scholarly journals Securities Custody Services: International Experience

2021 ◽  
Vol 8 (2) ◽  
pp. 131-141
Author(s):  
Violetta I. Roshylo
Keyword(s):  
Property Rights ◽  
Institutional Development ◽  
International Experience ◽  
Securities Market ◽  
Financial Resources ◽  
Securities Markets ◽  
Institutional Barriers ◽  
Market Participants ◽  
Inductive Methods ◽  
Decentralised System

The relevance of the study is explained by the underdevelopment of the securities market in Ukraine, which barely started establishing the institutions and mechanisms of a market economy. Ukraine has a decentralised system of depository services, which hinders the development of the stock market, because the decentralised system of accounting for rights to securities complicates the procedure of transactions and increases risks. The purpose of the study was to investigate the international experience of securities depository in the rapidly expanding securities markets, especially in Eastern Europe and Asia, their technology, identifying their new functionality and dominant models of their architecture in the context of regulation, interaction of market participants and protection of their property rights. The main methods of study of international experience in the provision of securities custody services were empirical, analytical, and inductive methods, which together allowed describing the systems of securities circulation in different countries, analysing them to identify common features that are important for their implementation in Ukraine for integration into the global system of redistribution of financial resources. The study considered various securities storage systems, national depository systems, covered the features of national mechanisms of interconnection of all participants in the securities market, identified conceptual problems of securities market organisation in Ukraine, substantiated the need to adapt international experience for institutional development of the national depository system of Ukraine. The materials of the study have practical value for the development of the depository system in Ukraine as a basis for the functioning of the securities market, compatible with technological international depository systems in full functionality, which guarantees investors' property rights and enables Ukraine to become a full-fledged redistributor of global financial resources and, accordingly, to attract investments for economic development pursuant to international rules and standards of “transparent” functioning of securities markets, thus putting institutional barriers to corruption influences. The comparative analysis of depository systems of different countries allowed covering weaknesses in the existing depository system of Ukraine, outlining the conceptual approaches to legislative and organisational actions on its development

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».

scholarly journals Analysis of computed discount rates for the largest companies of the mineral resources sector of Russia

2020 ◽  
Vol 177 ◽  
pp. 05006
Author(s):  
Vladimir Nikolaevich Podkorytov ◽  
Lyudmila Anatolyevna Mochalova
Keyword(s):  
Statistical Data ◽  
Mineral Resources ◽  
Securities Market ◽  
Capital Asset Pricing ◽  
Securities Markets ◽  
Discount Rates ◽  
Investment Projects ◽  
Asset Pricing Model ◽  
The Us ◽  
Capm Model

The article provides a comparative analysis of discount rates for the largest companies in the mineral resources sector of Russia, which are calculated on the basis of statistical data from the US and Russian securities markets. Using the CAPM model (Capital Asset Pricing Model) for each selected company, various ruble discount rates were obtained. Calculations based on statistical data from the Russian securities market showed higher rates, and this, according to the authors, can negatively affect the assessment of potential investment projects in terms of their effectiveness. According to the results of the study, it was concluded that when calculating discount rates, it is advisable to use statistical data from the US securities market, since they give more objective results. The appropriateness of their use in forecasting the return on investment is largely due to the length of the retrospective period when calculating the premium for the risk of investing in stocks (from 1928 to the present), smoothing out market volatility at certain crisis times. The Russian securities market has a short retrospective, uneven dynamics of indicators, which does not allow full use of its statistical information. The authors see the prospect of further research in constructing special stochastic models for discount rates forecasting to evaluate investments in companies of the mineral resources sector of Russia.

The importance of financial resources and ownership of intellectual property rights for university spin-offs: the cases of Finland and Sweden

2020 ◽  
Vol 27 (7) ◽  
pp. 1125-1147
Author(s):  
Ignat Kulkov ◽  
Björn Berggren ◽  
Kent Eriksson ◽  
Magnus Hellström ◽  
Kim Wikstrom
Keyword(s):  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
Design Methodology ◽  
Point Of View ◽  
Financial Resources ◽  
Content Type ◽  
Small Countries ◽  
Group Interviews ◽  
Validation Stage

PurposeThis paper focuses on medical device university spin-offs (USOs), taking into account the peculiarities of financial and nonfinancial support and intellectual property rights (IPRs). The authors declare that these parameters play a significant role in business development at the early stages.Design/methodology/approachThis empirical data consist of individual and group interviews in Finland and Sweden, which are later inductively analyzed.FindingsThe results show that public financial support contributes to the formation and start of sales stages in small countries and local markets. However, at the validation stage, approaches for supporting entrepreneurship in the field of medical devices may differ. The ownership of IPRs assists in the development of entrepreneurship in the region due to the transfer of research results and researchers to the industry and increases the number of spin-offs and the cooperation of universities with business.Originality/valueThis contribution is in the identification of the key parameters for the formation, support and development of the USOs from the point of view of the availability of financial resources and the ownership of IPRs.

Specific Notarial Protection of the Testator's Exclusive Rights: Kazakh and International Experience

2019 ◽  
Vol 10 (3) ◽  
pp. 770
Author(s):  
Karlygash Asilkhanovna JUMABAYEVA ◽  
Lola Furkatovna TATARINOVA ◽  
Gulnaz Tursunovna ALAYEVA ◽  
Saule Zhusupbekovna SULEIMENOVA ◽  
Danila Vladimirovich TATARINOV
Keyword(s):  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
International Experience ◽  
Copyright Holder ◽  
Main Function ◽  
Legal Practice ◽  
The Subject ◽  
The Republic ◽  
The Right

This study is concerned with one of the most burning issues of intellectual property rights, namely the notarial protection of the testator's exclusive rights. The article analyzes the Kazakh and international experience in solving this issue. In the course of the study, the authors obtained the following results: - In legal practice, the non-acceptance of inheritance and refusal to inherit exclusive rights have their specific features; - It is proposed to supplement the existing civil legislation on the protection of the testator's copyrights. ‘Kazakhstan Authors' Society’ conducts its activities in the territory of the Republic of Kazakhstan. Its main function is to manage the property rights of authors. This management includes the issuance of permits to use deliverables on behalf of authors, as well as the collection, distribution and payment of royalties. It has been established that a notary has the right to apply to ‘Kazakhstan Authors' Society’ to determine one's authorship. The authors have revealed that the current Kazakh legislation does not state the creation time of some deliverable and does not provide for the notarial certification of a web page (in case of copyright infringement). Thus, a notary takes measures to protect the intellectual property rights owned by the copyright holder that might become the subject of succession.

The Expansion of the New York Securities Market at the Turn of the Century

1981 ◽  
Vol 55 (1) ◽  
pp. 75-85 ◽  
Author(s):  
Gene Smiley
Keyword(s):  
New York ◽  
Interest Rates ◽  
Commercial Banking ◽  
Turn Of The Century ◽  
Business History ◽  
Securities Market ◽  
Securities Markets ◽  
Financial Activity ◽  
Industrial Companies ◽  
Active Interest

Since the landmark article of Thomas Navin and Marian Sears on the rise of the market for industrial securities in the Business History Review (XXIX, June 1955), there has been an active interest in the causal relationship between the remarkable upsurge in corporate mergers of industrial companies early in this century, and the greater activity of the securities markets. Professor Smiley adds to this literature with a study of interest rates and the growth of activity in what contemporaries called “financial banking” (lending money for transactions in securities) as opposed to commercial banking. There are limits to the inference of cause and effect relations from financial activity, however, and historians must continue to study these phenomena merger by merger in order to draw conclusions as to the reasons for them.

scholarly journals How to Eliminate the Negative Impact of Scientific and Technological Progress on the “Transparency” and Efficiency of the Market

2021 ◽  
Vol 7 (7) ◽  
pp. 190-206
Author(s):  
G. Khubaev
Keyword(s):  
Market Economy ◽  
Technological Progress ◽  
Quantitative Assessment ◽  
Business Processes ◽  
Negative Impact ◽  
Financial Resources ◽  
Market Participants ◽  
Demand Reduction

It is shown that scientific and technological progress leads to a decrease in the awareness of market participants, and the “opacity” of the market contributes to the active development of goods and business processes for one purpose, leads to the waste of intellectual and financial resources. The use of original methods and tools is justified for the quantitative assessment of the characteristics of the consumer quality of multifunctional goods and the growth of functional demand, reduction of budget allocations of market entities, and accelerated development of the market economy.

scholarly journals THE TENDENCIES AND OBSTACLES OF THE DEVELOPMENT OF SECURITIES MARKET OF UZBEKISTAN BEYOND INTERNATIONAL EXPERIENCE AND GOVERNMENTAL MACROECONOMIC POLICIES

2010 ◽  
Vol 1 ◽  
Author(s):  
SHOHA’ZAMIY SHOHMANSUR
Keyword(s):  
Developing Countries ◽  
System Analysis ◽  
International Experience ◽  
Bond Market ◽  
Securities Market ◽  
Macroeconomic Policies ◽  
The World ◽  
Further Development

The article is dedicated to analysis of the condition, trend and problems of the development bond market Uzbekistan in collation with 76 developing countries of the world. On base of the system analysis between countries are given useful for Uzbekistan findings and recommendations on the further development bond market.

scholarly journals State regulation of the securities market of the Republic of Kazakhstan

2021 ◽  
Vol 101 (1) ◽  
pp. 152-161
Author(s):  
R.K. Yelshibayev ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Government Regulation ◽  
State Regulation ◽  
Securities Market ◽  
Regulation System ◽  
Market Participants ◽  
Functional Capabilities ◽  
Wide Range ◽  
The Republic

Object: The purpose is to identify promising directions for the development of the securities market of the Republic of Kazakhstan and reform the system of its government regulation. Methods: The study used methods of empirical, subject-object, system, deductive and comparative analysis. Each of these methods was used adequately to its functional capabilities and resolving abilities for solving the corresponding stage research tasks. Findings: As a result of the research by the author:  features of the securities market as an object of government regulation are studied;  infrastructure support of the system of government regulation of the securities market of the Republic of Kazakhstan was examined;  assessment of the current state of the securities market of the Republic;  system problems of government regulation and market development are investigated;  promising areas of reforming the securities market of the Republic of Kazakhstan and its government regulation system are developed and scientifically substantiated. Conclusions: A shift of focus from problems of legal support of the system of government regulation of the securities market of the Republic of Kazakhstan to the problem of primary transparency and reliability of the market in terms of economic integration and global coronacrisis will allow achieving the following targets:  share market capitalization to GDP will double if new IPOs are held by corporate issuers;  RFCA will join the group of ten leading financial centers in Asia;  access to financial services for a wide range of consumers will be provided;  increase of financial literacy of the population, protection of interests of potential investors and safety of savings of market participants will be ensured.

scholarly journals MAIN FEATURES OF FINANCIAL LEASING USING INTERNATIONAL EXPERIENCE

2021 ◽  
Author(s):  
Gunel Safarova
Keyword(s):  
Capital Market ◽  
International Experience ◽  
Market Analysis ◽  
Securities Market ◽  
External Financing ◽  
Financial Leasing ◽  
Investment Financing ◽  
Fixed Assets ◽  
Financing Mechanism ◽  
Theoretical Foundations

The article discusses the features of the development of leasing, taking into account international experience. Based on the experience of the American and Western European leasing market, analysis of the operating activities of foreign leasing companies, the theoretical foundations of investment financing from external financial sources using the international leasing mechanism are presented. The article reveals the features of the investment financing mechanism based on the international leasing scheme, taking into account the acceptability of financing conditions, both for the enterprise-lessee and for the company-lessor. Attention is drawn to the possibility of external financing of such a leasing transaction with the involvement of investors and the issue of bonds on the open securities market. Leasing will allow not only to update the fixed assets of a number of leading industries, but also to solve the problem of financing this process at the same time. International experience of leasing application plays an important role in this. Without requiring large one-time expenses of their own funds from enterprises, leasing at the same time guarantees the purposeful development of financial resources, which ultimately will allow attracting into the industry the opportunities of the Russian capital market that have not been fully utilized so far, as well as funds from foreign investors.  

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.

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