What markets does the financial market include? Types of financial markets and basic concepts on them. Financial market, its structure and functions

If we talk about the market within the country or in the international format, then large quantities In cases it is barter of products or materials for cash. It is difficult for ordinary people to imagine that on both sides of such an exchange there could be monetary currency in various forms, which in themselves can act as products. Initially, all this looks rather incomprehensible, but this directly underlies global turnover and the market within states.

What is hidden under the concept of financial market?

The financial market is a normalized concept of trading both currency and its analogue, due to which continuous movement occurs Money among investors, countries, companies and other partners.

Based on a wide range of different interests, the market can be divided into various elements and types of relationships.

Efficiency is considered the most important function in our century. It has long been established that need generates supply, and financial markets (financial market participants) promptly help in foreign currency to those who need them and to those who agree to give more than their value, due to need, or believing in a repeated increase in earnings in the future.

The “health state” of the country’s economy is directly determined by the vibrancy of foreign currency capital. It is possible to compare this with the flow of blood in a person, i.e. in a healthy state, blood rapidly brings nutrients to every human organ, and in the economy, the resources being sold rapidly move from owner to owner, satisfying the demands of market members.

International level

In today's society, virtually no state is capable of acting in isolation. Now government money does not circulate within the country, it has moved beyond its borders, and accordingly, financial market participants are international partners.

International financial market- formed concept of interaction between state and international economic markets, in which the movement of funds is carried out at a global level.

Foreign exchange funds are allocated based on competition between countries and their economic sectors.

How does this happen?

Let's look at examples of the movement of funds - this will help to get a picture of how financial markets work (financial market participants interact with each other).

Sample 1. Let's say a businessman has decided to increase the volume of furniture production, but currently he does not have enough funds to purchase the necessary special equipment.

If his business contains the configuration of a public joint stock company, then he can issue additional shares.

Investors, hoping for the prosperity of his company, purchase shares to invest their money and with the hope of making a profit when the price of the shares increases. Special equipment is purchased, trade increases, as does income, shares increase in value, investors sell them for an amount that is higher than the original, thereby generating income for themselves.

Sample 2. To start a business, people go to the bank and receive the necessary funds on credit. The bank itself borrows the issued funds from the Central Bank at interest, but they are small compared to those directly provided to the borrower.

Thus, the bank earns from the difference received from interest payments. In this case, the participants in the financial market are the Central Bank, the borrowing bank and the entrepreneur.

Financial market concept

The following follows from the above examples. Modern world built on a system of relations based on the principle of exchange of economic goods, called the financial market. The financial market, in turn, cannot exist without financial instruments. They represent the money supply in the form of cash, non-cash savings stored in bank accounts, as well as securities, futures, currencies, options.

Types of financial markets

The financial market may have the following structure (depending on the type of operations performed):

Credit market;

Currency market;

Stock market;

Investment market;

Insurance market;

Gold market.

The term “credit market” means economic space with the movement of free funds. People with excess free funds, provide them for use to those in need on favorable terms. The main purpose of such transactions is to profit from interest on the loan. There are a huge number of examples of such types of transactions. Some of the most popular are Bank operations lending. The bank issues to the citizen the required amount loan immediately, and the latter, in turn, returns it with interest determined by the bank for the appointed period.

The foreign exchange market, or Forex, is a global market that connects participants in payment relations in all countries of the world. The principle of this segment is based on determining the relationship between supply and demand for specific currencies. The sale or purchase of funds depends on established by the bank exchange rate. It must be remembered that carrying out such operations without the participation of a bank is illegal.

The securities market, or stock market, is the market segment where securities are issued, traded, and traded. securities. Securities include bills, checks, shares, options, futures and other types. In this area, the principle of transferring funds into securities applies.

The principle of operation of the investment market is profitable investments or investment projects. Cash, securities or other property with a monetary value are invested in objects of any activity in order to make a profit or achieve a useful effect. In other words, capital is redistributed due to financial companies or individuals due to their investment in development (investment), for example, a company just opening that does not have enough own funds, by purchasing shares issued by it.

The insurance market is a part of the financial market in which insurance services are offered. The subject of insurance can be one’s own life, health, ability to work, as well as business risks.

In the gold market, there are both retail and wholesale transactions with gold bars, which are also used for international payments. Who occupies the financial markets?

Participants in financial markets

There are two broad categories in the financial market: buyers and sellers, as well as intermediaries. Participants in the financial market are all kinds of banks, currency and credit financial institutions, investment and Insurance companies, currency and stock exchanges.

In the second category we are talking about intermediaries, that is, people or companies who are the link between the buyer and the seller. These professional financial market participants, in essence, act as consultants in this issue(relating to the transaction) or official representatives of the parties.

Each area has its own participants in the relationship: lenders and borrowers, policyholders and insurers, issuers (those who issue securities) and investors (those who purchase or invest). The Russian financial market, whose participants, in principle, do not differ from representatives of other countries, has its own some characteristics.

Thus, we can conclude that the concept of a financial market is closely related to financial instruments, the existence of which cannot be dispensed with. They have entered the modern life of people and companies, being an integral part of global economic relations.

Traders as part of the financial market

It is impossible to imagine the cabinet of financial market participants without traders. Who are they? A trader is a person who closely monitors changes in patterns and graphs while sitting in front of several screens. Modern “traders” no longer have to sit in pits on the stock exchange; now, thanks to the Internet, all the information necessary to make transactions comes under their control.

The trader carefully monitors changes in exchange rates, stocks or other securities, and studies the news. His job requires discipline and patience in order to get a good quote. His whole job is to carefully analyze and make a profitable deal.

What is the job of a trader?

As a rule, its activities cover the stock and foreign exchange financial markets. There are two types of participants in this type of financial markets: professionals and amateurs. Professionals have a permanent job in banks, brokerage firms or think tanks; for this they need to have a special education. They must have a license for this work; it is currently issued only Central Bank Russia.

The work is too responsible, because a deliberate or accidental failure by a trader threatens the company with huge losses. Not many cases like this have happened in history. For example, in 2011, UBS Bank, located in Switzerland, lost more than two billion dollars due to the unauthorized actions of its working trader, Kweku Adoboli.

There are several types of traders: investors, arbitrageurs, hedgers and speculators. All their activities and specifics are determined by the goals that they set when concluding transactions.

Non-professional traders

A whole army of amateur traders already exists, their desire is to get rich by selling financial instruments. There is no need to have any education; to get started, a few thousand rubles and a desire to master a new area of ​​​​earnings will be enough. As a rule, new traders seek advice from professional colleagues or use the services of intermediaries - brokers.

Who are brokers?

A broker is a legal entity that represents the interests of its client for a certain commission. That is, these are financial intermediaries. They also need a license to carry out the purchase and sale of securities, issued by the Central Bank of the Russian Federation. Financial market participants of this type are widely known today.

Today on the Internet there are a huge number of offers from brokerage companies, which are addressed to ordinary Internet users eager to increase their savings. As a rule, on the brokers’ website it is possible to create Personal Area, open an account, study video lessons on sales rules, and also complete practical training with training accounts in the demo version of the installed program on the website.

A novice trader can install a browser-based version on his own computer trading platform recommended by the broker and choose the most favorable tariff. Broker's interest in successful trading his client will always come first because the proceeds from the trades set the commission. Brokers always offer the client to master free education, because the success and competence of a trader depends on this.

Dealing companies and dealers

Dealers, unlike brokers, are more independent intermediaries between buyer and seller. The broker cannot become the owner of the assets, nor will he be able to list them on the stock exchange and carry out sales only at the expense of the client. In turn, the dealer has the right to put assets on his balance sheet, hold them and conduct the entire business at his own expense. Only a legal entity can be a dealer - this is required by Russian laws. Very often this role is played by funds insurance organizations and banks - participants in the financial market.

This group of financial intermediaries is represented by a variety of credit, financial and investment institutions, the main of which are:

• (enterprises trading securities that, in addition to maintaining intermediary operations on the stock market they can raise funds for joint investment by issuing and placing their own securities);
• (legal entities, created in the form joint stock company, accumulating funds of small individual investors for joint investment. Investment funds are divided into open ones, created for an indefinite period and carrying out the repurchase of their own securities within the time limits established by the investment declaration, and closed ones, created for a certain period and carrying out settlements on their securities after the expiration of the period of activity);
• investment dealers or (special banking institutions or companies engaged in the primary sale of issued shares and bonds by purchasing new issues and organizing subscription (sale) to participants in the secondary stock market in small lots);
• or investment managers (financial intermediaries carrying out trust management securities or funds transferred to them by third parties for the purpose of investing in securities);
• or financial (parent companies that own enterprises, investment and insurance companies, financial institutions and other participants operating as its subsidiaries. The parent company that heads the financial-industrial group usually owns a controlling stake in its subsidiaries);
• financial house or ( financial institution, carrying out intermediary activities in various financial markets - credit, foreign exchange, investment, insurance - and providing comprehensive Financial services to your clients);
• other financial and investment institutions.

In order to suppress possible unfair practices financial intermediaries in relation to their clients, in last years significantly enhanced state control for their activities.

Participants performing auxiliary functions in the financial market

Participants performing auxiliary functions in the financial market are represented by numerous subjects of its infrastructure.

The financial market infrastructure is a complex of institutions and enterprises that serve its direct participants in order to increase the efficiency of their operations. The following main institutions are distinguished among these subjects of the financial market infrastructure:

1. . It is a participant in the securities market, organizing their purchase and sale and facilitating the conclusion of transactions by the main participants in this market.
2. . It performs the same functions as stock Exchange, acting accordingly on foreign exchange market and being a participant.
3. . It is a legal entity that provides services to the main participants of the stock market for the storage of securities, regardless of the form of their issue, with appropriate deposit accounting for the transfer of ownership rights to them. The relationship between the securities depository and the depositor is regulated by the relevant legal norms and the terms of the depository agreement. The activities of a securities depository are subject to mandatory state licensing.
4. (or their registry holder). It is a legal entity that collects, records, processes, stores and provides data on the register of owners of the issuer's securities. This register represents all registered holders, indicating the number, par value and category of securities they own as of a specific date. The use of registrar services is mandatory for the issuer if the number of owners exceeds 500, and in certain other cases regulated by legal norms. In addition to the owners of securities, the register may also include their nominal holders - brokers and dealers.
5. Settlement and clearing centers. They are institutions whose service activities include collecting, reconciling and adjusting information on concluded transactions with securities, as well as offsetting their deliveries and making settlements on them. Such centers are usually created under stock and commodity exchanges and play an important role in organizing trade -, etc.
6. Information and consultation centers. Such centers serve key participants in all types of financial markets - both individual and institutional. Such centers include qualified marketers, lawyers, financial experts, investment consultants and other specialists in financial market operations. The system of such centers has been widely developed in countries with developed market economy(in our country such services are provided mainly by financial intermediaries).
7. Other financial market infrastructure institutions.

41.Financial market, its structure and functions.

Financial market- this is a set of monetary resources of an economic system that are in constant motion, i.e. in distribution and redistribution under the influence of the changing ratio of supply and demand for these resources on the part of economic entities. The financial market represents a mechanism that ensures the mobilization of all available cash capital and funds and the distribution of these funds across sectors of the economy on the terms of urgency, payment, and repayment.

The financial market is divided into:

1. The money market is a market for relatively short-term transactions (up to a year), in which liquidity is redistributed, i.e. free cash. The money market mainly serves the movement of working capital of enterprises and organizations, short-term liquidity of banks and the state. The function of the money market is the regulation of the liquidity of all economic participants. systems and the economy as a whole.

2. The capital market is a market in which there is a redistribution of free capital and their investment in various profitable financial assets. The capital market refers to all lending transactions with a maturity of 1 year or more. The functions of the financial market are the formation and redistribution of capital of economic entities, the exercise of corporate control (through the movement of stock prices), the investment of capital for the development of production, the implementation of speculative transactions (which are a tool for achieving market balance).

The money market is divided into:

1. The market for short-term bank loans is a market that serves enterprises and the population; in this market, banks provide enterprises and organizations with the missing funds necessary to make payments and complete the circulation. The main institutions are commercial banks.

2.The interbank loan market is a market in which banks borrow funds from each other in order to maintain their liquidity, i.e. in order to secure its obligations. Therefore, most often loans are ultra-short-term in nature - 1,7,14 days - up to 3 months. The main institutions are commerce. banks and the Central Bank - as the lender of last resort.

3. Short-term securities market - the market on which short-term securities are traded, the main types of securities: government short-term securities. securities, and short-term debt securities of various entities (usually in the form of a promissory note). Main institutions: commercial banks, brokerage, dealer, insurance. companies, exchanges

4.The foreign exchange market is a market for which currency purchase and sale transactions are carried out both in cash and non-cash form. Main institutions – commercial banks and currency exchanges

5. Gold market – a market where transactions (cash, wholesale, etc.) with gold are made, incl. with gold bars

The capital market is divided into:

1. The market for long-term loans is loans that are provided by banks or go through other financial intermediaries

2. The market for long-term securities, which is subdivided into the capital financing market (this is any agreement or obligation under which an enterprise receives funds for investment in exchange for the provision of rights equity participation owned by this company (financial instrument - share)) and on the loan-based financing market (conclusion of an agreement under which an economic entity receives funds for investment in exchange for an obligation to pay this amount in the future with an agreed interest (financial instrument . – bills, bonds)).

The RCB is simultaneously part of both the money and financial markets. RCB is 1) a set of social-economic. relations regarding the issue and circulation of securities. 2) a functional-institutional mechanism for the redistribution of free funds and capital between economic entities, facilitating the transformation of savings into investments through the purchase and sale of financial assets. obligations in the form of securities.

The securities market is divided into primary and secondary, exchange and over-the-counter. Primary securities market is a market servicing the issue (issue) and initial placement of securities among investors. Secondary market - intended for the circulation of previously issued securities. Stock market is a securities market operated by stock exchanges. Over-the-counter market - intended for the circulation of securities that have not received admission to stock exchanges.

In modern conditions, a new financial sector has emerged. market – derivative financial instruments market (DFI), cat. combines a set of economic relations in the field forward trading financial instruments certifying rights to resources or rights to rights to resources. RPFI is a market for futures contracts (futures, forwards, options, swaps).

A forward contract is an agreement between two parties to purchase (sell) a specified quantity of an asset at a specified date in the future at a price determined at the time the contract is concluded.

A futures contract is an agreement between two parties, concluded on an exchange, to purchase (sell) an asset in the future at a price set at the time of conclusion. This is a standardized contract, it is drawn up on the exchange.

An options contract is a security that gives the option buyer the right (but not the obligation) to buy (call) or sell (put) some commodity in the future at an agreed price.

Swap is an agreement between two or more parties to exchange a series of cash flows for a certain period of time in the future.

Stock market = RCB + RPFI

Functions of the financial market:

1. The FR mobilizes free capital and funds, where they are available in abundance, and distributes them to those areas of the industry and enterprise that need additional capital. That is, it ensures the flow of capital between sectors of the economy.

2. Formation of prices for financial assets.

3. Informational. It consists in the fact that the situation on the financial market provides investors with information about the economic situation in the country and gives them guidelines for investing their capital.

4. The financial market converts into capital those funds that by their nature are not capital, and this makes it possible to increase savings and investments.

In general, the movement of capital in the financial market contributes to the formation of an efficient and rational economy, since it stimulates the mobilization of free monetary resources in the interests of production and their distribution in accordance with market needs.

Thus, the financial market is presented as an effective mechanism for the functioning of the economy, a tool for mobilizing financial resources and savings of the population, and optimal redistribution of funds.

Free trading of assets involves the use of special platforms where communication between potential sellers and buyers is possible. Such sites are called markets or exchanges; they are created and exist according to certain laws. These structures are characterized by specialization and division into industries.

Classification

Markets and exchanges are usually divided into types depending on what instruments a given platform uses. To ensure capital turnover, there are financial markets - stock and foreign exchange.

The foreign exchange market can be characterized as a special area that provides the opportunity for sellers to communicate with buyers. Here transactions are carried out with monetary assets of other countries, as well as with derivative financial instruments - payment documents; these platforms help attract foreign investment. The following are typical for currency exchange platforms:

Foreign exchange markets, however, perform important infrastructural tasks, which include providing international settlement capabilities for the creation, maintenance and strengthening of foreign exchange reserves and the realization of existing economic policy. Participants in the foreign exchange market can be anyone, both legal entities or states, and ordinary people who have sufficient funds and knowledge.

The stock market is much closer to real economy, since the tools used are directly related to production and gross product. There are several types of trading platforms, they differ in the quality of financial assets presented in them, as well as what methods of calculation and processing of information are available within a specific platform. The stock market is conventionally divided into operations within the exchange and over-the-counter trading.

Exchange and over-the-counter platforms

Today, participants carry out all trading operations on two types of platforms. There are large financial structures that have a special status and sufficient technical basis for trading - stock exchanges.

The entire financial market is divided between several major players who have exchange status. Financial platforms receive the right to exist as official players only after passing a complex state registration procedure. Only a few exchanges that meet the requirements of security, legitimacy, and can provide transaction guarantees receive global status.

All financial operations within the market are standardized, this approach is designed to facilitate control over transactions. Bidders must also meet strict requirements, everyone who works with capital and assets is required to undergo government certification, this applies to both firms and individuals- to their employees.

Exchanges have another advantage - transactions made within these platforms are insured by clearing companies, thus, the buyer and seller have a full guarantee that their partner will complete the agreed transaction. To ensure security and provide a technical base, exchanges charge a commission for each trading operation.

Over-the-counter structures have only one significant advantage compared to official platforms: everyone can take part in trading. For young companies and so-called start-ups, this is an opportunity to attract investment, and for persons who do not have the status of a professional participant, this is the only opportunity to carry out a transaction of a financial nature. However, there are cases of fraud, since transactions are not insured by anyone.

Regulation

The market is a special structure, an economic institution that theoretically has the ability to self-regulate. Obviously, such an important branch of the economy as the movement of capital requires state participation, for these purposes a mega-regulator is being created, and since 2013 in Russia its function has been performed by the Central Bank of the Russian Federation. The term mega-regulator means that the Central Bank has full capabilities to exercise any influence on the securities market.

The Central Bank of the Russian Federation does not pursue the goals of making a profit as a credit structure; as a mega-regulator, it is obliged to be responsible for sustainability monetary system, control the movement of capital, develop and implement development programs. The mega-regulator is exempt from only one function – legislative; in other matters the Central Bank has the authority to make independent decisions:

The Central Bank, as the only mega-regulator in the country, performs a whole range of tasks aimed at maintaining a stable financial situation.

Regulation in the field of capital flows, as well as differentiation of trading platforms, exists in order to create and maintain a healthy investment climate, since the current economic model requires both broad capabilities and a high level of system reliability.

The entire set of relationships that take place during the exchange of various kinds of material and intangible goods through the mediation of money (as a universal means of payment), in economic theory commonly called the financial market.

Financial markets can be called the driving force and basis of the mechanism of the modern economy. The more coordinated and efficient they work, the faster the economy develops.

Introduction

Exchange of some economic benefits to others, exchanging the currencies of some countries for the currencies of others, trading in securities, lending, etc. – all these are types of transactions performed on the modern financial market. And in the case when we are talking about such operations carried out on the scale of entire states among themselves, then we are already talking about the global financial market.

Thus, according to the scale of operations, the financial market can be divided into two main categories:

1. National financial market;
2. International financial market.

In the national market, transactions are carried out on the territory of a single state. Accordingly, it is fully subject to national legislation. A international market is nothing more than the totality of all individual national financial markets and therefore cannot be subject to the laws of any individual state (it is subject to international norms, rules and standards specially created for these purposes).

IN modern economy There are two main models of financial markets that have developed in the countries of continental Europe and America:

1. Continental model based on bank financing, it is also called the continental model or bank based financial system.
2. Anglo-American model based on the securities market and institutional investors (market based financial system).

The continental model is characterized by a less developed secondary market and non-public placement of securities (a relatively small number of shareholders and, accordingly, a high degree of concentration share capital). In the Anglo-American model, on the contrary, secondary market much more developed and there is a strong trend towards public offering of securities.

However, over time, these two models increasingly converge with each other and the boundaries between them are gradually erased.

Forms of existence of financial markets:

1. In the form of an organized structure (for example, an exchange, where all trading operations are carried out according to strictly defined rules);
2. In the form of direct agreements (for example, the interbank market);
3. In retail form (for example, market banking services For individuals).

Finally, all financial markets can be classified by industry:

1. Derivatives market;

Money market

Economic relationships for the purpose of receiving or providing funds for short periods (up to one year) are called the money market.

The money market has three main components:

1. Short-term securities;
2. Interbank loans;
3. Eurocurrencies.

All money market participants can be divided into three categories:

1. Lenders or those who provide money for temporary use. This category includes banks, non-bank credit institutions, and other financial organizations;
2. Borrowers or those who borrow money. This category includes individuals, state and municipal structures, various types of enterprises and organizations, etc.;
3. Financial intermediaries provide a link between the two aforementioned categories of money market participants, although, in principle, their participation is not always necessary. These include banks, professional participants in the securities market (brokers, etc.), etc.

All of the above categories of money market participants have one common goal - everyone intends to benefit. Lenders make a profit due to the interest rate at which they issue loans. Borrowers intend to make a profit from the use of borrowed funds. And the benefit of intermediaries lies in the commission that they charge from lenders and borrowers for bringing them together and often acting as a guarantor of the transaction concluded between them.

Below is a picture illustrating the main money market instruments:

Capital market

This branch of financial markets includes long-term financial transactions (loans, investments, etc.). In essence, this is the same money market described above, but only with financial maturities exceeding one year.

So-called long-term money circulates here; capital is invested in various kinds of long-term financial instruments (stocks, long-term bonds, etc.).

The capital market has the following structure:

Everything related to the issue of securities and their further circulation (purchase, sale, resale) directly relates to the next branch of financial markets - the stock market.

It includes not only organized trading platforms - exchanges, but also the so-called over-the-counter component. On stock market securities of the largest and most reliable issuers are quoted (including securities related to blue chips), and the over-the-counter market serves as a haven for securities classified as risky (for example, shares of the second and third tier that are not included in the exchange floors).

The securities market can be classified according to the following main criteria:

1. By level of placement of negotiable financial instruments:

• Primary. Here, as the name suggests, an initial placement of securities occurs (this can be either a public (IPO) or a private placement);
• Secondary. This is the market most known to a wide range of people, where, in fact, the bulk of securities trading operations take place. It includes all stock exchange platforms;
• Third. This is an over-the-counter market and those securities are traded on it that, for certain reasons, could not be listed on official exchange platforms;
• Fourth. Large institutional investors trade here. Trading takes place in in electronic format, large blocks of shares (or other securities).

1. By type of financial instruments traded:

• Stock market;
• Bond market;
• Derivatives market, etc.

1. By degree of organization:

• Exchange;
• OTC;

1. By level of globalization:

• Regional;
• National;
• International.

1. By issuer of traded securities:

• Enterprise securities market;
• Government securities market.

1. By longevity of traded financial instruments:

• Short-term securities market;
• Medium-term securities market;
• Long-term securities market;
• Perpetual securities market.

1. By industries to which issuers of tradable securities belong.

Derivatives market

This is a market for derivatives (derivative financial instruments) with a specific expiration date (hence the name). The following financial instruments are traded here:

• Forward contracts;
• Futures;
• Options.

Based on the degree of organization, the derivatives market is also divided into:

• Exchange;
• OTC.

Trading in the derivatives market is characterized by a higher degree of risk compared, for example, with the stock or bond market. This is explained by the fact that in this case it is used leverage(so-called ). In addition, another difference here is the possibility of opening short positions (the possibility of playing to reduce one or another financial instrument acting as the underlying asset).

Transactions on the derivatives market are concluded for the purpose of hedging positions open on the underlying asset, in arbitrage strategies or (in the foreign exchange market).

Foreign exchange market (FOREX)

The international currency market Forex (Foreign exchange market) is a system financial relations, the purpose of which is the purchase or sale of certain foreign currencies for others. According to the volume of transactions performed, FOREX market significantly exceeds all other financial markets.

The FOREX market does not have any specific trading platform (such as an exchange), it is rather the entire set of communications connecting its largest players (banks, transnational corporations, brokerage firms, etc.).

The main participants in the foreign exchange market are:

1. Central banks of countries. Their main activity here comes down to managing national foreign exchange reserves in order to regulate the exchange rate of its currency. For this purpose, they can carry out so-called;
2. Banks (mostly international). This is one of the types of institutional investors in the Forex market. It is through them that the bulk of all financial flows pass here;
3. Companies engaged in import-export operations, for example, for the purpose of purchasing raw materials and selling finished products;
4. Various types of funds (investment, pension, hedge) and insurance companies. They conduct operations here in order to diversify their portfolios as much as possible by purchasing various types of securities outside their country;
5. National currency exchanges. These operate in a number of countries and their main purpose is to quote their national currency regarding foreign, as well as currency exchange for legal entities;
6. Brokerage firms and dealing centers acting as intermediaries for carrying out trading and exchange operations on FOREX;
7. Finally, private individuals. The contribution of each of them individually may be completely insignificant, but in total the financial flow from international tourism, simple exchange transactions and speculative currency transactions of individual citizens can reach very impressive volumes.

As another component of the global financial market, we can highlight the market precious metals. It carries out transactions both directly with precious metals and with securities tied to them (futures, bonds, options quoted in gold, as well as gold certificates).

Based on the type of precious metal traded, this market can be divided into the following main components:

1. Gold market;
2. Silver market;
3. Platinum Market;
4. Palladium market.

Based on the type and volume of transactions carried out, the precious metals market can be classified as follows:

1. International precious metals market;
2. Domestic precious metals market;
3. Black (underground) market for precious metals.

The international market has the maximum trade turnover; people trade on it large investors, international funds, as well as central banks. Largest centers international trade centers are located in cities such as London, Zurich, New York, Hong Kong, Chicago, Dubai.

Domestic markets for precious metals involve trading operations within the country. They are characterized by a certain government regulation, expressed in the establishment of taxes, quotas, trade rules, etc.

A black or underground market for precious metals occurs when the government places severe restrictions on such transactions. When, for example, the trade in gold is prohibited, it begins to be sold illegally (by smuggling into the country).

Besides this market can be classified according to the purpose of the purchased precious metals:

1. For investment purposes;
2. For industrial use (for example, in electronics).

This is the youngest financial market represented here. The history of its existence began with the emergence of the world’s first cryptocurrency in 2008 and goes back only about one decade. Its structure is currently not yet fully formed (partly due to the fact that in many countries there is no legislative framework regulating operations carried out with cryptocurrencies), but in general it can be represented in the form of the entire set of existing cryptocurrencies and the infrastructure that ensures their existence. This infrastructure includes both computing power, thanks to which new cryptocurrencies are generated and stored, as well as the entire set of organizations involved in their sale, purchase and exchange (cryptocurrency exchanges and various kinds of exchangers).

Cryptocurrency is an asset that is entirely dependent on computing power. The technology of its creation (popularly called mining) is based on blockchain computer technology. Purely theoretically, anyone with a computer connected to the Internet can mine some cryptocurrency. However, in fact, in order to earn an amount equivalent to at least a couple of American dollars in this way, it will take quite a lot of time. The fact is that the very nature of cryptocurrency is designed in such a way that the more it is mined, the more complex this process becomes, and the extraction of new coins (coins) requires more and more computing resources.

Currently, specialized mining farms consisting of many powerful video cards are used to mine cryptocurrencies. You can generate cryptocurrency either using a processor or through calculations on a video card. It so happens that the video card has the architecture most suitable for those calculations through which new coins are created.

Cryptocurrency mining farms can consist of several video cards, or thousands or even tens of thousands. Most of these large farms are located in the Asia-Pacific region, in particular in China (as of the end of 2017, about 30% of the entire global cryptocurrency market was concentrated there).

The most popular cryptocurrencies at the moment are (arranged in descending order of value):

1. Bitcoin;
2. Bitcoin Cash;
3. Dash;
4. Ethereum.

In addition, there are still a huge number of different types of cryptocurrencies in the world, many of which do not represent and, most likely, will never represent any value.

There are infrastructure organizations providing:

• Organization of the trading process (exchanges and over-the-counter trading platforms);
• Mutual settlements and settlements for all transactions (clearing houses);
• Accounting for the transfer of rights to securities in the process of transactions with them (depositories);

In addition, organizations of this type include all those that provide protection against counterparty credit risk, as well as accounting for over-the-counter contracts with financial instruments, derivatives and contracts on commodity markets.

In our country, financial market infrastructure organizations include:

1. Exchange;
2. Central Depository;
3. Clearing House;
4. Central counterparty;
5. Settlement depository;
6. Repository.

There is also such a thing as systemically important infrastructure organizations. Classification as such is based on compliance with at least one of the following criteria:

1. Uniqueness criterion;
2. Criterion of significance for a unified state monetary policy;
3. Criterion of significance in the financial market.

The assessment of organizations' compliance with these criteria is carried out by the Central Bank of the Russian Federation. Currently, in our country there are the following infrastructure organizations of this type: