Act as clients of the broker. Brokerage and dealer activities in the securities market. Securities management activities. Key participants in the securities market

Brokerage activities- this is the activity of carrying out civil transactions with securities on behalf and at the expense of the client (including the issuer of securities) valuable papers when placing them) or on its own behalf and at the expense of the client on the basis of fee-based agreements with the client.
A professional participant in the securities market who carries out this activity is called a broker.

Brokerage activities are licensed by three types of licenses:

a license to carry out brokerage activities on transactions with securities with funds of legal entities;
a license to carry out brokerage activities on transactions with securities with funds of individuals;
a license to carry out brokerage activities in transactions with government securities, securities of constituent entities of the Russian Federation and municipalities.

A broker can carry out its activities on the basis of an agreement on brokerage services concluded with the client.

Clients' funds transferred by them to the broker for investment in securities, as well as funds received from transactions made by the broker on the basis of agreements with clients, must be in a separate bank account (accounts) opened by the broker with a credit institution.

The following types of accounts exist:

Cash (cash) account gives the client the right to carry out transactions with securities only within the limits of the funds in his account. This minimizes the risks associated with paying for securities.
Margin account Entitles the client to receive a loan from a brokerage firm to purchase securities. The broker has the right to lend money and/or securities to the client to carry out transactions for the purchase and sale of securities, subject to the client providing collateral. As security for the client's obligations, the broker has the right to accept only securities owned by the client and/or purchased by the broker for the client under margin transactions. Securities must be liquid and included in the quotation list of trade organizers on the securities market. Securities serving as collateral for the client's obligations under loans provided by the broker are subject to revaluation. The amount of security and interest on the loan is determined by the brokerage service agreement. The loan amount should not exceed 50% of the transaction amount. When making a transaction to purchase securities using a loan, the securities themselves remain with the broker as collateral as security for payments due to him until the loan is repaid. When the client repays the loan amount in full, the securities are credited to his account. If funds or securities are not returned to fixed time or the interest on the loan is not paid on time, and also if the amount of collateral becomes less than the loan amount, the broker has the right to foreclose on the funds and/or securities serving as collateral out of court, i.e. transfer the securities to your own account or sell them to repay the loan.

Margin transactions- these are transactions made using Money and/or securities lent by the broker

The broker is required to keep records of each client's funds held in a special brokerage account(s) and report to the client. A brokerage service agreement may provide for the obligation to keep funds intended for investment in securities or received as a result of the sale of securities with the broker in off-balance sheet accounts and the right to use them by the broker until such funds are returned to the client in accordance with the terms of the agreement. Part of the profit received from the use of these funds and remaining at the disposal of the broker is transferred to the client in accordance with the agreement.

Brokers are members of the stock exchange or representatives whose duties include executing orders from investor clients to carry out stock exchange transactions by finding counterparties. The task of brokers is to carry out all procedures for registering and processing transactions; protecting the interests of their clients; informing clients about all transactions and operations on their accounts.

The starting point in the relationship between a broker and a client is the conclusion of a brokerage service agreement. After concluding a brokerage service agreement with a client, the broker is obliged to accept and transmit to the operating room all the client’s instructions and conduct settlements on transactions concluded by the client.

If the need (desire) arises to sell or buy securities, the client submits an application to the broker. An application is a document that specifies all the terms of the transaction: client details; type and quantity of securities purchased (sold); transaction execution price; deadline for completing the application. Having received the client’s application, the broker fills out a special order form, which usually contains the following information: name of the asset; the number of lots or securities to be bought/sold; the exchange on which the asset is listed; type of transaction; the price at which the transaction must be concluded; client's name and account number; date of order; the period during which the order remains in force.

Brokerage activity is the activity of carrying out civil transactions with securities on behalf and at the expense of a client (including the issuer of issue-grade securities when placing them) or on one’s own behalf and at the expense of the client on the basis of paid agreements with the client.

Thus, brokers provide intermediary services clients when they carry out civil transactions with securities. The broker's clients can be investors (individuals and legal entities), as well as issuers of securities. The broker provides investors with mainly services for the purchase and sale of securities. In this case, the main task of the broker is to find securities for the client on the market that would suit him at a price, or to sell, on the client’s instructions, the securities he owns at a specified price. The broker provides services to issuers during the placement of securities, when the broker acts as an underwriter (i.e., a person who has accepted the obligation to place securities on behalf of the issuer or on his own behalf, but at the expense and on behalf of the issuer). In this case, the main task of the broker is to place the maximum number of securities on the most favorable terms for the issuer.

So, when trading securities brokerage company Usually the role of an intermediary is assigned - an agent who brings together buyers and sellers of securities. That is, in essence, a broker in the securities market does the same as a consignment store - he accepts goods (securities) for commission and then sells them to a new investor. The importance of a broker is especially evident in the case of securities trading on organized stock markets. In such markets, investors have the right to make transactions only through the intermediary of brokers.

The relationship between broker and client is based on a contractual basis. Therefore, to formalize their relationship, the broker and the client must enter into a brokerage service agreement. Such an agreement is always compulsory. An agreement for brokerage services can be one of three types of reimbursable agreements provided for by the norms of the Civil Code of the Russian Federation. These include the following types of contracts:

· contract of agency;
· commission agreement;
· agency contract.

Acting under an agency agreement, a broker (attorney) makes, on behalf and at the expense of the client (principal), a transaction or a series of transactions for the acquisition or sale of certain securities. In this case, the client is the party to the transactions; accordingly, it is he, and not the broker, who has the corresponding rights and obligations.

Under a commission agreement, a broker (commission agent) undertakes, on behalf of a client (committent), for a fee, to carry out on his own behalf, but at the client’s expense, a transaction or a series of transactions for the acquisition or sale of certain securities. In this case, the broker is the party to the transaction. Therefore, initially it is he, and not the client, who has the corresponding rights and obligations under the transaction (even if the client is named in the transaction).

If the broker acts as a commission agent, the commission agreement may provide for the broker's obligation to keep funds intended for investment in securities or received as a result of the sale of securities, and the right to use them by the broker until such funds are returned to the client. In this case, the agreement must provide for the procedure for distributing profits received as a result of the use of these funds.

The broker is prohibited from guaranteeing or making promises to the client regarding income from the investment of funds held by him.

Internal procedures and rules for maintaining the broker's accounting registers must ensure separate accounting of client funds held by the broker under a commission agreement intended for investment in securities or received as a result of the sale of securities.

Acting under an agency agreement, the broker (agent) undertakes, for a fee, to carry out, on behalf of the client (principal), a transaction or a series of transactions for the acquisition or sale of certain securities on its own behalf, but at the expense of the client, or on behalf and at the expense of the client. Technological diagram of interaction between broker and client based on agency agreement similar to the broker’s work schemes under agency and commission agreements. Therefore, the agency agreement has little independent legal content. Either the agency rules or the commission rules apply to the broker-client relationship, depending on how the agent acts.

A broker, in the course of his activities on the securities market, handles clients' funds. Therefore, the activities of brokers are strictly regulated. Brokerage activities in the securities market must be carried out according to certain rules.

When carrying out brokerage activities on the securities market, a professional participant (broker) is obliged to:

· personally execute client orders, with the exception of the case of delegation of transactions to another broker, if such delegation is provided for in the agreement with the client or the broker is forced to do so by force of circumstances to protect the interests of his client with notification to the latter;
· fulfill obligations under contracts concluded with clients, acting in good faith and exclusively in the interests of clients;
· when concluding an agreement for brokerage services, notify the client in writing about the risks associated with carrying out transactions on the securities market;
· carry out transactions for the purchase and sale of securities on behalf of clients in priority order in relation to the broker’s own transactions;
· bring to the attention of clients all necessary information related to the execution of client orders and the fulfillment of obligations under a securities purchase and sale agreement, including not recommending a transaction to a client without taking measures to ensure that the client understands the nature of the risks associated with it;
· within the time limits established by the agreement, provide the client with reports on the progress of the execution of the agreement, statements of the movement of funds and securities on the client’s accounts (including data on the size of the commission and other remunerations of the broker) and other documents related to the execution of the agreement with the client and instructions client;
· take measures to ensure the confidentiality of the client’s name, his payment details and other information received in connection with the fulfillment of obligations under the contract with the client, with the exception of information subject to submission to the Federal Commission and other bodies within their competence established by law Russian Federation, if the contract with the client contains a clause on trade secrets;
· not manipulate prices on the securities market and force people to buy or sell securities, including by providing deliberately distorted information about securities, issuers of securities, prices for securities, including information presented in advertising;
· compensate the client for losses in the manner prescribed by law;
· approve the procedure for providing information and documents to the investor in connection with the circulation of securities, including methods and forms of provision, amounts and procedure for payment for provision services;
· comply with the requirements of the legislation of the Russian Federation and regulatory legal acts of the Federal Commission.

When carrying out brokerage activities on the securities market, a professional participant performs actions and transactions related to the implementation of brokerage activities, in particular:

· stores, uses and accounts for client funds intended for investment in securities or received from the sale of securities, if this is provided for by the terms of the agreement;
· verifies the ability of clients - individuals through their actions to acquire and exercise civil rights, to create for themselves civic duties and execute them in in full or partially;
· verify the competence of the managers of clients - legal entities to represent the interests of legal entities and carry out actions entailing legal consequences for these legal entities;
· provides consulting services on the acquisition of securities and other investments;
· has the right to request from clients information about their financial condition(solvency) and investment goals, which can help in the correct and timely fulfillment of obligations to clients.

The broker has the right to carry out margin transactions, i.e. transactions made using funds and (or) securities loaned by the broker to the investor. Thus, when making margin transactions, the relationship between the broker and the client is transformed from a “client - intermediary (agent)” type relationship into a more complex level “creditor - debtor” type relationship. In margin transactions, the broker is the creditor, and the client (investor) is the debtor. Such relationships must be formalized accordingly. However, a special agreement is not required to conduct margin transactions. The terms of the loan agreement, including the loan amount or the procedure for determining it, may be determined by the brokerage service agreement. In this case, a document certifying the transfer of a certain loan sum of money or a certain number of securities, a broker’s report on completed margin transactions or another document determined by the terms of the agreement is recognized. The broker has the right to charge the client interest on loans provided. In its turn, borrowed funds, provided by the broker to the client during margin operations “on margin”, are short-term loans that the broker takes from the bank on the security of securities purchased for the client as collateral for a bank loan. As a rule, the interest on loans provided by banks to brokers is close to the interest on bank loans for large prime borrowers, since the loans are secured by securities and represent significant amounts.

As security for the client's obligations under the loans provided, the broker has the right to accept only liquid securities included in the quotation list of the stock exchange, owned by the client or purchased by the broker for the client on margin transactions. The amount of security provided by the client is determined by the broker according to market value acting as collateral for securities established at trading on a stock exchange or other organizers of trading on the securities market, minus the discount established by the agreement.

Securities serving as collateral for client obligations under margin transactions are subject to revaluation in the following cases: failure to repay the loan amount or borrowed securities on time; failure to pay interest on a loan on time; if the amount of collateral becomes less than the amount of the loan provided to the client (the market value of the borrowed securities established at stock exchange trading), the broker forecloses on the funds or securities that serve as collateral for the client’s obligations under the loans provided by the broker by selling such securities at stock exchange trading .

If, when a broker combines his activities in the securities market with dealer activities, a conflict of interests arises between the broker and his client, about which the client was not notified before the broker received the corresponding order, and it leads to losses to the client, the broker is obliged to compensate them in the manner prescribed by law . To do this, the broker must have own funds, the standard of which is established by the Federal Financial Markets Service.

As noted earlier, the functioning of the market requires sellers, buyers and intermediaries to represent their interests in it. Brokers and dealers usually act as intermediaries.

In accordance with the Law “On the Securities Market”, “brokerage activities are recognized as carrying out civil transactions with securities as an attorney or commission agent acting on the basis of an agency or commission agreement, as well as a power of attorney to carry out such transactions.”

They can act as a broker: individuals, and organizations. Professional brokerage activities on stock market performed on the basis of a license obtained in the prescribed manner.

A professional participant in the securities market engaged in brokerage activities is called a broker.

The broker and the client build their relationship on a contractual basis. In this case, agency and commission agreements can be used. If an agency agreement is concluded, this means that the broker will act on behalf of the client and at the expense of the client, i.e. the client is a party to the concluded transactions and he is responsible for the execution of the transaction. If a commission agreement is concluded, then when concluding a transaction the broker acts on his own behalf, but acts in the interests of the client and at his expense. In this case, the broker is the party to the transaction and he is responsible for its execution.

The execution of a commission or commission agreement is considered to be the delivery to the client of an official notification from the broker about the conclusion of the transaction.

If the broker acts as a commission agent, the commission agreement may provide for the obligation to keep funds intended for investment in securities or received as a result of the sale of securities with the broker in off-balance sheet accounts and the right to use them by the broker until such funds are returned to the client in accordance with the terms of the agreement.

Delegation of transactions to brokers is permitted only to brokers. Reassignment is permitted if it is stipulated in the commission or commission agreement or in cases where the broker is forced to do so by force of circumstances to protect the interests of his client with notification to the latter.

The transfer of trust is carried out in accordance with the civil legislation of the Russian Federation.

The broker receives his main income from commissions charged on the transaction amount. Therefore, the broker’s task is to have clients, among whom would be both suppliers of securities and their buyers, owners of temporarily free funds.

The broker must carry out clients' orders in good faith and in the order they are received, unless otherwise provided by the agreement with the client or his instructions. Transactions carried out on behalf of clients are in all cases subject to priority execution in comparison with dealer operations of the broker himself when he combines the activities of a broker and dealer.

If the broker has an interest that prevents the execution of the client's order on the most favorable terms for the client, the broker is obliged to immediately notify the latter of the existence of such interest.

If a conflict of interests between a broker and his client, about which the client was not notified before the broker received the corresponding instruction, led to the execution of this instruction to the detriment of the client’s interests, the broker is obliged to compensate for losses at his own expense in the manner established by the civil legislation of the Russian Federation.

Dealer activity is the carrying out of transactions for the purchase and sale of securities on one's own behalf and at one's own expense by publicly announcing the purchase and/or sale prices of certain securities with the obligation to purchase and/or sell these securities at prices announced by the person carrying out such activities.

A professional participant in the securities market who carries out dealer activities is called a dealer. The dealer can only be entity, which is commercial organization.

The dealer's income consists of the difference between the selling and purchasing prices. Therefore, the dealer must constantly monitor and take into account changing market conditions. It usually specializes in certain types of securities, but large organizations can serve the securities market as a whole.

Acting as a market operator, the dealer has the right to announce the essential terms of the securities purchase and sale agreement: the minimum and maximum number of securities purchased and/or sold, as well as the period during which the announced prices are valid. If the advertisement does not indicate other essential conditions, the dealer is obliged to conclude an agreement on the essential conditions proposed by his client. If the dealer evades concluding an agreement, a claim may be brought against him for the forced conclusion of such an agreement and/or for compensation for losses caused to the client.

On domestic market may be in the role of a dealer investment company, one of the functions of which is to invest funds in securities and carry out transactions with them on its own behalf, including through quotation. The main dealers in the government debt market were credit organizations.

The activity of securities management is recognized as the implementation by a legal entity or individual entrepreneur on his own behalf for a fee during a certain period of trust management transferred to his possession and belonging to another person in the interests of this person or third parties indicated by this person:

· securities;

· funds intended for investment in securities;

· cash and securities received in the process of securities management.

A professional participant in the securities market who carries out securities management activities is called a manager.

The procedure for carrying out securities management activities, the rights and obligations of the manager are determined by the legislation of the Russian Federation and contracts.

The manager, when carrying out his activities, is obliged to indicate that he is acting as a manager.

If a conflict of interests between the manager and his client or different clients of the same manager, of which all parties were not notified in advance, led to actions of the manager that damaged the interests of the client, the manager is obliged to compensate for losses at his own expense in the manner prescribed by civil law.

Related information.

FEDERAL AGENCY FOR EDUCATION

STATE EDUCATIONAL INSTITUTION

HIGHER PROFESSIONAL EDUCATION

ALL-RUSSIAN CORRESPONDENCE

FINANCIAL AND ECONOMIC INSTITUTE

Test

in the discipline "Securities Market"

Option 15

Topic: Professional activities in the securities market. Brokerage and dealer activities.

Performer: Mytku O.K.

Specialty PhyK

Grade book number 05FFB03428

Head: Korotaeva N.A.

Introduction………………………………………………………………………………………...3

1. Types professional activity on the securities market……….5

2. Scope of activity of brokerage firms, system of interaction between broker and client……………………………………………………..13

3. Characteristics of dealerships………………………………………………………..19

Problem………………………………………………………………………………………..23

Conclusion………………………………………………………………………………….24

References……………………………………………………………25

Introduction

Under the conditions of economic reforms in the Russian Federation the role and importance of the securities market is increasing, since the stock market, complementing money market and the bank loan market is an active part financial market countries .

Along with the formation of the securities market, professional market participants began to appear, i.e. legal entities and individuals who carry out brokerage, dealer activities, securities management activities, activities to determine mutual obligations (clearing), depository activities, activities to maintain registers of securities owners, activities to organize trading on the securities market.

Currently, professional participants in the securities market are a key link in the system of functioning of the securities market, which ensure interaction between suppliers of capital to the stock market (investors) and its consumers (issuers).

Over the past years, the Russian securities market has seen the development of infrastructure, an increase in the number of market participants, an increase in their professionalism, and the volume of transactions with securities is growing rapidly.

At this stage, the securities market in Russia has already been largely formed: there are issuers of securities, numerous companies and enterprises, as well as the state and municipalities, there are also investors interested in the best placement of funds for themselves. It becomes obvious that there is a need for the existence of structures that would allow these two interested parties to carry out transactions with securities with mutual benefit, safety and convenience.

Considering the specifics of the securities market, it is necessary to have
organizations professionally working in the market as intermediaries (brokerage investment companies and banks). An important component of the securities market is also the functioning of structures that directly organize trading in securities (structures stock trading).

1. Types of professional activities in the securities market.

The functioning of the securities market is impossible without professionals serving it and solving emerging problems. The Federal Law “On the Securities Market” defines that “professional participants in the securities market are legal entities, including credit organizations, as well as citizens (individuals) registered as entrepreneurs who can carry out the following types of activities in the securities market papers:

1. brokerage activities;

2. dealer activities;

3. securities management activities;

4. clearing activities (activities to determine mutual obligations);

5. depository activities;

6. activities related to maintaining the register of securities owners;

7. activities related to organizing trading on the securities market.”

IN modern conditions special training is required for securities market professionals, including both general economic and technical training, and, taking into account the acute situations arising in the market, psychological. In the activities of securities market professionals, experience and intuition are also of great importance.

The main securities market professionals are:

1) brokers (intermediaries in concluding transactions, not participating in them themselves);

2) dealers (intermediaries participating in transactions with their capital);

3) managers (persons managing the funds transferred to them trust management securities);

4) clearings (organizations involved in determining mutual obligations);

5) depositories (provide services for storing securities);

6) registrars (maintain securities registers);

7) organizers of trading on the securities market (provide services that facilitate the conclusion of transactions with securities);

8) jobbers (specialists in the securities market conditions).

Along with these professionals, the securities market is served by bank employees, employees investment funds, as well as government officials and lawyers who provide the lawmaking and control necessary for the financial market.

Let us consider in more detail each type of professional activity in the securities market.

Brokerage activities - activities to carry out civil transactions with securities on behalf and at the expense of the client (including the issuer of issue-grade securities when they are placed) or on one’s own behalf and at the expense of the client on the basis of reimbursable agreements with the client.

A professional participant in the securities market who carries out brokerage activities is called a broker.

Both individuals and organizations can act as a broker. Professional brokerage activities in the stock market are carried out on the basis of a license obtained in the prescribed manner. The broker obtains this license from the local financial authorities. The law allows for the combination of brokerage activities with other types of activities in the securities market.

Under the agency agreement, the broker acts as an attorney, i.e. he concludes a transaction on behalf of the client and at his expense. In this case, the broker’s task is to find for the client securities that would suit him at a price, or to sell, on the client’s instructions, securities belonging to him at a specified price. The broker, based on the agency agreement, provides the client with services for the purchase of securities. The broker finds the securities the client needs on the market and, on his behalf, enters into an agreement with the owner of the securities, and the client pays for their purchase from his account. The broker receives a commission for his services. If the client gives an order to sell securities, then the transaction is completed according to the same scheme. In this case, the client delivers securities to the buyer, and the latter makes payment for them.

When carrying out a transaction under a commission agreement, the broker acts as a commission agent and enters into a transaction on his own behalf, but at the expense of the client. The client, having concluded a commission agreement with the broker, transfers funds to him for the purchase of securities (supplies the broker with securities for sale), which are recorded by the broker in off-balance sheet “depo” accounts. Money is transferred in full or in part according to the terms of the agreement. The broker is obliged to keep separate records of his funds and the client's funds.

Dealer activities It is recognized that transactions for the purchase and sale of securities are carried out on one’s own behalf and at one’s own expense by publicly announcing purchase and (or) sale prices for certain securities with the obligation to purchase and (or) sell these securities at the announced prices by the person carrying out such activities.

A professional participant in the securities market who carries out dealer activities is called a dealer. A dealer can only be a legal entity that is a commercial organization.

In addition to the price, the dealer has the right to announce other essential terms of the securities purchase and sale agreement: the minimum and maximum number of securities purchased and (or) sold, as well as the period during which the announced prices are valid. If the advertisement does not indicate other essential conditions, the dealer is obliged to conclude an agreement on the essential conditions proposed by his client. If the dealer evades concluding an agreement, a claim may be brought against him for the forced conclusion of such an agreement and (or) for compensation for losses caused to the client.

The dealer's income consists of the difference between the selling and purchasing prices. Therefore, the dealer must constantly monitor and take into account changing market conditions. It usually specializes in certain types of securities, but larger institutions may serve the securities market as a whole.

Under securities management activities recognized as the implementation by a legal entity on its own behalf for a fee for a certain period of trust management of securities transferred to it into possession and belonging to another person in the interests of this person or third parties specified by this person; funds intended for investment in securities; cash and securities received in the process of securities management.

A professional participant in the securities market who carries out securities management activities is called a manager.

A license to carry out securities management activities is not required if trust management is related only to the exercise by the manager of rights under securities.

The procedure for carrying out securities management activities, the rights and obligations of the manager are determined by the legislation of the Russian Federation and contracts.

When carrying out his activities, the manager is obliged to indicate that he is acting as a manager.

Clearing activities- activities to determine mutual obligations (collection, reconciliation, adjustment of information on transactions with securities and preparation of accounting documents for them) and their offset for the supply of securities and settlements on them.

Organizations engaged in securities clearing, in connection with settlements on transactions with securities, accept for execution those prepared in determining mutual obligations accounting documents on the basis of their agreements with securities market participants for whom settlements are made.

A clearing organization that carries out settlements on transactions with securities is obliged to form special funds to reduce the risks of non-execution of transactions with securities. Minimum size special funds of clearing organizations are established federal body executive power for the securities market in agreement with Central Bank Russian Federation.

The clearing organization is obliged to approve the rules for carrying out clearing activities.

Depository activities the provision of services for storing securities certificates and (or) accounting and transfer of rights to securities is recognized. A professional participant in the securities market carrying out depository activities is called a depository. Only a legal entity can be a depositary.

A person using the services of a depository for storing securities and (or) recording rights to securities is called a depositor.

The agreement between the depository and the depositor, regulating their relations in the process of depository activities, is called a depository agreement (depo account agreement). The depositary is obliged to approve the conditions for carrying out depository activities, which are an integral part of the concluded depository agreement.

The conclusion of a depository agreement does not entail the transfer of ownership of the depositor's securities to the depository. The depository does not have the right to dispose of the depositor's securities, manage them or carry out any actions with securities on behalf of the depositor, except for those carried out on behalf of the depositor in cases provided for by the deposit agreement. The depository does not have the right to condition the conclusion of a deposit agreement with the depositor on the latter’s refusal of at least one of the rights secured by the securities. The depositary bears civil liability for the safety of the securities certificates deposited with it.

The deposit agreement must contain the following essential conditions:

a) an unambiguous definition of the subject of the agreement: provision of services for storing securities certificates and (or) recording rights to securities;

b) the procedure for the depositor to transfer information to the depositary about the disposal of the depositor's securities deposited in the depository;

c) the duration of the contract;

d) the amount and procedure for payment for depositary services provided for in the agreement;

e) the form and frequency of reporting by the depositary to the depositor;

e) duties of the depositary.

Activities related to maintaining the register of securities holders the collection, recording, processing, storage and provision of data that constitute the system for maintaining the register of securities holders are recognized.

Only legal entities have the right to maintain the register of securities owners. Persons engaged in maintaining the register of securities owners are called register holders (registrars).

A legal entity engaged in maintaining a register of securities owners does not have the right to carry out transactions with securities of an issuer registered in the system of maintaining a register of securities owners.

The system for maintaining the register of securities owners must ensure the collection and storage, within the time limits established by the legislation of the Russian Federation, of information on all facts and documents entailing the need to make changes to the system for maintaining the register of securities owners, and on all actions of the register holder to make these changes.

For bearer securities, there is no system for maintaining a register of securities holders.

The register of securities owners is part of the register maintenance system, which is a list of registered owners indicating the number, par value and category of registered securities owned by them, compiled as of any specified date and allowing the identification of these owners, the number and category of securities owned by them .

The holder of the register may be the issuer or a professional participant in the securities market carrying out activities to maintain the register on the basis of the issuer's instructions. If the number of securities owners exceeds 500, the holder of the register must be a professional participant in the securities market engaged in maintaining the register, except for cases provided for by this Federal Law. The registrar has the right to transfer part of its functions for collecting information included in the registry maintenance system to other registrars. The transfer of these functions does not relieve the registrar from responsibility to the issuer.

The agreement for maintaining the register is concluded with only one legal entity. The registrar can maintain registers of owners of securities of an unlimited number of issuers.

Activities related to organizing trading on the securities market the provision of services that directly facilitate the conclusion of civil transactions with securities between participants in the securities market is recognized.

A professional participant in the securities market who carries out activities to organize trading on the securities market is called an organizer of trading on the securities market.

The organizer of trading on the securities market is obliged to disclose the following information to any interested party: rules for admitting a securities market participant to trading; rules for admission to securities trading; rules for concluding and reconciling transactions; rules for registering transactions; procedure for executing transactions; rules limiting price manipulation; schedule for the provision of services by the organizer of trading on the securities market; list of securities admitted to trading.

The implementation of register maintenance activities does not allow its combination with other types of professional activities in the securities market.

Restrictions on combining types of activities and transactions with securities are established by the federal executive body for the securities market.

2. The scope of activity of brokerage firms, the system of interaction between the broker and the client.

Under brokerage activities in accordance with Art. 3 of the Law “On the Securities Market” is understood as carrying out civil transactions with securities as an attorney or commission agent acting on the basis of an agency or commission agreement, as well as a power of attorney to carry out such transactions in the absence of indications of the powers of the attorney or commission agent in the agreement.

Both individuals and organizations can act as a broker. Professional brokerage activities in the stock market are carried out on the basis of a license obtained in the prescribed manner. To operate in the securities market, a broker or brokerage organization must meet the following qualification requirements:

Have on staff specialists who have qualification certificates;

Have the established minimum equity capital required for financial liability to investors;

Have a developed accounting and reporting system that accurately and completely reflects transactions with securities.

The broker determines the connection between the exchange and traders and is a professional intermediary. Brokers and brokerage firms make transactions according to the rules of exchange trading. They acquire and obtain information about all goods and services offered on the exchange, using the services of the exchange staff, working in trading floor with communications, computer technology, and participate in the work of the arbitration commission of the exchange. The relationship between clients and brokers is based on contracts and agreements. A distinctive feature of brokerage activity from other types of professional activity in the securities market is that brokers can carry out transfer transactions, if stipulated in the contract, or to protect the interests of their client, notifying the latter and only to brokers. The transfer of trust is carried out in accordance with the civil legislation of the Russian Federation.

Brokerage firms receive compensation for services provided to clients. Its size is determined by the type of transaction being made and the type of order. Commissions are paid either for each transaction or per month as a percentage of the profit.

The functions of brokers are: mediation in concluding transactions by accepting client orders and finding appropriate counterparties; representation of clients' interests in conducting exchange transactions; advising traders on issues related to the conclusion of exchange transactions and the quality of goods sold; documenting transactions and their submission for registration; preparation of opinions on issues trade practices and trade conditions, according to exchange transactions carried out without the participation of brokers, and participation of experts when conducting examinations on a general basis.

Among the main responsibilities of a broker are:

a) the obligation to bring to the attention of clients all necessary information related to the execution of clients’ orders and the fulfillment of obligations under a securities purchase and sale agreement, including not recommending a transaction to a client without taking measures to ensure that the client can understand the nature of the risks associated with it ;

b) ensure the safety and separate accounting of clients’ securities, within the time limits established by the agreement, provide the client with reports on the progress of the execution of the agreement, statements on the flow of funds and securities on the client’s accounts;

c) take measures to ensure the confidentiality of the client’s name, his payment details and other information received in connection with the fulfillment of obligations under the contract with the client, with the exception of information subject to submission to the Federal Commission and other bodies within their competence established by the legislation of the Russian Federation, if the contract with the client contains a clause on trade secrets.

In the process of working on the stock market, a situation is possible when a conflict of interest arises between a broker and a client. In such cases, it is the broker's responsibility to notify the client of the existing interest. Failure by the broker to fulfill this obligation, as a result of which the client suffered losses, serves as the basis for compensation for losses in the manner prescribed by civil law (Article 15 of the Civil Code of the Russian Federation).

From a legal point of view, a transaction with securities has its own specifics depending on how the broker acts: as an attorney (under an agency agreement) or as a commission agent (under a commission agreement).

If an agency agreement is concluded, this means that the broker (attorney) will act on behalf of the client and at the expense of the client (principal). The party to the concluded transactions is the client; it is he who has the corresponding rights and obligations, and he is responsible for the execution of the transaction. Transactions carried out on behalf of clients are in all cases subject to priority execution compared to transactions of the broker himself (if he deals with them). Settlements for a transaction in which the broker acts as an attorney are carried out by his client from the owner’s account in the register or depository (when selling securities) or from a bank account (when buying securities).

If preference is given to a commission agreement, then when concluding a transaction, the broker (commission agent) acts on his own behalf, but acts in the interests of the client (committent) and at his expense. In this case, the broker is the party to the transaction, and he is responsible for its execution. In this case, ownership rights to things purchased by the broker for his client arise with the client; if the client has given the broker an instruction to sell the securities, then he remains their owner until the moment of sale, and then the ownership of them arises directly from the buyer. Money received from the sale of securities is also recognized as belonging to the client; the broker can only withhold from them the remuneration due to him.

Acting as a commission agent, the broker may hold the client's funds intended for investment in securities or received as a result of their sale in his off-balance sheet accounts and use them until they are returned to the client (in accordance with the terms of the agreement). Part of the profit received from the use of these funds and remaining at the disposal of the broker is transferred in accordance with the agreement to the client. All losses incurred by the client in connection with the activities of the broker are reimbursed to him by the broker in the manner established by the civil legislation of the Russian Federation. According to existing legislation, the client has the right to unilaterally terminate the contract before execution of the contract.

The execution of a commission or commission agreement is considered to be the delivery to the client of an official notification from the broker about the conclusion of the transaction. As a rule, the broker registers the concluded transaction and controls the change of ownership - timely entry of the necessary changes into the register of shareholders.

In their activities on the stock exchange, brokers are guided by orders. An order is an assignment to a stockbroker to buy or sell securities. The order specifies the quantity and name of the securities with which the transaction is ordered, as well as the maximum transaction prices, the duration of the order and other conditions for executing the order.

In addition to orders, brokers are also guided by reservations. There are several caveats that may be included in stock orders. Let's consider the most common of them - the broker's right to act at his own discretion, “execute or cancel”, “execute immediately or cancel”, “only in full”, “at the time of opening”, “at the time of closing”, “do not reduce the price” , “don’t raise the price.”

The broker's right to act at his own discretion

A broker's discretion clause is an additional provision in an order that gives the broker the right to execute the contract immediately or to delay its execution until more favorable conditions arise. In this case, the broker is not responsible for failure to execute an order within the estimated time frame specified in the order or at the estimated price established therein. Such a clause in the order is often used when carrying out transactions with large quantities of securities.

Initially, it was assumed that orders with such a clause would be transmitted by brokers to specialists, and they themselves would decide the issue of execution time and price. However, the Securities and Exchange Commission has prohibited specialists from executing such orders, and therefore brokers themselves are obliged to monitor the market situation and give instructions to specialists at the most favorable moment, in their opinion.

In this regard, gradually this clause began to be used less in market orders and increasingly used in limit orders.

Execute or cancel

The “execute or cancel” clause means that the order must be executed immediately in full or canceled.

Execute immediately or cancel

The “execute immediately or cancel” clause is similar to the previous clause, but when included, the order can be partially executed and the unused part canceled.

Only in full

A “full only” clause is a clause included in an order for transactions involving large quantities of shares, according to which the order must be executed in full or cancelled, but unlike the previous two clauses, it does not imply its immediate execution.

At the moment of opening. At closing time

The clause “at the opening” or “at the closing” implies that the order must be executed among the first (or among the last) after the opening (or before the closing) of the exchange.

Don't reduce the price. Don't raise the price

The “price not reduced” and “price not increased” clauses mean that the price specified in the order should in no case be adjusted in the event of a stock split or other unforeseen circumstances.

Or or

Concluding one transaction automatically cancels all others.

Show attention

This clause directs the broker's attention to the most important orders.

In our country, brokerage services are becoming more and more popular every year.

3. Characteristics of dealerships.

According to the Federal Law “On the Securities Market”, dealer activity is the execution of transactions for the purchase and sale of securities on one’s own behalf and at one’s own expense by publicly announcing the purchase and (or) sale prices of certain securities with the obligation to purchase and (or) sell certain securities at the prices announced by the person carrying out such activities.” Therefore, the dealer must constantly monitor and take into account changing market conditions.

A dealer can only be a legal entity that is a commercial organization, as well as state corporation, if for such a corporation the possibility of carrying out dealer activities is established by the federal law on the basis of which it was created.

Dealers in the securities market perform the main functions:

Provide information about the issue of securities, their rates and quality;

They act as agents who carry out clients’ orders (sometimes they engage brokers for this purpose);

Monitor the state of the securities market; in cases where purchase and sale activity decreases (as a result of a lack of sellers or buyers), dealers, at their own expense, carry out the necessary operations to level the price of securities;

They give impetus to the development of the securities market, bringing together buyers and sellers (act as market catalysts).

Dealer activity on the basis of the Licensing Regulations various types professional activities on the Russian securities market can be combined with brokerage activities and other types of professional activities on the securities market except for register maintenance activities, and, like brokerage activities, dealer activities are subject to licensing.

Dealers, depending on the functions they perform, are divided into:

Traders carrying out purely dealer operations with any securities;

Market makers who quote certain securities during the business day;

Specialists who buy and sell securities assigned to them at their own expense, and also execute limit orders from brokers.

The dealer's income is generated by the difference between the purchase price and sales price valuable papers.

On Russian market an investment company can act as a dealer, one of whose functions is to invest funds in securities, carry out transactions on them on its own behalf, including through their quotation (announcement of “seller prices” and “buyer prices” for certain securities, according to which the investment company undertakes to sell or buy.)

The actions of dealers in the securities market are larger in scale than the actions of brokers. Dealership firms own large amounts of capital, which they increase through commissions received and profits on invested capital. Dealer firms, even more than brokerage firms, should take part in the activities of their professional associations and be connected to national and international information systems.

Specialists perform the functions of establishing quotes (quotation is an offer to buy or sell, containing the name of the security, its element and the essential terms of the transaction (number of shares, settlement currency, terms of fulfillment of obligations)) for the securities assigned to them, acquire and sell securities in in accordance with the posted quotes, execute limit orders from brokers, and determine the opening rate.

Moreover, the execution of brokers’ orders is a priority for execution, which is secured by the rules of the exchanges, which are mandatory for execution by dealers.

Dealers provide quotes and are required to maintain a minimum number of quotes for each security they quote. Dealers regulate supply and demand in the market and can “cross” orders received by them in order to make a profit.

The dealer's primary role is to be willing to quote two-way quotes to market intermediaries to ensure liquidity of the securities. This task is performed on the exchange by a market maker who maintains a two-way quote for the purchase/sale of securities, and, within the framework of a tripartite agreement, provides services to the issuer for including and maintaining securities in quotation lists.

A two-way quotation is an Application (or Applications) announced by a market maker for the purchase and sale of securities for a certain security, meeting the requirements for the Spread (a value calculated as a percentage, and defined as the difference between the best price in the Order to sell and the best price in Purchase Order in relation to the best price in the Purchase Order for a particular security) and Quote Volume (the sum of the product of prices by the number of securities specified in the Purchase and Sale Orders in a bilateral quotation) established for the security. The advantages of bilateral quotations are that they reduce the liquidity risk of securities.

Thus, dealer activity can be considered as an effective mechanism for sales and service investment policy bank or company and its portfolio.

Task

Determine the net asset value of a joint-stock company per share if the total assets of the company are 920 thousand rubles, the amount of debts and expenses is 710 thousand rubles, the number of issued shares is 3 thousand.

Net asset value per share is equal to the ratio of the total of a company's assets excluding debts and expenses to the number of shares issued.

Net asset value per share = (920 thousand rubles - 710 thousand rubles) / 3 thousand = 70 rubles. per share

Thus, net worth assets per share is 70 rubles. per share.

Conclusion

Thus, we examined the issue of professional activities in the securities market, and especially brokerage and dealer activities. The mechanism of interaction between issuers and investors is very complex and associated with enormous financial risks, so there is an urgent need to play in the securities market specifically for professionals who know this market well and are able to control the situation.

In each country, the circle of participants in the securities market, as well as the conditions for their participation in the operation of the securities market, are determined by the state. State legislation in this area reflects the specifics of the state of production and finances of the country and, in the case of economic crisis is undergoing changes.

In Russia, the functioning of the securities market and the composition of its participants are determined, first of all, federal laws“On the securities market”, “On joint stock companies", resolutions of the Federal Commission for the Securities Market, etc.

IN last years In Russia, the number of securities market professionals has increased significantly, but only their interaction can ensure market stabilization and increase the liquidity of securities.

List of used literature

1. Zhukov E.F. Securities and stock markets: Tutorial for economic universities. – M.: Banks and exchanges; UNITY, 2006.

2. Solonskaya L.A. Securities. Tutorial. St. Petersburg: SZTU, 2005. – 450 p.

3. Under. ed. V. I. Kolesnikov, V. S. Torkanovsky. Securities. – M.: Finance and Statistics, 2005. –353s.

4. Under. ed. A. I. Basova, V. A. Galanova. Securities market. - M.: Finance and Statistics, 2008. - 128 p.

5. Securities market and stock exchange business: Basic lecture notes / Yudina I.N. Barnaul. Publishing house "Azbuka", 2006 - 119 p.

6. Securities market: Textbook for universities / Ed. prof. E. F. Zhukova. - M.: Unity-Dana, 2006.- 399 p.

Brokers and dealers act as intermediaries in the securities market.

Broker is a professional participant in the securities market, acting on the basis of a license as an attorney or commission agent within the framework of an agency agreement, commission agreement or power of attorney. Individuals and organizations can act as a broker. The law allows for the combination of brokerage activities with other types of activities in the securities market.

Broker or brokerage organization must meet certain qualification requirements:

— have on staff specialists who have qualification certificates;

- have a minimum equity required for financial liability to the investor (at least 50 thousand rubles);

Have a developed accounting and reporting system that accurately and completely reflects transactions with securities.

In Russian markets, there is no strict specialization established for a dealer and a broker, therefore, if a broker is also engaged in dealer activities, he is obliged to notify his clients about this.

The broker's responsibilities include conscientious execution of clients' orders. He must put the clients' interests first and fulfill them in the order they are received.

If a broker and a client build their relationship on the basis contract of assignment, this means that the broker will act on behalf of the client and at the expense of the client, i.e. The party to the transaction is the client, and he is responsible for the execution of the transaction.

If the broker and client enter into commission agreement, then when concluding a transaction on the securities market, the broker acts on his own behalf, but acts in the interests of the client and at his expense. Party to the transaction in in this case the broker acts and is responsible for the transaction.

The execution of a commission or commission agreement is considered to be the delivery to the client of an official notification from the broker about the conclusion of the transaction. Most often, the broker registers the concluded transaction and controls the change of ownership - timely entry of the necessary changes into the register of shareholders.

The broker receives his main income from commissions based on the transaction amount. The broker's task is to have clients, among whom would be suppliers securities and their buyers - owners of temporarily free funds.

Broker combines its activities with consulting clients on the securities market. IN Russian practice This function is performed by individuals who do not need to have a qualification certificate. Consulting on the securities market has three areas:

Justification for the selection of holders of the register of shareholders;

Assisting issuers in creating and maintaining their image;

Assistance to individual and corporate investors in the formation (selection) of a securities portfolio.

Dealer refers to a professional participant in the securities market engaged in transactions for the purchase and sale of securities on its own behalf and at its own expense by publicly announcing the purchase and sale prices of certain securities with the obligation to purchase and sell certain securities.

A dealer's income consists of the difference between sales and purchase prices, so the dealer must constantly monitor changing market conditions. It usually specializes in certain types of securities, but large dealers (institutions) may serve the securities market as a whole.

The dealer acts as a market operator, announces the selling and purchasing prices, the maximum and minimum quantities of securities purchased and sold, as well as the period during which the announced prices are valid.

On the Russian market, an investment company can act as a dealer, one of whose functions is to invest funds in securities, carry out transactions with them on its own behalf, including by quoting them (announcing “seller prices” and “buyer prices” for certain securities ”, under which the investment company undertakes to sell or purchase securities). Enterprises' investments in securities are presented in Table 5.1.

The current situation on the stock market of the Russian Federation is influenced by a number of factors:

problems in the banking sector;

2. conflict with YUKOS;

3. a strong reduction in the price of securities;

4. good macroeconomic indicators in Russia;

5. rising prices for raw materials.

Increase in the market value of leading issuers and the RTS index from 01/01/2005 to 09/01/2005 in percent:

(RTS stock index reflects the dynamics of stock prices of leading Russian companies, applying to stock exchange. The RTS index weighs 564 points as of September 1, 2004):

1) RAO Gazprom + 46.8;

2) Mosenergo OJSC + 45.6;

3) Sberbank OJSC + 44.4;

4) OJSC NK Lukoil + 20.3;

5) JSC Tatneft + 13.3;

6) JSC "Surgutneftegas" + 11.3;

7) RAO Rostelecom - 5.1;

8) OJSC Sibneft - 9.5;

9) RAO UES - 12.4;

10) OJSC MMC Norilsk Nickel - 20.9;

Share prices of Far Eastern issuers on the RTS in July 2005:

1) Dalsvyaz - 16.83;

2) Dalenergo – 62.5;

3) Kamchatenergo + 5.56;

4) Magadanenergo – 19;

5) Sakhalinmorneftegaz - 11.22;

6) Khabarovskenergo - 37.5;

7) Yakutgazprom – 7.7.

For reference: 1. Share price = (Dividend (%): bank interest rate on loans)۰100%

2. Market price stock. (Share price (%)× share par value).

Table 5.1. Enterprise investments in securities

	Invested in 2005	Accumulated at the end of 2005
Attachments
1.Long term attachments: a) in shares and shares subsidiaries; c) bonds and other debt obligations.
2.Short-term attachments a) in shares and shares subsidiaries; b) in shares and shares of other organizations; c) in bonds and other debt obligations