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деятельности коммерческих организаций.-М.:ИНФРА-М,2005.-326с. 7. Учетные и отчетные данные предприятия ТОО «Экслюзив Мебель» за 2015-2016 годы
УДК 336.225.674
Omarova G.Z.
1a year Master's degree Student Faculty of Economics, Dagestan State University
Russia
PERSPECTIVE TRENDS OF DEVELOPMENT OF THE RUSSIAN MARKET OF DERIVATIVE FINANCIAL INSTRUMENTS
Abstract: The article considers development prospects of market for derivative financial instruments. The comparative analysis of the exchange and over-the-counter markets is conducted. The main goal of development of the Russian derivatives market in the next ten years should be its transformation into effective mechanism of reducing uncertainty of economic activity based on the implementation of the appropriate active public policy.
Key words: derivative financial instruments, derivatives, securities, futures, options, stock market, over-the-counter market
Over the past ten years, financial derivatives (derivatives) have been classified as a class of instruments that can affect the conjuncture of the entire financial market. For this reason, it is advisable to analyze the dynamics of the Russian derivatives market, as well as to determine the key features of its development in comparison with world markets.
A derivative financial instrument or derivative is a financial instrument which value is derived from the value and characteristics of another security (underlying asset).13 The base asset can be any property, tangible and intangible, but most often there are standard types of assets - gold, oil, stocks, bonds, as well as indices.14
Depending on the type of underlying asset that underlies the derivative, futures contracts are divided into:
• financial - contracts, where the basic asset is securities, stock indices, currency, etc .;
• commodity - contracts, where the basic asset is real goods, for example, grain, oil, sugar, etc.
There are 2 kinds of markets for derivative financial instruments: exchange market and over-the-counter market (as well as other types of the securities market). The derivative market functions according to the adopted laws and rules. Derivative market instruments can be either standardized or not. The main difference is that legislative protection of transactions in the exchange market is
13 Financial online dictionary of the holding "FINAM": https: //www. finam.ru /dictionary/ wordf00196
14 Matrosov, S. V. International Finance: at 4 pm: Textbook, part 2 / S. V. Matrosov. - Moscow: Prometheus, 2015. - P. 130
stronger than in the over-the-counter market (the legislation is contractual). For example, futures is an instrument of the exchange market. It is defined as the evolution of a forward traded exclusively in the over-the-counter market.
Over-the-counter (OTC) market is characterized by the variety of types of derivatives, uneven distribution of information and lack of transparency that can often lead to unequal position of participants in transactions. The difference is that participants of the organized market of derivatives in the implementation of their activities act in accordance with the rules of trading on the stock exchange.
In unorganized financial market, the terms of the bilateral transaction play a major role in regulating the relations between participants. In addition, in this sphere accepted standards of behavior and customs of business turnover occupy an important place in determining the behavior rules of transactions participants with derivatives in unorganized markets.
Trading of derivatives on exchange markets is in the centralized pricing through the maintenance of a single electronic order book, and the OTC market is based on quoted prices provided by a group of leading dealers. The modern structure of the world derivative market proves that an unorganized derivatives market is the most popular and in-demand one (table 1).
Table 1
Dynamics of the world market of derivatives, billion US dollars15
View 2013 2014 2015 2016 2017
Exchange market 63 806 53 208 48 906 49 634 50 342
Over-the-counter market 710 182 642 864 550 407 621 879 632 567
The key problem of decentralized trade derivatives is the lack of sufficient security for fulfillment of the obligations stipulated by derivatives. This fact increases probability that the counterparty will default on the transaction.16 Over the past decades, the derivatives market has radically changed from a low-developed market into a market which total volume by all transactions are several times higher than the world GDP.
When considering specifically the Russian market of derivatives, it can be noted that in the context of high volatility of key market indicators, including exchange rates and interest rates, companies are forced to manage actively financial risks (including interest and currency risks), and, as a rule, the risks are regulated due to the use of derivative financial instruments.
The Russian derivatives market can be called insignificant on the world market, as 0.22% of the total volume of the global derivatives market does not allow to influence global trends. 17 The Russian derivatives market is experiencing
15 The official website of the Bank for International Settlements (BIS): http://www.bis.org
16 Samsonova S.S. The World Market of OTC Derivatives: Reform and Current State // Financial analytics. 2016. No. 18 - P. 204
17 The official site of the Central Bank of Russia: http://www.cbr.ru.
such problems as existence of a weak legislative base and lack of incentives for the development of the derivatives market on the part of the state. Despite the above shortcomings, the Russian derivatives market has potential development, which can be represented in the following ways:
1. Creation of conditions for stimulating hedging transactions, as in the structure of the economy there are natural technological chains of organizations and firms of related industries, which have absolutely different preferences for changing market prices.
2. Expansion of the spectrum of structured products (SP) as complex financial instruments based on simpler ones. Using them specific needs of customers can be met. They also serve as an alternative to the direct investments.
3. Development of credit derivatives. They involve the conclusion of contracts between different market participants on the separation of the various types of risk inherent in one or another financial instrument. Examples of credit derivatives are the following ones: future interest rate agreements, swaps for total revenues, interest rate swaps, interest rate futures, interest options. In the Russian Federation, futures contracts have the largest share, as the trading volume on the Moscow stock exchange is 97% (picture 1).
Trading volume-5,4 trilion rubl.
■ option contracts
■ futures contracts
3%
Picture 1. The volume of trading in futures contracts and options contracts on the Moscow Stock Exchange in January 2018.18
Thus, at present, the Russian derivatives market does not adequately meet the existing needs of economic development, does not perform all the functions that must be performed, and is mainly speculative. However, it has tremendous development potential, first of all, with regard to the implementation of hedging transactions by banks and enterprises. Based on the analysis, the following scenarios for the further development of the derivatives market can be singled out.
18 Moscow Exchange has summarized https://www.moex.com/n18498/?nt=115
the results of trading in January 2018:
Scenario 1. The further development of the derivatives market can occur spontaneously, mainly due to efforts of participants themselves without necessary government regulation. The main characteristics of the derivatives market in this scenario may be: weak manifestation of hedger activity; large proportion of transactions of the kind of speculator-speculator that will be concluded by commercial banks; orientation of the market on the interests of Western investors. Over time, the derivatives market may lose touch with the real sector of the economy. The cash flows that accompany the execution of derivatives deals will break away from the commodity flows, and the market will turn into a "roulette". With the growth of market volumes, this "roulette" will be unwound later, and the functioning of the derivatives market is not capable of exerting even the slightest positive influence on the Russian economy, it can lead to outflow of material, financial, labor, intellectual and other resources. In this condition, the derivatives market may prove to be a solid factor that destabilizes the entire Russian economy.
Scenario 2. The development of the derivatives market will occur under the influence of active state policy. The benchmarks for market transformation will be based on one of the national models already available in the world or a generalized integrated model that will include the best characteristics of the world experience. The most preferable scenario is No. 2, that is based on the implementation of an appropriate active public policy.
This scenario is optimal, because future strategies for the development of the Russian derivatives market can be based on the fulfillment of economic functions that are assigned to it as one of the main criteria for the growth of the market. The derivatives market is needed in the economy only in the state in which it will reduce uncertainties in economic activity.
The main goal of the development of the Russian derivatives market in the next ten years should be its transformation into an effective mechanism of reducing uncertainty of economic activity by:
• Creation of a risk management system that would be accessible and in demand by the majority of Russian banks and enterprises;
• Execution of information functions of the derivatives market, which consists in the consistency of expectations of market participants relative to the future price of the commodity.
The key task of the formation of the derivatives market in Russia, taking into account national interests, is the creation of a unified state policy for the development of the domestic derivatives market and its consolidation in the corresponding State Development Program market derivatives.
Based on the results of the study, the optimization of derivative financial instruments can be as follows:
• an increase in the supply level, which will be conditioned by the development of the organized futures market (for example, an increase in the number of highly liquid derivatives tools that are suitable for constructing structured products) and by acquiring the experience of professional market
participants (broker and dealer companies) in the Russian Federation in using this kind of investment products;
• increasing demand from end investors by increasing their awareness of the benefits of structured products, as well as understanding their internal structure;
• development of tools (for example, not using the terms "structural products" and "structured products" as equivalent) and the infrastructure of this market (the creation of specialized software, the growth of a number of highly qualified specialists).
Bibliography:
1. Matrosov, S. V. International Finance: at 4 pm: Textbook, part 2 / S. V. Matrosov. - Moscow: Prometheus, 2015. - P. 130
2. Samsonova S.S. The World Market of OTC Derivatives: Reform and Current State // Financial analytics. 2016. No. 18 - P. 204
3. The official site of the Central Bank of Russia: http: //www.cbr.ru.
4. The official website of the Bank for International Settlements (BIS): http://www.bis.org
5. Financial online dictionary of the holding "FINAM": https: //www. finam.ru /dictionary/ wordf00196
6. Moscow Exchange has summarized the results of trading in January 2018: https://www.moex.com/n18498/?nt=115
Podlovilina E.A. Student of Master Degree Financial University under the Government of the Russian Federation
Russia Moscow
PROSPECTS OF INFRASTRICTURE SECURITIZATION IN RUSSIA
Abstract. In this article, one of the goals is understanding of future development of securitization of infrastructure projects in Russia, the importance of this type of financing for the successful existence of our country. The author starts with the stage of when our country is now in this development. Then the author takes into attention the influence of recent crisis, the negative effects of it. Also, in this article there is an information about the role of our Government in the securitization evolution. The next step is relating to possible difficulties with which object of the article could meet.
Key words: securitization, infrastructure projects, bonds, financing.
Securitization of infrastructure projects is very important type of financing at the present stage of society development. The quality and quantity of infrastructure projects are one of the main factors determining the level of the country's development, the quality of life of the population and the level of business activity and production. For many developed countries, securitization of financial assets has become the "engine" of economic growth. Attracted through securitization of huge funds in the form of securities secured by assets, they were sent to the real sector of the economy and became a powerful engine for
