Philosophical sight at a stock exchangeOn one of platforms of rather dear Russian stock exchange there was a problem. From 300 participants of the market 20 % are active only, they - that and provide 80 % of turns (a principle of Pareto in operation). Other dealers - the author of a problem names them “ contemplators “ - behave passively, concluding within a year some transactions or in general any. It does not suit the organizer of the market, and he would like to change a situation at a stock exchange.
On a securities market about which speech will go, the conclusion of transactions, clearing (system of procedures by definition and offset of mutual requirements and obligations of dealers) and under transactions (to payment and delivery of securities) the licensed professional participant - the Organizer of the market (legal body) is engaged in calculations. The author of a problem of Eddi Astanin expresses just its interests.
Nominally on a platform the status of the dealer of securities has 300 organisations (further - Participants of the market). Participants of the market from each concluded transaction pay to the Organizer of the market percent as payment of its services. Thus the Organizer activity only 60 arranges, a maximum of 90 dealers. The others make incidental transactions. There are also organisations on which the account does not have any transaction. Formally to them it is impossible to make a complaint - in concluded by them with the Central Bank the contract on reception of the status of the participant of a securities market there are no requirements to obligatory volume of operations.
However, according to the Organizer of the market, such maloaktivnye dealers absolutely nezasluzhenno use a number of privileges. Actually they get free access to the information in which formation, unlike active dealers, do not accept any participation. It is a question of using online - data on the market (quotations, the list of transactions, indexes), having the real price. Corresponding products of specialised news agencies stand expensively enough, and between the minimum and maximum sum exists 30 - a multiple difference, depending on volume and frequency of updating of the data. Besides, according to the Organizer, has the price and a brand “ the participant of a securities market “ - it raises appeal of the company - the participant in the opinion of potential clients.
Expenses “ contemplators “ are minimum - they do not bear expenses on market creation (on generation of demands and transactions) and, as consequence, do not pay percent to the Organizer. Their actually unique expenditure - payment of own personnel and expenses on installation of information terminals and communication channels. Thus active dealers represent itself as marketmejkerov, they “ do the market “ Concrete securities. The organizer of the market spends administrative and technical resources for service “ contemplators “ (their document circulation, conducting electronic databases, support of communication channels and etc.) .
According to Eddi Astanina, participants of the market are not guilty that there was such situation. Someone has entered the market, but has not found clients, in whose interests it could trade in securities. At someone means with which he intended to work have run low. Some only the status of the dealer of the Central Bank initially interested. Motives different, but result one.
Revolution from above
the Author of a problem considers that the free product always generates the relation corresponding to, and the limited access to service, on the contrary, raises its appeal. Interest of the Organizer consists in stimulation of activity of participants of the market that should increase number and volumes of transactions and finally to raise liquidity of the market as a whole, and it for a stock exchange always the blessing.
Modification of the contract of the dealer and the Central Bank (for example to register there volume of transactions is minimum necessary for the dealer) is out of limits of the competence of the Organizer. Therefore it is necessary to apply to stimulation of activity of participants other ways.
to Invent a bicycle, naturally, nobody gathers. World practice shows,
that the general direction of movement is a division of community of dealers on marketmejkerov (primary dealers) and other. Marketmejkery at a certain set of obligations have also serious enough privileges. All the others will have the limited rights and possibilities, but also it is less than obligations.
in creation of such conditions and construction of hierarchy of participants sees the decision the Organizer of the market. Moreover, before crisis when activity in this market was essentially above, such situation and took place. The author of a problem says that the system was enough rigid, primary dealers had more duties, is rather than right.
How many it is exact in grammes
Struggle against dumping cost of the information on the market - one of aspects of this process, not contradicting “ a general line “. The author of a problem for the purpose of activity stimulation “ contemplators “ plans following measures:
- to enter in the market for all participants the additional tariff - the fixed monthly payment at a rate of H rbl.;
- to raise a payment under the given tariff current month in the event that the turn under transactions of the participant of the market last month was less Y million rbl.
It is supposed that necessity to pay under the additional tariff will or stimulate trading activity “ contemplators “ For a covering of additional market costs, or will compel them to leave the market (to resign of the dealer). In the first case the Organizer will have the certain fixed volume of incomes which does not depend on market condition. In the second case clients of the companies which have combined power will pass to more active participants. Expansion of client base of the last and increase in their incomes becomes a consequence, and they begin to work in the market even more actively.
At the same time the idea to enter the additional exchange tariff causes some question of applied character:
- the assumption of effectiveness of introduction of the additional tariff for activity increase " is how much true; contemplators “?
- What should be initial value of tariff H from specified above a price range - more close to minimum or as much as possible sum of cost of the information at agencies? (The author of a problem does not have answer to a question how to operate: By means of a shock therapy (“ either become more active, or leave from the market “) or to let users of services time think, to discuss a situation with clients.)
- whether the client base of the market as a whole, if " will decrease; contemplators “ will try to shift new costs on clients, and those will decide to leave in general from the market? Or clients will leave to the active participants who are not paying the additional tariff?
- whether to Establish threshold value of monthly turn Y at once high at which approximately 50 - 60 % of participants will be carried to a category “ contemplators “ with the obligation following from here to pay the additional tariff, or it is moderate - low (10 - 20 % of participants will be carried to a category “ contemplators “) ?
the Author of a problem would like to avoid extreme measures: it is impossible to declare on Friday that the choice needs to be made on Monday, but also to stretch adaptation for a year too it is impossible. Here what probable decisions and their consequences as a result of introduction of the additional tariff see to it:
1. An establishment of high threshold value of monthly turn Y below which there is an obligation to pay the additional tariff. In this case there is a risk appreciable (at 50 - 60 % of participants of the market) decrease in turns under transactions in “ a transition period “ (while redistribution of clients) and time decrease in incomes at the Organizer will be carried out. But in the long term the market becomes more active.
2. The establishment is moderate - low threshold value of turn Y. In this case the stimulating effect will be weaker, and the period of accustoming of participants of the market and their clients to new tariff conditions against decrease in turns - more extended in time. The risk of appreciable decrease in incomes at the Organizer will be smaller, but also activity of participants of the market can raise slightly so, the purpose of introduction of the tariff will not be reached completely.
the Theme of struggle with “ parasitic “ by access to the market information which excites the author of a problem, it is connected with another, more the general: what methods of motivation are capable to influence behaviour of the organisations operating in the market? At the same time it is necessary to consider that on “ assortment “ and appeal of concrete securities the stock exchange has rather limited influence. Its possibilities in other - in the competent organisation of system of trade on the platforms.