Shares Tsendmaa Zahiral

1

¯ÍÝÒ ÖÀÀÑÍÛ ÀÐÈËÆÀÀ¯ÍÝÒ ÖÀÀÑÍÛ ÀÐÈËÆÀÀ¯ÍÝÒ ÖÀÀÑÍÛ ÀÐÈËÆÀÀ¯ÍÝÒ ÖÀÀÑÍÛ ÀÐÈËÆÀÀ

20092009

2

Ñýäâèéí àãóóëãà

1. Õºðºíãèéí çàõ, ò¿¿íèé á¿òýö, îíöëîã

2. ¯íýò öààñíû àðèëæàà

3. ¯íýò öààñíû èíäåêñ

4. Õºãæëèéí õàíäëàãà

3

I. Õºðºíãèéí çàõ, ò¿¿íèé á¿òýö, îíöëîã

4

Ñàíõ¿¿ãèéí çàõûí á¿òýö

Ñàíõ¿¿ãèéí çàõÑàíõ¿¿ãèéí çàõ

Õºðºíãèéí çàõÕºðºíãèéí çàõ

Áîíä Áîíä

̺íãºíèé çàõ̺íãºíèé çàõ

Õàäãàëàìæ,çýýë

Õàäãàëàìæ,çýýëÇÃÁÕ¯ÖÇÃÁÕ¯Ö

Øóóä ñàíõ¿¿æèëò

Øóóä áóñ ñàíõ¿¿æèëò

Óðò õóãàöààò

Áîãèíî õóãàöààò

ÕóâüöààÕóâüöàà

¯¿ñìýë ¿íýò öààñ¯¿ñìýë ¿íýò öààñ

5

Õºðºíãèéí çàõ íü òîäîðõîé ñóáüåêò¿¿ä äàõü õºðºíãèéí èë¿¿äëèéã õºðºí㺠øààðäëàãàòàé áóñàä õýñýãò ºðòºã áàãàòàéãààð, óðò õóãàöààíä, ¿ð àøèãòàé äàõèí õóâààðèëàõ áîëîìæèéã á¿ðä¿¿ëäýã ñàíõ¿¿ãèéí çóóчëàëûí îíöãîé ñåêòîð þì.

Õºðºíãèéí çàõ ãýæ þó âý?

6

• Íýýëòòýé áàéäàë

• Çîõèöóóëàëò

• Íýð õ¿íä

Õºðºíãèéí çàõûí îíöëîã

77

Õºðºí㺠îðóóëàëòûí ºðòºã õÿìä Õºðºí㺠îðóóëàëòûí õóãàöàà óðò Ýðñäëèéã õóâààðèëàõ, áóóðóóëàõ áîëîìæ

ºíäºð Èõ õýìæýýíèé õºðºí㺠òºâëºð¿¿ëýõ áîëîìæ

ºíäºð Õºðâºõ ÷àäâàð ºíäºð

Õºðºíãèéí çàõûí äàâóó òàë

8

• Ñàíõ¿¿ãèéí çàõ çýýëèéí òîãòâîðæèëòûã õàíãàæ, ýíý óòãààðàà íèéò ýäèéí çàñãèéí ºñºëòºä ýåðýãýýð íºëººëäºã

• Àæ àõóéí íýãæ, áàéãóóëëàãóóäûí ¿íý öýíèéã òîãòîîæ, òýäíèéã ýðýìáýëäýã

Õºðºíãèéí çàõûí íèéò ýäèéí

çàñàãò ¿ç¿¿ëýõ àч õîëáîãäîë

99

Çàõ çýýëèéí ¿íýëãýý Àðèëæààíû ä¿í Àðèëæààíû ýðãýëò Àþóëã¿é, íàéäâàðòàé áàéäàë Á¿òýýãäýõ¿¿í ¿éë÷èëãýýíèé ºðòºã

Õºðºíãèéí çàõûí ¿ç¿¿ëýëò¿¿ä

1010

Çǯ-íèé ÄÍÁ-ä ýçëýõ õóâü

ÄÍÁ 2007(òýðáóì USD)

Çǯ - 2007(òýðáóì USD)

Çǯ/ÄÍÁ (%)

ÀÍÓ 13 843.8 19 922.3 143.91

ßïîí 4 383.7 4 330.9 98.79

Èõ áðèòàíè 2 772.6 3 851.7 138.92

Õÿòàä 3 250.8 4 478.9 137.77

Ñîëîíãîñ 957.0 1 157.8 120.98

Ïîëüø 420.3 211.6 50.31

Ìîíãîë 3.9 0.68 17.41Ýõ ñóðâàëæ: www.imf.org, www.world-exchanges.com,

1111

Àðèëæààíû ýðãýëòÀðèëæàà-

2007 (òýðáóì USD)

Çǯ - 2007(òýðáóì USD)

Ýðãýëò(%)

Íüþ-Èîðê ÕÁ 29 909.9 15 650.8 191.1

Tîêèî ÕÁ 6 476.1 4 330.9 149.6

Ñîëîíãîñ ÕÁ 2 005.9 1157.6 173.2

Ãîíêîíã ÕÁ 2 136.9 2654.4 80.5

Ñèíãàïóð ÕÁ 381.3 539.1 70.7

Øàíõàé ÕÁ 4069.4 3694.3 110.1

MSE 0.052 0.68 7.8

Ýõ ñóðâàëæ: www. www.world-exchanges.com,

12

2. ¯íýò öààñíû àðèëæàà

13

¯íýò öààñíû àðèëæàà

1. Àíõäàã÷ çàõ çýýë (Primary market)1. Õààëòòàé õ¿ðýýíä ãàðãàõ (Private

placement)2. Íèéòýä ñàíàë áîëãîõ (Initial public offering)

2. Õî¸ðäîã÷ çàõ çýýë (Secondary market)

14

Àðèëæàà ýðõëýõ áàéãóóëëàãà

1. ¯íýò öààñûã õààíà àðèëæèæ áîëîõ âý?• Õºðºíãèéí áèðæ äýýð (Stock exchanges)• Ëàíãóóíû àðûí çàõ çýýë äýýð (Over the

counter market)• Òàëóóä øóóä õîîðîíäîî (Direct trading

between two parties)

15

Àðèëæààíû çàõ çýýëèéí òºðºë

• Quote driven system (çàõ çýýë ¿¿ñãýã÷òýé)

• Order driven system (çàõ çýýë ¿¿ñãýã÷ã¿é)

16

Àðèëæààíû àðãà

• Äóóäëàãà àðèëæàà (call auction )• ¯ðãýëæèëñýí äóóäëàãà àðèëæàà (continues

auction)

17

Àðèëæààíû ¿íäñýí çàð÷ìóóä• Øóäàðãà• Íýýëòòýé, èë òîä• Øóóðõàé• Òîãòâîðòîé

• ¯íèéí àõëàõ äàðààëàë• Õóäàëäàõàä õàìãèéí áàãà ¿íýýð • Õóäàëäàí àâàõàä õàìãèéí ºíäºð ¿íýýð

• Öàã õóãàöààíû äàðààëàë• ¯íý òýíöñýí òîõèîëäîëä çàõèàëãûí äàðààëëààð

18

Äóóäëàãà àðèëæàà

Àâàõ çàõèàëãûí

çàäàðãààÍèéòÀâàõ

¯íý Íèéò çàðàõ

Çàðàõ çàõèàëãûí çàäàðãàà

30, 40, 45, 5 120 352

390 300, 50, 40

50, 20, 100, 30 200 351

120 20, 40, 50, 10

30, 50, 50, 80 210 350

170 100, 20, 50

60, 50, 10, 100 220 349

180 120, 50, 10

30, 40, 120 190 348

90 10, 30, 30, 20

200, 50, 60 310 347

70 30, 40

352 òºã – 120, 351 òºã – 320, 350 òºã – 510, 349 òºã – 340, 348 òºã – 160, 347 òºã - 70

19

Äóóäëàãà àðèëæàà

Àâàõ çàõèàëãûí

çàäàðãààÍèéòÀâàõ

¯íý Íèéò çàðàõ

Çàðàõ çàõèàëãûí çàäàðãàà

30, 40, 45, 5 120 352

390 300, 50, 40

50, 20, 100, 30 200 351

120 20, 40, 50, 10

30, 50, 50 60 +20

210 350

170 100, 20, 50

60, 50, 10, 100 220 349

180 120, 50, 10

30, 40, 120 190 348

90 10, 30, 30, 20

200, 50, 60 310 347

70 30, 40

Õýëöýë: 350 òºãðºãººð – 510 øèðõýã

20

¯ðãýëæèëñýí äóóäëàãà àðèëæàà

Àâàõ çàõèàëãûí

çàäàðãààÍèéòÀâàõ

¯íý Íèéò çàðàõ

Çàðàõ çàõèàëãûí çàäàðãàà

352

390 300, 50, 40

351

120 20, 40, 50, 10

20 20 350

60, 50, 10, 100 220 349

30, 40, 120 190 348

200, 50, 60 310 347

Àâàõ äýýä ¿íý: 350 òºã – 20 øèðõýã, Çàðàõ äîîä ¿íý: 351 òºã – 120 øèðõýã

21

¯ðãýëæèëñýí äóóäëàãà àðèëæàà

Àâàõ çàõèàëãûí

çàäàðãààÍèéòÀâàõ

¯íý Íèéò çàðàõ

Çàðàõ çàõèàëãûí çàäàðãàà

352

390 300, 50, 40

20, 40 60 351

100 40, 50, 10

20 20 350

60, 50, 10, 100 220 349

30, 40, 120 190 348

200, 50, 60 310 347

Àâàõ äýýä ¿íý: 351 òºã – 60 øèðõýã, Çàðàõ äîîä ¿íý: 351 òºã – 120 øèðõýã

22

¯ðãýëæèëñýí äóóäëàãà àðèëæàà

Àâàõ çàõèàëãûí

çàäàðãààÍèéòÀâàõ

¯íý Íèéò çàðàõ

Çàðàõ çàõèàëãûí çàäàðãàà

352 390 300, 50, 40

10, 50 60 351 100 40, 20 + 30, 10

20 20 350

60, 50, 10, 100

220 349

30, 40, 120 190 348

200, 50, 60 310 347 Õýëöýë: 351 òºãðºãººð 60 øèðõýã

23

¯ðãýëæèëñýí äóóäëàãà àðèëæàà

Àâàõ çàõèàëãûí

çàäàðãààÍèéòÀâàõ

¯íý Íèéò çàðàõ

Çàðàõ çàõèàëãûí çàäàðãàà

352

390 300, 50, 40

351

40 30, 10

20 20 350

60, 50, 10, 100 220 349

30, 40, 120 190 348

200, 50, 60 310 347

Àâàõ äýýä ¿íý: 350 òºã – 20 øèðõýã, Çàðàõ äîîä ¿íý: 351 òºã – 40 øèðõýã

24

Çàõèàëãûí òºðºë

• Çàõ çýýëèéí çàõèàëãà (Market orders)• Õÿçãààðòàé íºõöºëò çàõèàëãà (Limit orders)

• Õóäàëäàí àâàõ õÿçãààðò íºõöºëò çàõèàëãà• Õóäàëäàõ õÿçãààðò íºõöºëò çàõèàëãà

25

Àðèëæààíû ¿íäñýí ñõåì

Çàõèàëã

à

Çàõèàëãà

Àðèëæàà

ÕýëöýëÕýëöýë

Òºëáºð òîîöîî

Ìýäýýëýë äàìæóóë

àõ

Àðèëæààíû õÿíàëò

Õýëöýë

Àðèë-íû ìýäýýëýë

Õýëöýë

ÁðîêåðÕàðèëöàãч Õºð.áèðæ

26

Ñîëîíãîñûí áèðæèéí àðèëæàà òºëáºð òîîöîîíû ñõåì

Page 09

o Submitting Quotationso Execution

o Trade confirmationo Correction of the Erroneous Tradingo Taking Obligationo Nettingo Settlement Instructiono Settlement Guarantyo Disposing Default

o Securities Settlemento Money Settlement

•In practice, settlement procedures don’t comply with the legal framework. The KRX is taking efforts to comply with the legal framework discussing with the relevant institutions.

27

Ñîëîíãîñûí áèðæèéí àðèëæààíû õóãàöàà

Trading hours

Trading Unit · Minimum trading quantities (10 shares) (Stock price, over 50,000won → 1 share)

Quote

Receipt

After-hours Session

Closing Single Price Price Auction

Continuous Auction

Call Auction(opening price)

Regular Session

07:30 08:30 09:00 14:50 15:00 15:10 15:30 18:00Opening Closing Opening Closing Opening Closing

Pre-hours Session

Call Auction(closing price)

28

¯íèéí õýìæýýñ

Õóâüöààíû ¿íý Õýìæýý (Tick)P < 5,000

5,000 P < 10,00010,000 P < 50,00050,000 P < 100,000100,000 P < 500,000

500,000 P

51050100500

1,000

(Unit: KRW)

29

Ìàðæèí, áîãèíî àðèëæàà

• Ìàðæèí àðèëæàà (Margin)

• Áîãèíî àðèëæàà (Short sale)

30

1. ¯íýò öààñíû àðèëæàà Ìàðæèí àðèëæààíû æèøýý:

¯ç¿¿ëýëò¿¿ä ªãººæ

Àíõíû õºðºí㺠îðóóëàëò 10 000.00

Õàíøèéí ºñºëòººñ 4 000.00

Çýýëñýí ìºí㺠10 000.00

Íîãäîë àøèã 200.00

Õóâüöàà àâñàí àíõíû ¿íý 50.00

Çýýëèéí õ¿¿ 400.00

Õóâüöààíû òîî 400

Íèéò îðëîãî 3 800.00

Õóâüöààíû øèíý ¿íý 60.00

Àíõíû õ.îðóóëàëò 10 000.00

Íîãäîë àøèã 0.5 ÕÎ-ûí ºãººæ 38.00%

Ìàðæèíãèéí õóâü 50.00%

Çýýëèéí õ¿¿ãèéí õóâü 8.00%

Õóãàöàà (ñàð)

6

31

ÀÍÓ-ûí ÇÃ-ûí áîíäûí àðèëæààíû ìýäýý Security Type Issue Maturity Interest Yield Price

Date Date Rate % % per $100 2-year Note 01.31.2007 01.31.2009 4.875 4.930 99.8964585-year Note 01.31.2007 01.31.2012 4.750 4.855 99.538790 20-year Bond 01.31.2007 01.31.2027 2.375 2.420 99.21348510-year Note 01.16.2007 01.15.2017 2.375 2.449 99.3422802-year Note 01.02.2007 12.31.2008 4.750 4.765 99.9711755-year Note 01.02.2007 12.31.2011 4.625 4.704 99.651392

Ýõ ñóðâàëæ: http://www.treasurydirect.gov/RI/OFNtebnd ...

32

NYSE-èéí 2007.02.26-íû õóâüöààíû àðèëæààíû ìýäýý

52 weeksHi Low

Stock Sym

DivYld % PE

Vol100s

Hi Low Clo NetCnge

37.24 19.00

GeneralMotors

GM 1.00 2.9 - 72244

34.76

33.78

33.97

+0.02

11.58 5.53

IvenhoeMines

IVN - - -0.53

3038

10.44

10.21

10.26

-0.05

37.82 22.76

HiltonHotel

HLT 0.16 0.4 26.5

42565

37.00

35.89

36.13

-0.58

Ýõ ñóðâàëæ: http://finance.yahoo.com/q?s=HLT …

33

Àðèëæààíä òàâèõ õÿíàëò

• ¯íèéí õýëáýëçýë (Price fluctuation)• 7%, 15%,

• Äîòîîä ìýäýýëýë ýçýìøèã÷ (Insider)

34

3. ¯íýò öààñíû èíäåêñ,

ò¿¿íèéã òîîöîõ àðãóóä

35

¯íýò öààñíû èíäåêñ

• ¯íýò öààñíû èíäåêñ íü òóõàéí áèðæ äýýð àðèëæèãäàæ áóé òîäîðõîé áàãö õóâüöààíû ¿íý õàíøèéí ººð÷ëºëòººð èëýðõèéëýãäýõ çàõ çýýëèéí ¿íèéí åðºíõèé ÷èã õàíäëàãà þì.

36

¯íýò öààñíû èíäåêñ òîîöîõ àðãóóä

– ¯íèéí àðãà– ¯íýëãýýíèé àðãà

37

¯íèéí àðãà

Êîìïàíèéí íýð

Õóâüöààíû òîî

Õààëòûí õàíø

Ìîíãîë øààçàí 1 000 000 410

Ìîíãîë ñàâõè 2 000 000 110

Áàãàíóóð 3 000 000 500

d = 3, I = (410 + 110 + 500)/3 = 340

d – õóâààã÷, I - èíäåêñ

38

¯íèéí àðãà (¿ðãýëæëýë)

Êîìïàíèéí íýð

Õóâüöààíû òîî

Õààëòûí õàíø

Ìîíãîë øààçàí 1 000 000 413

Ìîíãîë ñàâõè 4 000 000 58

Áàãàíóóð 3 000 000 505

d = 3, I = (413 + 58*2 + 505)/3 = 344.7

d - õóâààã÷, I - èíäåêñ

39

¯íèéí àðãà (¿ðãýëæëýë)

Êîìïàíèéí íýð

Õóâüöààíû òîî

Õààëòûí õàíø

Ìîíãîë øààçàí 1 000 000 415

Ìîíãîë ñàâõè 4 000 000 60

Áàãàíóóð 3 000 000 505

d = (58 + 413 + 505) / 344.7 = 2.83

I = (415 + 60 + 505)/2.83 = 346.3

40

¯íýëãýýíèé àðãà

I = P/C x 100

I - Òóõàéí ºäðèéí èíäåêñ Ð - Òóõàéí ºäðèéí çàõ çýýëèéí ¿íýëãýý Ñ - Çàõ çýýëèéí ñóóðü ¿íýëãýý

41

¯íýëãýýíèé àðãà (¿ðãýëæëýë)

Êîìïàíèéí íýð

Õóâüöààíû òîî

Õààëòûí õàíø

Ìîíãîë øààçàí 1 000 000 410

Ìîíãîë ñàâõè 2 000 000 110

Áàãàíóóð 3 000 000 500

P = 410 õ 1 000 000 + 110 õ 2 000 000 + + 500 õ 3 000 000 = 2 130 000 000 òºã I = 100, Ñ = 2 130 000 000 òºã

42

¯íýëãýýíèé àðãà (¿ðãýëæëýë)

Êîìïàíèéí íýð

Õóâüöààíû òîî

Õààëòûí õàíø

Ìîíãîë øààçàí 1 000 000 413

Ìîíãîë ñàâõè 4 000 000 58

Áàãàíóóð 3 000 000 505

Ð = 413 x 1 000 000 + 58 x 4 000 000 + + 505 x 3 000 000 = 2 160 000 000 òºãÑ = 2 130 000 000 I = 2 160 000 000 / 2 130 000 000 x 100 = 101.4

43

Çàðèì òîìîîõîí èíäåêñ¿¿ä

• Dow Jones Averages (since 1896)• Standard & Poor’s Composite 500• Nikkei 225, Nikkei 300 • FTSE 100

44

1995.08.28-íààñ òîîöîæ ýõýëñýí 1995.08.28 – 100 (ñóóðü òºâøèí) 2009.01.20 – 5252.28 20 êîìïàíèéí çàõ çýýëèéí ¿íýëãýýãýýð õýìæèíý Ýäãýýð íü ÌÕÁ-èéí íèéò çàõ çýýëèéí

¿íýëãýýíèé 80-90 õóâèéã ýçýëäýã

ÌÕÁ-èéí ÒÎÐ-20 èíäåêñ

45

TOP - 20 èíäåêñ

5252.28

5583.22

12712.45

2030.811019.2585.7895.9

0

2000

4000

6000

8000

10000

12000

14000

2003

2004

2005

2006

2007

2008

2009

.01.20

TOP-20

46

4. Õºãæëèéí ÷èã õàíäëàãà

47

Õºãæëèéí ÷èã õàíäëàãóóä

1. Äàÿàð÷ëàë (Globalization)2. ¯íýò öààñæèõ ¿éë ÿâö (Securitization)3. Ñàíõ¿¿ãèéí èíæåíåð÷ëýë (Financial

engineering)4. Ìýäýýëýë, õàðèëöàà ñ¿ëæýýíèé

õóâüñãàë (Revolution in information and communication networks)

48

Globalization

• Õºðºíãèéí áèðæ¿¿äèéí íýãäýëò:• Euronext (Amsterdam, Brussels, Lisbon,

Paris)• NYSE + TSE + Euronext• Nasdaq + LSE• TSEC + GTSM + TFE

49

Globalization

• Õºðºí㺠îðóóëàëò äàÿàð÷ëàëûí ¿åä:• Depository receipts àøèãëàí• Ãàäààä âàëþòààð øóóä• Îëîí óëñûí õýìæýýíèé õàìòûí ñàíãóóäààð• Ãàäààäûí çàõ çýýëä ¿¿ñìýë ¿íýò öààñààð

50

Securitization

• Mortgage backed securities• Asset backed securities• Index futures• Credit card receivables (CCR)• Student loans• Interest rate option (IRO) • Convertible bond asset swap (CBAS)• Bond forward • Bond option

51

Financial engineering

• Convertible, exchangeable, preferred stock

• Principal payment + Interest payment

52

.

Àíõààðàë òàâüñàíä áàÿðëàëàà