Legal status of the exchange. Commodity exchanges

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BALTIC STATE ACADEMY

FISHING FLEET

INSTITUTE OF APPLIED ECONOMICS AND MANAGEMENT (IPEM)

DEPARTMENT OF COMMERCIAL AND ENTREPRENEURSHIP

Test

Discipline: “Commercial Law”

On the topic: “Commodity exchanges”

Completed:

3rd year student

Osadchenko P.Yu.

Kaliningrad 2013

Introduction

2. Exchange functions

3. The meaning of the exchange

Conclusion

Introduction

The transition of the Russian Federation to market forms of economic management required, as part of the transformation of the economic system of the state, the creation of new institutions that are not inherent in a planned economy. This led to a change in traditional forms of trade and the formation of new ones, and served as the objective basis for the revival of exchange trading in Russia and the basic instruments of this trade - commodity, stock and currency exchanges.

An exchange is a legal entity that ensures the regular functioning of an organized market for goods, currencies, securities, and derivative financial instruments. The organization of exchange trading with the help of exchanges throughout the Russian state today is one of the directions of public policy in the economic sphere. At the same time, it becomes completely obvious that without effective private law and public law regulation of the legal status of exchanges, market relations in Russia will not be able to develop normally further, and, consequently, the process of integration of the national (state) market of Russia into the world market may drag on for a very long, long time years.

Therefore, in this sense, the most relevant is the strengthening of the regulatory legal framework regulating the legal status, activities and legal support for the functioning of exchanges. In turn, the basis of such legal regulation is a developed private law element - the consolidation of a stable civil legal status of the exchange in accordance with current economic realities. In accordance with the above, the presented work examines a current topic - “General characteristics of the legal status of the exchange (concept, functions, meaning).”

The purpose of the work is to explore the general characteristics of the legal status of the exchange from the point of view of modern commercial law. In accordance with a specific goal, the following tasks were set and solved:

Explore the concept of a stock exchange in a modern aspect;

Study the functions and activities carried out by the exchange;

Find out the importance of the stock exchange in modern economic life;

The object of study of this work is the stock exchange as a legal entity that ensures the regular functioning of the organized market for goods, currencies, securities, and derivative financial instruments. The subject of the study is the legal status of the exchange.

The study of the selected topic was carried out using the following methods: the method of comprehensive knowledge of the subject and object of the research work, the method of analyzing the acquired knowledge and materials, the comparative legal method, the systematic method, the structural-functional method, as well as the method of summarizing the obtained materials on the topic studied.

The theoretical basis of the presented work was the scientific works and works of Russian legal scholars, considering the main aspects of the legal status and activities of exchanges in the Russian Federation. These are the works of such authors as B.I. Puginsky, S.I. Vinchenko, A.G. Gryaznova, R.V. Korneva, V.A. Galanov, L.V. Andreeva, P.V. Petrov, A.P. Solomatin, F.P. Polovtseva and others. The work also used materials from Internet resources - Http://www.rg.ru/, Http://www.gumer.info/, Http://allpravo.ru./, Http://garant .ru/.

The legislative basis for the presented work is the Constitution of the Russian Federation of December 12, 1993, Federal Laws of the Russian Federation “On Commodity Exchanges and Exchange Trading” of February 20, 1992 N 2383-I, “On the Securities Market” of April 22, 1996. No. 39-FZ, “On Currency Regulation and Currency Control” dated December 10, 2003 No. 173-FZ and other regulatory legal acts governing this type of legal relationship.

The set goals and specific tasks determined the structure of the presented work. The test consists of an introduction, main part and conclusion, and includes a list of references. This work is presented on 16 pages; 10 scientific sources were used for writing, four of which are regulatory materials.

exchange market currency valuable

1. The concept of a commodity exchange. Procedure for creation and termination of activities

An exchange is a legal entity that ensures the regular functioning of an organized market for goods, currencies, securities, and derivative financial instruments. According to the Brockhaus and Efron encyclopedia, a stock exchange is a place or building where traders and intermediaries, stockbrokers gather at certain hours to conclude transactions on securities or goods. Before the era of computerization, this was indeed the case, and the parties agreed on transactions orally. But now trading is mostly done electronically. To put it simply, there is a trading server on the exchange, to which accredited brokerage companies are connected through special global communication lines. Brokers, in their own interests or the interests of their clients, submit orders to buy or sell a security, currency, or commodity in trading systems. Thus, the exchange provides an opportunity for buyers and sellers to meet, but not in their own building, but on the same server, and conclude purchase and sale transactions.

The first official Russian stock exchange was opened in St. Petersburg in 1703, during the reign of Peter I the Great. Subsequently, stock exchanges appeared in Kremenchug (1834); in Moscow (1839), Rybinsk (1842); Nizhny Novgorod (1848). A quick impetus for the emergence of exchanges in Kazan, Riga, Samara and Kyiv was given by the transition to market relations after the reform of 1861. In the 90s and subsequent years of the twentieth century, the stock exchange business received further development in Russia due to the intensive construction of railways, elevators, etc. and the emergence of commercial banks. In general, by the beginning of the war the total number of Russian exchanges reached one hundred and fifteen.

On July 16, 1914, Russian stock exchanges were closed. In January 1917 they were reopened, and in February they were closed again. The market infrastructure of the Russian state, completely destroyed in 1917-1920, was revived for a short time during the NEP period. This was due, first of all, to the expansion of free commodity producers, the revival of demand, as well as the increase in business activity in the country. During this period of time, more than a hundred exchanges emerged, including such large ones as the Saratov, Perm, Vyatka, Nizhny Novgorod and Moscow Central Commodity Exchange.

At the same time, extensive legal regulation of exchange activities took place. By the resolution of the IX All-Russian Congress of Soviets on NEP issues, the Supreme Economic Council and its local bodies were allowed to establish commodity exchanges. On August 23, 1922, a resolution of the Council of Labor and Defense “On Commodity Exchanges” was issued, and then a resolution of the Council of People’s Commissars of the RSFSR “On Stock Exchange Operations”. These acts were included in the first Civil Code of the RSFSR in 1922 and were in force until 1925. They were replaced by the regulations on stock and commodity exchanges and stock departments at commodity exchanges of 1925, the new version of which was approved in 1928. This document, designed for all forms of exchange trading, was supplemented by acts of the People's Commissariat of Trade and the People's Commissariat of Finance of the RSFSR, among which were the Normal Charter of the Commodity Exchange, as well as the rules of exchange trading, which were established by their exchanges and were mandatory for their members and visitors. The listed acts of exchange activity were canceled in 1930, along with other legislative documents of the NEP, which served as the beginning of the directive economy that existed in our country? 70 years old

The creation of exchange institutions is a necessary condition for the functioning of the state market mechanism. The Exchange Institute of Russia experienced a revival in the early 90s of the twentieth century and is now in a period of its development. As the Russian stock exchange market develops, a system for its regulation is being created and fine-tuned. The idea of developing domestic exchange legislation appeared along with the exchanges. In July 1990, the first draft of the RSFSR Law “On the Commodity Exchange and Exchange Trading” was prepared, which was included in the “500 days” program. Then there were draft regulations coming from the exchanges themselves. Here we can highlight a draft resolution of the Council of Ministers of the RSFSR, developed at the MTB, and a draft resolution of the Presidium of the Supreme Council of the RSFSR, prepared at the RTSB. And, despite the fact that they all remained projects, nevertheless, their developments determined the main approaches to the problem. The development of a legal framework for regulating exchange activities in Russia was based on existing laws, regulations, provisions and decrees, with the help of which the transition from a command-administrative system of governing the country to a market economy was carried out.

The emergence of exchange structures was one of the directions for investing excess funds. Exchanges were created as joint-stock companies; by 1992, the exchange ceased to be the only symbol of the market, and became a true wholesale trade. At the same time, the process of establishing futures trading is underway. A distinctive feature of the largest Russian exchanges has always been their versatility, i.e. Both commodity and stock transactions are carried out on the same exchange. The formation of Russian exchanges was carried out in the absence of a regulatory framework, as well as in conditions of an unstable economy and a decline in production, and was associated with great risk for investors. The situation on the stock exchange was characterized by the rise and fall of earnings. One of the conditions for the formation of exchanges in the Russian Federation was the absence of forms of commodity circulation.

An exchange is a classic institution of a market economy that forms a wholesale market for goods. At the same time, the exchange has an organizational basis; economic basis; and legal basis. An exchange, from an organizational standpoint, is a well-equipped market place provided to brokers and dealers, that is, stock exchange professionals. From an economic point of view, this is a wholesale market organized in a certain place, regularly operating according to established rules, on which securities are traded, wholesale trade according to samples and standards, according to agreements and contracts for their supply in the future, as well as the sale of currency and rare earth metals according to prices officially set on the basis of supply and demand. The exchange is a legal entity that has separate property and can be a plaintiff and defendant in court, state arbitration court (arbitration court).

The main document of exchange trading on the territory of the Russian Federation is the Law of the Russian Federation “On Commodity Exchanges and Exchange Trading” dated February 20, 1992 No. 2383-I, which creates legal guarantees for trade and intermediary activities; takes into account the real processes that occur on modern exchanges. According to this law, the exchange organizes and conducts exchange trading, but cannot make transactions on its own behalf and at its own expense. It also cannot carry out trading, trade-intermediary and other types of activities not directly related to the organization of exchange trading. Enterprises and organizations that do not meet these provisions do not have the right to organize exchange trading, use the words “commodity exchange” or “exchange” in their name and are not subject to registration as exchange structures. The subject of exchange transactions cannot be real estate, intellectual and industrial property, or works of art.

The establishment of commodity exchanges occurs in several stages. First of all, a decision must be made to establish a commodity exchange. Then the next stage begins - the formation of the authorized (share) capital of the exchange, its governing bodies, as well as the development of constituent documents. A special stage in the process of establishing an exchange is the approval of its charter and/or the conclusion of a constituent agreement. And the final stage is state registration and licensing.

The procedure and conditions for creating a commodity exchange largely depend on its organizational and legal form. The possibility of creating a commodity exchange in the form of a commercial organization is indirectly confirmed by the Decree of the Government of the Russian Federation of February 24, 1994 No. 151 “On fees for issuing licenses to commodity exchanges.”

When creating a commodity exchange as a non-profit organization, the most acceptable organizational and legal forms are an association of legal entities (association or union) and a non-profit partnership. These legal structures allow for the organization of exchange trading and provide for the institution of membership, which is required by virtue of the Law on Commodity Exchanges.

Based on the fact that an exchange can be created in any organizational and legal form, its constituent documents must meet the relevant requirements of the Civil Code of the Russian Federation. The Civil Code of the Russian Federation (Article 52) includes the charter and constituent document as constituent documents.

The charter is a special local normative act, which is approved by its founders (participants). It comes into legal force from the moment of state registration of the commodity exchange. When creating an exchange in the form of a commercial organization, the charter must contain information about the company name, location of the exchange (legal address), procedure for managing activities, etc. The charter of a non-profit organization must define the subject and goals of the activity (Clause 2 of Article 52 of the Civil Code of the Russian Federation) . Additional requirements for the charter of a commodity exchange are contained in special laws. For example, the Law on Joint Stock Companies (Article 11) establishes a wide range of information that must be included in the company’s charter.

According to Art. 17 of the Law on Commodity Exchanges in the charter it is necessary to define: the structure of the management and control bodies of the exchange, their functions and powers, the procedure for making decisions; size of the authorized capital; list and procedure for the formation of permanent funds; maximum number of exchange members; the procedure for admission to members of the exchange, the procedure for suspension and termination of membership; rights and obligations of exchange members and other participants in exchange trading; the procedure for resolving disputes between exchange trading participants regarding exchange transactions, the activities of the exchange, its branches and other separate divisions.

The foundation agreement is a type of civil law transaction. It creates obligations with the participation of a third party - the exchange, which arises as a limited liability company on its basis. The foundation agreement, on the one hand, creates obligations between the founders (participants) of a commercial organization, and on the other hand, it imposes certain obligations on the created organization in the interests of the parties to the agreement. However, it should be noted that the participation of a third party - the exchange - arises not at the stage of concluding an agreement, but at the time of its registration as a legal entity. Thus, the constituent agreement determines the relationship of the founders (participants) regarding the creation, functioning and termination of the organization’s activities.

Documents required for state registration of an exchange should be distinguished from constituent documents. By virtue of the Regulations on the procedure for state registration of business entities, approved by Decree of the President of the Russian Federation of July 8, 1994 No. 1482, a commercial (or non-commercial, if the constituent documents grant it the right to conduct business activities) organization must submit the following documents: 1) application for registration , drawn up in any form and signed by the founder (founders); 2) the charter of the organization approved by the founder (founders); 3) the decision to create an organization or the constituent agreement; 4) documents confirming payment of at least 50 percent of the authorized capital of a commercial organization; 5) certificate of payment of state duty.

The Law on Commodity Exchanges determines that exchange trading is permissible only on the basis of a license issued by the Commodity Exchange Commission under the authorized government agency.

To obtain a license to organize exchange trading, you must submit the following documents to the said Commission within three months from the date of state registration of the exchange:

* application for a license;

* constituent documents of the commodity exchange;

* certificate of state registration of the exchange;

* exchange trading rules;

* a document confirming the contribution of at least 50 percent of the declared amount to the authorized capital of the commodity exchange;

* a document certifying the right to use the relevant premises for bidding;

* list of founders and distribution of shares among them (in percentage) in the authorized capital of the commodity exchange, indicating for individuals their positions at all places of work.

Particular attention should be paid to the rules of exchange trading. Rules are one of the main local regulatory legal acts, and its importance is difficult to overestimate. They establish norms of behavior and the procedure for interaction of trading participants with each other and with the exchange authorities. The rules regulate the exchange process, defining sanctions for violating the trading procedure on a given exchange. Along with other regulations, they protect the exchange market from unfair competition.

According to Art. 18 of the Law on Commodity Exchanges, the rules of exchange trading must contain the following provisions:

* bidding procedure;

* types of exchange transactions;

* name of product sections;

* list of the main structural divisions of the exchange;

* the procedure for informing exchange trading participants about upcoming exchange trading;

* procedure for registration and accounting of exchange transactions;

* procedure for quoting prices of exchange goods;

* the procedure for informing exchange trading participants about exchange transactions at previous exchange trading, including the prices of exchange transactions and the quotation of exchange prices;

* the procedure for informing exchange members and other participants in exchange trading about commodity markets and market conditions for exchange-traded goods;

* the procedure for mutual settlements between exchange members and other participants in exchange trading when concluding exchange transactions;

* measures to ensure the safety of goods sold, subject to mandatory certification and intended for sale on the territory of Russia, in the presence of a certificate and mark of conformity issued or recognized by an authorized body;

* measures to control the pricing process on the stock exchange in order to prevent a sharp daily increase in price levels, their artificial inflation or understatement, collusion or the spread of false rumors;

* measures to ensure order and discipline at exchange trading, as well as the procedure for applying these measures;

* measures to ensure compliance by exchange members and other exchange trading participants with decisions of government and management bodies on issues related to the activities of the exchange, the constituent documents of the exchange, trading rules, decisions of the general meeting of exchange members and other exchange management bodies;

* a list of violations for which the exchange charges fines from exchange trading participants, as well as the procedure for collecting them. The exchange independently and freely sets the amount of fines for violation of the charter, trading rules and other rules established by the internal documents of the exchange. The rules of exchange trading cannot establish an indisputable procedure for collecting fines. Please note that funds are debited from the account by the bank upon the client’s instructions. Without the client's consent, write-off is possible by court decision, as well as in cases established by law or provided for by an agreement between the bank and the client. The Law on Commodity Exchanges does not provide exchanges with the right to unquestionably write off sanctions, and also does not allow the possibility of establishing it in the rules of exchange trading;

* the amount of deductions, fees, tariffs and other payments and the procedure for their collection. Here the exchange is free to choose. It can independently establish deductions in its favor from commissions received by exchange intermediaries as remuneration for intermediary operations, as well as fees, tariffs and other payments from its members and other participants in exchange trading for services provided by the exchange and its divisions. In turn, the exchange is prohibited from establishing the amount of remuneration charged by exchange intermediaries for intermediary in transactions.

All documents attached to the application for a license must be bound and sealed by the exchange or notarized.

The Commodity Exchange Commission makes a decision on issuing a license within two months from the date of submission of the application with all the necessary documents. The issue of issuing a license is considered by the Commission in the presence of the applicant; he must receive notification of the date of consideration of documents at least three days before the meeting. Subject to the notification deadlines, the Commodity Exchange Commission has the right to make a decision on issuing a license in the absence of the applicant.

The issuance of a license may be refused if the submitted documents are improperly executed or do not comply with the requirements of current legislation. In this case, the documents are returned to the applicant for re-registration. They are reviewed again within one month from the date of receipt of a new application for a license. The Exchange has the right to appeal to court the Commission's decision to refuse to issue a license.

The license (in one copy) is issued within 15 days after the decision is made. In this case, it is necessary to present a document confirming the transfer of a one-time fee to the federal budget. The amount of payment is determined by Decree of the Government of the Russian Federation of February 24, 1994 No. 151 and is:

1) 30 times the minimum wage established by law - for an exchange registered as a commercial organization;

2) 20 times the size - for an exchange created as a non-profit organization.

A commodity exchange can be liquidated voluntarily or compulsorily.

In accordance with the Law on Commodity Exchanges (Articles 13 and 16), voluntary liquidation of an exchange is possible by decision of the general meeting of its members. Forced liquidation is carried out by a court decision if the exchange operates without proper permission (license) or activities prohibited by law, or with other repeated or gross violation of the law or other legal acts. A commodity exchange established as a commercial organization may be liquidated due to its recognition as insolvent (bankrupt).

Exchange trading is carried out in the form of open public trading, held in a predetermined place and at a certain time according to the rules established by the exchange.

The main requirement in this area is that transactions must be made only in a certain place (the exchange floor).

Participants in exchange trading are members and visitors of the exchange. Members of the exchange may be legal entities and (or) individuals who participate in the formation of the authorized capital of the exchange or make membership or other targeted contributions to the property of the exchange and have become members of the exchange in the manner prescribed by the constituent documents.

The law provides for two categories of exchange members: 1) full members - with the right to participate in exchange trading in all sections (departments, divisions) of the exchange; 2) partial members - with the right to participate in exchange trading in one section (department, branch). In addition, they have a certain number of votes (established by the constituent documents of the exchange). general meeting of members of the exchange and at general meetings of members of sections (divisions, divisions) of the exchange.

Exchange members have a set of rights; in particular, they can:

* participate in exchange trading;

* participate in decision-making at general meetings of members, as well as in the work of other management bodies of the exchange - in accordance with the provisions established in the constituent documents and other rules in force on the exchange;

* receive part of the distributed profit (if the exchange is created as a commercial organization).

Note that the most important privileges of exchange members are access to the trading floor and a reduction in fees for exchange transactions.

The legislation divides all members of the commodity exchange into two groups: those who act as brokerage firms or independent brokers, and those who do not possess this quality. A brokerage firm is a commercial organization created specifically to participate in exchange trading and provide intermediary services. A brokerage office is a separate structural unit of an organization (branch, representative office) that has a separate balance sheet and current account. An independent broker is an individual registered as an individual entrepreneur operating without forming a legal entity.

Exchange intermediation is carried out through brokerage and dealer activities. Brokerage activity is the execution of transactions on behalf of a client and at his expense, or on behalf of a client and at the expense of an exchange intermediary, or on behalf of an intermediary and at the expense of a client. In this case, the relationship between them is built on the basis of contracts of assignment, commission or agency agreements. If an exchange intermediary makes transactions on his own behalf and at his own expense for the purpose of subsequent resale on the exchange of the exchange goods belonging to him, such activity is called dealer activity.

The conditions and procedure for issuing, suspending and canceling licenses for commodity futures and options transactions of exchange intermediaries and brokers are determined by the relevant Regulations approved by the Decree of the Government of the Russian Federation of October 9, 1995; No. 981.

Visitors to exchange trading are understood to be legal entities and individuals (not members of the exchange) who, in accordance with the constituent documents of the exchange, have the right to carry out exchange transactions (Article 21 of the Law on Commodity Exchanges). The design of this norm allows the founders of a commodity exchange to independently form an open (with the participation of visitors) or closed exchange market. Visitors can be one-time or regular. One-time traders have the right to make transactions only for real goods, on their own behalf and at their own expense. Regular visitors are brokerage firms, brokerage houses or independent brokers who are not members of the exchange, but have the right to carry out exchange intermediation in the manner and under the conditions established for members of the exchange. It should be noted that current legislation prohibits granting a regular visitor the right to participate in exchange trading for a period of more than three years. In addition, the number of named persons should not exceed thirty percent of the total number of exchange members. Regular visitors use the services of the exchange and are required to pay a fee for the right to participate in trading. The amount of these payments is determined by the management body of the exchange.

The supreme governing body of the commodity exchange is the General Meeting of Exchange Members (Article 13 of the Law on Commodity Exchanges). The competence of the meeting is determined by federal laws and the charter of the exchange.

Taking into account the organizational and legal form for managing the exchange, a permanent body is created - the exchange committee (board of directors). He mainly exercises current control over the activities of the exchange and its executive body.

The current activities of the exchange are managed by a sole (director, general director, president) or collegial (presidium, board) executive body.

The management bodies of the exchange are divided into linear, functional and mixed. The executive bodies of the exchange are among the linear ones. The functional management bodies of the exchange are the heads of functional services: chief accountant, heads of economic services, personnel departments, etc.

2. Exchange functions

According to the Law of the Russian Federation “On Commodity Exchanges and Exchange Trading” dated February 20, 1992 N 2383-I, the exchange has the right to carry out activities directly related to the organization and regulation of exchange trading. At the same time, the exchange cannot carry out trading, trade-intermediary and other activities not directly related to the organization of exchange trading. Also, the exchange does not have the right to make deposits, acquire shares (shares), shares of organizations, if the organizations do not aim to carry out activities related to the organization of exchange trading.

Thus, when carrying out its direct activities, the exchange performs the following functions:

Organization of exchange meetings for conducting public public trading (organization of exchange trading, development of exchange trading rules, logistical support for exchange trading, logistical support for the qualification apparatus of the exchange).

Development of exchange contracts - includes standardization of requirements for the quality characteristics of exchange goods, standardization of the size of consignments of goods, development of uniform requirements for settlements of exchange transactions. Standard exchange contracts developed by exchanges help speed up the execution of concluded transactions.

Resolution of disputes regarding exchange transactions - in disputes, the exchange usually acts in an arbitration (state arbitration) court.

Determining and regulating exchange prices implies that the exchange participates in the formation of prices for all types of exchange goods. The exchange price itself is set in the process of its quotation, which is considered as the most important function of the exchange. Price quotation is the fixation of prices on the exchange during each day of its operation, as well as the registration of exchange rates or securities. Price quotation is, first of all, the registration of exchange prices according to exchange rules with their subsequent publication, and the publication of prices for exchange goods serves as a guide for sellers and buyers in choosing a strategy for behavior at the next auction.

Exchange insurance (hedging) of exchange trading participants against unfavorable price fluctuations - for this purpose, special types of exchange transactions and mechanisms for their conclusion are used.

Guaranteeing the execution of transactions, achieved through exchange clearing and settlement systems - for this, the exchange uses a system of non-cash payments by offsetting mutual claims (netting) and obligations of trading participants, and also organizes their use.

Information activity - involves the collection and registration of prices with their subsequent synthesis and publication, provision of this material to clients, as well as to the international information market.

Another important function of the exchange is organizing and guaranteeing settlements for transactions, providing a “delivery against payment” mechanism. Russian exchanges (MICEX, RTS, MBCM) receive a commission fee from each concluded transaction, and this is the main source of their income. Another source of income may be membership fees, fees for access to trading, and the sale of exchange information.

When all the above functions are implemented, exchange trading is carried out. Currently, exchange trading is carried out:

Ш by carrying out exchange transactions by an exchange intermediary on behalf of the client and at the expense of the client, on behalf of the client and at his own expense, or on his own behalf and at the expense of the client (so-called brokerage activities);

Ш by carrying out exchange transactions by an exchange intermediary on his own behalf and at his own expense for the purpose of subsequent resale on the exchange (the so-called dealer activity).

Exchange trading is organized by traders to facilitate the trading process, to develop a more effective mechanism and, subsequently, hedging (protection, insurance against unfavorable price changes). In accordance with this, exchange trading has specific features:

Exchange activity is concentrated in places of production and consumption of goods;

Conducted for specific types of goods (so-called exchange goods) in large quantities;

Conducted in the absence of goods according to samples, descriptions;

Conducted by contracts and agreements for their supply in the future and the right to conclude such agreements in the future;

Conducted regularly, the concentration of supply and demand, as well as buyers and sellers, is taken into account;

It is distinguished by the transparency of trading, everyone can obtain information about the volume of concluded transactions and prices;

Free pricing, prices are sensitive and very responsive to market conditions;

Conducted by exchange intermediaries who can act on behalf of producers and consumers of goods;

Lack of direct influence of the state on the exchange trading process;

Develops two standards: for quality and for prices of goods.

Exchange trading can be carried out on exchanges only on the basis of a license issued in accordance with the established procedure by the federal executive body in the field of financial markets. The exchange has the right to submit an application for a license if, at the time of application, the amount of contributions to the authorized capital is at least 50 percent of its declared amount. A license to organize exchange trading is issued to an exchange after establishing compliance of its constituent documents and exchange trading rules with the requirements of the legislation of the Russian Federation, as well as subject to appropriate execution of documents and their submission to the federal executive body in the field of financial markets no later than two months from the date of submission statements.

In case of refusal to issue a license, the exchange has the right to re-apply to the federal executive body in the field of financial markets with an application to grant it a license, which is considered within one month from the date of receipt of the repeated application for the license. It should be noted that the exchange has the right to appeal in court the decision of the federal executive body in the field of financial markets to refuse to issue a license. The procedure for issuing, canceling and suspending a license is determined by the Regulations on Licensing of Commodity Exchanges, which is approved by the Government of the Russian Federation.

When organizing exchange trading, exchange transactions are carried out on the exchange - contracts registered by the exchange, concluded by participants in exchange trading in relation to exchange goods during exchange trading. The procedure for registration and execution of transactions is established by the exchange itself, and exchange transactions cannot be carried out on behalf of and at the expense of the exchange. Participants in exchange trading can make transactions related to:

Mutual transfer of rights and obligations in relation to real goods;

Mutual transfer of rights and obligations in relation to real goods with a deferred delivery date (forward transactions);

Mutual transfer of rights and obligations in relation to standard contracts for the supply of exchange goods (futures transactions);

Assignment of rights to the future transfer of rights and obligations in relation to an exchange commodity or a contract for the supply of goods (option transactions);

Other transactions in relation to exchange goods, contracts or rights established in the rules of exchange trading.

The exchange may have branches and separate divisions. The liquidation of the exchange is carried out by decision of the supreme management body of the exchange, a court, an arbitration court in the manner prescribed by the laws of the Russian Federation

3. The meaning of the exchange

Exchanges are an element of market management and are very common in developed capitalist countries, and since Russia is part of the world market, it objectively needs their existence. The economic reform in our country is based on the principles of free commodity production and the commodity market. The exchange, as a trading intermediary, is one of the indispensable elements of the market infrastructure, without which a market economy cannot exist. The role of the stock exchange in the economy is directly proportional to the development of market relations - the more market principles predominate, the more important the stock exchange becomes. Exchanges have actually replaced the state distribution system; they are an intermediary link characteristic of developed commodity production.

Creation of exchange institutions in Russia in the early 90s. was one of the necessary conditions for the development of market relations. Thus, modern Russian exchanges have many of the basic features of classical exchange institutions. At the same time, a distinctive feature of the largest Russian exchanges has always been their versatility, when both commodity and stock transactions are carried out simultaneously on the territory of one exchange. Moreover, this is typical both for the exchanges of the pre-October period and for the Soviet exchanges of the NEP period. The number of exchanges, the auction principle of trading, exchange barter, the sale of single or small-scale batches of goods and services are the main features inherent only to the Russian exchange system. They are associated with the unusual economic situation in the country today.

Despite the fact that the Russian exchange institute is in its infancy, today we can already talk about the positive results obtained. First of all, having emerged from state ownership, Russian exchanges themselves became a catalyst for its transformation into private property. It should be noted that today the development of exchange activities on the territory of the Russian Federation creates favorable conditions for foreign investments that enrich the Russian market with goods and services in demand.

Also, the development of the stock exchange business provides for a massive influx of qualified personnel and stimulates the development of the theory of stock exchange business.

At present, an appropriate legislative framework has practically been created, which determines the procedure for organizing exchanges, their functioning, and the use of capital. With the help of the Federal Laws of the Russian Federation “On Commodity Exchanges and Exchange Trading”, “On the Securities Market”, “On Currency Regulation and Currency Control”, the procedure for state regulation of the activities of commodity, currency and stock exchanges in Russia has been established, and special state control bodies have been created.

In general, we can conclude that the development of exchange activities in the Russian Federation is currently stimulating the development of exchange legislation, and it is important that the adoption of relevant laws keeps pace with the rapidly changing conditions of the market economy.

To summarize, we can highlight the following positions of the exchange movement in our country: this is, first of all, the increase in the economic power of large specialized exchanges; standardization and typification of the rules of exchange trading, exchange contracts and brokerage documentation; growth in the number of stock and currency exchanges; increase in forward and futures transactions; gradual abandonment of barter transactions and auction principles of bidding; insurance of exchange transactions, transformation of exchange structures into non-profit organizations; formation of a single exchange space in the country; details of exchange legislation. Thus, the exchange institution affects many main areas of the market economy, having a significant impact on the development of legislation in the field of entrepreneurship. Therefore, its formation and development can and should be considered in the context of ongoing democratic reforms.

Conclusion

The presented test paper examined the topic “General characteristics of the legal status of the exchange (concept, functions, meaning).” In the process of studying, the following tasks were solved: the concept of an exchange was explored; the functions and activities of the exchange were studied; The meaning of the exchange has been clarified.

It should be noted that the legal status of an exchange is a set of rights, obligations and legitimate interests guaranteed to the exchange by the state. An exchange is a legal entity that ensures the regular functioning of an organized market for goods, currencies, securities, and derivative financial instruments. The organization of exchange trading with the help of exchanges on the scale of the Russian state today is one of the directions of public policy in the economic sphere of the country.

Currently, an appropriate legislative framework has been created that determines the legal status of exchanges: with the help of the Federal Laws of the Russian Federation “On Commodity Exchanges and Exchange Trading”, “On the Securities Market”, “On Currency Regulation and Currency Control” - the procedure for state regulation of the activities of commodity exchanges has been established. , currency and stock exchanges in Russia, special state control bodies have been created.

As experience shows, the formation and development of modern exchange institutions is possible if there are adequate economic prerequisites, as well as with proper legal support. Such legal support is possible only when the legislator, following legal science, develops an adequate understanding of the legal essence of the exchange. Naturally, the designated essence is closely related to civil law and manifests itself precisely in this area. This situation is brought to life by the fact that any exchange today is a specially organized and specially functioning legal entity, a subject of civil law, operating in the field of organized wholesale trade of one or another product.

List of used literature

1. Constitution of the Russian Federation of December 12, 1993. [Electronic resource]. - Access mode: Http://www.rg.ru/.

2. On commodity exchanges and exchange trading: Law of the Russian Federation of February 20, 1992 N 2383-I. (as amended on June 24, 1992, April 30, 1993, June 19, 1995, March 21, 2002, June 29, 2004, December 26, 2005, April 15, 2006). [Electronic resource]. - Access mode: Http://www.garant.ru/

3. On the securities market: Federal Law of the Russian Federation of April 22, 1996 No. 39-FZ. [Electronic resource]. - Consultant Plus. - Version dated December 1, 2007 - CD-ROM.

4. On currency regulation and currency control: Federal Law of the Russian Federation of December 10, 2003 No. 173-FZ. [Electronic resource]. - Access mode: Http://www.garant.ru/.

5. Andreeva L.V. Commercial law of Russia: problems of legal regulation. / L.V. Andreeva. - M.: NORMA-INFRA-M, 2006. - 280 p.

6. Belykh S., Vinchenko S.I. Exchange law: Textbook / S. Belykh. - M.: Special literature, 2005. - 365 p.

7. Gryaznova A.G., Korneva R.V., Galanov V.A. Exchange activities. / A.G. Gryaznova. - M.: Finance and Statistics, 2004. - 435 p.

8. Petrov P.V., Solomatin A.P. Economics of commodity circulation: Textbook for universities. / P.V. Petrov. - M., 2006. - 311 p.

9. Puginsky B.I. Commercial law: Textbook. / B.I. Puginsky. - M.: NORMA-INFRA-M, 2006. - 430 p.

10. Encyclopedia of Russian law. [Electronic resource]. - Legal system on CD-ROM. Version dated December 1, 2007 - CD-ROM.

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Organizations that ensure the conclusion of transactions

Organizers of trade in the securities market are professional market participants engaged in organizing trade, which consists of providing services that directly facilitate the conclusion of civil transactions with securities between participants in the securities market.

The organizer of trade is the stock exchange. Stock Exchange is an organized, regularly functioning, centralized market with a fixed place of trading, with a procedure for selecting securities and market operators that meet certain requirements, with the presence of temporary regulations for trading securities and standard trading procedures, with centralization of registration of transactions and settlements on them, the establishment of official (stock) quotes. It supervises exchange members, provides settlement and information services, provides certain guarantees and receives commissions from transactions. A stock exchange is a non-profit enterprise operating under a license, the procedure for issuing which is determined by the Regulations on licensing exchange activities in the securities market, approved by letter of the Ministry of Finance of Russia dated April 15, 1992 No. 20 with subsequent amendments to it.

The stock exchange organizes trading only between exchange members. Other participants in the securities market can carry out transactions on the exchange only through the intermediary of members of the exchange, which can be any professional participants in the securities market.

Trading on the organized over-the-counter securities market is carried out in the trading system. Trading system This is a set of technical, technological and organizational means that make it possible to conclude transactions with securities and verify its parameters.

The largest electronic trading system in Russia is the Russian Trading System (RTS), which unites investment companies and banks.

Organizations ensuring the execution of transactions include: clearing organizations, depositories, registrars (register holders).

Clearing (settlement and crediting) organizations- organizations carrying out activities to determine mutual obligations (collection, reconciliation, adjustment of information on transactions with securities and preparation of accounting documents for them) and their offset for the supply of securities and settlements on them. These are organizations that have the appropriate license and operate on the basis of the Temporary Regulations on Clearing Activities on the Securities Market in the Russian Federation, approved by Resolution of the Federal Commission for the Securities Market dated December 30, 1997 No. 44.
A clearing organization usually exists in the same legal forms as commercial banks, but most often in the form of a closed joint stock company. It can serve any one stock exchange or several stock exchanges or securities markets at once.

The clearing organization carries out:

collection of data on transactions in securities (for netting and settlements) - on participants in transactions, categories of securities, place and time of transactions, form of settlements for them;
compiling a list of transactions for netting and settlement (usually through comparison and adjustment). As a result of netting (classification of concluded transactions in order to minimize the number of transactions between parties with securities), the volume of transactions is reduced to a relatively small number of cases of delivery of securities and transfer of funds.

Depositories- professional participants in the securities market carrying out depository activities, i.e. activities related to the provision of services for the storage of securities issued in documentary and uncertificated forms, and taking into account the transfer of title to them. Only an economic entity can be a depositary.

The responsibilities of the depository include:

registration of facts of encumbering the depositor's securities with obligations;
maintaining a separate depository account for the depositor, indicating the date and basis of each transaction on the account;
transfer to the depositor of all information about securities received by the depository from the issuer or the holder of the register of securities owners.

The depository has the right to register in the system of maintaining a register of securities owners or with another depository as a nominee holder.

Registrar(register holder) - a legal entity engaged in maintaining a register of owners of registered securities (for bearer securities a register maintenance system is not maintained), which consists of collecting, recording, processing, storing and providing data that makes up the system for maintaining a register of owners of securities papers He does not have the right to make transactions with securities of issuers whose registers he maintains.

The activities of the registrar include maintaining personal accounts of registered persons, maintaining records of securities on the issuer's and personal accounts of the issuer, storing and recording documents that are the basis for making entries in the register, and recording accrued income on securities. The registrar's task is to provide the register to the issuer on time and without errors.

The function of the registrar can be performed by the joint stock company itself (if the number of securities owners does not exceed 500 people), or by a third-party organization - a professional in maintaining the register (this can be a bank, a specialized registrar, i.e. a legal entity).

News agencies play a special role in the bond market. There are many information agencies, each of which not only accumulates information, but also offers different ways of delivering and processing it. This part of the market is divided between foreign and domestic news agencies. Among the foreign ones on the Russian market there are such well-known agencies as Reuters, Dow Jones Telerate, Bloomberg, Tenfor. The Interbank Financial House (MFD) takes a very active position with its official dealer in the North-West, the St. Petersburg Interbank Financial House (G1MFD). The Dixie+ information system they developed is installed in most small and medium-sized companies operating in the securities market. The AK&M agency system is similar to Dixie+. Many news agencies use the capabilities of the Internet to transmit information.

The Law on Commodity Exchanges determines that exchange trading is permissible only on the basis of a license issued by the Commodity Exchange Commission under the authorized government agency.

To obtain a license to organize exchange trading, you must submit the following documents to the said Commission within three months from the date of state registration of the exchange:

* application for a license;
* constituent documents of the commodity exchange;
* certificate of state registration of the exchange;
* exchange trading rules;
* a document confirming the contribution of at least 50 percent of the declared amount to the authorized capital of the commodity exchange;
* a document certifying the right to use the relevant premises for bidding;
* list of founders and distribution of shares among them (in percentage) in the authorized capital of the commodity exchange, indicating for individuals their positions at all places of work.

According to Art. 18 of the Law on Commodity Exchanges, the rules of exchange trading must contain the following provisions:

* bidding procedure;
* types of exchange transactions;
* name of product sections;
* list of the main structural divisions of the exchange;
* the procedure for informing exchange trading participants about upcoming exchange trading;
* procedure for registration and accounting of exchange transactions;
* procedure for quoting prices of exchange goods;
* the procedure for informing exchange trading participants about exchange transactions at previous exchange trading, including the prices of exchange transactions and the quotation of exchange prices;
* the procedure for informing exchange members and other participants in exchange trading about commodity markets and market conditions for exchange-traded goods;
* the procedure for mutual settlements between exchange members and other participants in exchange trading when concluding exchange transactions;
* measures to ensure the safety of goods sold, subject to mandatory certification and intended for sale on the territory of Russia, in the presence of a certificate and mark of conformity issued or recognized by an authorized body;
* measures to control the pricing process on the stock exchange in order to prevent a sharp daily increase in price levels, their artificial inflation or understatement, collusion or the spread of false rumors;
* measures to ensure order and discipline at exchange trading, as well as the procedure for applying these measures;
* measures to ensure compliance by exchange members and other exchange trading participants with decisions of government and management bodies on issues related to the activities of the exchange, the constituent documents of the exchange, trading rules, decisions of the general meeting of exchange members and other exchange management bodies;
* a list of violations for which the exchange charges fines from exchange trading participants, as well as the procedure for collecting them. The exchange independently and freely sets the amount of fines for violation of the charter, trading rules and other rules established by the internal documents of the exchange. The rules of exchange trading cannot establish an indisputable procedure for collecting fines. Please note that funds are debited from the account by the bank upon the client’s instructions. Without the client's consent, write-off is possible by court decision, as well as in cases established by law or provided for by an agreement between the bank and the client. The Law on Commodity Exchanges does not provide exchanges with the right to unquestionably write off sanctions, and also does not allow the possibility of establishing it in the rules of exchange trading;
* the amount of deductions, fees, tariffs and other payments and the procedure for their collection. Here the exchange is free to choose. It can independently establish deductions in its favor from commissions received by exchange intermediaries as remuneration for intermediary operations, as well as fees, tariffs and other payments from its members and other participants in exchange trading for services provided by the exchange and its divisions. In turn, the exchange is prohibited from establishing the amount of remuneration charged by exchange intermediaries for intermediary in transactions.

All documents attached to the application for a license must be bound and sealed by the exchange or notarized.

1) 30 times the minimum wage established by law - for an exchange registered as a commercial organization;
2) 20 times the size - for an exchange created as a non-profit organization.

A commodity exchange can be liquidated voluntarily or compulsorily.

Exchange trading is carried out in the form of open public trading, held in a predetermined place and at a certain time according to the rules established by the exchange.

The main requirement in this area is that transactions must be made only in a certain place (the exchange floor).

Exchange members have a set of rights; in particular, they can:

* participate in exchange trading;
* participate in decision-making at general meetings of members, as well as in the work of other management bodies of the exchange - in accordance with the provisions established in the constituent documents and other rules in force on the exchange;
* receive part of the distributed profit (if the exchange is created as a commercial organization).

Note that the most important privileges of exchange members are access to the trading floor and a reduction in fees for exchange transactions.

The current activities of the exchange are managed by a sole (director, general director, president) or collegial (presidium, board) executive body.

), the size of which is regulated by the regulatory documents of the exchange.

Previously, an exchange was a place or building where traders and intermediaries, stockbrokers gather at certain hours to conclude transactions with securities or goods.

Before the era of computerization, the parties agreed on transactions orally. Nowadays, trading is mostly carried out electronically using specialized programs. Brokers, in their own interests or in the interests of clients, submit orders to buy or sell a security (currency, commodity) to trading systems. These bids are satisfied by counter bids from other traders. The exchange keeps records of executed transactions, implements, organizes and guarantees settlements (clearing), and provides a “delivery versus payment” interaction mechanism.

Exchange functions

providing a place for trade (a meeting place for buyers and sellers);
organization of exchange trading;
establishing trade rules, including standards for goods sold through the exchange;
development of standard contracts;
settlement (arbitration) of disputes;
information activities;
provision of certain guarantees for the fulfillment of obligations by trading participants.

Classification of exchanges

Depending on the assets (instruments) traded, exchanges are divided into:

optional

However, there have always been universal exchanges- exchanges that combine the organization of trading in various instruments within the same organizational structure (often in different sections).

Exchange structure

In different countries and even within the same country, the structure of exchanges varies greatly. However, despite the differences, it is possible to identify and outline the typical organizational and structural features of building commodity exchanges.

From the point of view of the organizational and legal form, exchanges are formed primarily in the form of joint stock companies. At the same time, these can be partnerships, limited liability companies, mixed partnerships and even private enterprises.

Most often, exchanges are closed joint-stock companies (CJSC). Their shares are not subject to free sale. Thus, the governing bodies of the exchange have the opportunity to select those wishing to become shareholders at their own discretion, and to prevent random persons from entering the joint-stock company. This approach is to a certain extent justified by the fact that the exchange operates with multimillion-dollar sums, and therefore it is advisable to minimize the risk of strangers, random people with an unknown reputation getting into this business.

In accordance with the organizational and legal forms of business, the vast majority of exchanges do not belong to state organizations (although in principle state exchanges are also possible), but are commercial enterprises of non-state forms of ownership. Their income is formed mainly from receipts from clients and participants in wholesale trade conducted by the exchange.

Members of the exchange can be not only citizens of their own country, but also foreign citizens and organizations (legal entities) that are legally allowed to engage in entrepreneurial activities. However, not every person and not every organization can become members of the exchange. To do this, you must meet the requirements of its charter and have sufficient starting capital to pay a very large share fee or buy an almost equally expensive brokerage position on the stock exchange. In addition, one can become a member of the exchange only by decision of the exchange council.

Exchange management, structure and functions

The management of the exchange, the structure and functions of management bodies are built, as is customary in joint-stock companies. The supreme governing body is the general meeting of exchange members, held, as a rule, once a year. This is a kind of legislative body of the exchange, determining the statutory forms and making fundamental decisions in the field of exchange activities. The functions of the meeting include the adoption of the charter and other constituent documents, the introduction of amendments and additions to them, the election of the exchange council, the creation and closure of branches, the consideration and approval of annual reports. The general meeting is also intended to determine the goals and development strategy of the exchange. In pre-revolutionary Russia, such meetings were called gatherings of the stock exchange society.

The highest executive body of the exchange is the exchange council, also called the board of directors (managers). The number and personal composition of the exchange council is determined by the general meeting of members (shareholders) of the exchange. The Exchange Council usually meets at least once a month or even weekly. This is a control and administrative body that carries out the current management of the affairs of the exchange. He has the right to resolve any issue that is not within the exclusive competence of the general meeting, represents and protects the interests of all members - participants of the exchange.

These functions directly performed by the exchange council include preparing materials for the general meeting of exchange members, directing the work of the executive directorate, regulating financial affairs, establishing temporary operating hours for the exchange, conducting trading, monitoring price quotes, organizing the selection and registration of brokers, etc. etc. Decisions of the exchange council on this range of functions are mandatory for all members and employees of the exchange.

For the operational management of the day-to-day administrative, economic and commercial-financial activities of the exchange, the council appoints a board or executive directorate. The functions of this body include organizing the execution of decisions of the exchange council, solving current problems arising in the course of the exchange’s activities, establishing interaction between divisions, prompt intervention in the event of failures, and day-to-day regulation of exchange processes.

At large exchanges, a directorate is created under the board. In this case, the board can take on part of the functions of the exchange council, and the directorate deals with operational matters.

The structure of operational management bodies is usually quite complex. First of all, the central, internal bodies of the exchange and the peripheral, external ones are distinguished. The first ones are usually located in the exchange building itself, representing its main working apparatus, which directly organizes and conducts trading, directs and executes transactions. Peripheral bodies, unlike central ones, perform not the main, but auxiliary functions of pre-sale and after-sale service, servicing exchange clients, local sellers and buyers of goods. They can be located in any corner of the country where primary demand and supply of goods arises. Such external bodies are usually represented by local branches, branches of exchanges and brokerage houses. They work for the central exchange, collect and accept orders for exchange services. Employees of such peripheral branches are usually called brokers - order takers.

Let us dwell on the description of the exchange bodies and its participants. For this purpose, we will highlight the main parts, the main functional elements of the exchange and briefly describe the participants in exchange operations. Brokerage houses and firms submit orders to the exchange's trading system and facilitate their movement to sources of demand (if these are orders to sell) and supply (if these are orders to buy), that is, the conclusion of transactions. Brokers act as intermediaries between the seller and buyer of goods, connecting their interests, and at the same time as authorized representatives acting on the exchange as proxies of the owners of the goods being sold and their buyers (the word “broker” means “intermediary”, “commission agent”, “appraiser” "). Brokers have their own permanent positions on the exchange and are an integral part of its structure.

Persons engaged in exchange intermediation on their own behalf and at their own expense are called, in contrast to brokers, dealers (jobbers). This is an individual or company conducting exchange transactions as participants in transactions.

Exchange committees (commissions) perform a certain, predetermined range of functions in preparing and conducting the exchange process. Typically, these include committees on exchange trading rules, standards and quality, quotation committees, and exchange information services. These are special divisions of exchanges.

The Rules Committee is busy drawing up new rules and making changes to the existing rules of exchange trading, preparing standard contracts, monitoring compliance with rules and regulations, and familiarizing stakeholders with the rules.

The Standards and Quality Committee develops exchange standards, carries out an examination of the quality of goods submitted for auction, and prepares examination reports.

The quotation committee, based on market conditions and previously completed transactions, determines the average level and ratio of prices for exchange goods, that is, it quotes goods. At the same time, he prepares a stock exchange bulletin of reference prices. It publishes data on the minimum and maximum prices at which transactions were made on the exchange. Such a newsletter serves as a significant help for brokers.

Information services ensure the movement of information through communication channels and information services in accordance with the accepted procedure and technology for conducting the exchange process. The core of the exchange is the operating room, divided into specialized trading sections, each of which is occupied with the execution of either certain types of trading transactions, or transactions by groups and types of goods. Large exchanges usually have up to five or more such sections.

The final connection of the offer to sell and the order to buy occurs in the so-called exchange ring (“exchange pit”), which plays the role of the main stage. Transactions are considered exchange transactions if they are concluded publicly within this territory.

The law of supply and demand rules the roost in the exchange ring, although it does not operate entirely freely. The price also depends on the individual positions and assessments of trading participants, primarily broker-sellers and broker-buyers. To record and register the results of transactions, a registration bureau (committee) is allocated in the structure of the exchange. Its main function is to document the current exchange price agreed to by both parties involved in the transaction. To ensure monetary transactions accompanying the transaction, the required calculations are carried out by the clearing house.

Along with these basic elements of exchange structures that characterize the structure of the exchange, it should include an exchange arbitration commission. It is designed to resolve conflict situations and thereby ensure legal order.

The Commission may send state commissioners to the exchanges who have the right of access to any exchange information.

How trading is conducted on the stock exchange

Let us now consider the basic diagram of the functioning of the exchange and the procedure for conducting trading. It should be taken into account that each exchange has its own peculiarities of organizing the exchange process, which are also constantly being improved as the exchange business develops.

Only members of the exchange have the right to carry out exchange operations independently or through their authorized representatives, as well as exchange brokers on behalf of members of the exchange. Therefore, a client who wishes to buy or sell his goods through an exchange must first contact a brokerage house that is a member of this exchange and contact the order taking broker. The client fills out the order form and submits it to the authorized broker. All these preliminary, starting operations can be carried out outside the exchange, in peripheral bodies. Only after the authorized broker transmits the application and gives instructions to the broker executing the accounts, it is received by the central authorities of the exchange. All exchange services and operations are paid. The exchange client is obliged to bear the costs himself. On many exchanges, before the execution of the order begins, the client must deposit a guarantee deposit into the exchange account (“ margin"), amounting to up to 10% of the estimated value of the subject of the transaction. The margin is not used by the exchange, but serves as a guarantee for the execution of the transaction by the client. If the client has paid the amounts required for the transaction, then he has the right to receive the margin back.

The application accepted by the exchange enters the trading section of the operating room, passing through the receiving console and the register, and then is sent to the exchange ring. The exchange may carry out preliminary filtering of orders to eliminate those that do not comply with regulatory requirements or are obviously unrealistic.

The actual trading takes place in the exchange ring, located in the operating room. Stock brokers, members of the exchange who have the right to conclude transactions and have applications from their clients, transmit applications to a representative of the brokerage firm located in the exchange ring, who directly participates in trading. Along with brokers, stockbrokers who are members of the exchange staff take part in trading as leading and fixing transactions. It is customary for bidders to be given cards of different colors. So, brokers usually receive blue or red cards, and brokers - green. Broker assistants most often have yellow cards. Due to the fact that the exchange floor is usually very noisy, during trading brokers and stockbrokers communicate by raising cards or using gestures (there is an established sign language on exchanges). Typically, the lead broker begins the sale by announcing the items for sale. If the broker's message has aroused interest among the brokers present who want to purchase the goods, they confirm this by raising their hand with the card. After the entire list has been announced and a short break, a discussion of the proposals of the broker-sellers begins. Ideally, an interested broker-buyer responds to the offer, that is, a counterparty who wants to purchase the entire consignment of goods. And the deal is immediately fixed. If this option does not work, then counter-offers from broker-buyers are discussed on the conditions under which they agree to purchase the product or part of it. In the event of a repeated unsuccessful attempt to conclude a deal, it is postponed and further proposals are considered.

When an agreement is reached between the broker-seller and the broker-buyer (in the form of their verbal agreement on the mutual acceptability of the conditions), the broker records the transaction with an entry in the registration card. Such registration indicates that the transaction has been concluded.

The above description of trading is extremely simplified in order to facilitate the perception of the process as a whole. The actual bidding procedure is much more complex and varied. The procedure for conducting transactions largely depends on the type of transactions, as well as on the traditions established at each exchange, the level of equipment of the exchanges with areas, premises, means of transmitting and displaying information, and computer equipment. Various branches from the main scheme and its variations are possible. In particular, the above applies to newly emerging, emerging exchanges operating in the conditions of the formation of market relations.

Types of transactions

Long position (purchase of a financial instrument - stocks, bonds, currencies, futures, options, etc. - in anticipation of an increase in its value)
Short position (short sale, that is, securities are borrowed and sold in anticipation of a fall in their value, with the provision of buying back the asset that has fallen in price and returning it to the lender)

Regulation of activities

Games

Several games have been created that simulate the stock exchange. Among them:

Broker (game)
Broker +1 (game)

History in Russia

During the NEP

The first Soviet stock exchanges appeared in the USSR in the summer of 1921 - Saratov, Perm, Vyatka, Nizhny Novgorod and Rostov. They were cooperative, but with the appearance at the end of December 1921 of the Moscow Central Commodity Exchange of the Supreme Economic Council and the Central Union, the cooperative exchange was replaced by a “mixed” exchange with the bodies of the Supreme Economic Council, and in the first half of 1922 all exchanges were reformed in accordance with the charter of the Moscow Exchange. Soviet exchanges were tasked with identifying supply and demand, regulating trading operations, and monitoring the correctness and economic feasibility of transactions.

On January 2, 1922, the Supreme Economic Council issued an order on the participation of state enterprises and organizations in exchange transactions and opened schools of “trade literacy,” but at first enterprises avoided participation in exchange transactions. Quotation on the Moscow Exchange began 10 months from the date of its formation; until the summer of 1922, quotation was carried out on only 24 of the 39 existing exchanges. Private individuals could not be members of the Soviet exchanges, although they were allowed to attend exchange meetings if they were regular visitors and paid an annual fee. As a result, the share of private capital in exchange transactions was significantly inferior to the share of government agencies. In 1923, the average annual percentage of private capital in stock exchange turnover did not exceed 15.5%, and its growth rate was significantly lower than government turnover: 11% versus 45%.

In 1923, there were already 70 exchanges in the USSR. But the state viewed them as a tool for “capturing the market” and ousting private traders from the economic sphere. In September 1922, the STO obliged government agencies to compulsorily register on the stock exchange transactions made outside the stock exchange. Since exchanges charged higher fees for registering over-the-counter transactions compared to exchange transactions, this resolution contributed to an artificial increase in exchange turnover.

At the beginning of 1927, the Council of People's Commissars and the Council of Labor and Defense made a decision limiting the operation of exchanges, and as a result, out of 70 exchanges, 56 remained, and in 1929-1930. and they were closed.

Notes

Links

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Synonyms:

Exchange-traded securities NamePrice Bill of exchange for a consolation prize 7 smart notes Bill of exchange for one hint on a test 8 smart notes Bill of exchange for one “excellent” grade 9 smart notes Bill of exchange for a grade increase by 1 point 10 smart cards Bill of exchange for one uncompleted homework 11 smart cards

1111 Safety

How much time can 5th grade students spend on the computer? Experts believe that primary school students can spend no more than 10 minutes at the computer. From the fifth to the seventh grades, the time spent on the computer should not exceed 15 minutes, from the seventh to the ninth - no more than 20 minutes, in classes - no more than 30 minutes in the first lesson and no more than 20 minutes in the second.

Proper nutrition when working at a computer Since the eyes are most affected when working at a computer, vitamin C is very important in the diet. Eat more citrus fruits and cranberries. A mineral no less useful for vision is zinc. It is found in sweet bell peppers, pumpkin seeds, and fresh beets. Another important element is calcium. There is a lot of it in dairy products. Vitamins E, A, beta-carotene help strengthen the walls of blood vessels and the capillary system, improve vision. Contained in carrots and blueberries. The only important point is that carrots and the beta-carotene they contain are not digestible without fat. Therefore, when preparing yourself a carrot salad, be sure to add sour cream or olive oil.

The use of the Internet in the gymnasium is aimed at solving the problems of the educational process; solving the problems of the educational process; organizing free access to any Internet resources for all participants in the educational process; obtaining a variety of information

If a resource is accidentally discovered, the content of which is incompatible with the goals of the educational process, the participant in the educational process is obliged to immediately inform the teacher conducting the lesson about this; immediately inform the teacher conducting the lesson about this; leave this resource; do not have to do anything, but must simply continue working

Why is it not customary to write in CAPITAL LETTERS on forums, social networks, and chats? For most people on the Internet, capital letters are perceived as a shout and are very noticeable; This is often annoying. Do you often scream at the top of your lungs in life? Avoid capital letters.