Commercial law. Currency exchanges (lecture notes)

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Commercial law. Currency exchanges (lecture notes)

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LECTURE No. 28. Currency exchanges

Currency exchanges deal with such a special commodity as the currency of foreign countries (for example: the Moscow Interbank Currency Exchange). The activities of the currency exchange are regulated by the Federal Law of December 10, 2003 No. 173-FZ "On currency regulation and currency control"; normative acts of the Central Bank of the Russian Federation, the most important of which are the Rules for Conducting Foreign Exchange Trading in 2003 and the Order of the Central Bank of the Russian Federation on the mandatory sale of foreign exchange earnings of firms and organizations. There is no special law on currency exchanges. The Currency Exchange is a non-profit organization in the form of a non-profit partnership. The members of the currency exchange are banks and other financial organizations that have licenses from the Central Bank of the Russian Federation to carry out foreign exchange transactions. The currency exchange is closed: only its members can participate in trading. The results of exchange trading are recorded in special exchange certificates, which have the force of a contract. The specific subject of the currency exchange operates only on the currency exchange. On the part of the currency exchange, the powers to conduct currency exchange trading and control over trading are vested in the broker. He carries out the preparation, launch and inclusion of the trading system. Only traders are allowed to enter into transactions on behalf of banks. Traders are individuals who have a qualification certification issued by the Federal Financial Markets Service and are professionally engaged in trading in the currency and securities market. Freedom of pricing on the currency exchange is limited by the Central Bank of the Russian Federation.

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