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6 when the market for loan capital first arose. The concept, structure and functions of the loan capital market

1. Essence and functions of the loan capital market

2. Credit as a form of movement of loan capital

3. Essence of judgment interest

4. Credit institutions in the infrastructure of the financial market

5. Regulation of the activities of commercial banks

1. Essence and functions of the loan capital market

Loan capital - this is money lent for a certain percentage, subject to repayment.

Loan capital arose on the basis of the circulation of industrial capital, and represents a special, independent form of capital separated from it, characterized by a circuit different from that of industrial and commercial capital.

Main loan sources capital:

money capital released in the process of reproduction; depreciation fund of enterprises;

funds released in the process of selling products and making material costs;

cash generated as a result of the gap between the receipt of money from the sale of goods and the payment of wages;

profit going to the renewal and expansion of production;

cash income and savings of all segments of the population;

monetary savings of the state in the form of funds from the possession of state property;

income from industrial, commercial and financial activities of the government;

positive balances of central and local banks.

Loan capital market - a specific sphere of commodity relations, where the object of the transaction is the money capital provided on loan and the demand and supply for it are formed.

With functional point of view The loan capital market is a system of market relations that ensures the accumulation of free funds, their transformation into loan capital and its redistribution among the participants in the reproduction process.

With institutional point of view the loan capital market is a set of financial institutions, stock exchanges through which the movement of loan capital is carried out.

The essence of the loan capital market is manifested in its functions :

service of commodity circulation through credit;

accumulation of money savings(savings) of enterprises, the population, the state, as well as foreign lenders (maintenance of sources of loan capital);

transformation of cash funds directly into loan capital for its use in credit form in the sphere of social production;

service of enterprises, population and state as consumers of loan capital;

acceleration of concentration and centralization of capital for the formation of powerful financial and industrial groups.

The modern structure of the loan capital market is characterized by two main features:

temporary;

institutional.

By temporary sign distinguish:

money market is a market that provides loans for periods ranging from a few weeks to one year.

capital market - this is a market where funds are issued for longer periods: from one to five years (medium-term loans market) and from five years or more (long-term loans market).

By functional-institutional feature the modern market of loan capital implies the presence of two main links:

credit system - a set of various financial institutions.

stocks and bods market is the market where securities are sold.

The instruments of the loan capital market are:

money market instruments;

securities market instruments.

Money market instruments – obligations, as a rule, short-term (less than one year), which are usually issued for sale at a discount.

The following main money market instruments:

treasury bills - issued by the state as an obligation to pay a certain amount of money;

bills of exchange (commercial bills) - issued by companies as debt instruments in payment for goods and services as an obligation to pay a certain amount of money;

certificates of deposit - these are certificates confirming the placement of a deposit with the issuer and are an object for trading, similar to a savings book issued by a bank when making a deposit to an individual bank account.

Securities market instruments are securities . Securities are monetary documents certifying the property right or loan relationship of the issuer who issued the paper in relation to its owner.

Loaned for a certain percentage subject to repayment. The form of movement of loan capital is credit. Loan capital is a special historical category of capital that arises and develops under the conditions of the capitalist mode of production.

The main sources of loan capital are money capital (cash) released in the production process. These include:

depreciation fund of enterprises for renewal, expansion and restoration of fixed assets;
part of working capital in cash, released in the process of selling products and making material costs;
cash generated as a result of the gap between receiving money from the sale of goods and the payment of wages;
profit going to the renewal and expansion of production;
cash income and savings of all segments of the population;
the state's monetary savings in the form of funds from the ownership of state property, income from the industrial, commercial and financial activities of the government, as well as positive balances of the central and local budgets.

vyh relations associated with the process of ensuring the circulation of loan capital.

The main players in this market are: primary investors, i.e., owners of free financial resources, mobilized by banks under various conditions and converted into loan capital; specialized intermediaries represented by credit and banking institutions that directly raise funds and convert them into loan capital; borrowers- represented by legal entities and individuals, as well as states experiencing a temporary lack of financial resources.

The modern structure of the loan capital market is characterized by two main features: temporary and institutional.

By temporary sign A distinction is made between the money market, which provides short-term loans (up to 1 year), and the capital market, where medium-term (from 1 to 5 years) and long-term loans (from 5 years or more) are issued.

By institutional feature the modern loan capital market presupposes the existence of an equity capital market (or securities market) and a debt capital market (credit and banking system).

Main functions loan capital market:

maintenance of commodity circulation through credit;
accumulation of monetary savings of legal entities, individuals and the state, as well as foreign clients;
the transformation of monetary funds directly into loan capital and its use in the form of capital investments to service the production process;
serving the state and the population as sources of capital to cover government and consumer spending;
acceleration of concentration and centralization of capital for the formation of powerful financial and industrial groups.

In a market economy, credit relations are a form of movement of loan capital, which is carried out through the functioning of the loan capital market.

The loan capital market is a sphere of functioning of specific commodity-money relations, through which the formation and movement of loan capital takes place.

The loan capital market accumulates temporarily free money capital of economic entities, personal savings of the population and state funds, which are transformed into loan capital and redistributed on the basis of repayment in accordance with supply and demand.

From a functional point of view, the loan capital market can be characterized as an organizational form of purchase and sale of loan capital in order to meet the needs of business entities, the state and individuals in it.

From an institutional point of view, it is usually considered as a set of financial institutions and stock exchanges that organize the movement of loan capital, that is, mediate the movement of temporarily free funds from their owners to users.

Participants in the loan capital market can be divided into financial intermediaries and auxiliary financial organizations.

Financial intermediaries are mainly various financial institutions that raise funds by incurring financial obligations on their own behalf with a view to the subsequent placement of funds on a credit basis. These include central and commercial banks, specialized banks (deposit, investment, savings, mortgage, etc.), special financial institutions (insurance companies, pension funds, investment and trust companies, savings and loan associations, financial companies, credit cooperatives, financial leasing companies, etc.), underwriters and securities dealers, etc.

Financial auxiliaries, unlike financial intermediaries, do not directly raise funds and do not provide loans on their own behalf and on their own behalf. They provide specialized services closely related to intermediary operations in the loan capital market. Ancillary financial institutions include stock exchanges; brokerage companies and agents; corporations providing financial guarantees; corporations organizing derivative financial contracts, etc.

Borrowers in the loan capital markets are economic entities (state and joint-stock enterprises, private firms, etc.), the state, the population, financial institutions.

Business entities use borrowed funds to replenish their own working capital and upgrade fixed assets. Resources can be provided in the form of a bank, commercial, leasing or mortgage loan.

Individuals resort to borrowing in the form of mortgages and consumer loans; the state covers the budget deficit at the expense of funds received as a result of the sale on the market of securities issued by it (treasury bills, bonds, notes and other credit obligations). Demand for loan capital is also often presented by banks that are forced to resort to loans in the interbank market to maintain their liquidity.

The capital market is a set of operations for the placement of medium-term and long-term investments in fixed capital and operations that serve the movement of medium-term and long-term resources of financial institutions, the state and individuals.

In this market, credit transactions are carried out for a period of more than one year, that is, it forms the supply and realizes the demand for medium-term and long-term financial assets (credit resources). The functioning of the capital market allows economic entities to redistribute and reduce risks when investing their savings and savings. The level of its development has a direct impact on economic growth and employment, as it largely determines the investment opportunities of the economy.

Capital market instruments are medium-term and long-term loans (liabilities), as well as medium-term and long-term securities, in particular, treasury and municipal notes and bonds, corporate bonds, mortgages, etc.

The money market and the capital market are not isolated from each other, on the contrary, there is a constant counter movement of capital between them, and therefore it is impossible to draw any precise line between these markets. In particular, the system of bank and state guarantees makes it possible to use short-term capital to provide medium-term and long-term loans; some transactions, such as arbitrage between these markets, result in the transfer of capital from the money market to the capital market or vice versa, and so on.

Depending on the nature of financial instruments of transactions in the loan capital market, it can be divided into a credit (deposit and loan) market and a securities market (stock market).

Unlike debt obligations, which formalize transactions on the credit market (deposit, loan agreements, etc.), debt obligations in the form of securities, as a rule, can act as an independent object of sale and purchase on the loan capital market, that is, they can be secondary stock markets. Thus, securities act as a special form of application of loan capital.

With the development of commodity-money relations, securities become more and more common instruments of the loan capital market. Loan capital embodied in securities, due to the specifics of its formation and movement, has a greater amplitude of expansion and contraction. In this regard, the outstripping growth of the securities market in comparison with the credit market has led to a significant increase in the elasticity of the loan capital market as a whole. On the one hand, this contributes to the development of the economy, allows you to more fully meet the demand for liquidity, on the other hand, it causes the instability of the loan capital market, increases the likelihood of crises.

Recently, the relationship between the credit market and the securities market has been increasing. For example, the development of the process of securitization of bank assets (in particular, the transformation of bank loans into securities freely traded on the market) leads to a close interweaving, inseparability of operations in the stock market and bank lending operations.

Organized and unorganized markets. An organized market is a market that operates according to certain rules established by its participants. Organized loan capital markets include stock exchanges where credit financial instruments are traded on the basis of emerging supply and demand. Such exchanges are stock exchanges, as well as currency and commodity exchanges that have platforms for trading debt financial instruments.

Exchanges as organized markets are usually localized, that is, they have a permanent place for transactions. They usually have efficient trading and settlement systems, transactions are standardized by financial instruments and terms. Operations in organized markets can only be carried out by members of the exchange.

To ensure the safety and efficiency of exchange transactions in organized markets, rules for conducting operations are established. In order to reduce the risks of market participants, exchanges create systems to ensure the fulfillment of obligations under transactions (in particular, systems of guarantee fees), and organize control over the activities of participants.

In unorganized markets, transactions are carried out either by establishing direct contacts between counterparties, or with the help of brokers. Unorganized markets include, for example, the interbank market, the over-the-counter securities market, etc. The high growth rates of transactions in these markets are due to the development of telecommunications and computer technologies.

Unorganized markets are not standardized. All parameters of transactions (the number of financial instruments, their price, terms of the agreement, etc.) are set by the counterparties and fixed in the concluded contracts. In this regard, the regulation of operations in the unorganized market is carried out by those laws, under which the contracts concluded in this market fall.

Operations in unorganized markets are more exposed to risks than in organized ones, since they are more difficult to regulate and do not have a permanent circle of participants. In addition, in unorganized markets there are no such risk management systems, systems for ensuring the implementation of agreements (transactions), as well as systems for controlling the activities of participants, as in organized markets.

Depending on the country of origin of the counterparties of transactions, the loan capital markets are also divided into national and international.

As a rule, national credit institutions operate in national markets, and residents usually act as participants in transactions. At the same time, in the largest national markets of developed countries, transactions are also carried out with non-residents, but regardless of the composition of the participants in the transaction, transactions are carried out in accordance with the legislation and practice of this national market.

A characteristic feature of national markets is that they, to one degree or another (depending on the severity of legislation and the ongoing monetary policy), are subject to control and regulation by state bodies in terms of transaction volumes, interest rates, credit risks, etc. The movement of loan capital in the national market is closed to the central bank of a given country, which is the lender of last resort.

The functioning of national markets for loan capital is significantly influenced not only by the state of the national economy, but also by international economic relations. The development of the globalization process has led to a strong interdependence of most national markets. Residents of many countries can invest their funds in foreign securities or place capital in foreign financial institutions; non-residents can place their securities on national markets or make deposits in national banks. The attractiveness of a particular national market for foreign participants largely depends not only on economic conditions, but also on the legislation in force in this country that determines the conditions for conducting transactions.

The international loan capital market covers credit transactions in the field of foreign economic relations, which are carried out between counterparties from different countries. As a result of its functioning, there is a redistribution of loan capital between countries under the influence of both economic and political factors. Operations in this market are often accompanied by the transfer of funds from one currency to another, that is, it combines foreign exchange and credit operations.

The main participants in the international loan capital market are transnational and international banks, transnational and multinational corporations, states, international financial and credit institutions. Operations in this market are also carried out by national commercial and other banks and non-bank financial institutions.

The reasons for the formation of the international loan capital market are the intensive development of international integration, international economic turnover, increased concentration and centralization of industrial and banking capital, revolutionary changes in banking technologies, etc.

Thus, the loan capital market is the main part of the financial market, where the purchase and sale of mainly debt financial instruments (liabilities) is carried out. It includes the credit market, the securities market and that part of the foreign exchange market where foreign currency deposit and loan operations are carried out.

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Introduction
Chapter 1. Essence and evolution of the loan capital market
Chapter 2. The structure of the modern loan capital market
Chapter 3. Features of the formation of the loan capital market in Russia
Conclusion
List of references and sources

Introduction

An important condition for the expansion of production and the growth of well-being is the possibility of attracting additional funds. Moreover, while some market participants in the conditions of the reproduction process feel the need for additional financial resources, others have temporarily free funds. This contradiction is resolved as a kind of temporary redistribution of the money supply, carried out in a special area of the economy - the loan capital market.

The formation of free money capital occurs as a result of the circulation of functioning capital (commercial and industrial), the personal sector of the economy, cash income and savings of the state, as well as the own funds of credit organizations. The presence of free capital is contrary to its very nature; money capital acts in the form of loan capital only if it is attracted to various sectors of the economy. For a number of reasons, the need to attract free cash capital is always present in the economy of any country.

The recipients of loan capital are:

1. enterprises and firms (due to the seasonal nature of production and marketing of products, the need to incur costs for investment purposes, etc.);

2. banks (due to the need to regulate bank liquidity, as well as to meet the needs of customers in borrowed funds);

3. population (to meet various needs: the acquisition and repair of housing, durable goods, etc.)

4. state (borrowing funds for various purposes from the Central Bank or other states).

Based on the above, all market participants in general (individuals and legal entities) can become participants in the loan capital market.

According to T.V. Avdeenko, “the full development of market-type credit relations is the most important factor in the growth of the Russian economy, since the largest investment resources are accumulated through the credit system, and the state is fully interested in using them for the benefit of the people” Avdeenko T.V. The market of loan capital in the economy of reformed Russia: features of formation and development prospects: Dis. ... cand. economy Sciences: 08.00.10. - Moscow, 2004. S. 8.

It is also important that the loan capital market (its structure and degree of development) is a kind of litmus test of the general state of the economy of the state as a whole, and I would like to consider how the economic growth currently observed in our country (according to experts) has affected the situation in the capital market.

The above circumstances together were the reason for choosing this particular topic for the course work.

Thus, this work aims to study the development of the concept, the essence of the loan capital market in general and in Russia in particular.

The tasks of the work are:

– consideration of the evolution of the loan capital market;

– determination of the loan capital market, its structure and mechanism of functioning;

– study of the loan capital market and its structural components in Russia: the history of formation and development, as well as the current situation.

The work consists of an introduction, three chapters, revealing the tasks, conclusion and list of references.

Chapter 1. Essence and evolution of the loan capital market

The loan capital market arose at a certain stage in the development of commodity markets, its place and role in the market economy largely depend on the level of development of reproduction.

The development of the loan capital market is due to the increase in the scale of accumulation of money capital under capitalism. Under the influence of supply and demand, there is a movement of loan capital: the capital accumulated in the form of money is converted directly into loan capital.

At the pre-monopoly stage, the loan capital market was a relatively underdeveloped sector of the market economy. This was expressed both in the narrowness of the scope of its functioning and the limited set of tools of this market. Its institutional structure consisted mainly of banks, while their ability to accumulate society's money savings and, consequently, to supply loan capital on the market was much less than that of the modern credit system of a developed market economy. In turn, due to the low level of development of production, the demand for loan capital on the part of economic entities was very unstable, limited and was mainly of a short-term nature. On the part of the state and private individuals, the demand for credit in those conditions was also irregular and insignificant in magnitude. The securities market was relatively undeveloped.

The monopoly stage of the market economy is characterized by a rapid increase in the scale of the functioning of the loan capital market and a significant complication of its organizational forms. This is due to the increase in the volume of reproduction, its qualitative changes, the process of concentration and centralization of banking capital, the development of the credit system and many other factors.

Modern loan capital markets in developed countries are among the largest in terms of volume of transactions and complex in structure of sectors of the market economy, and there is a tendency to expand them and the emergence of an increasing number of financial instruments used in these markets. Accordingly, the role of the loan capital market in the economy has increased many times over. It has become one of the most important links in the market economy, it accumulates monetary accumulations and savings, and thereby determines the scale and rate of accumulation in the country, and hence, to a large extent, the rate of economic growth.

The market for loan capital directly affects the scale and structure of production, the pace of its development, increases the concentration and centralization of capital in production.

The loan capital market as an economic category expresses socio-economic relations that are determined by the laws of capitalist management, which ultimately form its essence, i.e. connections and relations both within the market itself and in interaction with other economic categories.

Money capital is released in the process of reproduction. It goes there in the form of loan capital through the market, and then returns to the creditor (banks and other financial institutions).

The essence of the loan capital market does not depend on what kind of money capital is used on it: own or someone else's, accumulated, i.e. it does not matter whether the banker conducts his business only with his own capital or only with capital deposited with him.

The loan capital market contributes to the growth of production and trade, the movement of capital within the country, the transformation of monetary savings into investments, the implementation of the scientific and technological revolution, and the renewal of fixed capital. In this sense, the market mediates the various phases of reproduction, is a kind of support for the material sphere of production, from where it draws additional monetary resources.

The economic role of the loan capital market lies in its ability to combine small, disparate funds in the interests of all capitalist accumulation.

This allows the market to actively influence the concentration and centralization of production and capital.

The association of small capitalists and the increase in concentration in the market itself were initially promoted by banks, which were "cashiers of industrial capital", and subsequently by all other types of financial institutions and stock exchanges.

Describing the role of credit in the capitalist economy, the following main propositions are usually singled out: the pooling of scattered individual money capital and the savings of all classes of society in the hands of loan capitalists; economy of public costs of circulation; equalizing the rate of profit; creation of joint-stock companies.

The increased role of the loan capital market in the economy is manifested in three main areas: the provision of loan capital to the private sector, the state and the population, as well as to foreign borrowers; accumulation of free money capital and monetary savings of the population; concentration of fictitious capital. Accumulation and consolidation of individual monetary capitals are carried out not only by private credit and financial institutions, but also by the securities market Sviridov O.Yu. Money, credit, banks. Tutorial. - M.: March, 2008. S. 56-58.

In the last two decades, the following trends have been most noticeable in the development of markets.

First, in many countries, to varying degrees, there has been a liberalization of loan capital markets, deregulation of their activities. The abolition of restrictions on certain operations, previously prohibited activities of commercial banks and special credit and financial institutions, and other forms of liberalization led to the universalization of the activities of market participants and increased competition between them.

Secondly, the process of globalization of loan capital markets has intensified. The scale of operations carried out on them has increased many times over, and the pace of their internationalization has increased. If earlier the process of internationalization covered mainly the loan capital markets of developed countries, then since the 90s of the XX century. it spread to developing countries with established markets and growing solvency. The number of global financial centers has increased, including in regions with developing economies.

The process of globalization of the markets under consideration is due to the liberalization of national markets for loan capital, the removal of restrictions on many foreign economic transactions, as well as advances in technology, which have made it possible to increase the speed of transactions with financial instruments and to carry out automated management of portfolios of financial assets.

On the one hand, globalization and integration of loan capital markets allows economic entities to find more favorable conditions for investing their savings and savings, reduce the cost of financing their investments, reduce risks through international diversification of investments, etc. On the other hand, the globalization of markets has led to an increase in their instability, and the transfer of crisis impulses from one financial market to another has accelerated. The state and development of national economies and markets have become more dependent on changes in the external economic situation.

Thirdly, there is a modification of traditional forms of credit operations and the formation of new types of financial instruments.

The development of loan capital market tools is associated with a number of reasons. In particular, increased market volatility has stimulated the search for ways to mitigate emerging risks. Inflationary processes led to the emergence of tools to prevent inflationary depreciation of financial assets. The excess of demand for credit resources over their supply led to the creation of financial instruments that expand access to sources of loan capital. Debt crises, both in developed and developing countries, forced to intensify the search for ways to improve the liquidity of borrowers and lenders. In addition, the driving motive is to obtain additional profit through operations with new financial instruments.

As a result, new financial instruments (basic and derivatives) began to be used in the loan capital market: commercial securities, securitized assets, credit derivatives - credit default swaps, options on credit defaults, options on credit spreads, structured debt obligations under a loan agreement , debt obligations on additionally borrowed funds, etc.

The reasons discussed also led to the creation of complex financial instruments that combine traditional debt claims and liabilities with derivative financial instruments. For example, at present, in world practice, standard bank loan agreements are often accompanied by swaps or interest rate options that protect the borrower from fluctuations in interest rates. Money, credit, banks. Textbook./Ed. G.I. Kravtsova. - Minsk: BGIU, 2007. S. 287-289.

Chapter 2. The structure of the modern loan capital market

To determine the modern capital market, it is necessary to refer to the concept of loan capital as an economic category Sviridov O.Yu. Money, credit, banks. Tutorial. - M.: March, 2008. S. 58.

Loan capital is money lent for a certain percentage subject to repayment.

The form of movement of loan capital is a loan. Loan capital is a special historical category of capital that arises and develops under the conditions of the capitalist mode of production.

The main sources of loan capital are money capital (cash) released in the process of reproduction. These include:

- depreciation fund of enterprises, intended for renewal, expansion and restoration of production assets;

- part of working capital in cash, released in the process of selling products and making material costs;

- cash generated as a result of the gap between the receipt of money from the sale of goods and the payment of wages;

- profit going to the renewal and expansion of production;

– monetary incomes and savings of all segments of the population;

- cash savings of the state in the form of funds from the ownership of state property, income from the industrial, commercial and financial activities of the government, as well as positive balances of the central and local budgets.

Over the past 20-30 years, the savings of the population have been increasingly used as a source of loan capital. This trend is typical for the USA, England, Canada, Germany, France, Italy, Japan and other countries. As a rule, the savings of the population are embodied in bank deposits, in the reserves of pension funds, insurance companies, as well as in the purchase of various securities.

The modern structure of the loan capital market is characterized by two main features: temporary and institutional.

On the basis of time, they distinguish between the money market, in which loans are provided for a period of several weeks to one year, and the capital market itself, where funds are issued for longer periods: from one to five years (the market for medium-term loans) and from five or more years (market of long-term loans).

On a functional and institutional basis, the modern loan capital market implies the presence of two main links:

1. credit system (a set of various financial institutions);

2. securities market.

Let's consider them in more detail.

The money market is a set of operations for the placement of short-term investments, mainly in the working capital of business entities, as well as operations that serve the movement of short-term resources of financial institutions, the state and individuals.

In this market, credit transactions are carried out for a period of one day to one year. It arose earlier than the capital market, its main participants from the moment of formation to the present time are banks. See Appendix.

Transaction instruments in the money market (short-term debt instruments) are very diverse, they usually include interbank deposits, other short-term deposits and loans, treasury and financial bills, various government short-term securities, commercial bills, short-term commercial paper, banker's acceptances, certificates of deposit, repurchase agreements (REPOs), short-term bonds, etc.

Economic entities resort to operations in the money market mainly in order to regulate the liquidity of their assets. Significant volumes of transactions in the money market fall on interbank short-term loans. Interbank overnight loans are usually used to balance the average monthly liquidity position of banks; to interbank loans for a period of more than one month - to equalize liquidity disturbances expected as a result of upcoming mandatory payments or other reasons for an additional need for liquidity.

In addition to commercial banks, active participants in developed money markets are central banks, which use financial and credit instruments in the conduct of official monetary policy and to maintain the liquidity of the banking system.

The functioning of modern money markets in developed countries is based on the use of the latest communication and computer technologies, which makes it possible to carry out the purchase and sale of monetary resources with maximum speed and convenience not only within the country, but also abroad, including in the world's largest financial centers. The short-term nature of transactions ensures the minimization of interest rate risks (that is, the risk of losses from changes in loan interest), and the huge capacity of the money market makes it possible to conduct transactions in almost any volume.

Due to the rapid turnover of capital, the variety of instruments, frequent and significant fluctuations in the market situation, the money market provides ample opportunities for conducting speculative transactions. Such transactions carry an increased risk of financial losses for their participants, moreover, the movement of speculative capital can have a negative impact on the dynamics of market rates, increasing their fluctuations.

The credit system is made up of participants in the loan capital market, which can be divided into financial intermediaries and auxiliary financial organizations.

Credit and financial institutions (financial intermediaries) form a fairly stable supply of loan capital. At the same time, many market participants specialize either in attracting resources from certain sources, or in certain methods of raising funds and lending methods. The level and dynamics of the supply of loan capital from financial institutions is determined by the general economic (primarily financial) situation, the monetary policy pursued by the state, the nature of the sources of funds accumulated by them, etc.

It should also be noted a noticeable increase in the role of the state in the loan capital markets as a borrower, creditor and guarantor.

In modern conditions, many states on a permanent basis mobilize significant amounts of resources to finance their expenditures by placing government loans on the loan capital markets, attracting investors with a guarantee of return of funds, tax incentives, etc.

At the same time, the importance of the state as a creditor has increased: firstly, in a number of countries, a significant part of credit institutions is in state ownership, which makes it possible to control significant volumes of lending operations; secondly, at the expense of tax revenues, the state provides loans to individual largest corporations and even industries (for example, agriculture, housing construction), as well as structural restructuring of the economy, infrastructure development, etc.

Finally, the state often acts as a guarantor of the safety of the population's funds attracted in deposits by credit institutions, gives guarantees for the obligations of the largest national and transnational corporations, for the obligations of the population when providing consumer and mortgage loans by banks and non-bank credit institutions, etc.

The state is not only an active participant in the loan capital markets, but also has a tangible impact on the behavior of other subjects of credit relations. Thus, the state can establish general rules for the functioning of the market (through the adoption of laws and the development of regulations) and control their implementation, conduct state monetary policy in accordance with the general economic course, use the possibilities of the state budget, etc.

The securities market is an independent segment of the capital market. Securities are traded on the commodity market (commodity futures and options), commodity securities market (commercial bills of lading, warrants), money and currency markets (checks, financial bills, financial futures and options), stock market. The last of the listed markets accumulates the circulation of basic and derivative securities, which mediate both the movement of investment capital and economic relations in the commodity markets.

The securities market is a special area of economic relations that arose on the basis of the development of the loan capital market. It produces, circulates and redeems securities.

The main functions of the RZB include: the function of accumulating and redistributing capital, insuring financial risks, stimulating foreign investment, external control over the efficiency of business entities, informational (on the conditions for the movement of capital.

RZB functions at three levels: global; regional; national.

Currently, the largest capital flows are between regional markets. They are characterized by quantitative and qualitative differences, which are especially pronounced in such components of these markets as the markets for government and non-government securities, markets for specific types of financial instruments.

There are five main segments of the securities market: commodity main; commodity derivatives; stock core; stock derivatives; cash.

A distinction is made between the market for listed securities and the market for non-quoted securities. On the latter, financial instruments that do not meet the conditions for admission of securities to exchange trading are circulated.

Intermediary and commercial activities are carried out on the securities market. Intermediary transactions include the purchase and sale of securities by a professional market participant on behalf of and at the expense of a client on the basis of a commission or commission agreement, commercial transactions include transactions on their own behalf and at their own expense.

RZB consists of primary and secondary markets, which differ in methods, volumes of trade and financial instruments sold. New issues of securities are placed on the primary market for their placement. The issue of securities is carried out in the form of open or closed placement. With an open placement, the circle of potential investors is not limited; in the second version of emission, it is known in advance and is limited by a number of parameters. In the primary market, financial instruments are placed both without and with the participation of intermediaries. The second form of accommodation is typical for the developed countries of the world. To solve investment problems in the primary market, issuers form an offer of securities. When the demand of investors coincides with the offer of issuers (that is, when concluding purchase and sale transactions), an effective inter-industry redistribution of monetary capital occurs, which in turn affects the intensity of development and the efficiency of the national economy.

Not all types of securities subsequently enter the secondary market, where financial instruments are resold. Do not circulate, for example, shares of closed joint-stock companies, individual state and municipal loans, savings certificates.

The secondary securities market combines the exchange and non-exchange markets. On the stock market, the individual investor is most active, on the non-exchange market, the collective investor (institutional investors). The non-exchange market consists of two segments - organized and unorganized markets, the first of which, of course, is prevailing.

Each market (its segment) is characterized by the degree of transparency, the presence of state regulation, the legislative environment, the level of infrastructure development, including Internet technologies. The circulation of securities is ensured by the systems of exchange and non-exchange trading, depositary accounting and settlements on securities, and the clearing system. It should be noted that the temporal and functional-institutional features of the loan capital market are characteristic of all countries. At the same time, the state of the national market is judged on an institutional basis, i.e. by the presence of two main tiers: the credit system and the securities market.

Chapter 3. Features of the formation of the loan capital market in Russia

The transition from a command-administrative economy to a market economy necessitated the creation of a loan capital market in the Russian Federation to serve the needs of the economy. However, the true development of the loan capital market is possible only if the following markets are available: means of production; consumer goods; work force; real estate; earth. All these markets are in need of money, which the market for loan capital must provide them. This is the basic principle of the formation of the loan capital market.

As you know, within the framework of the command-administrative economy, an independent loan fund operated, which consisted of the credit resources of three banks, the income of state insurance institutions (Gosstrakh and Ingosstrakh) and the system of savings banks. In essence, it replaced the loan capital market.

The transition to building a market economy in the early 90s. called for the formation of a loan capital market in accordance with the Western model, which provides for the presence of two main tiers.

Separate elements of such a market existed in the country: the credit system (represented in a rather truncated form by the banking sector), state insurance institutions, as well as the securities market in the form of a limited issue of winning state loans.

The creation of cooperatives, the development of individual labor activity, giving economic and financial independence to enterprises in the late 80s. contributed to the transition from the loan fund to the loan capital market.

In the future, the conditions for the formation of the capital market became more favorable: in 1988-1989. an active process of creating commercial banks began as a central mechanism for the banking and credit sectors, the first independent insurance companies were organized, the issue of shares of individual large enterprises (for example, KamAZ, AvtoVAZ) began, the issue of government securities expanded due to the issuance of five percent bonds. Subsequently, the issue of securities and the emergence of new credit institutions, mainly trading in money, necessitated the creation of stock departments of trading exchanges and the organization as legal entities in 1991 of a number of stock exchanges in Moscow, St. Petersburg, Nizhny Novgorod.

However, in that period - the end of the 80s. and 1991-1992 - it was too early to talk about the creation of a full-blooded loan capital market in the Russian Federation. We can assume that at that time only some of its elements were created and strengthened, which include the formation of a two-tier banking system, the gradual development of specialized credit institutions and the functioning of the securities market in the form of a number of stock exchanges.

However, this was not enough to bring the market of the Russian Federation closer to the markets of Western countries. The lag was explained, first of all, by the absence of a full-fledged market for the means of production and the real estate market, the existence of which is possible only on the basis of widespread privatization, corporatization of a large part of state property. In addition, we need a labor market and its mobile migration, as well as a land market. All these are necessary conditions for the expansion of the securities market, and, consequently, the further development of new credit and financial institutions, the strengthening of the two links of the loan capital market, and the supply and demand for money capital. source recipient loan capital

Therefore, the main directions in the formation of the market for loan capital should be a high rate of savings (both in the production and in the personal sector), extensive privatization associated with the organization of the securities market, and the creation on its basis of an extensive network of specialized financial institutions.

Although the process of formation of the loan capital market developed rather contradictory and with great difficulties, it should, however, be noted that by the mid-90s. such a market was created in the Russian Federation. This happened due to the deepening of market reforms aimed at the transition to a market economy. In this regard, the following should be emphasized: there was a further expansion of the credit system due to an increase in the number of commercial and other types of banks (savings, investment), as well as an expansion of the range of specialized non-bank credit and financial institutions (insurance companies, investment funds).

In addition, by the mid-1990s in the Russian Federation, a securities market was formed in the face of the primary, secondary (stock exchanges) and over-the-counter street markets. Along with this, in 1993-1995. extensive privatization of property was carried out, which allowed the creation of a large number of joint-stock companies and enterprises in various sectors of the Russian economy, which allowed them to determine the real needs for loan capital for their potential development in the near future. In the same period, a real estate and housing market arose, and a labor market was determined. The formation of the loan capital market in the country was also facilitated by a clearer monetary policy of the central bank compared to the early 1990s. and legislative and legal support of the government and parliament of Russia. Since 1993, the state began issuing government bonds to cover the federal budget deficit.

Thus, by the mid-1990s there was a demand for loan capital from various sectors of the market economy, there were also proposals, but from the side of financial institutions in the form of the possibility of providing loans and various investors in the person of legal entities and individuals, as well as foreign clients as potential buyers of shares, private and public bonds.

At the same time, it should be noted that the creation of the capital market in the Russian Federation took place in rather specific conditions, which were characterized by hyperinflation in 1993–1995, an increase in the mutual debt of enterprises, a decline in production, and shocks in the banking sector (the beginning of bankruptcies of commercial banks from 1995 to 1995). ), fraud and the construction of financial pyramids in the credit sector, an increase in the budget deficit, and an increase in public debt. These factors determined the uncertainty of the development of the loan capital market in terms of satisfying potential consumers in the capital of a market economy that is experiencing enormous difficulties. This was expressed, first of all, in the fact that during the late 1990s and early 2000s, the country's credit system worked mainly with short-term loans. Highly liquid state securities Sviridov O.Yu. were in the highest demand on the securities market. Money, credit, banks. Tutorial. - M.: March, 2008. S. 62-64.

Let us evaluate the state of the modern national loan capital market in terms of its two structural elements: the credit and banking system and the securities market.

In the Russian Federation, all credit institutions are divided into 2 types: banks proper and credit institutions Federal Law of the Russian Federation of December 2, 1990 No. 395-1 (as amended on November 15, 2010, as amended on February 7, 2011) “On banks and banking activities” // SZ RF, 1996, No. 6, art. 492. Art. 2.

Bank - a credit institution that has the exclusive right to carry out the following banking operations in aggregate: attraction of funds from individuals and legal entities to deposits, placement of these funds on its own behalf and at its own expense on the terms of repayment, payment, urgency, opening and maintaining bank accounts of individuals and legal entities.

Non-bank credit institution - a credit institution that has the right to carry out certain banking operations provided for by law. Permissible combinations of banking operations for non-bank credit institutions are established by the Bank of Russia.

The Central Bank of Russia is the main bank of the state. It is independent of administrative and executive authorities. The Central Bank is an economically independent institution. He carries out his expenses at the expense of his own income.

Let's consider the functions and tasks of each of the elements of the credit system of modern Russia.

The main tasks of the Central Bank of Russia are: regulation of money circulation, ensuring the stability of the ruble, pursuing a unified monetary policy, organizing settlements and cash services, protecting the interests of depositors, banks, supervising the activities of commercial banks and other credit institutions, carrying out operations for foreign economic activity.

The federal law "On the Central Bank of the Russian Federation" defines three main goals of its activities:

1. protecting and ensuring the stability of the ruble;

2. development and strengthening of the banking system of the Russian Federation;

3. Ensuring the effective and uninterrupted functioning of the payment system Federal Law of the Russian Federation of July 10, 2002 No. 86-FZ (as amended on February 7, 2011) “On the Central Bank of the Russian Federation (Bank of Russia)” / / SZ RF, 2002, No. 28, Art. 2790. Art. 3 .

The first goal - protecting and ensuring the stability of the ruble, including its purchasing power and exchange rate against foreign currencies - is ensured by the fact that the Bank of Russia monopoly issues cash (banknotes and coins) and organizes their circulation.

The most important function of the Central Bank, as noted earlier, is the development and implementation, together with the Government of Russia, of a unified monetary policy aimed at protecting and ensuring the stability of the ruble.

The Bank of Russia annually no later than August 26 submits to the State Duma a draft of the main directions of the unified state monetary policy for the coming year and no later than December 1 - the main directions of the unified state monetary policy for the coming year Federal Law of the Russian Federation "On the Central Bank of the Russian Federation (Bank Russia)" Art. 45. At the moment, the document is in force: "The main directions of the unified state monetary policy for 2011 and the period of 2012 and 2013" approved by the Board of Directors of the Central Bank of the Russian Federation on November 12, 2010// Bulletin of the Bank of Russia, No. 67, 2010.

The second goal of the Bank of Russia is the development and strengthening of the country's banking system. The CBR functions as a "bank of banks". It regulates the activities of credit institutions and supervises them in the following main areas:

Regulation of mandatory economic standards for credit institutions (minimum capital, capital adequacy, liquidity ratios, etc.);

Determining the limits of the open currency position, the procedure for the formation of reserves to cover risks;

Opening correspondent accounts, depositing required reserves of credit institutions on special accounts, accepting their free funds as a deposit at a fixed rate;

Lending to credit organizations;

Managing the liquidity of the banking system by buying and selling government securities to banks;

Registration of issues of securities of credit institutions;

Establishment of rules for conducting certain banking operations, maintaining accounting records, compiling and submitting accounting and statistical reporting of credit institutions;

Registration and licensing of activities of credit institutions;

Supervision of compliance with banking legislation, regulations of the Central Bank, verification of the activities of credit institutions.

The third main goal of the Bank of Russia is to ensure the efficient and uninterrupted functioning of the payment system.

A payment system is a set of tools and methods used to transfer money, make settlements and settle debt obligations between participants in economic turnover Chalov A.I. Commentary on the Federal Law "On the Central Bank of the Russian Federation (Bank of Russia)" (item-by-article). - M.: Delovoy Dvor, 2010. S. 21.

The second level of the Russian banking system is represented, first of all, by a wide network of commercial banks that provide credit and settlement services to business entities.

The activity of commercial banks of the Russian Federation is built, as already mentioned, in accordance with the Federal Laws "On Banks and Banking Activities" and "On the Central Bank of the Russian Federation (Bank of Russia)".

The main purpose of the bank - mediation in the movement of funds from creditors to borrowers and from sellers to buyers. Along with banks, the movement of funds in the markets is also carried out by other financial and financial institutions: investment funds, insurance companies, brokerage, dealer firms, etc. But banks, as subjects of the financial market, have two essential features that distinguish them from all other subjects.

First, banks are characterized by a double exchange of debt obligations: they place their own debt obligations (deposits, savings certificates, etc.), and the funds mobilized in this way are placed in debt obligations and securities issued by others. This distinguishes banks from financial brokers and dealers who do not issue their own debt.

Secondly, banks are distinguished by the assumption of unconditional obligations with a fixed amount of debt to legal entities and individuals. In this, banks differ from various investment funds, which distribute all the risks associated with changes in the value of its assets and liabilities among its shareholders.

The main functions of banks are: accumulation and mobilization of money capital; credit mediation; carrying out settlements and payments in the economy; creation of means of payment; organization of issue and placement of securities; consulting customer service Money, credit, banks. Textbook./Ed. E.F. Zhukov. - M.: Unity, 2010. S. 284

One of the important functions of a commercial bank is credit intermediation. The value of the intermediary function of commercial banks lies in the fact that their activities reduce the degree of risk and uncertainty in the economy. Funds can be moved from creditors to borrowers without the mediation of banks, however, at the same time, the risks of losing funds loaned out sharply increase, since creditors and borrowers are not aware of each other's solvency, and the amount and timing of the supply of funds does not match the size and timing of their need. Commercial banks eliminate these difficulties. Free cash flows from one sector of the economy to another, stimulating the development of production. S. 287.

It should be noted that one of the specific features of the modern Russian banking system is the extreme unevenness of the territorial distribution of banking institutions.

Thus, as of January 1, 2011, 1,146 credit institutions were registered in the Russian Federation. Of these: 587 organizations are located in the Central Federal District (including Moscow), which is 57.8% of the total (in Moscow and the Moscow Region - 525 KOs - 51.9%); in the Northwestern Federal District - 71 KOs (7.0%); in the Southern Federal District - 47KOs (4.6%); in the North Caucasian Federal District - 57KOs (5.6%); in the Volga Federal District - 118KOs (11.7 5); in the Urals Federal District - 51KOs (5.0%); Siberian Federal District - 56KOs (5.35%), Far Eastern Federal District - 27KOs (2.7%) Overview of the banking sector of the Russian Federation. Analytical materials. No. 100, February 2011 .

These data show that the majority of banks are located in Moscow and the region. Most provincial banks have a strong regional focus, resulting in many relatively isolated local banking markets. This situation has objective reasons for the large territory of the country, the underdevelopment of infrastructure, etc.

Nevertheless, we see that, in the Russian Federation, a credit and banking system is gradually being formed, which is based on the same principles as in countries with developed market economies.

All securities in the modern securities market are divided into basic and derivatives.

Basic securities are securities based on property rights to any real asset. Among the main securities, primary and secondary securities are distinguished. Primary securities (shares, bonds, bills) are based on assets, which do not include other securities. Secondary - these are securities issued on the basis of primary securities (depositary receipts, share certificates). Derivative securities (futures, forwards, option contracts, swaps) are a form of expression of a property right (obligation) arising in connection with a change in the price of the underlying asset.

According to Art. 143 of the Civil Code of the Russian Federation, securities include: a government bond, a bond, a bill of exchange, a check, a deposit and savings certificate, a bank savings book to bearer, a bill of lading, a share, privatization securities and other documents that are classified by securities laws or in the manner prescribed by them to the number of securities.

Relations arising today in the issuance and circulation of emissive securities, in the circulation of other securities in cases provided for by law, as well as the specifics of the creation and activities of professional participants in the securities market, are regulated by the federal law "On the Securities Market" of the Federal Law of the Russian Federation dated April 22, 1996 No. 39-FZ (as amended on 02/07/2011) "On the securities market" / / SZ RF, 1996, No. 17, art. 1918 .

The securities market can be divided into the market of state and non-state (private) securities.

Government securities include internal loan bonds (OVZ), long-term obligations (GDO), as well as short-term obligations (GKO).

Private securities include checks, bills of exchange, and company shares that may be issued by private companies.

The government securities market performs the following functions:

Firstly, with its help, the government centrally borrows temporarily free funds from commercial banks, investment and financial companies, various enterprises and the population. Funds received from the sale of government securities make it possible to cover the deficit of the state budget without inflation;

Secondly, various government securities are actively used in the conduct of monetary policy by central banks. In practice, this means regulating the size of the money supply in circulation with the help of state obligations;

Thirdly, government securities, being reliable and liquid assets, are used to maintain the liquidity of the balance sheets of financial and credit institutions Finance and Credit. Textbook./Ed. N.G. Kuznetsova, K.V. Kochmola, E.N. Alifanova. - M.: Phoenix, 2010. S. 217.

The Ministry of Finance of the Russian Federation, by issuing GKOs, receives the funds necessary to finance the budget deficit. It should be noted that these funds are borrowed on market terms. The Central Bank of the Russian Federation, providing the organizational side of the functioning of the GKO market (auctions, redemptions, preparation of necessary documents, etc.), actively participates in the work of the GKO market as a dealer through the Main Securities Department in Moscow, as well as through the largest banks.

Government long-term bonds for a period of 30 years from July 1, 1991 to July 1, 2021 formed the GDO market. The bonds are issued in blank form with a set of coupons and are sold only among legal entities. GDO redemption began on July 1, 2006 and will be held for 15 years in annual draws. Bonds that are not included in the redemption draws are redeemed only until December 31, 2021. When GDOs are redeemed, the Bank of Russia pays their face value, a premium to the price that it can set, and annual income before the officially announced date for the start of the redemption of bonds.

OFZ - the first medium-term securities that appeared in the Russian Federation. They are issued for a period of one year and two weeks, which is explained by the peculiarities of Russian legislation (a period of more than a year is needed for a security to be considered medium-term) and the convenience of calculating yield (plus two weeks). For this paper, income is paid once a quarter, and income is tied to income on the GKO market: the last four issues of GKO are taken, the weighted average is calculated, and the OFZ is sold (in paperless form) at an auction on the MICEX based on this value. Like the prices for GKOs, the price for this paper is set by the investors themselves. And the role of the Ministry of Finance comes down to determining whether this price suits the ministry or not. This is called the cut-off price: the Ministry of Finance cuts off those proposals that are unfavorable to it, and accepts those that are profitable.

Thus, it is government securities that can become the basis for the formation of a developed domestic stock market if they are placed on conditions that are determined by market conditions.

Conclusion

So, the loan capital market as one of the financial markets can be defined as a special area of financial relations associated with the process of ensuring the circulation of loan capital.

Participants in the loan capital market can be: primary investors, that is, owners of free financial resources, mobilized by banks under various conditions and converted into loan capital; specialized intermediaries represented by financial institutions that accumulate funds, convert them into loan capital and then temporarily transfer it to borrowers on a returnable and paid basis; borrowers represented by legal entities, individuals and the state, lacking financial resources and ready to pay for the right to use them temporarily.

The modern structure of the loan capital market differs in two ways: temporary and institutional.

On a temporary basis, they distinguish between the money market, in which loans are provided for a period of several weeks to one year, and the capital market itself, where funds are issued for longer periods: from one to five years (medium-term loans market) and from five or more years (market of long-term loans).

On an institutional basis, the modern loan capital market consists of two main parts: the credit system; securities market.

The credit and financial system consists of a set of banks, credit organizations and the state that regulates it.

The securities market is a system of economic relations associated with the issue, sale, placement and sale of government and non-government securities.

It can be noted that today in Russia the legal and economic base of the loan capital market has been created and the process of its intensive development is underway.

List of references and sources

Regulations:

1. The Constitution of the Russian Federation as of January 1, 2009 - M.: Omega-L, 2011. - 48 p.

2. The Civil Code of the Russian Federation (part one) dated November 30, 1994 No. 51-FZ (as amended on July 27, 2010) // SZ RF, 1994, No. 32, art. 3301

3. Federal Law of the Russian Federation of December 2, 1990 No. 395-1 (as amended on November 15, 2010, as amended on February 7, 2011) “On banks and banking activities” // СЗ RF, 1996, No. 6, art. 492.

4. Federal Law of the Russian Federation of July 10, 2002 No. 86-FZ (as amended on February 7, 2011) “On the Central Bank of the Russian Federation (Bank of Russia)” / / SZ RF, 2002, No. 28, Art. 2790.

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Since loan capital is a specific commodity, there are markets where it circulates. Unlike commodity markets, the loan capital market (RSK) is characterized by homogeneity, the product has the same form - the form of money.

From an institutional point of view, the loan capital market is a set of financial institutions and the stock exchange, through which the movement of loan capital occurs. From a functional point of view, a credit mechanism through which temporarily free funds are accumulated and redistributed to production and non-productive investments.

RSK is divided into two major sectors: money markets and capital markets. Money markets are wholesale financial markets designed to carry out operations to provide and borrow money for a short period, in contrast to capital markets, where these operations are performed for longer periods.

The difference between money markets and capital markets, on the other hand, can be viewed in terms of assignment of loans. Money markets are intended to serve the sphere of circulation, and capital functions there as a means of circulation and payment. The capital markets, on the other hand, serve the process of expanded reproduction, and capital functions there not as money, but as a self-increasing value. In addition, another important difference lies in the types of financial instruments that are used to conduct transactions in the markets.

Short-term financial instruments (bills, checks, short-term bonds, etc.) are circulating in the money markets, medium- and long-term instruments (stocks, bonds, mortgages, etc.) are used in the capital markets.

Thus, based on the foregoing, it is obvious that the line between money markets and capital markets is to a certain extent conditional, since there is no clear division between them in terms of the timing of capital borrowing, and the purpose and end use of borrowed funds in real life is not always amenable to precise definition. In practice, money markets and capital markets are organically linked. This link consists in the constant transformation of short-term resources into medium- and long-term loans and portfolio investments.

Examples of money markets are: interbank market, bill market (discount), short-term bond market, commercial loan market (intercompany market). Examples of capital markets are the stock market (the market for shares and long-term bonds), the market for mortgage and consumer credit, the market for government long-term securities.

The loan capital market performs a number of functions that can be conditionally divided into two groups: general market functions inherent in each market, and specific functions that distinguish it from other markets. General functions include:

Price, i.e., the market ensures the process of folding market prices, their constant movement;

Commercial, i.e., the function of making a profit from operations in the market;

Informational, i.e. the market provides information to potential and current market participants and itself generates the information necessary for the functioning;

Regulatory, i.e. the market creates the rules of trade and participation in it, the procedure for resolving disputes, control bodies.

Specific features include:

Redistributive, which in turn is divided into three subfunctions

a) redistribution of funds between industries and areas of market activity;

b) transfer of savings, primarily of the population, from an unproductive to a productive form;

c) financing the state budget deficit on a non-inflationary basis, i.e. without issuing additional funds into circulation;

The function of insurance of price and non-price risks (or hedging) became possible due to the emergence of a class of derivative securities.

In accordance with the multi-stage sectors of the DGC, an appropriate structure of interest rates is formed. Among them, one can single out the minimum interest rates in the loan capital market, which serve as the basis, the base that determines the entire scale of interest rates:

Bank loan rate for first-class borrowers;

Interbank loan rate;

Commercial loan rate;

Rate on commercial securities;

Government securities rate;

Official discount rate of the Central Bank;

The rate on the international interbank market (LIBOR, etc.).

The development of new technologies, credit relations, the securities market served as the basis for the creation of a new segment - the venture capital market. Venture capital is a term used to refer to risky capital investments in small and medium-sized knowledge-intensive firms in developed countries. The venture capital market is an independent segment that has its own specific mechanism of functioning.

The first institution of venture financing "Charterhouse Development" was established in the UK in the mid-30s of the 20th century. A similar institution was created in 1941 in the USA by the Rockefeller group - the investment fund "Venrock Inc." At the end of the 50s, the US government joined the sphere of risky financing; and since then the US has been the leader in this business area. Venture capital acquired independent forms in the 60s and 70s of the 20th century. This was due to the high requirements of the scientific and technological revolution to the innovation process and the presence of an appropriate reservoir of financing in the conditions of an excess of loan capital, when an over-the-counter market for the initial issue was formed in the stock market. Venture emerged in new science-intensive industries, and above all in electronics as a side technology branch of the rocket business. With the help of venture capital, such well-known firms as Apple, Rank Xerox, Digital Research, and Texas Instruments were formed on the basis of small innovative companies.

Features of venture financing. The structure is necessarily two participants: an innovative research firm and a venture capital fund. The form of venture capital is JSC, the form of capital investments is portfolio and direct investments; basic principles - diversification, high profitability: minimum level of profitability - 10-fold increase in capital in 5 years compared to the initial investment; investing in stocks that are not (yet) listed on the stock market; high investment risk (1:10));

Organizational forms of venture entrepreneurship:

Independent (small) innovative firms using the capital of innovative funds;

Innovation firms organized on a share basis by industrial corporations (the so-called external venture capital funds of corporations);

- "internal" venture departments of corporations, the basis of which is the allocation of an entrepreneurial group as an independent venture division ("spin-off").

Sources of capital. The existing system of risk financing is distinguished by a wide variety of sources of capital. It includes: large commercial banks and corporations, pension funds, independent venture funds, individual private investors. A certain part of risky projects is financed by the state.

Stages of venture development: and the expected annual rate of return on invested capital (before taxes):

- "sowing" - research development (60% or more);

- "launch" - production of a prototype (40-60%);

- "early growth" (30-50%), "late growth" (25-30%) - development of production, putting it on stream (4-6 years).

Venture business in technopolises and science and technology parks. Technopolises form a kind of territorial zones of high technology. Universities were the core for their formation. Industrial corporations, research divisions, laboratories, information and computing centers were usually concentrated around this component of the venture, and a common productive and social infrastructure was created. Examples of a technopolis can be "Silicon Valley", "Silicon Valley" in the USA, in which the enterprises of the largest concerns of the electronics industry and the military-industrial complex are concentrated (IBM, Hewlett Packard, Xerox, General Electric, Lockheed, etc.). All these are reference environments for the growth of new, science-intensive industries that meet the requirements of the scientific and technological revolution.

There are also science and technology parks in the USA (Bionic Valley, Road No. 128).

Technoparks are widespread in Europe (France, Germany, Great Britain, the Netherlands) and in Asia (Japan).

Venture capital is the product of a long evolution of financial capital. Financial capital grows out of the isolation, socialization and merger on the basis of monopolies of the old traditional forms of social capital - industrial, banking, commercial. But finance capital can give birth to its own, completely new functional forms. One such form is venture capital. Being the creative basis of venture capital, financial capital transfers its genetic characteristics to it: flexibility, mobility, liquidity, "jumping". "Venture" is also endowed with such hereditary features of financial capital as multiplicity, multi-stage organizational structures being formed, their ability for mutual combination, mixing, mutual absorption. Being a product of overaccumulation, "venture" has taken the form of fictitious capital, moves through its traditional channels and is governed by its laws.

An important element of a well-functioning market economy is the securities market (SM). The key task of the RZB is to attract investments that determine the possibilities for long-term economic development. RZB is in constant development and is closely connected with various areas of financial and economic activity. When considering this topic, it is important to define the basic concepts related to the securities market. The first of these is the concept of a security as an object of trade on the RZB.

The definition of a security can be given from two positions: as a legal category and as an economic category. As a legal category, a security is a document of the established form and details certifying property rights, the exercise or transfer of which is possible only upon its presentation.

In the conditions of the market, its participants enter into numerous relations with each other, including the transfer of money and goods. These relationships are fixed, formalized, fixed in a certain way. In this sense, a security is a form of fixing market relations between market participants, which itself is the object of these relations. That is, the conclusion of a transaction or any agreement between its participants consists in the transfer or purchase and sale of a security in exchange for money or goods. But a security is not money or a material commodity. Its value lies in the rights it gives to its owner. The latter exchanges his commodity or his money for a security only if he is sure that this paper is no worse, and even better (more convenient) than the money or commodity itself. Since both money and goods in modern conditions are different forms of the existence of capital, the economic definition of a security can be expressed as follows.

A security is a form of existence of capital, different from its commodity, productive and monetary forms, which can be transferred instead of itself, circulate on the market like a commodity and generate income. This is a special form of the existence of capital along with its existence in monetary, productive and commodity forms. Its essence lies in the fact that the capital owner does not have capital itself, but has all the rights to it, which are fixed in the form of a security. Any socially significant rights can be recorded in the form of a security if they have an economic (monetary) value.

Securities have a rather long way of development. The first securities, and these were bills, appeared in the ancient world - Ancient Greece, Ancient Rome, in the Ancient East. Commercial papers (cheques) appeared in the Middle Ages. Shares, and later corporate bonds, appeared during the period of the emergence and development of the first joint-stock companies - in the 16th-17th centuries. in England and also in Holland. Government securities began to emerge with the formation of the first states.

Redistributes funds (capitals) between: industries and sectors of the economy; territories and countries; groups and strata of the population; population and sectors of the economy; the state and the population, etc.;

Grants certain additional rights (besides the right to capital), for example, participation in management, information, priority in certain situations (bankruptcy, liquidation, reorganization);

Ensures the receipt of income on capital and (or) the return of the capital itself.

A security has some similarities with money, because it is the basis, the prototype of money: it can be used in calculations, be the subject of collateral, be stored for a number of years, be inherited, serve as a gift.

Securities existing in modern world practice are divided into two large classes:

1 class - basic securities;

Class 2 - derivative securities.

Basic securities are securities based on property rights to an asset, usually goods, money, capital, property, various kinds of resources, etc. Basic securities, in turn, can be divided into two subgroups: primary and secondary securities.

Primary securities are based on assets that do not include the securities themselves. These are, for example, shares. Bonds, bills, mortgages, etc.

Secondary securities are securities issued on the basis of primary securities; These are securities for the securities themselves: warrants for securities, depositary receipts, etc.

A derivative security is a non-documentary form of expressing a property right (obligation) arising in connection with a change in the price of the exchange-traded asset underlying this security. Or less strictly - a derivative security is a security for any price asset: for the prices of goods (usually exchange); on credit market prices (interest rates); on the prices of the foreign exchange market (exchange rates), etc. Derivative securities include: futures contracts (commodity, currency, interest, index, etc.) and freely tradable options.

The following characteristics of a security can be distinguished:

1) Temporary: period of existence, origin-base (from a product, money or from another security);

2) Spatial: form of existence, nationality, territorial affiliation;

3) Market: type of asset, ownership (registered, bearer), form of issue (issued, non-issued), form of ownership and type of issuer, nature of negotiability, economic essence with t. the type of rights that a security provides (a share, a bond, a bank certificate, a bill of exchange, a check, a bill of lading, an option, a futures contract), the level of risk, the availability of income, the form of investment.

Since securities represent a kind of commodity, a place is needed for the circulation of this commodity. In a general sense, the securities market (SM) can be defined as a set of economic relations regarding the issue and circulation of securities between its participants. RZB is an integral part of the RSC of any country. The basis of the RZB is the commodity market, money and money capital. The first is a superstructure over the second, derivative in relation to them.

The classifications of types of securities have much in common with the classifications of the types of securities themselves. So, they distinguish:

National, regional, national;

Markets for specific types of securities;

Market of government and corporate securities;

Market of basic and derivative securities.

The constituent parts of the RZB are based not on this or that type of security, but on the method of trading in this market in the broadest sense of the word. From these positions, it is necessary to single out markets in the RZB:

Primary and secondary RZB;

Organized and unorganized;

Exchange and over-the-counter;

Traditional and computerized;

Cash and urgent.

RZB participants are individuals or organizations that sell or buy securities or service their turnover and settlements on them; these are those who enter into certain economic relations with each other regarding the circulation of securities. There are the following main groups of RZB participants, depending on their functional purpose:

1. Issuers (who issues securities);

2. Investors (who buys securities);

3. Stock intermediaries (traders providing communication between issuers and investors on the securities market): brokers, dealers, brokers;

4. Organizations serving the securities market (organizations performing all other functions on the securities market, except for the function of buying and selling securities): organizers of the securities market - the stock exchange and non-exchange market organizers; settlement centers - Clearing houses, Clearing centers; depositories (organizations that provide services for the storage of securities certificates and/or registration of ownership rights to securities, i.e., maintains accounts on which securities (“depo accounts”) transferred to it by clients for safekeeping are recorded, and also directly stores certificates of these securities, registrars (organizations that, under an agreement with the issuer, maintain a register - a list of registered securities holders compiled on a certain date), information bodies or organizations (mass media, special publications, rating agencies, etc.);

5. State regulatory and control bodies: supreme governing bodies (President, government), ministries and departments (Ministry of Finance, FCSM), central bank.

Lecture questions:

1. Definition of the loan capital market from two points of view.

2. What are the distinguishing features of money markets and capital markets.

3. Examples of money markets and capital markets in Russia.

4. Name the general market and specific functions of the loan capital market.

5. What new segments appear on the loan capital market?

Bibliography

1. Money. Credit. Banks. / Ed. E. F. Zhukova. - M.: UNITI. Banks and exchanges. 2000.-460s.

2. The securities market: Textbook./ Ed. V.A. Galanova, A.I. Basov. - 2nd ed., revised. and additional - M.: Finance and statistics, 2004.-273s.

6 when the market for loan capital first arose. The concept, structure and functions of the loan capital market

1. Essence and functions of the loan capital market

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Introduction

Chapter 1. Essence and evolution of the loan capital market

Chapter 2. The structure of the modern loan capital market

To determine the modern capital market, it is necessary to refer to the concept of loan capital as an economic category Sviridov O.Yu. Money, credit, banks. Tutorial. - M.: March, 2008. S. 58.

Loan capital is money lent for a certain percentage subject to repayment.

The form of movement of loan capital is a loan. Loan capital is a special historical category of capital that arises and develops under the conditions of the capitalist mode of production.

Chapter 3. Features of the formation of the loan capital market in Russia

The transition to building a market economy in the early 90s. called for the formation of a loan capital market in accordance with the Western model, which provides for the presence of two main tiers.

Separate elements of such a market existed in the country: the credit system (represented in a rather truncated form by the banking sector), state insurance institutions, as well as the securities market in the form of a limited issue of winning state loans.

The creation of cooperatives, the development of individual labor activity, giving economic and financial independence to enterprises in the late 80s. contributed to the transition from the loan fund to the loan capital market.

Let us evaluate the state of the modern national loan capital market in terms of its two structural elements: the credit and banking system and the securities market.

Conclusion

List of references and sources

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