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peculiarities so closing this position even in the market of the high liquidity requires time. In case if the period of maintaining this position consists of 10 days in order to take into account raising degree of risks it is necessary to multiply daily standard deviation into the square root of10 or 3.16; • to provide additional protection for financially unstable cases occurred during the past time it is advisable to use a coordination multiplier which is equal to 3 (so-called "Basel" multiplier). In conclusion we can say that the VaR method widely used in assessing risks connected with international operations of banks has
the following advantages: its results are obviously seen, this method is scientifically-grounded and can be used at assessing different kinds of risks.
Nowadays the VaR method is considered to be the most common method used for assessing risks for participants of the banking system in western countries. European agencies are gradually paying more attention to the VaR method as the method used to supervise ban activity. Therefore in conditions of integration of the banking system of developing countries with the western countries' banking systems the importance of using VaR method in practice and market of Uzbekistan is significantly increasing.
References:
1. Fogelson Yu. B. Legal risks of commercial banks. - Moscow, 2012. - P. 266-270.
2. [Electronic resource]. - Available from: http://rus.ruvr.ru/2012_10_03/Medvedev-gosudarstvo-prodolzhit-vihod-iz-kapitala-bankov
3. [Electronic resource]. - Available from: https://ru.wikipedia.org/wiki/bank risk
4. International monetary and financial relations/Edited by L. Krasavina 3d edition. - M.: Finance and statistics, 2005.
5. Litovkin Yu. Fraudulent activities in international payments and methods to counteract them by banks//International bank operations. - 2005. - № 1.
6. Litovskih A. M. Financial management. - Taganrog, 1999. - P. 48.
7. Prosviryakov P. Instability in financial markets and ways to hedge foreign exchange risks. Presentation of PwC Company. - Moscow, 2015.
8. Shevchenko Ye. S. Methods of assessing and managing aggregate financial risk of commercial bank. - Moscow, 2013.
9. Yershov M. V. Some risks of Russian financial system//Money and credit. - 2010. - № 1. - P. 16-20.
10. Federal Deposit Insurance Corporation, 2012//[Electronic resource]. - Available from: http://www.fdic.gov
11. [Electronic resource]. - Available from: http://rusrand.ru/analytics/sovremennij-finansovyj-mir-derivativy
Mayorova Elena Aleksandrovna, Plekhanov Russian University of Economics, Senior Lecturer, Department of Trade policy
Nikishin Alexander Fedorovich, associate professor, Department of Trade policy
Pankina Tatiana Viktorovna, associate professor, Department of Trade policy E-mail: ktdn@yandex.ru
Potential of the Internet network in formation of the assortment of the trade organizations
Abstract: Provision of availability to population of goods is the important social task of organizations of trade. But than population density is lower, the narrower is the offered assortment of goods to the consumers, and the higher are costs for organization of physical distribution with it. Use of e-commerce mechanisms serves to the solution of this task. Keywords: trade, retail trade, electronic commerce, electronic trading, range of trade, digital goods.
Retail is one of the industries with which the consumers directly interact. The organizations of retail carry out direct contact with population, mostly, determining quality of its life. It defines high social responsibility of trade organizations in modern economy. However, striving of trade organizations to optimize costs for goods movement leads to reduction of the proposed assortment, reducing possibilities of a consumer choice.
Now the lower is the population density, the narrower is the offered assortment of goods to the consumers, and the higher are costs for organization of physical distribution with it. It is being explained by the fact that, on one hand, cost of delivery of goods to the regions is higher and on another side probability of a purchase of goods by buyers is lower. Reduction of the level of prices on goods being sold is the important task of regional goods movement. Unfortunately, lower density of population of regions leads to the fact
that value of goods is dividing into a smaller number of people, which leads to increase of value of goods and hence to reduction of a breadth of assortment. Organization of a large quantity of regional decentralized goods connections is the more complex problem than use of hub system of goods supply. Efficiency of investment in creation of such a system is sufficiently high.
Requirements of buyers are the major factor determining a realized assortment of products. Use of e commerce mechanisms serves to the solution of this task.
Provision of availability to population of goods is the important social task of organizations of trade [1]. But in traditional trade, as was said above, high costs for goods movement are hampering resolution of the mentioned task.
Electronic trade is a modern direction of trade development. Development of electronic trading was in the first place determined
Potential of the Internet network in formation of the assortment of the trade organizations
by development of information technology, but in the development such a kind of trading activity has a number of advantages. One of them is a potentially lower price level in electronic trading in comparison to traditional one. Potential of reduction of prices of electronic trading is being formed on basis of lower costs for organization of a trade-technological process, as well as is determined based on the market mechanisms by higher level of competition. The low prices, the discount systems allow to sell goods to socially-open groups ofpopulation [2].
The electronic trading technologies allow to optimize backing of a trade organization with goods resources. The mechanisms of electronic trading allow the trade organizations to form stock-in-trades on basis of a consumer choice, using information about behavior of a consumer in the internet network, Formation of stock-in-trades on basis of a consumer choice possesses a number of advantages for a buyer, as well as for a seller — the buyer receives a possibility to acquire precisely those goods that he needs choosing from a sufficiently wide assortment of a proposal in goods, but the seller does not incur costs for procurement of the products on which there's no consumer demand. Originally the product sales were presupposed in academic works with use of a service of delivery of goods to the buyer, but the practice showed great popularity of a service of self-exportation of goods [3]. Sale of goods with use of a service of self-exportation of goods allows to implement the process of buying of goods to a buyer maximally similar to a traditional form while trade organizations have an opportunity to form an optimal range of products.
E-commerce makes a vast difference for persons with disabilities. It is electronic trading that in this case allows to make a purchase of goods on his own without leaving the house.
Sale of digital goods is one of the directions of development of electronic trading. The internet network is the ideal main one for their sale. Legally sale of digital goods in a number of countries has dual legislative regulation — on one hand, the process of purchase and sale of goods, on the other hand, is occurring — copyright legislation is being applied.
Sale of digital goods allows to implement the process of wellmade e-commerce — goods do not have material basis — and, accordingly, necessity of delivery of these goods is absent. All the process of a purchase of sale can occur in several minutes. Volume of supply of digital goods in the market is increasing, accordingly, is increasing and there is the number of purchase and sale transactions.
Creation of its unauthorized copies is the major problem on sale of digital goods. If a consumer is unable to copy goods having material basis or costs for such copy usually exceed value of goods, digital goods are copied without problems. Thus the unconscientious consumer strives to acquire one minimum consumer, a copy of goods more often — and, in addition, to create the necessary number of copies. A large quantity of cases of an abuse of their rights by buyers is addressed in judicial practice of a number of countries and sale of digital goods gives the additional occasion for consumer extremism if the consumer has made a copy, he does not need directly purchased goods any more.
For the purpose of protection against such risks commercial means of protection are applying — some components making creation of copies of such goods more difficult or impossible are brought into digital goods. But application of technical preservatives creates of itself problems for legal users — they need to post additional actions on entry of additional codes, storage of documentation. The cases when officially purchased disks led to bigger wear or a breakdown of equipment are known. Since the other side,
application of protective means compromises a concept of digital goods itself. The buyer can acquire a music piece for the purpose of listening a certain device such as a portable player. But recording a musical composition to memory of such a device is per se a copy that it will be incredible in case of protections. For this purpose, DRM technology is applying, but the vast majority of users do not know what it is like. At the same time the delinquents who made illegal copies will not experience such problems.
Sale of digital goods is contributing to development of regions. Often tourists are buyers of digital goods. At the same time the tourist acquires digital goods directly for use on the device he has which requires certain material basis of sale of goods. The situation becomes more complicated if the tourist does not have the equipment which will allow him/her to load information to memory of his/her device. Music players are the example, the one using the private memory for storage. In that regard introduction in trade organizations of a service of load of information to memory of a matching device seems optimal.
In the modern world role of mobile commerce is vast. An ever larger user population constantly uses in everyday life mobile computer devices such as tablets, mobile phones, etc. And the manufacturers of these devices embed a function of a purchase of digital goods in the own Web shops in them. It leads to additional revenues of producers of mobile devices, convenience of users because purchased goods with high probability will be easily used on a mobile device, legalization of market of digital goods.
But such an approach leads to strong reduction of competition. The buyer is locked into a particular Web shop, moreover, some manufacturers put severe artificial technical restrictions on use of digital goods purchased on the side. As a result, the producers receive vast advantages — a large part of revenues remains in their Internet — stores — and the buyer remains attached to a competitive mobile device — at the replacement of a mobile device the buyer will be able to continue the use of favorite digital goods (at worst, they will have to reacquire them in the same Internet store, but often transfer is executed free). During a purchase of a device by another manufacturer digital goods can be absent in an assortment of his Web shop and the buyer will not be able to acquire goods for whatever money.
To the present time practice is very much spread when goods are sold together with some electronic device. Impossibility to buy an electronic device without digital goods conflicts with legislation and is a subject of proceedings.
The digital goods which are free according to the decision of their manufacturers, including for commercial use, are the following problem. For an ordinary consumer the fact of right of free usage is coming with advantage and lead to an economy of monetary funds, as well as to absence of complexities in copy protections, then for commercial organizations there arise complications with determination of value of such property. In essence free digital good is presented by a manufacturer to a consumer and in accordance with legislation its value must be determined at cost of goods (an analogue). But the digital goods are per se unique and the task of a definition of an analogue is solved in extremely complicated manner. Audio- books which received the wide circulation in a segment of consumers of retirement age — appear as implementation of social role on sale of such goods.
Notwithstanding remote trade is characterized by the fact that the buyer does not have direct contact with acquired goods and the buyer has a possibility to get acquainted with the goods only from a description on the website.
The possibilities of telecommunication networks allow the goods producers to cover broader markets. Many producers do not have possibilities for organization of the own sale network or the organization of such a network does not give potential profit for a goods producer. Use of tools of remote trading allows, however, to organize sale of goods without forming his own branching trading network in different world points.
The respective trend on introduction of forms of trade in distance is observed in traditional stores as well. The organization of proprietary Web shops, as well as additional services being provided through a network are assigned to such trends. Reservation of goods is the example of such services for particular buyers, at
the same time the goods which are really unavailable at a particular point of sale may be reserved. In this case the buyer is informed of the time in which he has an opportunity to acquire goods. The job by such a scheme is similar to a customer pickup service is morally perceived as goods' being bought at the same time by a buyer, as made in a certain point of sale.
Role of the internet network during stimulation of purchases of a proposed range of products is also high.
In conclusion, high role of a subsequent internet- of technologies during initial formation of an assortment of trade organizations, as well as during stimulation of its further implementation should be noted.
References:
1. Ivanov G., Mayorova E. Intangible assets and competitive advantage in retail: case study from Russia//Asian Social Science. - 2015. -T. 11, № 12. - P. 38-45.
2. Maslova A. E., Timyasheva E. T., Nikishin A. F. Factors that form an attractive image of trade organizations//Austrian Journal of Humanities and Social Sciences. - 2015. - № 7-8. - P. 146-148.
3. Nikishin A. F., Pankina T. V. The problem of involvement of clients in electronic commerce//Austrian Journal of Humanities and Social Sciences. - 2015. - № 3-4. - P. 15-17.
Tadjitdinov Karim, Applicant at Tashkent State University of Economics E-mail: karim_tad@mail.ru
Strategy of enhancing competitive advantages of a commercial bank based on an innovative approach
Abstract: The article considers the interrelation of competitive advantages and innovation activities of a commercial bank. The following four strategies are proposed and grounded to enhance the competitive advantages of the bank: strategy of qualitative renewal of banking products and services based on innovation, strategy of active expansion of sales of banking products, strategy of the gaining the great trust of customers and strategy of aggressive policy against target segments. Keywords: commercial bank, bank system, competition, competitive advantages.
The present stage of development of commercial banks in Uzbekistan is characterized by the growth of non-cash turnover and public demand for services associated with the use of plastic cards, serving non-cash payments, as well as by new means of communication in the management of the bank account. Under these conditions, complementary factor, which is meant to provide the competitiveness of commercial banks becomes their strategic development program based on the development and effective use of innovation potential, including the development of new banking technologies, products and services. This is reflected in the development of systems such as "Bank-Client", "Internet Banking", "Mobile Banking", "the SMS-Banking" and other.
Nevertheless, further sustainable development of commercial banks depends importantly on designing and implementing of new and innovative banking products and services based on information technologies. This will allow banks to improve and enhance the quality of banking services, thus creating a competitive advantage not only for the number of individual banks, but also for the entire banking system as a whole. Meanwhile, we can say that the expanded use of financial innovation leads to a strengthening of the position of credit institutions in the financial market, which is especially important in the conditions of competition for customers between the various commercial banks.
Innovative activity of commercial bank should be subordinated to its main objective, i. e. for maximum satisfaction of customer
requirements for the quantity and quality of services at the lowest possible cost for their development, implementation, delivery and profit making on this basis. Under conditions of tightening of competition, well-organized innovative activity will enable Bank to reach competitive advantages. Besides, competitive advantage is not some abstract concept, but a very real condition of the bank, which distinguishes it from other banks. The bank with competitive advantage, is attractive in the eyes of customers, has a high profit, is characterized by stable performance, and provides an example to be followed.
The efficiency and competitive advantages of a modern bank are impossible without strategic management of all aspects of its activities, including innovative. Monitoring of the development and innovation in the financial sector, the creation of this flexible process control system, and the availability of creative climate in the team could be key to a successful bank's implementation in the fiercely competitive, saturated with participants and products financial market. However, in the modern context, a Bank can reach specific competitive advantages only if its innovative activity is based on feasible strategies that set it apart from other credit institutions.
In our view, innovative activity of commercial bank, aimed at achieving competitive advantage should be based on the following strategies: a qualitative renewal of products and services based on innovation, the active expansion of sales of banking products, gaining the great trust of customers, an aggressive policy towards target segments (Fig. 1).
