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В статье представлены преимущества и перспективы драгоценных металлов как подушки безопасности для стран, юридических и физических лиц. Представлены топ-10 стран по запасам золота в золото-валютных запасах страны, добыче золота в 2022 г. Отдельное место отведено политике Банка России по покупке золота в ретроспективе и последнее время. В работе представлен топ-4 стран по зарегистрированным покупкам золота центральными банками. Подробно рассмотрена динамика цен, их прироста за последние полгода по золоту, серебру, платине и палладию, в том числе их попарное сравнение. Результаты применимы для принятия решений на мега, мезо и микро уровнях экономики государствами, юридическими и физическими лицами., The article presents the advantages and prospects of precious metals as an airbag for countries, legal entities and individuals. The top 10 countries are presented in terms of gold reserves in the country's gold and foreign exchange reserves, gold mining in 2022. A special place is given to the policy of the Bank of Russia on buying gold in retrospect and recently. The paper presents the top 4 countries in terms of registered gold purchases by central banks. The dynamics of prices, their growth over the past six months for gold, silver, platinum and palladium, including their pairwise comparison, is considered in detail. The results are applicable for decision-making at the mega, meso and micro levels of the economy by states, legal entities and individuals., Экономика и предпринимательство, Выпуск 5 (154) 2023, Pages 73-78

В статье рассматриваются понятия финансового инструмента с точки зрения Российского законодательства. Анализируются научные исследования авторов, касающиеся инструментов «зеленой экономики» в исламской финансовой системе. Приводятся некоторые особенности инструментов финансирования «зеленой экономики», таких как зеленый сукук в исламских финансах. Рассматриваются проблемы использования инструментов финансирования «зеленой экономики» в мире и оригинальность их в исламских финансах в условиях экономического кризиса и основ Макасид аш -Шариата., The article discusses the concepts of a financial instrument from the point of view of Russian legislation. The authors' scientific research concerning the tools of the "green economy" in the Islamic financial system is analyzed. Some features of "green economy" financing instruments, such as green sukuk in Islamic finance, are given. The problems of using the "green economy" financing instruments in the world and their originality in Islamic finance in the conditions of the economic crisis and the foundations of Makasid al-Sharia are considered., Экономика и предпринимательство, Выпуск 11 (148) 2023, Pages 86-89

The purpose of the study. Currently, much attention is paid to the collection, presentation and analysis of data on the volume, structure and dynamics of economic assets. The value of economic assets, their composition, and effective asset management determine the trajectory of the development of the national economy and its individual sectors. Financial assets are an integral part of economic assets, their importance in the activities of economic entities is steadily increasing. The purpose of the work is to systematize theoretical and practical developments on the presentation of data on financial assets in modern macroeconomic statistics of Russia, to determine the directions for improving the methods of evaluating financial assets, the system of indicators characterizing their condition and movement.Materials and methods. The authors considered the classification of financial assets, applied structural and dynamic data analysis, as well as methods of theoretical research in the form of generalization, comparison and special analytical procedures.Results. The paper defines the main directions of studying financial assets based on existing international standards, taking into account national statistical practice. The current issues of the theory and practice of statistical observation and presentation of data on financial assets, the adaptation of concepts and classifications of international standards to the Russian system of statistical accounting are considered. The features of the presentation of data on financial assets at the macro level are formulated, which are reflected in the national accounts, the system of indicators of monetary statistics and statistics of foreign economic relations, statistical indicators of the Bank of Russia. The authors conducted a quantitative assessment of the structure and dynamics of indicators characterizing the state and movement of financial assets.Conclusion. Statistical analysis of economic transactions with financial assets at the level of institutional units and sectors of the economy allows us to identify not only the main trends in the development of the financial sector of the economy, but also makes it possible to comprehensively consider changes in the value and composition of financial assets at the macro level. The change in the value of financial assets is determined on a balance basis, that is, as the difference between the value of acquired and disposed financial assets.The authors examined in detail the methodological basis for forming a financial account in the context of financial instruments and sectors of the national economy. The financial account provides comprehensive information in the sectoral context on transactions with financial assets and liabilities for the reporting period, allows you to reflect the change in their value as a result of economic operations performed by institutional units, as well as to identify sectors of the economy that did not perform transactions with financial assets. The analysis of the financial account data makes it possible to analyze in detail the change in the value of financial assets at the macro level, to assess the share of the impact of each sector of the economy and the type of asset. A similar approach is applied in analytical procedures with respect to the net obligations assumed.Macroeconomic statistics reflect the movement of financial assets and liabilities by sectors of the national economy and characterize Russia’s relations with the “rest of the world” by determining the volume of net lending by Russia to other countries or determining its status as a net borrower.The issues of the theory and practice of presenting data on financial assets and their use are relevant and promising areas for improving national statistical accounting. Work in this direction continues, although the process of active implementation of international standards in statistical practice has been going on for quite a long time. The quality of primary accounting data on financial sector operations has improved significantly recently, but there are still problems with obtaining data in terms of the full coverage of the statistical aggregate under study, as well as the timing of obtaining reporting data. In addition, the appearance of a large number of new financial instruments and transactions, including modified ones, in the business turnover of institutional units makes it difficult to identify and classify them.The authors of the article have repeatedly addressed the issues of macroeconomic calculations in their publications, which allowed them to consider in more detail topical issues related to the processes of reflecting financial assets.

A significant decrease in bank deposits’ profitability forces citizens to look for more profitable investment options, including purchasing various financial products. One such product is an investment life insurance contract. However, investors’ expectations are not always fully met since dealing with financial instruments, such as options, requires a certain of financial literacy, understanding of the futures stock market’s organization and functioning. Arising disputes are often resolved in court. To obtain answers to economical questions, a forensic examination is appointed and carried out.Forensic analysis on this topic has some features that are discussed in the article. The paper gives a list of objects for expert research and their brief characteristics. The main sources of reference information on quotations of financial instruments are provided. Some concepts and economic categories related to the stock market and derivatives are considered. The Russian and English terms used by the experts during the study are presented and explained.Using an example from expert practice, the authors explain the logic of the analysis of an option contract and show the sequence of actions that makes it possible to calculate the investment income amount. The article justifies the conditions that restrict the experts when carrying out calculations and should be taken into account when forming and studying the expert opinions.

The article examines key aspects of the structured trade financing instruments and prerequisites for their existence. The research is based on an analysis of synergies between financial and commodity markets, and aimed to the development of sustainable risk management tools by enhancing access to capital thru alternative financial instruments, especially for the small and medium size entrepreneurs. The main focus is concentrated around developing economies.

For almost a decade the world has been struck by two global financial crises – the crisis of 2008–2009 and the ongoing socio-economic crisis caused by the COVID–19 pandemic. Although these crises continue to have a serious impact on the global economy, they differ in terms of root causes and timing of action. The crisis of 2020 affected almost all spheres of society, not only financial organizations suffered, but, first of all, small and medium–sized entrepreneurs whose business had to be temporarily suspended or closed completely.The programs of anti–crisis measures taken by the governments of different countries practically do not differ from each other in their conceptual component, declaring financial injections into the banking sector or the social sector as priority measures to support the population as priority measures, taking into account the capabilities of the Digital Industry 4.0 mechanisms to a small extent, including the case of providing the necessary financial assistance to all economic entities.The work of Islamic financial institutions is directly related to real business, therefore, in the case when small and medium–sized enterprises do not have financial and other opportunities, including in the case of restrictive measures introduced by governments, to interact with their financial institutions, the financial regulators of the country together with the management of banks should develop a number of plans for overcoming the current situations, taking into account the goals of Sharia (Maqasid al–Shari’ah).The list of standard anti�crisis products for the financial market is confined to social Sukuk, Qard al–Hasan, Zakat, Waqf, however, taking into account the fact that it is crisis situations that provide a good opportunity for the development of new directions (products, services), the market of Islamic financial instruments needs to switch to FinTech solutions, especially since the forecasts of the countries of the Arab region on this direction show positive dynamics and tremendous potential.

Amid the state budget deficit, there is a problem of financing social projects. In this regard, new sources of extrabudgetary funding for social issues need to be sought. Financial instruments capable of implementing various social programs include social bonds. This study identifies the main characteristics of social impact bonds (SIB): fundamental principles, mechanism of work. The current work describes the practice of implementing social impact projects on education, poverty, ecology, etc., presenting the experience of the USA and several European countries. This study analyses Russia’s present state and prosperities in the development of SIB projects. The research defines the unique catalyst-funds role in processes of impact investment, as well as the suitability of their creation in Russia. The author analyses opportunities and likely risks from social impact projects realization.

The author explores various aspects of cooperation of International Financial Institutions (IFIs) between themselves (blending), as well as with state and commercial structures of different countries in the field of solving international problems related to climate change on the planet. The aim of the article is to describe the role of IFIs, forms of cooperation and the financial instruments used for funding activities for sustainable economic development and solving climate problems in the world and in individual states. The author applies general scientific cognition methods , such as analysis, synthesis and systemic approach. The study generalizes the experience of IFIs in addressing the issues based on international statistics in areas such as sustainable economic development and global climate change. The paper provides the statistical analysis of individual countries, in particular, in the Central Asian region. The author makes a conclusion about the importance of the dialectical interconnection between the methods of collective and individual learning in solving global problems, as well as the development of universal procedures, instruments and criteria for assessing the achievement of goals. The formulated proposals may be of further use to regulators, relevant ministries and departments, as well as companies in cooperation with IFIs in the implementation of infrastructure and climate protection projects.

A scientific article is devoted to the analysis of the role of insurance in the management of receivables of enterprises of the economy of the Russian Federation. The relevance of scientific research is associated with the ongoing process of increasing the size of receivables from domestic organizations. The theoretical aspects and fundamentals of accounts receivable insurance are considered. The advantages by which insurance is one of the most relevant methods for managing receivables of enterprises are highlighted. The main negative fundamental factors that increase the degree of problems of managing receivables from domestic organizations are listed. The main disadvantage of insurance is described as a method of managing receivables. The features of the policy and general scheme of insurance of receivables of enterprises are considered.

The article considers the impact of the stock market on the economic growth. The aim of the study is to determine the degree of impact of the Russian stock market on gross domestic product, as well as to analyze the significance of various financial instruments in this process. The study suggests three hypotheses: 1) the dynamics of changes in the stock market as a whole has an impact on GDP growth; 2) the growth of the stock market has a positive impact on the change in GDP; 3) the stock market affects the GDP growth more, than that of corporate bonds. To test these hypotheses, the work employs methods of economic and mathematical modeling and building a vector autoregressive (VAR) model. The authors used the data from the International Monetary Fund (IMF), Moscow Exchange (MOEX) and Finam Investment Holding for the period from January 2000 to July 2019. As a result , they proved that not only traditional macroeconomic and production factors affect the country’s GDP growth, but also the positive dynamics of the stock market. The paper revealed that the impact of the growth of stock indices and corporate bonds on the change in gross domestic product would be different. At the same time, a different degree of impact of the stock market on gross domestic product over time. The authors concluded that ensuring the growth of stock indices is a condition to achieve stable growth in Russia’s GDP. Most of all, the GDP growth depends on the growth of the largest liquid companies trading in the Russian stock market.

В статье исследован опыт правового регулирования цифровых финансовых активов в России и зарубежных странах. Рассмотрена динамика развития законодательства о криптоактивах в различных правопорядках. Установлены подходы зарубежных юрисдикций к регулированию цифровых финансовых активов. Обозначены подходы международных организаций к определению правовой сущности цифровых финансовых активов. Автор исследует правоприменительные акты в сфере регулирования цифровых финансовых активов, анализирует изменение правовой политики РФ по регулированию оборота и выпуска криптоактивов. Результатом работы становятся выводы о наличии проблемных вопросов правового регулирования в данной сфере., The article explores the experience of legal regulation of digital financial assets in Russia and foreign countries. The dynamics of the development of legislation on crypto assets in various legal orders is considered. The approaches of foreign jurisdictions to the regulation of digital financial assets have been established. The approaches of international organizations to the definition of the legal nature of digital financial assets are outlined. The author explores law enforcement acts in the field of regulation of digital financial assets, analyzes the change in the legal policy of the Russian Federation to regulate the circulation and release of crypto assets. The result of the work is conclusions about the presence of problematic issues of legal regulation in this area., Гуманитарий и социум, Выпуск 1 2022

The literature on the assessment of factors affecting cross-border capital flows is usually characterised by distinguishing of external and internal factors. The former as a rule include international indices of the global economic growth rate, interest rates and other indicators of profitability (for certain types of financial assets). The latter include domestic indices of the growth rate of the national economy, interest rates and the profitability of financial instruments, sovereign credit ratings. Since the beginning of the 21st century, cross-border capital flows in Russia have followed the same trends as capital flows in other emerging markets. A distinguishing feature of Russia was the negative impact of sanctions on the level of its financial openness. We estimated regressions, designed to evaluate the factors affecting the individual components of cross-border capital flows in Russia. Regressions for the three types of flows (liabilities of direct investment and portfolio investment liabilities, and assets) demonstrate good results. Among external factors, the dynamics of oil prices turned out to be significant, as well as the global stock index (for portfolio investment assets). Among internal factors, an increase in aggregate demand helps to attract foreign direct investment, and an increase in the yield of Russian financial assets (stocks and bonds) — to attract portfolio investments. The difference in interest rates is the determinant of all analysed capital flows. Our estimations confirmed the significance of the “round-tripping” movement of foreign direct investment in Russia.

In financial and economic activity, quite often there are situations when financial schemes using different assets are used for the purpose of obtaining economic profit. In this study, we develop a special accounting procedure for hedging under IFRS, in which special attention is paid to accounting algorithms in the interim revaluation of the components of the financial scheme, which is often presented in the activities of financial and banking institutions. The algorithms use various revaluation concepts adopted in IFRS, in particular the concepts of amortized cost and fair value. These algorithms are based on the proposed mathematical methods of evaluation of financial instruments of different genesis: credit financial resources, currency financial instruments and derivatives of forward type. At the same time, the proposed approaches and methods can also be used in the preparation of reporting separately for accounting purposes.

The Russian market of derivative financial instruments (hereinafter referred to as derivatives) has been analyzed. Differentiation of the derivatives market have been carried out both by derivatives and by participants. The main leaders have been identified both in the futures and options market as a whole in the derivatives market and in the segments. According to the results of the analysis carried out on the basis of the Moscow Exchange data, the preferential development of index and currency instruments have been revealed, which makes investment companies active in the derivatives market. There is an increase in the volume of commodity derivatives. In general, the Russian derivatives market is characterized by a narrow set of both derivatives and underlying assets, which significantly reduces the range of risks for which hedging is possible in the financial market.

The problem of population decline, economic activity decrease and deterioration of investment attractiveness has become topical on the agenda of sustainable development of industrial or single-industry cities in most developed countries (uSA, Eu, Australia) during the last century. New urban trends are increasing of the economic efficiency of urban areas usage, encouraging restrain of the population, including youth and employable people, and attracting new ones through the creation of required jobs and the formation of comfortable living conditions. All of these demanded the mechanisms and tools development for the social and economic development of cities. world experience has accumulated various approaches to the transformation of shrinking cities — economic and financial instruments supporting the development and provision of partnership of key stakeholders of cities, integrated urban development programs, tools for optimizing the spatial and territorial structure of cities, etc. The paper analyzes the existing practices of application of administrative and organizational mechanisms for the spatial development of shrinking cities in the united States, Britain, Germany, Spain and Australia. Based on the analysis, key conclusions are drawn about the factors that divide the trajectories from decline to the cities restoration. The practical significance of the conclusions lies in the possibility of using them in the development of strategies and programs for the russian cities development that are experiencing a tendency towards a contraction of economic and territorial space.

Russia’s entry into the top five economies of the world depends, among other things, on the development of the financial sector, being a necessary condition for the economic growth of a developed macroeconomic and macro-financial system. The financial sector represents a system of relationships for the effective collection and distribution of economic resources, their deployment according to public demand, reducing the risk of overproduction and overheating of the economy.Therefore, the subject of the research is the financial sector of the Russian economy.The purpose of the research was to formulate an approach to alleviating the risks of increasing financial costs in the real sector of the economy by reducing the impact of endogenous risks expressed as financial asset “bubbles” using the experience of developed countries in the monetary policy.The paper analyzes a macroeconomic model applied to the financial sector. It is established that the economic growth is determined by the growth and, more important, the qualitative development of the financial sector, which leads to two phenomena: overproduction in the real sector and an increase in asset prices in the financial sector, with a debt load in both the real and financial sectors. This results in decreasing the interest rate of the mega-regulator to near-zero values. In this case, since the mechanisms of the conventional monetary policy do not work, the unconventional monetary policy is used when the mega-regulator buys out derivative financial instruments from systemically important institutions. As a conclusion, given deflationally low rates, it is proposed that the megaregulator should issue its own derivative financial instruments and place them in the financial market.

Цель исследования – выделение отличительных особенностей краудфандинга как современного инструмента финансирования проектов. Авторы обозначили следующие подходы к понятию краудфандинг: как финансовый механизм или инструмент, как социальная технология, как социально-финансовый инструмент. Определены основные термины, связанные с краудфандингом. Выделены причины, по которым население поддерживает проекты. Показана социальная значимость краудфандинга как современного финансового инструмента, активно инициируемого, используемого и поддерживаемого населением. В работе проведено сравнение типов финансирования: благотворительных пожертвований, кредита, гранта или субсидий, инвестиций и краудфандинга. На основе цели проекта и получаемого результата выделены основные виды краудфандинга. Развитие краудфандинга в России подтверждается статистическими данными., The purpose of the study is to highlight the distinctive features of crowdfunding as a modern project financing tool. The authors identify the following approaches to the concept of crowdfunding: a financial mechanism or tool, social technology, social and financial instrument. The paper defines the main terms related to crowdfunding, discusses the reasons for the population to support the projects, and shows the social significance of crowdfunding as a modern financial instrument initiated, used and supported by the population. The authors compare the types of financing: charitable donations, loans, grants or subsidies, investments and crowdfunding, and describe the main types of crowdfunding according to the project goal and the result obtained. The development of crowdfunding in Russia is examined on the basis of the statistical data., Вестник Сибирского университета потребительской кооперации, Выпуск 4 (38) 2021, Pages 48-56

For effective investment activity of banks it is necessary to manage and optimize the Bank’s securities portfolio. The modern apparatus of portfolio management has a sufficient Arsenal of effective tools, including a number of principles and approaches. The abstract presents an analysis of active and passive portfolio management strategy, the conditions of their use, advantages and disadvantages. The analysis of formation and development of the portfolio theory of the leading Western scientists is carried out. Processed the achievements of our scientists.

The history of creating bitcoin cryptocurrencies has been considered, the main features of cryptocurrencies and cryptocurrency market have been identified. Based on the identification of features of the blockchain technology, the possibilities of making settlements outside the traditional financial system have been determined. Special attention has been paid to the issue of legal regulation of cryptocurrency in various countries. According to the results of a study of current trends in the cryptocurrency market, in the conditions of a significant decline in the market value of bitcoin in 2018, as the flagship of the cryptocurrency market, prospects for its development have been determined

The tax on financial transactions as an instrument to restrict the level of speculative trading has considered. A mathematical model in which one of the factors influenced on a financial instrument price is the tax rate on financial transactions, - has proposed. The hypothesis that the additional tax on transactions with financial instruments reduces e speculative activity level by reducing the price volatility has tested. The introduction of a tax even at a small rate helps to reduce the financial instruments prices volatility has revealed.

The article provides a comparative analysis of the volatility of the leading national fiat currencies and their transnational anonymous analogues, which received the slang name “cryptocurrency”.Volatility is the most important financial indicator in the management of financial flows, as a measure of the risk of using a financial instrument at a specified period of time. Cryptocurrency mining technology is available to the general public and has become an innovative phenomenon. The latest fi phenomena need to be investigated, so it is necessary to conduct a multilateral scientific analysis, identification and comparison of cryptocurrency with fi currency. The aim of this study is to obtain new estimates of cryptocurrency based on the use of tools such as GARCH-model, simple historical volatility (SHV) and developed by the author’s toolkit, which is based on the Chaikin method. The methodological basis of the research is logical, econometric, economic and statistical methods of analysis, technical and fundamental analysis, and method of scientific visualization. The calculated volatility estimates are based on the Central Bank’s data on currency rates and investigated using named three models. The article for the first time presents the results of comparison of volatility of the leading fiat currencies (uS dollar, euro, Chinese yuan and Japanese yen) and the most popular today so-called cryptocurrencies (bicoin, litecoin, ethereum, and monero). Estimation of volatility showed that the volatility of bitcoin is significantly higher than fiat money. In this regard, it is concluded that the recognition of cryptocurrency, in particular bitcoin, as a real money is premature, not only due to the lack of regulations of a certain cryptocurrency as a legal tender, but also on the grounds of violation of essential requirements for the properties of the currency, such as a low level of volatility.

The article analyzes the peculiarities of factoring application in Russia and in foreign countries. In Russia factoring only recently began to develop actively and enjoy popularity among the organizations carrying out the activity in trade. With regard to foreign experience, the use of factoring is growing rapidly in Western Europe, USA and Asia. Also in this paper the dynamics of factoring services in Russia for the period of 2010-2017 is analyzed. Studies show a decrease in factoring services, due to the fall in consumer demand, which forced companies to reduce production volumes, which led to a decrease in trade turnover. On the basis of comparative analysis of Russian and foreign experience the main problems of factoring application in trade in Russian conditions are revealed: imperfection of regulatory framework, instability of Russian economy, unfavorable financial and investment situation in the markets of financial products. Despite the problems and shortcomings of this financial instrument, it has prospects for development, which are associated with the stabilization of external economic factors, the exchange rate and increasing the resource availability of financial institutions.

This article presents the main economic and legal approaches to determining the status of the cryptocurrency. It is proved that the establishment of effective regulation of the crypto currency is impossible without an understanding of its economic nature. Cryptocurrency is regarded as a currency (digital or virtual currency, analogue of the currency, money), as a universal financial instrument, commodity (property, asset, property), money surrogate. There are the main conceptual recommendations for the regulation of the cryptocurrency as a new economic and legal phenomenon.

Topic. The problem of functioning of the financial system in the face of uncertainty is complicated by the entered by Western countries anti-Russian economic sanctions. We discussed the peculiarities of functioning of the financial system in a “new normality” from the point of view of systemic and institutional approaches. We analyse sources of financial resources and financial instruments, the practical application of which allows overcoming the negative effects from the introduction of anti-Russian economic sanctions. Purpose. Author’s study of the national financial system under conditions of new economic reality and the existing approaches to its build up. Grounding the benefits of forming the structure of the financial system using the sectoral approach based on the methodology of the national accounts system. Methodology. The study is based on the dialectical method. In the study were applied the system and institutional approaches, analytical, expert and statistical methods. Results. The passivity of the financial institutions, nonfinancial organizations and population complicates the development of financial relations of economic agents. Russia’s financial system as a whole and its structural elements are experiencing a shortage of financial resources, which hampers the functioning of the national economy and the fulfillment of national obligations. Actualization of tasks of financial policy and the adoption of non-standard management decisions should be aimed at mobilizing financial resources and upgrading the stability of the financial system. Conclusions. Despite the difficult economic situation, it is necessary to rebuild the financial system of Russia based on the needs of innovation-oriented market economy, in the direction of overcoming the consequences associated with the introduction of anti-Russian economic sanctions. Strategic vectors for increasing the financial resources should be investment in innovations and creation of new technological order. A balanced financial policy, efficient management and coordination of all stakeholders will contribute to improving institutions’ performance of the national financial system and meeting the needs in the financial resources of all economic agents.

Topic. Financial instruments with inflation-protected security of yield. Purpose. The purpose of the study is to identify the prospects and constraints for development of the market of financial instruments with the protection of yield against inflation in Russia at the present stage on the basis of an analysis of the attractiveness of such financial instruments for investors and issuers. Methodology. In the study we used following methods: analysis, synthesis, longitudinal method, grouping and comparison. Results. The article shows that in a world there is vastly practiced issuance of government bonds with protection against inflation, which is achieved through regular indexation of nominal bonds value on the rate of inflation. In particular, currently, in the UK the share of bonds with protection against inflation accounts for about 25%, and in USA about 10% of the public debt. In Russia federal loan bonds with the indexed face value was first issued in 2015. The article shows that the protection of the investor’s capital from unforeseen price changes, as well as diversification of bonds protected against inflation generate a demand for them. At the same time, the high income inequality of the population and the dependence of ruble exchange rate on energy prices limit the potential demand for financial instruments with protected income against inflation. Conclusion. For the development of financial instruments with inflation-protected security of yield, including the formation of the corporate bond market with the yield protection against inflation, it is necessary to improve tax legislation and to ensure the high liquidity of the market for such instruments.

For the purposes of effective management of economic activity of the entities of insufficiently own accounting information. For objective assessment of a financial and economic provision of the entity it is necessary to pass from separate accounting data to certain valuable ratios of major factors – to financial performance or financial ratios. Calculation and interpretation of their values the integral and essentially necessary part of a financial analysis, especially it is important if the company has credit liabilities. Conditions of credit agreements often include accomplishment of credit covenants which represent restrictions for activities and a financial position of the company in addition to timely settlement of percent and a body of the credit and provide to lessors a certain level of safety from bankruptcy of the debtor. The article considers the covenants and financial covenants definitions; the main financial covenants containing in credit agreements between large banks and borrowers; data on structure of a credit portfolio and financial debt of NLMK as at June 30, 2016; the main financial covenants containing in credit agreements of the companies of NLMK Group; definitions and formulas of calculation of financial rates based on the IFRS financial statement; calculation of covenants on the example of IFRS consolidated financial statements of NLMK; subtleties of calculation of financial rates; the main differences of financial rates calculation based on the financial statements prepared on the different principles; conclusion about stability and a financial condition of NLMK by the results received during calculation financial covenants as at end of the first half of the year 2016.

Общественные отношения, возникающие на рынке ценных бумаг, усложняются, появляются новые участники, выстраиваются механизмы взаимодействия между ними, вводятся в оборот ценные бумаги, которые ранее не были известны российскому финансовому рынку. Модернизация соответствующих общественных отношений требует своевременного пересмотра действующего законодательства, регулирующего обращение ценных бумаг. В статье анализируется новая редакция Федерального закона от 22.04.1996 №39‑ФЗ «О рынке ценных бумаг», которая будет действовать с 16 октября 2018 г., вводящая в оборот новую разновидность ценной бумаги — структурную облигацию. Традиционно облигация рассматривалась как долговая ценная бумага, гарантирующая своему владельцу право на получение в установленный в ней срок ее номинальной стоимости. Появление же нового финансового инструмента — структурной облигации, ста‑ вящей возврат ее номинальной стоимости в зависимость от наступления или ненаступления определенных законом обстоятельств, порождает обоснованный интерес как со стороны юристов‑практиков, так и со стороны ученых‑цивилистов. Вышеизложенные обстоятельства подтверждают тезис об актуальности темы исследования. Цель данной работы состоит в изучении понятия структурной облигации, особенностей ее эмиссии и обращения. Структура исследования определена целью, задачами и включает в себя введение, основную часть, выводы, библиографический список. Во введении сформулированы актуальность, изученность соответствующей темы, научная новизна, цель и задачи исследования, раскрывается теоретическая и практическая значимость работы. В основной части статьи анализируется законодательство, регламентирующее особенности выпуска и размещения структурных облигаций, раскрываются преимущества структурных облигаций перед традиционными, подробно описываются факторы, влияющие на получение ее владельцем номинальной стоимости этой ценной бумаги. В заключении авторы приходят к выводу, что структурная облигация представляет собой весьма привлекательный финансовый инструмент, который, безусловно, будет интересен для эмитентов и инвесторов. Авторы подчеркивают необходимость принятия нормативно‑правовых актов, детально регламентирующих выпуск структурных облигаций, и внесения изменений в уже существующие. Отмечается, что какие‑либо выводы данных нововведений можно будет сделать лишь тогда, когда эти продукты будут апробированы и сложится соответствующая правоприменительная практика, Public relations emerging at the securities market become more complicated, new participants appear, mechanisms of in‑ teraction between them are built up, securities that were not pre‑ viously known to the Russian financial market are put into cir‑ culation. Modernization of the relevant public relations requires a timely review of the current legislation governing the circulation of securities. The article reviews a new version of the Federal Law No. 39‑FZ dated April 22, 1996 “On the Securities Market”, which will be effective from October 16, 2018, introducing a new type of security — a structural bond. Traditionally, a bond has been treated as a debt security guaranteeing its holder the right to re‑ ceive the nominal value of the bond in the period specified therein. The emergence of a new financial instrument ‑ a structural bond that places the return of its face value in dependence on the offense or non‑occurrence of circumstances determined by the law, gen‑ erates a legitimate interest both from the legal practitioners and from civilian scientists. The above circumstances confirm the thesis about the relevance of the research topic. The purpose of this work is to study the concept of a structural bond, the specifics of its is‑ sue and circulation. The structure of the study is determined by the purpose, objectives and includes the introduction, the main part, conclusions, and the list of references. The introduction formulated the relevance; the study of the relevant topic, the scientific novelty, the purpose and objectives of the study, the theoretical and practi‑ cal significance of the work is revealed. The main part of the article analyzes legislation regulating the features of issuing and placing structural bonds, reveals the advantages of structural bonds over traditional bonds, details the factors affecting the owner of the face value of that security. In conclusion, the authors come to the con‑ clusion that the structural bond is a very attractive financial instru‑ ment, which, of course, will be of interest to issuers and investors. The authors emphasize the need for adoption of the regulations that detail the issuance of structural bonds and the introduction of changes to existing ones. It is noted that any conclusions of these innovations can be made only when these products are tested and appropriate law enforcement practice is developed., №4(45) (2018)

В данной статье рассмотрены принципы работы криптовалют, история появления развития системы как в целом, так и в качестве платежной системы и финансового инструмента. Проанализированы основные отличия от платежных и финансовых инструментов, к которым рынок привык. Также рассмотрены принципы ICO и привлечения капитала с помощью криптовалют. Рассмотрены законодательные базы в отношении криптовалют в различных странах. This article discusses the principles of cryptocurrency, history of the emergence of the system as a whole and as the payment system and the financial instrument. Analysis of the main differences from the payment and financial instruments to which the market was used. Principles of ICO and raising capital using cryptocurrency are also reviewed. The legislative regulations regarding crypto -currency in various countries are researched.