of financial resources. Into structure of the financial mechanism enter:
а) Financial tools;
b) Financial receptions and methods;
Ensuring subsystems (personnel, legal, normative, information, technical and software).
The financial tools are the various forms of short-term and long-term investment, the trade with which is carried out in the financial markets. The money resources valuable papers, forward contracts, future contracts concern to them.
The financial market represents the organized or informal system of trade in financial tools. In this market there is an exchange of money, granting of the credit and mobilization of the capital. The basic role here is played by(with) financial tools directing flows of money resources from the proprietors to the borrowers. By the goods money and valuable papers acts.
The financial market is intended for an establishment of direct contacts between the buyers and sellers financial resources.
1.2 Structure of the financial market
Structure of the financial market - this internal structure defined by interaction and densities of separate units of the market. For the characteristic of structure of the market the various criterions are used.
1) On objects distinguish:
· Capital market - (the share market) is a system of the economic ratioes between theme, who releases and sells valuable papers and theme, who purchases them and becomes their holder.
· The market of the credit - is the system of the money ratioes, which are connected to allocation and return of the loans, organization of money accounts, issue of token moneys and valuable papers, and as by crediting of capital investments.
· Exchange market - - it is sphere of the economic ratioes appearing for want of realization of operations on a sale and purchase of a foreign exchange and valuable papers in a foreign exchange, and as operations on an investment currency capital.
· The insurance market - the special socio economic structure which is carrying out creation of demand and purchase - sale of the obligations of insurance protection.
2) On the subjects distinguish:
· Operating sectors: represented by the businessmen, state, home facilities(economy)
· The intermediaries: banks, insurance companies, funds in various conditions each of them can appear as in a role of the creditor, and borrower.
3) On a level of saturation distinguish:
· The equilibrium market - when demand = to sentence. It is the competitive market.
· The scarce market - when demand < sentences. It is the market of the sellers.
· The redundant market - when demand > sentences. It is market of the buyers.
Depending on the considered task can be used and other criterions for the characteristic of structure of the financial market.
1.3 Infrastructure of the financial market
Infrastructure of the financial market - it is a collection of organizational - legal forms, render mediated influence to movement of objects of the financial market, collection of institutes, systems, services, firms serving the financial markets and ensuring it normal operation. For want of consideration Infrastructure on the foreground there is an interaction Units, and their role in execution of the defined function.
Basic elements of an infrastructure of the financial market:
· Exchanges (share, currency), their organizational made out mediating,
· Auctions, as the form organizational unexchange обмиена,
· The credit system and business banks,
· Issue system and issuing houses,
· The system of insurance of a risk of loss and insurance companies,
· Advertising agencies and mass media,
· The customs system,
· The system maximum and secondary education,
· The consulting companies,
· Auditor corporations,
· Trade unions working on hiring,
· Information technologies,
· Normative - legal base.
Basis of the financial market are the banks. To the basic functions of banks concern:
1) crediting of the enterprises, state, private persons and operation with valuable papers;
2) regulation of the money reference(manipulation);
3) attraction temporarily of free money resources, accumulation and transformation them in the extra capital;
4) realization of money accounts and payments in the state;
5) release of credit ways of the reference(manipulation) (deposit-check issue);
6) advice.
The financial market provides the mechanism of distribution and redistribution of money between the creditors and borrowers through the intermediaries on the basis of a supply and demand. The main function of the money market - transformation of idle money resources in loan means.
1.4 Conjuncture of the financial market
Conjuncture of the financial market - It is a collection developing on the market in each given moment of time of economic conditions, for want of which is carried out the process of implementation of the goods and services. The conjuncture of the financial market is determined by a parity(ratio) of a supply and demand, level of percent, capacity of the market, solvency of the consumers, availability of the savings etc. The business condition develops within the framework of competitiveness - rivalry between the participants for favorable conditions of obtaining of the credit, monopoly of a segment of the market.
2. Stock exchange end securities
The market, on which the operations with valuable papers are carried out, represents the market of valuable papers. The markets are subdivided on primary and secondary, exchange and over-the-counter. The primary market of valuable papers is the market, which serves release (issue) and primary accommodation of valuable papers. The secondary market represents the market, where the sale and purchase of the issued before valuable papers is made. In organizational forms one differ the exchange markets (share or currency stock exchange - for papers in currency) and over-the-counter market.
2.1 Stock exchange
The stock exchange represents the organized and regularly functioning market on sale and purchase of securities. The stock exchange is destined for turnaround of valuable papers. The circulation of valuable papers is understood as their purchase and sale, and also other actions stipulated by the legislation, resulting to change of the owner of valuable papers. As the managing subject a stock exchange gives a room for the bargains with valuable papers, renders settlement and information services, gives the certain guarantees, imposes restrictions on trade in valuable papers and receives the commission from the bargains. The stock exchange works under the license, the order of it's distribution is determined by a Rule about licensing exchange activity in the markets of valuable papers authorized letter of the Ministry of finance of Russian Federation from April 15, 1992 №20 with the subsequent changes for it (letter of the Ministry of finance of Russian Federation from March 2, 1993 №10). The functions of stock exchanges consist in temporary mobilization of free money resources through sale of valuable papers and in an establishment of market cost of valuable papers.
The participants of a stock exchange are the sellers, buyers and intermediaries (financial broker or broker, dealer). The broker - it the intermediary concluding the bargains on the assignment(order) and at the expense of the clients and receiving for the services the commission, i.e. compensation as contractual percent(interest) from the sum of the bargain. On occassion broker receives also wages. The income of the broker can be the sum received as a difference in the price of the buyer and the seller. The broker works on the basis of the agreements, concluded with the clients, (contracts, contracts). The dealer - intermediary (physical or legal person), engaged by resale of valuable papers on its own behalf, at own expense and at own risk. The income of the dealer depends on a difference in the prices of purchase and sale.
The following valuable papers circulate on a share stock exchange: the stocks (action, share), bonds, exchequer obligations of the state, savings and deposit certificates, bill of exchange, warrants, conaissaments, options, futures, privatization check, and also broker places and rent of broker places. The broker place on a stock exchange represents the right of trade on the given stock exchange. The valuable papers on a stock exchange are subdivided on basic and derivative. The share, bonds, exchequer obligations of the state concern are the basic. Derivative valuable papers - any valuable papers certifying the right of their owner on purchase or sale of the listed above basic valuable papers. The speech first goes about options and futureses.
The trade by the futures contracts, as a rule, is carried out through clearing chamber, unprofitable organization «relieving» the clients of necessity of check the opposite party. In clearing chamber the special accounts (margin) of the participants of the contract are opened, their positions are registered and supported the magin, that is finishing margin up to a necessary level is made. For a covering of costs the chamber has guarantee fund. As a rule, the members of clearing chamber are as well the members of a stock exchange.
To receive access on a stock exchange and to start the shares in an exchange revolution, it is necessary to be very large, stable corporation with faultless reputation. The share second-hand of the companies to the quotation (sale and purchase) are not supposed. There is a concept of listing - of the list of valuable papers of those companies, which financial position is checked up by the experts of a share stock exchange.
At each stock exchange the criteria of listing, but all of them very serious, and to execute them it is completely not easy. For example, on the New York share stock exchange (NYSE - New York Stock Exchange) easy will be the requirement to pay an entrance fee at a rate of 29350 US dollars. Then it is necessary to make payments from each share, and also annually to pay commission administrations of a stock exchange at a rate of up to 50 - of 60 thousand dollars etc.
The stock market in our country is very young, comparing to the majority markets in the world. However, we created something, which needs to be further developed. If we have a look to the some of the World Development Indicators in Appendix D we would see what is going on in the world, and what is the role of the Ukraine in this process. As we can see, the data says for itself. This year for sure the Ukrainian stock market capitalization is several billions of US Dollars. However, it should be compared with the GDP to understand if this is significant or not. So we see that this comparison is not very good. Actually it is lower, than in the majority of African countries (7.4% in 1997 and 4% in 1998 Vs 12.2% in Tunisia).
The Investable Index, given by the International Financial Corporation was the lowest in the world in 1997. If we investigate the abstract from the other table we would see that The PRS Group's International Country Risk Guide, Institutional Investor country credit ratings, Euromoney country creditworthiness ratings show rather interesting figures. Yes, we have an average country risk. At the same time our credit rating and creditworthiness are very low. Probably it is enough of examples. Something should be changed. How this could be done we would understand only after we investigate the historical process of development of our securities markets.
2.2 Over-the-counter market
Over-the-counter market - sphere of the circulation of securities that are not allowed to the quotation on stock exchanges. On over-the-counter market the new releases of valuable papers are placed also. Over-the-counter market is organized by the dealers, which can be or to not be the members of a stock exchange. Over-the-counter market of valuable papers will be carried out(spent) on the phone, telefax, computer networks. It is engaged mainly in valuable papers of those joint-stock companies, which have no enough shares or incomes to register (to pass listing) shares on any stock exchange. The most powerful system of a similar sort is the system of the automatic quotation of National association of the dealers on valuable papers (NASDAQ), used in USA. It allows the subscribers who are taking place at more than 120 thousand of terminals, directly from a workplace to conclude the bargains with valuable papers. The market NASDAQ is the second-largest market of the shares in USA and third in the world. Modern over-the-counter market represents the ramified network of large and solid commercial banks, investment companies and funds incorporated by uniform computer system and electronic communication(connection).
2.3 Stocks
It is the document certifying entering share in the capital of joint-stock company. It entitles to reception of a part of the profit of joint-stock company as the so-called dividend.
The first joint-stock companies have arisen in the beginning XVII of century: Ost-Indian company in England (1600), Ost-Indian company in Holland (1602). Now in the advanced countries the joint-stock form of the enterprises - conducting, and consequently the share for a long time became the integral attribute of the modern market of valuable papers.
Become the investor very simply: it is enough to buy the share of joint-stock company, interesting for you. But the investor has no the right to require at joint-stock company to return the sum, paid for the share. A unique way to receive money - it to sell the share to other legal or physical person in the secondary market of valuable papers.
There are various shares. On character of the order they are divided on nominal and share to bearer. All rights on registered stocks can be realized by the only particularly specified person. For example, if on the form your name is written down, anybody can not receive another the dividends - only you. If the speech goes about the shares to bearer, the rights under these shares has the person, who has showed them. Today basic weight of the shares - of the share to bearer.
The share also are divided on ordinary and privileged. The ordinary share entitles to take part in assembly of the shareholders. The owners of the privileged shares do not participate in voting at assemblies of the shareholders, but have the certain privileges concerning the dividend (firm sizes, priority right on reception). The owners of the ordinary shares receive the dividends depending on the profit of joint-stock company. It turns out, that the privileges in the field of the dividend as though exchange on the rights in sphere of the control. The majority of the shares, which let out corporations, concern to a category ordinary.
When we buy valuable papers, first of all, us interests them yield and market price, that is rate of the share. But unless the price of the share is not specified on it(her), whether about it speaks face value of the share? The business that face value - is reserve. It matters only at initial accommodation of the share in the primary market, and share of the investor in accuracy is equal to face value. However, as we already know, the investor can not require share back, it can only resell the share. And for what price - it already depends on the current rate of the share.
The rate of the share depends on a supply and demand, which are determined by set of the reasons. As the rate beforehand is not determined, there is an opportunity of gamble in the market of valuable papers. Those participants of the market, which expect increases of a rate, will buy up the share, expecting resell them for higher price in the future. The players on increase of a rate name «as «bulls». Those who expects downturn of a rate, will sell the share. They play on downturn of a rate, and in exchange practice them name «as «bears». Who will appear in an advantageous rule, - will show the future. The rate of the share is subject to often fluctuations, and in exchange game the principle is carried out: today - you, and tomorrow - I.
Bright historical example of game on the downturn which has allowed to hammer together a condition in 50 - 60 millions of Pounds, is connected to a name Natan Rotshield. During fight at Waterloo in 1815 he has let false hearing on the London stock exchange about a defeat of England, and its state valuable papers of steel hullabaloo sale. Itself Rotshield hastily bought up depreciated « «pieces of paper» for the symbolical price. However official message on a victory has not forced itself long to wait. The rate of valuable papers sharply has increased, and… The artful plan was excellent carried out.
2.4 Bonds
Historically bonds have arisen before the shares: still Athenian state on the eve Peloponess of war (V century up to н.э.) has placed the loan at a rate of 10 thousand talents. The bond - is the securities giving the right on reception of the guaranteed income.
As against the share the bond does not give the right of a vote at acceptance of the decisions at assemblies of the shareholders. The paid income is strictly fixed and does not depend on change of the profit of the emitter.
The bonds - of a paper urgent, that is their cost is repaid in due course. Let out them on various term, however it is possible to speak, that terms these tend to become all more shortly. In epoch bloom of a classical type of the bonds in Europe them let out on improbable on our today's representations term: 100 - 150 years and under improbable on present representations percent(interest): 1,5 - 2% per one year. During this period they has a reputation of a sample of reliability:
Once having enclosed means in the bond, it was possible quietly for a number of years to cut the coupons. The bond was printed with a special sheet of the coupons, the number them was equal to number of payments of percents(interests) in the period before repayment of the bond. Thus, taking scissors and cutting the coupon, the owner of the bond declared the right to the income under the bond. From here is stalely expression «to cut the coupons».
Now terms, on which the bonds are let out, were essentially reduced. The main reason - inflation, which depreciate the money, enclosed in the bond. Distinguish the short-term, intermediate term and long-term bonds. By the Russian legislation the short-term bonds can be let out for the term of till 1 year, intermediate term - till 5 years, long-term - till 30 years.
The bonds are let out by(with) the private(individual) and state emitters. It is considered, that the state can not go bankrupt, therefore state bonds - the standard of reliability. (It in the theory. About the Russian realities - hardly is lower.) But than less risk, the is less than the reasons to pay the high income under the securities. The general(common) rule of functioning of the market of valuable papers says: than above yield, the less reliability, and on the contrary.
The bond is the liability of the emitter. The buyer of the bond gives the credit to the emitter. Therefore, getting the bonds at joint-stock company, we become not the co-owners of this society(community), as at purchase of the share, and his(its) creditors.
Doing(making) the forecasts concerning change of a rate of the share, it is possible to some extent to be guided by the dividend paid on the shares of the given joint-stock company. As norm of the dividend name a parameter yield of the share, it(he) represents the attitude(relation) of the size of the dividend to the market price of the share. However yield of the share depends not only on size of the dividend, as the low dividends can be paid during growth of the company, when the large investments are carried out. Therefore, despite of the low dividends, share price can appreciablly grow. Each time, making a decision concerning purchase or sale of the share, is necessary to take into account all this variety of the factors.
If at the share the face value has no meaning at its purchase or sale in the secondary market (share - a paper termless), concerning the bond it is essentially important to take into account face value and term of repayment. Business that the regular fixed income under the bond during the certain time represents interest from its nominal cost specified on the bond. It concerns and to coupon to the bonds. We admit(allow), face value of the bond - 1000 roubles, term of repayment - 10 years, annual coupon the income - 100 roubles. Hence, coupon yield is equal to 10 percents.
However meet and noncoupon bond, which are sold for the price below than face value. How in this case to determine them yield in annual? It is possible to take advantage of the formula yield of the short-term bond:
(Р1-Р2):Р2 х 365: t,
Where Р1 - the price at face value, Р2 - the price of sale, 365 - quantity(amount) of days in one year, t - term of the bond before repayment (quantity(amount) of days). Let's assume, the bond for the period of 3 months (90 days) with face value 100 rub. is let out. Also is sold for the price below than face value - for 95 rub.
Having substituted the data in the formula, we receive yield, equal 0,2, or 20% annual.
The share and bonds are primary, as they are determined directly through economic forces. As against them, the derivative (secondary) valuable papers « «function» on base already of basic valuable papers, available in the market, (shares and bonds).
The appeal of the market of derivative valuable papers is explained to that it(he) requires(demands) essentially smaller initial expenses in comparison with the basic valuable papers. A consequence it is the participation in it(him) of the investors with « «lean» purses, that increases intensity of the made bargains and liquidity of the market. Alongside with game on purchase - sale of valuable papers with the purpose of extraction of the profit (gamble) the derivative tools are attractive and from the point of view of insurance upon losses.
Forward the bargain. The company And plans to buy at the fixed moment in the future of the share of the company In. Being insured from possible(probable) increase of the prices on the share In, the company And concludes with other company forward the bargain, according to which she(it) undertakes to buy the share In on fixed and stipulated (forward) to the price F.
Option. The company And has got the share of the company In, as hopes for the income of possession by them. However share can be lowered in the price, and, to be insured against such downturn, the company And buys option of the seller, i.e. the right to sell them In at the end of one year on fixed to the price К.
As against forward of the bargain, for purchase option the company And should pay the premium, which size can be significant. The exact account of this premium named as the price, represents a difficult and rather urgent task of option trade.
Among other secondary valuable papers we shall note:
warrant - the securities let out by firm in exchange for cash and giving her(it) to the owner the right of purchase of fixed quantity(amount) of the shares of this firm for the fixed price at any moment up to fixed date;
The convertible bond - the bond, which allows its(her) owner at any time before repayment to make its(her) exchange on the certain quantity(amount) of the shares;
cap, flor, collar - derivative tools allowing « «differ» kinds of the loans, imposing the bottom, top or bilateral borders on (floating) percent(interest).
The important innovation on (over-the-counter) the financial market is swap - the private(individual) agreement between two parties about an exchange of money flows in the certain time in the future under the beforehand stipulated formula.
3. Financial market of Ukraine (the third quarter of 2008)
Recently world financial crisis exists in world which accordingly influences upon economy of the country.
On results of the third quarter the indicator of the Ukrainian organized share market has lost 398,1 index items (-51,86%), having failed with a mark in 767,57 index items on June 27, up to meaning in 369,47 index items on September 30. In the third quarter of the last year the index PFTC has grown on 37,95 index items (+3,81%), and for the second quarter of 2008 the fall of the share indicator has made 191,74 index items or 19,99%.
Within the third quarter of 2008 total amount of tenders in PFTC has made 11,48 billion. hrn., having appeared on 0,92% (105,13 million. hrn.) it is more, than volume of tenders for the second quarter of year, when the tenders in system have passed on 11,38 billion.hrn.
In the third quarter the market of the state bonds considerably has increased the presence in PFTC (+224,9%), the trade in the corporate bonds has appeared on 12,02% more, than was in the second quarter, other markets the positions considerably have handed over.
Most of all has reduced the trade revolution in July - September the market of the investment certificates (-89,79%), of the shareshave sold on 48,01% less, than was quarter earlier, and the trade intensity in the market of the municipal bonds has decreased on 29,21%.
In the shown structure of quarter tenders PFTC, lesdership among of sells on a stock exchange of kinds of valuable papers has reserved the market of the corporate bonds.
Volume of tenders by the corporate bonds in the third quarter of 2008 has made 7,31 billion.hrn., having reached(achieved) 63,64% from total amount of quarter tenders in PFTC. In the second quarter volume of tenders by the corporate bonds was on 784,21 million.hrn. (10,73%) are less, having made 6,52 billion.hrn., at a share of the market PFTC in 57,33%.
To ending the third quarter the demand for purchase of the corporate bonds was reduced more than on 63 million. hrn. Up to 31,8 million. hrn. (-66,58%), and the offer has made 154,63 (-15,93%).
On results of quarter in the leaders of tenders among corporate debt papers send the bonds of the companies - «Ukrsocbank» (series Е) (volume of tenders - 586,12 million.hrn.), «Ukrgazbank» (series С) (volume of tenders - 355,16 million.hrn.) and «Kreditprombank» (series I) (volume of tenders - 332,29 million.hrn.).
The second place on volume of tenders for one quarter borrows the market of the shares with a trade revolution in 2,03 billion.hrn. And market share in 17,69% from cumulative volume of tenders in PFTC. The previous quarter volume of tenders by brave tools on a stock exchange was on 1,88 billion.hrn. It is more, having achieved 3,91 billion.hrn., thus their share in a general trade revolution PFTC made 34,35%.
For July, - September 2008 the demand in the market of the shares was lowered up to 50,94 million.hrn. (-32,42%), and the offer has made 74,16 million.hrn. (-42,68%).
By the leaders of tenders in the market of the sharesfor quarter of steel valuable papers of the companies - OSC «Zapadenergo» (volume of tenders - 167,81 million.hrn.), OSC» Centrenergo «(volume of tenders - 159,22 million.hrn.) and OSC «the Zaporozhye factory of ferro-alloy» (volume of tenders - 143,48 million.hrn.).
On the third line of the current rating of quarter tenders there is a market of government securities. Volume of tenders OVGZ in July - September has made 1,98 billion.hrn., and its market share has reached 17,21% from a general quarter revolution in PFTC. The previous quarter the tenders government securities have passed on 608,15 million.hrn., that has supplied to the market OVGZ 5,35% from a trade revolution of a stock exchange for the second quarter.
On September 30 the offer on sale government securities has made 6,24 million.hrn. (-16,8%), and the demand was lowered up to 8,26 million.hrn. (-6,88%).
By the leaders of tenders in the market government securities on results of quarter of steel ОVGZ with term of repayment 30.12.2009 (volume of tenders - 925,37 million. hrn), OVGZ with term of repayment 17.12.2008 (volume of tenders - 473,13 million. hrn) and OVGZ with term of repayment 03.09.2008 (volume of tenders - 162,69 million. hrn).
The fourth position was occupied by the market of the municipal bonds. For the third quarter on a stock exchange the tenders by the bonds of municipalities for the sum 155,43 million.hrn have passed., and their market share in PFTC has made 1,35%. On results of the second quarter of 2008 the share of the market municipal bonds in general structure of tenders PFTC was 1,93%, and volume of tenders has reached 219,58 million.hrn.
For one quarter the demand for purchase municipal bonds has decreased on 67,75% up to 1,19 million.hrn., and the offer has made 8,03 million.hrn. (-27,59%).
In the market of valuable papers of municipalities by the leaders of tenders for the three-monthly period of steel of the bond of the Kiev urban advice (series А) (volume of tenders - 60,12 million.hrn.), Odessa urban advice (series В) (volume of tenders - 54,34 million.hrn.) and Donetsk urban advice (series С) (volume of tenders - 24,26 million.hrn.).
Closes a rating of quarter tenders PFTC the market share of papers of the companies on management of actives. For the third quarter of the investment certificates share of investment funds sells for the sum in 12,16 million.hrn. Or 0,11% from a cumulative quarter revolution of a stock exchange. In the second quarter of the current year the market of valuable papers ICI was much more and has made 119,13 million.hrn. From a market share in PFTC in 1,05%.
On system the falling market as the most successful liquid valuable papers it is possible to count the share of the emitters, which least have lowered cost at the price of purchase.
By the given criterion in the leaders of past quarter it is possible to put the share OSC «Zapadenergo», OSC «Kyivenergo» and OSC» Raifaizen Bank Aval».
The first place on results of quarter was borrowed(occupied) by(with) valuable papers OSC «Zapadenergo» (volume of tenders - 167,81 million.hrn.).
For one quarter the price for purchase of the shares of the generating company was lowered more than on 25%, and the best quotations look like: on purchase - 290,0 hrn. (-25,26%) for the share, on sale - 299,0 hrn. (-24,21%) for the share, last bargain has passed at the price of 298,0 hrn. (-24,46%) for one share. Спрэд between the quotations of the shares of the emitter makes 3,1%.
The second line has got to valuable papers OSC «Kyivenergo» (volume of tenders - 23,64 million.hrn.). The best quotations of the shares of energy companie to ending September looked like: on purchase - 19,1 hrn. (-35,03%) for the share, on sale - 20,0 hrn. (-33,33%) for the share, last bargain has passed at the price of 20,0 hrn. (-31,39%) for one share. Spread between the quotations of the shares of the enterprise has achieved 4,71%.
The third place was occupied by valuable papers OSC «Raifaizen Bank Aval» (volume of tenders - 82,52 million.hrn.).
By the end of quarter the best quotations on purchase of the shares of financial establishment in PFTC were lowered more than on 43% and look like: on purchase - 0,422 hrn. (-43,16%) for the share, on sale - 0,43 hrn. (-44,71%) for the share, last bargain has passed at the price of 0,435 hrn. (-42,76%) for one share. Spread between the best quotations of the sharesthere is in a range 1,9%.
By the loser of quarter of steel of the share OSC «Enakievo a metal works» (volume of tenders - 91,4 million.hrn.), which for three months have fallen in price almost on 75%.
On September 30 the best quotations of the shares of the enterprise in PFTC looked like: on purchase - 75,55 hrn. (-74,94%) for the share, on sale - 77,0 hrn. (-74,65%) for the share, last bargain has passed at the price of 76,0 hrn. (-75,0%). Spread between the quotations makes 1,92%».
Conclusion
Summing up all above said it is possible to say, that the basic function of the financial market consists in mobilization of money resources of the investors for the purpose of organization and expansion of manufacture.
Other function is information. She is that the situation in the financial market informs the investors the information an economic conjuncture in the country and gives them landmarks for an investment of the capitals. In the whole functioning of the capital in the form of the financial capitals promotes formation of effective and rational economy, as he stimulates mobilization of free money resources in interests of manufacture and their distribution according to needs(requirements) of the market.
As shows world experience, the effective functioning of the financial market is impossible without regulating and supervising activity of state bodies. In conditions of the formation of financial market (and market of valuable papers in particular) the functioning of similar structures gets exclusive meaning (importance).
In the world market there are two basic models of organization of the financial market. One of them provides domination in the market of commercial banks (Germany, Japan, France). Another assumes an active role, both bank establishments, and not bank financial-credit institutes (USA, Great Britain). In those countries, where in the market the limited number of commercial banks, their activity is subordinated to the central national bank and other governmental agencies, state regulation more rigid dominates.
Thus, the financial market is represented as the effective mechanism of functioning of market economy, tool of mobilization of financial resources and savings of the population, optimum redistribution of means and increase of activity of the man as real proprietor.
Literature
1. Ковалев В.В. Финансовый анализ: управление капиталом. Выбоp инвестиций. Анализ отчетности. - М.: Финансы и статистика, 1996. - С. 432.
2. Финансы: Учебное пособие // Под pед. пpоф. Ковалевой А.М. - М.: Финансы и статистика. 1997. - С. 336.
3. Боpоздин П.Ю. Ценные бумаги и фондовый pынок // Учебное пособие. - М.: МГУ, 1994. - С. 170.
4. Калина А.В., Коpнеев В.В. Рынок ценных бумаг (теоpия и практика). // Учебное пособие. - К.: МАУП, 1997. - С. 214.
5. Загоpулько М.М. Основы экономической теории и практики. // Учебно-методическое пособие. - Волгоград: Издательство волгоградского ГУ, 1995. - 2-е изд. - С. 342.
6. Банковские операции. // Часть II. // Учетно-ссудные операции и агентские услуги. // Учебное пособие. // Под ред. Лавpушина О.И. - М.: ИНФРА-М, 1996. - С. 208.
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