Commercial law. The concept and forms of exchange intermediaries (lecture notes)

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Commercial law. The concept and forms of exchange intermediaries (lecture notes)

Lecture notes, cheat sheets

Directory / Lecture notes, cheat sheets

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LECTURE No. 31. The concept and forms of exchange intermediaries

The subjects of intermediary exchange activity are:

1) brokers;

2) brokers;

3) dealers.

The intermediary activity of the exchange itself is carried out through brokers. The broker is an official on the stock exchange and acts on behalf of and at the expense of the stock exchange. The actual trading activity on the stock exchange is prohibited for the broker. The broker himself does not conclude transactions on the stock exchange, but he contributes to the activities of counterparties.

Brokers are specially authorized intermediaries for trading on the stock exchange. Broker - a professional participant in the securities market, carrying out this activity. When a broker provides services for the placement of emissive securities, the broker has the right to purchase at his own expense securities not placed within the period stipulated by the agreement. Brokers make transactions on behalf of the client and at his expense, as well as on their own behalf and at the expense of the client. Brokers can act as:

1) brokerage firms - legal entities specializing in exchange trading;

2) brokerage houses - branches or other separate divisions of enterprises, institutions, organizations;

3) independent brokers - individuals duly registered as entrepreneurs, carrying out their activities without forming a legal entity.

The main features of brokerage intermediation are the following:

1) brokerage intermediation arises and is implemented within the framework of exchange trading;

2) brokerage activity is subject to mandatory licensing;

3) brokerage is an entrepreneurial activity, not limited to the conclusion of transactions, and brokers carry out any lawful actions, and a brokerage service agreement is used to formalize relations.

Brokers make deals:

1) on behalf of the client and at his own expense;

2) on behalf of the client and at his expense;

3) on its own behalf and at the expense of the client;

4) on its own behalf and at its own expense for the purpose of subsequent resale on the stock exchange (dealer activity). When combining the activities of a broker and a dealer, if there is a conflict of interests between the broker and his client, which led to losses to the client, the broker is obliged to compensate them in accordance with the procedure established by the civil legislation of the Russian Federation. Transactions carried out on behalf of clients are in all cases subject to priority execution in comparison with dealer operations of the broker itself.

Dealers are legal entities that mediate on the stock exchange on their own behalf and at their own expense for the purpose of subsequent resale of goods. The activity of the dealer is dominated not so much by intermediary as by independent trade. The dealer's income is not formed from remuneration, but from the difference between the sale and purchase price of the goods. The dealer announces the essential terms of the securities purchase agreement; the essential conditions include the contract price, the minimum and maximum number of securities to be bought or sold. The dealer concludes an agreement on the essential terms proposed by his client, unless the announcement contains indications of other essential terms. If the dealer evades the conclusion of the contract, a claim may be brought against him for the forced conclusion of such an agreement or for compensation for the losses caused to the client.

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