Test work on Internet trading of securities in Russia. Automated information technologies in the stock exchange business Market of technologies offered for the securities market

The Russian securities market is developing at a significant pace, and has now reached a level where its effective management has become unthinkable without the use of powerful computer systems and modern telecommunications.

Progress in the application of computer technologies in the securities market is also due to the fact that by now there is a wealth of world experience in the development of such technologies and their implementation in global stock markets.

If the stock markets of developed Western countries in their formation went through all stages from traditional methods of trading by voice to electronic trading systems, then newly created securities trading centers, bypassing the traditional stages of trading development, immediately introduce automated trading systems and also use computer technologies for servicing other market sectors (depositories, register holders, systems for investors, information service systems). A similar situation is observed in the Russian securities market.

We can name two factors that influence the acceleration of the process of introducing computer technology in the securities market.

First, with the help of automated systems, trading volumes can be significantly increased as a result of an increase in the number of types of securities offered and the number of trading participants.

Secondly, the securities market is an area of ​​the national economic system where information plays a decisive role.

Consequently, methods for promptly delivering information to market participants must inevitably develop.

The problems of computerization of the securities market need to be considered in two aspects:

• 1. Use in the computer systems market;
• 2. Information support for the work of stock market institutions.

NASDAQ and PORTAL systems. Now the most famous electronic trading system in the world is the all-American NASDAQ (National Association of Securities Dealers Automated Quotations) system developed by the US National Association of Securities Dealers NASD (National Association of Securities Dealers).

The NASDAQ system has three levels of access to information. On the lane At this level, information on the quotes of all securities participating in trading is available to all users of the system. The information is based on actual completed transactions.

In 1985, the system had more than 120 thousand terminals at the first level and made it possible to service volumes of securities transactions with a turnover of more than 125 million shares per day.

The second level, intended for dealers, receives information on offers to buy or sell. At this level, dealers can enter their offers to buy or sell securities into the system.

Information supplied at the third level is available only to exchange members. It contains information about all offers in the queue, details of concluded transactions, data on maximum and minimum prices during the day by type of security.

In the NASDAQ system, orders to buy or sell securities are entered in various ways:

• - from the keyboard;
• - from touch screens;
• - using a voice synthesizer;
• - from paper media.

The ability to repeatedly return entered applications to the dealer for correction and clarification ensures the reliability of the entered information.

Identification and systematization of counter offers are carried out according to the principle of a double auction, when applications are ordered by price, and if prices are equal, by time of receipt. For applications for which proposals overlap each other, the rate of the declared securities is recalculated so that the number of securities sold at this rate is maximum.

After this, the counter-adjusted offers are returned to brokers, who can confirm their desire to conclude a deal.

After confirmation of the transaction, both participants settle with each other in the settlement and clearing center and depository of the corresponding trading platform.

In Russia, since 1994, part of the NASDAQ system, the PORTAL system, was implemented and successfully operated. This system is implemented in the form of two-way communication between system users located in offices and the central system server and is intended to serve regional trading.

Some clarifications should be made regarding the sectors of the stock market that were covered by the PORTAL system. Since, on the one hand, the Russian stock market is a developing market, the issuing enterprises do not yet have a long enough history of their existence to determine the investment qualities of their securities.

On the other hand, stock exchanges, which are an organized securities market, place very high demands on issuers when they undergo the listing procedure. Thus, a huge number of securities, especially corporate ones, remain outside the exchange and are traded on the over-the-counter market, which, until recently in a “wild” state, needed to organize and streamline trading on it.

In order to organize trading on the over-the-counter market and give it civilized forms, various financial institutions operating on the Russian stock market have united into associations, which are non-governmental non-profit organizations.

An example of such associations is PART AD (professional association of registrars, transfer agents and depositories), as well as NAUFOR (national association of stock market participants).

These associations and similar ones were created in order to promote the development of standards for certain types of activities in the stock market, improvement of the legislative framework, and provision of market participants with reliable information.

The PORTAL system was implemented to organize trading on the over-the-counter stock market by the NAUFOR association. In mid-1995, the PORTAL system was replaced by the domestic Russian Trading System (RTS).

Russian Trading System (RTS). Like the NASDAQ system in the United States, it is the largest organized segment of over-the-counter trading in shares of domestic issuers in Russia. The functioning of the RTS is ensured by the non-profit partnership “RTS Trading System”, formed in early 1997.

Only members of the partnership can trade on the RTS. At the beginning of 1999, 496 companies from various Russian cities were members of the partnership. RTS provides two modes of operation for partnership members: viewing and trading.

The viewing mode allows the trading participant to receive and analyze information about the progress of trading.

The trading mode, in addition to purely informational use of the system’s capabilities, allows trading participants to set their own securities quotes.

The RTS operates in real time, so participants from anywhere in Russia can simultaneously trade securities in the system.

Today, the RTS includes more than 700 jobs across the country.

By the end of 1996, the shares of 21 companies had undergone the official listing procedure on the RTS. In 1996, the RTS subsystem was formed - RTS-2, designed specifically for trading low-liquidity shares. To attract trading participants to the market for low-liquidity shares of Russian issuers in the RTS-2, less stringent requirements are imposed on participants.

Currently, the RTS and RTS-2 are trading in sections of 250 Russian issuers. Trading volumes have also become significant. Thus, in August 1998, the daily trading volume on the RTS amounted to $1.8 billion, and on the RTS-2 - $108 million.

Technical support for RTS is provided by the RTS technical center, which has a significant staff of highly qualified specialists. Communication with remote regions of the country is carried out in partnership with leading telecommunications companies.

The RTS establishes uniform standards for securities purchase and sale agreements for all participants and uniform trading rules. Violators of these rules are subject to fines.

In order to increase liquidity and market stability, the RTS created an institute of market makers. A market maker is a firm that has committed to maintaining a minimum of three firm two-way quotes and two firm one-way quotes for a stock.

To characterize the stock market of Russian issuers, the RTS system index has been developed and calculated since 1995. Currently, the calculation of this index includes shares of 21 Russian joint-stock companies from among the most liquid.

In addition, the RTS blue chip index is calculated, which takes into account the stock prices of seven leading issuers.

Trading large volumes of shares over large territories requires the presence of large centralized depositories and settlement and clearing organizations that settle transactions and re-register ownership of securities.

To accomplish this task, a Depository Clearing Company was formed, and in some cities - settlement and depository centers. Depository clearing organizations for the over-the-counter market currently operate offline, performing the function of a transfer agent, i.e., accumulating information and regularly transmitting it to organizations maintaining shareholder registers.

In the future, it is possible to merge depository clearing systems with RTS.

Currently, the software market offers more than 40 different automation systems for depository activities, not counting software systems developed by some investment institutions for their own needs.

The most famous of the software products offered on the market are: the “RINACO Depository” complex - developed by the Institute of Commercial Engineering; electronic depository “Quorum” of the joint-stock company “Banking Systems”. “FES Depository” - development of the limited liability company “FES-Inform”.

Each of these systems has its own advantages and disadvantages, so it is necessary to consider some generalized depository clearing system.

Depository clearing system. Such a system should ensure the processing of various types of securities, automation of various types of activities in the securities market:

• - emission activities;
• - on secondary circulation, calculations and payments of dividends.

For emission activities, the system requires the following functions:

• - placement of shares in the form of a closed subscription with stage-by-stage payment of funds;
• - placement in the form of an open subscription;
• - placement in documentary and non-documentary forms;
• - crediting securities to depositors based on the results of placements carried out in other systems;
• - taking into account the placement price, selling at a discount.

In addition, it should be possible to print documents required by both the issuer and the investor.

For secondary placement in the depository system the following are provided:

• - accounting for all types of transfers of securities;
• - accounting for various types of encumbrance on securities (pledge, blocking for trading);
• - setting commission rates for various depository operations;
• - ensuring inter-depository interaction;
• - accounting for the redemption of securities.

When conducting between depository operations in the case of data transmission via modem (other) connection or on magnetic media, the information must be encrypted and protected with an electronic signature, i.e., all necessary measures must be observed to protect the safety of information.

Interdepository operations involve not only transfers, but also the initial placement and redemption of securities.

The activities of calculating and paying dividends are automated in the depository system in the following areas:

• - distribution of dividends according to the number of shares and depending on the funds contributed to pay for the securities;
• - retroactive calculation - for a certain date of accounting of shareholders in the past;
• - additional accrual (if rates have changed - additional accrual retroactively);
• - different interest rates and various benefits for large investors;
• - various incentives and penalties;
• - setting tax rates, automatic or semi-automatic calculation and deduction of taxes in accordance with the law.

The supply on the market for depository computer programs is now very large, and besides, consumers of such programs have already passed the formation stage and have formulated requirements for the software. Nowadays, both software developers and the financial institutions that consume them are interested in ensuring that only high-quality software products are allowed onto the market.

The functions of software certification in the field of depository clearing activities and the activities of registries of holders are performed in the securities market by the independently regulated non-profit Professional Organization of Registrars, Transfer Agents and Depositories (PARTAD), created in June 1994. Members of PART AD are now about 200 different organizations whose activities are related to the depository. These are depositories, specialized registrars, commercial banks, stock exchanges, investment institutions, software developers, etc.

Certification of software products helps bring them closer to the general functional standard and legal requirements. This in turn will facilitate communication between different depository institutions using their own software. Certification of programs is carried out in accordance with the Software Requirements developed by PARTAD. A similar certification is carried out for the software of holders of the share register.

The nature of depository activities and the nature of activities to maintain a register of shareholders are similar. Therefore, depository systems are often used to maintain a register of shareholders, but systems designed to maintain a register of shareholders must meet their requirements and perform their functions.

Shareholder register holder systems. Of the programs for maintaining a register of shareholders, the most famous in Russia and have PARTAD certificates are:

• - “DepoMir” - developed by the depository “Rinako” and the Institute of Commercial Engineering (Moscow);
• - “Securities” - developer - Elko-Technology company (Moscow);
• - “Registrar” - developer - Novosibirsk company “Eldis Soft”.

All these systems have the following qualities:

• - allow you to serve several issuers;
• - work with both documentary and uncertificated shares;
• - allow you to serve up to 1 million shareholders;
• - allow you to “roll back” any operations carried out in the registry (make retroactive corrections);
• - keep a log of all operations performed by the registrar;
• - provide for the possibility of exchanging information with nominal holders, depositories, transfer agents;
• - work both in network and local versions;
• - have a system of classifiers that make it possible to describe various objects: types of shareholders, types of shares, tax groups, etc.;
• - have a flexible system for customizing templates for output (printed) documents.

In addition to “general use” computer systems in the securities market (such as depository clearing systems, register holders, settlement systems), systems that serve the investor directly are also needed.

Securities portfolio monitoring systems. An investor can form one or several portfolios of securities, which can be stored in different depositories, registered with different registrars, and traded on different trading platforms.

Market prices for securities purchased by an investor are constantly changing. From time to time, various corporate events occur for issuers, such as dividend or interest payments, stock splits or consolidation.

All this affects the current return of portfolios and the overall income of the investor. If an investor has at least a dozen securities in his portfolio, then manual portfolio monitoring becomes a very difficult task.

Such problems are solved using computer systems for monitoring a securities portfolio.

The software market offers many such systems. The GAMA system seems to be the most advanced and developed among them.

The Global Asset Management Assistant (GAMA) system is designed to support decision-making by the portfolio manager and provide a unified information space in the portfolio management cycle.

It allows the manager to monitor current information about the state of portfolios, their liquidity, the state of bank accounts and the market situation.

The system provides significant capabilities for entering, monitoring and analyzing the results of transactions with various financial instruments:

• - shares;
• - bonds;
• - options;
• - futures;
• - derivative securities, etc.

GAMA provides the following analytical functions:

• - analysis of the profitability of a portfolio of assets and individual securities;
• - simulation modeling of portfolios;
• - Black-Scholes modeling, risk assessment, etc.

Currently the system includes the following modules:

• - stock;
• - bonds;
• - Forex;
• - futures;
• - derivatives;
• - deposits;
• - combined portfolios;
• - Accounting;
• - mutual funds.

For each module, the system maintains relevant market information (market prices, currency exchange rates, indices, etc.).

Market information can be entered manually or imported from files in various formats: ASCII, Lotus 1-2-3 and Excel formats are supported. Provides input of information from Reuters spreadsheets. Taking into account GAMA, the activity of a portfolio manager has six components:

• - operational activities. It includes an assessment of the current situation in terms of portfolio profitability, analysis of the effectiveness of investments by market sector, identification of unprofitable and promising investments. To do this, GAMA describes and structures information about the composition of the portfolio in detail. The “Profitability Calculator” and “Repo Transactions Analysis” modules allow the manager to evaluate proposed transactions and evaluate the preference of some debt instruments or shares over others under various conditions of transactions. In particular, the “Yield Calculator” allows you to estimate the lower or upper price of a transaction to achieve a certain yield (in this case, the calculator allows you to simultaneously calculate the parameters of four bonds) or determine the profitability when making a transaction at a certain price;
• - analysis of historical information - assessment of management effectiveness. This assessment allows us to answer two questions:
  • 1. Is the portfolio manager effective?
  • 2. What is the source of this effectiveness?

With dynamically changing exchange rates, it is difficult to determine which operation and why it was profitable (unprofitable) for any position and for the portfolio as a whole: this was the merit of the portfolio manager or the result of exchange rate differences. Regularly receiving information about the source of income (loss), the manager evaluates the performance of his portfolio managers and develops recommendations for them;

• - forecasting portfolio behavior. Portfolio forecasting and modeling in the GAMA system is not an automatic or automated construction of recommendations for portfolio formation, but a tool to support the manager in the decision-making process. Using portfolio modeling, the manager draws up a plan to bring the portfolio to an “optimal” (from his point of view) state. Any operation with a portfolio is immediately reflected in its current state (and, accordingly, on all portfolios associated with it);
• - increase in the number of financial instruments. Expanding the number of financial instruments allows a portfolio manager to improve the efficiency of his investments and reduce portfolio risk through diversification. GAMA expands the range of transactions with securities (transfer of rights, revaluation, corporate mergers (divisions), etc.), allows for a more flexible approach to interaction with counterparties and significantly reduces the risk of errors in portfolio management;
• - issuing recommendations or orders leading to portfolio restructuring. The manager determines actions for further investment, generating applications for transactions with securities, transactions for restructuring portfolios included in the aggregated portfolio, etc. In GAMA, this procedure is maximally protected from possible errors that result from duplicating the entry of information on transactions with securities and time gaps in the process of working with them (from issuing an application to analyzing the results of the execution of this application).

The relevant operating units, in the course of implementing this plan, interact with GAMA, entering the relevant transactions into the portfolio and using the system to carry out all the necessary actions to prepare documents related to the transactions.

Information about entered transactions can be exported to the accounting system as needed.

The entered transactions affect the state of the portfolio, which allows the portfolio manager to immediately monitor the implementation of the action plan and promptly intervene (if necessary) in the further execution of the planned actions, adjusting, canceling or carrying out new actions.

Thus, the GAMA system makes it possible to provide a single information space for all specialists involved in portfolio investment management, while maintaining a continuous portfolio management cycle;

Assessment of net assets (mutual fund, etc.). The system has a special module for assessing net assets. Using market information, it evaluates the securities portfolio and, accordingly, the cost of a single share. The valuation of net assets may include the value of tangible assets (precious metals, real estate, etc.).

A special feature of the GAMA system is that it has the ability to evaluate bonds that are not quoted on the market. The portfolio manager identifies some group of bonds (for example, the same sector of the economy, bonds of the same issuer, or another criterion).

Using market information and descriptions of bonds in this group, the system constructs an integrated yield curve. Using this curve and the descriptions of the unquoted bond, the system evaluates it. Thus, GAMA can make a preliminary assessment of net assets at any time, without waiting for special, authorized persons (certified experts) both for the assessment of tangible assets and unquoted bonds.

The result is greater flexibility and efficiency in portfolio management.

The GAMA system has a special module for exporting data to accounting in the form of entries for the General Ledger. All postings to the General Ledger for a particular transaction are balanced. Using this module, you can specify which operationally relevant transaction parameters (transaction type, customer, portfolio, profit (loss) category, etc.) are added to the posting description for the General Ledger. The set of values ​​of these parameters in the form of an “account” is formed for each posting to the General Ledger and can be analyzed, for example, in the accounting system, generating the necessary accounting entries in accordance with the chart of accounts and accounting policies adopted in accounting.

The advantages of this approach include:

• 1) the system allows you to export data from different portfolios to different accounting systems (organizations with different accounting policies);
• 2) independence of the portfolio management system from changes in the accounting system and even its replacement.

GAMA was developed by specialists from the St. Petersburg company “InfoStroy” together with foreign partners (Danish company Insight System ApS and Italian company APL Italiana). GAMA has been successfully operating in Europe (Italy, Denmark, Norway) since 1992, in Russia - since 1993. The volume of assets managed today in GAMA and its versions is already more than $70 billion. In Russia, the system is used by the financial company Lukoil Reserve-Invest”, financial group “Deviz”.

Information infrastructure of the stock market- this is a system for collecting, maintaining and delivering information about the stock market for its professional participants, issuers, investors; is a set of information processing and analysis centers, information exchange and communication channels, communication lines, systems and information security means.

The information infrastructure ensures the disclosure of information on the securities market and the reduction of financial risks when making investment decisions. The functioning of the securities market depends on the quality of the information infrastructure - the efficiency and reliability of the information received. Issuers, investors and professional participants in the securities market, in cases specified by law, must disclose information about themselves, about their own securities, as well as about transactions with securities.

Information support for the securities market is provided by numerous participants, including:

Government departments;

News agencies and specialized press;

Issuers;

Professional participants in the securities market.

From a legal point of view, information posted on the websites of government authorities that regulate the securities market is important for market participants. Thus, the official website of the Bank of Russia (www.cbr.ru) contains information about:

Regulation of financial markets;

Protecting the rights of consumers of financial services and investors;

Valid licenses issued to professional participants in the securities market;

Issues of securities;

Supervisory response measures.

Trading organizers publish stock indices, stock quotes, and information on trading volume on a daily basis. Taking into account a large number of information disclosure requirements (see section 5.4 for more details), issuers of securities disclose information to potential investors on their official Internet websites. The “Shareholders and Investors” section is available on the websites of leading companies (Gazprom, Lukoil, Aeroflot, Magnit).

Information support for the stock market is provided by information agencies involved in the collection, systematization and sale of information about securities (Reuters), Dow Jones Telerate, Bloomberg, Tenfore, RosBusiness Consulting (RBC).

Professional participants in the securities market (brokers, investment companies), in order to facilitate decision-making by investors, post analytical information, price forecasts, and recommendations for making transactions on their websites.

Stock indices

Several thousand securities are simultaneously traded on the securities market. In order for investors in the securities market to make decisions faster, special indicators are used - stock indices. An index is a statistical indicator that represents the dynamics of the state of an object (for example, price, income, etc.) based on the correlation of an indicator characterizing the actual state of the object and an indicator showing its state in the base period of time. Stock index is a statistical indicator reflecting changes in market prices of a sample set of securities traded on the stock exchange. The stock index is expressed as an average value calculated on the basis of the market value of the securities included in the index portfolio, which is the basis for calculating the securities index. Index values ​​are expressed in points.

The oldest existing index is the index Dow Jones, used on the US stock exchange. It covers stock prices of the 30 largest American corporations (Coca-Cola, General Electric, McDonalds, Procter & Gamble). Also, the state of the securities market can be assessed using indices NASDAQ And S&P

S&P Index – 500 published by Standard & Poors. The S&P-500 is a capitalization-weighted index of 500 corporate stocks, represented in the following proportions: 400 industrial corporations, 20 transportation companies, 40 financial companies and 40 utility companies.

NASDAQ Index reflect the prices of shares of companies that operate in high technology markets and are traded on the second largest US stock exchange, NASDAQ. The index is calculated based on quotes from more than 4,000 companies.

In the UK, the oldest index is the Financial Times Industrial Ordinary Share Index, or FT-30(FTSE-30), created by the Financial Times agency in 1935. Today it is more popular FTSE-100 (Footsie), which includes shares of 100 companies in various fields of activity.

German business activity indices are calculated based on the Frankfurt Stock Exchange. The main one is DAX30(for shares of the 30 largest companies). There are also DAX100 and CDAX indices (for 320 companies).

The main French indices are CAC-40 and CAC General, which list 40 and 250 of the largest French corporations, respectively.

Japanese index Nikkei-225 calculated using the Dow Jones methodology for shares of 225 companies trading on the largest exchange after the New York Tokyo Stock Exchange. Leading Asian Index Hang-Seng published by the Hong Kong Stock Exchange based on stock prices of 33 companies.

In Russia, the key indicators of the stock market are RTS index And MICEX index. Historically, indices were calculated for two exchanges - the RTS and MICEX exchanges, respectively. After the two exchanges are merged into one, the indices continue to be calculated separately.

The RTS index is calculated on the basis of 50 liquid shares of the largest and dynamically developing Russian issuers, the types of economic activities of which relate to the main sectors of the economy represented in CJSC MICEX Stock Exchange. The RTS Index is calculated in US dollars. The MICEX index is calculated in rubles. Changes in indices can be visualized in the form of a graph

Introduction

3 Securities market models

2 Information support

3 Electronic document management

Conclusion

Bibliography

Introduction

The modern population of the world can now hardly imagine their existence without the Internet. E-commerce is trading through a network using the computers of the buyer and seller of goods; the subject of electronic commerce can be any product, service, real estate, banking product, etc.

At the moment, the development of the Internet is contributing to the sharp growth of this trading technology among all trading firms and citizens. Now firms, small businesses, buyers and other market participants have the opportunity to work online, thereby making this type of trade easier for people to collaborate.

Today, electronic commerce is already an integral part of macroeconomics and an important component of the global information society. This is precisely why the relevance of the chosen topic is connected. The relevance of the topic of e-commerce is more than just high, since the development of e-commerce has already reached a high point, and at the same time it is constantly growing, e-commerce is constantly improving and changing. The object of research in the course work is trade via the Internet, as well as the state of electronic commerce in the world, and in particular in Russia.

The opportunity to trade securities via the Internet (Internet trading), which radically changed not only the technology of working on Western stock markets, but also the stock market itself, has now appeared in Russia.

In accordance with the goal, the following tasks will be solved during the research:

consider the theoretical foundations of the functioning of the securities market;

study the features of the functioning of electronic securities trading systems;

analyze the development of e-commerce in Russia;

study the problems and prospects for the development of electronic trading in the Russian securities market.

Chapter 1. The essence of electronic trading in securities

1 Concept and content of electronic commerce

The Internet is used by business entities for various purposes. It can serve as a way to optimize business processes (for example, when making payments, placing orders for goods, works or services via the Internet). The Internet can also become a way to make a profit (for example, by providing paid access to information posted on the Internet).

However, the Internet is actively used not only in direct business activities. It is widely used in other social relations, which are also subject to regulation of business law. Thus, the Internet is used in non-commercial relationships that are closely related to business activities, for example, in the relationships that develop between an organization and its founders (participants) when exchanging information via the Internet. The Internet is also actively used in stock trading, although the activities of commodity and stock exchanges in themselves are not entrepreneurial and are of an auxiliary nature.

The Internet telecommunications network can also be used for government regulation of business activities. An example is the relationship between tax authorities accepting electronic reporting from business entities.

The phrases “electronic commerce” and “electronic commerce”, although not firmly, have already become entrenched in legal terminology. However, they have not yet received a generally accepted definition in Russian legal doctrine.

In the literature, the terms “electronic commerce” and “electronic commerce” are often used interchangeably. At the same time, the concept of “electronic commerce” is used mainly in the analysis of foreign experience in using the Internet in business activities. And the phrase “electronic commerce” has become more widespread in Russian regulations. A number of Russian authors do not distinguish between the concepts of “electronic commerce” and “electronic commerce”.

Other authors such as Skorodumov B.I., Tedeev A.A. et al., provide differences between “electronic commerce” and “electronic commerce”, indicating that the concept of “electronic commerce” is broader than the concept of “electronic commerce”.

In Russia, nine bills have been developed concerning the legal regulation of certain groups of public relations regarding the provision of services using Internet channels. The subject of these bills is public relations regarding electronic digital signatures, transactions carried out using electronic means (electronic transactions), the provision of electronic financial services, and electronic commerce. All these bills are mainly based on the aforementioned UNISTRAL Federal Law on Electronic Commerce. It is important to emphasize that electronic commerce involves the use by business entities not only of the Internet, but also of other electronic means of communication - telegraph, telephone, telex, telefax, electronic payment systems and money transfers.

2 The essence of the securities market and its functions

The securities market is the sphere of economic relations associated with the issue and circulation of securities. Its goal is to accumulate financial resources and ensure the possibility of their redistribution by performing various transactions with securities by various market participants, i.e., to mediate the movement of temporarily free funds from investors to issuers of securities.

The securities market is part of the financial market and occupies an intermediate place among the capital markets and money markets.

The objectives of the securities market are:

mobilization of temporarily free financial resources for specific investments;

creation of market infrastructure that meets international standards;

issue and circulation of new types of securities;

improvement of the market mechanism, management and pricing systems;

ensuring real control based on state and exchange regulation;

improvement of self-regulatory organizations that regulate the activities of professional market participants;

development of portfolio strategies;

reducing investment risk;

conducting marketing research, on the basis of which forecasting of promising directions of market development is carried out.

Today there are about 1,000 legislative and regulatory documents regulating various aspects of the securities market and the activities of its participants. The main one is the Federal Law of the Russian Federation “On the Securities Market” of April 22, 1996.

The securities market performs a number of general market (inherent to each financial market) functions and a number of specific functions.

General market functions include:

) The accumulating function, which manifests itself through the creation of conditions for the mobilization of temporarily free financial resources with their subsequent use in the interests of market participants and the national economy as a whole.

) Organization of the process of bringing financial assets to consumers (buyers, investors), which manifests itself through the creation of a network of various institutions for the sale of securities (banks, exchanges, brokerage houses, investment funds, etc.) and consists in creating normal conditions for the sale of funds resources of consumers in exchange for securities of interest to them.

) Redistribution function, which includes the operational redistribution of funds between industries and spheres of the economy, territories and countries, groups and segments of the population, enterprises and the state, etc.; financing the state budget deficit on a non-inflationary basis, i.e. without releasing additional funds into circulation; transfer of savings from unproductive to productive form.

) Regulatory function, which is to create rules for trade and participation in it; determination of control and management bodies, procedure for resolving disputes between market participants.

) Stimulating function, which consists in motivating legal entities and individuals to become market subjects by providing them with certain rights: the right to participate in the management of enterprises (shares), the right to receive income (interest on bonds, dividends on shares), the opportunity to accumulate capital or rights become the owner of property (bonds).

) Control function, which consists of monitoring compliance with legislation, trade rules, and ethical standards by market participants.

) Price function - the function of establishing and ensuring the process of formation and movement of market prices (rates) for securities by balancing supply and demand for securities through transactions with them.

) The function of insuring price and financial risks (or hedging), which is carried out through the conclusion of futures and options contracts.

) Commercial function, which consists in obtaining profits from market participants from operations in the securities market.

) Information function, which consists in producing and communicating information about trade objects and its participants to economic entities of the market.

The impact on money circulation, which consists in creating conditions for the continuous movement of money in the process of making various payments and regulating the volume of money supply in circulation.

The specific functions of the securities market include the following:

the use of securities in privatization, anti-crisis management, economic restructuring, stabilization of monetary circulation, anti-inflationary policy;

accounting function, which manifests itself in the mandatory recording in special lists (registers) of all types of securities traded on the market, in the registration of participants in the securities market, as well as the recording of stock transactions formalized by purchase and sale agreements, pledge, trust, conversion, etc.

3 Securities market models

In world practice, three models of the securities market are known, depending on the banking or non-banking nature of financial intermediaries:

) Non-bank model - non-bank securities companies act as intermediaries. This model exists in the USA;

) Banking model - banks act as intermediaries. This model is typical for Germany;

) Mixed model - intermediaries are both banks and non-banking companies. This model takes place in Japan and Russia.

There are various classification criteria for securities markets. Let's look at the most common ones.

According to the territorial principle, the securities market is divided into: international, regional, national and local.

Depending on the time and method of receipt of securities into circulation, it is divided into primary and secondary.

Primary is a market that serves the issue (issue) and initial placement of securities. The objectives of the primary securities market include: attracting temporarily free resources, activating the financial market, reducing inflation rates. The primary securities market performs the following functions:

organizing the issue of securities;

placement of securities;

securities accounting;

maintaining a balance between supply and demand.

Secondary is a market where previously issued securities are circulated, where the totality of all acts of purchase and sale or other forms of transfer of a security from one owner to another occurs during the entire life of the security. Here, in the process of buying and selling an asset, its actual exchange rate is determined, i.e., the rate of the financial asset is quoted. The objectives of the secondary securities market include: increasing the financial activity of business entities and individuals; development of new forms of financial practice; improving the regulatory framework; development of market infrastructure; compliance with accepted rules and standards. Functions of the secondary securities market:

bring buyers and sellers together (ensure liquidity of securities);

help align supply and demand.

Depending on the degree of organization, the securities market is divided into organized and unorganized.

An organized market is the circulation of securities on the basis of legally established rules between licensed professional intermediaries.

An unorganized market is the circulation of securities without observing rules uniform for all market participants; this is a market where the rules for concluding transactions, requirements for securities, for participants, etc. are not established, trading is carried out arbitrarily, in private contact between the seller and the buyer. There is no system for disseminating information about completed transactions.

Depending on the place of trading, the securities market is divided into exchange and over-the-counter.

The exchange market is a market organized by a stock (futures, stock sections - currency and commodity) exchange and brokerage (brokerage) and dealer firms operating on it.

The over-the-counter market is the sphere of circulation of securities that are not admitted to quotation on stock exchanges. The over-the-counter market deals with the circulation of securities of those joint-stock companies that do not have a sufficient number of shares or income to register (list) their shares on any exchange and be admitted to trading on it. It can be organized or unorganized. An organized over-the-counter market is formed by stock shops, bank branches, as well as dealers who may or may not be members of the exchange, investment companies, investment funds, bank branches, etc.

Currently, the over-the-counter stock market consists of the following segments:

a system for trading long-term government bonds for legal entities, created by the Bank of Russia;

system for trading government short-term bonds;

Sberbank's trading network for transactions with small-nominal government bonds;

auction network (privatization centers, etc.) of the State Committee for Property of the Russian Federation;

over-the-counter initial placement of shares of newly created joint-stock companies, debt securities;

over-the-counter secondary market for commercial bank securities;

spontaneous over-the-counter markets with organized trading systems;

spontaneous market for surrogate securities (commercial certificates, credit options, etc.).

The over-the-counter market is capable of providing direct participation to millions of small and medium-sized investors in securities trading.

According to the types of transactions, the securities market is divided into: cash and urgent (forward). Cash market (cash market, spot market) is a market with immediate execution of transactions within 1-2 business days, not counting the day the transaction is concluded.

Derivatives (forward) is a market on which various types of transactions are concluded with a execution period exceeding 2 business days.

According to the trading method, the securities market is divided into: computerized and traditional.

Trading in a computerized market is carried out through computer networks that connect relevant stock intermediaries. The characteristic features of this market are:

the lack of a physical place where buyers and sellers meet, and therefore the lack of direct contact between them;

full automation of the trading process and its servicing, the role of market participants is mainly reduced to entering their orders for the purchase and sale of securities into the trading system.

Trading on the traditional market is carried out directly on the exchange itself between sellers and buyers of securities:

) Based on issuers and investors, the securities market is divided into the government securities market, the municipal securities market, the corporate securities market, and the market for securities issued (purchased) by individuals.

) Based on the citizenship of issuers, the securities market is divided into the resident market and the non-resident market;

) For specific types of securities there is a stock market, a bond market, a bill market, etc.

) According to the degree of risk, the securities market is divided into high-risk, medium-risk and low-risk markets.

) Depending on the origin of securities, markets for primary and derivative securities are distinguished.

) Depending on the investors, securities markets are: markets aimed at young people as investors; markets aimed at people of retirement age, etc.

) Depending on the period of circulation of securities, the market is divided into the market for short-term, medium-term, long-term and perpetual securities.

In addition, the securities market is divided according to industry, territorial and other criteria. The securities market has its own structure, which consists of the following components:

market subjects - market participants;

market objects - securities;

the market itself - operations on the market;

regulation of the securities market;

market infrastructure (legal, information, depository, settlement and clearing and registration network).

Chapter 2. Electronic trading of securities in modern conditions

1 Advantages and disadvantages of e-commerce in the world

Today, all electronic trading on the securities market, as well as outside it, comes down to three components: information, exchange of documents, legal basis.

Any of the listed components of electronic trading can function on the securities market, either independently or in conjunction with others. As the experience of a large number of information systems, such as bill trading, shows, the independent existence of the first component of electronic commerce on the stock market is completely justified. And although it is difficult to consider sources such as “electronic message boards” to be full-fledged e-commerce systems, recently such systems are increasingly being referred to as e-commerce. This approach is explained mainly by the constant improvement of electronic means, which gradually leads to a reduction in the cost of this process of information transfer compared to the costs of printing and distributing documents on paper.

As for the second component of electronic trading on the stock market - documenting concluded transactions - the situation here is more complicated, because the number of those who have completely gone through the development and implementation of electronic systems for documenting transactions is negligible. The key to the successful functioning of such systems are:

trust of market participants in electronic document processing;

availability of state regulations governing the possibility of electronic registration;

the existence of a legislative framework for the electronic systems themselves, which allows, on the one hand, to achieve the trust of participants, and on the other, to ensure government regulation.

The third component - the organizational and legal framework of electronic commerce - is, by and large, not much different from the legislative framework of non-electronic commerce. Moreover, in my opinion, e-commerce is only successful when it operates on the principles of traditional trading systems.

When we talk, for example, about Internet trading, it is important to understand that in this case, the trading process excludes the investor’s live communication with a professional who helps him make the right decision on how to deal with securities; this can be considered as a negative factor. Let us turn to the negative experience of Western markets, which have recently regularly experienced serious price drops. This is explained primarily by the fact that all Internet trading systems in the West today are aimed at the majority, consisting of active speculators. Such people use technical analysis tools, and the opinions of professionals, who, it would seem, should determine the actions of a professional investor, in fact, are not only not taken into account in many situations, but, on the contrary, are adjusted to suit the tastes of the investor who uses direct investment systems. access to the market. Therefore, here we can safely talk about the negative side of Internet trading.

A positive factor is that when trading securities via the Internet, it is more difficult for a professional to deceive the investor in small details that are difficult to verify (the price “gone”, the application was received later, etc.). This is an undoubted advantage, but only on the condition that, having gained some control over the actions of the broker, the investor does not seek to reduce communication with him to nothing, falling into a “crisis of mistrust”.

Returning to the three components of electronic trading in the securities market - information support of the stock market, problems of electronic document management and the creation of an organizational and legal framework - we should dwell on each of them separately.

2 Information support

The systems for distributing financial news and price information from exchanges operating all over the world were based on the fact that their functioning was based on closed information delivery systems. By controlling who receives what information, when, and what, such systems ensured a fairly high profitability of their business, but at the same time guaranteed the highest quality of information. The main problem in the process of information support today is due to the fact that the delivery of information has become very cheap, and in some cases even free. As overhead costs in this business sector fell sharply, a huge number of new sources of information appeared on the market. This is, of course, a positive factor, since such sources allow an investor to quickly obtain a large amount of information at minimal cost, process it, and theoretically even make the right investment decision. But at the same time, the problem of the reliability of this information and its quality increasingly arises. And here, obviously, there is a need for clear regulation on the part of professional participants in the securities market (and in some cases, on the part of the state) of what information is disseminated through these systems and, above all, how true it is, and whether the dissemination of information is manipulation market, etc.

An excellent example of how, in the recent past, the simplest solution led to an extremely disastrous result: a person who, as a result of unsuccessful actions in the Internet trading system, had accumulated a lot of debt, tried to solve his problems illegally. The appearance of his fake press release on the Internet within 24 hours collapsed the US stock market by $2.5 billion solely because this man knew how to hack the necessary website and place a page of text on it. Fortunately, American law very strictly regulates the dissemination of deliberately false information, as well as the concealment of important information by issuers and their affiliates, so the author of the press release, who earned several hundred thousand dollars from his scam, was immediately arrested and charged under current legislation serious accusation.

It is unlikely that anyone will be able to collapse the Russian market just as easily, nevertheless, theoretically, such a danger exists, and I am not sure that in modern conditions it will be enough to simply bring charges against the guilty person. Therefore, if we talk about problems, first of all you should pay attention to the relationship between the cost of information and its reliability. The development of appropriate rules either by market participants themselves (which, in my opinion, is more correct), or to some extent by the state, is the main problem of electronic trading in the securities market. The same can be said about price information, the reliability of which should also be based on fairly strict and at the same time understandable rules for everyone. This is also a very important factor in the development of the market, and the challenge is to ensure that information from distributors is cheap, easily accessible and reliable, and that its structure is understandable to those who use it.

If we talk about the prospects for information support for electronic commerce, it seems obvious that solving the problems discussed will help reduce the cost, increase the speed of delivery and improve the quality of financial information.

2.3 Electronic document management

If information is a means for making an investment decision, then a document is a record of the fact of concluding a transaction, and it is in this area, from my point of view, that the greatest prospects for the development of e-commerce lie. Most trading systems in the securities market began with the fact that trading participants were able to quickly monitor information and then exchange orders for the purchase/sale of shares among themselves. Now the development of the stock market is moving towards completely eliminating any non-electronic method of exchanging documents from the process of concluding and executing a transaction. And the legal framework is very important here. If it has a certain weight in the problem of information support, then in matters of electronic document management the legal framework is the most important factor.

The prospects here will depend primarily on resolving issues of legislative regulation of the possibility of using an electronic document, as well as on whether the market and the state will accept this or that document management system. In order for an electronic document to exist on the market, it is necessary, first of all, to have a legislative framework, trust in this form of document on the part of market participants, the state and the judiciary, as well as ease of working with it. Convenience is, of course, a very important, but less priority factor than a developed legislative framework and the trust of all interested parties, since without the last two factors there is little sense in the convenience of working with an electronic document.

Let’s assume that a very convenient and high-quality electronic signature system has appeared on the securities market, but for one reason or another the state still refuses to accept this tool as legally operating on the territory of Russia (legal not only because it can be used, but also because the state puts its signature on it, claiming that it knows about this product and certifies it). Once such a product is offered to market participants, all the convenience and reliability of the system will immediately be nullified, because the inertia of the market and users will not allow it to be used to the fullest. It is possible that a small, more advanced circle of participants will, no matter what, work with such a system, but this will not solve the problem as a whole.

It is worth dwelling on the problems associated with the ease of use of electronic document management systems. Convenience presupposes, above all, standard. Without the presence of globally recognized standards, no e-commerce will be able to develop successfully and efficiently, because it is the presence of standards accepted by the market and agreed upon with its participants that will minimize the costs of creating and implementing an electronic document management system. Here we are not talking about signature standards, although this is also very important, but first of all about standards for document formats and a clearly structured concept of the passage of a document from the moment the transaction is concluded to the moment all obligations under it are fulfilled - what in the West is called Straight Through Process ( STP), or straight-through transaction processing, is what our market should strive for.

Let us give an example from the experience of RTS, illustrating the enormous importance of the interaction between properly constructed electronic document management and the organizational and legal framework. In 1995-1996 There were up to 30 types of securities purchase/sale agreements on the market, which were used by participants to complete transactions. With the creation of the Russian trading system - an organization regulating relations between professional participants in the stock market, the need arose to standardize these documents. At that time, no one had yet connected this process with electronic document management. Standardization took quite a long time, but by the end of 1997 the market could no longer imagine the possibility of working under any contract options other than the standard purchase/sale agreement created by RTS. Based on this particular form of agreement, in my opinion, the majority of purchase/sale transactions of Russian securities are concluded on the market today, and even if the transaction is concluded outside the RTS, in most cases it is formalized by our agreement. The standard has been developed and accepted by the market, but this does not mean that it cannot be changed: periodically, as the market develops, certain amendments are made to the standard form of the RTS purchase/sale agreement.

The next stage in the process of standardization of the RTS purchase/sale agreement was the creation of means of electronic support for the document exchange process. Such a system was created in early 1999 and was called the Center for Electronic Contracts. And, it seems to me, this system took root very quickly solely because the standard had already been accepted by the market on paper, accepted and widely used, and now more than 90% of contracts are concluded electronically. In less than a year we have achieved success here, obviously because the approach was taken correctly. First of all, you should pay attention to the standard, organizational and legal framework, and only then think about the convenience of the corresponding electronic means. Today, there are still those 10% of purchase/sale agreements that are concluded outside the RTS electronic document management system, but we expect that as it develops and the issues of passing documents in accordance with the STP principles are resolved, this figure will decrease. What does an electronic document exchange system provide to a professional bidder? Under such a system, a document is created by an employee of the bidding organization, then all the necessary information that must be present in this document is added to it as it passes through the company's divisions, and in cases where this information must be used, it is used without any -re-enter. Unfortunately, today this principle is not always possible to fully implement due to the imperfections of the current legislation, but with the development of it and the electronic document management systems themselves, we are getting closer and closer to the ideal. At the same time, the electronic exchange of documents is not limited to the passage of documents within the organization. The next stage is the standardization of interaction between trading participants, depositories and investors. Currently, a lot of work in this direction is being carried out by the transfer agency center, which is developing standards for the exchange of documents between registrars and depositories. In world practice, similar problems are solved, and quite successfully, by many organizations, including very well-known ones like SWIFT or Thomson, as well as international ones like ISO. The Russian stock market has already come a long way in this direction, and I think that we have prospects for completing this process, and not only due to the fact that we will change the process of concluding and executing a deal, which has been developed for decades in the West and for years in our country, but also due to the fact that we ourselves will create an effective system, relying on accumulated experience.

4 Organizational and legal framework

Let us now turn to the issue of the organizational and legal framework, which is very strictly connected with the issues of standardization and regulation of the process of passing the document. Here we should focus on trust in e-commerce systems. Electronic trading, like any new phenomenon in the securities market, is met primarily with distrust; people are looking for a catch, studying where they can be deceived. The issue of trust is very important, trust takes a long time to form, and when developing e-commerce systems, it is necessary to avoid as much as possible any proposals to use a technologically convenient product that will not function entirely legally or will not strictly comply with current market practices, while bearing the risk of declaring the system illegal.

In my opinion, this approach is fundamentally wrong. It is better to build a system that will be absolutely legally justified, but a little more complex from a technological point of view, and after the product has been put into operation and the very fact of the existence of electronic trading on the stock market has been established among government agencies and among professional market participants, one should move on to to change the legislative framework. This approach is the most reliable for developing the infrastructure of the Russian securities market. It is obvious that it is possible to develop a document exchange system, create an information exchange system, or build a Web site very cheaply and quickly. All these software products can quickly become widespread among the most progressive and active part of professional market participants, but if suddenly something casts doubt on the legality of such a system, damage will be caused not only to this system, but also to the very idea of ​​​​electronic document management. And this could set us back for many years, so every step in this direction must be very careful and verified, primarily from the point of view of the legal framework and the trust of participants. Creating an appropriate image on the Russian stock market will gradually allow us to look confidently at the prospects of electronic trading and not be afraid that this will lead us to collapses, scandals, loss of money from trading participants and, in general, the reputation of the Russian stock market.

Chapter 3. Prospects for the development of electronic trading in securities

When the first rudiments of the securities market emerged in sovereign Russia twenty years ago, the first thing that ordinary citizens (who were also potential investors) imbued with was a feeling of deep disappointment. You can follow this process step by step.

Stage 1: The value of the only previously available securities (three percent bonds) and most other savings rapidly approached zero. The corporatization of enterprises, skillfully carried out by their own administration and officials of the State Property Committee, discouraged the desire to become owners. Finally, vouchers, privatization according to Chubais and the bitterness of losing one’s country.

Stage 2. Numerous scams involving corporate debt securities caused the disruption of many investment programs and led to a payment crisis. The emergence and subsequent collapse of numerous parodies of commodity and stock exchanges, as well as financial pyramids and checking investment funds, ruined millions of participants in the get-rich-quick game.

Stage 3. Crisis and default of 1998. The Russian securities market in all its, even ugly, forms has completely collapsed. In this case, the victims included not only private investors, but also many reputable domestic and foreign investment structures. It would seem that it is impossible to restore the confidence of the main investors in any form of investing money under the obligations of the state and, especially, commercial organizations.

However, this very moment can be considered the starting point in the creation and development of the modern Russian securities market. In the new millennium, the Central Bank market in Russia gradually acquired some imposingness and, in many respects, came closer to world standards. But this does not prevent him from generating new problems and repeating old mistakes.

Problems of development of the securities market

Let's name some of them: the lack of a mechanism for redistributing investments from the financial to the production sphere; imperfection of the legislative framework on the issue and circulation of the Central Bank and debt obligations; lack of government guarantees and a full-fledged insurance system for private investments and investments in socially significant projects.

Development trends of the securities market. It is somewhat premature to talk about them, since the market of the Central Bank of the Russian Federation is still in its infancy. But we can note two important shifts in the consciousness of participants in this market. The largest Russian issuers are forced to demonstrate stability and law-abidingness in order to attract the attention of reputable foreign investors.

In turn, strengthened domestic investors are increasingly entering international stock markets with more confidence, reducing their financial risks. Whether this is good or bad in each specific case, time will tell, but the process of integration of the Russian securities market into the world market itself should be recognized as a positive trend.

computerization;

securitization;

The trend towards concentration and centralization of capital has two aspects in relation to the securities market. We are talking about processes that are characteristic of this market, like any other market. On the one hand, more and more new participants are being drawn into the market, for whom this activity is becoming their main, professional activity, and on the other hand, there is a process of identifying large, leading market professionals based on both an increase in their own capital (capital concentration) and through their merger into even larger structures of the securities market (centralization of capital). As a result, trading systems such as NASDAQ or other market organizers appear in the stock market, as well as several of the most famous stock companies that handle a large share of all market transactions. At the same time, the securities market itself attracts more and more capital from society.

Internationalization of the securities market means that national capital crosses the borders of countries, a global securities market is formed, in relation to which national markets become secondary. An investor from any country has the opportunity to invest his available funds in securities traded in other countries. The securities market is taking on a global, all-terrestrial character. National markets are simply components of the global, worldwide securities market. Trading in such a global market is carried out continuously and everywhere. It is based on securities of transnational companies.

The reliability of the securities market and the degree of confidence in it on the part of the mass investor are directly related to an increase in the level of organization of the market and strengthening state control over it. The scale and importance of the securities market are such that its destruction directly leads to the destruction of the economic process, the reproduction process in general. The state in the modern era cannot allow faith in this market to be shaken, and the masses of people who have invested their savings in the securities of their country or any other suddenly lose them as a result of some cataclysm or fraud. All market participants therefore have a direct interest in ensuring that the market is properly organized and strictly controlled, first of all, by the most important market participant - the state.

But there is another reason for this process - fiscal. Strengthening the organization of the market and control over it allows each state to increase its tax base and the amount of tax revenues from market participants. At the same time, opportunities for “laundering” money received from illegal types of business - drug trafficking, etc., are increasingly being blocked.

Computerization of the securities market is the result of the widespread introduction of computers into all areas of human life in recent decades. Without this computerization, the securities market in its current shape and size would simply not be possible. Computerization has made it possible to revolutionize both market services, primarily through modern systems of fast and comprehensive settlements for and between market participants. So it is in his trading methods - Computerization is the foundation of all innovations in the securities market,

Innovations in the securities market:

new instruments of this market;

new systems for trading securities;

new market infrastructure.

New instruments of the securities market are, first of all, numerous types of derivative securities, the creation of new securities, their types and varieties.

New trading systems are trading systems based on the use of computers and modern means of communication, allowing trading in a fully automatic mode, without intermediaries, without direct contacts between sellers and buyers.

The new market infrastructure includes modern information systems, clearing and settlement systems, and depository services for the securities market.

Securitization is the tendency of money to transfer from its traditional forms (savings, cash, deposits, etc.) to the form of securities; the tendency to convert an ever-increasing mass of capital into the form of securities; the trend of transition of some forms of securities to others that are more accessible to a wide range of investors.

The development of the securities market does not at all lead to the disappearance of other capital markets; there is a process of their interpenetration and mutual stimulation. On the one hand, the securities market absorbs capital, but on the other hand, it moves these capitals through the securities mechanism to other markets, thereby promoting their development. For example, the issuance of debt securities under the insurance of insurance companies is becoming more widespread. That is, the instruments of the insurance market are used to insure risks in the securities market and the payment of income on them leads to a sharp increase in the size of the global foreign exchange market, which, in turn, is a factor in the rapid development of the market for currency futures contracts and options, etc.

e-commerce valuable market

Conclusion

The main feature of electronic trading in securities is the ease of transactions for both the client and the broker’s back office. This makes it possible to attract new layers of investors (regional and individual) to work in the stock market, who were frightened by the complexity of the procedure for interacting with a broker and who were not of great interest to the broker as clients due to the high unit costs of servicing them.

The ability to trade securities via the Internet (Internet trading), which has radically changed not only the technology of working on Western stock markets, but also the stock market itself, has now appeared in Russia, thus the topic of this course work is highly relevant.

The purpose of this work: to study electronic trading of securities in the modern world.

In accordance with the goal, the following tasks will be solved during the research:

the theoretical foundations of the functioning of the securities market are considered;

the features of the functioning of electronic securities trading systems were studied;

the development of e-commerce in Russia is analyzed;

The problems and prospects for the development of electronic trading on the Russian securities market were studied.

The Internet is used by business entities for various purposes. It can serve as a way to optimize business processes (for example, when making payments, placing orders for goods, works or services via the Internet). However, the Internet is actively used not only in the implementation of direct business activities, it is widely used in other social relations, which are also the subject of regulation of business law.

The phrases “electronic commerce” and “electronic commerce”, although not firmly, have already become entrenched in legal terminology. However, they have not yet received a generally accepted definition in Russian legal doctrine. In the literature, the terms “electronic commerce” and “electronic commerce” are often used interchangeably. At the same time, the concept of “electronic commerce” is used mainly in the analysis of foreign experience in using the Internet in business activities. And the phrase “electronic commerce” has become more widespread in Russian regulations. A number of Russian authors do not distinguish between the concepts of “electronic commerce” and “electronic commerce”.

Creating an appropriate image on the Russian stock market will gradually allow us to look confidently at the prospects of electronic trading and not be afraid that this will lead us to collapses, scandals, loss of money from trading participants and, in general, the reputation of the Russian stock market.

The development of the securities market primarily involves two important components: the creation of a clear legislative basis for its activities and the development of effective mechanisms for its regulation at the state level. At the moment in Russia there is neither one nor the other. Of course, one can refer to the relative youth of the revived market relations in our country, but familiarity with the first steps and actions of a newborn is a hindrance.

The main problem of the securities market is the parallel existence of two markets that do not fit into the usual classification based on organizational characteristics. In our conditions, we should rather talk about an organized market (the activities of which take place in the legal field, even in an unorganized form) and speculative (outside the limits of state legal regulation and control). The remaining problems are consequences.

Development trends of the securities market. It is somewhat premature to talk about them, since the market of the Central Bank of the Russian Federation is still in its infancy. But we can note two important shifts in the consciousness of participants in this market. The largest Russian issuers are forced to demonstrate stability and law-abidingness in order to attract the attention of reputable foreign investors. In turn, strengthened domestic investors are increasingly entering international stock markets with greater confidence, reducing their financial risks. Whether this is good or bad in each specific case, time will tell, but the process of integration of the Russian securities market into the world market itself should be recognized as a positive trend.

Main trends in the development of the stock market in Russia:

internationalization and globalization of the market;

increasing the level of organization and strengthening government control;

concentration and centralization of capital;

computerization;

securitization;

interpenetration with other capital markets.

Bibliography

Main literature:

Galanov V.A. Securities market: textbook / V.A. Galanov; Ros.ekon. acad. them. G.V. Plekhanov. - M.: INFRA-M, 2008. - 378 p. (MORPH)

Securities market: textbook for economics. specialties and directions of universities / [V.A. Galanov and others] ; edited by V.A. Galanova, A.I. Basova; Ross. econ. acad. them. G.V. Plekhanov. - 2nd ed., revised. and additional - M.: Finance and Statistics, 2007. - 447 p. (MORPH)

Krinichansky K.V. Securities market: textbook / K.V. Krinichansky. - 2nd ed., revised. and additional - M.: Business and Service, 2010. - 604 p. (UMO)

Additional literature:

Alekseeva E.V. Securities market: textbook / E.V. Alekseeva, S.Sh. Muradova. - Rostov n/d: Phoenix, 2009. - 331 p.

Basic course on the securities market: textbook for the specialty “Finance and Credit” / [Lomtatidze O.V. and etc.]. - M.: KnoRus, 2010.-444 p.

Batyaeva T.A. Securities market: textbook / T.A. Batyaeva, I.I. Stolyarov; Moscow state University named after M.V. Lomonosov, Faculty. state ex. - M.: INFRA-M, 2006. - 303 p.

Balabanov I.T. E-commerce. - St. Petersburg: Publishing house. house “Peter”: JSC “Peter Book”, 2009. - 335 p.

Kozier D. Electronic commerce. M.: ITD “Russian Edition”, 2009. - 148 p.

Salber A. Prospects for the development of the e-commerce market / Courier Print - 2012. No. 8- P. 14-16

Article “Problems and prospects of electronic trading on the Russian securities market” Alexey Telyatnikov, RCB Archive

List of regulatory documents:

About the securities market: federation. law of 22.04. 1996 No. 39-FZ // SPS ConsultantPlus. About accounting

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The use of electronic technologies is one of the characteristic features of the development of the modern Russian stock market. They ensure high dynamics of operations, significantly speed up settlements, expand the circle of participants and reduce risks.

Under the influence of new information technologies at the present stage, significant changes are also taking place in the management of stock exchanges. In their activities, an information resource plays an increasingly important role, along with well-known types of resources - labor and financial.

Stock Exchange- a traditionally and permanently operating securities market with a specific place and time for the sale and purchase of previously issued securities.

Strengthening the role of the exchange in securities trading is facilitated by trends in the concentration and centralization of capital on the exchange itself, the increasing computerization of its operations, as well as forms and methods of collecting, delivering and processing information, direct government regulation of exchange operations, and increasing trends in the internationalization of exchange transactions.

The main exchange trading centers in the world currently are New York, London, Frankfurt am Main, Zurich, Tokyo.

The existence of exchange trading in securities requires an increase in the number of its participants. Each of them must be provided with prompt and reliable information, and conduct a qualified analysis of the situation on the market as a whole and the market for individual securities. Events on the stock market reflect the state of the national economy, and therefore should be discussed in the media, as is customary throughout the world. Exchange information should be addressed not only to professional market participants, but, above all, to a wide range of potential investors. The efficiency of the modern securities market largely depends on the degree of its computerization.

Currently, the intensity of the computerization process in the market is determined by the following factors:

1) the subject and product of labor on the stock exchange is not any tangible material assets, but information that can be easily converted into “machine language”;

2) a participant in exchange transactions who has the necessary and timely information gets the opportunity to earn more and for this reason seeks to invest in new information technologies on the exchange;

3) to attract a wide range of clients as one of the conditions for modern competition in the exchange business, a certain level of information service for each of them is necessary;

4) it is possible to work effectively on the global stock market only if you have an adequate level of computerization and access to telecommunications for other market participants;

5) obtaining timely, reliable and complete information about exchange transactions becomes a necessary condition for making the right decisions, as well as their implementation.

Today, automation in the management of exchange operations has become means of survival. It is the use of modern computers and communications that leads to a radical restructuring of information technologies in the stock exchange business, makes it possible to increase the information content of all participants in securities trading, speed up settlements and improve people's working conditions.

The created computer systems for exchange operations must meet the following requirements:

Reliability of operation and prompt restoration of operation in case of failures without loss of processed information;

Security from unauthorized access, destruction and distortion;

Complexity, i.e. system integration of hardware, software, information support;

Integration of the functions of the trading system and electronic depository with servicing the entire life cycle of securities;

Flexibility, i.e. the ability to configure for servicing various types of financial instruments without carrying out large-scale modifications;

Novelty or the ability to solve new information problems on exchange transactions;

Responsiveness to requests from both local and remote users;

Possibility of participation in bidding by individuals and legal entities in real time (online, on-line) and in the mode of delayed information processing (offline, off-line);

Ensuring the entire flow of transactions taking into account peak loads on the market;

Compliance with existing international standards.

The creation of modern information technologies in the securities market is a long and expensive process. It is known that the organization of a computer system for a medium-sized exchange (Paris) required 500 man-months of work. At its peak, the project employed up to 250 people. The system is designed for 60 thousand transactions per day and includes 700 debugged and supported computer programs.

The Russian stock exchange business is developing in the conditions of the formation of a mixed economy, its instability, accompanied by inflation, an underdeveloped legal framework, etc. All this leaves its mark on the development of information technology in the stock exchange business.

The activities of the exchange are increasingly affected by the influence of computerization, which significantly reduces costs and increases the productivity of transactions. At the same time, the world has accumulated vast experience in the use of neurotechnology and neuropackages aimed at solving problems of financial analysis and planning, and here a major role belongs to advisory firms that specialize in stock exchange operations. The financier's intuition is quite successfully replaced by computer forecasts.

Users of stock market information technologies include public and private organizations that issue securities; investment funds; brokerage and many others.

Particularly great progress has been made in the process of computerization and the use of modern communications in the United States, which has contributed to an increase in the growth rate of labor productivity in the stock exchange sector. In the late 1970s and early 1980s, labor productivity growth in banking was 10.4%, in securities transactions - 30.9, and in manufacturing - 2.3, construction - 0.6, mining - 3.4%.

In the world practice of organizing stock markets, there is an institution of market makers (literally “market creator”), which ensures the stability of trading for its organizers, participants and issuers.

Standard types of work and services of a market maker include:

1) maintaining bilateral quotes within the normatively specified spread (the difference between the maximum sale price and the minimum purchase price);

2) the opportunity to submit applications not only at your own expense, but also at the expense of your clients;

3) maintaining the liquidity of shares;

4) financial consulting;

5) making presentations;

6) regulation of “releases” of shares to the market and issues;

7) creating an artificial shortage of shares through their targeted purchase;

8) monopolization of the purchase of shares from the issuer’s personnel;

9) search for serious investors willing to invest in the issuer’s shares.

For the successful work of a Russian market maker, it is necessary to solve a number of problems:

Firstly, the lack of information remains one of the main obstacles to the normal development of the stock market, therefore, information transparency of the company and the creation of incentives for disclosing information about itself are necessary.

Secondly, the weakness of the market infrastructure and legislative framework significantly increases the risk of a market maker in the stock market.

Third, unlike the Western stock market, where most of the transactions are carried out automatically, in Russia there is no good technical base.

Fourth, cases of fraud in the market have become more frequent, which is also associated with poor resolution of technical issues.

For financial systems of developed countries, a common way to raise funds for the treasury is to issue government short-term bonds. A similar practice was used in pre-revolutionary Russia. Back in 1812, the first issue of this kind of debt took place in order to obtain additional funds to cover Russian military expenses.

One of the signs of Russia entering the stage of economic transformation was the creation of the Moscow Interbank Currency Exchange (MICEX) and the organization of trading in State short-term obligations (GKOs). In May 1992, the Bank of Russia, with the assistance of the working group of the Russian-American Banking Forum, developed a project for creating a GKO market. The GKO market was created not only for very specific financial purposes, but also civilized forms of electronic trade and depository services are developed on it, remote terminals are installed, and advanced communication means are used.

The implementation of the project for the creation and implementation of a modern trading and depository complex on the MICEX began in 1993. To conduct trading on bonds in 1993, the MICEX trading floor was prepared, in which a local computer network was deployed, and the development of software for depository and trading systems for all the life cycle of bonds - from their issue to their redemption. Regular training of traders (authorized bank employees) on the rules of working with the MICEX electronic trading system has begun on the real trading system.

On the Russian securities market, information links and contacts between Russian exchanges and the largest stock exchanges in the USA, Western Europe and the Asia-Pacific region are established. The Commission on Securities and Stock Exchanges under the President of the Russian Federation became the body that regulates and directs the activities of the market. In addition, a consultative and coordinating body was created - the Federation of Stock Exchanges, which included representatives of stock exchanges from different regions of the Russian Federation.

The most active development of the securities market began in 1993, with the expansion of the types of securities, the growth of their volumes, and the emergence of new institutions in the market. Initially, trading participants (banks, investment, brokerage and financial companies) during the trading session could only be at local network terminals at the MICEX computer center.

As a result of the development of the market and the expansion of the geography of trading, a large-scale financial network of the MICEX was created within the country, allowing trading operations not only in Moscow, but also on remote trading platforms in real time, while minimizing delays when connecting remotely to trading platforms. MICEX depository system, providing equal opportunities for trading participants.

The MICEX derivatives market settlement system consists of :

Settlement bank, the functions of which are performed by the Central Bank of the Russian Federation;

Electronic payment system;

The electronic settlement system is built on a star principle with a central computing center on the MICEX and workstations installed in the offices of settlement participants. Workstations allow you to generate payment orders in electronic form, transfer them to the computer center and receive account statements from it.

The MICEX has developed an automated workstation (AW) for a manager, which allows monitoring the progress of trading and the positions of participants in real time. In particular, the automated workplace allows you to check participants’ positions for compliance with limits.

Software has been developed to monitor the global risk of the MICEX, for which there are special procedures that allow assessing the quality of depositary margining and the risk of the MICEX as a whole.

The trading participant (trader) has the opportunity to:

Receive constantly updated exchange information;

Promptly submit (remove) orders to the trading system from the investor’s working terminal in real time, and for an investment company - conduct trading on behalf of several investors from one terminal;

Generate and print reporting documents at any time during the current trading session and for any archived day;

Carry out automatic calculation of the profitability of the last transaction, the profitability of buying/selling at the best price at the current time, the profitability of the maximum/minimum prices of the transaction and the order from the beginning of the trading session;

Place an application in the MICEX system with a certain frequency before the transaction is completed or canceled by the investor;

Maintain directories of securities and clients;

Submit applications from a pre-prepared application directory and much more.

Currently, participants in the Russian stock market have access to the services of many computer global networks: Relcom, Internet, Bitnet, SprintNet. Using the capabilities of teleconferencing, Russian organizations can send announcements about the issue and offers to buy and sell various securities.

System subscribers include three user groups:

MICEX employees managing the course of trading;

Traders (market makers) participating in trading;

Other specialists receiving stock exchange information.

Protection against unauthorized access to the system is ensured through the use of user identification procedures when logging in, delimitation of subscriber powers, and software-implemented data encryption when entering, transmitting and receiving an electronic signature.

Settlements between MICEX participants are carried out by transmitting and receiving electronic documents. They represent a collection of data in machine form that is created, processed and stored in computer memory and transmitted via telephone communication channels.

Electronic documents are certified with an electronic signature, which provides identification of document senders and protection against unauthorized creation and modification of documents.

Primary electronic document, on the basis of which funds are debited and credited to participants’ accounts, is electronic payment order.

When making payments, participants are presented with the following: secondary electronic documents: statement of the participant’s account after each transaction on his correspondent account; a summary statement of the participant’s account at the end of each working day, notification of the impossibility of using the ordered operation, indicating the reason.

In the securities market, great importance is attached to the electronic formation and support of a unified information space, therefore standardization and unification of information flows. Organizations specializing in the coordination and systematization of heterogeneous information flows include the Securities Industry Automation Corporation (USA).

International Organization for Standardization defines standard formats for messages for receiving and sending securities and orders for their purchase and sale, the procedure for coding securities and numbering certificates. Internet and other network services are available to stock market participants all over the world. This system ensures the exchange of information between all computers that are part of the network connected to it, and it is actively used by exchanges, brokerage houses, investment and other companies.

The type of computer and the operating system it uses are not of fundamental importance. When any local network is connected to the Internet, each workstation can also access this network. There are also independent computers connected to the Internet (host computers), which have quite equal rights. On the Internet, one can distinguish service providers who maintain information on servers and consumers of these services, i.e. clients.

Internet services are built on a client-server model. The server program supports a specific network service, and the client program provides the user with a graphical interface that makes access to this service simple and intuitive.

Internet servers provide the following services:

Email;

File transfer;

Working on a remote computer using the Telnet protocol for remote terminal access to the network;

Teleconferences in real time or via email;

Search for resources using keywords;

Combining the capabilities of all these tools on www-servers, i.e. transmission of texts, programs, graphic images, sounds, videos connected by the hypertext structure.

Information technologies in the management of exchange operations provide users not only with information related to trading, but also economic news and information about issuers.

For example, the foreign system “Reuters Holdings PLS” has more than 150 thousand terminals all over the world, provides trading participants with the opportunity to conclude transactions on its computer network, and provides up-to-date information about the economic situation of enterprises, assets, terms and locations of auctions, and current quotes.

Many financial market entities - banks, brokerage companies, dealing centers and other financial institutions - have a great need for technical analysis of markets, forecasting stock market conditions, and access to global information systems.

In Western markets, electronic trading of securities has long erased the line between the office and the stock exchange. Fully automated systems quite successfully perform the functions of brokers on trading floors: they bring together sellers and buyers, conclude and execute transactions.

For example, you can now access the SuperDot trading system on the New York Stock Exchange from any personal computer. SuperDot allows you to monitor the progress of trading, enter and execute orders. There are many similar systems now. They enjoy deserved popularity both among private investors and large investment funds. With their help, an investor, without leaving home, can operate with almost any financial instrument - shares quoted on the NYSE, AMEX, NASDAQ, OTS and other trading platforms, government securities, corporate bonds, mutual fund shares, options, futures, etc. d.

Currently, up to 90% of orders in the trading systems of Western exchanges are received electronically and executed automatically, and about half of them come via the Internet.

A new market segment was created in an insignificant period by the standards of the Western stock market - in just eight years: in 1992, the first attempts were made in the United States to organize online trading of securities. The creation of systems for trading shares via the Internet in Russia is just beginning. True, their development is much faster than it happened in the West. Today, almost all existing domestic exchange platforms are developing systems that provide access to trading via the Internet.