Human activity today takes various forms. Moreover, we could only dream about some types of human interaction 10 years ago. There are also types of activities that have evolved significantly in recent years. This fact indicates the high speed of progress of modern society, which, of course, is a positive phenomenon. It is worth noting that a large number of changes have occurred in the field of trading in the stock markets. Activities of this kind have a lot of characteristic points. At the same time, stock trading is not easy to learn. To do this, you need to study the market and its functionality for years.
But what is trading in the stock market? What products are sold on it? It should be noted that the stock market is also called securities market. The name itself tells a lot about the principles and essence of its activities. In this case, great interest is caused not by the market itself, but directly by the securities, the turnover of which takes place on it. To date, several types of this category are distinguished. One of them is non-issuable securities, the features and essence of which will be discussed later in the article.
The concept of securities
Trading on the international market has many features. For example, the stock sales sector is focused on the sale of specific objects, securities. The definition of these objects is given both in the scientific legal industry and in the legislative sphere. The most classical definition says that securities are special documents certifying property rights. They have the established form, and their transfer can be carried out only on the basis of direct presentation.
At the same time, not every document of a standard prescribed by law is among the securities. Their strict list is presented in special regulatory acts. The concept and types of securities should be considered adjacent to a more detailed study of the entire category as a whole.
Securities Law
Any objects of legal value are governed by the norms of certain regulatory legal acts. Securities in this case are no exception. There is a whole system of laws whose provisions govern the legal status of securities. Such acts include the following:
- Civil Code of Russia;
- Federal Law "On the Securities Market";
- Federal Law "On Joint-Stock Companies".
The main types of securities
The classification of the presented objects of market trade can be carried out on the basis of various parameters. However, the main differentiation is presented in the current legislation. According to this interpretation, securities are divided into:
- issue;
- non-issue.
The difference between these categories can be seen in the order of their release and in the process of legalization. At the same time, non-issue-grade securities are more rare than the first type. Such a conclusion can be made when analyzing the specifics and concepts of the object.
Non-equity securities: concept
Non-issue type trading facilities have many characteristic points. Most of them are manifested in the concept of category. Thus, non-issue-grade securities are documents that are not subject to mass issue and state registration. That is, their turnover on the market is more free, and working with them is simple. However, in spite of the specifics of the presented category, the general properties of securities are inherent in it.In other words, non-issue-grade securities belong to the category of securities, but their circulation is carried out on a specific basis.
Basic properties
Non-equity securities, as we have already found out, are characterized by a number of the most common factors. In other words, we are talking about the presence of fundamental properties. Today, securities of any kind, including non-issue securities, are characterized by the following aspects:
- the presence of risks;
- liquidity;
- marketability;
- serial production;
- the presence of state regulation of their turnover.
All these factors indicate the special legal status of securities and other interesting aspects of working with them.
Types of Non-Issuing Documents
Stock trading objects in most cases can be classified. Non-equity securities are, as we understand, a collective concept. They are characterized by various legal objects. Based on this factor, a lot of types of these documents can be distinguished. Thus, non-issue-grade securities are:
- bills;
- Checks
- bills of lading;
- savings, or certificates of deposit, as well as investment units.
Presented types of securities are the main ones. However, not all of them are common in the territory of the Russian Federation. Therefore, in order to understand the issue of non-equity securities, it is necessary to consider each type separately.
The concept of a bill and its types
So, earlier we found out that such a document as a bill of exchange belongs to the non-issue type. A non-issue-grade security of this type is very popular in Russia today. The essence of the document is quite simple. A bill of exchange is a document that certifies an obligation of a monetary nature in writing. Moreover, the circulation of such a security is currently regulated by a special legislative sphere. There is also a certain list of details that must be present on the bill.
It should also be noted that the presented security is divided into several types:
- promissory note;
- transferable.
A promissory note A document establishing an unconditional obligation is recognized. In other words, the debtor, according to such a document, is obliged to pay a certain amount of money in the future. Bill of exchange It looks like a simple one, but it does not say about the need for compulsory payment, but offers to carry out such an action.
What is a check?
Non-equity securities, examples of which are presented in the article, are intended for the implementation of completely different functions. Earlier, we examined the features of a bill, in which financial obligations are fixed. But this security is not the only document causing the need for financial manipulation. Rather similar to a bill is a check. But if in the first case we are talking about an obligation, then a check is a document certifying an order. The executor in this case will be the bank. On the basis of the check, the payment is made by the indicated authority.
It should be noted that not all experts in the field of the study of securities recognize the check as an independent document. For a long time it was considered a type of bill of exchange of a transfer type. However, the presence of characteristic features does not allow to deny the isolation of the check as a security.
Features of Bill of Lading
There is a non-issue document that is completely different from the others. This can be called a bill of lading. This document has nothing to do with obligations. However, it certifies the rights to receive, load, unload and transport goods in the process of international activity. The document is characterized by a high degree of formalism, due to the presence of uniform standards for its completion.
Specificity of certificates of deposit and investment units
Without exception, all non-issue-grade securities, examples of which are presented in the article, exist for any purpose. Investment shares in this case, they perform the function of certifying the ownership of a particular person to a part of any property. A similar document is certificate of deposit. This security gives a person the authority to receive interest on a bank deposit. Thus, the submitted documents facilitate the interaction of people in some areas of life.
Non-equity securities market
It should be remembered that valuable documents are traded on the stock market. For example, such issue papers as stocks undergo a complex issue procedure, which subsequently makes it possible to work with them.
As we know, non-issue documents are not subject to state registration. That is, their treatment in the modern world is not subject to supervision. Therefore, the expression "non-equity securities market" is only a verbal circulation. In reality, such a trading segment does not exist. The concept of "market" characterizes the totality of non-equity securities with which work is carried out today.
So, in the article we examined the concept and types of securities of a non-issue type. In conclusion, it should be noted that the theoretical development of this category is necessary, since the role of such documents is growing more and more every year.
