Under the influence of modern Internet technologies, radical structural transformations of business processes are taking place in the world. To a large extent, these changes have also affected the financial environment, which by its nature is one of the most promising for e-commerce, as it allows for almost complete automation of most processes.
The Internet is an informal worldwide computer network that connects millions of users, which is an open system that does not have any center from which it can be controlled. The Internet provides several methods of communication: through the World Wide Web (www), electronic bulletin boards, and electronic mail (e-mail). The common feature of these methods is the almost instantaneous transfer of information. To do this, you need to have a computer with a modem and an Internet connection.
Trading securities via the Internet actually began in 1995 in the USA, when the first electronic brokers appeared; in 1999, about 14% of all orders were received via the Internet. More than 30% of the volume of trading in shares of the NSE and NASDAQ occurs through transactions via the Internet. In the UK, the number of share transactions carried out over the Internet doubles every 3 months. The introduction of the Internet into securities trading is facilitated by a reduction in commissions. According to Business Week, purchasing 200 shares online cost between $8 and $29, while the same transaction through a traditional broker would cost $116.
Electronic trading is one of the key factors in the growth of the global stock market. Nowadays, few people doubt that Internet technologies have a great future, as clearly evidenced by the volume of investments in electronic business, its impressive turnover and capitalization. Some aspects even cast doubt on the very existence of traditional brokerage companies in the near future.
Today we are facing a new era in the development of the stock market. We still have little idea of ​​the consequences that the development of Internet technologies will lead to in the next 2-3 years. The modern concept of development of the Russian stock market does not take these problems into account. The further development of infrastructure institutions, legislative and technological issues related to the use of the Internet are not reflected in the program that is now being formed with the participation of professional players and market participants.
Just 3-4 years ago, the Internet was simply a system for transmitting information, but now electronic technologies are actively included in other types of professional activities, both in the securities market and in the financial and commodity markets. The Internet is growing like an explosion. IN
In 1996, the number of Internet users in the world was 40 million, and today there are about 300 million people. It is expected that by 2005 the number of people accessing the network will exceed 1 billion. More than 150 countries have direct access to the network. Almost every 2 seconds a new Internet user is registered.
The Internet economy is expected to grow to
1 trillion US dollars in 2001 and up to 3 trillion US dollars in 2003. In the next 5 years, the volume could increase more than 10 times, reaching 6.9 trillion US dollars.
The volume of sales via the Internet in Europe in 2002 will increase almost 7 times and reach 2000 billion US dollars. Thus, the volume of e-commerce will be about 9% of the total volume of world trade in goods and services. The number of e-commerce shoppers is expected to grow from US$31 million in 1998 to US$183 million in 2003.
Although the development of the Internet in Russia lags behind the United States in absolute terms, its growth rate exceeds. The annual growth of the Internet audience in the United States in 1999 was 15%, and in Russia - 108%. At the end of 2000, Russia was included in the list of 15 countries in which the share of Internet users in the total population of the country is the most significant.
In Russia, Internet commerce is developing at a rapid pace. In 1999, Internet trade reached US$111 billion. Sales are projected to exceed US$1.3 trillion in 3 years. This will already be comparable to securities trading centers in New York, London, and Tokyo.
The Internet is gradually evolving into a globally distributed environment for financial transactions and investments. Currently, a private investor has access to the same high-quality information and financial services that were previously available only to large brokers, banks and other institutional investors.
Thanks to Internet technologies, the acquisition of securities, recognized throughout the world as the best way to invest free capital, has become available to everyone. In a matter of seconds, you can create an investment portfolio and then manage assets, immediately receiving all the necessary information (quotes, analysis, forecasts) anywhere in the country.
With the development of the Internet, there is a process of democratization of participants’ access to various types of activities, including trade, banking and information business. 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. Computerization has enabled a revolution both in the way the market is served, primarily through modern settlement systems for and between market participants, and in its methods of trading.
Computerization forms the foundation of innovations in the securities market such as:
1. New instruments of the securities market are numerous types of derivative securities. Creation of new securities of their types and varieties.
Block trading of shares on the RTS.
Recently, a new instrument appeared on the Russian stock market. In February 2001, the RTS Stock Exchange launched a unique project in its own way - trading in “blocks” of the most liquid shares. The new initiative caused a wide response in the media, which in itself speaks of the interest shown by the professional community in this initiative.
The main idea is that a trading participant gets the opportunity to post quotes and enter into purchase/sale transactions simultaneously for several “blue chips” combined into one block.
The blocks include the most liquid shares admitted to circulation on the RTS, while to minimize risks the ratio of securities in the block is optimal. The block of securities included 300 ordinary shares of RAO UES of Russia, 5 ordinary shares of OJSC Lukoil, 190 ordinary shares of OJSC Norilsk Nickel, 6 ordinary shares of OJSC Rostelecom, 200 ordinary shares of Surgutneftegaz, 20 ordinary shares of OJSC " Tatneft". The ratio of the number of securities in a block is determined based on their share in the RTS index. All securities presented in the block are now traded on the stock exchange, and to purchase one block an investor needs to invest only approximately $160.
Since the value of a block of securities correlates with the value of the RTS index by 99%, investors have the opportunity to invest in the most liquid Russian securities without focusing on each issuer separately. Essentially, the exchange invites trading participants to post quotes and enter into purchase and sale transactions with an analogue of the RTS index.
The price of a specific share in a block of securities is determined on the basis of the methodology described in the “Conditions for the implementation of clearing activities of the RTS” and approved by the Federal Securities Commission of Russia. According to this methodology, the process of determining the price of each share in a block of securities consists of two stages:
1) the weight of each security in the block is determined;
2) the purchase/sale price of each share in the block of securities is determined.
The idea of ​​creating such a tool is not new. Thus, in Western stock markets, instruments focused on stock indices of various exchanges have become quite widely used. However, in our country, direct trading of a stock index that is not a security registered with the Federal Securities Commission of Russia is possible only within the framework of the derivatives market. Today, block trading on the RTS can become one of the “bridges” connecting the derivatives market with the spot market.
1. New trading systems based on the use of computers and modern communications make it possible to trade automatically, i.e. without intermediaries (Internet trading, Internet banking).
2. The new market infrastructure includes modern information systems, clearing and settlement systems, and depository services for the securities market.
Depository and clearing system.
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 and Clearing Company was formed, and in some cities - settlement and depository centers. Depository and clearing organizations currently operate autonomously, performing the function of a transfer agent, i.e. accumulation of information and regular transfer of it to organizations maintaining registers of shareholders. In the future, it is possible to combine depository and clearing systems with RTS.
Such a system should ensure the processing of various types of securities, automation of various types of activities in the securities market: issuance activities, secondary circulation, calculations and payments of dividends. In addition, it should be possible to print documents required by both the issuer and the investor. When conducting interdepository operations in the case of data transfer via modem connection or on magnetic media, the information must be encrypted and protected by an electronic signature, i.e. All necessary measures must be taken to protect the safety of information. Interdepository operations involve not only transfers, but also the initial placement and redemption of securities.
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. Now developers and financial institutions 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 and clearing activities are performed by the non-governmental non-profit Professional Organization of Registrars, Trans-Agents and Depositories (PARTAD). Certification of software products helps bring them closer to the general functional standard and legal requirements. 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.
Today we are at the stage of creating automated systems for collecting applications and can create full-fledged automatic Internet systems. We need to move towards comprehensive remote client service systems, where all services can be received by the client remotely. Everyone will be able to manage their own assets and maintain electronic orders for all types of activities. The client does not need to go to the broker either to transfer, deposit and withdraw money or securities, or to confirm the register of completed transactions. Customer service is completely transferred to the online space, i.e. in real time.
The complex system is:
1) Internet trading (trading securities);
2) Internet banking (money management);
3) Internet depository (securities management).

Federal State Autonomous Educational Institution of Higher Professional Education

National Research University

High School of Economics

Faculty of Business Informatics

Discipline program

"Information technologies in securities market analysis"

for the master's program "Business Informatics"

directions 080700.68 “Business informatics”

Section “Business Informatics” of the Department of Business Analytics

Chairman Head department

________________ __________

“___” ________________ 2012 “___” ____________ 2012

Moscow – 2012

	Name of topics	Total hours	Classroom hours	Independent work
	Sem. or practical
	Introduction
	16. How does a violation of the stationarity of a model like AR(q) manifest itself? 17. What mechanism is used to export stock data from trading systems to Excel in real time? 18. How does the fractal nature of changes in stock exchange prices manifest themselves? 19. What factors influence the efficiency of exchange operations? 20. What time series transformations can be used to remove the trend and seasonal component?

It is difficult to do without information technology in the trading industry today. To record even small trading volumes, at a minimum, spreadsheets are used. The greater the volume of trade, the more demands trade organizations place on information flows that accompany the movement of goods and allow them to make the right management decisions.

Trade as a sphere of human activity was one of the first to introduce information technology. We can assume that it was there that the “automated accounting system” appeared:

The tax office did not control the cash register at that time; the entrepreneur himself needed accounting in order to monitor the work of the hired seller. The entrepreneur walked around his retail outlets, collected revenue and checked its amount using the cash register. If it did not match the cash register tape, I dealt with the sellers.

Years passed, trade developed, and information technology developed. Of course, there are those who still have enough cash registers today, which have become “smarter,” lighter and more convenient, but the essence of the process has changed little. The scale of trade, the assortment, the flow of customers have increased - all this is an order of magnitude greater than a century ago, and managing a trading enterprise without automation has become very difficult, and sometimes impossible.
Modern trade can be structured by main activity segments (see diagram).

Scheme.

Wholesale trade, distribution

It is a key link in supply chains. Its task is to connect the manufacturer and consumer of products, who may be located far from each other, including in different countries.

Only the world's largest manufacturers are able to build their sales logistics so as not to require intermediaries. The work of an intermediary - a wholesaler or distributor - is no longer a simple “buy and sell”, but a complex process that involves:

• collection and analysis of customer needs;
• attracting new and retaining regular customers;
• calculation and maintenance of optimal inventory levels;
• order management;
• supply chain management;
• management of intra-warehouse and transport logistics.

These tasks are solved by commodity accounting systems and trade modules of ERP systems. Warehouse management systems are responsible for warehouse logistics ( WMS- Warehouse Management System), for transport - cargo management systems ( TMS- Transport Management System). The tasks of interaction with the outside world are solved by special electronic data exchange systems ( EDI- Electronic data interchange). The tasks of maintaining customer loyalty and marketing tasks are solved jointly in commodity accounting systems or corresponding modules ERP- systems and customer relationship management systems - CRM.

Trends in the development of wholesale trade and distribution, on the one hand, are dictated by market conditions, and on the other, by the development of information technology.

Market conditions are such that all opportunities for intensive growth of trading enterprises are practically exhausted. Competition has become extremely intense. Dozens and hundreds of suppliers can provide the same product at approximately the same prices. Price competition fades into the background, since the possibilities for maneuver in this field are almost completely developed by various bonus schemes and loyalty programs.

In such conditions, the only effective competitive tool remains the quality of customer service. Of course, first of all, these are just-in-time deliveries, but not only that. The following services also improve the quality of service:

• systems for automated ordering of goods;
• integration of information systems of the seller and client;
• promptly informing the client about the progress of his order.

Information technologies are now actively developing in the mobile sector. For trade, this means that employees who have never had their own automated workstations before receive them on tablets and smartphones.

Another important trend is the development of cloud services, which significantly speed up the solution of integration problems: this includes the inclusion of remote branches in the common information space and integration with the information systems of external contractors.

Using these services and information systems separately, or combining them or implementing integrated complex systems in which all these modules are organically connected to each other, a trading enterprise successfully solves its problems.

Industrial sales

The sales departments of manufacturing enterprises are, in fact, the first distributors in the supply chain, and therefore solve almost all the same problems as wholesale and distribution companies. The only difference is that they work not with an external supplier, but with their own enterprise. Therefore, in order for production to be able to plan its work based on current orders, the work of industrial sales must be automated within the framework of a single ERP system of the enterprise.

Whether to use additional WMS, TMS and CRM systems or modules built into the ERP system, which, as a rule, have simplified functions compared to specialized solutions, depends on each specific case.

Significant trends in the development of sales activities include the desire of manufacturers to manage their supply chains, reduce their costs and maximize their own profits. Therefore, information systems need to solve a number of integration problems throughout the supply chain.

Retail

Retail is the bottleneck in supply chains, the bottleneck. Not a single store is able to put on the shelves the entire range of goods that are supplied or produced. The reason for this is the physical limitation of the size of the retail space and shelves. The task of an effective retailer is to put on the shelves exactly the product that will bring him the maximum profit.

Retailers, due to their strategic position in the supply chain, dictate their rules of the game to all market participants. For example, it is not customary for stores to pay immediately for the goods delivered. A deferred payment of at least 40 days is available in almost every contract for supplies to a retail network. Of course, there are also special services responsible for signing such agreements and for monitoring mutual settlements under them.

The organization and management of logistics is very important for retail. Some logistics tasks are delegated to suppliers, while others are solved by retailers themselves, building their own distribution centers and transport services.

Three classes of information systems are used in retail trade:

• front office(Front-office) - solve customer service problems, work at specialized workplaces equipped with the necessary equipment (fiscal registrar, buyer display, acquiring terminal) or at POS terminals;
• store management(In store solution) - solve the problems of accounting for the movement of goods and money in a store, managing prices, inventories, orders, personnel, marketing campaigns and customer loyalty. There are also complex systems that combine store inventory functions with customer service. Such systems belong to the class of front-end systems;
• back office(Back-office) - solve the whole range of problems of accounting and management of a trading enterprise, often classified as ERP-class systems. Of the specific retail tasks, they are “responsible” for managing relationships with suppliers and assortment management in the retail network.

Retail trade has very strict requirements for the reliability of information systems. Since many retail stores operate 24 hours a day, seven days a week, they require the same functionality from information systems. Time is money in the literal sense of the word, every retailer knows what the price is for an hour of idle time on its checkout line, an hour of idle time for trucks on a ramp for unloading. Information systems analyze and predict profitability for goods and product groups, provide information for making decisions about introducing or removing certain product items from the assortment.

There are also a number of specific requirements for information systems, dictated by the range of retail trade. For example, for pharmacies, it is important to keep track of drug batches, control counterfeit and rejected batches, control the maximum permissible markups on vitally important drugs, and they also need to generate reports on them to Roszdravnadzor. Pharmacy systems must solve all these problems.

Since many retail stores operate 24 hours a day, seven days a week, they require the same functionality from information systems.

Other retailers will find this functionality unnecessary; they need something else. In the retail trade segment of construction and finishing materials, household goods (DIY - Do it yourself), it is required to keep records of measured material and know for sure that, for example, 12 sq m in warehouse balances is a 3x4 m cut-off, and not two 2x3 m cut-offs .

Fashion retail (sale of clothing, shoes, accessories), trade in jewelry, household appliances, books, optics, cars and auto parts has its own specifics. Recently, Russia has developed its own specifics in food retail. In accordance with Federal Law No. 218-FZ, retailers of alcoholic beverages are required to submit declarations to Rosalkogolregulirovanie. Of course, this is reflected in the relevant information systems.

However, in general, the functional content of information systems for retail trade has changed little over the past 30 years, which is not surprising, since its principles and essence do not change. By the way, many European retailers still use information systems created in the 90s of the last century. During this time, their usability (ease of use), reliability, and performance developed. The functionality has changed slightly and reflects changes in legislation, in the principles of retail trade management, as well as the opportunities offered by the development of information technology, including interaction via the Internet, the use of mobile devices, real-time analytical processing (OLAP, online analytical processing ) and so on. The immediate prospects include the active use of mobile solutions and the migration of part of the computing power to the cloud.

The functionality of retail information systems has changed little over the past 30 years.

Competition is also intensifying in the retail sector; the market is close to saturation. Of course, there will be some growth due to the construction of new residential areas, but, as the crisis of 2008-2009 showed, it is no longer possible to grow only through new stores. We need to cut costs. Therefore, information systems need to improve their cost analysis and management functionality. It is necessary to attract and retain customers; therefore, the development of customer loyalty management subsystems will be in demand.

There is a separate problem for small businesses. Experiencing enormous competitive pressure from federal retail operators, small businesses in Russia are doing practically nothing to win this fight, to be better and to win over the buyer. The condition of most small shops in residential areas (their interiors, goods sometimes with questionable validity, salespeople, etc.) is such that they seem to be deliberately pushing customers to chain stores.

Experiencing enormous competitive pressure from federal retail operators, small businesses in Russia are doing practically nothing to win this fight, to be better and to win over the buyer.

In the West, small businesses have found themselves on the brink of survival with the development of chain retailers. However, not only has it survived, it has thrived. For example, in small towns in the United States, shops have traditionally been located on the main street - Main Street. When Wal-Mart (the retail company that operates the world's largest retail chain) opened its next hypermarket near the city, the revenue of small stores fell rapidly. It would seem that small businesses have no chance. After all, in a hypermarket the prices are lower and the assortment is larger. If small traders had not changed anything in their business, or if they had tried to fight chain retail with its own methods, then it is unlikely that there would be anything left of them now.

Another strategy proved effective. Instead of the mass character of a hypermarket, there is an individual approach to the buyer. Instead of cheap goods distributed by the chain's logistics service, there are products from local producers, always fresh and of high quality. Instead of price competition, there is a struggle for quality and service. In such stores, prices are significantly higher than in hypermarkets, but the product is completely different and the attitude towards the buyer is completely different.

Our small stores differ, unfortunately, for the worse. The restriction on the sale of alcoholic beverages gave some impetus to improving the situation. Revenue from the sale of alcohol and beer was the main component in the profits of such stores, especially in the evening and at night. I had to either close down or change something, take a more meaningful approach to the formation of the assortment, control costs and be more attentive to the work of the staff. Information systems for small businesses provided considerable assistance in this regard. They implement everything you need to manage an effective enterprise, no worse than for a large business, but at an acceptable price for a small store.

Cash&Carry (wholesale and retail trade)

From the point of view of information technology, it combines, perhaps, all the most complex tasks from the B2B and B2C segments.

There are also wholesale sales in this trade segment. But this is small wholesale for small businesses, which is practically not automated. So wholesale sales there are not much different from sales in the retail sector.

There are also retail sales, but personalized records are kept. This is not just a sale to a private person in accordance with the public offer of a retail store. This is the same transaction under a purchase and sale agreement that is carried out on the B2B market, but only executed by a cash register. Therefore, information systems for Cash&Carry must have the functionality of commodity accounting systems for wholesale trade and be subject to the loads of retail trade automation systems.

And these are very extreme working conditions. In terms of reliability and fault tolerance, they are subject to the same requirements as retail systems, i.e. operability 24 x 7.

Online trading

If a purchase decision is made based on information presented on the Internet, then such an action refers to online trading. In this case, it does not matter of fundamental importance how the trade transaction was prepared: whether it was done on the website of the online store, or the buyer told the seller by phone about his desire to buy the product, after which he received an invoice.

Online trading is practiced in both the B2C and B2B segments. But their requirements for information systems differ. For B2B, customer relationships are important. An excellent solution to this problem is the use of CRM systems integrated with the corporate website, which allows you to control the entire sales cycle from the client’s first contact to turning him into a regular customer, analyze the effectiveness of advertising campaigns on the Internet, and calculate the cost of attracting a client.

In the B2C segment, sellers spend most of their energy on search engine optimization and promoting their websites. The remaining forces are directed towards improving usability and user experience. Nowadays, few people develop websites from scratch; there are many ready-made website content management systems (CMS - Content management system), both commercial and free. Almost each of them has modules for organizing online trading and an online store.

In the B2C segment, sellers spend most of their energy on search engine optimization and promoting their websites. The remaining forces are directed towards improving usability and user experience.

Of course, the site must be integrated with the back office, and it must be a traditional inventory accounting system used in classical trade. Particular attention is paid to automation of the delivery service: planning, dispatching and even satellite monitoring.

According to Morgan Stanley forecasts, 2013 will be a turning point for the Russian online trading market. In 2012, its sales increased to $12 billion, accounting for 1.9% of the $670 billion in traditional retail.

The online trading segment is growing and developing in no small part due to the rapid development of the mobile Internet sector, the demand for mobile applications and CMS adapted for tablets and smartphones.

Each trade segment has its own requirements for information systems. And the information technology market fully satisfies them. Software products for building information systems for managing trade enterprises take into account the best practices of domestic and global business. For example, software products for trading automation on the 1C:Enterprise platform are successfully used not only in our country. Trade enterprises only need to choose the optimal tools to solve their problems.

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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, registrars, 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 must be considered in two aspects: the use of computer systems in the market; information support for the work of stock market institutions.

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).

The NASDAQ system has three levels of access to information. At the first level, information on 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 offers 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.

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). 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 in 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.

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 contracts for the purchase and sale of securities and uniform rules for trading for all participants.

To characterize the stock market of Russian issuers, the RTS system index has been developed and calculated since 1995. Currently, the calculation of the 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

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” is a 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 and clearing system.

Such a system should ensure the processing of various types of securities, automation of various types of activities in the securities market: issuance activities, secondary circulation, settlements and payments of dividends.

For issuing activities, the system is required to perform the following functions: placement of shares in the form of a closed subscription with a staged contribution of funds for payment; 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 interdepository interaction; accounting for redemption of securities.

When conducting interdepository transactions 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 transactions involve not only transfers, but also the initial placement and redemption of securities. The activity of calculating and paying dividends is automated in the depository system in the following areas: distribution of dividends by the number of shares and depending on the funds contributed in payment for the securities; retroactive calculation – for a certain date of accounting of shareholders in the past; additional charge (if rates have changed, additional charge 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 registrar activities are performed in the securities market by the self-regulatory non-profit Professional Organization of Registrars, Transfer Agents and Depositories (PARTAD), created in June 1994.

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.

Of the programs for maintaining a register of shareholders, the most famous in Russia and have PARTAD certificates are the following programs: “DepoMir” - developed by the depositary “Rinako” and the Institute of Commercial Engineering (Moscow); “Securities” – developer – Elko-Technologies company (Moscow); “Registrar” – developer – Novosibirsk company “Eldis Soft”. All these systems have the following qualities: they allow servicing several issuers; work with both documentary and uncertificated shares; allow you to serve up to 1 million shareholders; keep a log of all operations performed by the registrar; allow you to “roll back” any operations carried out in the registry (make retroactive corrections); provide for the possibility of exchanging information with nominee holders, depositories, and transfer agents; work both in network and local versions; have a system of classifiers that allow them 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 and clearing systems, register holders, settlement systems), systems that serve the investor directly are also needed.

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 portfolio returns on the investor's total income. 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 securities portfolio management system (GAMA) (Global Asset Management Assistant) 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: stocks, bonds, options, futures, derivatives, 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.

Taking into account GAMA, the activity of a portfolio manager has six components:

– operational activities;

– analysis of historical information – assessment of management effectiveness;

– forecasting portfolio behavior;

– increase in the number of financial instruments;

The GAMA system allows you 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 securities market is a complex system, the elements of which simultaneously generate and consume a huge amount of information. The existence of a modern stock market is impossible without appropriate information support, therefore, in Russia, in parallel with the stock market, an information market with its own participants and its own infrastructure is being formed. Collection of information about the securities market, as well as any other information tions that can affect the securities market are dealt with by specialized organizations: news agencies, information and analytical departments of banks, exchanges, financial companies, editorial offices of magazines and newspapers. Information is supplied in various ways. These can be printed publications, television, radio and telephone channels, as well as global computer networks.

Investors and other participants in the securities market can use any source of information on the securities market, depending on its goals and the amount of money they are willing to pay for the information supplied. Let's consider the main sources of information on the Russian securities market.

The easiest and most accessible way for almost all stock market participants to obtain information is the financial sections of newspapers. Newspaper publications contain the most current business and financial news and commentary. Information in newspapers allows investors to constantly keep abreast of events and know how they are reflected in the stock market. The most popular Russian publication is the Kommersant Daily newspaper, where, in addition to business news, quotes of the most important financial instruments and main financial indicators are published.

Global computer networks received special development and implementation into the infrastructure of Russian information markets in the late 90s. This was facilitated by the development of Internet technologies.

There are many information and analytical agencies operating on the Russian information market that supply information in electronic form via the Internet. For participants in the securities market, the websites of the Central Bank of the Russian Federation, the Federal Commission for the Securities Market of the Russian Federation, its regional branches, the Ministry of Finance of the Russian Federation, and Russian currency and stock exchanges are of particular interest. Russian trading system, self-regulatory organizations AUVER, NAUFOR and PARTAD, etc.

In recent years, the interbank telecommunications system SWIFT has also begun to offer its services for providing information services to the securities market.

SWIFT is an abbreviation for Society for Wordwide Interbank Financial Telecommunication (Society for Worldwide Interbank Financial Telecommunications, which was founded in 1973 by 240 of the largest banks in Western Europe and North America). This organization has created a global, fully automated communication system for banks and financial institutions. It has replaced outdated, inefficient forms of transmitting financial documents with an electronic form of exchange through computers.

Now SWIFT has more than 4 thousand followers from more than 100 countries. Thanks to SWIFT, international standards were developed for various types of transferred financial documents, which made it possible to quickly conduct international transactions with counterparties from different countries! countries speaking different languages ​​and operating in different national economic systems.

The SWIFT system includes a number of elements:

– two control computer centers (in Western Europe and North America), interacting through a special geostationary communications satellite;

– many regional processors connected to managers and providing user access to system resources;

– many interface systems associated with regional processors and installed directly at users; with their help, users can receive, transmit, and process messages.

For the development of interface systems, their connection to the general network and technological maintenance, there is a special company SWIFT Terminal Services (STS).

In Russia there is a regional SWIFT processor, which is installed on the premises of Vnesheconombank. Menatep Bank, Moscow International Bank, Vneshtorgbank of Russia, Inkombank and Rossiysky Credit Bank are connected to it.

In addition to banks, SWIFT also includes non-banking organizations serving international and national securities markets: broker-dealer organizations, recognized exchanges, central depositories and settlement organizations, trust companies, depositories, registration and transfer agents. After 1992, financial institutions and fund managers have been accepted into SWIFT.

SWIFT has ten message categories.

Each message type consists of required and optional "fields" containing individual parts of the message itself. All currency codes, security codes, participant codes, etc. are coordinated according to predetermined schemes.

2. INVESTMENT INSTITUTIONS IN THE SECURITIES MARKET

The main investment institutions in the securities market are banks, investment banks, investment companies, investment funds and other financial intermediaries.

Investments represent cash, targeted bank deposits, shares, shares and other securities, technologies, machines, equipment, licenses, loans, any other property or property rights, intellectual values ​​invested in business and other types of activities in order to make a profit (income).

Investment activity is an investment, or investing, and a set of practical actions for the implementation of investments. The subjects of investment activity are investors, both individuals and legal entities, including banks, and the objects of investment activity are newly created and modernized fixed and current assets, securities, targeted cash deposits, scientific and technical products, and other property objects.

Investment activities of banks carried out at the expense of: own resources; – borrowed and attracted funds.

Bank investments typically include securities with a maturity of more than one year. Banks, when purchasing certain types of securities, strive to achieve certain goals, the main ones of which include: investment security; return on investment; investment growth; liquidity of investments.

A bank's investment portfolio is a set of securities purchased to generate income and ensure the liquidity of investments. Portfolio management is about maintaining a balance between liquidity and profitability. The amount of securities owned by a bank is directly related to the bank's ability to actively manage investment securities and depends on the size of the bank.

The main principles of effective investment activities of banks are:

– firstly, the bank must have professional and experienced specialists who compile and manage the securities portfolio. The performance of a bank depends critically on the effectiveness of investment decisions;

– secondly, banks act the more efficiently the more they manage to distribute their investments between various types of stock values, i.e. diversify investments. It is advisable to limit investments by type of securities, economic sectors, regions, maturity date, etc.;

– thirdly, the bank’s investments must be highly liquid, so that they can be quickly transferred into instruments that, due to changes in market conditions, become more profitable, and also so that the bank can quickly get back the funds it has invested.

A bank's investment portfolio typically consists of a variety of securities issued by the federal government, municipalities, and large corporations.

Investment securities provide banks with income in the form of interest income, commissions for providing investment services and increases in market value.

In conditions of constant demand for bank loans and fairly high credit risks, the bank’s investment portfolio must maintain a balance between the profitability and riskiness of assets.

In addition, the Central Bank of the Russian Federation introduced a standard for using the own funds of credit institutions to acquire shares (shares) of other legal entities. It is established in the form of a percentage ratio of the amounts of invested and own funds of the credit institution. The maximum permissible value of the standard is 25%.

The bank's investment policy, as a rule, is formulated in a document approved by the bank's management. It usually contains: the main objectives of the policy; composition of the investment portfolio; types, quality of securities and portfolio diversification; computer programs; procedure for trading securities; features of swap operations with securities. After determining investment goals and types of securities to purchase, banks choose a portfolio management strategy. Based on the methods of conducting operations, strategies are divided into active and passive.

Investment bank is a credit and financial institution specializing in operations with securities (their issuance, placement) in order to attract additional funds, as well as long-term lending to its clients, which may include the state.

Investment banks are not banks in the classical sense, as they do not perform many types of banking activities.

The activities of investment banks, which define their essence, are reflected in their two main functions. The first function is to place shares and bonds, i.e. in increasing capital in the primary market.

A modern investment bank in developed countries operates in the stock market, engaging not only in the purchase and sale of securities, but also in organizing mergers and acquisitions of companies, managing mortgages and venture capital.

Investment banks in each country have their own specifics. In the UK these are investment companies of various profiles and trading banks.

Investment corporations that invest their own funds and funds of credit institutions in securities are typical for the United States.

France is characterized by business banks and investment houses. Business banks specialize in long-term operations, in which they place their clients' deposits in securities, primarily shares.

Investment societies have been created in Germany; directing investors' money into stocks, interest-bearing securities and land.

In Japan these are trust banks and city banks.

Investment banks perform the following operations, each of which acts as an income-generating factor:

– an issue guarantee, which means an obligation to buy the unrealized portion of the issued securities, which to a certain extent relieves issuers from risk; dealer at a fixed price, giving the investment bank the right to search for investors to sell them the same securities, but at a different price;

– placement of corporate bonds, the principal amount and interest on which are paid from the income from projects financed with their help;

– the purchase of a controlling stake in corporations, financed by the issue of new shares or through loans that the corporations must repay themselves;

– mergers and acquisitions of companies;

– participation in the sale of company assets through sale;

– venture financing;

– organization of syndicates to provide loans (investment syndication: “risk financing”);

– trading in securities;

- financial advisory; assessment of investment projects;

– calculations using “swap”, i.e. fixing the maximum interest rate on bond issues;

– conducting arbitration operations;

– servicing shares of regional banks, etc.

In this variety of investment banking operations, the primary financial service relates to the placement of securities.

In the primary securities market, investment banks act as intermediaries between corporations seeking to raise capital resources and individual and institutional investors. Most often, investment banks provide underwriting (guarantee of placement) of a new issue, i.e. purchase of securities from the issuer and resale them to investors.

A civilized investment process presupposes the presence of a developed capital market infrastructure. One of the leading investment institutions operating in the securities market are investment companies.

Investment company– a professional participant in the stock market, carrying out activities with securities. These activities include determining the terms and preparation of new issues of securities, purchasing securities from issuers for further resale to investors, underwriting placements, and creating subscription syndicates or groups to sell new issues. In addition, to maintain an active secondary market for newly issued securities, the investment company retains a portion of the issue for sale, since it has the right to act as a financial broker through the stock exchange.

The main function of an investment company is underwriting. This concept arose during the formation of marine insurance, when the merchant, as a third party, put his signature on the amount and terms of the risk that he agreed to cover. In the modern understanding, underwriting is a guaranteed (full or partial) acquisition by a stock market operator of an issue of securities during their initial placement at a fixed price.

Underwriting is formalized by an issue agreement or an agreement between the issuer and the intermediary, and all controversial issues are resolved in accordance with the Civil Code of the Russian Federation. The agreement must indicate the volume and timing of the issue redemption from the issuer, but usually there are no restrictions on the forms and methods of use by the underwriter of the purchased securities.

An underwriter is a guarantor of the initial placement of company securities, purchasing them for subsequent resale to private investors and charging for this a certain fee, set as a percentage of the cost of the entire package of securities. The value of the price spread (the difference between the public sale price of a security and its repurchase price from the issuer) in international practice ranges from 1 (large, creditworthy company) to 20% (small venture company). In addition, the price spread is influenced by the following factors: size of the issue - the larger the issue, the smaller the spread; quality of securities – the higher the quality, the lower the spread; type of security - for secured bonds it is less than for unsecured debt obligations, then the spread increases from convertible bonds to preferred and, finally, ordinary shares.

The investment company as an underwriter performs the following functions: preparation of the issue - development of the issue and assessment of the issuing company, establishing connections between the issuer and key investors; distribution – repurchase of part or all of the issue amount, sale of securities directly to investors; post-market support: support for the security price on the secondary market; analytical and research support: monitoring the dynamics of the security rate and analyzing the factors influencing it. Consider the following types of underwriting:

– underwriting “on the basis of firm commitments”: under the terms of the agreement with the issuer, the underwriter bears firm obligations to repurchase all or part of the issue at fixed prices, i.e., assumes the financial risks of placing securities;

– “best efforts” underwriting: the underwriter has no obligation to buy back the undistributed portion of the issue. Financial risks associated with non-placement of securities are fully borne by the issuer. The underwriter undertakes to make every effort to place securities, but does not bear financial responsibility for the final result;

– underwriting on the “all or nothing” principle: the agreement with the issuer is terminated if the underwriter fails to place the entire issue;

– contractual underwriting: all price conditions of the issue (the issuer’s share issue price, the spread between this price and the share placement price) are established based on negotiations between the issuer and the investment company;

– competitive underwriting: preparation of the issue on a competitive basis is carried out by several investment companies, each of which offers its own price conditions. The issuer selects an underwriter through a competition of applications, usually focusing on the best price and other conditions.

When several investment companies come together to underwrite large issues of securities, an issuing syndicate is formed. The latter is a temporary association of investment companies that, on the principles of profit sharing, organize, place and guarantee the issue of securities.

The issuing syndicate includes a purchase group, including an underwriter (investment company), i.e., the manager of the issuing syndicate, and investment companies - members of the syndicate, as well as a sales group containing companies - financial brokers, placing securities on behalf of the syndicate members. Companies that are members of the purchasing group undertake obligations to purchase part or all of the issue of securities. Unlike the buying group, members of the selling group act as financial brokers accepting orders from syndicate members for the initial public offering of securities.

In Russia, the underwriting work of investment companies has a number of features:

– due to the uncertainty of the future dynamics of the exchange rate and liquidity of the issuer’s securities, underwriting “based on the best conditions” or “with deferred repurchase” is predominantly used (the issuer’s securities are repurchased as they are sold by the investment company);

– issuers usually work with separate investment companies that are not related to each other, and a significant share of the issue is placed by issuers independently, without the help of financial intermediaries;

– issuers for the initial placement of securities may not attract investment companies, but use stock exchanges.

Since mid-1994, there has been an underwriters' club in Russia. It included financial companies Intrust, Russian Share Capital, Rinaco Plus, Finable, Alfa Capital and Olma. Currently, the club is conducting consulting activities.

Along with investment companies, there are other companies operating on the Russian stock market. financial intermediaries, which are collective investment institutions designed to facilitate small investors’ access to income from large capital investments, protect them from unscrupulous issuers and ensure an influx of investment in production.

Solving the problem of professional management and diversification is possible by introducing a financial institution such as mutual funds. Mutual funds are one of the largest investment institutions in the West. They are intended for investing the pooled capital of small and medium-sized investors. Investors purchase shares in a fund that manages a portfolio of specific securities. Fund shares change their value along with the value of all fund assets and can be freely sold at their current market value, i.e. they are highly liquid.

In Russia, the role of collective investment intermediaries was once played by various financial institutions - investment funds, check investment funds, pyramid companies. Within these institutions, the collective investment mechanism did not work, since they were created on the basis of ordinary joint-stock companies with all the taxes inherent in them.

In accordance with the Decree of the President of the Russian Federation. “On the further development of the activities of investment funds” No. 193 of February 23, 1998 provides for the creation of an investment fund only in the form of an open joint-stock company, the subject of which is investing in securities or in securities and real estate. A condition for issuing a license from the Federal Commission for the Securities Market is the conclusion by the investment fund of relevant agreements with a specialized depository and an audit firm. In addition, the assets of the investment fund are managed by a special company, and the value of the assets must be at least 10,000 minimum wages.

Considering the low liquidity of shares of investment funds and the high risks when funds invest their funds, the shares of these funds are not in particular demand among investors.

Currently, a number of objective prerequisites are emerging for the creation of civilized collective investment institutions:

1. Formation of investment demand from private investors.

2. Formation of an institute of professional managers in the investment market.

3. The emergence and development of a legislative framework that allows collective investment institutions to exist and operate effectively.

4. The approaching time of a “stock boom” due to a long-term increase in the market value of shares of privatized enterprises and a general decrease in interest rates.

Decree of the President of the Russian Federation No. 765 of July 26, 1995 “On additional measures to improve the efficiency of the investment policy of the Russian Federation” and the subsequent resolutions of the Federal Commission for the Securities Market contributed to the formation of the regulatory framework for mutual funds. In accordance with the Decree, the creation of mutual investment funds is permitted, which are property complexes without creating a legal entity, the property of which is managed by special management companies for the purpose of increasing it on the basis of a trust management agreement.

The management company has the right to make investments in the interests of mutual fund investors in securities, real estate, bank deposits and other property. Legal entities and individuals, with the exception of state bodies and local governments, can act as investors in mutual funds.

An investment share as a new bench instrument combines the advantages of a bank deposit (ease of investing and withdrawing money, high liquidity and reliability, relatively low risk of loss of principal and income due to exchange rate differences) and an investment instrument (higher profitability and speculative attractiveness). For an investor, this is a type of deposit with an investment focus. The register of owners of investment shares is maintained by a specialized depository on the basis of an agreement with the management company of the mutual fund.

A mutual fund can be open-ended or interval. In an open-end mutual fund, the management company is obliged to redeem the investment shares it has issued within 15 days from the date of submission of the investor’s application, which creates a mechanism for protecting shareholders from the arbitrariness of managers. In an interval mutual fund, the management company is obliged to redeem investment units at the request of the investor at least once a year. In this regard, it is necessary to determine the redemption and sale prices of shares. The price at which investors buy and sell their shares is determined by the fund's net asset value.

The net assets of a mutual fund are assessed by an independent appraiser, who may be a commercial organization licensed by the Federal Securities Market Commission.

To obtain a license, a commercial organization must meet the following requirements: have at least one year of practical experience; it must employ at least three appraisers who have a document confirming the relevant education; the share of state (municipal) property in its authorized capital should not exceed 10%.

There are two options for valuing net assets: historical (at the price established after the request to repurchase the share is submitted) and forward (the repurchase is made at the price established before the application is submitted). Each of these options has positive and negative features.

Mutual funds, created without a legal entity, make it possible to avoid capital gains tax, as well as implement “tax transparency” of the fund. This means that fund shareholders, in terms of taxation, are no different from investors who buy securities of various issuers directly on the market. Professional management of the consolidated funds of shareholders allows them to receive additional advantages over direct investments in securities.

Professional asset management is associated with certain fixed costs, which are ultimately deducted from the income of fund shareholders. In order for the remaining income per share to be large enough, the volume of capital concentrated in the mutual fund must be significant. According to expert estimates, a mutual fund that fails to accumulate $30-50 million through initial funding from its founders will turn out to be unprofitable.

To create and successfully operate mutual funds, it is necessary to train appropriate specialists. Therefore, in accordance with the Program for the Development of Mutual Investment Funds adopted by the Federal Commission for the Securities Market, it is envisaged to create special educational centers for securities market participants in such activities as mutual fund management, depository activities, and property valuation. In addition, the program envisages the implementation of one or two pilot projects to create mutual investment funds.
Fundamental properties of securities. Temporal, spatial and market characteristics of securities