Concept of the exchange.
The concept of the exchange came to us from the Belgian city
of Bruges of the 15th century (when it is finite, it was not Belgium, but
Flanders). Then on the central square there took place bill fairs (auction).
Near the house of dear family of van der Byurs. Byurs means "purse", and the
appropriate image was on the coat of arms of this house. And the auction
received the name Borsa.
Presently, the exchange is a legal entity which ensures functioning of the
market of exchange goods, currencies, other securities and financial instruments.
Now transactions of the sides happen, generally in electronic form. Not so long
ago the exchanges called the place or location where in certain time brokers,
intermediaries gathered, buyers also orally concluded bargains on stock
acquisition or exchange goods. The exchange lives due to commission collections
with these transactions.
Functions of the exchange.
- Support of the trade place (for a meeting of the seller and
the buyer, in electronic option are the websites and special programs for
exchange trade).
- Organization of exchange trade.
- Installation of rules of the bargaining, standards of goods.
- Development of standard types of contracts (support at the level of
documentation and document flow).
- Quotation (installation of the price, is engaged in it special quoted committee).
- Settlement of disputes.
- Information support.
- Performance the guarantor of performance of obligations (purchases, payments)
between the seller and the buyer.
Classification of the exchanges.
Types of the exchanges exists much, and most of them combines activities of some of its varieties. But all economists distinguish three main types of exchange trade.
Commodity exchange.
The commodity exchange is a wholesale market on the basis of the free
competition in which transactions of purchase and sale mass, standard on quality,
interchangeable goods are made.
This type of goods is called exchange goods. In a pattern at the moment there
are about hundred types of exchange goods, and they make about one fifth all
world trades.
Types of exchange goods:
- Energetic raw materials (gas, oil, fuel).
- Metals color and precious.
- Grain (wheat, rice, rye).
- Maslosemena and products of processing (soy, beans, soy oil, sunflower oil, etc.).
- Meat and live animals (pigs, cows, etc.).
- Food and flavoring goods (sugar, coffee, cocoa, spices, peanut, etc.).
- Textiles (cotton, silk, wool).
- Industrial raw materials (wood, plywood, rubber).
There are two types of commodity exchanges:
- the universal exchange (Chicago board of trade, Tokyo commodity exchange, Sydney
exchange);
- specialized exchange (New York cotton exchange, London Metal Exchange).
Currency exchange.
The currency exchange – an element of the foreign exchange market, the place
where there is the free purchase and sale of national currencies according to a
ratio of their courses (quotation). The currency exchange has all signs of
exchange trade, but, unlike commodity exchange, its main objective – not
receiving profit, but redistribution of currency resources between different
branches of economy. One more task (it is the principal function of the currency
exchange) – establishment of a market rate of national and foreign currencies.
In Russia all currency exchanges work by the rules set by the Central Bank of
the Russian Federation.
Examples of the currency exchanges: The European optional exchange in Amsterdam,
the German urgent exchange in Frankfurt, the Singapore exchange.
Stock exchange.
The stock exchange is a financial institution which regulates operation of
securities market.
Main objectives of stock exchange:
- Support of the place for operations of purchase and sale of securities.
- Installation of the equilibrium price.
- Support of the open exchange auction.
- Resolution of disputes.
- Warranties of execution of transactions.
- Development of the code of behavior of buyers and sellers.
- Mediation in case of money transfer.
The largest stock exchange in a pattern is the integrated European-American exchange NYSE Euronext consisting of the former New York Stock Exchange and the European exchange Euronext (nearly 16 trillion US dollars). On the 17th place of this rating – the Moscow Exchange with assets almost in one trillion dollars.
***
In the Russian Federation division of the exchanges into stock, currency and commodity exchanges is not provided. For all of them one concept - "exchange" which activities will be regulated by the Federal law "About the Organized Auction" and some other normative legal acts is used.
