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Securities are an increasingly popular investment (and speculation) instrument on money markets. We present the review of securities with a brief explanation of how they work.

Securities are usually defined as a document with legal force and monetary value issued by a company or a government evidencing ownership of equity (in the case of stocks) or debt obligations (when talking about bonds). The purpose of their issuing is thus twofold: to raise capital or to borrow money. According to this differentiation in the purpose of their issuing, securities are usually divided into equity and debt securities. It could be said that securities help the economy by making it easier for those with money to find those who need investment capital. Apart from that, those who buy securities get either ownership in a company (when buying shares) or interest on the money they have borrowed (when buying bonds). Equity holders also enjoy the right to profits and capital gain through the payment of dividends, whereas holders of debt securities receive only interest and repayment of principal regardless of how well the issuer performs financially. Equity securities are usually known as shares.

Debt securities come in the form of bonds, bonds and commercial papers, depending on their maturity and certain other characteristics. Bonds may be issued by commercial entities in which case they are known as corporate bonds. They usually pay a fixed rate of interest and are repaid after a fixed period, known as their maturity, for example five, seven, or ten years. Debentures have a long maturity. There are also some highly liquid short-term forms of debt which are referred to as “near cash”. These include certificates of deposit, and certain bills of exchange. When governments or their agencies issue debt securities, they are known as government bonds.

Since securities traders are always trying to find ways to make a higher return with less risk, innovative derivatives of basic stocks and bonds are often developed. These include futures contracts and call and put options. Futures are actually contracts stipulating that the buyer will purchase a specific item for a specific price at a specific time in the future. In that way sellers can protect themselves from negative trends involving their commodity or currency while futures buyers expect the commodity or currency to increase in value at the specified future time. Options are different from futures only in the sense that they give its owner the right (or option) but not the obligation to buy (in the case of call options) or sell (with put options) a specific item at a specific price and point in time.

Ministar vanjske trgovine i ekonomskih odnosa BiH Mladen Zirojević i poljski ministar poljoprivrede i ruralnog razvoja Marek Sawicki potpisali su u Sarajevu Sporazum o suradnji na području poljoprivrede između BiH i Poljske. Ministar Zirojević istaknuo je da je Sporazum solidna osnova za održavanje kvalitetnih sajamskih manifestacija, suradnju znanstvenoistraživačkih institucija te jačanje kapaciteta BiH za povlačenje sredstava iz IPA fonda EU.