Introduction 3 Chapter 1. The main directions of the functioning of the banking model of the market valuable papers and its features on the example of the functioning of the securities market in Germany 5 1.1 Basic market models 5 1.2 Russian banking model of the securities market as close to the German 8 1.3. Values ​​and development trends as a result of the regulation of securities in accordance with Basel-3 international standards 10 Chapter 2. Scenarios for the development of the Russian banking securities market 12 Chapter 3. Sberbank of Russia as a broker in the banking securities market 19 Conclusion 23 References 25

Introduction

The banking model of the securities market in Russia has more than twenty years of history. In fact, the securities market in the Russian Federation appeared only in 1992, after the start of a large-scale liberalization of economic relations, a sharp transition of the economy to a market economy, and voucher privatization of state property. Justification of the prospects for the development of the domestic market should be based on the study and systematization of its recent history. Let us single out the main stages in the evolution of the securities market in the Russian Federation. 1992-1995 can be characterized as a period of formation of the initial, largely imperfect structure and infrastructure of the stock market. 1996 - August 1998 - the stage of strengthening the role of state regulation of the securities market. August 1998 - mid 1999 - a relatively short period of development of the domestic banking securities market against the backdrop of a general market depression, in which objective conditions began to take shape for the formation of a civilized model, similar in its parameters to modern Western models. Both previous stages ended with the collapse of financial pyramids (private and state). The international investment rating of Russia at the end of 1998 was miserable, and the only popular financial and investment asset at that time was foreign currency. Under these conditions, both the state and the issuers had no other opportunities for development other than declaring and guaranteed implementation of economically “honest” market organization rules aimed at the maximum possible protection of potential investors. The middle of 1999 - the present - is a period of gradual, although not quite stable, too dependent on external economic and political factors, but on the whole progressive development of the domestic banking market. Relatively effective development of the Russian securities market in 2000-2003. can be explained by such factors as the favorable conjuncture of world energy prices, economic growth trends, socio-political stability, etc. Russian commercial banks have the right to issue, investment and intermediary operations in the stock market. Moreover, in 1996-1998. many domestic banks, in fact, with the approval of the state, which needed to cover the budget deficit, actively played in the highly profitable GKO market. As a result, the negative experience of the United States during the Great Depression was to some extent repeated - after the well-known events of August 1998, commercial banks that did not have time to withdraw funds from the GKO market went bankrupt and could not pay off their depositors. This situation has intensified the discussion about the role and place of commercial banks in the emerging Russian model stock market development. Currently, the regulation of the activities of commercial banks in the securities market of the Russian Federation has a dual character. One side, commercial banks, like all other participants in the stock market, must be subordinate to the Federal Securities Commission of the Russian Federation, on the other hand, their activities, including transactions with securities, are subject to regulation by the Central Bank of the Russian Federation. On the one hand, commercial banks with significant financial resources can positively influence the activity of the Russian securities market, on the other hand, the activation of banks in this market will significantly increase the risks for depositors. This paper will consider the main models of banking markets, prospects and development trends in modern conditions existence.

Conclusion

The type of stock market model called banking originated in Germany. It provides for the admission to the stock market of various banks and similar commercial organizations. A less widespread model in the world, which takes place in only 10% of states. Basically, the banking model is presented in the EU countries: France, Austria, Switzerland and so on. It owes its appearance to the Second World War, when the rehabilitation of the economies of the participating countries was carried out through the support of banks. Management activities are entrusted to the Central Bank and the Ministry of Finance. The remaining half of the countries have chosen a mixed model of stock market organization. In each of them, the share of participation of commercial banks in the market is expressed to a greater or lesser extent, depending on the policy of state regulation and the specifics of the economy. These countries include Japan, Russia and others. The German banking model is the domination of the stock market by monopoly owners of large blocks of shares, and a significant segment is occupied by debt obligations. The main type of securities are bearer shares. The advantage of this model is the low probability of risks, due to the unity of banking and the equality of bidders. In addition, there is a stability of commercial banks to the volatility of the situation and a smaller amount of costs. At the same time, due to the monopoly of banks on financial transactions, investors are in a vulnerable position. The Russian mixed model is the stock market model adopted in Russian Federation arose on the analysis of the experience of other countries, therefore it combines the advantages of both of the above systems. Commercial banks and investment institutions coexist in the market at the same time. Currently, the Russian securities market has not completed its development, which is why it is very profitable, but the degree of risk for participants is incredibly high. Very active work is being carried out in this direction. And we must hope that the model of the Russian market will soon declare itself in full force. The entire range of potential opportunities for the state of the banking securities market can be grouped into the following options. This is, firstly, the preservation of the existing regulation model with its possible evolution only in the direction of further tightening of the banking market administration system. Secondly, the adjustment of the existing model in the direction of resolving the legal conflict between the Central Bank and the FCSM in favor of the latter, the wide distribution of risk-free government securities, both short-term and long-term. Thirdly, the transition to a model of preferential self-regulation of the securities market (similar to the UK and most Western European countries). An analysis of the prospects showed that it is precisely the consistent adjustment of the existing regulation model, while maintaining its basic principles and parameters in the short and medium term, that is optimal in any scenario. Full preservation of the existing model may lead to excessive regulation of the market, to a kind of regulation for the sake of regulation, while maintaining low liquidity of shares. Effective formation of the Russian model of market regulation is possible only in conditions of stability and predictability public policy generally. If the state cannot guarantee the stability of the results of privatization or ensure the stability of monetary policy in the foreseeable future, then it will hardly be possible to achieve a qualitative improvement in the structure and infrastructure of the banking securities market under any regulatory model.

Bibliography

1. Vorobyov P.V. Securities market - M.: Prospekt, 2015. - p.400. 2. Voronina MN OJSC "Sberbank of Russia" as a broker in the securities market // Young scientist. - 2014. - No. 8. - With. 450. 3. Voronova NS Banks and capital funds as global institutions of investment management // Problems of modern economics. - 2012. - No. 1 (41). - p.432. 4. Lugovtsov R.Yu. Basel III in Russian banking reality // Finance, money circulation and credit. - 2012. - No. 5 (90). - With. 180. 5. Miroshnichenko OS Profit in the formation and regulation of banking capital // Financial analytics: Problems and solutions. -2013. - No. 24. - p. 125. 6. The securities market: a textbook for bachelors / ed. ed. N. I. Berzona. - M. : Yurayt Publishing House, 2012. - 533 p. 7. Securities market: textbook for applied bachelor's degree / ed. Yu. A. Sokolova. - M. : Yurayt Publishing House, 2014. - 383 p. 8. Website: http://cbr.ru Official website of the Central Bank of the Russian Federation 9. Website: http://www.sberbank.ru Official website of OJSC Sberbank of Russia

Financial market- this is a system of relations that arises in the process of exchanging economic benefits using an intermediary asset as an asset.

Mobilization in the financial market capital, granting a loan, making exchange cash transactions and placement of financial resources in production. A set of supply and demand for the capital of lenders and borrowers different countries forms global financial market.

George Soros about Financial Markets:

Models of financial markets

Historically, two main models of financial markets have been formed:

• continental model— a financial system focused on bank financing;
• Anglo-American model- a financial system oriented towards the system (insurance companies, investment and pension funds, etc.).

Anglo-American financial market model

The Anglo-American model is characterized by a focus on public offering of securities and high level development, which in terms of volume is much larger than the secondary market of continental Europe.

Continental financial market model

The continental model is characterized by a high level of concentration of equity capital with a small number of shareholders and non-public placement of securities, and secondary market in this model is not so developed. At the end of the 20th and the beginning of the 21st centuries, in many European countries, financial markets began to acquire the features of the Anglo-American model, and there is a gradual convergence and combination of the continental and Anglo-American models of financial markets.

Main types of financial markets

There are five main types of financial markets:

1. (including ).

Vladislav Inozemtsev gives a lecture (~one and a half hours) about financial markets (Krasnoyarsk, 2012):

Books on financial markets

• Gerald Appel, Marvin Appel - Beat the financial market: How to earn every quarter."Short" investment strategies, - Translation from English, ed. Borovkova. - St. Petersburg: Peter, 2009, - 288 pages, ISBN: 978-5-388-00319-5;
• Frederic Mishkin— Economics of money, banking and financial markets (The Economics of Money, Banking and financial market) - 7th ed. - M.: "Williams", 2006. - S. 880. - ISBN 0-321-12235-6.

In world practice, there are several models for the development of financial markets: European (banking), Anglo-American (non-banking) and mixed. They differ in the principles of building relations between the main participants in the exchange of financial instruments and the regulatory role of the state. As a rule, in European model banks are the main participants in relations, and in accordance with this, the central bank of the state acts as the main regulatory authority (the most bright examples- Germany, Austria, Belgium). AT Anglo-American model the leading role belongs to investment institutions, and non-banking bodies are the regulatory authority. Of the more than 30 countries with developed financial markets, more than half have independent agencies overseeing the market, in about 15 countries the finance ministry is responsible for the financial market, and in the remaining countries there is mixed management.

The practice of developing financial markets in an economically developed countries found that the structure government agencies governing the financial market depends on the market model adopted in a goy or other country (banking, non-banking, mixed), the degree of centralization of management in the country and the autonomy of the regions (in countries with a federal structure, part of the state’s powers in the financial market are transferred to territories, for example, in USA - to the states, in Germany - to the lands, etc.). A common trend for all countries is the creation of independent departments that regulate financial markets.

In Russia, in the process of forming the structure of financial markets, the features of the regulation model dominate, which can be defined as mixed including separate elements from the models of regulation existing in the West (non-banking and banking). These features of the regulatory infrastructure of the Russian financial markets are largely due to the peculiarities of its formation. The creation of the financial market in Russia took place for the most part fragmentary, in separate, unrelated sectors. This led to the formation of a regulatory structure, divided by market sectors. For example, the banking sector is regulated by the Bank of Russia, financial institutions - by the FFMS of Russia. Such a variety of forms of regulation of market structures has influenced the formation of the regulatory infrastructure of the Russian financial markets, which is currently represented in mixed forms of regulation, i.e. by the FFMS of Russia and by the Bank of Russia.

Currently, the Bank of Russia performs the duties of a mega-regulator, which has combined all the functions of regulating activities in the financial markets. The FFMS of Russia entered this regulatory structure as a subordinate unit, thereby providing a unified concept for regulating the activities of financial market participants.

The ongoing globalization of markets financial services accompanied by concentration of participants and operations, promotes intensive growth and consolidation world financial markets. Many countries show an interest in creating global or at least regional financial centers on their territory, since such centers contribute to a significant inflow of capital into the country, improve the investment climate, increase tax revenues and provide employment growth. To do this, it is necessary to attract large financial institutions, to interest issuers and investors from different countries. Serious competition is currently unfolding between various global and regional financial centers.

International financial centers (MFCs) function as an international market mechanism that serves as a means of managing global financial flows. These are the centers of concentration of banks and specialized financial institutions that carry out international currency, credit and financial transactions, transactions with securities, precious metals, derivatives.

In addition, MFCs are gradually turning into powerful information-analytical, organizational and management complexes with significant credit potential. The leading positions in the MFC are occupied by firms serving their needs, including legal and auditing, as well as management consultants. International financial centers attract a wide range of specialists (experts in comparative economic and legal analysis, etc.) who analyze the state and prospects of the world economy and the economies of the countries of the world. The importance of analytical centers capable of providing interdisciplinary research, the preparation of indices and ratings is growing ( Moody's , Standard and Poor's and etc.).

AT last years one of the main functions of the financial institutions of the MFC is the development and implementation, together with international financial institutions and the leading Western states, a long-term strategy for strengthening and expanding that developed at the end of the 20th century. world financial system. The "rules of the game" in the financial markets are being developed, the institutional and legal system of financial institutions is being modified to ensure maximum free access to the financial services markets.

All MFCs can be classified according to the principle of historical and economic development:

• "old" centers, whose formation was primarily due to a number of historical and geopolitical reasons (London, New York, Frankfurt am Main);
• "new" centers whose development began relatively recently (10-20 years ago) and whose growth is based mainly on artificial creation conditions for stimulating the local economy (Singapore, Hong Kong, Dubai).

Financial crisis

The possibilities of financial crises are embedded in the nature of the forms of capital movement and in the functioning of financial markets. Transactions in the capital markets mean financing future value that has yet to be created. Therefore, cash flows serve the "expectations" of future income during the real gap between the actual (advanced) and future value (profit). This is due to the fact that in the financial markets, the requirements for the ownership of financial assets (instruments) are documented long before there is property that can generate income. Claims are drawn up between a large number of market participants, who are often involved in many financial transactions simultaneously. The gap between future earnings and the search for liquidity poses a threat to the risk of non-repayment of funds to the creditor. Since the existing system of risk insurance is far from perfect, a gap in one link leads to the disruption of many other transactions, often leading to crisis situations in national and international markets.

Under financial crisis is understood as a deep disorder of the credit and financial systems in a number of countries, leading to sharp disproportions in the international monetary and credit systems and the discontinuity of their functioning. The financial crisis usually, to one degree or another, simultaneously covers various areas of the global financial system. The center of financial crises is money capital, and the immediate sphere of manifestation is credit institutions and public finances.

There are cyclical and special international financial crises. The former are harbingers of economic crises in production, while the latter arise regardless of the economic cycle under the influence of special causes. But the latter also affect the economy and foreign economic relations through reverse reflection.

The forms of manifestation of financial crises are:

• a massive fall in exchange rates;
• a sharp increase in interest rates;
• withdrawal by banks in mass order of their deposits in other credit institutions, restriction and termination of cash withdrawals from accounts (banking crisis);
• destruction of the normal settlement system between companies through financial instruments (settlement crisis);
• monetary crisis;
• debt crisis.

Market Models

Historically, there are three conditional models of the stock market, depending on the banking or non-banking nature of financial intermediaries:

• · Non-banking model (USA) - non-banking securities companies act as intermediaries.
• · Banking model (Germany) - banks act as intermediaries.
• · Mixed model (Japan) -- intermediaries are both banks and non-banking companies.

Classification of the securities market

There are many ways to classify securities markets:

• · By the nature of the movement of securities (primary, secondary).
• · By type of securities (bond market, stock market, derivatives market).
• · By the form of organization (organized and unorganized, exchange and over-the-counter).
• · On a territorial basis (international, national and regional markets).
• · By issuers (securities market of enterprises, government securities market, etc.).
• · By terms (market of short-, medium-, long-term and perpetual securities). By types of transactions (cash market - implies instant execution of transactions, forward market, etc.).
• · On a sectoral basis.
• · According to other criteria.

Classification by the nature of the movement of securities

Primary market (eng. primarymarket) -- the market in which the primary placement of newly issued securities. This offering can be public (IPO) or closed, without a wide offer to the general public. The initial offering procedure may take place through the stock exchange or in another way.

• · Secondary market (eng. Secondary market) - a market in which transactions are made with previously issued and passed the procedure for the initial placement of securities. The secondary market accounts for the main turnover of transactions with securities. It is with the secondary market that the novice investor is best acquainted, since the secondary market is represented primarily by the stock exchange.
• · The third market covers trading in, as a rule, non-listed securities. It is also called the over-the-counter market or OTC (from the English overthecountermarket). The third market has traditionally been used as a platform for large blocks of shares between institutional investors. With the development of the Internet, it has become available to private investors.
• The fourth market (English fourthmarket) is electronic systems trade in large blocks of securities directly between institutional investors. The most famous systems of the fourth market are InstiNet, POSIT, CrossingNetwork.

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

1) Non-banking model - non-banking securities companies act as intermediaries. Such a model exists in the USA;

2) Banking model - banks act as intermediaries. This model is specific to Germany;

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

There are various classification features of securities markets. Let's dwell on the most common.

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 in circulation, it is divided into primary and secondary.

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

Organization of the issue of securities;

Placement of securities;

Accounting for securities;

Maintaining a balance of supply and demand.

Secondary - this is the market where previously issued securities are circulated, where there is a set of all acts of sale or other forms of transfer of a security from one owner to another during the entire life of the security. Here, in the process of buying and selling an asset, its actual rate is determined, i.e., a quotation of the rate of a financial asset is made. The tasks of the secondary securities market include: increasing the financial activity of economic entities and individuals; development of new forms of financial practice; improvement of the regulatory framework; development of market infrastructure; compliance with accepted rules and standards. Functions of the secondary securities market:

Bring sellers and buyers together (ensure the liquidity of securities);

Contribute to the alignment of 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 the rules that are 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 the stock (futures, stock sections - currency and commodity) exchange and brokerage (brokerage) and dealer firms operating on it.

Over-the-counter market - the sphere of circulation of securities 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 in order to register (list) their shares on any exchange and be admitted to trading on it. It can be organized or unorganized. The organized over-the-counter market is formed by stock stores, 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 OTC stock market consists of the following segments:

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

System of trading in government short-term bonds;

Trading network of Sberbank for operations with small-denominated government bonds;

Auction network (privatization centers, etc.) State Committee on the 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 securities of commercial banks;

Spontaneous OTC markets with organized trading systems;

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

The OTC market is able to ensure the direct participation of millions of small and medium-sized investors in securities trading.

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

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

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

Trading in the computerized market is carried out through computer networks that connect the respective stock intermediaries. characteristic features this market are:

Lack of a physical location where sellers and buyers meet and therefore no direct contact between them;

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

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

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

2) According to the citizenship of issuers, the securities market is divided into a resident market and a non-resident market;

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

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

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

6) Depending on investors, securities markets are: markets focused on young people as investors; people-centric markets retirement age, etc.

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

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

Market entities - market participants;

Market objects - securities;

Actually the market - operations in the market;

Regulation of the securities market;

Market infrastructure (legal, information, depositary, clearing and registration network).