An unorganized over-the-counter market is a sphere of circulation of securities in which their quotation is carried out not as a result of market factors, but by the company itself (self-quotation). Transactions are carried out directly between buyers and sellers or through RZB professionals, bypassing the stock exchange or over-the-counter trading floors, with dealers who are not exchange agents of buyers and sellers. The unorganized market is distinguished by the absence of special strict standards, mechanisms for admission (selection) of securities and participants and operates without the use of the services of trade organizers. Instead of trading systems, systems can be used that perform informational functions, but do not contribute to the direct conclusion of a transaction. The over-the-counter market also covers transactions made directly between a buyer and a seller. Therefore, the OTC market is characterized by the following features:
- a plurality of sellers of securities (they are traded by commercial and investment banks, insurance companies, brokers and dealers, individuals, etc.);
- lack of a single rate for identical securities (issued by the same issuer and having the same denominations and properties). In this case, the issue of the rate of securities is each resolved during negotiations between its seller and buyer;
- trading in securities is carried out simultaneously at various points (on the street, in offices), and its time is set arbitrarily;
- there is no single center that organizes this trade and develops its methodology. Trade is carried out both in accordance with the current legislation and in violation of it;
- Lower quality of the securities circulating on it.
6. Depending on the timing of the execution of transactions with securities, the markets are divided into cash and futures. Cash market (spot market) – a market in which the execution of concluded transactions takes place no later than the second business day from the date of conclusion of the transaction. Derivatives securities market - a market in which the execution of concluded transactions takes place no earlier than the third business day from the date of conclusion of the transaction.
РЕЗЮМЕ
1. Рынок ценных бумаг представляет собой реальный рынок капитала (денег и других материальных ценностей). 2. Рынок ценных бумаг выполняет общерыночные функции, присущие каждому рынку (коммерческие, ценовые, информационные и регуляторные функции), а также специфические функции, присущие только этому рынку (функции ценового и страхования финансовых рисков, движение капитала между отраслями; перемещение сбережений). от непроизводительной формы к производительной; финансирование дефицита государственного бюджета на неинфляционной основе). 3. Структура рынка ценных бумаг классифицируется по следующим признакам: по географическому признаку; в зависимости от характера отношений между эмитентом и инвестором, отражаемых ценной бумагой; в зависимости от статуса эмитента; в зависимости от стадии лечения; в зависимости от уровня организации торговли; в зависимости от сроков совершения операций с ценными бумагами.
