Specificity exchange market
Types and functions exchange. Conjuncture of exchange market in theory. The concept of the exchange. Types of Exchanges and Exchange operations. The concept of market conditions, goals, and methods of analysis. Stages of market research product markets.
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Specificity exchange market
1. Exchange, its types and functions. Conjuncture of exchange market in practice
exchange market operation
1.1 MICEX Stock Exchange market
The role of the exchange trade in the global economy and national economies of individual countries can not be overstated. Some Western economists believe the emergence of the modern commodity exchange, as the market is not performing the distribution of goods as well as financial institution that facilitates trade and reduces the cost of maintaining it, is equal to value of the industrial revolution at the end of the XVIII century, and see it as a planning and organizing force able to give the correct direction of the economy.
The purpose of this course work is the definition of the exchange, its main differences from the market organization of trade. The paper lists the main features of trading. Also in the paper addressed issues relating to the place that occupies exchange activity in the economic life of society and the state. The definitions of the concepts of commodity and stock exchanges, the basic operations that are performed on them.
The object of the course work is as follows:
1. Explore the concept of the exchange.
2. Consider the types of exchanges.
3. The features of the exchange activity.
4. Consider a commodity exchange and its functions.
5. To study the operation Stock Exchange.
6. To study the function of currency exchange.
Exchanges related to organizational and technical field of human culture. Borrowing in this area (if they are done with the mind) are useful. No need for careful study, the experience of the western stock trading and implement this knowledge into practice. Just do not hamper economic creativity of the people dies and customized research results to other people's designs.
In all sources from which information was taken, all the authors emphasized the considerable role of exchanges in the formation of prices in the market system and the effect on her.
Due to the fact that the Russian stock exchanges have been a number of stages of its existence, and in the history of their development has been on the downward and rebirth, the shift from quantitative to qualitative transition from trading cash commodity to a large number of transactions used in modern stock trading, many sources outdated and no longer relevant.
1. The essence of the exchange
1.1 The concept of the exchange
Questions about what a stock exchange and which attributes are part of the notion of it, first of all, of course, important for the legislation. There is a particular need for a legal definition and differentiation of various trade meetings as economic importance and effectiveness of exchanges just obvious (enough to turn to traffic exchanges and compare them with the main macroeconomic indicators of the state of the economy (eg, GDP)). It is also clear that the exchange is a business entity and carries on business (stock exchange), mediating between buyers and sellers. In connection with this exchange has certain, but quite specific, rights and responsibilities. The specificity of the rights and responsibilities of all due to the same economic isolation and importance, and therefore the supervision of the state.
In practice, the term "exchange" is primarily building, then the time (exchange continues with three to twelve), and finally, custom view of the market.
In the first place, it was possible to note that any exchange trading is a trade-essential values, and that in the stock room no goods or money. However, the activity of the exchange is not limited to values, there are exchanges on which operations are performed freight (eg, naval exchange in the resort). In addition, there is also the question concerns whether the sale by sample, occurring very often at all stock exchanges to trade replaceable values. Secondly, a feature of the exchange could be called speculation. However, there is also speculation and outside the exchange. Then we can say that the exchange has the task of facilitating trade in goods and securities. This is undoubtedly true, but the railways and many other institutions also serve this purpose, but are not exchanges. Need to find other signs of exchanges, releasing their characteristics in comparison with the markets.
When people talk about the market, which developed before the exchange, it is primarily about what is happening on a regular basis in a certain place at a certain time of the meeting of persons for the purpose of the transaction. The place and time - the basic constants, operations and people can change. Wherever such a meeting in a certain place at a certain time, no, there can be no question of the exchange. However, these symptoms Exchange does not differ from the market. The difference between the exchange and the market is mainly in the following three points:
1. The lack of goods.
3. Set rates and quotes.
Wherever a particular sign is missing, we are not talking about the stock exchange in the above sense, but rather about the market or intermediate stages. Let us examine the details given three distinctive trait.
The essence of the exchange is that it is - a special kind of market where trade is made replaceable values, and these values and fees are not charged. For example, the market for buying a horse, a certain bouquet of flowers, a piece of meat. Hostess buys products of a certain quality and variety. All of these things are present, examine them in detail. Cat in a bag no one is buying. This is followed by payment and transfer. A characteristic feature of the market is therefore in the presence of buyers and sellers of money and goods. At the stock exchange are often presented other persons, mostly traders. Initially, there were producers and consumers, but they were gradually superseded by merchants. Traded on an exchange is not physically present on a particular product, say a bag of rye and rye simply, that of a product, when one bag of rye can be replaced by another equal quality. It follows that all the goods on the exchange - exchangeable or replaceable. Substitutability of exchange-traded products leads to one very important consequence: the securities or commodities traded, ie sold or purchased on the Exchange, may be missing. This creates a huge advantage for trade and exchange. The presence of the exchange of goods would turn again to the market and its size would be reduced pace. Substitutability of goods and values, and the second follows the investigation. Securities or products not only need to be present at the time of purchase, they need not even be available to the owner. These operations are the basis of stock market speculation. It is based on the fact that every purchase can be compensated for each sale and purchase - purchase. Or, for example, sugar-exchange transactions may be entered into for the supply of sugar beet as from which to obtain this sugar has been sown.
The second feature of the exchange - organization. The Exchange - an organized market, ie there are organs for certain functions related to the management, the maintenance of order, the normalization of transactions, etc. The market does not know of such a device. The only organ that is peculiar to the market, is engaged in the maintenance of order. Buyers and sellers in the market are the most unorganized mass. But wherever the market rises to the level of the exchange, there are bodies. However, these bodies are not all the same. Each market has its own organizational structure, but it has at least Exchange Committee - the main and upper body of the exchange.
The Exchange - an organization that has as its goal not only trade replaceable values, and also in the setting of prices. The pricing of the exchange takes place regularly and under common control, ie concealed by the authority of the meeting or its board. Where there is no such official quotation of prices, there is no exchange. Due to exchange each security, each commodity, etc., are listed on it, is the exact mark its exchange value, and this is a mark for the level of the commercial world, which are oriented as those who enter into transactions outside the stock 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, but the organization, regulation, standardization of markets for raw materials, capital and currency.
In summary, you can specify the basic functions of the exchange:
Organization of the market through the exchange mechanism: first, the exchange provides a demand that is not directly associated with its use. Specifically exchange supply and demand figures carry Exchange - Stock market speculators. Exchange trade provides the possibility that at current prices will not be no shortage, no overstocking, not drawn on the stock exchange the goods, and the title of the property to him or commodity contract. Modern Mercantile Exchange - a market of contracts for the supply of goods at a relatively small size of its actual deliveries. Exchange, without linking the movement of large masses of goods, aligns supply and demand;
Hence it can be seen even one of the components of the organization of the market - the stabilization of prices:
Price fluctuations caused by the divergence of real demand and real supply, slightly elastic, are not settled immediately, but rather is cumulative - the ability to transform into sharp fluctuations in prices. Gambling on the stock exchange is the mechanism is not price bubble, and their stabilization, an important factor in stabilizing prices is the transparency of the transaction, the public setting of prices at the beginning and end of the trading day (exchange rate), the restriction of daily price fluctuation limits established by the exchange rules. Related to this is the information exchange activities.
The development of product standards, the establishment of varieties that are acceptable to consumers and therefore have a relative liquidity, registration marks of firms admitted to exchange trading. The latter is especially important because is a kind of qualification to the quality of products manufactured by the company. An important aspect of the exchange is to standardize the model contracts, establishing a sort of tradition of trade.
Continue to fulfill its commodity exchanges function, ie that function, because of which they originally appeared, and - the purchase and sale of real goods.
Stabilizing prices for a limited list of raw materials and commodities, exchange and stabilize the cost of production of other, not just commodities.
The stabilization of currency and credit relief. Exchange increases the capacity of monetary circulation, as it is a sphere of maximum liquidity goods. Exchange - one of the most important spheres of loan capital, as it provides a reliable supply of loans and reduces the risk to a minimum.
The settlement of various disputes and differences between the parties - the arbitration activity.
Information support of the market (mandatory submission by the exchange of information on the auction results is one of the most important functions of the exchange).
The pricing of unlisted products (quote) (eg, futures contracts for purchase sale of foreign currency are executed at the rate fixed by the stock exchange on the date of execution of the contract, etc.).
1.2 Types of Exchanges and Exchange operations
Study of the characteristics of the exchanges, their structure and composition of the government helps their classification, ie association in certain groups, according to a selected basis of classification. (Under the sign of the classification is to be understood characteristic, features inherent in exchanges that allow you to combine them in a certain group.) Signs classification exchanges are:
1. kind of exchange of goods.
2. organizing principle (the state's role in the organization of the exchange).
3. the legal status (the status of the exchange).
4. Participants exchange trading.
5. the composition of the goods that are subject to exchange trading.
6. place and role in international trade.
7. sphere of activity.
8. the predominant form of transactions.
In world practice, depending on the type of exchange commodity decided to allocate commodity (Commodity), stock, currency exchange. In Russia, a commodity exchange is considered as an organization with a legal personality, "which forms the wholesale market through the organization and regulation of stock trading carried out in the form of open public auction, held at a predetermined place at a particular time fixed by the rules."
Stock exchanges replace cumbersome, costly and inefficient hierarchical, vertical system of sectoral reallocation of financial resources. Therefore the Stock Exchange is a permanent regulated market of securities. It creates opportunities for the mobilization of financial resources and their use in long-term investments, manufacturing, government programs and debt.
Currency exchanges are created for the organization and maintenance of the foreign exchange market, which, by their nature and role at the present stage the most tightly controlled by the government (represented by the Bank of Russia), in contrast to other types of exchanges. World experience shows that currency trading is combined with securities trading and is held on the stock exchanges.
Commodity exchanges - a permanent wholesale market of perfect competition, which according to certain rules, transactions of purchase and sale of a qualitatively homogeneous and easily interchangeable products.
Stock exchanges prevail at present. The most active trading in the securities held in the Moscow stock exchanges in St. Petersburg, Rostov-on-Don, Samara, Nizhny Novgorod, Novosibirsk, Vladivostok, Yekaterinburg, Chelyabinsk and Saratov.
According to the principle of the organization (the state's role in the creation of stock exchanges) there are three types of exchanges overseas:
1. public law (state of the exchange);
2. private law (private exchange);
3. Mixed Exchange.
Exchange wearing public law nature, controlled by the government and created on the basis of the Exchange Act. A member of a stock exchange is open to any owner of the area, which is included in the trade register and with a certain amount of turnover. Persons who are not members of the exchange, are also permitted to effect transactions in accordance with their Individual tickets purchased.
Such exchanges are common in Europe (France, Belgium, the Netherlands).
Exchanges with private law character, inherent in England, the United States. These exchanges is granted only to a narrow circle of persons belonging to the stock exchange corporation. The number of members of such exchanges is limited. Exchanges of this kind are generally mutual societies. Their share capital is divided into a certain number of units (the certificate). Each member of the exchange must own at least one share (certificate), which gives him the right to enter into transactions in the premises of the exchange.
Mixed Exchange are also characteristic of continental Europe. The most widely they were among the stock exchanges. For example, the Vienna Stock Exchange. For such exchanges characterized by the fact that in the hands of the state is part of the shares of the exchange (if it was created as a joint stock company), which gives him the right to direct the management bodies of the executive power and thus control the activity of the exchange.
According to the form of participation in the auction exchange visitors may be closed and open.
In trading on the stock exchanges closed its participating members, acting as stock brokers, so direct access to buyers and sellers in the trading floor is closed. Modern exchanges abroad are mostly closed, as exchange trading carries a high level of risk and requires a high level of professionalism.
In trading on the public markets except for regular members and exchange intermediaries may be involved and visitors. In this open exchange are of two types:
- Clean ("perfect") an open exchange where counterparties are not obliged to use intermediaries. They can not be, because on such exchanges shall have free access to the Stock Exchange to ring buyers and sellers, ie it is characterized by direct links producers and consumers (buyers and sellers);
- An open exchange of mixed type, which is directly with sellers and buyers of the transaction may enter into two groups by:
1. brokers working on behalf of u by the client.
2. dealers engaged in transactions on the stock exchange on its own behalf and at its own expense.
The degree of openness of exchanges is directly related to its trading strategy. Most often, the openness of exchange used for advertising purposes or for the recovery of trading. In addition, the openness of exchanges can be attributed to lack of development of the exchange mechanism to withhold non-professional participants of the exchange market.
Improving the exchange of trade leads to a more closed nature of the activities, focuses on professional growth, the formation of business relationships based on mutual trust between trading, which requires limiting the number of casual visitors and constant cooperation on the exchange. In addition, the closed nature of the exchanges in line with its concept as an organization (association) selling (agents), created to provide trade and cater to their interests, and not to attract investment capital. Therefore, for the exchange, which protects the interests of trade, the closed nature is more preferable.
Currently, the Russian currency and stock exchanges are closed, and trade can be both closed and open, although in accordance with the statute, most commodity exchanges applies to private.
Depending on the place and role of stock exchanges in world trade, their functions and their orientation to the market can be divided into international and national.
International exchanges are a special kind of permanent wholesale market, covering several states, which are made of the sale of certain commodities. They cater to specific global commodity and stock markets. In such exchanges may include representatives of business circles of various countries. Distinctive features of international exchanges are providing free translation of the profit received on exchange transactions and speculative conclusion (arbitration) transactions, which allow a profit on the difference between the quoted price on the stock exchanges in different countries. The country, where international exchanges must comply with the appropriate rate, trade and tax regimes to ensure that their activities. International exchanges are divided into commodity, stock and foreign exchange.
National exchanges operate within a particular state, take into account the peculiarities of the production, circulation and consumption of goods inherent in the country. Monetary, fiscal and trade regimes of the State impeded arbitrage and participation in exchange trading firms and individuals - non-residents of the country where the exchange.
Also, depending on the scope of the exchange in the country can be divided into central (capital) / inter-regional and regional (local). The Russian stock exchanges, their location and the nature of the activities of some are not oriented to the regional characteristics of commodity and stock markets, economic regionalization of the country.
By the nature of transactions entered into by the world practice identifies the following types of exchanges:
1. real goods
Spot exchange is typical for initial stock trading, its distinctive features are considered a regular renewal of trade, commerce confinement to a certain place and subordination to the rules, trade, mass, homogeneous, to compare the quality of goods. On the spot exchange transactions carried out in the absence of the commodity as such on the basis of its descriptive characteristics. In this case, there are counter offers buyers and sellers. The most significant feature of the exchange of real goods are mandatory delivery and receipt of goods after the auction, ie, the actual change of ownership and movement of goods sold from the seller to the buyer.
Expansion of stock trading has led to the creation of a new type of exchanges, futures exchanges. Their formation reflects the transformation of the exchange of real goods market in the market to the goods. The main features of futures trading are:
2.connection with the physical market through insurance (hedging), and not through the supply of goods
3. previously well-defined and uniform, devoid of any individual characteristics, the use value of the goods, which reflects the agreed amount in exchange contract, which becomes an object of trade, and is entitled to the goods
4. full harmonization of the conditions of delivery
5. anonymity of the transaction and the substitutability of its counterparties, provided by the Clearing House Exchange
Futures exchanges are a kind of financial institutions that serve the trade. Most often they are in areas with the largest concentration of financial resources, ie, in the leading financial centers.
Without bank lending sufficient mass of available funds futures trading is not possible. The conversion exchange of goods market in the rights market for goods from the physical market to market fictitious capital - is an integral part of the process of enhancing financial capital.
As a specific financial institution serving the needs of the stock, currency and commodity markets, the futures exchange is the market price of the goods and has a significant impact on stock prices and the actual prices for specific transactions with the real goods (through hedging), and ultimately to competitiveness of firms.
Futures Exchange as a financial institution supplements and reduces the cost of bank lending to firms in the implementation phase and subsequent storage of the goods.
Options exchanges also play a big role in the global economy. They are used to enhance the security of exchange trade, as they give customers a chance to stock options to limit potential losses at the conclusion of transactions.
For the Russian stock exchanges is possible to conclude on one exchange of all types of transactions with real commodity, futures and options. Therefore, they appear to be a mixed Exchange Commission.
2. Exchange activity
2.1 Commodity Exchange and its functions
According to the principle of the organization are two types of commodity exchanges: the exchange with public law nature, and the exchanges with private law character.
Exchange wearing public law nature, are under the supervision of the state and are based on the law of the Exchange Act. A member of a stock exchange is open to any owner of the area, which is included in the register and having a certain amount of turnover. Such exchanges are common in France, Belgium, the Netherlands and other countries of continental Europe.
For exchanges, having a private law character are British and the American Stock Exchange for grain, cotton, rubber, non-ferrous metals, ie the predominant part of the exchanges. These exchanges open access only to narrowly limited group of persons belonging to the stock exchange corporation. Exchange Corporation is usually a limited company with public statements and a limited number of members.
Exchange traders are organized associations of the goods, regulating and controlling their activities. Specified in the charter capital stock exchange is divided into a certain number of shares, or the so-called stock certificates. Each member must be the owner of at least one such certificate, which entitles you to the conclusion of transactions in the premises of the exchange. Modern commodity exchanges produce quoting prices, set standards for commodities, develop model contracts, fixed trade usages, performs arbitration functions make calculations between the members of the stock exchange and a variety of services to its customers.
Most importantly, the quoting of prices: price fixing and publication, to identify as a result of exchange transactions on the stock exchange this meeting. It is a special body - the quotation Commission allocated Exchange Committee. The commission consists of a number of brokers and brokers, representing the largest speculators and monopolists in the industry.
On exchanges with public-law character of the organization price quotes made at the same rate. The essence of this kind of quotation is that during the final trading day of the transaction are not being drawn. At the end of the day of the exchange rate equilibrium is established, on which can be carried out most of the transactions and all transactions are made on this single exchange rate of the day. Single exchange rate provides a large public control over prices and the reliability of transactions. For sellers and buyers in the course of ascertaining the rate can change their conditions and thereby participate in the quote. This course ensures bidders failed to conclude transactions under the influence of rumors, emotions, and customers from dishonest behavior of intermediaries. The Stock Exchanges under private character of the organization applying for quotation on continuous exchange rate, ie when captured and marked in quotes each sufficiently large transaction.
The functions of a commodity exchange
International Commodity Exchange (MTB), is a recognized center of world trade in a commodity, perform the following basic functions.
1. Daily pricing for the commodity (Pricing). Trade at MTB instantly become known throughout the world thanks to modern means of communication and information. Thus, prices are an indicator of MTB supply and demand for a particular commodity at a given point in the world.
2. Hedging (Hedging). This form of insurance is the price at which the product is sold or purchased in the future. Hedging is one of the primary functions of the Exchange for over a hundred years.
3. Guarantee of delivery (guarantee fulfillment of the obligations under the contract) (Delivery). Guaranteed delivery of a physical commodity, bought or sold on the exchange, providing sufficient quantity of goods available in stock exchanges, as well as the creation of a special settlement system, the adoption of legislation on exchanges and the development of the rules of the transactions on the stock exchange, the control over the activities of stock exchanges with the public authorities.
Along with the performance of its core functions, which have very important for the global trade in specific commodities exchange is an institution of the market economy, which offers the following opportunities to the market economy:
1. game on the price difference (speculation);
2. investing capital in exchange-traded assets;
Exchange goods - is not withdrawn from circulation a certain kind of product, quality.
2.2 Operations Stock Exchange
The value of the stock exchanges on the economy is very large. The main reason lies in the fact that a very large part of the national wealth of all countries turned into a movable property. State joint-stock company is increasingly used as loans. With the development of credit relations created new types of obligations, and each of them is multiplied by itself, thanks to the emergence of new values. For the marketing of debt it took the market, and this market was specially created institution - the Stock Exchange.
Dimensions of the securities market simply amazing. Today in the capitalist countries, the cost of all the shares and bonds in circulation exceeds the annual gross national product.
Most of the committed transactions in the stock market is inefficient in nature: in their content, they represent only the cost of moving (or title cost) from one hand to the other. There is only one operation of the stock exchange, which can be regarded as a productive - is the placement of new securities.
A day on the major stock exchanges of the world are carried out operations with tens of millions of shares. The main types of stock transactions are immediate purchase and sale of shares, as well as the conclusion of futures contracts. Like any other market, the stock exchange is not only mediates the conversion of capital invested in the securities, but is at the same time and the arena of speculative manipulation. Much of the exchange operations aimed at obtaining speculative profits in connection with the use of continuous fluctuations in market prices (rates) of the securities. Exchange speculation can be carried out based on the appreciation of the shares (players who hold such a strategy, called bulls), and in the hope of depreciation (known as the bears).
In the implementation of speculative transactions is taken into account not only income, but also the degree of risk. All committed transactions in the stock market can be divided into three groups:
1. deal with a full warranty;
2. Normally speculation;
3. speculative excess transaction, the risk of which can not be considered.
The first group includes transactions in securities of the state; the second - with stocks and bonds of industrial companies, banks, etc., to the third - with the new issue of securities by little-known companies, for the first time got to the turnover. Naturally, the risk can be fraught with different consequences.
On the stock exchange forward contracts are widespread. Under this kind of exchange operations meant the deal, which gives the right to purchase within a specified period specified number of shares at the rate established at the time of the transaction, or the binding to make this purchase. It is understood that the buyer of securities gains in the event that during the period before the purchase of shares is an increase of their course.
The share capital is living a kind of double life, having two forms of existence. On the one hand, it is actual capital, a functioning system of social reproduction. On the other - capital represented in the form of securities. It is this double real capital called fictitious capital and having a special movement of the circuit is the actual capital, as a specific item, and calls on the Stock Exchange.
By listing on the stock exchange may only securities that are listed, ie satisfy certain requirements of the Securities of the Stock Exchange. In different markets, there are different criteria for the admission of securities to quotation. This is the legal status of the securities, the degree of market capitalization, the minimum number of shares, the methods of distribution of shares from shareholders, etc. This may take into account such informal moments as the significance of the national economy, its position in the industry, stability and economic stability, etc.
Functions of the currency exchange.
The currency market is a system of economic relations, which is the implementation of the operations on purchase and sale of foreign currency and foreign exchange operations to invest capital. It is the foreign exchange market is a coordination of interests of buyers and sellers of currency values. Currency Exchange - is an element of infrastructure currency market, whose activity is to provide services for the organization and conduct of the auction, during which the participants enter into foreign exchange transactions. At the stock exchange buying and selling is free of national currencies based on the exchange rate relations between them (quotes), the emerging market driven by demand and supply. This type of exchange has all the classic elements of trading. The quotation in the currency markets depends on the purchasing power of the exchangeable currencies, which in turn is determined by the economic situation in the countries of the issuers. Transactions in foreign exchange markets based on the convertibility of currency exchanged for them. Currency convertibility - is the ability to exchange currency of one country for the currency of other countries and internationally recognized means of payment. A distinction is freely convertible, partly convertible and non-convertible currency. Freely convertible currencies can be no limitations on foreign exchanged cash equivalents in all types of operations, and they can serve as reserve currencies (U.S. dollar, Japanese yen, Swiss franc, British pound, Canadian dollar, etc.). Partially convertible currency - the currency of the countries that retain some of the restrictions on foreign exchange transactions in the country and abroad. Non-convertible (closed) currencies referred to the currencies of countries where prohibitions (or severe restrictions) on the operation of its exchange for other currencies. Convertibility regime is defined by law and established by the state. Countries that are members of the International Monetary Fund, may change the mode of the convertibility of the national currency only in agreement with the Fund. The task is to identify the exchange of market prices for foreign exchange. In this task, Exchange performs the
Identification and regulation of stock prices. Exchange is involved in the formation and regulation of commodity prices. The concentration of supply and demand on the stock exchange, the conclusion of a large number of transactions is largely exclude the impact of non-market factors on the price, make it as close to the real supply and demand. Focusing on the exchange of buyers and sellers, massive exchange transactions and their extent due to the fact that the transactions are made in large amounts in foreign currency, making rate fixed by the Exchange, the most representative market price of the currency. She, in turn, is taken into account in transactions in the futures market. As a result, stock prices in the currency of the function of pricing. In addition, foreign currency exchange exercise all or most of the
1. material logistics of trading; 2. selection of participants of trading in accordance with the criteria established by the exchange to take account of the financial condition of the person and its business reputation; 3. the development of rules of imprisonment and execution of transactions; 4. monitoring compliance with these rules and legislation 5. including the authority to impose sanctions and the application of preventive measures (suspension of trading, suspension of individual participants, etc.); 6. development of legal and financial mechanisms to ensure fulfillment of the obligations arising from exchange transactions; 7. dissemination of information on prices that are emerging as a result of trading, and the number of transactions; 8. reduction claims the opposite direction, causing the transaction consists; 9. identification and consideration of the mutual obligations of bidders; 10. implementation of the settlement of obligations arising out of transactions entered into by exchange members.
Currency exchange acts as an intermediary in carrying out foreign exchange transactions. In some of the countries where there is a currency exchange, foreign currency transactions are allowed to perform only through them. The participants of trading currency in most countries are lending institutions, at least - and other financial institutions, such as insurance and pension funds, investment companies, acting through the brokerage firm. Exchanges are reflected in the accounts of all foreign exchange transactions bidders and exchange in this case acts as a guarantor of payment.
The concept of market conditions, goals, and methods of analysis Any marketing operation (development strategy and planning, selecting a segment of the market, the decision to release a new product, the conclusion of the contract for sale, withdrawal from the market, price changes, etc.) is carried out taking into account the market situation and the company's position in the market. The term situation occurs from late situacio - position.
The market situation is a combination of conditions and circumstances that create a specific environment or the position on the market. The concepts of market situation and market conditions are closely related. The first principle of marketing: "market research" or marketing research. Under this principle refers to the work of a professional (which requires a high enough skill) for the study and analysis of market conditions, and includes its own market research, trade and other similar markets.
From the definition it is clear that the study of the market consists of two components: the "environment" and "self-marketing", also called "a comprehensive analysis of the market." Include a definition of market conditions: 1. "Trend" or "dynamic" understanding of the situation - the study of interrelated causes and conditions that define the transition from one state of the market (and its individual segments) to another. In this regard, there are economic theories - long, medium, short wave conditions. Generally speaking, there are the following cycles or "waves" of conditions:
* inventory (about 3-3.5 years);
* Industrial (or Marx's - 7-11 years);
* construction (or Kuznets 19-21 years);
* dlinnyeKondratevskie (technological, 49-62 years);
* sverhdlinnyeSorokinskie (sociocultural, about 100 years).
The main ideas of these theories (which were confirmed in practice) consists in the fact that analyzes the 4 phases of a cycle: prosperity (lifting), recession (crisis), depression ("total collapse"), recovery (recovery), that is based emerging "vibrational spectra" (eg, a change of the technological mode of production in the long Kondratieff waves, the active part of fixed capital in the middle of Marx cycles, etc.), and analyzes the economic and socio-political events that occur in these phases.
"Structural" or "static" situation awareness (which can also be called "differential" - because it captures only the existing developments in the market in relation to the company) will be the following: environment - is established on the market, the economic situation, which is characterized by the following basic parameters (variables) of the market, which are important for the activity of the company:
* The ratio between supply and demand (by industry);
* The level of prices;
* Other parameters that are associated with short-term trends of the market in relation to the firm.
Generally speaking, the market research related to the study of supply, demand and prices for individual market segments in the relations with the capacity and the amount of interest a company segments, the elasticity of demand and supply elasticity, competitive environment, etc., and, as a rule, more and at three time intervals - strategic, tactical and operational. Note that, in fact, a good (quality) market research - it is a costly event, and more purely economic than the marketing character. So: market research - a specially-economic study of the causes of the fluctuations of supply and demand for various segments of the market that are designed to develop forecasts of market segments in the long term. The second part of the "marketing research" (a comprehensive analysis of the market) includes the following variables: - Market research (as well as the volume of demand); - The study of the goods (compared to competitors); - Market research (development trends) and the definition of market structure; - The study of buyers (by strata and segments); - The study of competition and competitive conditions; - Analysis of the forms and methods of sale; - The study of the legal aspects of trading in this market.
We can give a definition of conditions
Market conditions - economic conditions, including the relationship between supply and demand, price movements and inventory, order backlog by industry and other economic indicators. In other words, the state of the market - it is a specific situation on the market at the moment, or a limited period of time, as well as a set of conditions that define this situation. An integrated approach to market research includes: the use of different, complementary sources of information, a combination of a retrospective analysis of the forecast indicators of the state of the market, the application of the aggregate of various methods of analysis and forecasting. Market analysis is based on an analysis of indicators of the production and delivery of goods in this group, the scope and structure of the retail sale of inventory in the warehouses of enterprises in wholesale and retail trade. In the study of market seeks to not only determine the state of the market at one time or another, but the predictions of the likely nature of its further development in at least one - two quarters, but not more than one and a half years. The results of the analysis of forecast indicators of market, coupled with the reports, and schedule data make it possible to advance the development of measures aimed at the development of positive developments, the elimination of existing and prevention of possible imbalances. By its nature, forecast of market conditions is short-term outlook. Specificity of it is that on the one hand, short-term predictions accuracy is increased as compared with the annual reduces this accuracy.
Challenges in the study of market conditions: 1. At a certain period of time away from specific sources of information and the latest information on the entire market, namely, to identify all the competitors, to explore the range of products, examine pricing policies, identify persons for which your firm will produce and other indicators. 2. Systematize these indicators. 3. Set the power and magnitude of the impact of relevant conjuncture-forming factors and their interrelationship and interdependence, and the direction of action. 4. Identify Active interaction of these factors in the short term for the development of the forecast. This economic category has a number of qualitative and quantitative indicators, the most important of which is the supply of goods, customer demand, the price level, the proportionality of market volatility, cyclicality of the market and its trends, market risk, the level of competition. The distinctive features of market conditions are dynamic; proportionality; variability; cyclicality.
Consequently, the conjunctural analysis should reflect these four characteristics. Accordingly nominated four conceptual problems conjunctural analysis:
1. analysis of dynamic patterns and trends; 2. proportionality of development; 3. analysis of the stability of the market and its variability in the static and dynamic;
4. frequency analysis of the market, the selection cycles. The spontaneity of the market, albeit limited to a certain extent in marketing, it is the main feature. She seemed to be embedded in the market mechanism. Changes in the basic parameters of the market for some time intervals occur with varying speed and intensity, which leads to short-term or longer-term disturbances in the proportion of the market process, a deviation from the main trend of development. And since the market is inherently prone to spontaneity, therefore, its parameters are subject to fluctuations as a random and constantly manifested (cyclical and seasonal), is very flexible in its development, responsive to the many socio-economic impacts, moreover, rather dependent the political and psychological influences, rumors, panic, etc. The scope and duration of these oscillations are caused by a complex combination of various factors and forces, and environmental marketing. Just as the commodity market is an integral part of the market economy, commodity markets is part of the general economic situation. Situation product market is largely dependent on the position of the other markets. Therefore, in-depth study of the commodity market must be complex, which is in alignment with the estimates of different types of markets: securities services, investment, real estate, labor, etc. Many processes are explained in the commodity market or due to the situation prevailing in other markets businesses. The securities market is very sensitive to market fluctuations of the commodity market. Such comprehensive evaluation were the basis of attempts to build a model of an integrated environment - economic barometer. A market analysis should fully analyze the market situation and give a comprehensive assessment of the market, especially from the perspective of marketing activities of the company, ie whether favorable conditions for the implementation of the goals. Commodity markets is an integral component of the overall economic situation of the country and, to a certain extent, the global environment. However, some (local) markets within the overall market conditions may have significant features in its development.
Commodity market in its development is closely related to the financial markets, investment, labor market, etc. Stock market (as commodity and stock market) serves as an indicator of commodity markets, but at the same time, speculation has a strong impact on the market situation.
Market conditions can be studied from the perspective of the state of the commodity market, as well as distinguishing the federal market, regional and municipal markets. We also investigate the status of a specific segment of the market (or market niche), which focuses on a particular firm. It should be borne in mind that, while depending on the market of a higher rank, the lower the level of each market, by their nature are able to develop their own way, and its environment may differ significantly from the general economic situation.
2.3 Stages of market research product markets
Of course, every business, recognizing the need for market research, determine for themselves their purpose and direction, as well as the problems and solutions, which can be determined by the results of research. The list of problems to be solved and tasks can be very different: an objective assessment of the company in the product market, tracking changes in the external environment and the formation of a marketing strategy, support management decision-making, gain competitive advantage, risk and uncertainty, the development of export strategy, improving the efficiency of enterprises, etc. The final stage in the study of the market - a forecast of market development, taking into account anticipated his reaction to the output of goods. Forecast of development of the market is a lot like marketing forecast, however, the market research the goal is more significant - the forecast should be a long-term perspective, and that the firm was able to build on this, to develop and implement a comprehensive and long-term marketing strategy and a marketing system measures the impact on the market. In content, the content is similar outlook and consistency of market research, ie, it determines future performance on the market size, demand, supply, competitiveness, the elasticity of demand, prices, including indicators of production, domestic and foreign trade, monetary and financial sector, as well as data on investments and orders, and company structure, etc. It should also be borne in mind that marketing involves a forecast of market development, including general economic conditions forecast, assessment of the prospects of development of consumption, political stability, the aggregate level of risk, etc. Building and short-term and long-term forecasts based on the objective characteristics of the phenomena of social and economic life of society, namely its inertia. Thus, the prediction of market conditions - the final phase of a comprehensive study of the market, the main results of which firms use in planning their activities. Usually tactical projections are used to determine the tactical actions for the near-term (not more than 1 year), because it is in these time can accurately predict the behavior of the commercial environment. Short-term forecasts are for up to 1.5 years. The main emphasis is placed on quantitative and qualitative assessments of changes in the volume of production, demand, supply and consumption of goods, the level of competitiveness and price indices, exchange rates, the ratio of exchange and credit conditions. Also take into account the time, random factors. Medium-term (5 years) and long term (10 - 15 years) forecasting commodity markets is based on a system of betting: market conditions, supply and demand, international trade and environmental protection. At the mid-term and long-term forecasts do not take into account the time and random factors influencing the market. During the prediction opportunistic important to note that: * absolutely impossible to get an accurate forecast.
Therefore, we should strive to minimize the uncertainty that is inherent in every forecast;
* It is necessary to develop range of alternative options for the development of market conditions, depending on the impact of various conjuncture-forming factors;
* Develop forecasts should be made continuously and routinely. Determine the most probable estimates of market conditions in the future may be different ways.
The most representative of these are the following: The method of expert estimates. The method, based on the identification and synthesis of the views of experienced specialists and experts (the term "expert" in Latin means "experienced"), using their expertise and innovative approaches to the analysis of the organization. Of course, that by itself the method of expert assessment is not comprehensive, and reliable prediction of conditions, usually supplemented by other methods. Statistical extrapolation method (the method of trend or an extension of the time series). It is to transfer events occurring in the market in the past, over the forecast period. This is a simple method, but it is not quite long-lasting. It can be applied only in cases where there is confidence that the forecast period will be subject to the same factors as in the preceding period, and the nature of the impact of these factors remain unchanged. The method of economic and mathematical modeling - constructing multivariate models using the computer (for example, the method of segment regression and principal components regression analysis of the multi-step method, etc.). These methods determine the functional dependencies between the individual indicators based on existing number of previous years of data about the state of the commodity markets, and expresses them as a system of equations. Graphical method. When short-term forecasting using graphical analysis, sometimes called Chartism (from the English. Chart - graph). It allows you to assess the dynamics of selected economic indicators to identify similarities in their behavior, in order to determine the nature and the change in the future. This method is mainly used in predicting the quotes in the commodity and stock markets. Proponents of this method is based on the fact that the study of charts of stock prices may provide a sufficiently reliable prediction as to the price of accumulated conjuncture-forming manifestation of all other factors. This forecasting method is acceptable in assessing conditions such markets as the oil, non-ferrous metals, food raw materials. The basis of marketing are integrated marketing studies, including a study of the external marketing environment, the market and consumer motivations and internal marketing environment, the assessment of production and marketing capabilities of the firm, which is building work on the principles of marketing. Such market research allows you to select the optimum market, to carry out planning, an informed, according to the results of market research, foresight, forecast of the market situation and the development of appropriate marketing measures impact on the market in order to ensure the efficiency of business and marketing activities of the company and the implementation of strategic directions entrepreneurship. Market research creates scientifically and practically reasonable basis for making qualified decisions administrative apparatus of the company and its senior management. The criterion for integrated studies of the market is the large number of diverse information, data which are the object of processing, transfer and storage. There are three main sources of information about the market: data on production and business activities of the company and its competitors, the results of special studies and observations, the overall socio-economic indicators of the country, region, etc. Information should be accurate, complete, continuous, accurate and timely.
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