The stock market - the Commission on securities
as during half a year the Commission on securities intends to solve all essential problems of the market
Well, has begun!
the Commission on securities and the stock market, formally existing since November of last year, for the first time sat with its full complement last Monday, on January, 23rd. On it has informed on a press - conferences on January, 25th the vice-president of the commission Dmitry Vasilev. The commission has confirmed the plan of sessions for the nearest the half a year, covering inconceivable set of fatal themes, and has approved even more shirokozahvatnyj the governmental decree project “ About measures on securities market development “ which release “ it is dictated by a crisis situation in this market “ . Possibly, this document becomes a point of issue at government presidium on February, 2nd.
the governmental commission on securities and the stock market, founded by the decree of the president from 4. 11. 94, to the middle of December consisted of three persons - chairman Anatoly Chubays and two it zamov: Ruslana Orehova and Dmitry Vasileva. In December the president has confirmed personal structure of the Commission (22 heads of the state structures regulating and supervising various segments of the market have entered into it, and also power ministries) and number of the device (117 persons). A bit later the advisory council of the Commission consisting of professionals of a securities market (representatives of brokers, large emitters, bankers, state structures, stock exchanges) has been generated.
Contrary to forecasts of the sceptics, a remembering swan, a cancer and a pike, the commission has already proved the working capacity. Its members have defined priorities and the maintenance of forthcoming work and recommended, though and after long discussion, the project of the decision for acceptance on the government, without resorting to voting. The further work of the commission will be under construction so: at each monthly session a certain large problem will be discussed; prikosnovennye state bodies (the Ministry of Finance, the Central Bank and so forth) And also the executive management and commission advisory council prepare messages with the analysis of a situation and with offers on necessary organizational measures; the commission, having discussed all it, the decision makes. Large problems, naturally, more than it is enough.
the Commission intends to strike on crisis by an infrastructure
“ We are in a critical point of development of the Russian securities market “ - ascertained g - n Vasilev at first at commission session, and then and on a press - conferences. January crisis, as he said, is caused both economic, and political factors. As to business factors them was a little. In October many foreign investors closed balance and dumped a part of the actions to show positive financial result (it was important to managers to show, how much effectively they worked in the Russian market). Further investments western “ risk funds “ by October were settled. And it should affect the market with such considerable share of the foreign capital (the schedule see). Russia yet does not receive means from more conservative western investors - from investment, and furthermore pension funds.
that to a policy any more it is not required to prove an axiom: the securities market condition directly depends on trust of investors. “ as a result of action ` the factor of Polevanova ` the Russian market has lost some honeycombs millions the dollars which have been not invested by foreign investors, “ - has declared g - n Vasilev. Experts are compelled to object the vice-president. While the front pages of all western newspapers decorate terrible photos from the Chechen Republic, to speak about considerable influence “ the factor of Polevanova “ nevertheless it is a little inappropriate.
the conclusion with which all committee-men have agreed, sounds so: To move forward without substantial improvement of a situation with a market infrastructure, without decrease in political risks it is impossible. To reduce political risks the commission it is not imperious. Therefore a unique way of stimulation of inflow of investments accessible to it - infrastructure development: systems of the large registrars working not only on Russian, but also in the international markets; systems depozitarno - the clearing organisations; the off-exchange market of type NASDAQ. If last year on the Russian market $3 mlrd portfelnyh investments, that, by moderate enough estimations have come, this year it would be possible to involve $5 - 6 mlrd, and next year (if, of course, it will be possible to protect legislatively investors) the figure can increase and to $20 - 30 billion
Is also the internal reserves, capable to lower dependence of the market on the foreign capital. It first of all, population money (by an estimation g - on Vasileva, $10 mlrd). If in 1992 the share of savings in population incomes made 4 %, in 1994 - 23 %. “ the Population aspires to invest, but the enterprises have not learnt to place effectively yet new issues “ (actions safe ` ` have got Red October only 17 thousand persons).
So: the governmental order project obliges the commission during the first half of the year “ to promote development of registration activity, depozitarno - the clearing organisations and to acceptance of standards which will make the market more transparent “.
Plans - well very big
So that already it was possible to make and than the commission in the nearest half a year will be engaged.
the advisory council is generated. “ we consider necessary that the majority of questions which will be discussed on the federal commission, at first were considered among professionals of the market, “ - Dmitry Vasilev has informed. Discussions on advisory council (it, by the way, will sit much more often the commission) will be opened unlike discussions of the commission. It, as more respectable joint body uniting heads of the state ministries and departments, will gather first of all for decision-making. Once a month - every Monday.
projects of documents are already prepared: a package of amendments to the governmental order ## 601 and 78, the governmental orders about the regional commissions on securities, decisions “ About measures on securities market development “. In February it is necessary to develop and accept the decree about the self-adjustable organisations of participants of a securities market, to discuss a situation with registrars.
Basic problems in which the Commission intends to be engaged in the nearest half a year (it agree a press - to release):
- prolongation or the termination of period of validity of the time permissions given out by the Commission on the work right to a securities market
- delivery by the Commission of general licences to state structures and the self-adjustable organisations of participants of a securities market on the right of licensing of activity of subjects of the market
- definition of an order of the coordination by the Commission of the documents which are let out by state structures concerning regulation of the market
- creation of an infrastructure of the market, including large registrars, is settlement - the clearing organisations
- assistance to occurrence new organizational - legal forms (in t. ch. Investment banks) on a securities market
- an unfair advertising on a securities market
- development of the market of state credit obligations
- creation of the all-Russian database on emitters
- increase “ a transparency “ the market
- the obligatory publication of the information on Commission work
the CARRYING out END
One of problems which it is necessary to solve the commissions in the near future - development and perfection of the market of state credit obligations. Financing of the state budget with use of state credit obligations typically for the majority of the countries of the world - the USA, the Eastern Europe, Japan. Traditionally and a direction of use of the means arriving from sale of the state bonds: on non-productive costs, instead of for investments. G - n Vasileva considers that and should be: “ the State investments on an order are less effective private, the state should solve those questions what private investors - social sphere cannot solve, defence, culture, a science... “
in opinion g - on Vasileva, volumes of trade of state credit obligations are very great, but to 90 % of receipts from the next auction goes on repayment of the previous releases. To change a situation, it is necessary to improve system of trade in state bonds. “ now it is very narrow, exclusive market where 52 authorised dealers who skim all cream participate only, therefore there is a fantastic superprofitableness. It is necessary to expand it towards regions - then it is possible to receive much more money, “ - Vasilev has underlined. Experts not so divide such optimism: so it is possible to recover the secondary market of state credit obligations some, perhaps. Well really: there is a Moscow Interbank Stock Exchange and there are six regional currency stock exchanges - whether strongly they influence the national currency market?
Dmitry Vasilev recognised: “ There is a competition problem: the state, taking away money in the budget, distracts a part of means from industrial accumulation. We should find the compromise, a proper correlation between not inflationary financing of deficiency of the state budget and private investments which should go on the enterprises. It is necessary to develop measures which will expand lump of investments. The commission problem - to create conditions that investments have come, then the contradiction between state credit obligations and other securities will be removed. “
one more most urgent problem - licensing of participants of a securities market, in this area is created now a cock-a-hoop. We will remind that the decree from November, 4th about creation of the Federal commission demanded from the firms operating without licences, to stop activity. By the end of December there was a situation when a part of firms which wanted to obtain the licence, could not make it. Also there was a decree #2203 from December, 20th on which basis the commission has given out time permissions to activity in the market. Two companies in time have addressed for such certificates only - RDS and “ Russian real estate “. Interim certificates do not stand out any more, and at the nearest session of the commission the question on prolongation or neprodlenii actions of the given out certificates will be discussed.
in March - April of the commission it is necessary to discuss and accept a new order of licensing. According to Dmitry Vasileva, on licensing the self-adjustable organisations of participants of a securities market should incur a considerable part of work, it will allow more effectively and to supervise participants of the market rigidly. “ we usually faced situations when the emitter deceived the investor, however in the future chances when it is necessary to speak often both about brokers, and about the registrars who have broken interests of clients. “ at the beginning the commission cannot independently licence participants of the market - most likely, it will give out general licences to state structures and the self-adjustable organisations on the licensing right.
Present on a press - conferences journalists have asked g - on Vasileva to express the sensational amendment brought in the bank legislation, forbidden to banks to perform operations with securities. “ the federal commission did not participate in law working out ` About banks ` and did not bring any remarks and offers, “ - has informed g - n Vasilev, but has not refused to inform the personal opinion. He is a supporter of division of banks on investment and commercial as danger that is great at concentration at the Russian banks of a significant amount of actions of the enterprises “ crisis in the USA of 1929 " will repeat in the worst variant;.
From the point of view of professional work participation of banks in the market can be carried out through the broker offices founded by them. Banks traded and continue to trade in securities, and many of them de - fakto became investment though such organizational - the legal form and does not exist in the Russian legislation. For example, bank “ TSerih “ obtained the licence from the Central Bank, behaves as investment - as well as many financial companies which have arisen in the Russian market, but not obtained the Central Bank licence. For example, 80 % of actives RDS are necessary on long-term financial investments that does not meet the requirements of the Central Bank.
“ it is clear that in the conditions of inflation of 16 % in a month all will play short money, and the share market will develop badly enough - favourably to play with currency. But we should recognise that inflation will decrease, and accordingly, will have development such institutes, as investment banks. “
at last - about the regional commissions on securities. Position about their activity is on the coordination in the government. The regional commissions should be financed from the local budget - accordingly, to solve, whether such commission is necessary to region, it is necessary to subjects of federation.