fondovыh rыnkov razvyvayuschyhsya countries
of American market for wireless technologies tsennыh , nesomnenno, is the one of the most advanced in the world, and the level of supervision is one of the most successful. This is natural, given the volume of transactions taking place in this market, and its relationship with all the stock markets of the world. On the level of U.S. stock market tells the newspaper "Capital Market".
Financial pyramid and Ponzi scheme
classic pyramid scheme - is a specific way to ensure that income due to the constant raising funds from new members of the pyramid. Usually pyramid registered as commercial institutions and attract funds to finance certain project. If the actual yield is below the project promised to investors of income or non-existent, while the funds of new investors sent the payment of income.
Since Ponzi scheme produces nothing, then all the focus of the Fund on the PR-campaign. Natural result of this situation is the bankruptcy of the project and recent losses of investors. The collected funds not earmarked for the purchase of liquid assets, and immediately used to pay previous participants in the advertising and revenue of the organizers. The longer operating a pyramid, the smaller the percentage of possible return for its elimination.
Ponzi scheme - a kind of Ponzi scheme, named for Charles Ponzi. In August 1919, one of English businessmen in a letter sent to Charles International reply coupons. Ascertaining the details of handling coupon Ponzi discovered that the ratio of exchange rates can be resold at a profit in the U.S. coupons acquired in several countries in Europe. Ponzi established the company "The Securities and Exchange Company" (SXC) and persuaded several investors to finance his proposed fraud in exchange for promissory note, promising them a 50 percent profit on the transatlantic trade after 45 days, or even 100% after 90 days, which is much higher than those payment issuers of other securities.
In fact, Ponzi was not going to buy the coupons. The fact that the international reply coupons could be exchanged only on postage stamps, not cash, that is, as a tool for speculation coupons were not good. This information was not secret - if you want it could clarify any of depositors. Nevertheless, by July 1920 Ponzi sold his bill up to $ 250 thousand dollars a day. The pyramid collapsed, and fortunately investors, some of the money could be found and returned. On average, each investor received approximately 37% of the nominal value of bills.
Decades later, the Ponzi scheme continues to operate on a "rob Peter to pay Paul," so the money of new investors used to pay old investors.
first place among the founders of the largest pyramid schemes, possibly for decades to come, took Bernard Madoff , whose financial pyramid collapsed, buried under a thousand large and small investors around the world.
Methods Madoff Investment in "Stanford International Bank" in 2001 attracted the attention of SEC As incomprehensible even to experts in this field. But the profit dispelled all doubts among investors about the methods used. Madoff did not give a huge profit and suspicious, on the contrary - the profit was moderate, but stable for customers and investors. Its advantage was the knowledge of the tax regulation and experience in philanthropy. Base of the pyramid were the charities that manage the money of investors that are intended for educational, social and other programs that allowed the pyramid to act for a long time.
Everything was "good" until December 2008 when the demand on liquidity. In the end, and charities that invested with Madoff, lost millions of dollars.
masquerading as charities, Madoff defended himself against the risk of a sharp and sudden withdrawal of investments, so he decided almost two main problems characteristic of the pyramids: the support of demand and maintain stability.
During the courses organized by the Institute, the American market experts were asked why the SEC did not adopt the strict measures in 2001, have been identified the first signs of a pyramid. The representative of the U.S. Commission responded that while some people were well connected with senior officials from the U.S. Congress through charities, so during the investigation to the commission under pressure.
SEC experience in this area is confirmed the fact that in recent years, the Department of International Relations at the U.S. oversight body able to prevent the investment and the return of about 0,5 billion U.S. already invested in this type of financial fraud. Forms of struggle with this scheme are quite simple and can be reduced, in general, to raise awareness investors and the general public.
importance of good corporate governance
Another course was devoted to corporate governance, which seems a very topical issue for our country. According to my interlocutors here focuses on voice and representation by attorney shareholders. For example, the problem of representation by proxy is relevant for the U.S., which reminds us of our investment funds and the procedure of collective management of these organizations in Moldova, the number of shareholders who reached 200 thousand people.
regulation in the sector of investment funds the U.S. began only after the Great Depression, 30-40 years of last century, in order to protect investors. According to the law on securities trading, adopted in the U.S. 1933, investment fund must have at least 15 areas for investment, and each of them must be invested not less than 5% of fund assets. Naturally, such a measure leads to a significant reduction in risk. Here comes the question: Can the Moldovan economy to offer similar conditions to implement these principles?
role of self-regulatory organizations in the stock market
Special attention was paid to mergers and acquisitions that has special significance for the stock market. As reported by our Moldovan representatives, the regulation of this sector in the U.S. involves ensuring disclosure participants these transactions. Previously disclosed the role and purpose of public offerings in the course of acquisitions and mergers.
Bringing a number of specific examples of mergers and acquisitions U.S. stock market has shown the importance of public offerings. Special role in the American system of regulating the stock market are self-regulating organization, the largest of which is the service industry regulation of financial services to the U.S. FINRA (Financial Industry Regulatory Authority). By the way, hierarchical control system stock market in the U.S. has three main components: the public authority - SEC (upper), self-regulatory organizations (middle), and the base, which are brokers and dealers. FINRA is a nongovernmental organization that regulates the activities of participants in U.S. financial markets. American Federal law gives FINRA to impose disciplinary penalties and to organizations conducting securities transactions, as well as their employees, who violate the rules established by it. FINRA has an educational fund for investors whose purpose - to attract as many investors in the investment market. The Fund's strategy is to more fully inform potential investors. Through special programs - Grants for the community begins with the school, pupils 5-graders are already familiar with investment issues.
Another pressing issue for our stock market is to manipulate the market. On this topic discussed the negative impact of fraud on the normal development of securities market securities to investors' mentality, resorting to such methods.
Participants were introduced to the basic indicators of the dominant market - supply reduction securities, which leads to a slight rise in prices, failure of brokers to execute client instructions to sell securities, and so on.
growth factors in stock Market
One of the latest topics covered in the institute this year were the main factors of growth in the securities market. Here, among the weaknesses of the stock market were given excessively high costs of investing in securities, lack of funds or lack of them by the government for the development of securities market securities (and the lack of projects aimed at development), lack of innovation in the market.
These were the main topics discussed during the program, about which we were told by the representatives of the NCFM involved in it. It is obvious that the practice of supervision the U.S. stock market can not be fully applicable in our country due to underdevelopment of the market. In this regard, we note that one of the lectures offered by the organizers, was entitled "The right way of development securities market. " It is appropriate to lead a rather interesting statement: "In both developed and developing economies through participation in the market securities is that the income of participants exceeds the average wage in the economy. " I think that, at least for our country, this scheme dolzhna potrebytelskuyu and include cart.
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