Financial market of the Republic of Kazakhstan

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Content

Introduction

Chapter 1. Financial Markets

1.1 The concept of financial market

1.2 The securities market, the types of securities

1.3 Stock Exchange

Chapter 2. The Organization of Financial Market

2.1 The functions of financial markets

2.2 Role of managers in the financial markets

2.3 Financial markets and government

Chapter 3. The current state of the financial market of the Republic of Kazakhstan

3.1 The financial sector

3.2 Securities Market

Conclusion

List of references

Introduction

The financial market is a system of economic relations that arise between market participants about the pop savers providing temporary free cash users. Thus, a commodity in the financial market is money, which some market participants sell to others for a fee. As the board are the percentages that are paid on borrowings, and dividends paid on shares. In certain sectors there is an excess of funds in the other - lack. In this regard, is the flow of capital from one sector to another.

The main suppliers of financial resources for population and market are financial institutions, and consumers - the company and the state.

The financial market of any country consists of money market and capital market. Separation of the financial market into two parts is determined by the special nature of the treatment of financial resources that serve working and fixed capital. Money market funds seek to provide a traffic short-term loans (up to one year). Capital market by motion long-term savings with a term exceeding one year.

The stock market serves as a money market and capital market. It should be emphasized that the securities cover only part of the movement of financial resources. In addition to the securities hold direct bank loans, intercompany loans, etc.

The financial market is a means of movement from savers to users. In certain sectors there is an excess of funds in the other - lack. In this regard, is the flow of capital from one sector to another. Cash flow may be mediated through financial institutions, and can be carried out directly by the investor to the consumer of financial resources.

It is usually assumed that financial intermediaries promote more efficient movement of capital. However, this statement is ambiguous. Sometimes mediators increase the costs of raising capital. If you can go directly to the borrower to the lender, avoiding the house, it reduces the cost of attracted resources. This is facilitated by securitization of financial markets. The purpose of this paper is to examine the financial market. With the goal of attempt to perform the following tasks:

- To consider the concept of financial markets;

- To study the organization of financial markets;

- Examine the current state of financial markets.

Chapter 1. Financial market

1.1 The concept of financial market

The financial market is an economic relationship involving the movement of money capital in various forms and securities. It is part of a system of market relations and organically linked to the commodity and other markets: land, natural resources, labor, housing and other real estate, insurance, foreign exchange, technology, gold, etc.

From a functional point of view of financial market - a system of market relations, to ensure the accumulation and redistribution of temporarily free funds of economic entities, banks and the state.

The functioning of this market makes it possible to streamline and improve the efficiency of many economic processes, especially investment. This is achieved by a variety of equity instruments of the market, mainly securities.

Relations between all types of markets determine the conditions of the financial market. They are:

1) A structured product market, then there is a balance of supply and demand for goods and services of any type and purpose;

2) The normal regulation of currency by the Central Bank: this includes the control of emissions of cash and cashless transactions;

3) Activation of the credit market, its full commercialization, that is, placing credit on the open market; movement credit is regulated by the Central Bank account interest rates, reserve requirements for commercial banks, the operations on the open money market.

The prerequisites for the functioning of the financial market are:

1) The general independence of the primary economic units of material production - businesses of all forms of property, including public sector, in order to promote competition and limit monopoly;

2) reduce the state's role in the redistribution of financial resources: the reduction of centralized financing productive investments, intradepartmental transfers between enterprises;

3) increase in cash income for businesses and people that can be invested in securities and other assets;

4) Termination of the loan fund to finance budget deficits, deficits in both the republican and local budgets are covered by the release of government loans to the treatment of bonds and other obligations.

The value of the financial market is determined not only by its effect on the reproductive process by removal of free cash flow (on a voluntary basis) and their redistribution. Its operation makes it possible to reallocate resources "horizontally" rather than "vertical" way, the inherent administrative-command economy. For plane motion are direct links between entities in the form of repayable redistribution of financial resources. This will stabilize the financial situation of enterprises, industries and the economy as a whole due to rapid transfer of funds to those areas and facilities where they need is greatest on the principle of maximum efficiency.

Financial market allows us to estimate the real value of the business through securities prices: the higher their quotation will be working effectively in businesses.

The presence of financial market restrains inflation, since the government to cover the budget deficit does not use the issue of money, and issues securities that are freely circulated in the market and their price is determined by supply and software.

The establishment and functioning of financial markets in the process of economic reform faced with the contradictions and difficulties caused by economic crisis and the accompanying inflation.

Inflation imposes a serious limitation securities - they should be easily achievable short-term or no loss of value. Investors are not at risk in a constant rise in prices to invest in illiquid securities for the long term. For long-term investment in an inflationary environment is more attractive investments in real estate, commodities, freely convertible currency.

Financial market development is hampered by the low standard of living of most of the population, reducing the number of individual investors. In the chronic insolvency of enterprises have few prospects for their investments in securities. Cash deficit leads to higher interest rates on short-term loans and deposits, resulting in a yield securities can not compete with that of the monetary transactions of banks.

An important factor in the functioning of financial markets is also political stability, and treatment of securities may include economic space in several countries. The political realities of the CIS countries virtually ruled out the possibility of long-term prognosis with respect to the profitability of an enterprise, and thus limit the desire to purchase securities.

The revival of the financial market may intensify with the issuance and circulation of corporate securities - stocks and bonds of real sector of the economy. In Kazakhstan, until recently, this segment of the financial markets are insufficiently developed state that holds back economic potential as a whole.

The formation of the national stock system, including the constituent elements in the form of investment institutions, stock exchanges, OTC trading, depository institutions should be conducted simultaneously with the formation of other market structures, especially joint-stock companies of various types, in a secure legislative support of this system for structure-positive role in the economy.

1.2 The securities market, the types of securities

As follows from the above, the stock market - part of the financial market, which are bought and sold different kinds of securities issued (issued) by economic entities and the state. The functioning of this market makes it possible to streamline and improve the efficiency of many economic processes, especially investment. This is achieved by a variety of equity instruments of the market - the securities.

Securities are cash documents certifying the property right, or the ratio of the loan of their respective owners in the organization, to produce such documents.

In this definition, a property right involves an expanded understanding of the securities:

1) as the documents confirming their participation in the capital of the owner of a particular entity and receive any income from this involvement;

2) as the documents presented to the realization expressed in them of property rights and needs of owners, in this interpretation of the term "securities" covers some of the cash-business transactions: Checks, konsamenty, warrants;

3) the relationship of the loan expressed as a government and corporate securities.

Securities may be in the form of separate documents or records in the accounts.

Types of securities are diverse: they include stocks, bonds, government bonds, certificates of deposit and savings banks, short-term notes of the bank. For securities not include proof of bank loans, promissory notes, wills, lottery tickets, insurance policies.

Securities provides for the payment of income to their owners in the form of dividends or interest, as well as the possibility of transferring money or other rights arising from these documents to others.

Share is a security issued by joint stock

In practice, the Kazakh stock employed workforce, company shares and now - the shares of joint stock companies. The first two types of shares are not in the strict sense. This is a peculiar form of participation of employees saving money and free enterprise in the property of their own enterprise or other enterprises.

Shares of the personnel were distributed only among the employees of his company and were a certificate of registration of money for its development. In the course of the program of privatization shares issued by the workers' collectives, which determined their share in property joint ventures. Such actions do not come into circulation - the employee is not entitled to sell, transfer or dispose of in any way, except for inheritance. In the case of dismissal his shares can not be redeemed in the enterprise within a specified period.

Equities issued by enterprises and organizations. These shares began to spread in 1988, among other companies and organizations, voluntary associations, banks and cooperatives. Such actions are in fact the bonds and with the development of joint-stock form of ownership may be substituted for shares of joint stock companies. Legislation of the Republic of the shares issued during the execution of the program of privatization can be realized at face value or exchange rate to interested legal or physical persons, including foreign (subcontractors and other partners in the financial and economic activity). This part of the stock is close in nature to the shares of joint stock companies.

Shares may be issued as registered shares and bearer shares. Sale, disposal otherwise of registered shares shall be registered in the manner prescribed by law. In business practice used by other classes of shares: open and closed joint-stock companies, convertible shares, limited, etc. The concept of a "golden share" defines a security that gives its owner the right to veto in addressing critical issues in the company, in Kazakhstan, the holder of such shares may be authorized state body in joint stock companies with state ownership in the capital of the company.

Bonds, unlike stocks, are securities certifying the payment of their owners money and supporting their obligation to reimburse the face value of bonds provided for in their time, paying a fixed percentage (unless otherwise stipulated by the terms of issue). Bonds, thus certifying the relationship between the owner of the loan (lenders) and the institution, the organization that issued the documents (the debtors).

There are following types of bonds:

- Bonds of domestic government and local bonds;

- Corporate bonds.

Bonds may be issued as registered shares and bearer, and bearing interest (target), freely tradable or a limited range of treatment. Companies acquire bonds of all kinds at their own expense, and citizens - out of pocket.

Funds received from the sale of domestic state and local bonds are directed to the appropriate budgets or extra budgetary funds. Bonds of these loans is subject to banking institutions. Interest income on bonds of domestic government and local bonds is paid at maturity of loans by the interest to the nominal value of bonds or by the payment of coupons.

Corporate bonds are issued and distributed in accordance with their charters and current legislation.

As part of the securities allocated government securities, evidence of the fact that the loan from the state of the population and legal entities. They come in many forms, treasury bills, treasury bonds, treasury bills and bonds. In Kazakhstan, treasury bills converted into a form of government treasury bills (GKO).

Short-term notes of the National Bank are government securities with maturities of 7 to 48 days. They are used to implement the objectives of monetary policy and operational control of the money supply in circulation. Are issued from June 1995

Deposit and bank certificates - securities issued by banks exclusively. Bank certificate recognized under the Civil Code of the Republic of Kazakhstan a written certificate of bank deposit funds, certifying the right investor to receive at maturity the principal and interest on it in any institution of the bank. It traded securities, that is a claim on them can give to others. The main difference of deposit and savings certificates, adopted in Kazakhstan in practice, that the owners of certificates of deposit can be a legal entity, and savings - individuals.

Besides the actual securities in the financial markets of developed economies using so-called derivative financial instruments (derivatives), confirming the right of the owner for the purchase and sale of real securities, currencies, other values: futures and options contracts, foreign exchange and interest rate swaps, subscription rights , deposit certificates, options and futures on stock indices, and some others. Futures transactions are futures exchanges for buying and selling of financial and credit derivatives, commodities, currency fixed by the time the transaction price, with the execution of the operation after a certain period of time. If you swap combined purchase (sale) of stock values, currency and other items, goods, while the opposite conclusion of the transaction for a specified period. In stock options granted the right to choose performance or failure to perform an obligation of a party provided the terms of the agreement (contract), depending on the circumstances prevailing in the market. Subscription rights - derivative securities entitling the holder to acquire existing shareholders new issues of shares at prices lower than those for which they are placed on the primary market. Depositaries of evidence - a derivative security, which is evidence of ownership of shares in a pool of shares of different companies. Warrants - Derivative Securities, which express the preferential right to purchase shares of the issuer for a specified period at a specified price. The normal term of 5-20 years warrant.

The use of derivative securities is due to specific needs: insurance (hedging) financial and commodity price risks, increased liquidity, reduced borrowing costs, gaining access to needed markets.

1.3 Stock Exchange

Stock Exchange - is an organization, whose sole activity is the provision of the necessary conditions for normal circulation of securities, to determine their market prices and information about them.

The stock exchange is the organizer of the secondary securities market. OTC market comprises, as a rule, only new issues of securities. It acts on behalf of a collective contributor of large-bank financial institutions, primarily commercial banks. In the OTC market in most of the posted bond. At the stock exchange, by contrast, are traded (set rate) back issues of securities, mainly shares of joint stock companies.

The stock exchange created in the form of closed joint-stock company and must be in accordance with Kazakh law for at least ten members. Members of the Stock Exchange may be just the shareholders. It is a nonprofit organization, not-for-profit, based on cost recovery and does not pay the income from their activities to their members. The legislation sets the minimum authorized capital stock exchange. The stock exchange is not engaged in activities as investment institutions, but may issue and sell its own shares, entitling them to join as members.

The stock exchange registered in accordance with the law and obtains a license by the National Securities Commission to conduct exchange activities with securities.

Transactions with securities may also carry stock and foreign exchange departments of commodity exchanges as independent business units under a license for such activities.

Stock Exchange and other stock exchanges are divisions on the basis of regulations approved by law, the statute of the exchange, the internal rules for securities transactions.

Members of the Stock Exchange may be investment institutions, and state executive bodies, the main tasks include operations with securities. Operations on the stock exchange are carried out only by its members. On their behalf directly to the sale of securities brokers and dealers carry.

Brokers - middlemen in transactions - acting on behalf and for account of customers in exchange for a fee. In modern conditions of exchange activities conducted brokering brokerage firm with a branch network, with close ties to banks.

Dealers engaged in buying and selling securities on its own behalf and at his own expense: it is individual firms, banks, private individuals - members of the Stock Exchange.

Financial activities of the stock exchange may be due to:

sale of shares of the stock exchange, giving the right to join its members;

regular membership dues of members of the stock exchange;

exchange fees with each transaction carried out on the exchange;

Use of property exchanges;

means for providing information, consulting and other services, other income from the activities of the exchange.

Exchange revenues are sent to cover the costs associated with the implementation of its functions, the expansion and improvement of its activities.

Stock Exchange in consultation with the National Securities Commission sets the rules for admission of securities to trading - listing rules as well as their expulsion from the trade - delisting.

The underlying principle of the Exchange is to provide liquidity in the securities market. The main functions of the stock exchange are:

1) pre-market assessment of the securities to determine their reliability;

2) the concentration of securities transactions, the definition of their market value through a comparison of supply and demand (quotation);

3) information on transactions in securities of issuers;

4) regulation of market conditions by moving the capital to effective industry and ensure its stability and the dynamic equilibrium of the economy.

Chapter 2. The Organization of Financial Market

2.1 The functions of financial markets

The growth of financial markets is one of the striking events of the last 15 years. During these years, the structure of financial markets. The share of financial assets held by banks, continuously decreased, while stock markets have grown strongly. These changes were particularly pronounced in the U.S. and UK, but as the removal of restrictions similar rise of financial markets have experienced, and other countries - Germany, France, and more recently Japan.

The value of banks to economic prosperity, it was clear for a long time, but to the securities markets are treated with suspicion, because they believed that they consume too much of real resources and at the same time they are driven by a passion for the sections, which is considered unproductive. However, it is important to understand the variety of economic functions performed by financial markets.

Financial markets are presented as banks and securities markets - are necessary for the efficient allocation of real capital. The ecological role of financial markets more widely, it involves the creation of consumer choice: risk adjustment, the creation and dissemination of information and influence on the management of corporations.

Consumer-choice

Financial markets facilitate individuals to choose between the current and deferred consumption. Borrowed things can consume more than just today, while providing money to loan, in the broadest sense, can exchange the current consumption is not more consumption tomorrow.

Market interest rate that sets the price of exchange. But the possibility that tomorrow's consumption will be abundant today, gives only the expansion of the derivative properties produced investments. But the possibility that tomorrow's consumption will be abundant today, gives only the expansion of production generated by investments. So the opportunity to dispose of time depends on the role of markets in providing manufacturer resources to supplement what they get from their own income.

Financial markets - provides efficient distribution of risk among investors. There are 2 types of investors: those who can diversify, and those that do not permit.

Diversify risks can be eliminated through the ownership of assets, proceeds of which are not too correlated with each other. That financial markets allow investors to diversify risks and eliminate them. Moreover, the derivative markets to help people make a choice between undiversified risks they are willing to bear, and those that they would like to share with others.

Financial markets - offer a variety of financial institutions, characterized by very different relationships between risk and return. For individuals and organizations that facilitates the selection of market conditions, which is more consistent with their aptitudes and abilities.

For example, investors do not lose the risk may invest more of their funds in a risk-free securities, and those investors who are more receptive to risk, can invest in riskier stocks: occupying an intermediate position in the system may choose to risk a whole combination of bonds and stocks.

In some cases, financial risks can ensure that the mutual neutralization of the risks.

2.2 Role of managers in the financial market

Financial markets allow separate ownership of its daily management, which is extremely important for large organizations. Large corporations are owned hundreds of thousands of shareholders, which vary in taste, wealth, relative to their ability to invest. However, as early as 1930 Irving Fisher showed, they can all agree on one thing: managers continue to invest in real assets as long as the marginal return on investment will not be the same as those still invested in the risky investments of financial markets .

The aim of managers - investment projects that earn more than they invested, i.e. investment projects with positive net present value. Such a goal is to maximize the market price of each share, which means that the interest of each shareholder. Maximizing the net present value in a competitive market offers at the same time maximizing the difference between revenues and expenditures and, therefore, in the broadest list of leads to socially optimal use of resources.

Financial markets and information

The stock market advertises a variety of views of market participants and sets the value of property owned by the company under current management.

Thus, providing information on the effectiveness of a well-functioning stock market contributes to more efficient use of assets, with market control over the corporation helps to discipline poorly performing managers.

When a company announces its intention to implement a new project or acquire another company, stock prices may react positively or negatively.

If the target response is negative, managers can re-examine its calculations and revise plans. The stock market represents the opinion of the managers to facilitate assessment of its own policy. Since stock prices reflect the cost under the current management, they allow you to evaluate the effectiveness of management, financial markets are as effective mechanisms for information aggregation, and by the information contained in market prices, they contribute to the efficient allocation of any resources.

If funding is provided only through direct ownership of shares, no investor wants to take on the costs of monitoring operations managers to ensure that they act solely in the interests of companies. Such monitoring should carry just one person, will only lead to duplication of wasted resources, but does not improve the quality of tracking information.

Shareholders can not work together to hire someone because they do not avoid the free rider, everyone wants to have someone else pay for this service.

But when the bank gives credit to the corporation, he has the incentive for this activity. And if the bank holds large portfolios of loans corporations, it can ensure that the monitor and at the same time overcomes the problem.

Sometimes the efficiency of markets argues that at any one time price of financial assets fully reflect all available information about the value of assets at any given time.

According to this hypothesis, the stock price / C /, for example, at any time fully reflect the overall prospects for the UK economy and the global economy, their influence on the chemical industry and the prospects for most / C / and its productions. Because the price of shares / C / at any given time will be equal to their intrinsic value, i.e. reduced value of all income expected by shareholders, and their expectations and calculations are based on an annoying information.

From the theory of efficient markets should be three important conclusions:

- First: the investor can not profit from any information available to him on the prospects / C / - by selling its shares at a price that exceeds their intrinsic value, or buying at a price below their intrinsic value.

The reason for this is that according to our hypothesis, all the information that he would have sent to exploit, is already contained in stock prices / C /.

- The second conclusion, which is essentially a mirror image of the first; investor can from observing the price of financial assets to obtain all the information about their prospects, in other words, from observing the price of the shares / C / draw a conclusion about its prospects.

- The third conclusion is that any change in the prices of financial assets that differ from the usual assessment, adequately to safeguard the assets of the investor at home, can only be the result of the new, i.e. unexpected information. An example of the first type of information are data on changes in price prior to the current target. An example of the second type of information may be published by the company data on its income or messages about the value of central bank interest rates.

An example of the third type of information, finally, are the absorption of a close one company to another, which are known only to managers of the absorbing company.

These three types of information is determined by three variants of the hypotheses of market efficiency. Weak version asserts that current prices reflect all information contained in the direct prices, the average option - current prices reflect all public information; stronger version - the current price reflects all information, both public and private.

In view of this public information easily and simply reflected in prices, making it impossible to extract from her profit.

The situation with private information, which, by definition, possess only a few are clearly different. In the presented hypothesis of market efficiency states that the current prices of financial assets reflects all available and relevant information. If so, investors are first of all, can not benefit from the information available to them about the prospects of financial assets, then, do these perspectives can be derived from the prices, and finally, the price can change only when new, relevant information.

Investigating guilt in the financial markets of the three variants of the hypothesis: strong, medium and weak, we conclude that the weak and average form are supported by facts, and strong - not always. The answer lies in the nature of information: only brings benefits to access private information.

2.3 Financial markets and government

Man on the street is usually believed that the course is determined by the central bank. This is a fairly consistent daily activities of most major central banks. But for passers-by, and for most, that neither is the professional economists, there is a link between short-term effect of the monetary authorities and the way spending money individuals and companies. Tools of the population (portfolio) are distributed between savings - marking all types of financial assets that are not used in the exchange, and "money" - assets not used in the treatment. Money - it's not only cash, but also bank accounts covered by the narrow definitions of "money".

The ability to control the money supply is determined by two laws. Firstly, only the central bank can create money, and this aspect of money management is quite simple. Second, the central bank could indirectly affect the ability of banks to create accounts and other substitutes for money. Control over the means of exchange of the bank is required to ensure that banks ¬ required by law to hold reserves in the accounts created. These provisions will ensure that when investors want to get my money back, they get them.

Bankers have long understood that people are not needed all the money they invest in banks. So it is possible some of these deposits to lend to others to make a profit. The greater part of the deposits to lend to others, to scroll so that the greater the profit received from a given amount of bank deposits. Therefore, banks are interested in converting loans to as much of the contributions received, the price ¬ central banks can control the behavior of banks, because they make the rules - what part of the deposit can be paid into the loan and what assets should be used as reserves. Willingness of banks to lend has meaning only in the sense that affects the establishment used in the exchange of assets, i.e. the deposits.

Chapter 3. The current state of financial market Republic of Kazakhstan

3.1 The financial sector

The current state of the banking sector on February 1, 2010 As of 01 February 2010, Kazakhstan has 35 commercial banks, including the city of Almaty has 29 banks, 27 branches and 192 cash settlement of the banks.

	Structure of the banking sector	01.01.10	01.02.10
1	The number of commercial banks, including:	35	35
	-banks with foreign participation	15	15
	-banks with 100% state participation in share capital	1	1
2	Number of branches of commercial banks	385	390
3	Number of cash settlement units of second tier banks	1106	1112
4	The number of representations of second tier banks abroad	11	11
5	The number of representatives of nonresident banks in the Republic of Kazakhstan	18	17
6	The number of banks participating in the system of compulsory collective guaranteeing (insurance) contributions (deposits) of individuals	34	34
7	Number of banks licensed to engage in custodian activities	9	9

Capital. The size of total estimated net worth of second tier banks in the past year increased by 7.9 billion (2.3%) and accounted for as of 01.02.05g. 354.7 billion. In this case, Tier I capital increased by 16.0% to 265.8 billion tenge, including by increasing the undistributed net income of previous years - 31.1 billion tenge, and Tier II capital declined na21, 9% to 100.3 billion tenge.

Dynamics of equity in billions of tenge	01.01.10	01.02.10	Growth in %
Tier I capital	229,1	265,8	16,0
Authorized capital	161,3	161,5	0,1
Additional capital	16,7	16,7	0
Undistributed net income of previous years	41,6	72,7	74,8
Capital Tier 2	128,4	100,3	-21,9
Undistributed net income	31,1	3,1	90,0
Subordinated debt	99,3	109,1	9,9
Total shareholders equity	346,8	354,7	2,3

Indicators of the adequacy of equity capital of the banking sector as of February 1, 2010 did not change significantly and amounted to k1 - 0,1 (with norm - 0,06), k2 - 0,16 (compared to a standard - 0.12).

Indicators of the adequacy of equity capital	01.01.10	01.02.10
Equity tier to total assets (k1)	0,08	0,1
The ratio of equity to assets and off-balance sheet liabilities, risk-weighted (k2)	0,16	0,16
The ratio of equity to loan portfolio	1,19	0,19
The ratio of equity to established provisions	2,86	2,85
The ratio of equity capital to doubtful loans	0,47	0,47
Equity to bad loans	6,68	7,02

Assets. During the January 2010 total assets of banks decreased by 54.4 billion (2.0%) and accounted for at the reporting date 2 633.1 billion.

In the structure of banks' asset share is the largest loans, excluding interbank (65.5%), portfolio of securities (18.6%), and correspondent accounts (4.4%). Decrease in assets was mainly due to a decrease of correspondent accounts of banks - by 22.7% and deposits in other banks - by 12.0%.

In January 2010, the amount of assets and contingent liabilities, subject to classification, decreased by 123.0 billion KZT (3.7%) to 3 198.0 billion. In general, during the period under review no significant changes in the quality of assets and contingent liabilities. The share of standard assets and contingent liabilities decreased slightly from 72.3% to 70.7%, doubtful - increased from 26.0% to 27.6%, loss - has not changed.

In the structure of banks' loan portfolio during the reporting period, the share of standard loans decreased from 56.2% to 55.9%, the share increased from dubious 40.9% to 41.3%, share of loss has decreased from 2.9% to 2.8% .

Commitments. In January 2005, total liabilities of second tier banks declined by 57.9 billion or 2.4% and amounted to 01.02.05g. 2 358.3 billion. Negative dynamics noted in virtually all types of obligations. The most significant impact on reduction commitments had reduced inter-bank banks' deposit base and operations, "repo" of securities. Thus, the inter-bank deposits decreased by 15.8% to 66.6 billion tenge, and the share of these deposits in the amount of total liabilities of the banking sector in January 2005 was 2.8%. At the same time, commitments to customers decreased slightly and amounted as of 01 February 2005 1 578.1 billion KZT.

Customer deposits for January 2010 decreased by 26.3 billion or 1.6%, to February 1, 2010 1 581.5 billion. At the same time, demand deposits decreased by 18.4% and their share in total deposits of customers was 1.1%. During the January 2005 retail deposits decreased by 0.4% or 1.7 billion, by reducing the balances on current and card accounts of customers by 12.8% or 7.7 billion. At the same time deposits increased by 6.3 billion or 1.7%. billion.

In turn, deposits of legal entities decreased by 2.1%, including demand deposits - by 64.0%, current and card accounts of customers - by 2.0%, time deposits - 1.7%.

Liquidity. In January 2010, the liquidity of the banking system remained at a surplus level. The consolidated current ratio increased in January 2010 from 1.06 to 01.01.05g. to 1.18 on 2/1/05, the, at the minimum rate for an individual bank 0.3. The coefficient of short-term liquidity (minimum value - 0.5) as of February 1, 2010 was 1.11.

Rate of return. On February 1, 2010 second-tier banks was received aggregate net income of $ 3.1 billion (as of February 1, 2008 - 4.4 billion). The aggregate amount of revenue amounted to 30.8 billion tenge (on February 1, 2009 - 27.4 billion), expenditures - 27.7 billion tenge (on February 1, 2009 - 23.0 billion). As the data changes during the first month of the year are not indicative to compare data taken at 01 February 2009. It should be noted that in January of this year, banks had received a net income after payment of 1.4 times less than the same period last year.

In the structure of interest income share is the highest revenue associated with obtaining interest on loans to customers (85.6% or 18.8 billion), and in the structure of interest costs - costs associated with the payment of interest on customer requirements (66, 6% or $ 7.2 billion). Net income on dealing operations amounted to 0.7 billion tenge (on February 1, 2009 - 1.1 billion). The ratio of net income before tax to total assets (ROA) was 0.14% (as of 1.02.09 - 0.29%), the ratio of net income before tax to equity (ROE) - 1,07 % (as of 1.02.09 - 1.95%).

The concentration of the banking sector. As of February 1, 2005 the share of 3 largest banks in total banking sector assets decreased slightly from 62.06% in January 2005 to 61.54% in February, the share of three largest banks in total liabilities of the banking sector also declined from 63.48 % to 62.93%.

The share of loans to three of the largest banks in total loan portfolio of the banking sector amounted to 65.72%.

It is also important to note that 51.33% of retail deposits are concentrated in the three largest banks.

The share of total banking sector	01.01.10	01.02.10
Assets of three largest banks	62,06	61,54
Obligations of the three largest banks	63,48	62,93
Equity capital of the three largest banks	54,11	54,17
Loan portfolio of the three largest banks	66,33	65,72
Deposits klientov5treh largest banks, including:	66,01	51,33
Legal entities	67,06	56,5
Individuals	63,28	38,19

The role of the banking sector in the economy.

financial market banking sector

Dynamics of relative indicators of the role of the banking sector in the economy of Kazakhstan	01.01.07	01.01.08	01.01.09	01.01.10	01.02.10
GDP (bln)	3250,6	3747,2	4449,8	5542,5	6397,0
Assets to GDP ratio,%	25,1	30,6	37,7	48,5	41,2
The ratio of the loan portfolio to GDP,%	15,9	19,1	24,4	32,7	28,5
The ratio of equity to GDP,%	3,8	4,3	5,2	6,3	5,5
Customer deposits to GDP	15,0	18,6	21,8	29,0	24,7

3.2 Securities Market

The current state of the securities market of the Republic of Kazakhstan on 01 January 2005.

In 2004, changes were observed in the quantitative composition of the professional participants of securities.

Broker-dealers.

As of January 1, 2010, 57 organizations to act as broker - dealer activity in the securities market. During 2009, issued 7 licenses for broker - dealer activity in the securities market, including the right to manage client accounts as a nominee - 6 and without the right to manage client accounts - 1.



As can be seen from the table, the total assets of broker - dealers on January 1, 2010 amounted to 2,666,788 million tenge, an increase in 2009 to 62.49%, total liabilities - 2,394,595 million tenge (63.31%) , the own capital - 272 193 million tenge (55.67%).

Registrants

As of January 01, 20010, 18 organizations have been working on keeping the system of registers of securities holders. The increase in assets of registrants was 21 million tenge, or 1.95%, of their own capital - 31 million tenge, or 2.96%, with a decrease in liabilities of 10 million tenge or 35.7%. (KZT million)

Investment portfolio managers

As of January 01, 20010, 14 institutions was performed portfolio management. During 2009, were issued licenses for investment portfolio management of JSC «Money Experts», JSC "Centras Securities" JSC Company investment portfolio management "Compass" and "Kazkommerts Invest". At the reporting date 4 organizations that manage the investment portfolio, combined this activity with the investment management of pension assets (IMPA), and 9 were combined investment portfolio managers with brokerage activities called - the dealer with the right of the accounts as nominee.

As of January 1, 2010 the aggregate book value of assets managed investment portfolio amounted to 7521 million tenge, an increase compared to January 1, 2009 to 4229 million tenge or 128.46%. The increase in liabilities and shareholders' equity amounted to - 2 641 million tenge (544.44% 1) and 1588 million tenge (50.88%), respectively.

Custodians

January 01, 2005, 10 banks had a license to engage in custodian activities. It should be noted that as of this date of these 10 banks, only 8 was performed custody services NPF: National Bank, JSC "Kazkommertsbank", JSC SB "HSBC Bank Kazakhstan" JSC, JSC "Bank CenterCredit", JSC "Halyk Bank of Kazakhstan" , JSC "Temirbank", JSC "Eurasian Bank", JSC "ATF Bank".

Conclusion

The financial market is a very complex mechanism, which is not described by any one theory to the end. And, despite some uncertainty and a variety of methods of market analysis, stock exchange - the most attractive in today "goods" for many investors.

Through the financial markets by cross-sectoral, international capital mobility. The mechanisms of these markets in this respect is much more efficient direct investment and optimize the structure and dynamics of social reproduction. And while many economists from time to time try to deny it, this statement has already passed the test of time.

The value of the financial market is determined not only by its effect on the reproductive process by removal of free cash flow (on a voluntary basis) and their redistribution. Its operation makes it possible to reallocate resources "horizontally" rather than "vertical" way inherent administrative-command economy.

Securities market - part of the financial market in which buy and sell different types of securities issued (issued) by economic entities and the state. The functioning of this market makes it possible to streamline and improve the efficiency of many economic processes, especially investment. This is achieved by a variety of equity instruments of the market - the securities.

Securities are cash documents certifying the property right, or the ratio of the loan of their respective owners in the organization, to produce such documents.

The stock exchange is the organizer of the secondary securities market. OTC market comprises, as a rule, only new issues of securities. It acts on behalf of a collective contributor of large-bank financial institutions, primarily commercial banks. In the OTC market in most of the posted bond. At the stock exchange, by contrast, are traded (set rate) back issues of securities, mainly shares of joint stock companies.

Financial markets allow separate ownership of property of its daily management, which is extremely important for large organizations. Large corporations are owned hundreds of thousands of shareholders, which vary by UWC self, wealth, relative to their ability to make investments.

The stock market advertises a variety of views of market participants and sets the value of property owned by the company under current management.

Thus, providing information on the effectiveness of a well-functioning stock market contributes to more efficient use of assets, with market control over the corporation helps to discipline poorly performing managers.

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