The concept of a security

A security is a document certifying in compliance with prescribed form and required details property rights, the implementation or transfer of which is possible only upon its presentation. Civil Code The Russian Federation also determines that with the transfer of a security, all the rights indicated by it pass in aggregate. In certain cases, for the exercise and transfer of rights certified by a security, it is sufficient to have evidence of their fixing in a special register (regular or computerized).

Market valuable papers govern the following regulations:

Civil Code of the Russian Federation Chapter 7 "Securities"

Federal Law No. 39-FZ “On the Securities Market” dated April 22, 1996.

Federal Law No. 208-FZ "On joint-stock companies ah" from 26.12.95.

From a legal point of view, a security can be considered as a title of property rights, as well as movable property. From an economic point of view, a security is a representative of capital.

securities as economic category- this is the right to a share of the total capital received as a result of the initial placement of these securities, as well as to the distribution and redistribution of profits that such capital gives. This right is separated from its natural basis (money, equipment, patents, etc.) and even has its own material form (for example, in the form of a paper certificate, account entry, etc.), as well as having the following fundamental properties:

negotiability;

availability for civil circulation;

standardization and seriality;

documentation;

regulation and recognition by the state;

marketability;

liquidity;

Negotiability- this is the ability of the Central Bank to be bought and sold on the market, and in many cases to act as an independent payment instrument that facilitates the circulation of other goods. Negotiability indicates that the Central Bank exists only as a special commodity, which, therefore, must have its own market with its inherent organization, rules for working on it, etc. Should in the bulk belong to the market, be goods and those resources, a reflection of the rights to which are the Central Bank.

Availability for civil circulation- the ability of the Central Bank not only

to be bought, but also to be the object of other civil relations, including all types of transactions (loan, donation, storage, etc.)

standard- The Central Bank must have a standard content (the standard nature of the rights that the Central Bank provides, the standardity of participants, terms, places of trade, accounting rules and other conditions for access to these rights, standard transactions related to the transfer of the Central Bank from hand to hand, the standard form of the paper itself, etc. .P.). This is what makes the Central Bank a tradable commodity.

Serialization- the possibility of issuing securities in homogeneous series, classes, which is an element of such quality as standardization.

Documentation of the Central Bankis always a specific document containing provided by law requisites. The absence of at least one of them entails the invalidity of the Central Bank or its transfer to the category of other binding documents.

Regulatory and state recognition- Documents claiming the status of the Central Bank must be recognized by the state as such, which ensures their good regulation and public confidence in them. Poorly regulated and not recognized by the state securities cannot claim the status of securities, no matter how limitless the fantasy of financiers who offer the public more and more financial products and services.

Liquidityis the ability of the Central Bank to be quickly sold, to turn into cash(in cash or non-cash form) without significant losses for the holder. If the market refuses to recognize its liquidity, the reality of its expressed rights, then the Central Bank turns from a commodity into a worthless piece of paper.

Risk- the possibility of losses associated with investments in the Central Bank and inevitably inherent in them.

Securities classification

security stock market

Securities can be classified according to the following criteria:

Existence period: term (short-term, medium-term, long-term and revocable) and indefinite;

Form of existence: paper (documentary) or paperless (uncertificated);

the order of fixing the owner: nominal, bearer, order;

form of treatment (order of transfer): transferred by agreement of the parties (by delivery, by assignment) or order (transferred by order of the owner - endorsement);

release form: issue or non-issue;

registerability: registered (state registration or registration of the Central Bank of the Russian Federation) and unregistered;

nationality: Russian or foreign;

type of issuer: state (federal or municipal) and non-state (corporate or private);

negotiability: market or non-market;

purposes of use: investment (the purpose is to generate income) or non-investment (serve the turnover in the commodity markets);

risk level: risk-free or risky (low-risk, medium-risk or high-risk);

the presence of accrued income: non-profitable or profitable (interest, dividend, discount);

denomination: constant or variable.

Types of securities in Russian legislation

Article 143 of the Civil Code of the Russian Federation refers to securities:

government bonds

Bonds

Deposit and savings certificates

Bearer bank savings books

Bills of Lading

Privatization securities

Other documents that are classified as securities by the legislation on securities or in the manner prescribed by it.

Article 912 of the second part of the Civil Code of the Russian Federation introduces four more types of securities:

double warehouse certificate;

warehouse receipt as part of a double certificate;

pledge certificate (warrant) as part of a double certificate;

simple warehouse receipt.

The fifteenth type of Russian security is given in the Federal Law "On Mortgage (Pledge of Real Estate)" dated July 16, 1998 No. 102-03 - - mortgage.

Promotion- issuance security that secures the rights of its owner (shareholder) to receive part of the profit of the joint-stock company in the form of dividends, to participate in the management of the joint-stock company and to part of the property remaining after its liquidation.

Distinguish between ordinary and preferred shares.

Ordinary sharesgive the right to participate in the management of the company (1 share corresponds to one vote at the meeting of shareholders, with the exception of cumulative voting) and participate in the distribution of profits of the joint-stock company. Source of payment of dividends for ordinary shares is the company's net income. The amount of dividends is determined by the board of directors of the enterprise and recommended to the general meeting of shareholders, which can only reduce the amount of dividends relative to that recommended by the board of directors.

Privileged stockmay impose restrictions on participation in management, and may also give additional rights in management (not necessarily), but bring constant dividends (often fixed as a certain share of the accounting net profit or in absolute monetary terms).

banking savings book bearer- a security document certifying the conclusion of an agreement bank deposit with a citizen and depositing funds into his account on a deposit.

In the savings book, the name and location of the bank must be indicated and certified by the bank, and if the deposit is made to a branch, also its corresponding branch, the account number for the deposit, as well as all amounts of funds credited to the account, all amounts of funds debited from account, and the balance of funds on the account at the time of presentation of the savings book to the bank.

Unless a different state of the deposit is proved, the data on the deposit indicated in the savings book are the basis for settlements on the deposit between the bank and the depositor.

The issuance of a deposit, the payment of interest on it and the execution of the depositor's orders to transfer funds from the deposit account to other persons are carried out by the bank upon presentation of the savings book.

Restoration of rights under a lost bearer savings book is carried out in the manner prescribed for bearer securities.

bill of exchange- a strictly established form certifying an unconditional obligation of the drawer (promissory note), or an offer to another payer specified in the bill (transfer bill) at pay a certain amount of money at a specific place upon the maturity of the period stipulated by the promissory note. A bill of exchange can be an order (bearer) or registered. In both cases, the transfer of rights under the bill occurs by making a special inscription - endorsement , although endorsement is not required for the transfer of an order bill. This significantly distinguishes a promissory note from the transfer of rights of claim under an assignment. . An endorsement may be in blank (without indicating the person to whom the bill was transferred) or nominal (with an indication of the person to whom the execution should be made). The person who transferred the bill of exchange by means of endorsement shall be liable to the subsequent holders of the bill on an equal footing with the drawer.

In a bill that is payable at sight or at such and such a time from presentation, it can be stipulated that interest will be charged on the bill amount. No interest is allowed on any other bill. Interest rate must be indicated on the bill. Interest is accrued from the date of drawing up the bill or from the specified date.

The investment share of an open-end mutual investment fund also certifies the right of the owner of this share to demand management company redemption of the investment share and payments in connection with this monetary compensation commensurate with his share in the right common property on the property constituting this share investment fund, on any business day.

The investment share of a closed-end mutual investment fund also certifies the right of the owner of this share to demand from the management company the redemption of the investment share and the payment of monetary compensation in connection with this, commensurate with its share in the right of common ownership of the property constituting this mutual investment fund, in the cases provided for hereby federal law the right to participate in general meeting holders of investment units and, if the rules trust management this mutual investment fund provides for the payment of income from the trust management of property constituting this mutual investment fund, the right to receive such income.

Bond- issuance debt security, fixing the right of its owner to receive from the issuer of a bond within the period stipulated in it its face value or other property equivalent. A bond may also provide for the right of its owner to receive a fixed percentage of the nominal value of the bond or other property rights. The yield on a bond is interest and/or discount.

Bonds serve as an additional source of funds for the issuer. Often their issue is targeted - to finance specific programs or facilities, the income from which later serves as a source for paying income on bonds.

The economic essence of bonds is very similar to lending, but does not require collateral and simplifies the procedure for transferring the right to claim to a new creditor.

Typically, the yield on bonds is higher than the yield on the placement of similar funds in the form of bank deposit. Comparison of current bond yields and loan interest serves as the basis for the formation of bond prices in the secondary securities market.

Check- this is a security containing an unconditional order of the drawer of the check to the bank to pay the amount specified in it to the holder of the check. The issuer of a check is a person who has funds in the bank, which he has the right to dispose of by issuing checks, the holder of a check is the person in whose favor the check is issued, the payer is the bank in which the funds of the drawer are located.

The drawer is not entitled to withdraw the check before the expiration date. due date to present it for payment.

There are cashier's checks and cashier's checks. Cash checks are used to pay cash to the holder of the check in a bank, for example, on wages, economic needs, travel expenses etc. Settlement checks- these are checks used for non-cash payments, this is a document of the established form containing an unconditional written order of the drawer of the check to his bank to transfer a certain sum of money from his account to the recipient's account. Acceptance of a check is a mark of the consent of the payer's bank to transfer the amount specified in the check to the beneficiary's account.

savings certificate- a security that certifies the amount of a deposit made in a bank individual, and the right of the depositor (certificate holder) to receive, after the expiration of the established period, the amount of the deposit and the interest stipulated in the certificate in the bank that issued the certificate, or in any branch of the bank.

The certificate is issued by a cash deposit or from the funds kept in the deposit. The definition of the term "savings certificate" is contained in Chapter 7 of the Civil Code Russian Federation, as well as in articles 836 and 844.

The right to issue these securities is granted only credit institutions after registration of the terms of their issue and circulation in the Bank of Russia. At present, the procedure for issuing and circulation of savings certificates is regulated by the Instructions of the Bank of Russia “On Amendments and Additions to the Letter Central Bank Russia dated February 10, 1992 No. 14-3-20. “On Deposit and Savings Certificates of Banks” dated August 31, 1998 No. 333-U (hereinafter - Instruction No. 333-U).

Deposit certificate- this is a registered security, certifying the amount of the deposit made to the bank, and the rights of the depositor (certificate holder) to receive the amount of the deposit and the interest stipulated in the certificate after the expiration of the established period.

Mortgage is a registered security that certifies the right of its legal owner to receive execution under monetary obligation secured by a mortgage, as well as the right to pledge property encumbered with a mortgage. In addition, the presence of a mortgage issued in statutory order, confirms the rights of its rightful owner without providing other evidence of the existence of this obligation.

Mortgage is a new legal phenomenon for mortgage legal relations and for the institution of enforcement of obligations. Currently, there is a small number of regulatory legal acts regulating this legal phenomenon. The basic rules on mortgages are contained in Chapter III of the Mortgage Law.

A mortgage agreement may be concluded in the form of a mortgage, which is a registered security certifying the rights of its legal owner. Practical value mortgage lies in the fact that it allows you to significantly simplify and speed up the turnover of real estate. Persons liable under the mortgage are the debtor under the obligation secured by mortgage and the pledgor.

The mortgage has become widespread among mortgage lending banks because it is easy to handle, especially when transferring rights under it. In practice, it looks like this: a bank dealing with mortgage housing loans, puts a prerequisite before issuing a loan drawing up a mortgage. After state registration ownership and mortgage rights, the bank becomes the legal owner of the mortgage, while its rights are certified by the mortgage. After a certain period, the bank accumulates a so-called "pool" of mortgages and sells them. This allows the bank to attract additional funds for the subsequent issuance of loans. At the same time, the mortgagee is changed.

The mortgage bond is drawn up by the mortgagor, and if he is a third party, also by the debtor under the obligation secured by the mortgage. The mortgage bond is issued to the initial mortgagee by the body carrying out the state registration of rights after the state registration of the mortgage.

In most cases, the mortgage is drawn up by the bank, and is already signed by the debtor - the person to whom the loan is issued, at the time of receipt loan funds in the bank. Therefore, it is especially important to check all the conditions specified in the mortgage for compliance loan agreement. As practice shows, a minor typo in one of the essential terms of the mortgage may result in the suspension of state registration of ownership of the acquired property.

The owner of the mortgage acquires the right to receive performance under a monetary obligation secured by a mortgage, without providing other evidence of the existence of this obligation, a pledge on property burdened with a mortgage.

As a security to which general rules on securities, established by Chapter 7 of the Civil Code of the Russian Federation, a mortgage bond may also be an independent object of civil legal relations, a subject of pledge or other transactions. As a registered security, a mortgage certifies the rights of the person whose name is named in it.

Since the mortgage is a security, the formal signs of recognizing it as such are of particular importance. So, if the document does not contain the word "mortgage" or one of the conditions, statutory as mandatory for a mortgage, then such a document cannot be recognized as a mortgage.

Simple warehouse receipt- a commodity security issued to the bearer. Regulated by the Civil Code of the Russian Federation. Goods accepted for storage under a simple warehouse receipt may be subject to pledge during the period of storage. In fact, this is a document issued by a warehouse confirming that the goods are in the warehouse and will be issued to the bearer.

Bill of lading- a document issued by the cargo carrier to the cargo owner. Certifies the ownership of the shipped goods.

The bill of lading performs several functions simultaneously:

carrier's receipt of receipt of cargo for transportation, with a simultaneous description of the visible condition of the cargo

bill of lading

confirmation of the contract for the carriage of goods

document of title

It can serve as collateral for a loan against shipped goods.

Initially, the bill of lading was used for the transportation of goods by sea. Now the bill of lading can cover transportation not only by sea or river transport, but also those cases when transportation is carried out different types transport. In this case, the bill of lading is called through.

Legislatively, the requirements for the design and content of a bill of lading are set out in the Merchant Shipping Code of the Russian Federation, the Carriage of Goods by Sea Act (COGSA: Carriage of Goods by Sea Act USA), several international conventions - for example, the 1924 Convention "On the Unification of Certain Rules on Bill of Lading" (The Hague rules, Hague rules).

Bibliography

1. The securities market: Textbook / Galanov V.A. - M .: Finance and statistics, 2008. - 448 p.

2. The securities market: Textbook / A. A. Kilyachkov, L. A. Chaldaeva. - Publishing House: Economist, 2009. - 267 p.

The securities market and exchange business: Textbook for universities / Ed. O.I. Degtyareva, N.M. Korshunova, E.F. Zhukova.- M.: UNITI-DANA, 2008. 501 p.

Securities Market: Textbook / Starodubtseva E.B. - M: Infra-M, 2007, 176 p.

Securities Market: Textbook / Lyalin V. A., Vorobyov P. V. - Publisher: Prospekt (TK Velbi), 2009, 261 p.

The securities market: tools and mechanisms of functioning: Textbook / A.G. Ivasenko.- M.: Knorus, 2007.- 272 p.

Securities market: Professional magazine / Publishing house "CRB", 1992-2010, No. 6 (2010).

Civil Code of the Russian Federation (Part One) dated November 30, 1994 N 51-FZ, Chapter 7.

Civil Code of the Russian Federation (Part Two) of January 26, 1996 N 14-FZ, Article 912.

Federal Law "On the Securities Market" dated April 22, 1996 N 39-FZ

Hello, dear readers of the site!

Today in this post we will touch on one of the failed topics of the Unified State Exam in society - securities.

What are securities?

A security is a document certifying, in compliance with the established form and mandatory details, property rights, the exercise or transfer of which is possible only upon its presentation.

Recall that issues of property rights, as well as personal non-property rights, are regulated by the Civil Code of the Russian Federation. Give an example of a personal property right? We recall the rights of the owner of property: to own, dispose, use. Here is a concrete example: a family planted potatoes in their garden (this is an example of a right of use).

Two others concrete examples We are waiting for the owner's rights in the comments under this post 🙂

The Civil Code of the Russian Federation also determines that with the transfer of a security, all the rights indicated by it pass in aggregate. For a more detailed explanation of this issue, take a look at this table:

security paper

As a legal category Property owner's rights Signs of a security: 1. Negotiability 2. Availability for civil circulation 3. Standard and serial 4. Documentary 5. Adjustability and recognition by the state 6. Marketability 7. Liquidity 8. Risk

Like economy. categoryForm of capital Value and price of securities: We stand. - the amount of money secured by paper when it is exchanged for real capital at the stage of its issue or redemption Market price securities - the result of capitalization. It is calculated as the sum of the capitalization of the property. and other security rights The market price of a security is the monetary value of its market value.

Now answer the following questions - I'm waiting for your answers in the comments to this post)))))

What is convertibility?

Availability for civil circulation? Possibility of free or limited purchase and sale on the market. The securities market is called an exchange.

Standard and serial, documented and regulated and recognized by the state? They characterize securities as an asset and an official document.

Marketability? The price of this document depends on the market situation. For example, the share price of a successful in-demand enterprise rises, while that of a bankrupt one falls.

Liquidity? A security can be most quickly sold on the market and turned into money.

Risk? The purchase and sale of these assets is associated with the possibility of both earning income and losing the investment. Entrepreneurs who buy and sell securities stock exchange are called dealers, brokers, brokers.

Let's name the known types of securities:

• 1. share;
• 2. bond;
• 3. bill;
• 4. bank certificates;
• 5. bill of lading;
• 6. check;
• 7. certificate of deposit;
• 8. mortgage.

Now let's determine the rights to which resources satisfy these securities? The most common type of securities is a share.

When joint-stock companies are formed, and they are open (OJSC) and closed (CJSC), the entire authorized capital of the emerging company is divided into shares, in accordance with the number of which and the declared authorized capital, the nominal value of the share is formed. Accordingly, the share gives the right to a share of the property of the enterprise and its profits.

According to the legislation of the Russian Federation, authorized capital CJSC must be at least 10,000 rubles, OJSC - at least 100,000 rubles. For example, for an authorized capital of 1 million rubles, 1 million shares can be issued at a price of 1r.

In the process of the release of shares (if it is an OJSC, and they are traded on the open sale) on the stock exchange, the share price can rise to 2 rubles, respectively, the capital of this successful enterprise will grow to 2 million rubles.

At the end fiscal year the board of directors and the meeting of shareholders have the right to decide on the allocation of part of the profit to the payment of income to shareholders on their shares. What is this type of factor income called? Dividend!

And now we will determine the rights to which resources give securities:

To view the table, please like one of your social networks:

I think we have successfully dealt with this topic. I look forward to your questions in the comments.

Page 2

Availability for civil circulation. The ability of a security not only to be bought and sold, but also to be an object of other civil relations, including all types of transactions (loan, donation, storage, etc.).

Standardity - a security must have a standard content (standardization of the rights that a security represents, standardization of participants, terms, places of trading, accounting rules and other conditions for access to these rights, standardization of transactions related to the transfer of a security from hand to hand, standardization forms of any paper, etc.). This is what makes a security a tradable commodity.

Serialization - the possibility of issuing securities in series, classes, which is an element of such quality as standardization.

Documentation. A security is always a specific document containing all the details provided by law. The absence of at least one of them entails the invalidity of the security or its transfer to the category of other binding documents.

Regulatory and state recognition. Documents claiming the status of securities must be recognized by the state as such, which ensures their good regulation and public confidence in them. Poorly regulated and not recognized by the state papers cannot claim the status of securities, no matter how boundless the fantasy of financiers may be, offering the public more and more new financial products and services.

Liquidity is the ability of a security to be quickly sold, to turn into cash (in cash or non-cash form) without significant losses for the holder. If the market refuses to recognize its liquidity, the reality of its expressed rights, then the security turns from a commodity into a worthless piece of paper. It is necessary to distinguish the liquidity of a particular security from: liquidity stock market in general (the ability of the market to absorb significant amounts of securities with minor fluctuations in market value and low selling costs); liquidity of an enterprise, bank, investment institution (degree of liquidity, readiness to convert the assets of the enterprise into cash in order to fulfill obligations on attracted resources).

Riskiness – the potential for loss associated with and inevitably inherent in investing in securities.

Mandatory performance. The legislation does not allow refusal to fulfill an obligation expressed by a security, unless it is proved that the security came to the holder in an unlawful way.

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These are rights to resources that are separated from their basis and even have their own material form. However, there is no reason to consider as securities a contract for the purchase and sale of a house, the supply of a batch of raw materials, an equipment lease agreement, etc., if the terms of these transactions are of an individual and one-time nature, if the transfer of rights arising from them can only be ensured by drawing up a new contract, rather than selling an already concluded contract.

In other words, only those rights to resources that meet the following requirements are recognized as securities. requirements:

Strictly defined form;

Required details;

The possibility of transfer to other persons is determined;

public credibility;

Negotiability;

Availability for civil circulation;

Standardization and serialization;

Documentary;

Regulatory and state recognition;

Marketability;

Liquidity;

First of all, any security must drawn up in a strictly defined law form And have all the necessary details(part 1 of article 144). By general rule, securities are written documents drawn up on special forms that have a sufficiently high degree of protection against forgery. If a security does not exist in a physically tangible form or their paper forms are placed in special storages, the owner of the security is issued a document certifying the ownership of a particular fund value. This document is called a security certificate.

As for the details of securities, they are established by law in relation to each specific type of securities admitted to issue. The absence of any of the details in the security or its inconsistency with the form established for it entails the nullity of the security, and counterfeiting of securities is punishable by law.

Further, in any security there must be precisely defined the legal possibility to which the legal owner of the security is entitled. This may be the right to receive a specific amount of money, income in the form of dividends or interest, certain property, etc. At the same time, the types of rights that can be certified by securities are determined by law or in the manner prescribed by it.

The most important feature of securities is the possibility of their transfer other persons. Depending on the type of security, the methods of their transfer may vary from the simplest to the most complicated. With the transfer of a security, all the rights to be certified are transferred to the new owner in aggregate. In cases provided for by law or the procedure established by it, for the exercise and transfer of rights certified by a security, evidence of their fixing in a special register (regular or computerized) is sufficient (part 2 of article 142 of the Civil Code).

Securities are characterized by a sign public credibility. Its essence lies in the fact that the law limits the range of those grounds, based on which the debtor has the right to refuse to fulfill his obligation. In particular, a security issued in accordance with all the rules cannot be disputed by the debtor with reference to the absence of a basis for the emergence of an obligation or its invalidity.

Negotiability- the ability of a security to be bought and sold on the market, and in many cases, to act as an independent payment instrument that facilitates the circulation of other goods.

Availability for civil circulation- the ability of a security not only to be bought and sold, but also to be an object of other civil relations, including all types of transactions (loans, gifts, storage, commissions, instructions, etc.).

standard- a security must have a standard content (standardity of the rights that a security provides, standardization of participants, terms, places of trade, accounting rules and other conditions for access to these rights, standardization of transactions related to the transfer of a security from hand to hand, standardization of the form of a security paper, etc.). It is standardity that makes a security a tradable commodity. An individual non-standard contract becomes limited by the scope of the transaction in which it was made. He cannot apply. To transfer rights under this contract, it is necessary to conclude a new contract on individual terms. And, on the contrary, only a standard contract becomes capable of independent circulation, of passing from hand to hand, as a special commodity, turning into a security.

Serialization- the possibility of issuing securities in homogeneous series, classes. In this regard, very often shift-standard, serial documents that can be issued and circulated by homogeneous groups are recognized as securities. Accordingly, a document behind which there is a one-time, with individual conditions property relation - a document that has unique details and expresses a purely individual, non-recurring transaction.

documentary- a security is always a document, regardless of whether it exists in the form of a paper certificate or in a non-cash form of an account entry. Documentation gives the final "material" appearance to the commodity called a security. Only a document can fix the standard conditions for its circulation and use, ensure the multiple transfer of a security from hand to hand, as one and the same product, and become evidence of the investor's eligibility to access the rights granted by the security.

According to the established legal practice, a security, as a document, must contain all the mandatory details provided for by law. The absence of at least one of them entails the invalidity of the security, or transfers this document from a number of securities to the category of other binding documents. For example, the absence of at least one mandatory props can invalidate a bill of exchange or transfer it to the category of a debt receipt, relations on which are regulated instead of a bill of exchange - by general civil legislation.

Regulatory and state recognition- Stock instruments claiming the status of securities should be recognized by the state as such, which should ensure their good regulation and, accordingly, the public's confidence in them. Accordingly, poorly regulated stock instruments that are not recognized by the state as securities cannot claim the status of the latter. Compliance with this requirement is important for maintaining public confidence in the securities industry, which is an essential component of a favorable economic climate in the country.

Marketability- Negotiability indicates that a security exists only as a special commodity, which, therefore, must have its own market with its inherent organization, rules for working on it, etc. Should in the bulk belong to the market, be commodities and those resources, the rights to which are securities.

Security, negotiability of securities, availability for civil circulation, standardity of securities, series of securities, documentation of securities, recognition by the state, adjustability, liquidity, riskiness, obligation to fulfill an obligation, government bond, bond, promissory note, check, deposit and savings certificates, bank savings book to bearer, bill of lading, share, privatization papers, double warehouse certificate, warrant, warehouse certificate, warehouse receipt, junior securities, equity securities, senior securities, debt securities, registered securities, order securities, corporate securities, securities surrogates,

Tests

1. The riskiness of a security is higher, the higher its yield

2. Name the main types of securities

a) stocks and bonds;

b) bills;

c) insurance policies.

3. A security, as a form of existence of capital, is

a) goods that do not have a material consumer value;

b) a commodity that has neither a productive form nor a monetary use-value, but exists in the form of property titles;

c) a commodity that has neither material nor monetary consumer value, nor commodity, nor productive, nor monetary form, existing in the form of property rights;

d) a commodity that has neither material nor monetary consumer value, but exists in the monetary form of property rights.

4. Does not apply to underlying securities

a) a share; b) check; c) an option; d) bill

5. The highest degree of risk are

a) bonds; b) shares; c) government bonds;

d) derivative securities

6. Securities based on property rights to a specific asset are

a) nominal; b) basic; c) derivatives.

7. The liquidity of a security is higher, the risk on it

8. As the risks posed by a security decrease,

a) its liquidity and profitability increase;

b) its liquidity and profitability are falling;

c) its liquidity grows and profitability falls;

d) its liquidity decreases and profitability increases.

9. order securities are

a) shares; d) bills of lading;

b) bills; e) checks.

V) investment shares;

10. A security is

a) a document; d) movable property;

b) a set of rights; e) real estate.

11. A contract of sale after a certain period in the future at a price set at the time of the conclusion of the transaction is

a) futures; b) warrant; c) an option.

12. The document, the holder of which acquires the right to dispose of the cargo, is

a) a certificate; b) warrant; c) bill of lading.

13. The fixed annual income received by the owner of the bond during its existence is

a) annuity; b) percentage; c) a dividend.

14. Share premium is

a) the difference between the par value of a share and the price of its actual sale in the secondary market;

b) income from the sale of shares during the initial issue at a price above par;

c) income from the sale of a share, which is received by an intermediary who carries out the placement of shares on the basis of an agreement with the issuer.

15. The amount of dividend on CJSC shares is calculated as

a) quotient of division book profit CJSC by the number of shares;

b) the quotient of dividing part of the balance sheet profit by the number of shareholders;

c) the quotient of dividing the net profit of a CJSC by the number of shares;

d) a fixed percentage in relation to the market value of shares on the date of payment of dividends.

16. The income of a shareholder, expressed as a percentage of the value of shares, is

a) a discount

b) the amount of the dividend;

c) the dividend rate.