Commercial law. Exchange trading. Types of exchanges (lecture notes)

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Commercial law. Exchange trading. Types of exchanges (lecture notes)

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LECTURE No. 24. Exchange trading. Exchange types

1. Exchange trading

The exchange is an association of sellers, buyers and intermediaries in order to create conditions for trading, increase, reduce the cost of a trading operation; She is the organizer of the auction. The exchange allows you to concentrate supply and demand for a product in one place and at one time, and thereby quickly and most accurately assess its price. The exchange helps to obtain information about the commodity market at the moment in a given area.

Exchange trading participants are:

1) members of the exchange;

2) visitors.

Visitors to exchange trading - legal entities and individuals who are not members of the exchange, who, in accordance with the constituent documents of the exchange, have the right to make exchange transactions. Visitors to exchange trading can be permanent and temporary (one-time) (clause 1, article 21 of the Law of the Russian Federation of February 20, 1992 No. 2383-1 "On Commodity Exchanges and Exchange Trading").

Regular visitors do not participate in the formation of the authorized capital and management of the exchange; use the services of the exchange and are obliged to pay a fee for the right to participate in exchange trading in the amount determined by the relevant management body of the exchange. Regular visitors who are brokerage firms, brokerage houses or independent brokers are entitled to carry out exchange mediation. Granting a permanent visitor the right to participate in exchange trading for a period of more than 3 years is not allowed; the number of regular visitors should not exceed 30% of the total number of members of the exchange.

One-time visitors to exchange trading have the right to make transactions only for real goods, on their own behalf and at their own expense (Article 21 of the Law of the Russian Federation "On commodity exchanges and exchange trading").

Exchange members who are not brokerage firms or independent brokers, as well as visitors, participate in exchange trading:

1) directly on its own behalf (only when trading real goods, exclusively at its own expense, without the right to exchange mediation);

2) through brokerage houses organized by them;

3) on a contractual basis with brokerage firms, brokerage houses and independent brokers operating on this exchange.

2. Types of exchanges

Exchanges are classified:

1) by purpose:

a) commercial organizations (take profit and distribute it among the founders);

b) non-profit organizations (do not aim to make a profit);

2) according to the degree of state intervention:

a) free (free implementation of the conditions for access to the exchange);

b) regulated (strictly regulated by the state);

3) by access:

a) open;

b) closed (only special subjects take part);

4) by type of exchange goods:

a) universal;

b) stock;

c) currency.

The functions of exchanges are divided into strategic and tactical. Strategic functions are the coordination of supply and demand, the determination of prices for the future and insurance against price fluctuations. The tactical functions of exchanges are the sale and purchase, standardization of exchange goods, the development of standard contracts, settlements, information activities, arbitration, etc.

Exchange functions:

1) organizing (performing intermediary functions);

2) stabilizing (can predict market conditions, identify trends in price changes);

3) pricing;

4) commodity distribution (organizes trade flows that are stable, prevent various kinds of shortages);

5) informational;

6) control and regulatory. The Exchange determines the procedure for admitting securities to trading;

7) supervisory (supervises the fair conclusion of transactions on trading floors).

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