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Uvod u finansijsko tržište

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Presentation on theme: "Uvod u finansijsko tržište"— Presentation transcript:

1 Uvod u finansijsko tržište
dr Dejan Šoškić 11/17/2018 Ekonomski fakultet Beograd

2 Tokovi finansijskih sredstava
posrednici Finansijska tržišta Domaćinstva Preduzeća Država Stranci Domaćinstva Preduzeća Država Stranci deficitarni sektor suficitarni sektor 11/17/2018 Ekonomski fakultet Beograd

3 Istorijat finansijskih tržišta I
Neolit – 5000 godina p.n.e. Sumeri – 3000 godina p.n.e. Vavilon, Hamurabijev zak. – 1800 g.p.n.e. Sredozemni bazen – morski zajam Stara Grčka – zajmovi gradova država Stari Rim – 8,3% od 443 g.p.n.e., kasnije od 4% do 12% 11/17/2018 Ekonomski fakultet Beograd

4 Istorijat finansijskih tržišta II
Rano hrišćanstvo – kamata nedopustiva Reformatori (Kalvin, Luter) – % p.a. Prve HOV – 12 i 13 vek, cenzus i drž.obv. Prva finansijska institucija – Medici, Firenca – 15. vek Bank of England – 1654 NYSE 1792 11/17/2018 Ekonomski fakultet Beograd

5 Uzroci globalizacije finansijskih tržišta
Liberalizacija Tehnologija Institucionalizacija Stabilizacija 11/17/2018 Ekonomski fakultet Beograd

6 Klasifikacija svetskih finansijskih tržišta
Interno tržište (nacinalno) Eksterno tržište (međunarodno, ofšor Eurotržište) Domaće tržište Inostrano tržište Jenki, Samuraj Rembrant, Matador, Buldog 11/17/2018 Ekonomski fakultet Beograd

7 Osnovne vrste finansijskog tržišta
TRŽIŠTE NOVCA TRŽIŠTE KAPITALA FINANSIJSKO TRŽIŠTE PRIMARNO SEKUNDARNO 11/17/2018 Ekonomski fakultet Beograd

8 Ostale vrste finansijskih tržišta
1. Organizovano 2. Neorganizovano 1. Domaće 2. Međunarodno 1. Tržište dugovnih HOV 2. Tržište vlasničkih HOV 1. depozitno-kreditno 2. tržište HOV 1. Promptna – spot 2. Terminska - derivatna 11/17/2018 Ekonomski fakultet Beograd

9 Finansijske institucije
depozitne nedepozitne –KOMERCIJALNE BANKE –OSIGURAVAJUĆE KOMPANIJE –ŠTEDNO–KREDITNA UDRUŽENJA – FINANSIJSKE KOMPANIJE – ŠTEDNE BANKE –INVESTICIONE KOMPANIJE – KREDITNI SINDIKATI –INSTITUCIJE TRŽIŠTA HOV –investicione banke –brokersko–dilerske ku}e –berze 11/17/2018 Ekonomski fakultet Beograd

10 Finansijski instrumenti
na tržištu kapitala na tržištu novca –kratkoročne državne obveznice –srednjoročne i dugoročne državne (Treasury Bills) obveznice (Treasury Notes i Bonds) – depozitni certifikati (CDs) – obveznice lokalnih državnih – bankarski akcepti (Bankers acceptances) organa (municipal bonds) – ugovori o rekupovini (Repurchase agreaments) – hipotekarne založnice – komercijalni zapisi (Commercial papers) (mortgage–backed securities) – federalni fondovi (Federal Funds) – korporativne obveznice (corporate bonds) – obične akcije (common stock) – preferencijalne akcije (Preferred stock) – opcije (Options) – zamenljive HOV – fjučersi (Futures) (convertible securities) – varanti (Warrants) derivati 11/17/2018 Ekonomski fakultet Beograd

11 Centralni registar : funkcije
Registrovanje emisije Čuvanje HoV Čuvanje na računu člana registra Deponovanje na trgovački račun Kliring Saldiranje Ostalo (registar zalaganja, proxy ...) Depo 11/17/2018 Ekonomski fakultet Beograd

12 Ekonomski fakultet Beograd
Centralni registar II r.r. vlasnika centralni depo račun klijenta trgovački račun trgovački račun račun klijenta r.r. emitenta r.r. vlasnika 11/17/2018 Ekonomski fakultet Beograd

13 Centralni registar : članovi
Brokersko-dilerske kuće custodian banke drugi CR 11/17/2018 Ekonomski fakultet Beograd

14 Centralni registar: vlasnici računa
Država preduzeća banke finansijski posrednici fizička lica drugi CR 11/17/2018 Ekonomski fakultet Beograd

15 Custodian : Odnosi Global Custodian Board of Trustees
Institutional Clients, typically Pension Funds Investment Funds Fund Holders 11/17/2018 Ekonomski fakultet Beograd

16 Custodian: mapa odnosa
Corporate Agents Paying Agents Global Custodian Clearing Agencies Registrars Regulators Depositaries Securities Lending/Borrower Intermediaries Fund Managers Institutional Clients Sub Custodians Market/Price data providers Tax Authorities 11/17/2018 Ekonomski fakultet Beograd

17 Custodian: usluge Collection of Income Sub Custodian Management
Settlement of Security Transactions Miscellaneous Settlement functions Safe Custody Collection of Income Corporate Action Handling Settlement of Forex/MM Transactions Tax reclaiming /reporting Securities Lending/Borrowing Proxy Voting Treasury/Cash Management Foreign Exchange Dealing Risk monitoring Sub Custodian Management Fund Performance Measurement 11/17/2018 Ekonomski fakultet Beograd

18 Ekonomski fakultet Beograd
Custodian: odnosi sub custodian global custodian klijent asset manager local broker 11/17/2018 Ekonomski fakultet Beograd

19 Državna regulativa na finansijskim tržištima
Porast raspoloživih informacija investitorima Restrikcije ulaska Otvaranje Restrikcije aktive i aktivnosti Osiguranje depozita Ograničenje konkurencije Ograničenje kamatnih stopa 11/17/2018 Ekonomski fakultet Beograd

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