Zukhurova Mokhira Samad qizi – student of Tashkent Institute of finance Activity of investment funds in the conditions of transformation of the financial market of developed countries

Zukhurova Mokhira Samad qizi – student
of Tashkent Institute of finance
Activity of investment funds in the conditions of transformation of the financial market of developed countries.
An investment Fund is a type of credit and financial organization that specializes in attracting funds available to investors through the issuance of its own securities or through the placement of funds raised in securities of other legal entities or on Bank deposits. An Investment Fund can issue its debt obligations. Then use the money from their sale to purchase securities issued by other issuers. In other words, they can invest in less liquid assets. The value of investment funds ' securities changes along with market conditions, which affects the liquidity of the Fund's securities. Investment funds are, in fact, act as financial intermediaries. This double exchange of obligations distinguishes the intermediary from other financial market entities (for example, brokers and dealers), which also affect the flow of funds from creditors to borrowers, but do not issue their own debt obligations.
The emergence of specialized check investment funds in the country is to some extent connected with the processes of property privatization. In the 90s, special privatisation cheques were used for this purpose, as in many countries of the world. There are three types of investment funds:

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  Open Closed Checking in an open investment Fund securities are issued with the condition of their mandatory repurchase.
  
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  A closed-end investment Fund does not give an obligation to repurchase a debt obligation.
  
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  Voucher investment funds were widespread at the time of privatization and operations with privatisation checks. T
  

The Main purpose of such check investment funds was to act as an intermediary between a citizen and a state-owned privatized enterprise. In addition, the Fund served as a kind of lever to influence the involvement of the population in investment activities, ensuring the collectivity of this process.
The role of investment funds in the economy Investment Fund law begins to operate on the securities market of the receipt of a special kind of licence, or to conduct certain activity, or 2-3 of the following: broker, investment adviser, investment company. Recently, there have been many disputes and legal proceedings concerning the activities of investment companies, so the requirements for them are becoming more and more stringent. Investment funds are very important in the economy.
The trends in the development of investment funds in the world economy in the XXI century: the growth of their assets (3.1 times over 15 years) and the number (1.9 times) in mainly due to the growth of the European and Asian markets. Stable country structure — the leading position of the United States (48 %), followed by Europe (34), Australia (4), Japan (3.6), China (3.4), Canada (2.4), Brazil (2 %); their global distribution — funds have been actively developing in all regions of the world in the last decade; high growth rates of assets in emerging market countries of this institution (from 20 to 30 % per year); increasing the role in the placement of household savings (share up to 44 % in the US, 20 % - in the EU). Insignificant impact of the crisis on the decline in the value of net assets due to changes in the ratio between different types of funds (funds of stocks, bonds, balanced funds, etc.); increased internationalization of funds ' activities due to an increase in the number (by 2.3 times) and significance (37.4 % of the total number of UCITS funds). Growth of investments in international funds; international integration and unification of the regulatory and legislative environment (EU, Asia-Pacific region).
In the modern world, the share of assets of mutual funds in developed countries according to V. I. Gavrilyuk, investment funds are one of the most frequently used investment tools for individuals around the world. It is also in his work, he expresses the opinion that investing through investment funds is more popular than investing around the world in instruments such as Bank deposits. Main reasons the popularity of using investment funds, he considers the possibility of obtaining high returns and the lack of labor costs. Investor's side to study and constantly analyze the huge array information. K. Akshentseva and A. Abramov write that in 2012 the total volume of mutual Fund assets in the world reached $ 28 trillion. USA, which is approximately equal to 42 % of world GDP in 2012.
A truly impressive figure. By the end of 2014, the total the volume of assets of investment funds exceeded 31 trillion us dollars, which is approximately 40 % of the world's GDP. It is obvious that the role of investment funds in the modern economy is extremely high.
As for investment funds, the most important functions performed by them are:

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  Investing funds;
  
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  Saving the population's savings;
  
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  Increasing the liquidity of the securities market;
  
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  Reducing the volatility of the securities market;
  
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  Reduction of interest rates in the lending market;
  
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  Financing the development of science and technological progress.
  

The function of investing money directly corresponds to name of investment funds. Investment funds invest in stocks and bonds; mostly traded on the stock market, including purchasing these securities when they are placed, through which investment funds invest money in the real economy. The function of saving people's savings inherent in investment funds is very clearly manifested in the countries of the European Union, since the program of "quantitative easing" conducted by the European Central Bank, led to the fact that Deposit rates European banks turned negative. Thus, today in European countries Bank deposits can no longer be used the population to save and increase their savings. At the same time it should be noted that "quantitative easing" has also led to negative yields on a number of bonds issued by European issuers, but they are at this point in time not too much. These bonds include the least exposed bonds, such as German government bonds.
Agreeing with the opinion of the speakers that despite the development of FINTECH companies, the banking and, especially, the financial market will not disappear, we can conclude that the reasons for maintaining and, as a result, the direction of transformation of the financial market will be different. The formation of financial (banking) ecosystems is already a reality of today. However, in my opinion, tomorrow we will see an increase in horizontal inter-subject interaction and the predominance of informal institutions as their basis.
The challenges facing the financial market related to the digitalization of the financial industry itself are only a reflection and forerunner of the processes that we will observe over the next decade and that will change the entire system of socio-economic relations much more profoundly. In scientists view the essence and meaning of the changes and the problem consists not only and not so much in dispute between FINTECH companies and traditional financial institutions, as in the transformation than Finance. It starts with the transformation of the functions of money and will affect at least the following elements: the change in the measure of value is one of the basic transformations that will lead to significant changes in modeling investment processes and transformation of savings into savings and investment and, in addition, to many other processes. Distribution of money functions by channels and types of money, the emergence and consolidation of new, previously unrefueled functions of money and other financial instruments. Exponential growth in the number of crypto currencies and the transition from HYIP to focusing on the functions of crypto currencies as a conditional form of money, which they can perform due to the presence of low transaction costs and other competitive advantages. The financial market's response to the challenge of financing the transition to the fourth technological order, which is especially important for transition economies; regulatory arbitration and its manifestation as a form of cost management and a basis for decision making between the legitimization of new entities and their regulation

МУАЛЛИФ АНКЕТАСИ
1. Фамилия – Зухурова
2. Исми – Мохира
3. Шарифи – Самад қизи
4. Иш (ўқиш) жойи (тўлиқ) – Тошкент Молия институти Молия факультети
5. Эгаллаб турган лавозими – 3 босқич талабаси
6. Илмий даража – мавжуд эмас
7. Илмий унвон – эга эмас
8. Телефон рақами (мобил ва уй) [phone] мобил
9. Факс
10. e-mail – [e-mail]
11. Мақоланинг номланиши: Activity of investment funds in the conditions of transformation of the financial market of developed countries.
12. Мақола тақдим этилаётган тўплам йўналиши: 2. Ривожланган давлатлар молия бозорини трансформациялаш шароитида инвестицион фондларнинг фаолияти