home Finance Books Fіnansi (Theoretical Foundations) - Грідчіна М.В.

Фінанси (теоретичні bases) - Грідчіна М.В.

6.6. The rule of regulation of the financial market

Світовий досвід економічного розвитку свідчить, що висока якість фінансових активів підвищує ефективність ринку і тим самимлює економічний розвиток.

Dobre vidregulovaniy fіnansovyi rinok, in a perch, znizhu zagalny rizik, yak mіzhnarodnі Іnvestori povyazyayut z concrete krayїnoju; In a different way, tse neziminnyi tool zaluchennya to the process of economical development of the Sumy Oblast of the Population. By-tretє, visokorozvinen fіnansovy rynok pіvishchu dinamichnіst ekonomichnoy systems, but the arc is important for capturing populations populovogo transition to rinkovoi ekonomiki.

Фінансовий ринок - цесфера економіки, де відчувається найжор-стокіший політичний тиск, аже фінансове legislature regulate the gigantic flows of capital. In the course of the corri- tional capital investment, you can seize the opportunity to take your knowledge of the world and the world, and to deform the market. At the financial market, the reputations of the participant are the same. Vodnochas інвестори намагаються віднайти можлиість заробити і a report about the bagatos, which can be rejected for information, not available to other investors. Pony namagayutsya takozh obmezhiti rivalry mizh timi, to whom nadali kapital. І yak often traplaetsya, strizhdyayut naybіlsh nizakhisnі - drіbnі, індивідуальні інвестори. Будь-яка з подібних дій put під сумнів цілісність фінансового ринку і требоє втручання оргаів контроля. Tomu for regulyuvannya fіnansovogo rinku, іsoblivo rink tsіnnih papperіv, vtruchannya maji moe bouti obovyazykovym.

Методи регулювання банківської діяльності. The main source of credit loans is from banks and syspitutions. Perebudova credit systems of Ukraine, she rozpochalas in 1988, for the method and glibinom zmіn all the signs of credit reform are small.

Bankіvske regulyuvannya - one of the functions of the NBU, sho polagayot in the strict rules of the system, as well as in the bankruptcy of banks, viznachayut її zagalnі principle, the order of bankruptcy visibility, the liability for the violation of the banking legislation. The basic economical and legal provisions for lending in the law of Ukraine.

Згідно із The Law of Ukraine "About banks and banks", [4], NBU is seen by banks as a credit for lending to juridical and phisical osibs. The bank is able to pay back loans to poshchalnikam for the tidings of the bankruptcy of the NBU, to settle in the established procedure for the assessment of bank loans in Ukraine and on credit. Vlasne litsenzuvannya bankівської діяльності здійснюється with the method of admission to the bank of the Ukrainian banks of Ukrainian banks, the disincentives of some of them until the NBU obovyazykovyh vimog not zagrozhuvali b Іnteresam їх клієнтів.

Регулювання діяльності учасників ринку цінних паперів. On pochatovomu etapi stanovlenyaRTSP reguljuvavsya bogatma dominvnimi bodies - Ministry of Finance of Ukraine, the Fund of the State Lane of Ukraine, the Antimonopoly Committee of Ukraine, the NBU. Нині as the main regulator ─ Держана комісія цінних паперів та фондового ринку (ДКЦПФР).

The model, for the sake of the parachute form of the RIC in Ukraine, is uniquely special. In the first place, including the low level of the elements, the authority of the RICs of the countries of the world (the legislation of the RCP, the law on the protection of the registry of private documents, the state of regulation of the registration of information in the form of information about the country, the availability of licenses, the control over the RICs , zasnuvannya іnfrastruktur-they іnstitutіv, nayavnіst bіrzhovogo that pozabіrzhovogo segmentіv on RICs, іnvestitsіynih fondіv i kompanіy, obіg dematerіalіzovanih tsіnnih paperіv (E-obіg). Alternatively, іsnuyut vіdmіnnostі, pritamannі ukraїnskomu market analysis (perevazhannya Pervin market analysis, small Pete Wagga Rinku corporative oblіgatsіy , Samokotiruvannya tsinnyh paperyv tochno).

Modeling of the countries of the world in the regions of the world, the meaning of the bullets, the result of the evolving sign of the rinks, the character of the anchorage in the skin of a concrete vipadka was vigilant with bogatma chinniki, the number of which is particularly historic and national and cultural. Vodnochas for zmistom RTSP є sukupnistyu rinkovih vidosinon schodo tsinnyh paperyv, scho do not lie in the face of the peculiarities of the red territories.

Українська модель ринку цінних паперів запозичила багато універсальних знак. Розглянемо найважливіші з them.

1. Legislative regulation of the market of peas. Practically in the countries of the world, the RICs, the nayvazhlivshis aspects are regulated by laws. In ієррхії normative-legal acts, the laws of the settlement of the niwischa місце. Vony maiyut bil'shu juridnchnuyu force porevnyano, napriklad, with acts soviet vikonavochoa vedo acts, priynytimi bodies, pyo pidporyadkovany legislatichy vladi, ale not є bodies vikonavochoi vladi (napriklad, National Bank).

Legislative regulation of nayvazhlivіshih aspectі rinku tsіnnih papperіv moe perevagu z bagatoh reason. Yak rule, the law of the priymayutsya on the basis sotsіalno-grupovogo uznogozhennia enteresiv, in the process of concluding and priyinyatya take the fate of the representatives of the social groups.

Legislation regulyuvannya stabilnishe, oskilki procedure zmіni that skasuvannya legislativchih podlen 'trudomistka і povyazyana z velikimi vitratami chasu povyvnyano z protsessami skasuvannya chi dopovnennya aktiv vikonavchoy vladi. By the method of ordering the stock market and the disciplinary disciplinary procedure of yogo participants, pidrimki doviri to the stock market of the yogi dynamical rostovku power regulate the price of the zinc paperns.

The main principle of the regulation of the stock market is the percatch of the real estate and financial guarantees of the security services in the economy of Ukraine.

System regulyuvannya makyo vikonuvati soi functii: iznachachi klyovovi prjamkki stock zhinku і role yogo uchasnikiv; Stvoryuvati for participants in the market with a pleasant law, which is more regular than the average; Pereshkojati diyam, yakі mozhut can be called up to disorganization and ruinuvannya rinku, unfair competition and deception of investments, manpulses and shakhraystva with financial resources, in addition to the number of additional operations, and in the installation of funds for the future.

Derzhavne regulyuvannya stock market zdіysnyuetsya shlyah prinyattya legislativnyh ta інших normative acts, ліцензування та контроль за його діяльністю. The method of securing Ідиної державної політики in the sphere of the special special authority - ДКЦПФР.

2. Legislative closure of the list of local paperns. Yak rule, the laws, regulate the disalliance on the RIC, stlyuyuyatsya lists (переліки) цінних паперів, які viznayuetsya legislatelstvo kazanії kraїni yak tsіnnі paperi. Such a conversion can be carried out in the form of a visa and a visa. At the first vipadk tsinnimi papamy vvazhayutsya lishe soi groshovi dokumenty, yaki directly zaznacheni u pereliku; In another vipadku krіm designations directly є й інші аналогічні ім the documents.

In Ukraine it is a list of private individuals, up to which one should enter the territory of the Republic of Kazakhstan, the territory of the country, the number of countries in the world, the number of countries, the exchequer of the population, the privatization of privatizations.

3. Keep the regulation of the vipusku tsinnyh papery. Legislation of Ukraine, yak і legislations of the Ukrainian territory, on the territory of the republic, on the visa, on the territory of the Republic of Kazakhstan, on the visa, on the registration of the citizens of the country, on information about the vacancy in the state power bodies (in Ukraine - at the DKTSPFR).

Держане регулювання випуску цінних паперів виконує functцію захисту Інтересів інвесторів та інших учасників РЦП. Z one side, tse zapobihae poivivi na rinku tsinnyh paperіv u vіnnogo obіgu sumnіvnikh fіnansovikh іnstrumentіv, and znnshogo - sypriєe to the fact that the investors could priymati on the market of zvazheni rishennya.

Reestrunnya peredachaє, shob emіtenti nadavali uchasnikam RКP obektivnu іnformatsіyu about svoє godararske ta fіnansovе stanovishche. Establishment of a regime of state support in the course of a visa, an accreditation of those on the meteorological side of the world, a settlement of goods, an advance to the RIC in the face of the real and potential yogic participants.

4. Publications of the річних звітів. Інституційні емітенти, акції яких перебувають відкримому обігу на РЦП, згідно із by laws of Ukraine, як і багатьох інших держав, зобов'язані публікувати річні звіти about the result of its own financial and government diyalostі.

5. Держане ліцензування посередницької діяльності. Posrednitskaya diyalnist on the RIC is practical in the usages of the country on the basis of litigations. Vprovadzhennya regime lititsuvannya є svoeprіdnim vstanovlennnyam monopolії vikonannya vzaimolivih posadrednitskikh funktsiy. Oskіlki RIC posіdaє vazhlive Location in sistemі fіnansovogo market analysis and takozh digit mіroyu deposits od Dovira bagatoh yogo uchasnikіv, Power visuvaє pіdvischenі vimogi to sub'єktіv pіdpriєmnitskoї dіyalnostі (the їh sluzhbovtsіv) SSMSC zdіysnyuyut on RICs poserednitsku dіyalnіst. Tse neobycha nasampered nayavnosty u kerivnikiv i izlubovtsіv інститутів-посередників певної кваліфікації, начина та сумлінної поведінки.

Mediators in the RIC take on an important role, which should be integrated into the markets of the economy and the dynamism of the markets. Mediators are immensely vikonuyut will of the investor, and that іххищають їхні Інтереси.

Yak i in іnshih kraїnah in Ukraїnі mainly kategorієyu poserednikіv Je brokers (torgovtsі tsіnnimi Paper the scho zdіysnyuyut dіyalnіst on komіsіynіy osnovі) i dealers (torgovtsі tsіnnimi Paper the scho dіyut on komertsіynih ambushes). The legislation of Ukraine is regulated and such a kind of cross-country dyality, yak rozmischennya і vypusk tsinnyh paperіv shlya perednjana vidkritii pіdnіkі.

6. Derzhavny control of the zinc papernov. Such control is one of the basic elements of the RIC model. Zazvichay tse control to put on spetsialistyv, osnovnovazheniyah on taku dіyalnіst bodies vikonavochoї vladi. Zavdanniem of such bodies - zahist Інтересів інвесторів і публічних інтересів; Забезпечення цілісності ринкових взаємовідносин; Realization of legislative acts, regulating the RIC; Вжиття заходів підтримки order on РЦП та ін.

Reigning control stosuєtsya vsіh nayvazhlivіshih Galuzo vzaєmovіdnosin, napriklad, lucid for peremіschennyam aktsіy controlling stake, the admission that obіgu on teritorії Kraina іnozemnih tsіnnih paperіv, perevіrki information The Key infrastructure tsіnnih paperіv and takozh rіchnih zvіtіv emіtentіv.

7. Біржовий та позабіржовий segments of the zinc paperns. Yak was signposted, the RICs are two main segments: birzhovyi and pozabirjo-vij. Trading on the fondovykh bіrzhah zdіysnyuyatsya for the singing rules і standards. On pozabirzhovomu rinku umovi obіgu tsіnnih paperyv, ukladennya that vikonannya ugod for them є bіlsh vіlnimі і mentі protsessnimi. Більшість операцій з цінними паперми здійснюється на позабіржовому ринку.

8. Self-regulating organizations on the market of local paperns. Yak svіdchit svіtovy dosvіd, fіnansovy rinok efektivnosti rozvivaєtsya have to razі, Yakscho vrahovuєtsya principle optimalnostі sovereign regulyuvannya: Power regulyuє dіyalnіst uchasnikіv Rinku deprivation todі, if tse Wkra neobhіdno. In the other vypadkas, Vaughn delegates a part of his own to the professional participants in the market, which is in the self-regulatory organization (SRO).

In Ukraine, the SRO market of goods is sold until the Law of Ukraine "About the state of the regulation of the market of paperns in Ukraine".

Zgіdno Zi Article 1 tsogo law SRO - tse dobrovіlne ob'єdnannya profesіynih uchasnikіv RICs, yak not Got to win a metі Prybutok i stvoryuєtsya for Zahist іnteresіv svoїh chlenіv that vlasnikіv tsіnnih paperіv. Professional participants of the RIC are obliged to meet with the SRO for the types of professorial dіalnostі. Skin participants in the market can enter the warehouse with a number of SROs with their functions, permitting them to participate in the SRO.

Ninі in Ukraine is registered with DKTSPFR і діють 10 SRO. Naybіlshі з them за кількістю членів:

• Professionalism of the re-registrars of those depositories (264 members);

• Asociation "Persha Fondova Torgovelna Sistema" (174 members);

• Київська міжнародна фондова біржа (175 members);

• Асоціація "Південноукраїнська торговельно-инізаційна система" (149 members).

Self-monitoring food

1. Functionality of the financial market.

2. For some of the signs of the classics of financial markets?

3. Positive and negative globalization of the globalization of capitals for Ukraine.

4. Sub'ecti of the financial market.

5. Yakі fіnаsіnі інструменти використовуть в Україні?

6. See the borghovi ta paivihh fіnansovikh іnstrumentіv.

7. Basic Elements of the Rink Infrastructure.

8. Do you want to establish the institutional basis for the market of Ukrainian paperns?

9. Do you want to fund the important role of the economy?

10. Establish, but lie down to the financial agents.

11. To whom do you need the regulation of the financial market?

12. Do you see the sovereign reguljuvannya zdіysnjutsya on ukrainian rynka tsіnnih papperіv?

Zavdanya

Ponyattya "fіnansova kriza" tіsno povyazyane z ponatetмam "fіnansovyi rinok". Analyze the cause of the financial crisis, which was invoked in the recent past (Aziatska crisis 1997, russia crisis 1998). Запропонуйте заходи запобігання майбутнім фінансовим кризам (або пом'якшення їх наслідків) in Ukraine.