Ebook International finance (5/E): Part 2
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Ebook International finance (5/E): Part 2
Chapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2orld financial market is an international securities market (ISM). Its role in recent years has increased considerably. With the rapid economic rise of many industrialized countries, traditional sources of funding are not fully meeting the needs of large corporations in the capital. Therefore, these Ebook International finance (5/E): Part 2 companies are not limited by the sen ices of the national banking system and. relying on a high credit rating, they attract cheap financial resourcesEbook International finance (5/E): Part 2
by issuing securities. Growing demand from issuers, increase of supply as a result of the integration of national markets, competition as a result ofChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2esources at the national and international levels and to simultaneous strengthening of investing and lending activities in the international securities market.The issue of securities gives the possibility: to raise a loan for a long period (for a few decades, bonds, for example), i.e. investment in Ebook International finance (5/E): Part 2the instruments of a loam of unlimited use of financial resources (shares), i.e. investment in the instruments of property (title of ownership); to reEbook International finance (5/E): Part 2
duce a financial risk. i.e. investment in the instruments of trade in the financial risk (financial derivate).The market of long-term securities is caChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2urities market.Thus, the international securities market unites the part of the global debt market (namely: the international debt securities market, which is mainly presented by the international bonds market), the international market of legal titles (property rights) and the international market Ebook International finance (5/E): Part 2of financial derivatives.There are following instalments of the loan: bonds, bills of exchange, deposit certificates. The instalments of property inclEbook International finance (5/E): Part 2
ude all types of shares and depositary' receipts. There are also so-called hybrid instalments, securities, which have features of both bonds and shareChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2s with a loan capital, and market of property instalments - with parts (by shares) of property within a corporate capital.The stock market deals with long-term borrowing instalments and instruments of property derivatives.At the international capital markets trading in securities denominated in fore Ebook International finance (5/E): Part 2ign currencies is conducted.The Bank for International Settlements distinguishes such types of security issues in the international market:■ the securEbook International finance (5/E): Part 2
ity issue by nonresidents in national or foreign currency in the internal financial market of the country;130■the security issue by residents in foreiChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2ecurities market is divided into two structural segments:the foreign securities market. It is a financial market of the states, in which the transactions with financial assets of nonresidents (foreign securities) are conducted;the securities Euromarket. It is a market, in which the securities expres Ebook International finance (5/E): Part 2sed in Eurocurrencies are: produced, bought and sold.The definition of europapers is given in the Council Directive 89/298 EEC of the European CommissEbook International finance (5/E): Part 2
ion, according to which europapers are being in circulation securities, which:1)pass underwriting and are placed through mediation by a syndicate, at Chapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2ntry of registration of the issuer;3)can be initially purchased (including the subscription way) only through mediation by the credit organization or other financial institution.The functioning of ISM requires certain preconditions: demand, supply, intermediaries, regulatory and self-regulatory syst Ebook International finance (5/E): Part 2em. The demand for securities is determined by the welfare of the nation. The higher is standard of living, the greater are the savings of the populatEbook International finance (5/E): Part 2
ion and the possibility of purchasing securities. The supply depends on the demand. It is higher, if market mechanism of sources delivery of long-termChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2ch specialists are needed. Finally, intermediary organizations -broker and investment dealer firms, stock exchanges and regulators of investment business are required.The securities market - a major source of investment resources for governments, corporations and banks.11.1.1.Investment capital, its Ebook International finance (5/E): Part 2 suppliers and consumersThe term "investment" has several meanings. The most common - is the definition of investment as use of money to generate incoEbook International finance (5/E): Part 2
me or to accumulate capital. All property and intellectual values that are contained in business and other activities to make a profit or achieve sociChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2ation of capital, i.e. investment capital. Investment capital can be personal (retained earnings, depreciation) and borrowed, the source of which is temporarily free someone else's money. But free money is not an investment. They are converted into investments in the hands of those, who spend them o Ebook International finance (5/E): Part 2n purchase on elements of production that brings income, i.e. converts into real assets. Real assets - are economic resources of the company:131fixedEbook International finance (5/E): Part 2
and circulating capital, intangible assets (patents, licenses, know-how, trademarks, etc.) used for productive activities to generate income. Proper sChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2tal market, especially through the stock market.Investment objects can be real investment projects, real estate and various financial instruments. Financial instillments as investment objects - are different types of financial liabilities:■deposits in the bank;■securities (bonds, stocks, options, et Ebook International finance (5/E): Part 2c.).Thus, the term "investment" is used to refer to:a)the investment of funds, intellectual property into real assets, i.e. production;b)the investmenEbook International finance (5/E): Part 2
t of funds into financial instruments, i.e. the purchase of securities.In this chapter and the next, under the Investment will be understood investmenChapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of wo Ebook International finance (5/E): Part 2 or increase their value and provide a positive amount of income.Chapter 11. International securities market11.1.International securities markets: the concept and tendencies of developmentThe important segment of woGọi ngay
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