Specificity exchange market

Comprehensive market research includes the following procedures:

* Formation of the needs and demand forecasting;

* Collection of data on products, competitors and analyze the competitiveness of enterprises;

* Market segmentation and product positioning;

* choice of marketing strategy. In the process of comprehensive research of the market is determined by:

* The volume of the market, its major trends and seasonal factors;

* the potential sale of the input to the market or its products;

* the composition of consumers - age and gender, regional, social, family composition and purchasing behavior, consumption patterns, income levels;

* buying motives and attitudes that can be used in planning marketing and advertising;

* sales of products, their share in the total capacity of the market, including by regions and segments;

* competitiveness of the company and its market position.

2.4 Indicators of the state

All figures situation can be represented in the form of four groups:

1. indicators of material production that characterize supply of a commodity;

2. indicators of demand for goods;

3. foreign exchange rates and monetary situation characterizing both the supply and demand;

4. prices are most concentrated performance. Indicators of material production. Indicators of material production, which include data on industrial production of goods (cars, minerals, harvest crops) can be classified as follows.

* absolute figures (natural and cost);

* relative indices (indices, growth rates, etc.);

Absolute figures: Usually measured in terms of volume production of many essential commodities, the characteristics of which have practically no influence scientific and technological progress. For example, the production of iron and steel products, grain yield, power generation, oil production is conveniently measured in tons, respectively, in kilowatt hours, barrels. In this case, these indicators provide a completely objective picture of the condition of the particular commodity market. In cases where the consumer properties of the finished products are rapidly changing under the impact of scientific and technological progress, the use of only natural indicators can give a distorted picture of the markets. For example, it is hardly possible to appreciate the situation on automobile markets by the number of units of output, if you do not take into account the growing share of small-displacement and declining part of the large-and medium liter vehicles. On the other hand, the use of cost indexes of finished products also can not be considered as a universal means of analysis of the market situation, because such figures are calculated at current prices, and in different countries, these prices may be different. Therefore there is a need for these indicators certain adjustments. In addition, it should be borne in mind that the cost parameters are given in local currency, the exchange ratios which are also subject to private and even large fluctuations.

The relative performance: In some cases, data on changes in production are published in the form of indices, compiled on the basis of cost indexes by industry or individual large sectors of the economy. At the same time it should be remembered that the analysis of the situation with the possibility of using indexes are quite limited.

Indirect indicators: When the absolute figures do not measure the market situation or the figures are not available, resort to indirect indicators. These include: the volume or portfolio, the dynamics of capacity utilization, investment and even the level of employment in the relevant industry, etc. Such indicators should be used in the analysis of engineering products with high technological cycle, such as shipbuilding, large power plant engineering, etc. Indicators of demand for goods. Indicators of demand in the domestic market reflect the pattern of consumption in the consumer goods, and include data on wholesale and retail trade, the movement of inventory, the volume of domestic cargo. In the foreign market demand indicators such act of gross imports and gross exports. The growth of these indicators shows the growth in demand for goods, and reduction - of its fall.

Indicators of currency and monetary situation. To assess the market situation at the sectoral and national levels are important indicators of currency and monetary situation: stock prices, the values ??of the discount rate, the number of bankruptcies, etc.

The stock price - is a measure of the level of stock prices and give their holders the right to receive income.

The stock price - a leading indicator in predicting market conditions, since it depends not only on the size of the received dividends in the last year, but the size of the expected future income.

Changes in demand for the shares is most clearly shows how buyers of shares, equity investors about the prospects for the development of market conditions in a given market. This figure can not be considered completely reliable indicator of changes in market conditions, as stock prices are subject to fairly sharp fluctuation influenced by a variety of factors - speculation on the stock market, changes in the political situation, etc. Usually regulating influence of the state on the state of the market manifests itself through a change in the discount rate. Raising the discount rate leads to a reduction of investment in the industrial sector and, ultimately, to the economic downturn, and vice versa, reducing the discount rate increases the investment in the industry, leading to increased employment and increased product offerings in the market.

Another indicator of currency and monetary situation - the number of bankruptcies. Normally functioning market economy, accompanied by a continuous ruin of the old and the emergence of new enterprises. In itself, the number of bankruptcies does not say anything about the state of the economy, if it is balanced by the emergence of new enterprises. Therefore can serve as an indicator of business conditions significantly exceeded the number of bankruptcies over the number of emerging enterprises. This indicator is important because it is one of the leading and reflecting the initial phase of the crisis.

Prices

They are an important indicator of business conditions. Prices can be divided into two groups: absolute, describing the level and change of price in terms of money for specific products, and the relative characterizing the change in prices over time (indexes). In the dynamics of prices is reflected essentially the movement of all other factors and the factors influencing them. The study of pricing is a difficult task due to the diverse characteristics of commodity markets, the presence of several series of price indices for the same product is not always reliable and easily accessible information about the prices. Therefore, the analysis of price indicators should rely on detailed knowledge of the product and the market, examining all available for the commodity price series, the account depending on the results of the analysis of the qualifications of Experts.

3. Exchange, its types and functions. Conjuncture of exchange market in practice

3.1 MICEX Stock Exchange market

Currently, the commodity exchanges in the world sold about 100 so-called commodities. They account for about 20% of international trade. These products can be divided into the following groups:

1. energy raw materials: oil, diesel, gasoline, fuel oil, propane;

2. non-ferrous and precious metals: copper, aluminum, lead, zinc, tin, nickel, gold, silver, platinum, etc.:

3. grains: wheat, corn, oats, rye, barley, rice;

4. oilseeds and derived products: linen and cotton seed, soya bean, soybean oil, soybean meal;

5. live animals and meat: cattle, live pigs, bacon;

6. Foodstuffs: raw sugar, refined sugar, coffee, cocoa beans, potatoes, vegetable oil, spices, eggs, orange juice concentrate, peanut;

7. textile raw materials: cotton, jute, natural and artificial silk, washed wool, etc.

8. industrial raw materials: rubber, lumber, plywood.

The organization of the commodity market.

Moscow Interbank Currency Exchange.

MICEX Stock Exchange - the largest stock exchange in Russia, the CIS, Eastern and Central Europe. Exchange is one of the top 20 stock exchanges in the world, accounting for about 90% of the total stock market turnover on the Russian market and about 70% of the global stock exchange trading in Russian stock assets. This gives her the opportunity to act as a center of liquidity for Russian securities, the principal stock exchange for international investments in stocks and bonds of Russian companies.

The MICEX Stock Exchange daily trading in stocks and bonds of approximately 700 Russian issuers, exchange quotation lists included 450 securities 241 Russian issuers. Trading on the stock exchange held in electronic form on the basis of the modern trading system. On the stock exchange are connected to regional trading floors and more than 1700 remote workplaces in banks, brokerage firms and other financial institutions located in 100 Russian cities.

As part of the MICEX Group operates ZAO "MICEX Stock Exchange" - the leading Russian stock exchanges, which occupies more than 90% in the exchange volume of stock trading and almost 100% - bonds. MICEX Stock Exchange - the largest stock exchange of the CIS countries, Central and Eastern Europe - among the 25-largest stock exchange in the world, and its share of exchange turnover of trading of Russian assets including depositary receipts for shares in Russian companies is about 63%. At present, the MICEX Stock Exchange is the center of liquidity for Russian securities being the main stock area for international investment in stocks and bonds of Russian companies.

Trading on the MICEX Stock Exchange are held in electronic form using modern trading system, connected to regional trading platforms and professional participants of the securities market. The structure of the bidders, MICEX Stock Exchange includes over 650 organizations - banks and brokerage firms in 100 cities of Russia, whose clients are more than 670 thousands of investors - individuals and legal entities.

Advantages of the MICEX Stock Exchange as a platform for the IPO:

1. High liquidity - 99% of the exchange's turnover in Russia.

2. The qualitative characteristics of liquidity: 30% of the total trades on the MICEX.

3. Is the segment of large transactions (> 5 million rubles.).

4. The broad investor base: over 600 thousand clients.

In order to improve the information content of the MICEX Stock Exchange publish on its website a list of the leading operators of the stock market.

Leading operators of the stock-market stocks (momentum given the results of April 2010).

The MICEX stock market trading mechanism based on the principle of market competing applications (order-drivenmarket), at which the transaction is made automatically when crossing conditions in the counter orders. Transactions are carried out on a "delivery versus payment» (DVP) at 100% - rated pre-depositing of assets and execution of transactions on the date of their conclusion (T +0). All trade is conducted in rubles.The trading volume in 2009 amounted to 1 304.2 billion dollars (41 trillion.), Which is 1.5 times less than the volume of trading in 2008, including the turnover of shares - 836.3 billion dollars (26 trillion rubles .), which is 1.7 times less than the volume of trading in 2008, the average daily turnover of the MICEX reached five billion dollars (163 billion rubles).

The volume of trading in securities on the MICEX Stock Exchange.

Stocks. The MICEX Stock Exchange daily trading in the securities of 750 Russian issuers, including the shares of more than 230 companies, including OAO "Gazprom", RAO "UES of Russia", JSC "Sberbank of Russia", OJSC "MMC Norilsk Nickel", JSC "Lukoil", OJSC "Rostelecom", JSC "Surgutneftegaz", OJSC "NK" Rosneft ", OJSC" VTB Bank ", OJSC" Tatneft ", etc - with a total capitalization of 17 trillion rubles. (about 542 billion U.S. dollars).The structure of the market turnover of shares on the MICEX Stock Exchange in 2008, bln.

MICEX Group is implementing projects for the organization and development of commodity exchange markets through the JSC "National Commodity Exchange." National Commodity Exchange was established in July 2002. The main direction of development of NTBs is the organization of exchange of the commodity market (cash commodity, derivatives) in Russia.

National Commodity Exchange is licensed by the Federal Financial Markets Service of Russia number 129 of 26 September 2002 on the organization of exchange of trade by commodity sections:

1. Electric power

2. Energy (oil and oil products, natural gas and gas condensate, coal)

3. Ferrous metals

4. Non-ferrous metals and alloys

5. Building materials

6. Wood and Wood Products

7. Cereals, legumes and industrial crops

8. Agricultural output

9. Pharmaceutical products

10. Aquatic biological resources

11. Products of the chemical industry

12. Standard contracts.

Since 2002, the NTB participates in the preparation, organization and conduct of trading during the public procurement and commodity interventions to regulate the market of agricultural products, raw materials and food of the Russian Federation. NTB is the authorized exchange of the Ministry of Agriculture of the Russian Federation.

In April 2008 at NTB started trading deliverable futures contracts for wheat class 3 and 4 on EXW delivery in the elevators of the Southern Federal District of Russia and deliverable futures contracts for wheat on FOB terms. In December 2008 at NTB put into circulation by contracts for 5th class wheat on EXW delivery in the elevators of the Southern Federal District of Russia.

The volume of trading in the MICEX Group

IPO. MICEX stock market provides a wide range of services to issuers, including initial public offering. Initial Public Offering - initial offer shares for sale to the general public. During the public offering to investors, an additional (new) issue of shares. However, during the placement of an additional (new) issue, existing shareholders may offer to sell its shares to a certain package (SPO).Exchange-traded bonds - equity security that allows you to attract short-term financing for up to 3 years on a simplified procedure for the issue, designed for a wide range of investors, to place and to look solely at the stock exchange. To carry out their emissions do not need state registration of the issue and the report on the issue. The MICEX Stock Exchange set up the necessary infrastructure for the registration, distribution and circulation of commercial papers. The first bond issue placed bonds were "RBC Information Systems."

Total MICEX Stock Exchange was registered 66 issues of commercial papers 8 issuers totaling 159 billion rubles, located 15 issues three issuers - OJSC "RBC Information Systems", OAO "AvtoVAZ" and JSC "Group" Razguliay " - of 16.5 billion rubles. Russian depositary receipts. (DDR) - a new tool of the Russian stock market, available on the MICEX Stock Exchange. The main essence of this tool - the ability of foreign issuers to exit the Russian market through the implementation of programs on the depositary shares and (or) bonds.

Russian depositary receipt has a number of features compared with other types of securities that exist in Russia:

1. not registered report on the results of the DDR; 2. there is no requirement on completion of DDR within one year from the date of state registration of the issue; 3. DDR treatment can be carried out after the state registration of the issue; 4. DDR is repaid when issuing its owner VDR certified securities; 5. maturing DDR DDR maximum number that can be in circulation at the same time in accordance with the decision of the release of the DDR is not changed; 6. DDR register can lead their issuer - Russian depository regardless of the number of holders of the DDR.

The volume of trading in the MICEX Group

MICEX currency market.

The subject of the MICEX currency market is the organization and conduct of foreign currency trading. In trading on the Unified Trading Session of interbank currency exchanges MICEX acts as the Administrator in holding the auction, and also performs the role of the Technical Center. Transactions are in accordance with the procedure laid down in Regulation operations on purchase and sale of foreign currency on a single trading session interbank currency exchanges approved by the Board of Directors of the MICEX and agreed with the Bank of Russia.

MICEX is a nationwide system of trading in government securities, which unites eight major regional financial centers of Russia. On the MICEX market participants have access to a wide range of tools market in government securities.

Currently, the GS market of more than 300 authorized dealers. Total volume of transactions in the government securities market and the money market in 2009 amounted to 8.01 trillion rubles (298 billion dollars), including transactions in the GKO-OFZ market, repo and deposit operations of the Bank of Russia. The market of government securities on the MICEX provides ample opportunities to the Bank of Russia to the conduct of monetary policy, while market participants effective tools to invest temporarily idle funds and liquidity management. MICEX publishes indexes and indicators of return on government securities market, as well as zero-coupon yield curve for government bonds.

The Bank uses the Russian MICEX trading system for deposit and credit operations with credit institutions located in different regions of the Russian Federation. In 2009, the volume of deposit operations amounted to about 470 billion rubles. ($ 26 billion) and the number of participants in this market exceeded 170 banks. In 2009, the range of deposit Bank of Russia on MICEX was expanded to deposit transactions "on demand." In addition, the service is organized on the exchange of a new segment - the credit of the Bank of Russia (collateral credit). One of the important results in 2006 also became a service organization of a new market segment GS - government savings bonds (GSO), intended for institutional investors.

The volume of trading in the MICEX Group

Conclusion

The current stage of development of economic relations has shown that the stock exchange and stock trading mechanism has firmly established itself as one of the most important mechanisms of trade operations. Any exchange is merely a logical development and streamlining other supporting structures of the trade - the market. In this work following tasks are addressed and resolved : 1. It has been studied the concept of the exchange. The Exchange is an organized market for trading replaceable values, in which the process of price formation takes place under public control. Exchange Tasks - do not supply the economy with raw materials, capital, currency, and the organization, regulation, standardization of markets for raw materials, capital and currency. 2. Are considered in detail: the stock, foreign exchange and commodity exchanges. 3. The features of the exchange activity. 4. Considered Mercantile Exchange and its function as an example MTV MICEX. 5. Studied the stock exchange transactions on the MICEX example. 6. Studied the function of currency exchange on the example of the MICEX. The essence of all ongoing operations on the Stock Exchange was summed up by Engels: "Exchange - is an institution in which the bourgeoisie does not exploit workers, and each other," ie, during exchange transactions surplus value created in the sphere of material production, but is redistributed between the owners of the securities.

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