Management of a commercial bank's loan and investment portfolio taking into account transaction costs

The imperfections of the market mechanisms governing the Russian stock market are the reason for the presence in the costs of institutional and non-institutional investors operating on it, a significant share of transaction costs, which significantly affect the efficiency of securities transactions and the quality of financial asset portfolios. Transaction costs are especially significant in the operations of large investors, which include systemically important commercial banks, a significant part of whose operating assets are represented by securities circulating on the stock market. In the article, the authors consider the problems of classification and allocation of the transaction costs of the formation and management of their loan and investment portfolios that are most significant for various groups of institutional investors - commercial banks - agents of the stock market. The characteristics of the financial and economic situation of these banks in the period of 2017-2020 are presented. and made conclusions about the prospects for building up financial assets of the stock market in their portfolios. The relationship between indicators of the quality of a financial asset, including liquidity, with the value of transaction costs of transactions with it is noted. Summarizing conclusions on the current areas of scientific and practical research in the formation and management of credit and investment portfolios of commercial banks, taking into account the costs of market transactions, are presented.