I would first like to express my thankfulness to my research coordinator, colleagues, and peers and family, whose unremitting support and guidance assisted me in conducting this research in an efficient manner. I owe these people, immense appreciations and gratitude; to them, I remain indebted for being a source of constant inspiration and motivation.
DECLARATION
I [type your full name here], declare that the following dissertation and its content has been an entire individual accomplishment; being an independent effort and a content having originality. Furthermore, it reflects my opinion on the topic, and does not represent the opinion of the University in any aspect.
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ABSTRACT
It is now possible to legitimately argue that the market economy cannot exist without a developed circulation of securities and instruments through which it is provided - the securities. However, the dynamic growth of recent years has changed the situation. Of course, that accumulated over many years experience in organizing business stock used in the creation of various institutions of the Russian securities market. In practice the scheme will be defined and models which are most acceptable in the European countries, and the Russian Federation. There has been an increased amount of interest in most countries of the world's international financial markets, and that the inability of local resources, especially in developing countries meet the needs of these countries to finance its development plan and to cover the deficit in the balance of payments. On the other hand, they provided the markets of large resources and competitive interest rates. Securities market, above all other markets, is a complex organizational and economic system, with a high level of integrity and justice process involved. These are predominantly wholesale markets, although public debt markets and some of the debt have a strong corporate retail segment. Emerging economies face innumerable challenges and issues in creating sound participants for their bond markets, including a lack of issuers' incentives, stern regulatory structures, absence of portfolio diversification, lack of finances for dealers, and the absence of hedging instruments. By deepening our understanding of the functioning and evolution of the European and Russian financial system, and its interaction with the real economy; we can muster support for speeding up financial market integration, in addition to enhancing our knowledge about the effectiveness of the on-going monetary policies.
Key words used: bonds, bond markets, securities, euro-bonds, investors, liquidity, emerging economy.
Table of Contents
ACKNOWLEDGEMENTII
DECLARATIONIII
ABSTRACTIV
CHAPTER 1: INTRODUCTION1
Outline of the Study1
Background of the Research1
Problem Statement2
Rationale of Study2
Research Aims and Objectives3
Research Questions3
Significance of Study3
CHAPTER 2: LITERATURE REVIEW4
Basic Characteristics of Bonds4
Overview of a Basic Bond Market4
Domestic Markets5
Foreign Bonds5
The Bond Market Quasi-Sovereign5
Supranational Institutions and Markets Quasi-Sovereign Bond6
Corporate Bond Markets7
The Corporate Bond High-Market Yield7
Developing Features of a Country's Bond Market7
Bond Markets in Russian Federation8
Current Advantages and Disadvantages of Russian Bond Markets9
European Bond Markets10
The Market for Eurobonds11
Current Advantages and Disadvantages of European Bond Markets11
Political and Social Considerations for an Effective Bond Market12
Structural and Regulatory Considerations for an Effective Bond Market12
Impact on Future Developments of These Emerging Bond Markets13