Financial market of Canada. Pure international investment position of Canada. Western Trade Canada
For the tribute to Tranio, for the rest of the river, the life of Canada grew significantly. It has become the beginning of the development of the markets of Toronto (Prov. Ontario) and Vancouver (Prov. British Columbia), yakі get a great deal of investment in the life of unruliness. Moreover, behind the bags of 2015, the rise in prices at the same time with the fringe proposition of Great Toronto and Great Vancouver made it one of the most expensive places to live not only in the country, but in the whole world. At one time, near such great places as the “Naft capital” of Canada, Calgary (Albert), the market shrunk.
Canada's middle age of life indestructibility Danі: Royal LePage
The biggest markets of life indestructibility in Canada
In 2015, Canada lost Vancouver as the "highest" market in Canada - for 12 months, prices here grew by an average of 11%. On the other hand, in honor of the Royal Bank of Canada, the price did not signify much on the drink: in 2015, Vancouver's housing sales were approximately 28% the same as in 2014 (about 43,000 ).
Regardless of the increase in price and increase in the amount of the minimum payment for a mortgage, buyers do not hurry to go out of the Toronto marketA similar situation can be predicted in Toronto, de, regardless of the increase in prices and the increase in the sum of the minimum payment for a mortgage for non-violent vartistyu 500-999 thousand. Canadian dollars, buyers also do not hurry to go to the market. The number of favors in the fierce fate of 2016 outweighed the similar indicator of 2015 by 20.2%. Such a high rate of living is explained by low interest rates for mortgages (in Toronto, the stench is close to 2.5-3.0%) and stability in the labor market. Crimea, Toronto "veperedzhaє" Vancouver in terms of housing affordability: okremі budinki in this city are most often included in the category of elite restlessness, and purchases from the average budget are concentrated on the search for affordable objects near condominiums.
What are foreigners joking around Toronto
One of the factors that pushed into the growth of the Toronto market was the popularity of this location with foreign investors: call so the buyers are looking for objects here at prices that outweigh the markets, lower stimulate the appetite of local sellers. Following the Forbes tribute, the largest investors in the Toronto market are buyers from the UK, India and China.
Greater prices do not like foreign investors, even though Toronto still lives on the level that is acceptable to them - for example, it is lower, lower in New York Manhattan.
Castle houses in Ontario
Another center of attraction for investors due to the cordon on the Canadian market is zamіs'ky budinki in Ontario, roztashovani in the little huts of the province, on the shores of the Great Lakes.
Market of zamіsky budinki prov. Ontario, 2015 Dani: Royal LePage
| Location | The middle variety of a living object, a rolled up water, yew. Canadian dollars | Market specifics |
|---|---|---|
| Blind River | 150–200 | The location is popular with young families and investors from the USA |
| Pivostriv Brus (Bruce Peninsula) | 275–450 | Access to water sports |
| Skhidna Kawartha (East Kawartha) | 350–450 | Richly crowded outside |
| Haliburton Highlands | 300–370 | Rich life that will be |
| Land O'Lakes Complex | 190–315 | Most affordable housing for water and seasonal facilities |
| Meford, Thornbury and Collingwood (Meaford, Thornbury & Collingwood) | 416 | Possibility of color change |
| Muskoka | 540* | The location is popular with foreign investors |
| Niagara-on-the-Lake (Niagara-on-the-Lake) | 600 | Public infrastructure, which includes vineyards, cultural facilities and access to water sports |
| Orillia and South Muskoka | 530 | For family life, that vіdpochinku |
| Perry Sound (Parry Sound) | 300–450 | Cottage settlement on the birch of the same channel |
| Rideau Lakes | 175–450 | Few objects |
| Southwestern Ontario | View 280** | Popular straight through, rebate nearby Toronto |
| Sudbury | 160–200 | Reserved purchases by comm 35 to 55 rokiv |
| St. Joseph Island and Lake Huron | 150–175 | A lot of buyers, yakі plan to turn life into a place of fast living. |
* Prices for nearby objects can reach 10 million dollars.
** Prices for the surrounding facilities can cost 1.4 million dollars.
What do you check for the Ontario market in the nearest future
Deyakі experts turbovanі such fast growth of the market of Ontario and predict the appearance of michur, but the statistics show that it is impossible to fight: already on the cob of 2016, the price of troch decreased, which stabilized the market.
In general, the prospect of buying living quarters in the province of Ontario looks more favorable: analysts will point out that in 2016 it will be stacked close to 193-225 thousand. please, and in 2017 - more 175-220 yew. With this, the mortgage rate will increase by 1-2%.
Potential investors should not forget about those that Canada is one of the main partners of the United States, moreover, for some economic indicators, the state will win over the state. In the next hour of the prospects for economic growth, a remarkably low exchange rate of the national currency and prices for naphtha will become the guarantee of a stable development of the Canadian market of living stability. This means that buying a home in Ontario and other hot markets in 2016 could be a good investment.
Bashita Kariyavasam, Tranio
The Bank of Canada is the country's central emissary bank. Establishments as a joint-stock company, vin, prote, not allowing commercial banks and yogo servicemen, and inviting foreigners to give shares to the bank. In the period 1935-1938 years. The Canadian government bought the shares of private vlasniks, thereby establishing the central status of the Bank. The role of the Bank is appointed by the federal council, which appoints the Rada of Directors. Bank of Canada is a tribute to the parliament of the country.
The main functions of the Bank of Canada:
Regulation of credit and penny tax;
Supporting the exchange rate of the national currency;
Regulation of equal prices.
The core of Canada's credit system is to become commercial (privileged) banks, which play a leading role in private investment and support in the country, lending to industries, trade and other businesses. The world has seen the development of commercial banks in Canada, which has been in the wake of their gradual anger that consolidation, and in this hour in Canada there are five tight commercial banks: "Royal Ben of Kenada", "Bank of Montreal", "Canedian Imperial Ben of Commerce", " Toronto-Dominion Bank, Bank of Nova-Skoshia". While the period of the financial crisis, Canadian analysts call 2008 foldable for the entire Canadian financial system. Tim is no less, behind the data of the PricewaterhouseCoopers company in 2008 r. 4 5 Canadian banks of the "Great Five" moved up to the ten largest banks in Pivnіchnoy America in terms of market rank.
Canadian banks deservedly deserve the reputation of the most effective and the best banks in the whole world. The policy of Canadian banks is based on its conservatism, zhorst sovereign regulation and high powers to oblige the sovereign capital of banks. As a result, Canada suffers less than other countries from the financial crisis, and banks continue to bring profits.
The Minister of Finance of Canada is responsible for regularly monitoring the activity of banks. Canadian banks will pursue an active policy on the international market (there will be no less than 300 branches of Canadian banks in 30 countries of the world), proceed more carefully and usually.
Of paramount importance are those who deposited in Canadian dollars, which are placed in licensed commercial banks, are insured for up to 100,000 dollars by the Canadian Corporation for Deposit Insurance (Canada Deposit Insurance Corporation).
Banks of Canada, as financial enterprises, have numerical functions, such as:
Open accumulating and streaming cabinets;
Give loans;
Zdіysnyuyut lending to business;
You see bank guarantees;
Transfer pennies;
Variable currency exchange;
Save valuables from safes too soon.
On the current situation, which has developed in the world economy, Canada, in the regions with other distant countries, to enter the G7 group, occupies the largest position. Traditionally, the banking system of Canada and state-owned financial institutions have carried out and pursued a conservative policy. The great world, the very conservatism allows the country to persevere in the difficult minds of the financial crisis. Until this hour, one can travel from 21 single banks of Canada from British Columbia to Quebec without taking away a penny of support from the order of the country. Financial managers are low in the countries: Brazil, China, France, Ireland and Australia saw the office of the Ministry of Finance of Canada as a result of the fact that Canada and Canadian banks, as well as pension funds, add to the financial crisis.
From what has been said above, it is possible to grow whiskers, that the banks of Canada, already with a stretch of rich rock, were one of the best in the world. In addition, now, for the minds of the crisis, the All-World Economic Forum recognized the financial system of Canada as the healthiest and the best in the world. In our opinion, it helps to understand the fact that for the period from 1996 to 2009. The 6 largest Canadian banks spent over 48.6 billion dollars on the development of innovative technologies, of which only in 2007 alone. 5 billion dollars, and in 2008 - 5.9 billion dollars.
It is also clear that the PricewaterhouseCoopers are behind the credits, under the hour of the experiment community thought 85% of Canadians believed in confidence in the Canadian banking system, 91% respected that they did not threaten their deposits, and 92% welcomed the fact that the strength of the great Canadian banks was the main basis for the well-being of the entire Canadian economy. With more than 40% of the respondents knew that behind the bags of the World Economic Forum of Canada, the highest rating of the reliability of the banking system was given.
Canada Stock Market:
We would like to point out that the Canadian market for capital is one of the most important markets in the world. Wines are characterized by significant commitments to trade turnover, high professionalism of the participants and the diversity of financial instruments. In terms of capitalization, Canada's largest stock exchange - Toronto (Toronto Stock Exchange) - is among the top ten stock exchanges in the world. With whom great infusion for the development and development of the Canadian financial market, we hope for the same economic and political cooperation between Canada and the USA, which has historically evolved. There are five stock exchanges on the Canadian stock market: Montreal, Toronto, Vancouver, Calgary, Vinnipez; 90% of the total exchange turnover valuable papers concentrated in Montreal and Toronto. The main Canadian stock exchange is the Toronto Stock Exchange (TSE). Її capitalization transfers 1 trillion dollars, and on capitalization won 10 months in the world and other Pivnichniy America.
Canada has had a lot of exchange transactions since Canadian capital, having established its economic base in the middle of the country before the American monopolies, expanding the scope of its investment beyond the borders of its country, is ahead of the United States. Therefore, it is possible to grow whiskers, because the security of industrial corporations in a significant world has been reached not only for the money of the banking sector, but also for mobilization. penny koshtіv through the market of qinnih papers, zocrema, through the stock exchange.
As far as trends, we have seen the main ones. As it has been appointed, the Canadian market for valuable papers is one of the most famous in the world. Wines are characterized by significant turnover of valuable papers, a high development of the stock market infrastructure and the diversity of financial instruments. Over the last two decades, fundamental changes have taken place in Canada's stock market, due to the growth of the situation and the significance of the economy market, the decline in financial integration processes, the introduction of new technologies, the emergence of competitive financial products, and competitive products.
The market of valuable papers in Canada is the most important element of the financial and credit system of the country and borrowing in the first place in a secure transformation for investment protection. In Canada, as well as in other different countries (USA, Great Britain, Australia), the market of valuable papers is traditionally victorious as one of the main sources of finance in the economy.
The structure of the Canadian paper market includes primary and secondary markets, as well as markets for types of paper and stock transactions. The Canadian market of printed papers is characterized by great trade obligations and a large number of financial instruments. An important trend in the development of the market of valuable papers in Canada, as well as the current markets of other countries with a developed market economy, is an intensive growth in the turnover of recent valuable papers (futures, options, derivatives of their contracts, etc.). On the stock market of the country, there are several main groups of emitters: Canada and 1st agencies, provinces and agencies, municipalities and private financial and non-financial corporations.
The rich practice of mutual free circulation of capital between Canada and the United States has created a strong American market for capital, which, together with the stability of the Canadian dollar, gives various groups of investors the opportunity to consider the sovereign Canadian bonds of America as an alternative.
Canada is a highly industrialized country, which is rich in what it means to be a high investment opportunity for the Canadian market. Canadian corporations, shares of which are included in the category of "black chips", represent the most vulnerable corners of the Canadian economy - the manufacturing industry, energy, the recycling of colored metals, the banking sector. The largest share in the capitalization of the stock market of Canada may be the shares of the largest bank in Canada - Royal Bank of Canada, which borrows 55th place from the list of the largest companies in the world version of Forbes. The top ten "black chips" of Canada include more financial and banking structures, including the oldest bank in Canada - the Bank of Montreal, founded in 1817. The fifth place in the list of the largest companies in Canada is borrowed by the oil and gas corporation Canadian Natural Resources Limited, in 1989 it was only 9 loans, and the market capitalization of the company was 1 million dollars. USA.
Krіm tsgogo, slіd zaznach, scho camp of the Canadian economy, and, after all, the stock market is rich in what to deposit in the conjuncture of the sіroviny markets. Obviously, everything that is good for the commoditization sector - lowering quotas for crude oil, increasing drinking on metal in connection with the implementation of infrastructure projects in China as part of the economic stimulus plan - is good for the Canadian stock market.
Now let's take a look at the MSCI Canada stock index, on which the iShares index fund is based. Vіn buv launches in 1996 and more lower per third is formed by financial companies, such as Royal Bank of Canada, which is not required, as well as Toronto Dominion Bank and Bank of Nova Scotia; in the index, they occupy 6.9%, 4.5% and 4.4% respectively. As for the sour sector, it is represented in the index by oil and gas giants EnCana (5.4%) and Canadian Natural Resources (3.4%), as well as the largest gold mining company in the world, Barrick Gold, as the rating of the fund is on the fifth mists. The index also includes the Canadian communicators' dictionary Research in Motion. The dynamics of this index for 2007-October 2010, as well as its alignment with the Dow Jones and S&P 500, is presented in the diagrams at the presentation.
Canada's net old borg increased by $53.7 billion to $296.6 billion in the third quarter of 2012. Tse zdebіlshoy vіdbivaє pouring in the exchange rate of the Canadian dollar on foreign exchange assets, and navіt zbіlshennya behind the cordon.
The activity of TNCs is pouring into the investment position. For example, Canada's largest dairy cooperative, Agropur, voted angry with Farmers Co-operative Dairy. Post-crisis processes in the world economy and politics are accompanied by a sharp increase in the interest of investors in resource assets, an increase in the intensity of the processes of anger and clay in the oil and gas industry and gas-fired booths. Canada with wealth and diversity natural resources lie up to the leaders of the world, stepping up for the current positions of only Russia. Until recently, Canada was turning our country around for a few companies of light equals near shoe laces. Even at the beginning of the 2000s, the Canadians lost a lot of companies of “light” and “continental class” in the steel industry and the production of color metals, in the steel industry, oil and gas and other sectors. Tse, zocrema, - Inco, Falconbridge, Alcan, Dofasco, Stelco, Algoma Steel, MacMillan-Bloedel, Molson, Ipsco, Gulf Canada, Newbridge Networks, Poco Petroleums and Masonite. In the rest of the years, the stench passed under foreign control. From the moment I arrived in Canada in 1985 Federal Law on Investments (Investment Canada Act - ICA) and right up to 2008. more than one proposition of foreign investors for the acquisition of strategically important Canadian assets was formally waived.
However, the update of 2008-2012 years. Canadian government was so chi іnakshe blocked chotir similar please. І vzagalі setting up to "mega-pleasant" has become more streaming. Partly, at the link with special positions on food from the side of the rulers of the subjects of the federation (provinces). Ale, more often than not.
In different versions of the suspіlstva, zokrema and the middle class of business and political elites, there was an increase in anxiety and dissatisfaction when Canada lost more "national champions" to the world's state arena. Gostri protirichya and richly scribbled out applications for the acquisition of great assets from resource galleys by the giant state corporations of the lands of Asia, we are forwarded, - to China. In the post-crisis period, the decision to sell to foreign investors, the so-called "strategic assets", has become one of the most important and difficult activities of the Canadian order.
Dorimuyuchis principle "vіdkritostі" for іnоzemnіh іninvestitsіy, kanadskij vlada revіryaє only part of the applications, scho to come. Three categories of foreign projects are considered to be overestimated: large investments (more than the single “threshold sum”), investments in the culture sector, and also in the sector, important from the point of view of national security.
The "threshold" sum of large direct investments, which are being revised, is periodically exchanged glances at the front of the movement from the country-members of the SOT. Have 2011-2012 rock. won was 312 million dollars. (The rate of the Canadian currency was also approximately equal to parity with the US dollar). Mensh large adjuncts of Canadian assets are not subject to re-verification, but information about them is subject to obligatory submission to the Department of Investments of the Ministry of Galuze Development (Industry Canada is the Canadian analogue of Minekonomrozvitku). Indirectly, the acquisition of Canadian assets through the purchase of companies registered in third countries, under control, as if the Canadian share in the assets of the enterprise, which are bought, will move 50%.
Large investment projects undergo the procedure for assessing their potential viability for Canada (net benefit test) with the improvement of the following criteria:
· Influx into the economy of Canada (on the high level of business activity, employment, export dynamics);
· Trained Canadian practitioners and companies as partners;
· Spilling on the efficiency of production, technological innovation, release of new types of goods and services;
· Influx into competition in Canadian markets;
· visibility of foreign projects of national economic and cultural policy;
· Contributing to strengthening Canada's competitiveness in international markets.
According to experts, Canada, against other rozvinennymi market countries, may even have a liberal regime for foreign investment. Looking back at the price, and also at the link with the prosperous macroeconomic situation, Canada in the post-crisis period occupied the top ranks of the international ratings in investment attractiveness. Analytical center Economist Intelligence Unit named Canada the country "number one in the Group of Seven" and "number five in the world" for doing business during the 2011-2015 years. A similar assessment was given by Forbes and Svitovy Bank analysts. Kolіzіya vіdnosynyh mizh central ryady vladoy provintsіy led to the fence in 2010 r. please sell to a foreign investor the world's largest potash fertilizer company Potash Corp. (Potash Corporation of Saskatchewan Inc.). On the back of the federal council, Prime Minister Stephen Joseph Harper chided to the point of allowing the sale of the Anglo-Australian corporation BHP Billiton Ltd. Potash Corp., the world's largest mineral fertilizer company, has become the world's largest mineral fertilizer producer. According to experts, the favored favor is small in nature of unfriendly worship, and BHP Billiton Ltd. could become from 39 to 45 billion dollars. With whom, it was not possible to think of the annual goiter for the development of cultivation in Canadian enterprises. Have 2011-2012 rock. the federal order had a chance to deal with serious problems in the process of adopting a decision about the “respect for the national interests” of more mega-advantages, which are significant for both the economic and political plans.
On the cob of a fierce 2011 p. It was announced about the plans of the anger of the Toronto Stock Exchange (TSX) and the London Stock Exchange (LSE). In the wake of such an anger, Canada was risking the investment of the head national exchange operator. On the other hand, the newly created transnational exchange has become a world leader in listing and trading in shares of resource companies.
Setting up mega-interests for the purchase of strategic assets by foreigners from Canada
The order of the province of Ontario, which is based on the Toronto Stock Exchange, as well as the leaders of the largest banks in Canada, opposed the court, hanging low arguments. For example, what kind of anger in this season is more similar to the glorification of the Toronto Stock Exchange by the Greater London Stock Exchange. In addition, the cost of the national exchange operator to weaken the financial sector of Canada, has brought to a speedy working life in this sector of the national economy, which accounts for close to 21% of Canada's GDP. Seriously fighting against that list of critics in favor of the London Stock Exchange called out the situation that the billionaire from the Near Skhod region, Sheikh Mohammed bin Rashid Al Maktoum, became the leader of the largest stake in the new stock exchange.
In this situation, the federal government has shifted the blame for the decision about the anger of the stock exchanges to the order of the province of Ontario. According to the Canadian legislation, it itself supports the regulation of the market of valuable papers at the borders of the subject of the federation in the “supernational environments, you can get used to the terminology with the method of defending the sovereign interests”. Tim for an hour from the proposition to buy a controlling stake in the shares of the Toronto Stock Exchange, having acted as a special creation for the purpose of the consortium of Canadian banks Maple Leaf. Zreshtoy, please not vіdbulasya, oskіlki federal z nutrition competition (Competition Bureau Canada) vyrіshilo, scho to create pereshkodi for normal competition in the banking and financial sector of the country.
However, in infants born in 2012. The order of the country praised once again two great favors for the acquisition of Canadian energy assets by foreign investors. Moreover, the state corporations from the market regions that are developing, the giant CNOOC (Chinese National Offshore Oil Corporation) and the Malaysian national oil and gas company Petronas, have become purchases. Canada CIM has confirmed its high investment-friendly country rating. Prote bulo stated that the decision about the sale of the great Canadian assets to foreign holding corporations was praised "like a blame".
In addition to Canadian investments in Ukraine, 9 enterprises were registered in the Dnipropetrovsk region, and Canadian investments were invested in them. Investments received before operations with unruliness, life, financial activity that in. In the register for Fianovyii, Pіdtrimki of the Canadian Agency of the International Division Realizing 5 Project: "Putnava Technician Dopmers:" Regional District Management Ta Distille (2005-2012) "," Rostels of the Building to Econio Circulated Planuvannya Distribution of the Oblast Oblast Ukraine (2010 - 2015) "," Mistesev economic development of municipalities in Ukraine (2010 – 2015)”, “Development and promotion of public policy in Ukraine” and the project “Improving the competitiveness of the dairy sector in Ukraine, directed towards the development of the milk cooperative movement.
Prime Minister of Ukraine Mykola Azarov, calling on Canadian companies to take part in the development of oil and gas production in Ukraine. We are also seriously engaged in foreign investments, especially in the field of distribution and production of oil and gas. I know that in Canada there are reputable companies that specialize in these routes. I love the work of such Canadian companies on the territory of our country and the development of our relatives”, - said the Prime Minister in an interview with the Minister of International Sports of Canada Beverly Oda.
Ukraine is requesting Canadian investors to participate in projects for the production of shale gas. Oleg Proskuryakov, Minister of Ecology and Natural Resources of Ukraine, announced about a half hour of a working visit to Canada. Yak povіdomila sogodnі press-service Mіnprirodi have vistupі on mіzhnarodnomu forumі "Methan-Expo-2013" mіnіstr pіdkresliv scho diversifіkatsіya Jerel energopostachannya Yea one іz prіoritetіv Ukraine, i requesting kanadsky Uryadov she kompanії bіlsh actively rozglyanuti mozhlivіst comes to ukrainian energetichny rinok, Especially in the segment of alternative energy sources and gas.
Patten about the gap of Canadian Іnvestitsky's project z Viotobuutka Gaza in Ukraine, and Torzhetі pіddvizhennya EnergoofextureTi pіdprzyєmvya, the LCG spoken by Torzouchі Oleg Proskuryakova in Vancouveri s renders of Canadian Bіsnes-Assocіаїії єvrazії таА рос аїїїїїїїїїїї
Canadian capital market
The Canadian capital market is one of the most advanced in the world. The wines are characterized by significant obligations of capital flows, high professionalism of the participants and the diversity of financial instruments.
The Canadian market for capital has already been changed by the stretch of the remaining ten years. Udsilnennya Svіtovoy-ї їkoniki, s-one side, І I mean the magnitude of the urgenchi vitrate (and Torozhe Polybenty Polіtika is boring the federal urinets of that mіstevy organіv Vlad) - z Інше, called up to the Risky Zb_lshennya of the Holding Borg. Changes in economic trends mean that Canada is demonstrating the correctness of direct fiscal policy, regulation and management of foreign exchange reserves.
The most characteristic rice of the Canadian bond market is the first bond in the United States, which was the result of financial, economic and political interactions between Canada and the United States. Geographical proximity and actual ability to control the flow of capital have led to economic and financial interdependence of the two lands. CRIVALA Istorіya Vіlu Ruhu Kapitalopotokіv Mіzh Canado Ta USA SPILNIA PIVNIKO American ROIN KAPYTALLY, SHO ZIA HOW SHO SHO KOMBINATSIKI ZIA STABILIME KARADSIKY DOLAR PІDSHTOVHUєLOVTORIVIKOVYY DOWNITINA KARADSKI OBLІGATSIY YAK ALTERNATIVE AMERICY SCIMA ICEMUY. The Canadian market (behind the TSE 300 index) has consistently operated on/or three times more equal to the R/Є market in the USA (behind the S&P 500) with a stretch of the 90s. With all the current changes in the TSE 300 significant world, the change in the S&P 500 was repeated, since trade in Canada was significantly active, lower in the United States. Periods of revaluation of Canadian shares (for example, on the cob of the 90s) sounded like a drop in income from companies oriented to the resource sector. For example, the prices and earnings of TSE 300 shares increased by about 14 times on the cob in 1996, until they reached their peak of an increase of about 25 times.
The structure of the Canadian stock market
On the domestic market, the country employs some of the main categories of emitters: Canada and yogo agencies, provinces and agencies, municipalities and corporations - both financial and non-financial. Non-Canadian emitters are not significantly represented above the market. In 1999 359.7 billion can. dollars, for direct and guaranteed crops from provincial and municipal units - 392.7 billion can. dollars, for treasury bills - 115.1 billion kan. dollars, for corporate bonds - 323.8 billion kan. USD and in short-term corporate debt - 163.4 billion CAD. dollars., and the cost of financial instruments is presented on the next diagram ( div. at the magazine).
Rinkova vartist of the gross sovereign borg 1998 became close to 380.29 billion dollars, and 1999 p. - CAD 867.5 billion USD The Canadian order issues the following main types of valuable papers (the description of these financial instruments is shown in the diagram):
treasury bills;
trading bonds 7;
Canadian Savings Bonds;
Canadian bonds at a premium.
market financial instruments:
non-market financial instruments:
Positions are also sent in foreign currencies. For the sake of clarity, the width of deak papers is priced at US dollars. For example Canadian bills, Canadian notes and middle line notes.
The tradition of emіsії sovereign financial instruments, which has developed in the country, is most clearly represented in the activities of the Crown Corporations 8 , the most important among them is the Central Bank.
Three of the federal agencies in the domestic market are the largest in the home of the Canada Mortgage and Housing Corporation and the Farm Crediting Corporation.
Formally, there are several stock exchanges and overseas markets in Canada 9 . The main Canadian stock exchange is the Toronto Stock Exchange (TSE). Її capitalization transfers 1 trillion dollars, which put the stock exchange on the 10th month after the value of the world and the other after the value of Pivnichniy America. The other main Canadian markets (in order of change of capitalization) are the Montreal Exchange (ME), the Vancouver Stock Exchange (VSE) and the Alberta Stock Exchange (ASE). The Toronto Futures Exchange (TFE) is the only organized futures exchange in the country that wants futures to be listed on the Montreal Exchange. Options on shares and indexes are listed on the Toronto Stock Exchange and the Montreal Stock Exchange. The overseas market is regulated by the Toronto Stock Exchange.
behind stay rocky Three segments of the Canadian equity market are clearly visible: companies with reasonable valuations and solid revenues, companies with great internal potential, and companies that are deducting revenues from convergence between the American and Canadian markets. In the wake of the growth of the Canadian economy in spring 1998 having become a memorable fourth segment - companies that are necessary for the development of the economy. In the opinion of experts, in order to save segmentation for a long time, the companies of the fourth sector should continue to stand on the sidelines, especially as they are growing globally.
Global trends in the Canadian stock market
The market of valuable papers in Canada is characterized by an increase in the number of transactions and a wide range of non-traditional types of stock values; Ninі tsіnnih paperіv vypuskayut pіd be-yakі assets: payments on zastavnym, nadkhodzhennia vіd unpaid loan and other assets. Also, the current market of power is increasing the turnover of similar financial instruments. As a practical matter, in all rozvinenih krajnah (for a wine, perhaps, Switzerland) the market of state-owned papers borrows more of the country's stock market. It’s not worth it, because the state’s valuable papers are the mainstay of the world stock market and the main instrument of any financial market - the very same, with their help, the order satisfies its consumption from penny resources, without paying (otherwise, if you want to pay for the action) The Central Bank can operate with state-owned valuable papers on the market to support the bagan equal of a penny mass in circulation. In the countries from the financial sector of the economy, there are papers and commercial banks to maintain their liquidity. The turnover of their buying and selling often outweighs the turnover of any other financial instrument, and the turnover of the market - of any other market (for a wink, perhaps, the currency market). In this hour, the stock markets (including the markets of state-owned valuable papers) are skhilnі to significant changes and restructuring.
Bagato industrially developed lands of the 90s. the budget deficit has significantly increased since the 80th RR. For most of them, the sovereign Borg's gross domestic product (GDP) is worth more than the cob of the 1990s. in Germany and France, wines became over 20%, in the USA, Canada and Japan - over 40%, and in Italy exceeding 100%. Tim for an hour was naked on his own boom of trade in sovereign valuable papers. The growth of the part of the sovereign borg in the GDP was thwarted by the promisl of the country to minimize the varity of finance. At the time of the change in the service level of the bank, the order can turn up to international investors and, zocrema, to institutional investors. Liberalization of the financial sector and innovation allowed the institutional investors of the developed countries to practice in a new way, give new services and win new financial instruments. All the larger extensions are profitable for the individual investor of shares of financial intermediaries and investment funds.
Public and private pension funds, life insurance companies and other insurance companies, mutual funds (with open access), closed type funds, insurance funds, trust companies, funds (Fundation), and investment banks (commercial banks) valuable papers. To illustrate the growing importance of the group of investors, the following figures can be drawn: - 30.4, 1991 - 44.0, 1992 - 53.7, 1993 - 82.5, 1994 - 94.1, 1995 - 107.0, 1996 - 143.0, 1997 - 174.1, 1998 - 196 .7, 1999 - 207.7, 2000 - 228.6, 2001 - 249.6, 2002 - 270.6, 2003 11 - 291.6 billion dollars. 12 Financial assets of Canadian investment companies (number of hundred to GDP) summed up 13: 5.3, 7.5, 9.4, 14.9, 17.1, 18.7, 24.1, 28.7, 33, 8, 35.2, 38.8, 42.3, 45.8, 49.3 14 . Pension funds, insurance companies and mutual funds in Canada, Germany, Japan, Great Britain and the United States managed 13 trillion. USD more 1993 For comparison, the capitalization of the global market of valuable papers in the same river was 14.1 trillion. dol., and the orderly borg at the top papers of the seven largest rozvinenikh krajn buv 9 trillion dollars. 15 , to note about the growing importance of institutional investors, which are subject to regulation by legislation.
Institutional Investors Canada
In this hour, Canada's characteristic form of collective investment is an investment company or a trust. Vidpovidalnist for the diyalnist of the collective investor is borne by the key company. Vaughn vikonuє functions of visual organ. The legal and structural features that protect the activity of a collective investor against the greed of individual investors are offensive: as a collective investor, it is necessary to take care of your obligations honestly, accurately and against the greed of a mutual fund. Zagalnopriynyamim є legislative standard of op_ki. Operations from the specified fence participants.
Regulation of portfolio investment by institutional investors in Canada in the mid-90s. can be systematized by the upcoming rank 17:
pension funds: for babies born in 1991 the legislator's way is planned for zbіlshennya z 1994. maximum amount of foreign investments from 10 to 20%;
insurance companies: in black 1992. the maximum number of foreign investments was changed “to reasonable limits”;
Mutual Funds: A 20% limit has been set on foreign assets eligible for Registered Retirement Savings Plans (RRSP).
The laws of some countries allow only one legal form of collective investment, other powers - more than one 18 . In Canada, the largest number of institutional investors were organized in corporate form 19, and at the same time, the head rank was like a trust. Trust System (Trust System) vikoristovuyu trust mechanism, based on the rules of Anglo-Saxon law (English Common Law) 20 . An investment manager is responsible for portfolio management, even though an independent trusted person (Trustee) plays an important role as a poster. The Prote-Trust system is being rebuilt from the post-evolution. A small number of modifications are already presented, as if they were supposed to be established until the establishment of a single major organization, or rather in support of the modern world economy, and a lower investment structure “manager is a trusted person”. Canada, de not potrіbna whether yak form Square sposterezhennya for fіnansovim manager pereglyadaє adekvatnіst threading zahodіv of upravlіnnya, oskіlki in strukturі bіlshostі єvropeyskih rinkіv іndustrіya Collective іnvestuvannya that regulators all bіlshoyu mіroyu vіdchuvayut Collective іnvestorіv, vklyuchayuchi quiet, SSMSC for law organіzovanі yak trustee, schob laying іnvestіtsіynі pleasing mіzh іїїіїїіійнімімімі і іvestorami All the more large number of the country's corporate structure is gaining more and more importance for the account of the structure of the share trust.
In Canada, the regulation of the collective investment business is divided by provinces, although Ontario often outperforms other provinces in established regulation practices. There are trusts and corporate structures in the market. For the last two decades of the twentieth century. The Canadian system of governance was extensively reviewed by both official bodies and industrial groups, encouraging the growth of collective investors' assets. In 1995 at the additional Commission of the Ontario papers (adopovid Stromberg 21) it was recommended to legally approve the adoption of an independent for the sake of a similar body with guardian functions. So dopovіdach having called before the meeting of independent audit committees and proponuvav to go from suvorih fences to the gnuchki keruyuchih pleasing to the code of best practices for fund managers and investment funds. Dopovіdі Yerlikhman 22, crushed near chervnі 2000 r.
Although the trust structure has been tested by the hour as a form of collective investment, it should be noted that the form of a share trust is being changed at the stage of reformation, which may be more important in all countries. The Received Kingdom and Ireland, participants in the European market of collective investment, would like to see convergence in the creation of structures attached to this market. In Australia, a recent review of the laws of investment management called for a fundamental change in the nature of share trusts with a single major organization, as it replaced the separation of the investment manager and trusted person. In Canada, the system operates on the authority of other countries, which victorious trust system, and many call for basic reforms.
Custodial system of Canada
For the rest of the years in Canada, there is a trend to carry out new emissi and rozrahunki in uncertificated forms at the sight of records on rahunka (Book-Entry). During this time, all bonds are issued from the registration form of global certificates (global bonds) on behalf of the Canadian Depository and are collected from the new one. The interests of beneficiaries in global bonds are presented through the custodial accounts of financial institutions, which act as independent investors, as well as indirect participants in the Depository. Nominal clerks of papers do not have the right to register bonds on their own, do not withdraw and cannot revoke bonds from documentary form, and they are not respected by their clerks, for the sake of a blame of such guards, made without intermediary to please about the global debtors. The custodian of these papers shall deduct a fee according to the depository prior to the final procedure. The repayment of secondary trades in bonds with the term of redemption three years and less than three years is carried out for two working days, and for other papers - three working days.
The Central Depository of Canada includes the Service for the Razrahunka of valuable papers. Operations with her began to be carried out in 1981. for outstanding promotions y 1989 - for borgo sovereignty papers. Instruments of borgovі tsіnnih papers, including the order of emіsії, "stripi" 23 and simple shares. The right of power to the new lie with the six main banks; five trust companies; Association of Investment Dealers, Toronto Stock Exchange, Montreal Stock Exchange - three of the same shares. The Canadian Securities Depository is the operator, the Royal Bank of Canada is the Rosrakhunkov Bank, and the system participants are financial regulators (including dealers, banks, trust companies, insurance companies, clearing companies and deposit companies); investment institutions (credit splits, share trusts, pension funds and other organizations). Prices of papers of clients are seen at once by less than dealers. It does not have a federal regulatory agency, but rather the service of the financial institutions jointly with the provincial Commissions of valuable papers and the Canadian depositary of valuable papers is circulating a Memorandum on the rationale for establishing the necessary regulatory procedures.
Proof of mind please zdіysnyuєtsya through a one-time appearance from the side of the purchase (otherwise the dealer, as one side is not the dealer). It is also necessary to confirm the other side (as you can file a confirmation with a way of "moving acceptance" - so that the validity of the amendments). Regulation of the land 24 is carried out through the gross transfer of valuable papers and richly carried out rozrahunkiv.
1 Christiansen H., Bertrand A. Trends and Recent Developments in Foreign Direct Investment/OECD, 2002, p. 5.
2 More div. Mirkin Ya.M. Market of valuable papers in Russia. – Alpina Publisher, 2002.
3 World Economic Outlook, International Monetary Fund, May 2001, p. 158.
5 Miyake M., Sass M., Bolwijn R. Recent Trends in Foreign Direct Investment, OECD, KPMG, London, 2000 p. 29./Source: OECD, International Direct Investment Database.
6 Financial Market Trends, Organization for Economic Co-operation and Development, 1996, p. 77.
8 Corporations that belong to the powers - federal and provincial authorities.
9 Organizations overseas share market in the country to be carried out through the company (and so called) "Canadian Dealing Network" (Canadial Dealing Network, Inc. - CDN), which became in 1991 p. subsidiary of the Toronto Stock Exchange. Earlier, the overseas market was opened through the Canadian Over-the-Counter Automated Trading System (COATS).
10 Investment companies of open and closed types.
11 Forecast.
12 Thompson J. Choi S.
13 Thompson J. Choi S.- M. Government System for Collective Investment Schemes in OECD Countries, DAFFE, OECD 2001. Source: OECD Institutional Investors - Statistical Yearbook.
14 Forecast.
15 Report div. Increasing Importance of Institutional Investors, IFC, 1995.
16 Thompson J. Choi S.- M. Government System for Collective Investment Schemes in OECD Countries, DAFFE, OECD 2001, pp. 91-95. Source: IOSCO and National Submissions.
17 International Capital Markets. Developments, Prospects and Policy Issues, International Monetary Fund, Washington, DC, 1995, p. 170.
18 More div. Khmiz O.V. Legal structures of collective investment in different countries. - market of printed papers No. 7/2003
19 Corporate Form - if collective investments are recognized by a corporate legal entity, and investors are shareholders.
20 A trust (concern) is a corporate trust, a type of corporate association that wins trust as a way of facilitating reorganization. Signed with a trusted person (Fiduciary) will be in the framework of the contract, until a certain person, as a trustee or a trustee (Trustee) is called, I take away the right to dispose of the authority over the value of another person, as is called a beneficiary (Beneficiary). A person who makes a trust agreement (essentially creating a trust) is called a donor (Creator, Settlor, Grantor) or a donor (Donor).
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For a long time Canada acted as the arena of the super-nation of Great Britain and the USA as an object of capital investment in various spheres. government activity. All economic history of the XX century. - tse svіdchennya zmіtsnennya zmіtsnennya dominating positions of the other American, zokrema transnational corporations in tsіy krainі and vіdpovіdne slackening positions of british capital. At the present time in the economy of the country with impersonal companies from Europe, Japan, Pivdenno-Skhidnoy Asia, Chinese, Brazilian, Pivdenno-Korean and other companies show special dynamism. For their own part, Canadian banks and companies also take part in foreign capital, especially in the USA and Mexico (within the framework of easier access to the markets, free trade). Іstotne zrostannya obsyagіv directly іnozemnih іnvestitsіy (PІІ), scho nadhodyat to Canada that vihodyat of Kraina, obumovleno ob'єktivnimi Process globalіzatsії that transnatsіonalіzatsії virobnitstva, lіberalіzatsієyu transkordonnogo peremіschennya kapіtalu on osnovі pіdpisanih lands in the framework of the COT, that OECD іnshih mіzhnarodnih organіzatsіy, zovnіshnoyu vіdkritіstyu kanadskoї economy, the process of liberalization of state activity, the creation of a friendly legal environment and incentives for foreign and domestic investors on the federal and provincial levels. Vіdpovіdno to the federal law on investments of 1985 p. Canada has the same sources of exchange for exports and imports of capital. For the period 1990-2010 years. exports and imports of capital were growing at a high pace, which significantly increased the dynamics of foreign economic relations: the amount of investments accumulated abroad, zrіs іz 98.0 billion dollars. up to 510 billion dollars, tobto. by 5.2 times, while Canada's foreign capital investment increased by 3.3 times (Table 14.4).
Table 14.4
Direct foreign investment in Canada and direct Canadian investment overseas, CAD billion USD
|
Accumulated PII from Canada (for the end of the year) |
Accumulated Canadian PII overseas (for the end of the year) |
|
Foreign capital (most importantly American, as well as English and European) control up to 30% of the Canadian economy, not associated with the financial sector. Five foreign multinational companies (General Motors of Canada, Ford Motor Co of Canada, Chrysler Canada, IBM Canada, Amoco Canada Petroleum Co) are among the ten largest companies in Canada in terms of river income.
At the same time, Canadian capital has long been actively introduced into the economy of the United States and other countries, including Mexico, especially since the need for trilateral integration: USA - Canada - Mexico (1994). The main tool for the penetration of Canadian capital into overseas markets and the influx of foreign capital to Canada pissed off and pissed companies. For example, 74.4% of the deposits of Canadian capital in 2005, 78.7% in 2006 fell on a part of such land. that 66.0% in 2007; This form of consolidation reduced activity in 2008 and 2009. (32 and 34%), ale became an increase in 2010. Have 2007 r. among similar lands, worth $1 billion, the canadian company Investor Group bought such American companies as Novelis Inc (aluminum manufacturing) and Mid-Western Aircraft Systems (aircraft manufacturing). For its part, Canada has the largest income of American corporations in 2007. became gas exploration company Terasen Inc, oil and gas company Northlock Resources Ltd, oil and gas company Precision Drilling Corp-Energy. The largest Canadian financial institutions, which are among the top 50 financial TNCs in the world, are Royal Bank of Canada (with assets worth $351 billion in 2007) and Manulife Financial Group ($302 billion, also in 2007).
The potential of Canadian capital in the international financial markets is significant, about what to note great number of the largest corporations in the world that are circulating in Canada. Won, as a rule, is the vanguard of national business in foreign markets. Depending on the rating given by the British newspaper Financial Times, the country borrows five spots from the world for the number of the largest corporations incorporated in Canada. Direct investments of Canadian companies outside the cordon were mainly in the galleys, which took the greatest development from Canada, - the stench took away the knowledge, recognition and financial responsibility. The sphere of services is more important for these investments, and close to 60% of the total debt accumulated by investments there falls.
It should be noted that the segment of the transnational business of Canada, which has been formed, zmіtsnyuє its positions in the global economy, is ahead of us in the light of the increased activity of Canadian financial institutions, it will always be an object. special respect powers, which do not allow foreign capital. At the same time, the export of capital to the financial sector, which plays an important role in the early stage of the new expansion, and today takes a dominant position in the accumulation of foreign investments abroad. Over the remaining ten years, the part of the financial and insurance services sector increased by more than 10% and accounted for 44.1% (230.7 billion dollars) of Canada's foreign debt abroad.
Significantly іnshiy moment: zmіtsnennya Canadian currency in 2009-2010 years. It has led to the fact that, on the one hand, American assets have fallen in price for investors from Canada, and on the other hand, the competitiveness of Canadian products on the US market has decreased, which plays a particularly important role for Canadian companies. In recognition of the great importance of this majestic for its own market, a lot of Canadian companies are afraid to buy competitive enterprises to create the power of the United States in order to save their market positions. Another incentive for direct investment in the United States is the most favorable medium for the development of high-tech technologies, due to the possibilities of obtaining additional capital and access to various forms of sovereign support.
Business in the United States is important for a number of Canadian companies involved in the production of raw materials and transportation of energy, the production of color metals, oil and gas, and other industries. So, nine of the genera of the gas corporation EnCanada are located in the United States. The great Canadian oil and gas company Nexen supplies 17% (2009) of the total oil sales in the US. Second example: Some 52% of the generating pressures of one of Canada's largest energy companies, TransCanada, come from assets in the Wealthy States. Canada is the world's leading manufacturer in the field of components for the automotive industry and spare parts Magna International; There are 53 backwaters and 19 previous and design centers in the USA. A number of Canadian companies specialize in vido-bottle or release of various products for the domestic and American markets. For example, Potash Conserves in Canada less potash; However, phosphate and nitrogen fertilizers are more important in the USA. Teccominco buys zinc from the United States, and vugilla, copper, gold and naphtha - from the country of power, Canada.
Canadian FII in Mexico is insignificant, the stink is close to 5 billion dollars, or 1% of Canada's total capital investments abroad. Moreover, in the rest of the decade, a part of the country's territory in the foreign exchange of FII s of Canada seems to be declining, which allows us to say that NAFTA has not become a stingy expansion of Canadian capital in the country. On the edge of the Central Pivdenny America 4.8% (25 billion dollars) of capital deposits accumulated abroad falls; The largest recipients are Brazil ($8.5 billion), Chile ($5.7 billion) and Argentina ($4.7 billion).
Part of Europe in Canadian foreign deposits may continue to move forward: 22% 1997, 30% 2009. Over 27% of the accumulated Canadian capital is oriented to the edge of the EU-15. Traditionally, Great Britain (61 billion dollars, or 38% of the European contributions of Canada) is the largest one hundred winners, followed by Ireland (24.2 billion dollars), France (17.1 billion dollars), Holland (12.3 billion dollars). ) .). In the Galuze sector, investments are more important in the financial sector (more than 45%) and in the Galuzi production industry (26%), in a smaller amount of FII accumulated in the retail industry, as well as in trade services (7.2%). In Japan, the FII, which reached in 2002. 9.7 billion dollars, significantly shrunk to 4.5 billion dollars. in 2009, which was caused by such factors as the increase in the exchange rate, the increase in the exchange rate on the operations of the great retail companies (national and foreign), in addition to the term “transcordon exchange” and the increase in the exchange of shares for the period 02 April-2007.
IN Rest hour to give greater respect to Canadian corporations and to Kazakhstan; іninvestitsії in tі galuzі dynamically grew in the rest of the years and folded over 1.6 billion dollars. be brought to stick, we are in front of such sectors, like finance and the species of brown copalins in this country.
From other parts of the region, there are a lot of capital investments in Pivdenny Korea (431 million dollars in 2007), Thailand (972 million dollars), New Zealand (453 million dollars) and Malaysia (568 million dollars). In addition, investments were made in gold mines near Kyrgyzstan, and the development of gold mines near Mongolia ($250 million).
If you import capital, then in the geographical distribution of wines there will be less diversification. So, just like in exports, the United States is leading in Canada’s massive investment accumulation in Canada (61.0%), followed by the European lands (29.9%), the lands of the Asia-Pacific region (5.4%), Central and Pivdenny America (2.1%), Africa (0.4%) (Table 14.5).
Table 14.5
Geographical structure of accumulation of direct foreign investments in Canada, 1998-2009.
