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Začetki listinjenja segajo v leto 1970 v ZDA. Pri listinjenju gre za povezavo med posojili, njihovim prodajanjem in izdajanjem vrednostnih papirjev. Listinjenje omogoča financiranje na aktivni strani bilance, torej da se določena sredstva na aktivni strani preoblikujejo v vrednostne papirje, ki se nato prodajo investitorjem. Samo listinjenje torej omogoča boljšo razpršenost tveganja, kar hkrati povečuje tudi splošno finančno stabilnost. Listinimo lahko katerokoli premoženje, ki je dovolj veliko in homogeno. V procesu listinjenja zberemo osnovna sredstva v tako imenovan »bazen« sredstev, ki se nato prodajajo investitorjem kot vrednostni papirji. Banke si s sekuritizacijo povečujejo prihodek, svojo likvidnost in tako lažje dosežejo kapitalske zahteve. Pri listinjenju premoženja sodeluje več udeležencev, prvi akter listinjenja pa je ponavadi banka, ki zbere sredstva za listinjenje in jih nato proda izdajatelju. Ta potem izda vrednostne papirje, ki so zavarovani na podlagi teh sredstev in jih proda naprej investitorju. Ob tem pa ne smemo pozabiti, da kakor so prednosti listinjenja, tako so tudi slabosti. Pravna podlaga listinjenja v Sloveniji ni ravno dodelana, kar smo ugotovili tudi po opravljenih intervjujih v bankah, saj je večina intervjuvanih bank mnenja, da pri njih listinjenje ni razvito. The beginnings of a securitization were in 1970 in the United States of America. The securitization is a combination of loans, their sales and the issuance of securities. Securitization allows financing on the assets side of the balance, so that certain assets on the asset side are transformed into securities and those are then sold to investors. Securitization allows better risk diversification, which also increases the overall financial stability. Securitization can consist any property which is sufficiently large and homogeneous. In the process of securitization we collect fixed assets in the so-called "pool" of funds, which are then sold to investors as securities. Banks can increase their income, liquidity and have better capital requirement. Securitization involves several actors, the first player of securitization is usually a bank, which collects funds for securitization and then sold to the issuer. He then issues securities that are secured on these assets and sell them on to investors. In the process of securitization we can not forget at the advantages and disadvantages of securitization. Legal basis of securitization in Slovenia are not really finished, which we can see also after interviews with banks, where the majority of them says, that they are not developed in securitization.

Posebna oblika obveznic so podrejene obveznice. Od navadnih obveznic se razlikujejo predvsem po tem, da so podrejene drugim terjatvam izdajatelja v primeru stečaja, zato so v času gospodarske krize tudi bolj tvegana naložba kot sicer. Podrejene obveznice so izdale tudi slovenske banke. Izjemno slabo bančno stanje v Sloveniji je povzročilo, da se je konec leta 2013 zaradi dokapitalizacije bank s strani države, zgodil izbris podrejenega dolga teh bank. A special form of bonds are subordinated bonds. They are mainly differentiated from regular bonds in the case of bankruptcy, as a consequence they are more risky in the time of the economic crisis than otherwise. Slovenian banks also issued subordinated bonds. Extremely bad banking situation in Slovenia resulted capital increase of banks by the state, so the subordinated debt of these banks was eliminated in the and of year 2013.

Delnice so eden najboljših načinov, kako lahko povečamo svoje premoženje z malo truda. V delnice lahko investira vsak, ki si to želi. Pred prvo investicijo je pomembno, da poznamo vsaj osnove delnic, ki jih podrobneje opisujemo v tem diplomskem delu. Od ciljev investitorja je odvisno, koliko časa in truda bo namenil za preučevanje in raziskovanje delnic. Če je njegov cilj doseči povprečne tržne donose, bo lahko to najenostavneje storil z investiranjem v pasivni vzajemni sklad ali ETF, ki sledi nekemu borznemu indeksu. Tisti, katerih cilj je premagati trg, bodo za doseganje tega cilja potrebovali nadpovprečno znanje, več denarja in časa ter sprejemali večja tveganja. Pogledamo si, kakšno je stanje delnic na Ljubljanski borzi. Naše ugotovitve so, da je izbira delnic dokaj majhna, saj razen podjetij iz Prve kotacije ni delnic, ki bi bile primerno likvidne. Kljub temu imajo delnice na Ljubljanski borzi dobre lastnosti, kot so visoka dividenda, donosnost in splošna podcenjenost delnic. V nadaljevanju si pogledamo še možnosti investiranja na tujih trgih. Opredelimo prednosti in slabosti razvitih trgov in trgov v razvoju, za katere ugotovimo, da omogočajo potencialno višje donose, a prinašajo tudi več tveganj. Na koncu obravnavamo še borzne indekse. Borzni indeksi so pokazatelji, kakšno je stanje delnic na določnem trgu, v panogi ali v državi. Z analiziranjem borznih indeksov lahko dobimo občutek, ali je tja pametno investirati ali ne. V zadnjem poglavju primerjamo borzne indekse Dow Jones, S&P 500 in NASDAQ. Stocks are one of the best ways of how we can increase our net worth with little effort. Everyone who wants can invest in stocks. Before making our first investment, it is important to know at least the basics of stocks, which we go over in this thesis. It is up to the goals of investors, how much time and effort they will devote to the stock research and study. If their goal is to achieve average market returns, they can do that the easiest by investing in a passive mutual fund or an ETF, which tracks one of the many stock market indices. Those who aim to achieve higher than average market returns will need above-average knowledge, and more money and time. They will also take on greater risks. We take a look at the state of stocks on the Ljubljanska borza. Our findings are that the selection of stocks is rather limited. There are basically almost no stocks outside of the Prva kotacija that are at least semi-liquid. Nonetheless, the stocks on the Ljubljanska borza do have some positives which are high dividend yield and general undervaluing of the stocks. Later, we take a look at the possibilities of investing in foreign markets. We define the advantages and disadvantages of investing in the developed and the developing markets, for which we find out that they offer potentially higher returns but also carry more risks. In the end, we take a look at the stock market indices. Stock market indices are an indicator of stock state on a particular market, sector or state. By analyzing stock market indices we can get a feeling whether it is wise to invest there or not. In the last chapter, we compare the stock market indices Dow Jones, S&P 500, and NASDAQ.

Diploma raziskuje načine napovedovanja gibanja cen vrednostnih papirjev na finančnih trgih in metode, ki brez zunanjega človeškega vnosa upravljajo s temi vrednostnimi papirji. Prvi del se ukvarja s kazalniki in vzorci s katerimi lahko napovedujemo gibanje cen. Drugi del se ukvarja s sprejemanjem trgovalnih odločitev glede na podane kazalnike. Skupaj tvorita avtonomen sistem za trgovanje na borzi. The paper explores ways of predicting prices of securities in financial markets and methods that can autonomously manage these securities. The first part of this paper focuses on signals and indicators which we can use to predict price movements. The second part focuses on making trading decisions based on available indicators. Together they form a fully autonomous system for stock market trading.

Izdaja obveznic, kot vir financiranja v velikih, bonitetno dobrih podjetjih, ni nič neobičajnega, čeprav takšna dejanja v slovenskem prostoru niso najpogostejša. Teoretično možnost takšnega financiranja imajo tudi mala in srednje velika podjetja (MSP), vendar je podjetij, ki bi se dejansko odločila za pridobivanje sredstev z izdajo obveznic, zelo malo. V naši zakonodaji so namreč, glede pogojev pri pridobivanju dolžniškega kapitala z izdajo obveznic, podjetja vseh velikosti izenačena. Magistrsko delo je razdeljeno na teoretični in empirični del. V teoretičnem delu je najprej predstavljen pravni vidik obveznice. Opredelili smo pojem obveznice v skladu z zakonodajo Republike Slovenije (RS), njene bistvene značilnosti in vrste obveznic. Predstavili smo organiziran in neorganiziran trg obveznic v Sloveniji. V okviru organiziranega trga obveznic smo predstavili možne prisotne institucionalne udeležence. Nato smo opisali postopek izdaje podjetniških obveznic v Sloveniji. V opisu postopka izdaje obveznic pri nas, smo predstavili in primerjalno analizirali »nejavno« ponudbo in »javno« ponudbo obveznic ter opredelili možne vzroke za povečano zanimanje podjetij za »nejavno« ponudbo. Ob tem treba poudariti, da Zakon o trgu finančnih instrumentov (ZTFI) ne pozna pojmov »javna« in »nejavna« ponudba vrednostnih papirjev (VP), ampak le pojem »ponudba VP javnosti«. Pojma »javna« oz. »nejavna« ponudba oz. prodaja VP izhajata še iz opredelitev prejšnjega, sedaj neveljavnega Zakona o trgu vrednostnih papirjev (ZTVP-1), ki ga je nasledil trenutni ZTFI. Slednji pojmuje »ponudbo VP javnosti« zelo široko, s čimer je lahko praktično skoraj vsaka ponudba VP javnosti, javna ponudba. Zato Agencija za trg vrednostnih papirjev (ATVP) v svojih poročilih loči ponudbe VP, ki so ponujene širši investicijski javnosti, in ponudbe VP, ki so ponujene ožjemu oz. točno določenemu krogu investitorjev. Ponudbe VP, za katere velja obveznost objave prospekta, in so torej ponujene širši investicijski javnosti, bi lahko označili s pojmom »javna ponudba VP«. Ponudbe VP, za katere pa glede obveznosti objave prospekta velja izjema in so torej ponujene ožjemu, torej točno določenemu krogu investitorjem, pa lahko označimo s pojmom »nejavna ponudba VP«. Za namene magistrskega dela smo uporabljali pojma »javna ponudba VP« in »nejavna ponudba VP«. Stanje na področju izdaje obveznic s strani MSP v RS smo primerjali s stanjem v Italiji, pri čemer smo se osredotočili na pojem »mini« obveznic, ki so jih v Italiji uzakonili v letih 2012 in 2013 s posebnima zakonoma, t. i. »Decreto Sviluppo« in »Destinazione Italia Decree«. Po uvedbi teh dveh zakonov so se v Italiji v povprečju znižali stroški izdaje obveznic za MSP. Ugotavljali smo, koliko je zakonodaja RS izdajanju obveznic MSP-ja naklonjena oz. nenaklonjena. Pri opisu postopka izdaje obveznic v RS smo se opirali na najpomembnejše zakone tega področja, ki smo jih tudi podrobneje opredelili, in sicer Zakon o trgu finančnih instrumentov (ZTFI), Zakon o nematerializiranih vrednostnih papirjih (ZNVP-1) in Zakon o vrednostnih papirjih (ZVP), ki je danes delno razveljavljen. V nadaljevanju prvega dela smo se osredotočili tudi na ekonomski vidik obveznice. Opisali smo oblikovanje cen obveznic in ugotavljali vplive različnih tveganj na njihovo donosnost. Opisali smo tudi trenutno stanje na področju podjetniških obveznic v Sloveniji. Drugi del magistrskega dela je empirični del, v katerem smo se ukvarjali s študijo primera. Natančno smo opredelili in opisali postopek izdaje obveznice podjetja »X« v letu 2016, ki je srednje veliko podjetje v Sloveniji. Podjetje »X« bo izdalo obveznico za namen pridobivanja svežega kapitala. Stroške in postopek izdaje obveznice podjetja »X« bomo primerjali s stroški in postopkom najema bančnega posojila podjetja »X« pod enakimi pogoji. Bond issuing as a financing source is not unusual in large companies with good credit ratings, yet it is not so frequent in Slovenia. SMEs also have a theoretical possibility of such financing. However, there are very few companies that decide to raise funds by issuing bonds. By our legislation, all companies, regardless their size, are equal in respect to rising loan capital by issuing bonds. This master’s thesis is divided into theoretical and empirical parts. In the theoretical part, we have first presented the legal viewpoint of bonds. We have determined the concept of bonds in accordance with the legislation of the Republic of Slovenia and its basic features and types. We have presented organized and disorganized bond markets in Slovenia. Within the framework of an organized bond market, we have presented possible institutional participants and then described the process of issuing corporate bonds in Slovenia. We have presented and used comparative analysis of “non-public offer” and “public offer” bonds and determined the possible causes for companies’ increased interest in “non-public offers.” In this regard, it should be noted that the Financial Instruments Market Act (ZTFI) does not lay out the phrases “non-public offer” and “public offer” for securities only the phrase “offer of securities to the public.” The terms “public” and “non-public” offer and the selling of securities originates from the former, now invalid Securities Market Act (ZTVP-1), which was succeeded by the current ZTFI. The latter has a very broad concept of “offer of securities to the public.” Thereby, almost every offer of securities to the public is a public offer. For this reason, the Securities Market Agency (ATVP) distinguishes securities offers that are intended for broad investment public and securities offers that are intended for a narrower scope of investors. Securities offers under the obligation of publication which are intended for the broad investment public can be thus denoted as “public offers of securities.” And securities offers that represent an exception to the obligation of publication—and are intended for a narrow scope of investors—can be denoted as “non-public offers of securities.” For the purposes of this master’s thesis, we have used the terms “public offer of securities” and “non-public offer of securities.” We have compared the state of bonds issued by SMEs in the Republic of Slovenia with Italy, with emphasis on the term “mini-bonds” that were enacted in Italy in the years 2012 and 2013 by special laws “Decreto Sviluppo” and “Destinazione Italia Decree.” Upon introduction of these laws, the costs of bonds issued for SMEs were reduced, on average. We are going to determine whether the legislation of the Republic of Slovenia is favorable or unfavorable towards SMEs issuing bonds. With regard to bond issuing in Slovenia, we have relied on the most important laws on this matter and determined those laws in detail: the Financial Instruments Market Act (ZTFI), the Book Entry Securities Act (ZNVP-1), and the Securities Act (ZVP), the last one being invalidated in part. In addition, in the first part of the thesis, we have also concentrated on the economic aspects of the bond. We have described bond price formation and established impacts of different risks on bonds’ profitability. We have also described the current state of corporate bonds in Slovenia. The second part of the thesis is empirical. Here, we have dealt with our case study. We have accurately described and determined the bond issuing procedure of the company “X”, which is a medium-sized company in Slovenia. Company “X” is going to issue a bond to raise fresh capital. The costs and bond issuing procedures of company “X” are going to be compared with costs and bank loan procedures under the same conditions.

Delo diplomskega seminarja podrobneje obravnava trg investicijskih storitev v Evropski Uniji. Evropske banke, ki se poleg komercialnih storitev ukvarjajo tudi z investicijskim bančništvom so urejene kot univerzalne banke. Te ponujajo široko paleto storitev, kot so upravljanje premoženja, svetovanje in posli z vrednostnimi papirji. Vse banke ne ponujajo istih storitev, tako poznamo več tipov investicijskih bank. Njihova vloga v finančnem sistemu je velikega pomena, zato jo spremlja močna regulacija. Bančništvo velja za precej kompleksno in dinamično industrijo, zato se je v skladu z razvojem finančnega sistema, spreminjala tudi regulativa. V analitični del so vključene tri večje evropske banke, ki se ukvarjajo z investicijskimi storitvami. Prikazane so spremembe količin prihodkov iz investicijskega bančništva in njihova struktura. Podatki so zajeti v obdobju med leti 2007 in 2014. To obdobje jasno prikazuje stanje pred in po gospodarski in finančni krizi. V času krize so se prihodki iz naslova investicijskega bančništva bistveno zmanjšali, hkrati se je spremenila tudi njihova struktura. The work of this diploma seminar elaborates on the market of investment services in the European Union. European banks, which in addition to commercial services also engage in investment banking are organized as an universal bank. They offer a wide range of services such as asset management, consulting and securities. All banks do not offer the same services, in this way there are several types of investment banks. Their role in the financial system is of great importance, therefore, accompanied by strong regulation. Banking is considered to be quite a complex and dynamic industry. Therefore, in line with the developement of the financial system, changes occurred in the regulation. The analytical part includes three major European banks who engage in investment services. The analysis includes changes in volume of revenues from investment banking and its structure. The data is recorded in the period between 2007 and 2014. This period clearly shows the conditions before and after the economic and financial crisis. During the time of crisis, the revenues from investment banking significantly reduced, whilst also changing their structure.

V diplomskem delu bomo predstavili vrednostne papirje in njihovo zlorabo. Za odkrivanje zlorab na trgu vrednostnih papirjev je potrebno predznanje s področja trgovanja z vrednostnimi papirji, zato bomo le-te na začetku predstavili in opisali razloge za njihov nastanek in razvoj. Spoznali bomo, da se je od prvih omemb vrednostnih papirjev in vse do danes razvilo več vrst vrednostnih papirjev, ki se delijo po različnih merilih. Z njimi se je začelo trgovati, kapital je začel krožiti in tako se je v določenem obdobju kapitalski trg razvil v industrijo, ki je zelo pomembna za pospeševanje gospodarskega razvoja. S tem so se razvile tudi institucije trgovanja z vrednostnimi papirji, med katerimi si bomo najpodrobneje pogledali borzo. Pri trgovanju z vrednostnimi papirji se pojavi tudi težava, ki je kot nekakšen negativen sopotnik, in to je njihova zloraba. Takšna zloraba spada pod gospodarski kriminal, natančneje med finančno kriminaliteto. Opisali bomo tudi nekatere zlorabe pri trgovanju z vrednostnimi papirji, ki se jim vzporedno z razvojem na področju vrednostnih papirjev pridružujejo tudi vedno nove pojavne oblike zlorab. Spoznali bomo, da je takšno kriminalno dejanje težko odkriti kot tudi dokazati. Postopki so dolgotrajni in velikokrat se zgodi, da storilec ostane nekaznovan. Če je storilec kaznovan, je kazen največkrat prenizka glede na nastalo škodo, ki jo je povzročil. To lahko opazimo v statistiki, v kateri bomo videli nizko število pravnomočnih sodb v povezavi z vrednostnimi papirji. Prej omenjena škoda vpliva na gospodarstvo ter širše gledano tudi na nastalo krizo. Zato so med drugim pomembne tudi institucije nadzora, njihov način postopanja s pravilno pravno podlago kot tudi sodelovanje s tujino. V tem delu bomo kot takšno institucijo opisali Agencijo za trg vrednostnih papirjev ter borzo. Sledil bo še opis konkretnih primerov zlorab pri trgovanju z vrednostnimi papirji. The thesis presents securities and their misuse. The first part focuses on securities, as the detection of securities misuse requires prior knowledge from the very areas of trading securities. Furthermore, the reasons for the emergence of securities and their development are discussed. Since the first mentioning, many different types of securities have been developed, which can be divided according to various criteria. Starting trading securities, capital began to circulate and as a result within a certain period, the capital market evolved into industry which is of key importance for promoting economic development. In that process institutions of securities trading emerged as well, among which a closer look will be taken at Stock Exchange. Together with securities, a problem emerges which at the same time acts as their negative companion, t. i. securities misuse. This type of abuse belongs to economic crime, specifically financial crime. Moreover, a description of certain types of securities misuse is presented, which - in parallel with the development in the area of securities – are always joined by new forms of abuse. The thesis establishes that there is a problem in detecting and proving that type of crime. Namely, the procedures are long and the offenders are frequently not punished or in case they are, the penalty is too lenient in relation to the damage caused by the offenders. Also, statistics show a small number of final sentences in connection with securities. The aforementioned damage affects the economy, and in broader context also the resulting crisis. Therefore, among other means, supervising institutions are of basic significance, their manner of proceeding grounded on proper legal basis, as well as cooperation with foreign countries. In this section, the Securities Market Agency and Stock Exchange are presented as such institutions. Finally, two actual examples of securities misuse are examined. The final part of the thesis supports two hypotheses.

Posamezniki trgujejo in varčujejo z različnimi nameni. Lahko gre za varčevanje za starost, ustvarjanje dodatnega dohodka ob redni zaposlitvi, za trgovanje kot glavni vir dohodka ali kaj drugega. Trgovanje poteka na več načinov, ki so lahko posredni ali neposredni. Pri sprejemanju odločitve o načinu posamezniki upoštevajo svoje izkušnje, znanja, čas in naklonjenost k prevzemanju tveganja. Delo diplomskega seminarja analizira prednosti in tveganja samostojnega trgovanja v primerjavi z vlaganjem v investicijske sklade. Pri trgovanju z delnicami, obveznicami, izvedenimi finančnimi instrumenti, valutami in ostalimi vrednostnimi papirji se vedno srečamo z različnimi tveganji. Le-ta predstavljajo negotov donos naše naložbe, saj smo praviloma nezmožni s popolno gotovostjo napovedati dogodkov v prihodnosti. V delu so predstavljena možna tveganja, s katerimi se srečujemo pri trgovanju in obvladovanje katerih je ključnega pomena za uspešno trgovanje. Za trgovanje potrebujemo tudi vsaj osnovna znanja o značilnostih različnih vrednostnih papirjev, ki so predstavljena v nadaljevanju dela. Po odločitvi za vlaganje v vrednostne papirje se srečujemo s problemom, kako naj to storimo. Sprašujmo se, ali ima več prednosti, da trgujemo sami preko borznega posrednika ali naj raje trgovanje in s tem povezane odločitve o nakupih in prodajah vrednostnih papirjev prepustimo upravljavcem skladov. V delu so predstavljene glavne prednosti, ki jih prinaša vlaganje v vzajemne sklade in prednosti, ki jih imamo s samostojnim trgovanjem. Prav tako so predstavljena tveganja oziroma slabosti vzajemnih skladov v primerjavi s samostojnim trgovanjem. Analiza zajema odgovore na vprašanja, za kateri način vlaganja potrebujemo več časa, kateri je bolj tvegan za slabše poučene vlagatelje, kako je z davki, dostopnostjo, stroški in podobno. Zajete so tudi splošne navade varčevalcev, pridobljene na podlagi podatkov, zajetih z anketo. Individuals trade and save with different purposes. Either for saving money for retirement, creating new income, being a main source of income or something else. To trade we have direct and indirect ways. Individuals decide which way to choose considering their experiences, knowledge and willingness to take some risks. This diploma seminar analyses advantages and risks of independent trading in comparison to investment in investment funds. When trading with stocks, shares, derivatives, currency and other securities we are facing different kind of risks. These risks represent the insecure profit of our investment, because we cannot predict with certainty the future events. In this diploma, the possible risks when trading are presented. The mastery of those risks plays a major role in the success of trading. To trade we also have to have at least basic knowledge of different kinds of investment papers presented in this paper work. When we decide to invest in securities we come across a problem how to do it. Is it better if we trade alone through a broker or should we invest in investment funds. The most important advantages and risks of independent trading are presented in this work in comparison with investing in investment funds. The analysis compares mentioned types of trading in several categories: time, risks, taxes, costs, etc. In this diploma seminar are also presented the general habits of savers based on data collected in survey.