U radu se tretira problematika u vezi sa tržištem investicionih hartija od vrednosti, a u funkciji uloge banaka u tom procesu. Naglasak se stavlja na iskustva razvijenih zemalja, a posebno SAD. Poslednjih godina, banke i druge deponentne institucije pokazuju tendenciju da prihvate veći rizik i složenije investicije u svom portfelju. Pojavili su se novi instrumenti čija je svrha više od jednostavnog obezbeđivanja likvidnosti i prihoda, a, posebno, u slučajevima slabe potražnje zajmova. Banke i druge institucije-zajmodavci bave se zamenom portfelja svojih investicionih hartija od vrednosti imajući u vidu kako poreze tako i veće prihode. This paper describes the issues related to the investment securities market, and the function of the role of banks in the process. Here, the emphasis is on the experiences of developed countries, especially the U.S.A. In recent years, banks and other deponent institutions have had a tendency to accept higher risks and more complex investments in their portfolio. There have appeared new instruments whose purpose is more than just provision of liquidity and income, especially, in cases of poorloan demand. An instrument for swap of the bank portfolio and other institutions- lenders mostly practice replacing the portfolios of their investment securities,bearing in mind tax,as well as higher revenues