Mene ne littafin-shigarwa Securities? Securities kasuwar a Rasha

Financial kasuwar hada da wani yawan sassa. Daya daga cikinsu - cikin Stock Exchange. Market Securities - tushen samun kudin shiga da kuma redistribution. Masu zuba jari saya hannun jari na alamar kamfanoni da bankuna, accelerating su girma. A nan a wurare dabam dabam suna shirin gaskiya da kuma uncertificated Securities. Game da siffofin na su aiki da za a tattauna a cikin labarin.

definition

Market Securities - a sa na tattalin arziki da dangantakar da Central Bank of batun kuma wurare dabam dabam al'amurran da suka shafi. Haka kuma an kira kasuwar jari. Babban manufar kasuwa - don samar da kudi da tattalin arziki. Wannan za a iya yi tare da taimakon bashin bankuna da kuma ta hanyar Securities. A karo na biyu idan, kudi, sun kasu da masu zuba jari:

• tasowa da kamfanonin da za su iya samar da kudin shiga a cikin gajeren lokaci.
• a alamar rahama sassa, wanda a cikin dogon gudu iya sakkumulirovat albashi da kuma capitalization.

A farko kasuwar na Central Bank sanya a lokacin da batun. Wannan shi ne inda kudi albarkatun suna yaqi. Issuers, masu zuba jari, underwriters, FSFM - mahalarta a kansu. A sakandare kasuwar faruwa CB resale, babban birnin kasar shugabanci a alamar rahama sassa. Akwai aka kafa da kasuwar kudi da kadarori.

RZB ayyuka

• Redistribution na babban birnin kasar tsakanin sassa na tattalin arziki.
• Inshora na kudi kasada tare da zabin da sauran Kalam.
• Jari na free jamiái.
• Zuba jari a cikin tattalin arzikin kasar.
• babban birnin kasar da kwarara a cikin garabasa masana'antu.
• The "zafi fiye da kima zuba jari." The darajar Securities canje-canje. Bayan ya wuce kima bukatar capitalization da kadarori ya auku, da farashin ya dawo zuwa kasuwa.
• Samar da bayanai game da matakin na ci gaba da kasuwar.

bayarwa CB

Shi ne ya fi kowa nau'i na hannun jari a cikin kasuwar. Irin wannan CB ƙarfafa haƙƙoƙin mallaka na mai zuwa wanda da aiki da kuma mika wuyansu da aiwatar da su, a bisa ga dokar da; ne sakamakon da saki. da daidaita ikon yinsa, daga hakkin la'akari da lokacin saye.

By bayarwa Babban Bankin sun hada da:

• mataki - Yana tabbatar da owner hakkin ya sami dividends, management na kungiyar, rabo na dukiyar bayan da tsiyacewa daga cikin kungiyar.
• bond - tabbatar da dama daga cikin mariƙin zuwa sama daga issuer maras muhimmanci darajar Securities ko wasu kadarori a kayyade lokaci.
• Option - azurta dama mariƙin saya / sayar a kayyade lokaci wani yawan hannun jari a tsayayyen farashi.

Bayarwa CB samuwa a biyu siffofin, shi ne:

• takardar shaidar furtawa da mariƙin.
• ba-shirin nau'i na bayar Securities - samar da kayyade kambun a rajista.

A tarihin abin da ya faru

A definition of "littafin-shigarwa Securities" ya zo daga American dama. A cikin 80s na karshe karni amfani halin yanzu, stock takardun shaida na take kuma da daban-daban doka tsarin mulki. A Art. 8-102 USA da dai sauransu ayyana manufar Securities a dematerialized form: shi ne wani rabo ya shiga a cikin dukiya da issuer, wanda ba a wakilta wani daftarin aiki, da kuma ta canja wuri da aka rubuta a cikin wata na musamman littafin.

A farko "dematerialized" takardar shaidar Faransa. Dokokin kasar a shekarar 1984, entrenching wannan yiwuwar dangane da hannun jari da kuma shaidu. A Jamus, musamman edition da dokar "duniya takardun shaida" an warware.

Securities kasuwar a Rasha

Tare da ci gaban bayanai fasahar nau'i na tabbatar da dukiya dama da aka canza zuwa lantarki ga shirin gaskiya. Wadannan takardun shaida kuma ake kira Securities, amma doka dokokin mallakar tambaya a gare su. Wannan Trend a fili yana nuni da motsi securitization kudi a tsakaninsu. Yawa "dematerialnyh 'CB gyarawa abu. 142-149 na Civil Code. Issuer, karža da lasisi hakkin May rikodin amfani da kwamfuta fasaha. A hanya da kuma dokoki na wadannan ayyukan ana kayyade doka.

Uncertificated Securities - shi ne lantarki takardun. Dokar ma'anar da hanya na kam, da kuma tabbatar da ma'amaloli a kan su. Alhakin da aminci records za su zama mutum wanda updates da rajista. Yana kuma da ya ƙunshi wani 'yanke shawarar fitowa Babban Bankin ", rijistar shi tare da hukumomi. Wannan daftarin aiki certifies da dama masu. An sanya a cikin uku kofe. Daya shi ne maigidan, na biyu ne a haɗe zuwa rajista, da kuma karshen da aka canjawa wuri zuwa mangaza.

A peculiarity na wadannan takardun ne cewa issuer ta wajibi da aka bayyana a cikin nau'i na shigarwar a wani musamman lissafi "daffo", wanda ya ƙunshi dukan zama dole bayani. A wannan tsari, shari'a halatta a bayar da hannun jari da kuma shaidu. Amma batun takardar kudi na musayar za'ayi a cikin wannan hanya, da aka haramta.

wurare dabam dabam matsaloli

Domestic dokokin ya kuma an yarda a yi amfani da "dematerialnye" Securities. AO lokacin da watsi dole ne kawai su yi rajistar saki a cikin littattafai, da kuma ba za a iya ciyar a kan shirye-shiryen da siffofin. Short-lokaci gwamnatin shaidu - wani misali na uncertified CB. Dokar watsi halatta iri daban-daban takardun shaida a cikin wannan tsari. Amma da shari'a gwamnatin musũ shi ba ya wanzu. Duk al'amurran da suka shafi ake warware a kan tushen da arziki na Art. 28 Tarayya Law "A Securities kasuwar", wanda ta tanadi cewa ikon mallakar wadannan abubuwa wuce, kazalika da abubuwa.

doka al'amurran

A American dokar, abu na dukiya hakkokin ne da kansu. Domin da Rasha dokokin, wannan dabarar ne unacceptable. A American dokar, akwai manufar sadaukar. Saboda haka, atomatik canja daga wadannan fassarori daga cikin dokoki da kuma tsari kasuwannin cikin gida ne ba zai yiwu ba. Sayi da kuma sayar da Securities ya kamata a kayyade a kan tushen da riga data kasance doka.

Kafin canje-canje a cikin CG RF watsi al'amurran da suka shafi kayyade "Babban Bankin a batun Dokokin» lambar 78. Wannan daftarin aiki da aka bayar ga yiwuwar zama a cikin nau'i na littafin-shigarwa takardun shaida. A sabon ra'ayi na Securities na Civil Code tanadi cewa babban manufar da daftarin aiki ne a gyara wasu haƙƙoƙin mallaka. Su watsa shi ne zai yiwu ba tare da wata takardar shaidar. A Art. 149 na Civil Code ta tanadi cewa hakkin a Securities, an rubuta su a wani musamman Register. Kuma shi riga da ke sa kadan ma'ana daya daga cikin ayyukan da kayan aiki.

Binciken da wadannan tanade-tanaden doka, shi za a iya ƙarasa da cewa littafin-shigarwa Securities - haƙƙoƙin mallaka, wanda zai iya tabbata kamar yadda wani janar mulki, ko ta kayyade da rajista shigarwar.

Hanyoyi don warware matsalolin cikin gida, Securities kasuwar

1. Redistribution na shareholdings, shugabanci na monetary albarkatun domin sabuntawa da kuma ci gaba da samar a Rasha.
2. Cin Nasara da rikicin siyasa, tattalin arziki da rikicin.
3. Inganta da hukuncinSa.
4. Kara rawar da jihar: karshe zabi na model na kasuwar jari, da definition ƙari kafofin, samuwar wani tasiri kula da tsarin.
5. Kare zuba jari a certificated da uncertificated Securities.
6. A ci gaba da ma'azarta, share kuma hukumar sadarwa, wanda rikodin da motsi na takardu.
7. Karuwan bayanai game da issuers. Mun kafa wata na kowa tsarin na Manuniya kimantawa da kasuwar, da gabatarwar da ratings, ci gaban kafofin watsa labarai da cibiyoyin sadarwa da cewa kware a wasu sassa na tattalin arzikin a matsayin wani zuba jari abu.

Features na Turai model

A American kasuwar - mafi ɓullo da a kan matakin da kayayyakin more rayuwa, samun riba, capitalization, gudun, liquidity. Kullum tsarin da aka shar'anta bayan tattalin arziki da rikicin na 30-ies. karshe karni. A daidai wannan lokaci da manufar kudi management an bita. Mun kafa wani doka, "A Babban Bankin" (1933), "A cikin Stock Exchange" (1934) da kuma sauran ayyukan. Saboda haka, a yau uncertificated Securities yardar kaina juya a Amurka.

A yammacin Turai kasuwa ne aiki mafi yadda ya kamata domestically, ko na baya zuwa Amurka. A wannan babban rabo mai girma na Mega-kayyadewa, gyara aikinsa. Kowane kudi kasuwa kansu yin wasu ayyuka jerin. Kuma a cikin hali na babban birnin kasar karancin faruwa redistribution na albarkatun. Duk wadannan ayyuka suna gudana da dacewa ma'aikatun (Finance kuma harkokin tattalin arziki).

Development yayi na duniya Securities kasuwar

• Taro na dukiya - da taro na babban birnin kasar a cikin sana'a mahalarta a cikin duniya most stock mu'amala. Wannan qara AMINCI takardun shaida da kuma shirya na gwanjo.
• Duniya - da m girma na Central Bank al'amurran da suka shafi.
• Walwa na kasuwa - da yin amfani da sababbin hanyoyin fasaha da kuma su akai sabunta bayanan, samar da hanyar sadarwa samuwa ga wani jari.
• Ƙarfafa na tsari - saboda da bukatar kare hakkin masu zuba jari, da inganta AMINCI na takardu, issuers, nuna gaskiya da stock musayar, da tsaro na kwamfuta data aiki tsarin.
• A gabatarwar da Internet fasahar.
• A baza sababbin kayayyakin aiki, da kuma tsarin kayayyakin more rayuwa.
• Securitization - gwamnatin rikon kwarya a kudi daga gargajiya siffofin (tanadi da adibas) a cikin Central Bank, kawo tare illiquid dukiya da kuma juya su a cikin wurare dabam dabam.
• Mergers da Acquisitions manyan mu'amala da abokan.

Rajista takarda VS CB mai ɗaukar

Domin a yayin da duk Securities na Rasha Federation gudana tawurin wannan dokokin. Tare da canji a cikin dokokin da dama mariƙin bayan da bacewar da takardun shaida samu zaman kanta muhimmanci. Irin takardun kada ku riƙi a kan kaddarorin abubuwa, amma canza Hanyar kayyade. A sakamakon haka, akwai bukatar a inganta da kariya daga bukatun da masu. "Sauyawa" takarda dako take kaiwa zuwa bacewar na classic rajista takardun shaida. Non-shirin nau'i na rai mai ɗaukar Securities wuya bayyana. A "dematerialized" domin, ko da yake ba a haramta shi ta doka (Art. 149 na Civil Code), amma ba za ta kasance mai tartsatsi ne. Saboda haka, kawai bayarwa CB kasance undocumented.

ƙarshe

A Securities kasuwar a Rasha, aiki don samar da kudi cin gaban tattalin arziki. A baya akwai takardun shaida a littafin-shigarwa form. A gaskiya, wannan kek, wanda ya tabbatar da taimako na dukiya mai a cikin kamfanin, gaskiyar na transfer na gyarawa rajista shigarwar.