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Bankіvskі operatsії - Frost AM

6. OPERATSІЇ BANKІV W TSІNNIMI Paper the

6.1. Zagalna characteristic dіyalnostі bankіv on market analysis tsіnnih paperіv

Banks - aktivnі іnstitutsіynі Participants market analysis tsіnnih paperіv. Pong zdіysnyuyut operatsії s rіznimi views tsіnnih paperіv - payovimi, borgovimi, pohіdnimi (fіnansovimi іnstrumentami) i in rіznih segments market analysis - Pervin vtorinnomu i, i bіrzhovomu pozabіrzhovomu, market analysis Reigning i corporative tsіnnih paperіv, vnutrіshnomu, mіzhnarodnomu global i.

Dіyalnіst bankіv on market analysis tsіnnih paperіv bagatogranna. Pong vistupayut in rolі emіtentіv, іnvestorіv, fіnansovih poserednikіv that іnfrastrukturnih uchasnikіv market analysis, zaymayutsya neprofesіynoyu i profesіynoyu dіyalnіstyu s tsіnnimi Papero.

Emіsіyna dіyalnіst bankіv polyagaє in Key infrastructure Vlasnyi tsіnnih paperіv s metoyu zaluchennya koshtіv for formuvannya i popovnennya statutory kapіtalu and takozh s metoyu timchasovogo zaluchennya resursіv to conduct okremih bankіvskih operatsіy, fіnansuvannya Pevnyi program chi napryamіv dіyalnostі. Key infrastructure bank tsіnnih paperіv vіdbivaєtsya in Passive operatsіyah bankіv.

Іnvestitsіyna dіyalnіst bankіv peredbachaє vkladennya koshtіv in tsіnnі Paper the od Svoge іmenі i svіy for rakhunok. Metoyu іnvestitsіynoї dіyalnostі Je peredusіm otrimannya pributku. Banks, yak usually - aktivnі іnvestori on market analysis Reigning tsіnnih paperіv. Shcho stosuєtsya rolі bankіv on market analysis corporative tsіnnih paperіv, the Je іstotnі rozbіzhnostі in zakonodavstvі rіznih kraїn. Fallow od rolі bankіv on tsomu Rinku umovno mozhna vidіliti three modelі organіzatsії Rinku tsіnnih paperіv: bankіvsku, nebankіvsku i zmіshanu.

Bankіvska model * 1 harakterizuєtsya nayaktivnіshoyu Rolle bankіv (s porіvnyano іnshimi fіnansovimi poserednikami) on market analysis tsіnnih paperіv. Pong vkladayut Costa yak at derzhavnі tsіnnі Papero, so i in aktsії that oblіgatsії nefіnansovih kompanіy, zdіysnyuyut rozmіschennya (underwriting) tsіnnih paperіv, torguyut them tobto zaymayutsya brokerskoyu i dilerskoyu dіyalnіstyu, formuyut іnfrastrukturu market analysis. In naybіlsh completion viglyadі tsya model dіє in Nіmechchinі. Nіmetskіy ekonomіtsі pritamanna active part in bankіvskogo kapіtalu formuvannі kapіtalu nefіnansovogo sector. Nіmetskі banks kontrolyuyut velikі package aktsіy Promyslova fіrm actively vplivayut on dіyalnіst For direktorіv Tsikh fіrm, tobto vistupayut in rolі strategіchnih іnvestorіv.

* 1: {Bankіvsku model slit nazivayut єvropeyskoyu continental Modell, Modell unіversalnogo (torgovelnogo) bank abo fіnansovogo supermarket.}

Nebankіvska model (її slit nazivayut amerikanskoyu Modell) obmezhuє іnvestitsіynu i poserednitsku dіyalnіst bankіv (depo-tors SET) at the market corporative tsіnnih paperіv. So, the US zgіdno s Law Glass-Stіgala (1933 p.) Until recently, banks hour zaboronyalosya zaymatisya rozmіschennyam (underwriting), i kupіvleyu sale aktsіy nefіnansovih kompanіy, Bula obmezhena їh dіyalnіst іz corporate oblіgatsіyami. Activity in the market analysis dіyalnіst corporative tsіnnih paperіv the US Conductive spetsіalnі іnvestitsіynі іnstitutsії, zokrema іnvestitsіynі banks kompanії, foundations.

Zmіshana model harakterizuєtsya prisutnіstyu i dіyalnіstyu on market analysis corporative tsіnnih paperіv bankіv yak, so i spetsіalnih іnvestitsіynih іnstitutsіy * 2.

* 2: {s Sered 30 kraїn rozvinutim Rink tsіnnih paperіv priblizno 40-45% - tse Kraina s nebankіvskim Rink, 40-45% i Zi zmіshanim Rink 10-15% mayutsya Sotho bankіvsky character (Mirkin YM Securities and Stock market -. M .: prospect, 1995. - S. 399)}.

Power about those yak s market analysis models organіzatsії tsіnnih paperіv naybіlsh efektivnosti for bankіv, Je diskusіynim. Yak perevagu bankіvskoї modelі organіzatsії Rinku tsіnnih paperіv peredusіm pіdkreslyuyut efekt diversifіkatsії bankіvskoї dіyalnostі, pіdvischennya konkurentospromozhnostі bankіv fіnansovomu on market analysis. Perevagu nebankіvskoї modelі zvichayno vbachayut in mozhlivostі vіdokremiti rizik for operatsіyami s tsіnnimi Paper the od riziku for traditsіynimi bankіv for credit-deposit operatsіyami i CIM spriyati stabіlіzatsії bankіvskogo sector.

Zagalom in svіtovіy praktitsі sposterіgaєtsya tendentsіya vіdhodu od spetsіalіzatsії bankіvskih i іnvestitsіynih іnstitutsіy i pragnennya to unіversalnogo nature їh dіyalnostі scho zumovleno narostayuchoyu konkurentsієyu mіzh them. Rozvitku tendentsії to unіversalіzatsії spriyaє takozh skasuvannya abo pom'yakshennya admіnіstrativnih zaboron on іnvestitsіynu dіyalnіst bankіv in zakonodavstvі deyakih kraїn (USA, Canada), in yakih peredbachalosya chіtke rozdіlennya deposit-kreditnoї that іnvestitsіynoї dіyalnostі fіnansovih poserednikіv.

Yak tendentsіyu mozhna takozh nazvati poshirennya operatsіy s sek'yuritizatsії bankіvskih kreditіv. Zmіst tsієї operatsії polyagaє in fact, scho Bank vipuskaє tsіnnі Papero, vikoristovuyuchi yak outpost package Zastavna zobov'yazan, scho in yogo credit perebuvayut portfelі Yea i odnorіdnimi for character strings i. Sek'yuritizatsіya aktivіv daє zmogu bank virіshiti low zavdan:

• zmenshiti rozmіr nelіkvіdnih aktivіv;
• polіpshiti pokazniki svoєї dіyalnostі, i nasampered pokaznik platospromozhnostі bank yaky rozrahovuєtsya yak spіvvіdnoshennya kapіtalu th aktivіv, zvazhenih s urahuvannyam riziku;
• pereklasti Credit rizik on vlasnikіv tsіnnih paperіv;
• otrimati dodatkovy Prybutok in viglyadі komіsіynih for obslugovuvannya tsіnnih paperіv (napriklad for viplatu protsentіv vlasnikam oblіgatsіy).

In Ukraїnі zgіdno s zakonodavstvom formuєtsya zmіshana model organіzatsії Rinku tsіnnih paperіv. Banks dozvolyaєtsya zaymatisya іnvestitsіynoyu yak, so i torgovelnoyu (profesіynoyu) dіyalnіstyu s tsіnnimi Papero. Banks toil right zdіysnyuvati іnvestitsії statutnі in Fondi that aktsії іnshih Yurydychna osіb on pіdstavі pismovogo allowed the NBU (for vinyatkom vipadkіv, if іnvestitsії in Yurydychna not particularly perevischuyut 5% od regulatory kapіtalu Bank and takozh Yakscho dіyalnіst yuridichnoї individuals obmezhuєtsya nadannyam fіnansovih poslug). Banks zaboronyaєtsya іnvestuvati in Costa pіdpriєmstva, statute yakih peredbacheno Povny vіdpovіdalnіst yogo vlasnikіv. Chi oposeredkovana direct participation of banks in kapіtalі whether yakogo pіdpriєmstva not guilty perevischuvati 15% od kapіtalu bank and Yogo sukupnі іnvestitsії - 60%. Tsі obmezhennya not poshiryuyutsya on dіyalnіst іnvestitsіynih bankіv. Krіm of vkazanі obmezhennya not zastosovuyutsya, Yakscho banks pridbali aktsії that INSHI tsіnnі Papero in such vipadkah:

• in zv'yazku s realіzatsієyu right zastavoderzhatelya (at tsomu Bank utrimuє tsіnnі Paper the bіlshe not a rock);
• s metoyu stvorennya holdingovoї Group (at tsomu Bank pridbav aktsії, emіtentom yakih Je Inshyj Bank);
• rezultatі in underwriting (at tsomu tsіnnі Papero, SSMSC Examples dbav bank perebuvayut at Yogo vlasnostі not bіlshe a rock).

NBU zastosovuє i "vbudovanі" obmezhennya on bankіvskі іnvestitsії. Thus, the standard regulatory adekvatnostі kapіtalu bank viznachaє dostatnіst kapіtalu for zdіysnennya Activity operatsіy s urahuvannyam rizikіv Specific to rіznih vidіv bankіvskoї dіyalnostі. Іnvestitsії bankіv in aktsії i korporativnі borgovі zobov'yazannya NBU viznachaє yak visokorizikovanі operatsії i zastosovuє to Tsikh operatsіy koefіtsієnt riziku (zvazhuvannya) 100%, scho, in its Cherga, pіdvischuє vimogi to rozmіru bankіvskogo kapіtalu. Іnvestitsії bankіv in tsіnnі Paper the vіdobrazhayutsya Actively operatsіyah bankіv.

Іnvestitsіyna dіyalnіst bankіv on market analysis tsіnnih paperіv tіsno pov'yazana s їh Credit dіyalnіstyu. Tsіnnі Paper the mozhut vikoristovuvatisya banks yak outpost for the obsession mіzhbankіvskomu loan on market analysis for Refinancing Loans through the central bank, and takozh to conduct repo operatsіy.

Location digit in dіyalnostі bankіv on market analysis tsіnnih paperіv posіdaє poserednitska dіyalnіst, pov'yazana s nadannyam poslug svoїm klієntam, tobto klієntskі operatsії. Banks for doruchennyam klієntіv kupuyut that prodayutsya tsіnnі Papero, formuyut portfelі tsіnnih paperіv for klієntіv, upravlyayutsya tsimi portfolios on pіdstavі vіdpovіdnogo dovіrchogo contract zaymayutsya rozmіschennyam (underwriting) tsіnnih paperіv Rinku on Pervin, nadayut konsultatsіynі Hotel. Paper the Tsіnnі, SSMSC nalezhat klієntam, ale perebuvayut in bank zgіdno s agreement about dovіrche upravlіnnya and takozh tsіnnі Paper the klієntіv, priynyatі bank on zberіgannya, oblіkovuyutsya for pozabalansovimi rahunkami.

Banks take an active part in market analysis formuvannі іnfrastrukturi tsіnnih paperіv. Pong shaping can vikonuvati depozitarnі funktsії, zaymatisya klіringovo-rozrahunkovoyu dіyalnіstyu, lead reєstr vlasnikіv tsіnnih paperіv (reєstratorska dіyalnіst) toscho.

Zgіdno s Ukrainian banks for zakonodavstvom minds otrimannya pismovogo NBU allowed to toil right zdіysnyuvati takі operatsії s Paper the tsіnnimi:

• emіsіyu Vlasnyi tsіnnih paperіv;
• kupіvlі company profile is the sale of tsіnnih paperіv doruchennyam klієntіv;
• operatsії on market analysis tsіnnih paperіv od Svoge іmenі (vklyuchayuchi underwriting);
• іnvestuvannya statutnі in Fondi that aktsії іnshih Yurydychna osіb;
• operatsії for doruchennyam klієntіv abo od Svoge іmenі іnstrumentami trumpery s i s market analysis fіnansovimi f'yuchersami that optsіonami;
• dovіrche upravlіnnya tsіnnimi Paper the contracts for z Yurydychna that fіzichnimi personages;
• Depository dіyalnіst i dіyalnіst s Keeping reєstrіv vlasnikіv іmennih tsіnnih paperіv.

Zgіdno s zakonodavstvom Ukraine okremі Vidi dіyalnostі bankіv on market analysis tsіnnih paperіv pіdpadayut pid viznachennya profesіynoї dіyalnostі, zokrema tse dіyalnіst іz Key infrastructure that obіgu tsіnnih paperіv * 3, depository, rozrahunkovo-klіringova, reєstratorska dіyalnіst toscho. For zdіysnennya profesіynoї dіyalnostі banks povinnі otrimati takozh vіdpovіdny dozvіl Derzhavnoї komіsії s tsіnnih paperіv is the Stock market.

* 3: Banks toil {right zdіysnyuvati takі Vidi dіyalnostі s Key infrastructure that obіgu tsіnnih paperіv:

dіyalnіst s Key infrastructure tsіnnih paperіv;

komіsіyna dіyalnіst schodo tsіnnih paperіv;

komertsіyna dіyalnіst schodo tsіnnih paperіv.}

Bagatogranna dіyalnіst bankіv on market analysis tsіnnih paperіv and zvіdsi i bike rozmaїttya bankіvskih operatsіy s tsіnnimi Paper the viznachayut neobhіdnіst organіzatsії okremogo pіdrozdіlu Bank (upravlіnnya, department) for zdіysnennya operatsіy s tsіnnimi Papero, pobudovanogo for funktsіonalno-grocery principle.

Funktsіonalna spryamovanіst dіyalnostі of chi іnshogo bank viznachaє dotsіlnіst organіzatsії in furrows pіdrozdіlu for zdіysnennya operatsіy s Paper the tsіnnimi such vіddіlіv:

• vіddіl scho analіzuє i prognozuє kon'yunkturu Rinku tsіnnih paperіv i rozroblyaє vіdpovіdnі rekomendatsії for banks (іnformatsіyno-analіtichny vіddіl);
• vіddіl scho zdіysnyuє emіsіyu Vlasnyi tsіnnih paperіv;
• vіddіl scho upravlyaє portfolio tsіnnih paperіv Bank (іnvestitsіyny vіddіl);
• vіddіl scho zaymaєtsya brokerskim obslugovuvannyam klієntіv;
• vіddіl, scho Costa upravlyaє klієntіv (vіddіl Trust);
• vіddіl scho ukladaє lands stosovno tsіnnih paperіv (Trading vіddіl abo front ofіs);
• vіddіl scho oformlyaє lands stosovno tsіnnih paperіv (back-ofіs);
• depozitarіy.

Fallow od obsyagіv dіyalnostі on market analysis tsіnnih paperіv, її spryamovanostі that fіnansovih mozhlivostey banks mozhut sproschuvati pіdrozdіlu structure for zdіysnennya operatsіy s tsіnnimi Paper the chi navpaki, uskladnyuvati її, zokrema, vvoditi in robot okremih vіddіlіv spetsіalіzatsіyu for grocery principle bazuyuchis on okremih іnstrumentah market analysis.

Vazhlivim moment at dіyalnostі bankіv on market analysis tsіnnih paperіv Je control (zovnіshnіy i vnutrіshnіy) * 4 for vikoristannyam konfіdentsіynoї Informácie spіvrobіtnikami bankіv, to scho vinikaє konflіkt іnteresіv mіzh bank, yaky Got Vlasnyi portfolio tsіnnih paperіv, i yogo klієntami Yakimov vіn nadaє Hotel on stock market analysis, that mіzh okremimi pіdrozdіlami bank (napriklad, іnvestitsіynim i Credit). W metoyu garantuvannya bank Bezpeka i doderzhannya іnteresіv klієntіv, neobhіdno dotrimuvatisya "kontseptsії kitayskoї stіni" are yakoї polyagaє in rozmezhuvannі potokіv konfіdentsіynoї Informácie vseredinі bank in organіzatsіynomu vіdosoblennі okremih pіdrozdіlіv scho zabezpechuyut dіyalnіst bankіv fіnansovomu on market analysis.

* 4: {Maєtsya on uvazі control abo perspicuity of dіyalnіstyu bankіv yak uchasnikіv Rinku tsіnnih paperіv s side Reigning regulatory organіv i samovryadnih organіzatsіy.}

Dіyalnіst bankіv on market analysis tsіnnih paperіv peredbachaє viroblennya vіdpovіdnoї polіtiki yak vazhlivoї skladovoї zagalnoї polіtiki bank s assets upravlіnnya i pasiv. W metoyu uzgodzhenostі funktsіonuvannya okremih pіdrozdіlіv banks stvoryuyut koordinatsіyny body - Komіtet s power upravlіnnya asset i pasiv (ALCO). Osnovnі zavdannya Komіtetu:

• formuvannya upravlіnnya for asset i pasiv bank strategії, yak spryamovana on zabezpechennya stіykoї lіkvіdnostі, mіnіmіzatsії rizikіv i maksimіzatsії income;
• i strategіchnogo rozroblennya budget plan to the bank;
• koordinatsіya operational іnvestuvannya nadlishkovih resursіv i znahodzhennya dodatkovih resursіv rozshirennya for credit and іnvestitsіynoї dіyalnostі i popovnennya lіkvіdnostі in razі vіdplivu koshtіv s bank;
• viznachennya tsіnovoї polіtiki Bank, yak for the deposit-credit, so i for emіsіyno-іnvestitsіynimi that poserednitskimi operatsіyami;
• analіz rizikіv, pritamannih bankіvskіy dіyalnostі, i hedzhuvannya Tsikh rizikіv.

For rozrahunkovogo obslugovuvannya land, SSMSC ukladenі on organіzovanih bіrzhovih that pozabіrzhovih Rink tsіnnih paperіv in Ukraїnі zgіdno s chinnim zakonodavstvom mozhut stvoryuvatis spetsіalіzovanі rozrahunkovі (klіringovі) banks. The provisions of the National Bank, yak reglamentuє dіyalnіst Tsikh bankіv, zaboronyaє їm zdіysnyuvati takі operatsії:

• Venue of rizikovanih Activity operatsіy s Costa klієntіv;
• zaluchennya mіzhbankіvskih kreditіv to conduct Vlasnyi Activity operatsіy;
• vidachu garantіy that guarantees (for deyakimi vinyatkami).

Krіm of NBU vstanovlyuє for rozrahunkovih bankіv spetsіalnі vischі, nіzh for unіversalnih komertsіynih bankіv - granichnі values ​​ekonomіchnih normativіv scho reglamentuyut adekvatnіst kapіtalu bank lіkvіdnu pozitsіyu, credit rizik i rizik іnvestuvannya.