Banking. Transactions and operations with exchange goods (the most important)

Lecture notes, cheat sheets
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Banking. Transactions and operations with exchange goods (the most important)

Lecture notes, cheat sheets

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Topic 17. Transactions and operations with exchange goods

According to organizational forms, the exchange market (stock or currency exchange) and the over-the-counter market are distinguished.

Exchange the market is a securities market carried out by stock exchanges. The procedure for participation in trading for issuers, investors and intermediaries is determined by the exchanges.

OTC the market is the sphere of circulation of securities that are not admitted to quotation on stock exchanges.

The mechanism for concluding transactions on the stock exchange.

Stock Exchange is an organized and regularly functioning market for the purchase and sale of securities. Organizationally, the stock exchange is presented in the form of an economic entity involved in the circulation of securities. Under the appeal of the central bank. This means their purchase and sale, as well as other actions provided for by law and leading to a change in the owner of securities. The exchange is a non-profit organization and does not pursue the goal of making its own profit (How to play on Russian exchanges). As an economic entity, the exchange provides premises for transactions with securities, provides settlement and information services, gives certain guarantees, and imposes restrictions on trading in securities. and receives a commission from transactions. Thus, the activity of the exchange is based on the principles of self-sufficiency, and the members of the exchange do not receive income from its activities. According to the law "On the securities market." Art. 11 stock exchanges are created in the form of a non-commercial partnership. The stock exchange does not have the right to engage in activities as an investment institution, as well as issue securities, with the exception of its own shares. A prerequisite for the activity of the exchange is the presence of a license from the Ministry of Finance.

The exclusive subject of the activity of the stock exchange is: the provision of the necessary conditions for the normal circulation of securities, the determination of their market price and the proper dissemination of information on them.

Functions exchanges are: organization of operations for the sale and purchase of securities, redistribution of financial resources, provision of securities to issuers. additional financial resources, providing savers with the opportunity to save and profitably use their accumulated funds, information support for agents of the exchange market, identifying the market value of securities. and etc.

In world practice, there are 2 main types of stock exchanges: a closed one, in which only members of the exchange can participate in trading, and an exchange with free access for visitors. The legislation of the Russian Federation provides for the existence of only closed exchanges, and the lease of brokerage places to non-members of the stock exchange is prohibited.

The main operations on the stock exchange are carried out by intermediaries - investment institutions (a legal entity of any organizational and legal form; it can operate on the securities market as an intermediary [financial broker], investment consultant, investment company, investment fund.

Authors: Shevchuk D.A., Shevchuk V.A.

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