The Situation of Securities Maket Supervision in Vietnam

2021 ◽  
Vol 37 (1) ◽  
Author(s):  
Dao Thi Thu Trang
Keyword(s):  
Stock Market ◽  
Risk Control ◽  
Risk Identification ◽  
The State ◽  
Securities Market ◽  
Supervision System ◽  
Market Surveillance ◽  
Market Participants ◽  
The Past ◽  
The Stability

In order to ensure the transparency as well as the efficiency and maintain the stability of the securities market, the supervision system needs to be established with the goal of detecting, preventing and handling violations of regulations, laws enacted by the State. In Vietnam, the State manages the securities market and assigns the securities market supervision task to the State Securities Commission (SSC). Over the past time, the SSC has implemented several supervision operations and obtained certain results. However, the monitoring results also showed that the number of violations on the stock market tended to increase, reports on stability and risk identification were not yet or clear. Some reasons come from the limitations of the market surveillance system such as the lack of close coordination between the stock market supervision with banks, insurance, and the supervisory authority cannot develop the overall risk report form. Potential as well as systematic risk, control of different accounts of stock market participants is loosened, supervision focuses on issues with complaints or duplicating supervision that cause many subjects. It is possible to take advantage of the monitoring gap to make violations more sophisticated. The research results provide solutions to complete the supervision system of Vietnam's securities market to achieve the targets set in the coming time.

scholarly journals EXCHANGE INDICES AS ACTIVITY INDICATORS STEEL MARKET

2018 ◽  
Vol Vol 17 (Vol 17, No 1 (2018)) ◽  
pp. 100-115
Author(s):  
Tatyana Sitash
Keyword(s):  
Stock Market ◽  
Investment Strategy ◽  
The State ◽  
Securities Market ◽  
Stock Index ◽  
Foreign Markets ◽  
Market Participants ◽  
Steel Market ◽  
Market Infrastructure ◽  
Fully Functioning

The stock indices are investigated as indicators of stock market activity. It is proved that the stock market is one of the most attractive instruments for investing. It is accepted that an open stock market in a country characterized by a stable, strong economy, encourages the attraction of foreign investors. It is noted that indicators of the Ukrainian stock market such as the capitalization and the PFTS stock index (First Stock Trading System), as a result of the inadequate exchange rate prices for the real state of the issuing companies and the economy of the state, can’t be as representative, especially when compared with foreign markets. It has been outlined that the development of the domestic stock market is restrained by the imperfection of legislative and regulatory regulation of the market participants, the lack of optimality of the market infrastructure, the lack of a fully functioning, fully functioning national depository system. The introduction of a new stock index describing the state of business activity of a separate sector of the market is proposed, which will serve as a benchmark for the formation and optimization of investment strategy of investors, will promote transparency of the Ukrainian securities market.

STRATEGIC INSTRUMENTS OF THE DEVELOPMENT OF STOCK MARKET INFRASTRUCTURE INSTITUTES

2019 ◽  
Vol 4 (3) ◽  
pp. 67-76
Author(s):  
Andrii NIMKOVYCH
Keyword(s):  
Stock Market ◽  
Technology Implementation ◽  
Analytical Data ◽  
Economic Feasibility ◽  
Securities Market ◽  
Market Participants ◽  
Blockchain Technology ◽  
Money Transfer ◽  
Small Investors ◽  
Market Infrastructure

The article investigates the problem of ensuring the functioning of the securities market infrastructure of Ukraine. The analysis had been conducted through the prism of securities market participants' protection. The author has proposed to introduce the institute for protection of small investors in the stock market by the way of reorganization of the Deposit Guarantee Fund like in the Estonian and Lithuanian models. The Fund is tasked with the following in order to support the infrastructure of protection: to accumulate funds, to invest in managed funds and to pay insurance payments promptly in the case of an insurance event. On the basis of analytical data, the results from the implementation of the Fund are determined: accumulation of budgets to guarantee protection, increase in the value of securities in circulation, protection due to compensation of the guaranteed sums to small investors and the actual income from the functioning of the Fund. Another aspect of using strategic tools in stock market infrastructure is «FinTech» and blockchain technologies. Using of these technologies and the leading positions of Ukraine in the world are emphasized. Advantages of the blockchain technology implementation into the stock market infrastructure of Ukraine and economic feasibility are shown. The obligatory availability of electronic infrastructure for both the state and individual participants of the stock market is substantiated for the effective functioning of modern financial instruments. The author demonstrates the advantages of implementing blockchain technology in the stock market infrastructure of Ukraine and economic feasibility. Positive aspects of cooperation of powerful financial companies and blockchain institutions are shown, as well as problems of non-regulation of this issue in the Ukrainian legislation. A special place in the economics of stock market infrastructure is given to innovative money transfer systems. It has been found that the use of the Ripple system can form the basis of the infrastructure for quick and much cheaper internal payments in the stock market. Key words: stock market, infrastructure, institutions of infrastructure, guarantee fund, investments, blockchain technologies, «FinTech».

STOCK MARKET IN A PANDEMIC, TRENDS IN ITS DEVELOPMENT AND IMPACT ON THE ECONOMIC ENVIRONMENT OF STATES

2021 ◽  
pp. 60-73
Author(s):  
Vladimir M. Gribanich ◽  
Keyword(s):  
Stock Market ◽  
Stock Exchange ◽  
Cash Flows ◽  
The State ◽  
Securities Market ◽  
Source Data ◽  
The Impact ◽  
Graphical Presentation ◽  
Official Information ◽  
Systematic Collection

The article is devoted to the analysis of the development of the stock market, its stages of development and the impact on the economic conjuncture of countries. The relevance of studies on the development of the stock market in modern realities is growing every day, the number of transactions also grows steadily despite the pandemic, and that forms huge cash flows. The purpose of the study carried out in the article is not only to identify the influence of the stock market on the development of countries in modern conditions, but also to conduct a statistical analysis of data reflecting the state of the main stock exchange indices in a pandemic, as well as to assess the state of the securities market in 2019 and 2020 and work out forecasts for its future development. Several methods were used in the work: analysis of official information sources, statistical observation (systematic collection of information), grouping of the source data, their graphical presentation, as well as building diagrams.

scholarly journals Issuing opportunities of the Kazakhstan stock market: unrealized gains

2021 ◽  
pp. 128-140
Author(s):  
A. A. Adambekova ◽  
N. T. Adambekov
Keyword(s):  
Stock Market ◽  
Local Governments ◽  
Bank Lending ◽  
Weak Efficiency ◽  
Market Participants ◽  
The Past ◽  
Emission Activity ◽  
The Republic ◽  
Business Entities ◽  
State Programs

The Kazakhstani economy has a significant emission potential. The study reveals the issues of the restraining influence on the development of Kazakhstani companies' emission activity. Among them are the role of bank lending in financing the national economy; government discouragement of economic development; weak efficiency of administrative and tax preferences for issuers. An important factor is the doubt of Kazakhstani companies on their capital fair evaluation in the market. In particular, the study noted that over the past five years, there has been a stable trend towards a decrease in bank lending as for large, the same is for small and medium-sized businesses. Basing on the continuing low number of new registrations of prospectuses for the issue of shares, there arises an issue of finding ways to meet the needs of business entities in financing. The findings from the analysis of sources of financing the State programs in the Republic of Kazakhstan showed the amount of possible funding from the stock market instruments. The study of data over the past few years made it possible to conclude that the methods and ways of using funds allocated under these state programs actually discourage business and local governments to use the emission potential that Kazakhstani market participants currently have. Administrative and tax preferences that operate in Kazakhstan for domestic participants in the stock market are either mainly aimed at investors or rather incomprehensible and imperceptible for potential issuers. Uncertainty in achieving the planned funding levels and in a fair assessment of the company's capital cost, basing on the above factors identified as a result of the study, is the main constraining reason for the low emission activity of Kazakhstani stock market participants.

scholarly journals Problems of Transformation of Household Savings into Investments

2021 ◽  
Vol 12 (1) ◽  
Author(s):  
Yulia Bubnova ◽  
Ekaterina Maslennikova
Keyword(s):  
Stock Market ◽  
Necessary Conditions ◽  
The State ◽  
Dynamic Study ◽  
Special Role ◽  
Household Savings ◽  
The Past ◽  
Investment Function ◽  
Develop Economy ◽  
Private Investors

In modern conditions, searching for investment sources to develop economy is very relevant. The authors of the article focus on household savings as one of the most significant sources of investment, seeing that their investment function is not fully implemented in modern Russian practice. The article represents a dynamic study of population savings for over the past ten years and identifies the reasons for their decline. The authors analyze changes in the structure of savings and their investment directions and come to the conclusion about their inefficient use due to the predominance of passive ways of savings and insufficient use of the opportunities of a stock market. It is also determined the reasons that prevent the transformation of these savings into investments and the ways for solving these problems. The article considers an individual investment account as the most promising investment mode which is getting more and more popular. A special role in the transformation of household savings is assigned to the state, which must create the necessary conditions and provide access to the tools of the stock market for a large number of private investors.

OPERATIONS OF COMMERCIAL BANKS IN THE SECURITIES MARKET: PROBLEMS AND DEVELOPMENT TRENDS

2020 ◽  
Vol 4 (11) ◽  
pp. 83-87
Author(s):  
D. A. RABADANOVA ◽  
◽  
Z. M. KHASBULATOVA ◽  
A. I. GAZANOVA ◽  
◽  
...  
Keyword(s):  
Stock Market ◽  
Commercial Banks ◽  
Financial Stability ◽  
Point Of View ◽  
Securities Market ◽  
Analysis Tool ◽  
Sources Of Information ◽  
Market Participants ◽  
Low Degree ◽  
Professional Market

The article analyzes the current position of commercial banks of the Russian Federation on the securities market. The main analysis tool is the use of a method for collecting and processing publicly available statistical information. The sources of information were scientific articles by various authors on the research topic, official materials of the Bank of Russia, reporting data of Sberbank of Russia as a specific example when considering the selected topic. The work is relevant due to the need to determine the importance and role of commercial banks in the securities market and identify growth trends. For the work, the activities of banks were considered from the point of view of their participation in the stock market as issuers, investors and participants. According to the results of the study, it was found that the issue of bonds is the main type of issuing activity of the bank as an issuer. As investors, they tend to invest in debt and Central Bank securities with a low degree of risk. This choice ensures the reliability of banks and forms additional sources for the development of the securities market without significantly increasing risks. Analysis of commercial banks as professional market participants revealed a negative trend in the number of participants as stock market participants. The main result of the work carried out is to identify the need to expand the activity of commercial banks in the securities market, which will increase liquidity and financial stability.

The Development of China's Stock Market, 1984–2002. By Stephen Green. [London and New York: RoutledgeCurzon, 2004. xv+287 pp. £65.00. ISBN 0-415-32466-1.]

2004 ◽  
Vol 178 ◽  
pp. 513-514
Author(s):  
Laixiang Sun
Keyword(s):  
New York ◽  
Stock Market ◽  
Institutional Economics ◽  
Convincing Evidence ◽  
Fund Raising ◽  
The State ◽  
Market Participants ◽  
Short Period ◽  
Pessimistic Scenario ◽  
Private Investors

Does the spectacular development of China's stock market present a theoretical puzzle? On one hand, within a short period of a little more than a decade (1990–2002), the total capitalization of the market grew from a negligible size to a level equivalent to more than 50 per cent of the country's GDP, and even if excluding non-floating shares held by the state and legal persons, the capitalization level was still equivalent to some 16 per cent of GDP. On the other hand, until very recently few of the institutions that underpin successful stock markets elsewhere were present. This seems to be in contradiction to the teaching of neo-institutional economics, which holds that only when the state is credibly committed to clarifying and defending functional institutions will people feel confidence enough to engage in complex transactions like stock trading. Does this imply a paradox? The author argues in this book that it is not so straightforward.The book provides detailed and convincing evidence to show that the impressive growth of China's stock market since 1990 has been to a great extent a result of policy-driven development favoured by a lack of alternative investment opportunities for increasingly wealthy private investors. Chinese companies in general viewed stock listing as a privilege and a fund-raising mechanism. Market participants perceived that the quality of listed companies was generally poor but that investors were protected because of the constant financial and policy supports provided by both local and the central governments. As a consequence, market participants had little incentive to pay much attention to corporate governance and other fundamentals. Would such features lead to a pessimistic scenario, meaning that the development would not be sustainable? Not so simple, the author suggests.

scholarly journals Hydroformylation

ChemTexts ◽  
2021 ◽  
Vol 8 (1) ◽  
Author(s):  
Baoxin Zhang ◽  
Dilver Peña Fuentes ◽  
Armin Börner
Keyword(s):  
State Of The Art ◽  
The State ◽  
Organic Ligands ◽  
Fine Chemicals ◽  
Fischer Tropsch ◽  
The Past ◽  
Bulk Chemicals ◽  
Catalyzed Reactions ◽  
The Stability ◽  
Insight Into

AbstractHydroformylation is one of the most important homogeneously catalyzed reactions on an industrial scale. The manufacture of bulk chemicals clearly dominates. Large cobalt- and rhodium-based processes are mature technologies that have been developed over the past 80 years. Meanwhile, the potential of hydroformylation for the production of fine chemicals (perfumes, pharmaceuticals) has also been recognized. This review gives insight into the state-of-the-art of the reaction and its development. It commences with some remarks on the accidental discovery by the German chemist Otto Roelen within the historical and personal framework of the Fischer–Tropsch process, followed by the mechanistic basics of the catalytic cycle, metals used for the catalyst as well as their organic ligands. In addition, the stability of ligands and catalysts is addressed. The huge potential of this transformation is demonstrated using a variety of substrates. Finally, the use of some surrogates for syngas is discussed.

scholarly journals Evolution of Professional Participants in Russian Securities Market

2019 ◽  
Vol 29 (3) ◽  
pp. 416-424
Author(s):  
Irina Alekseeva ◽  
Ksenia Ovchinnikova
Keyword(s):  
Stock Market ◽  
Financial Market ◽  
Public Involvement ◽  
Scientific Literature ◽  
Regulatory Framework ◽  
Securities Market ◽  
Sharp Decline ◽  
Investment Activity ◽  
Market Participants ◽  
Domestic Stock

The securities market is one of the most important segments of the financial market of any state. The development of the Russian securities market can be judged on the basis of the development of its participants, their evolution. An analysis of today’s economic scientific literature shows an insufficient coverage of the evolution of professional participants in the domestic stock market. The article considers the changes in the composition of professional participants of the securities market, analyzes the regulatory framework that have given rise to these changes. It brings forth the reasons for the changes and expectations of financial market participants from the changes, presents the dynamics of the number of over the period of 2008–2018. The article reveals a sharp decline in the number of professional participants, determines the causes of this trend. It places an emphasis on the significance of including the investment advisors in the ranks of professional participants of the securities market in order to increase public involvement in the investment activity.

organizing legislative initiative in kurdistan region

2021 ◽  
Author(s):  
Hewa Rasul
Keyword(s):  
The State ◽  
Legislative Process ◽  
Kurdistan Region ◽  
The Past ◽  
Internal System ◽  
Legislative Initiative ◽  
The Stability ◽  
The Right ◽  
Council Of Ministers

The regulation of the legislative initiative is one of the sensitive and important issues in the field of regulating the relations between the three authorities in the state, especially the legislative and executive authorities, and that is why we find that the majority of countries dealt with it in their constitutions through general constitutional principles, because the constitution determines and regulates the powers of the authorities, in the Kurdistan Region not We have a constitution at the time of writing this research, and that is why the Kurdish legislator was forced to deal with it through the ordinary laws and the internal system of the Parliament of Kurdistan, and this is what made it subject to many changes during the past thirty years. This competence, for example, in light of the abolished internal system of Parliament, the Council of Ministers in the region had the competence of two types of legislative initiative, namely, the submission of draft laws as well as draft legislative decisions. He was left with nothing but the right to present draft laws, and these many changes led to a state of instability in the organization of this jurisdiction Which is an important part of the legislative process, and based on this, we took the initiative to write this research in order to show how to organize it in the light of the developments that took place in this field at the level of different countries and in a way that serves the stability of relations between the authorities in the region.

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