(BQ) Part 2 book “International finance” has contents: International securities market, features of international taxation, money laundering, the essence of international financial management, the general directions of international financial management, and other contents. | Chapter 11. International securities market . International securities markets: the concept and tendencies of development The important segment of world financial market is an international securities market (ISM). Its role in recent years has increased considerably. With the rapid economic rise of many industrialized countries, traditional sources of funding are not fully meeting the needs of large corporations in the capital. Therefore, these companies are not limited by the services of the national banking system and, relying on a high credit rating, they attract cheap financial resources by issuing securities. Growing demand from issuers, increase of supply as a result of the integration of national markets, competition as a result of openness and globalization of the economy leads to a reduction of the role of the banking sector as a mechanism for the redistribution of financial resources at the national and international levels and to simultaneous strengthening of investing and lending activities in the international securities market. The issue of securities gives the possibility: to raise a loan for a long period (for a few decades, bonds, for example), . investment in the instruments of a loan; of unlimited use of financial resources (shares), . investment in the instruments of property (title of ownership); to reduce a financial risk, . investment in the instruments of trade in the financial risk (financial derivate). The market of long-term securities is called a stock market. Together with the short-term debt instruments of the money market (bills of exchange, certificates), a stock market forms the securities market. Thus, the international securities market unites the part of the global debt market (namely: the international debt securities market, which is mainly presented by the international bonds market), the international market of legal titles (property rights) and the international market of financial derivatives. There are .
