Transactions are the most common legal facts that entail the emergence, change or termination of civil rights and obligations. An exchange transaction is a transaction concluded on an exchange, at an exchange auction organized by an exchange, regarding the transfer of rights to an exchange commodity.

Exchange transactions are usually considered in a broad and narrow sense.<1>. Exchange transaction in the general sense are both a transaction made in the course of direct exchange trading, and transactions concluded even before such trading, and transactions concluded to fulfill the obligations of the parties in the future. This category of transactions can be called exchange transactions of an organizational nature or organizational exchange transactions. This group includes transactions that are not directly related to the transfer of rights and obligations to exchange goods. Transactions of this group are only prerequisites for concluding transactions in relation to exchange goods. Such transactions are agency agreements, commissions and agency agreements. Exchange transaction in a special sense is only a transaction concluded between the participants of exchange trading in relation to an exchange commodity during exchange trading. This group includes purchase and sale transactions, futures, options, forwards, arbitrage, REPO transactions (contracts with an obligation to repurchase) and SWAP (bank transactions consisting of two opposite conversion transactions for the same amount, concluded on the same day) concluded on the stock exchange. In such transactions, the exchange acts not as a counterparty in the contract, but as an organizer of trade. The counterparties are brokers and dealers. In such transactions, the exchange is an auxiliary institution organizing exchange trading.

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<1>See: Belykh V.S., Vinichenko S.I. Exchange law. M., 2001. S. 128; Soifer T.V. Transactions in stock trading: Abstract of the thesis. dis. … cand. economy Sciences. M., 1996. S. 70.

All exchange transactions depending on the duration of the contract can be classified into cash, urgent and combined.

Cash exchange transactions These are transactions with an immediate term for the execution of the contract. However, in practice, the immediate delivery of an exchange commodity does not occur immediately after the receipt of the counter performance of the obligation, i.e. payment of money for exchange goods, and after a few days, after a short period of time specified in the rules of the exchanges. The subject of cash transactions is an exchange-traded asset (goods), which can actually (physically) be transferred to the counterparty.

Urgent exchange transactions also called derivatives or derivatives. They have a number of features:

a) in them, the moment of conclusion of the transaction and the moment of its execution do not coincide, the fulfillment of the obligation under such transactions lags behind the conclusion in time;

b) in most futures transactions, the contract is executed not by the actual delivery of the exchange asset, but by mutual settlement between the parties, i.e. the contract is executed primarily by paying the difference between the contract price and the price set by the exchange quotation on the day the obligation is fulfilled;

c) in addition to cash transactions, financial indices, the weather and the results of the presidential elections, the delivery of which is really impossible, can serve as the subject of futures transactions, and these transactions are executed exclusively through mutual settlements between the parties. Therefore, some types of futures transactions in their subject matter cannot be classified as commercial transactions.

In concept "fast deals" includes both forward and futures and option contracts, since all these transactions meet the signs of a futures transaction, the moment of execution under these contracts lags behind the moment of their conclusion. The group of futures transactions, in turn, can be divided into three subgroups.

but) settled futures transactions– transactions, the execution of which is carried out exclusively by mutual settlement between counterparties. For such transactions, the party to the contract undertakes to pay the difference between the contract price and the quoted exchange price formed by the date of the contract;

b) deliverable futures deals- transactions, the execution of which is carried out by the actual delivery of an exchange-traded asset after a certain period established by the exchange, at a price determined at the time of conclusion of the contract;

in) combined forward transactions is a combination of the two previous types of futures transactions<1>.

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<1>See more details: Petrosyan E.S. The concept and classification of exchange transactions // Law and Economics. 2003. N 8. S. 38 - 39.

IN depending on the characteristics of the delivery of goods in the course of exchange trading, transactions can be concluded in relation to real goods, non-standard contracts for the supply of goods, in relation to real goods with deferred delivery (forward transactions), standard contracts for the supply of commodities (futures transactions), transactions involving the assignment of rights to a future transfer of rights and obligations in relation to an exchange commodity or a contract for the supply of an exchange commodity (option trades).

Exchange mediation is inextricably linked with the legal institution of commercial mediation, being one of its types. Within the framework of exchange intermediation, it is necessary to distinguish exchange mediation And brokerage.

The following features of brokerage intermediation are distinguished:

1) it arises and is realized within the framework of exchange trading and cannot exist outside the exchange;

2) brokerage is a business activity;

3) brokerage is not limited to the conclusion of transactions; stockbrokers can take any legal action aimed at assisting clients;

4) the circle of subjects of brokerage mediation is defined in special legislation;

5) the activities of stock brokers are subject to licensing;

6) in brokerage, in addition to well-known mediation agreements, they also use a special one - an agreement for brokerage services<1>.

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<1>See: Sargsyan M.R. The concept and forms of exchange mediation. S. 62.

Widely used in stock trading sales order agreement. Exchange trading is carried out by means of making exchange transactions by exchange intermediaries. Exchange intermediaries are brokerage firms or independent brokers engaged in exchange trading, including on behalf of the client and at his expense.

The peculiarity of exchange mediation lies in the fact that between the exchange and participants in exchange trading, legal relations arise not only by virtue of an intermediary agreement concluded between them, but also on the basis of the charter of the exchange and the rules of exchange trading developed by them. In certain cases, the exchange is liable for the obligations of participants in exchange trading (for example, when concluding futures contracts through a clearing house created by it).

Exchange mediation is subject to the general provisions on commercial intermediation, but has certain features:

1) it does not consist in making exchange transactions;

2) the exchange independently develops rules for concluding exchange transactions;

3) the exchange develops standard exchange contracts, which participants in exchange trading are obliged to use;

4) the exchange certifies the legal relationship between the parties to exchange trading;

5) the exchange creates a special organizational structure for conducting exchange trading;

6) the exchange provides participants in exchange trading with the necessary information on supply and demand.

The main purpose of exchange mediation- facilitate the conclusion of transactions in the presence of participants in exchange trading. The essence of the exchange as an intermediary is not in the movement of goods through the exchange, but in the organization of this movement by creating conditions for the conclusion of a transaction. Being a simple intermediary, the exchange creates a special infrastructure that allows you to quickly and profitably perform business transactions.

Exchange as an intermediary provides a range of services related to the organization and conduct of bidding: provides a place for bidding; ensures their implementation; resolves emerging disputes; provides the necessary information<1>.

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<1>For more information about exchange mediation, see: Sargsyan M.R. The concept and forms of exchange mediation. pp. 58 - 62; He is. Exchange mediation under the legislation of the Russian Federation: Abstract of the thesis. dis. … cand. legal Sciences. Saratov, 2000.

On the exchange, transactions are concluded by special entities - exchange traders, who have received the appropriate licenses and passed the exchange registration. An exchange transaction must be concluded by regular visitors - members of the exchange society. Furthermore, in accordance with Art. 19 of the Law on Commodity Exchange in exchange trade can participate and one-time visitors and transactions concluded by them are also exchange transactions. Are allowed to exchange trading two types of subjects of exchange trading:

1) brokers, who conclude exchange transactions in the interests of third parties on behalf of their clients. In accordance with Art. 3 of the Law “On the Securities Market”<1>Brokerage activity is recognized as the activity of making civil law transactions with securities on behalf of and at the expense of the client (including the issuer of emissive securities when they are placed) or on their own behalf and at the expense of the client on the basis of reimbursable agreements with the client;

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<1>SZ RF. 1996. N 17. Art. 1918.

2) dealers, who carry out activities that are not intermediary, i.e. buy a commodity not in the interests of third parties, but in their own interests, on their own behalf and at their own expense. In accordance with Art. 4 of the Law “On the Securities Market”, dealer activity is the execution of securities purchase and sale transactions on its own behalf and at its own expense by publicly announcing the purchase and (or) sale prices of certain securities with the obligation to purchase and (or) sell these securities at declared by the person carrying out such activities, prices.

Special subjects of exchange activity are stock brokers And stock brokers.

Broker- this is a person who is an intermediary between the seller and the buyer of goods, or a person who constantly (systematically) and professionally performs intermediary functions in the purchase or sale of goods, insurance services or securities, facilitating the conclusion of sales contracts by bringing counterparties (potential partners) to deal. The broker is only a commercial intermediary and does not have the right to conclude transactions on his own and on his own behalf. The task of the broker is to assist, the so-called support of the transaction, aimed at the speedy conclusion of an agreement between a potential seller and a buyer, carried out for brokerage fee, paid by the seller or buyer. The amount of the broker's remuneration directly depends on the amount of the transaction concluded by the parties to the agreement.

In Russia, a broker means several types of activity at once.

1. Stockbroker- in fact, a representative of the exchange. It performs an informational function: announces offers, fixes transactions, monitors the activities of brokers. A broker on the stock exchange performs audit functions: checks the correctness and legality of transactions.

2. Realtors- intermediaries between the seller and the buyer in real estate transactions. Real estate activity due to the nature of the subject of sale does not apply to commercial activities.

3. insurance broker- a legal or natural person, an intermediary between the insured and the insurer. An insurance broker, acting as an intermediary, provides services to the insured in obtaining insurance compensation. At the same time, the insurance broker is in a relationship under a commission agreement with the insurer, receiving from him a commission for the payment of the insurance premium by the insured. In accordance with paragraph 2 of Art. 184 of the Civil Code of the Russian Federation, such simultaneous commercial representation of an insurance broker must be carried out with the simultaneous consent of both parties to the insurance legal relationship. The main difference between a broker and an insurance agent is the independence of his opinion from the interests of the insurance company. Insurance brokers can take part in commercial activities if the subject of insurance is a product.

Of all types of brokers, only stock brokers can be recognized as full-fledged subjects of commercial activity. The stockbroker faces tough requirements: he must have a higher professional education and additional specialized training or secondary vocational education, additional specialized training and work experience in the specialty for at least two years. In addition, the broker must know legislative acts, regulatory and methodological materials related to commercial activities, market methods of management, patterns and features of economic development, rules for organizing and doing business, types of exchange transactions, business communication skills, methods for studying market conditions, its potential and trends. development, organization of business contacts and exchange transactions, the basics of social psychology, methods for determining the quality and the procedure for setting prices for raw materials, equipment, products, property, services, rules for determining the amount of commission payments under concluded contracts, the procedure for compiling documentation when processing transactions, civil and labor legislation, rules and regulations of labor protection<1>.

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<1>Qualification directory of positions of managers, specialists and other employees (approved by the Decree of the Ministry of Labor of Russia of August 21, 1998 N 37). 4th ed., add. // ATP "Garant".

The broker's direct duties include: 1) provision of intermediary services in concluding commercial transactions carried out on stock exchanges; 2) ensuring the reduction of the term for the implementation of the transaction and the receipt of maximum income; 3) study of commercial information, qualitative characteristics of raw materials, equipment, products that are the subject of the transaction; 4) analysis of the conjuncture of the internal and external markets, information about the goods sold, the requirements of buyers; 5) forecast of changes in prices and demand for goods; 6) negotiating with clients on the conclusion of contracts, inspection of goods, assessment of their value; 7) participation in the examination and quality control of raw materials, materials, products, determining and agreeing on the price, terms of sale and purchase and its execution; 8) ensuring compliance of concluded contracts with legal norms, proper execution of necessary documents in accordance with the requirements established by law<1>.

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<1>See: Tatarnikov M.A. Collection of job descriptions for workers in trade and public catering. M.: Infra-M, 2005.

Features of the legal status stock brokers are as follows: 1) the broker is an official of the stock exchange; 2) the broker acts on behalf of and at the expense of the stock exchange; 3) the broker can assist both counterparties; 4) the broker must carry out the order conscientiously, impartially, respecting the interest equally of both parties.

Brokerage activities can be carried out not only in the conditions of the exchange, but also outside it - in the trading markets. The entities that carry out such activities are called commodity brokers. In the laws of France, Germany, Switzerland, Italy, the intermediary relations of brokers are regulated by the rules on brokerage agreement. To his features include: 1) one-time service provision; 2) limiting the activity of a broker by the stages of preparation and conclusion of an agreement; 3) lack of representative powers. In Germany, the activity of a broker is regulated by Section 8 of Book I GTU (German Commercial Code), and according to the definition contained in § 93 GTU, he is “one who, for other persons, without being permanently authorized by them on the basis of a contractual relationship, professionally takes on mediation in contracts for the acquisition or alienation of goods or securities, for insurance, for freight transportation, for the hiring of ships or for other objects of commercial turnover, has the rights and obligations of a broker”<1>.

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<1>German law: German trade code and other laws: Part 2 / Per. with it.; scientific cons. A.S. Komarov. M.: MTsFER, 1996. S. 42 - 43.

The activity of a trade broker is outwardly similar to the activity of a trade representative (agent), but has a number of significant differences: 1) a trade agent (representative) is permanently authorized to trade representation, while the trade broker is not associated with his counterparty by a long-term relationship <1>; 2) a trading broker, like a trading agent, works for the result, but unlike the latter the broker has the right to demand remuneration from both parties to the contract, unless otherwise follows from the agreement or local custom; 3) a trade broker as opposed to a sales agent, mediating, does not sign contracts. He prepares the text of the contract, coordinates it with the parties and submits it to the parties for signature in the final form. At the same time, the broker is liable to the parties for losses caused through his fault.

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<1>Commercial Law of Foreign Countries: Textbook / Ed. V.F. Popondopulo. St. Petersburg: Piter, 2003, p. 68.

The Civil Code of the Russian Federation, as well as special acts of civil legislation, does not contain rules governing the legal regulation of a brokerage agreement, despite the fact that intermediary operations of this kind are widespread in domestic trade.

A common type of exchange intermediaries - brokers. They enter into contracts on behalf of and at the expense of the principal. The Law of the Russian Federation “On Commodity Exchanges” (Article 9) defines brokerage as the activity of making exchange transactions by an exchange intermediary on behalf of a client and at his expense, on behalf of a client and at his own expense, or on his own behalf and at the expense of a client. In accordance with Part 2 of Art. 16 of the Federal Law on OT as a broker, i.e. A bidder acting in the interests and at the expense of another person can be both an individual entrepreneur and a legal entity.

The main difference between a broker and a broker is the nature of his activity: if the broker is only a commercial intermediary, then a broker can act as both an intermediary and a representative, those. may be a party to commercial transactions, performing both actual and legal actions. Actual actions are expressed, as a rule, in the search for a future counterparty, conducting preliminary negotiations, bringing the parties together. Legal actions (transactions, contracts) can be performed by brokers on their own behalf, but in the interests and at the expense of the client.

On the exchanges goods are sold mainly through brokers. They operate as firms, often with their own branch network, or as independent brokers. The role of brokers in the market is determined by a thorough knowledge of the supply and demand for certain goods and the ability to promptly execute orders.

In accordance with Art. 10 of the Law “On Commodity Exchanges”<1>on the stock exchanges three types of brokers:

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<1>Law of the Russian Federation of February 20, 1992 N 2383-1 “On Commodity Exchanges and Exchange Trade” // СЗ RF. 1992. N 18. Art. 961.

1) brokerage firms- organizations professionally, on a permanent basis, engaged in exchange mediation, i.e. commercial activities carried out on the basis of an appropriate license;

2) brokerage houses, which are, as a rule, branches of brokerage firms and can perform certain functions on behalf of the firm within the limits of their authority. From the standpoint of the Civil Code of the Russian Federation, a brokerage house, as a branch of a legal entity, is not an independent participant in civil legal relations and cannot act as a party to transactions, as well as be an authorized person fulfilling the instructions of its clients. Such a person can only be an organization that has created a branch or other separate subdivision. Therefore, some authors do not classify brokerage houses as independent exchange intermediaries.<1>;

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<1>Sargsyan M.R. The concept and forms of exchange mediation // Journal of Russian law. 2002. N 8. S. 61.

3) independent brokers, registered as individual entrepreneurs who have acquired the right to participate in exchange trading as a member of the exchange or a regular visitor.

The activities of stock brokers are subject to mandatory licensing. Licensing of the activities of stock brokers is carried out on the basis of Decree of the Government of the Russian Federation of October 9, 1995 N 981 “On Approval of the Regulation on Licensing the Activities of Exchange Intermediaries and Stock Brokers Making Commodity Futures and Options Transactions in Exchange Trading”<1>. The issuance of licenses to participants in exchange activities requires that they have certificates of appropriate state registration as individual entrepreneurs (for example, for independent brokers - clause 4 of article 10 of the Law of the Russian Federation “On Commodity Exchanges and Exchange Trading”) or legal entities (for example, brokerage firms – Clause 1, Article 11 of the Law of the Russian Federation “On Commodity Exchanges and Exchange Trade”, cf. Clause 1, Article 8 and Clauses 1 and 2, Article 9 of the draft law “On Exchanges and Exchange Activities”). Therefore, without such preliminary state registration, the license is considered illegally issued, and the exchange activity is illegally carried out.

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<1>SZ RF. 1995. N 42. Art. 3982.

Outside the stock exchanges, the intermediary services of brokers are also quite common. Brokers who operate outside commodity exchanges in the commodity markets are called commodity brokers. Commodity brokers also do not have long-term contractual relationships with the buyers and sellers they serve. The advantages of commodity brokers lie in the detailed knowledge of the market in which they specialize, wide business connections, and the ability to quickly execute individual orders.

The commissions paid to brokers vary depending not only on the type of intermediary, but also on the type of products they sell. The lowest commissions are brokers engaged in the sale of technically simple, homogeneous products, primarily commodities. In the market for machinery, equipment and components, the remuneration they receive is significantly higher, but this market is also characterized by higher operating costs.<1>.

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<1>Tretiak S.N. Commercial activity. Khabarovsk: Publishing House of the Far Eastern State University of Education and Science, 1999. Part I: Fundamentals of Theory and Organization. S. 72.

Brokerage activities are carried out by a brokerage firm, a brokerage house or an independent broker through the execution of exchange transactions by an intermediary on behalf of the client and at his expense, on behalf of the client and at his own expense, as well as on his own behalf and at the expense of the client.

Brokerage is carried out by a brokerage firm, a brokerage house or an independent broker. Despite the fact that the Federal Law “On the Securities Market”<1>establishes that brokerage activities are carried out on the basis of an agency or commission agreement, as well as a power of attorney for such transactions, the Law of the Russian Federation “On Commodity Exchanges and Exchange Trade” does not define specific types of contracts that formalize brokerage activities. Therefore, on commodity exchanges, in contrast to currency and stock exchanges, brokerage can use any of the contractual models of representation provided for in the Civil Code of the Russian Federation, including their mixed versions, as well as unnamed types of contractual structures, for example, a special contract for brokerage services.

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<1>See: Federal Law of April 22, 1996 “On the Securities Market” // SZ RF. 1996. N 17. Art. 1918.

Brokerage mediation provides for the provision of services on the terms and conditions worked out by counterparties. The volume and nature of the broker's intermediation are determined contract design, used by the parties to carry out mediation activities:

1) if the relationship is based on a contract assignments, the attorney performs certain legal actions on behalf of and at the expense of the principal (Article 971 of the Civil Code of the Russian Federation);

2) if the contract is used commissions, then the commission agent concludes transactions on his own behalf in the interests of the committent (Article 990 of the Civil Code of the Russian Federation);

3) when carrying out mediation by concluding an agreement agency the agent performs legal and other actions:

on its own behalf, but at the expense of the principal;

on behalf of and at the expense of the principal (Article 1005 of the Civil Code of the Russian Federation).

Questions for self-study

1. Give a general description of the mediation system in commercial relations.
2. How do the categories “mediation” and “representation” compare?
3. What are the features of mediation in the trade turnover and what are its types?
4. Compare commission, commission and agency agreements.
5. What is included in the content of exchange mediation?
6. Name the types of exchange transactions.

Avilov T.E. Agency (ch. 52) // Civil Code of the Russian Federation. Part two: Texts, comments, alphabetical index. M., 1996.
Andreeva L.V. Trade mediation: concept and legal forms of implementation // Russian justice. 1994. No. 7.
Andreeva L.V. Commercial Law of Russia: Textbook. 2nd ed., revised. and additional M., 2008.
Belov A.P. Mediation in foreign trade // Law and Economics. 1998. No. 8.
Belykh V.S. Transport legislation of Russia and foreign states of the EU, SCO, EurAsEC (comparative legal analysis). M., 2009.
Belykh V.S., Vinichenko S.I. Exchange law. M., 2001.
Borisova A.B. Distributor Agreement // Journal of Russian Law. 2005. N 3.
Braginsky M.I., Vitryansky V.V. Contract law. Book. 2: Contracts for the performance of work and the provision of services. M., 2004.
Vilkova N.G. Contract law in international circulation. M., 2002.
Contracts in entrepreneurial activity // Otv. ed. E.A. Pavlodsky, T.L. Levshin. M.: Statute, 2008.
Egorov A.V. The concept of mediation in civil law: Abstract of the thesis. dis. … cand. legal Sciences. M., 2002.
Egorov A.V. The subject of the commission agreement // Actual problems of civil law / Ed. V.V. Vitryansky. M., 2002. Issue. five.
Ilyushina M.N. On new contractual structures in commercial circulation // Bulletin of the Russian Law Academy. 2007. N 3.
Karkhalev D. Obligation from actions in someone else's interest without instructions // Legality. 2008. No. 12.
Komarov A.S. Legal forms of foreign economic activity // Joint ventures, international associations and organizations on the territory of the USSR. M., 1989.

Exchange intermediaries, brokers and brokers, persons or firms performing the functions of intermediaries on the stock, commodity, currency exchanges. Exchange intermediaries specialize in certain areas and have extensive information about transactions, stock prices, etc. According to the charter of most exchanges, exchange intermediaries do not have the right to make transactions at their own expense and sell the values ​​they own. In reality, this is rarely observed.

Exchange intermediaries are usually appointed by the exchange committee, but in some countries (for example, in France on the stock exchange) they are government officials. Modern exchange intermediaries of the stock exchange act mainly in the form of brokerage houses or firms that have: a room for clients, where the latest transactions of the stock exchange are shown on the screen; departments - telephone, correspondent, customer orders, statistics and accounting.

The main role among exchange intermediaries is played by offices organized by magnates of finance capital or subordinated to them. Characteristically, the issuing (investment) banking house Morgan, Stanley and Company, which plays the main role in the US in issuing new securities, also plays the role of exchange intermediaries in securities transactions. He carries out settlements on exchange transactions through one of the largest monopolistic deposit banks controlled by the Morgan financial group - Morgan Guarantee Trust Company.

In addition to exchange intermediaries - members of the stock exchange or their representatives, there are unofficial brokers - black exchange brokers, or exchange "hares". Their offices are called "shops for dupes" (bucket shop). Exchange intermediaries receive commissions (courtage) for their mediation and advice, which are set by the exchange committee on official exchanges in a certain amount depending on the amount of transactions.

Exchange trading participants are exchange trading members and visitors.

Exchange members are persons participating in the formation of its authorized capital (founders) or who have made membership or other targeted contributions to its property. Membership on the exchange arises in the manner and on the terms established by the constituent documents. Membership on the exchange gives the right to participate in exchange trading; in decision-making at general meetings, as well as in the work of other management bodies; receive dividends, if they are provided for by the constituent documents, and other rights.

Exchange members who are founders may have special rights and obligations outside the scope of exchange trading, granted for no more than three years from the date of state registration of the exchange.

The law on stock exchanges distinguishes two categories of stock exchange members:

a) full members - with the right to participate in exchange trading in all sections (departments, branches) of the exchange and for the number of votes determined by the constituent documents of the exchange at the general meeting of members of the exchange and at general meetings of members of sections (departments, branches) of the exchange;

b) incomplete members - with the right to participate in exchange trading in the relevant section (department, division) and for the number of votes determined by the constituent documents of the exchange at the general meeting of members of the exchange and the general meeting of members of the section (department, division) of the exchange.

Visitors to exchange trading are persons who are not members of the exchange and 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 one-time. They acquire the right to participate in exchange trading for a certain period of time for an appropriate fee.

Members and visitors of the exchange have the right to make exchange transactions:

- directly as participants in exchange trading, if they are brokerage firms or independent brokers;

– through brokerage houses organized by them;

- on a contractual basis with brokerage firms, brokerage houses, independent brokers, that is, exchange intermediaries;

- directly on their own behalf and at their own expense when trading real goods, without the right to exchange mediation.

The Law on Exchanges limits the participation of regular visitors in trading on a particular exchange to three years, and their total number cannot exceed thirty percent of the total number of members of the exchange. One-time visitors have the right to make transactions only for real goods, on their own behalf and at their own expense.

Exchange transactions are made in the course of exchange trading through exchange brokers, by which the law means employees or representatives of organizations - members of the exchange and exchange intermediaries. The activities of exchange intermediaries and stock brokers carrying out futures and options transactions in exchange trading are licensed.

Exchange transactions cannot be made on behalf of and at the expense of the exchange. Not being a participant in the legal relationship, the exchange is not responsible for non-fulfillment of obligations under exchange transactions. At the same time, the Law provides for certain guarantees in exchange trading. Thus, in order to ensure the execution of forward, futures and option transactions made on it, the exchange is obliged to organize settlement services by creating settlement institutions (clearing centers) or by concluding an agreement with a credit institution on settlement (clearing) services. In addition, the Law guarantees free pricing in exchange trading. The Exchange is prohibited from setting the levels and limits of prices for exchange goods, the amount of remuneration charged by exchange intermediaries. At the same time, the exchange has the right to establish deductions in its favor from commissions received by exchange intermediaries, various payments from members of the exchange and participants in exchange trading for the services it provides, fines levied for violation of the charter and rules of exchange trading. Since the main function of the exchange is the organization of exchange trading, its duties include conducting, at the request of a participant in exchange trading, an examination of the quality of real goods.

2 Cash transactions, their features

There are two main types of transactions on commodity exchanges:

- transactions for real goods;

- forward (futures) transactions.

Transactions with real goods on the exchange played a major role in the period when the exchanges themselves were centers of international commodity trade.

A transaction with a real product is a transaction in which the seller transfers the goods to the buyer on the terms specified in the contract between them and pays for it at the time it enters the buyer's property.

Such a transaction ends with the actual transfer of goods from the seller to the buyer, i.e., the delivery and acceptance of goods at the exchange warehouse. The seller of the real goods delivers the goods to one of the warehouses approved by the exchange committee by the date stipulated in the contract. The exchange or a forwarding company authorized by it issues a warehouse certificate (warrant) to the seller, certifying the quantity and quality of the goods and being a document of distribution against which transactions are made on the exchange and settlements are made. When the delivery time comes, the seller is obliged to present it to the buyer, having paid the costs of storing the goods in the warehouse and the cost of their insurance. The buyer receives a warrant against the check in favor of the seller.

Depending on the delivery time, transactions for real goods are divided into transactions for real goods with immediate delivery and transactions for real goods with delivery in the future.

A transaction with a cash commodity is a transaction that is made for goods that are at the time of trading on the territory of the exchange in its warehouses or expected to arrive at the exchange on the day of trading before the end of the exchange meeting, as well as for goods that are on the way at the time of the transaction ; for goods shipped or ready for shipment; goods in the seller's warehouse. In exchange terminology, such transactions are also called spot (spot) or cash (cash), as well as physical transactions.

Transactions with cash goods can be carried out on the basis of a preliminary examination of the goods in appearance (according to exchange or independent expertise) and without a preliminary examination (by samples, standards).

The purpose of a cash transaction is the physical transfer of goods from the seller to the buyer on the terms specified in the sales contract. The execution of the transaction begins from the moment of its conclusion, which makes it impossible to trade on the movement of prices. Therefore, such transactions are considered the most reliable. Under the terms of the contract, immediate delivery can last from 1 to 5 days. When making such transactions, attention is paid to the distribution of costs for storing goods in the warehouse of the exchange. Before the transaction, these costs are paid by the seller, and after the transaction - by the buyer.

Transactions for real goods with delivery in the future in exchange practice are called forward (forward) or shipment (shipment). It is believed that the first such transaction was carried out in Japan at the Doyama rice exchange in 1730 and was called "advance contract". In the United States, the earliest forward contract was entered into on the Chicago Mercantile Exchange and dated March 13, 1852. The object of the contract was corn.

A forward transaction is a transaction for goods that are transferred by the seller to the ownership of the buyer on the terms of delivery and settlement agreed upon by the parties within a specified period in the future established by the contract.

Such a transaction is formalized by a forward contract, which is a written obligation of the seller to deliver a specific commodity of a certain volume and quality at a fixed price within the terms specified in the contract. In turn, the buyer, within the terms determined by the contract, has the right to demand from the seller the delivery of goods, having previously paid the cost of the contract. The buyer draws up his desire to accept the goods in the form of a notice of delivery and sends it to the seller. If the quality of the delivered goods does not correspond to the description specified in the contract, the seller must take back the low-quality goods with compensation for the losses incurred by the buyer.

If the buyer has not accepted the goods prepared for delivery, the seller may dispose of the goods at his own discretion, paying the buyer the nominal value of the contract.

A distinctive feature of forward transactions is that the moment of the conclusion of the transaction does not coincide with the moment of its execution. Thus, the object of transactions can be a product that will be produced in the future by the date specified in the contract.

The advantage of such transactions is that a pre-fixed price allows sellers of real goods to receive the planned profit and cover their costs, and buyers to insure against the risk of price increases and, in addition, save on the rental of warehouse space.

Forward transactions also have a number of disadvantages. For example, forward contracts are not standardized, so the seller and buyer need to agree on the scope of supply, quality of goods, delivery time, which delays the conclusion of the contract. Forward transactions have a certain risk, since there is no guarantor of the transaction. One of the parties may violate obligations or some events in the future will prevent the execution of the contract.

To reduce the degree of risk under forward contracts, varieties of forward exchange transactions have appeared that do not change their essence.

A transaction with a pledge is a contract in which one party pays the other party a certain value of the goods offered for the transaction. This value is declared as a pledge and is a guarantee of the fulfillment of its obligations. The collateral can be either the product itself or a monetary contribution. The amount of collateral is established by agreement of the parties and can range from 1 to 100% of the transaction value. A pledge can protect the interests of both the seller and the buyer.

A purchase pledge transaction is a transaction in which the seller undertakes to transfer ownership, and the buyer undertakes to accept and pay for the goods. The payer of the pledge is the buyer, and the pledge secures the interests of the seller. When signing the contract, the parties exchange guarantees for the delivery and payment of goods.

The buyer pays the seller a security deposit, which secures the seller's claims in terms of payment for the goods, as well as penalties, fines, penalties and damages associated with improper performance of the contract by the buyer. In case of unjustified refusal or evasion of payment for the goods by the buyer, the deposit remains with the seller. In case of proper fulfillment of obligations by the buyer, the amount of the deposit can be counted in mutual settlements with the consent of the buyer.

A sales bond transaction is a transaction in which the seller undertakes to transfer ownership, and the buyer undertakes to accept and pay for the goods. The payer of the pledge is the seller, and the pledge secures the interests of the buyer. When signing the contract, the parties exchange guarantees for the delivery and payment of goods.

The seller pays the buyer a security deposit that secures the buyer's claims for payment of penalties, fines, penalties and damages related to the improper performance of the contract by the seller. In case of proper fulfillment of obligations by the seller, the buyer is obliged to return the deposit. In case of improper fulfillment of obligations by the seller, the deposit remains with the buyer.

Transactions with collateral are firm transactions, i.e. the collateral acts as a guarantee of their execution.

A premium deal is a contract in which one party, by paying a certain premium to the other party, acquires the right to withdraw from the deal or modify its original terms. There are simple, double, complex and multiple transactions with a premium.

A simple transaction with a premium is a transaction in which the party paying the premium receives the so-called right of compensation, i.e., for the payment of a previously established amount, it refuses to fulfill the contract if it is unprofitable or loses a certain amount in case of contract execution.

Depending on who is the payer of the premium, there are transactions with a conditional sale and transactions with a conditional purchase.

A transaction with a conditional sale with payment of a premium is a transaction in which the seller, for the payment of a fixed premium in favor of the buyer, is granted the right to refuse to transfer the goods (right of withdrawal) without compensating the buyer for the losses incurred in connection with this and without paying a penalty for underdelivery. In this case, the obligations to supply the goods are considered terminated by agreement of the parties. The seller is obliged to notify the buyer about the use of the right of withdrawal before the expiration of the specified period.

The premium is paid regardless of whether the seller has used the right of withdrawal or not. The position of the seller can be represented as follows: I will pay the premium and I will have a buyer, but if there is a more profitable buyer, then I will refuse delivery to the first buyer; if there is no more profitable buyer, then I will deliver the goods to the first buyer, but I will sell it cheaper than it costs, by the amount of the premium.

A transaction with a conditional purchase with payment of a premium is a transaction in which the buyer, for the payment of an established premium in favor of the seller, is granted the right to refuse to accept and pay for the goods (the right to withdraw) without compensating the seller for the losses incurred in connection with this. In this case, the obligations to supply the goods are considered terminated by agreement of the parties. The buyer is obliged to notify the seller about the use of the right of withdrawal before the expiration of the specified period.

The premium is paid regardless of whether the buyer has exercised the right of withdrawal or not. The position of the buyer can be represented as follows: I will pay the premium, but I will not buy the ordered goods from this seller if I find a more profitable seller or the prices for the goods fall; if I do not find a better seller, then I will buy the goods from the agreed seller, but I will pay for it more than it is worth, by the amount of the premium.

In the considered transactions, the premium can be either an amount separate from the cost of the transaction, paid at the conclusion of the transaction, or as a value taken into account in it. In this case, the amount of the transaction with a conditional purchase is increased by the amount of the premium, and the amount of the transaction with a conditional sale is reduced by the amount of the premium. The term for payment of the premium is postponed: in case of withdrawal from the transaction, until the day of the announcement of this and, vice versa, until the day the transaction is executed.

Conditional purchase transactions at a premium and conditional sales transactions at a premium are considered conditional transactions: they may or may not be executed.

A double premium transaction is an agreement under which the payer of the premium receives the right to choose between the position of the buyer and the position of the seller in the supply contract, under which the seller undertakes to transfer, and the buyer undertakes to accept and pay for the goods. The premium payer is also granted the right to withdraw from the supply contract (right of withdrawal) without compensation for losses and payment of penalties. In this case, the obligations to supply the goods are considered terminated by agreement of the parties. Depending on the choice of the position, the parties assume the obligations and bear the responsibility of the seller and the buyer under the supply agreement.

The premium is paid regardless of whether the payer of the premium has used the granted rights or not. Since the rights of the premium payer are doubled in such transactions compared to his rights in simple transactions, the amount of the premium is also doubled. The premium may be accounted for separately from the transaction amount or included in the transaction amount. When choosing a seller position, the amount payable for the goods is reduced by the amount of the premium, and when choosing a buyer position, the transaction amount is increased by the amount of the premium.

A compound premium transaction is a contract that is a combination of two opposite premium transactions concluded by the same brokerage firm with two other participants in exchange trading.

The brokerage firm concluding this transaction may be, on the one hand, the recipient of the premium, and on the other hand, the payer, so the transaction takes on a dual character. In the first case, the right of withdrawal belongs to the payer of the premium, and in the second - to this brokerage firm.

A multiple transaction with a premium is an agreement under which the payer of the premium has the right to demand from the recipient the transfer (acceptance) of goods in an amount exceeding the value stipulated at the conclusion of the transaction by 2-3 times or more, and at a price fixed at its conclusion.

Multiple premium trades are of two types: trades with the choice of the seller and trades with the choice of the buyer.

When concluding a multiple sale transaction, the seller, as the payer of the premium, is granted the right to increase the quantity of the delivered goods by a multiple of the fixed minimum number of times, but not more than that specified in the contract. The seller is obliged to notify the buyer about the use of the right to increase the quantity of the delivered goods before the expiration of the specified period.

When concluding a multiple purchase transaction, the buyer, as the payer of the premium, is granted the right to declare the object of purchase a greater number of goods in a multiple of the fixed minimum number of times, but not more than that specified in the contract. The buyer is obliged to notify the buyer about the use of the right to increase the quantity of the purchased goods before the expiration of the specified period.

The premium is taken into account in the amount of the transaction, which increases upon sale, but is paid in case of refusal of the payer, who has the right to increase the quantity to be transferred or accepted. The premium is paid only for the quantity of goods not accepted or transferred.

A barter transaction on the stock exchange is a direct, without the participation of money, the exchange of goods for goods. The proportions of the exchange are determined by the agreement of the two exchanging parties. The main reasons for concluding barter transactions are the instability of money circulation, high inflation rates, undermining confidence in the monetary unit, and lack of currency. Barter exchange is possible if the needs of the two participants in the transaction coincide, which is often achieved through a complex, multi-stage exchange.

For stock exchanges, such transactions are uncharacteristic, but many of them were forced to resort to them because of the principle of commodity exchange that had developed in the national economy. At their core, barter transactions contradict the essence of exchange trading for the following reasons.

1. The throughput of exchanges is drastically reduced.

2. Turning off the normal auction mechanism and the virtual absence of information exchange between many small exchanges lead to a large spread in prices for the same types of goods.

3. A significant share of income from the sale does not go to direct producers and is not included in the process of expanded reproduction.

4. Partial removal of restrictions on barter transactions for food and a number of consumer goods does not lead to a significant increase in the exchange of goods due to the discrepancy between the mutual interests of the participants in the exchange.

5. Almost all commodity producers find themselves involuntarily involved in the process of trade in goods that are not characteristic of them, diverting huge resources to this.

6. There is a catastrophic increase in the number of "spontaneous" warehouses of scarce goods, actually withdrawn from trade, which were the only type of recognized currency.

A conditional transaction is a transaction in which the broker, on the basis of a commission agreement, is obliged to sell one product on behalf and at the expense of the client and buy another product on behalf and at the expense of the client, and the client undertakes to pay the broker a fee. The price of the goods is determined by the broker on the basis of exchange trading, after which the transaction amount is calculated. For conditional transactions, there is a gap of at least 1 month. between the sale and purchase of a new product that is not available in barter transactions.

The broker has the right to refuse such an order. If the order is accepted, but not executed in terms of the purchase of another product, then the broker loses the right to remuneration for a deal with a condition.

3 Fee for goods in a transaction with a conditional purchase, in the case of the purchase of goods from a specified seller

a) its market value on the day the transaction is executed;

b) its market value on the day of the transaction;

in) less than it's worth by the amount of the premium;

d) more than it is worth by the value of the premium.

A task

The trader sold 20 January oil futures contracts at $14.5/bbl (contract unit 1,000 bbl, initial margin $1,000 per contract), depositing $50,000 worth of bonds. The price of oil rose to $15.2/bbl. bar. Is there a need to make a change. Margin if it is 75% of the original margin?

Solution

We consider the cost of the contract L(1)=14.5*1000=14500 (USD/bbl)


Calculate the value of the initial margin for a short position PV(1)=14500*20=290,000 dollars


Calculate the value of the margin on the position after the change in quotes:


FV= 1000*20*15.2=304000 dollars


We consider the change 290,000 - 304,000 = -14,000 dollars. This is the amount the trader lost on the trade.


We consider the trader's funds 50,000 - 14,000 = 36,000 dollars


Since the trader deposited only $50,000 in bonds into the account, then, accordingly, there is such a service as lending from the broker. The initial collateral for the position was 17.24%. Ensuring the final position 11.84%.


In order to answer the question about the need to add funds, you need to know the margin call level, when the broker notifies the client about the need to deposit funds, and the level of forced closing of the position, when the employees of the brokerage company close positions on their own in order to avoid a negative balance value. As a rule, the margin call level is 15-25% of the margin. Accordingly, since this item is not specified in the task, then assuming that the total loss of the trader will be at zero level, we can conclude that until the position changes by 11.84% in the negative direction, there is no need to deposit funds. Although, in practice, these values ​​would be extremely risky, so there would be an injection of funds to the desired level of provision of the position.

A significant part of exchange transactions on the stock exchange is focused on obtaining speculative profits due to constant fluctuations in the market rates of stock values.

Players who count to increase the share price, called "bulls" and those who put the basis of the deal "playing for a fall" - "bears".

Having received the client's order, the broker seeks to execute the order during the exchange session. In addition to brokers who carry out the instructions of their clients, dealers acting on their own behalf take part in exchange trading. Trades are conducted under the guidance of a stockbroker (an intermediary in concluding transactions on stock and commodity exchanges.

On each exchange, the process of trading securities has its own specifics. Can identify two main ways of conducting exchange trading.

One of the methods- this is an open auction, when there is a continuous comparison of prices for purchase and sale prices. The seller gradually lowers the price, and the buyer gradually raises it. The transaction is completed when the prices of the buyer and seller converge.

On large exchanges, the trading floor of the exchange is divided into several sectors (according to American terminology, the sector is called a "trading place", in European terminology - a "pit"

Each sector is intended for trading certain types of securities. Having received an order, the broker goes to the corresponding sector and gets acquainted with the current quote for this type of securities. Under Quote here is understood comparison the highest bid price (bid price) and the lowest offer price (offer price).

In the case of organizing a trade by open auction Usually, an exchange session begins with the stock broker (specialist) announcing the closing price (price of the last transaction) of the previous exchange day. If there are people who want to buy or sell securities at this price, then the broker immediately fixes these transactions.

In the future, there may be a lull - sellers want to get a higher price, and buyers want to buy at a lower price. There is a gap (spread) between the offer price and the ask price. The broker announces the quote, and the corresponding information appears on the scoreboard. When the gap between the ask price and the ask price disappears, transactions begin to take place.

The most productive and liveliest are start and end of the exchange session. At first, everyone strives to ensure that it is his securities that are sold (bought). At the end of the exchange day, those participants who initially counted on more favorable prices and took a wait-and-see position during the day try to conclude deals.

The exchange session takes place in quite busy mode, therefore, stock exchanges use a certain phraseology aimed at ensuring that the time for transmitting the necessary information is minimal, but the information itself must be understandable to all participants in exchange trading. For this purpose, signals transmitted by hand gestures are also used.

On a number of exchanges, a broker (specialist) is allocated certain fund of money and a certain number of securities in which he trades. The task of the broker is to trade in securities and maintain the balance of the market between supply and demand. If demand greatly exceeds supply, the broker sells securities from his fund. If the supply exceeds the demand, then he buys some of the securities.

If there is a large gap between the bid and offer price, then the broker can make an offer on his own behalf to buy or sell securities at a price that is inside the spread (price gap). In a number of cases provided for by the rules of the exchange, when hype around any securities, the broker has the right stop for a while trading in these securities.

The second way to trade securities- This is trading on orders or applications. It is sometimes referred to as a "volley auction".

The essence of this method is that brokers leave brokers with written orders to buy and sell, indicating the price and quantity of securities. All applications are entered in the broker's book indicating the time of receipt of the order. At a certain point in time, the acceptance of orders stops, after which the broker compares all accepted orders for purchase and sale and executes transactions. In this case, the broker is guided by certain rules.

If supply and demand, as well as bid prices for a certain type of securities match, then the execution of orders is carried out in order of precedence receipt of purchase orders. If supply and demand do not match(which happens much more often), and prices match, then the principle of adequacy is used, that is, the broker performs first of all those applications for the purchase for which there is a corresponding offer.

If a large number of applications are submitted with different prices, then the broker calculates the stock price, at which the largest number of sales will be made.

The procedure for concluding transactions on the stock exchange can be shown in the form of the following diagram (Fig. 2).

Currently trade on orders carried out using modern electronic engineering. Orders are entered into the computer. At a certain point in time, the entry of orders stops and the computer calculates the selling price at which the largest number of transactions can be concluded. After that, brokers fix these transactions with the help of a broker.

The main factors determining the development of stock exchanges at the present stage:

Reducing the cost of exchange services;

Removal of boundaries and barriers that hinder competition;

• exchange management reforms;

· new technologies and mechanisms of trade organization.

1¯1a¯

11 2 ¯ 12 2а ¯

3¯3a¯

Figure 2. The procedure for concluding transactions on the stock exchange

Note:

1 - an order for the purchase of securities

2 - conclusion of a contract of commission (commission)

3 – guarantee of payment for purchased securities

4 – introduction of an order by broker 1 for a purchase

1a - an order for the sale of securities

2a - conclusion of an agreement (commission)

3a - transfer of securities to broker 2

4a - introduction of an order by broker 2 for sale

9 - transfer of securities to broker 1

10 - transfer of money by broker 2 for sold securities

11 - transfer of securities by a broker to 1 buyer

12 - message from broker 2 about transferring money to the seller's bank

Listing rules and procedures in the Russian Federation

To circulation on the stock exchange securities are allowed that passed in accordance with the law issue procedure and listed by the stock exchange to the list of securities, admitted to circulation on the exchange in accordance with its internal rules, that is, securities that have passed listing procedure.

Listing- is regulated by the stock exchange or other market organizer procedure for selecting and admitting securities to trading. This procedure involves checking compliance with the issuance rules, the presence of registration, the financial capabilities of the company, and the size of the share capital.

Any types of securities issued by Russian or foreign issuers may be admitted to trading on the stock exchange if their issue and circulation is carried out in accordance with the current Russian legislation.

Aggregate securities admitted to trading on the stock exchange, consists of two sectors:

1) securities that have passed the listing procedure and are included in the quotation lists of the stock exchange;

2) securities admitted to circulation on the stock exchange without being included in the quotation lists of the stock exchange, or non-listed securities.

Securities, included in the quotation lists of the stock exchange, undergo an official listing procedure, which includes an examination of the issuer and securities.

Listed securities are first-tier securities, highly liquid financial instruments of first-class issuers (the so-called "blue chips").

Specific rules for admission to circulation and exclusion from circulation of securities are regulated by the internal documents of the stock exchanges, which are subject (along with other documents) to the approval of the Federal Securities Commission of Russia.

From the point issuer's perspective the inclusion of its securities in the listing of the stock exchange has a number of positive aspects:

· Having received access to the stock exchange for its securities, the company acquires access to a large number of potential investors;

· Public offering of securities on the stock exchange implies an increase in capital, which the company can use for development purposes;

• tighter disclosure requirements and more active public relations attract media interest, resulting in increased company visibility;

• listed securities are generally more liquid than non-listed securities;

· quotes of securities traded on the stock exchange are usually published in specialized newspapers and magazines, which gives additional visibility and fame to listed companies;

· Listed companies are constantly in the field of view of stock analysts and rating agents, so they can enjoy advantages such as prestige, more favorable conditions for obtaining loans from banks, etc.

To go through the listing process the requirements of the Federal Commission for the Securities Market (FCSM), as well as additional requirements imposed by the trade organizer on issuers of securities, must be met without fail. These requirements typically include the following.

Mandatory requirements of the FCSM:

1) the minimum amount of net assets;

2) the minimum duration of the company's activities;

3) the minimum number of shareholders of the issuer - joint-stock company;

4) the minimum average monthly amount of transactions with securities for the period (after inclusion in the listing).

Possible additional requirements of trade organizers:

1) the minimum number of securities in free circulation;

2) the break-even balance of the company over the past few years;

3) requirements for the "corporate structure" of the issuer (for example, the absence of restrictions on the re-registration of ownership of securities and the admission of shareholders to the general meeting of shareholders;

4) availability of audited financial statements;

5) availability of financial statements in accordance with international standards;

6) the presence of market makers supporting the issuer's securities market.

Types of transactions

After the securities have passed the listing procedure and are included in the quotation list, it is possible to carry out exchange transactions with them, that is, to conclude purchase and sale transactions.

Exchange operation- this is a transaction of sale and purchase of valuables admitted to the exchange, concluded between participants in exchange trading in the exchange premises at the set time.

depending from the due date deals are shared for cash and urgent. Cash transactions(Spot) are subject to immediate execution (on the floor of the exchange: T+0, or within three days after the conclusion: T+3, where T is the time of the transaction).

Urgent deals are characterized by the fact that the seller undertakes to present the securities by the due date, and the buyer undertakes to accept them and pay according to the terms of the transaction.

Under Russian law, futures transactions must be executed within three months: Т+90.

Urgent deals have many varieties. They differ depending on at what price transactions will be settled:

at the market price at the time of conclusion;

at the market price at the time of execution.

Transactions can be distinguished and according to the calculation period:

through a certain the number of days that corresponds to the transaction execution date (if a monthly execution period is set, then transactions concluded on March 1 will be executed on April 1, March 2 - April 2, etc.;

deals can be concluded for a certain month and then the execution date can be either the middle or the end of the month (a deal on any day of March can be concluded for April and its execution date will be either April 15 or the last day of April).

According to the mechanism of conclusion futures transactions are divided into fixed, futures, options, prolonged.

Solid Deals These are transactions that are obligatory for execution within a specified period at a fixed price.

Futures and Options transactions are transactions with derivative securities: futures and options.

Prolonged transactions are used by stock speculators when the market conditions do not meet their plans and they postpone the execution date of the cash transaction. Therefore, prolonged transactions are a combination of cash and urgent exchange and over-the-counter transactions.

Shelving such transactions are called in which it is not determined who in the transaction will be the seller and who will be the buyer. One of the participants in the transaction, having paid a certain remuneration to the other, acquires an option that gives the right to buy or sell a certain number of securities during the period of the option at his choice.

Multiple deals- these are transactions with a premium, in which the payer of the premium has the right to demand from his counterparty to transfer to him, for example, securities in an amount 5 times higher than that established at the conclusion of the transaction, and at the rate fixed at the conclusion of the transaction.

Transactions made on the stock exchange drawn up by an exchange contract– a document that formalizes agreements between counterparties on the terms of the sale (delivery) of goods as a result of a transaction concluded on the exchange.

An exchange contract is subject to mandatory registration either on the exchange or with a professional participant in exchange trading who has the right to do so.

Exchange mediation is one of the types of trade mediation. For exchange trading, the most characteristic is the commission of most exchange transactions with the participation of exchange intermediaries.

The functions of exchange intermediaries are performed by brokerage firms, brokerage houses and independent brokers. The brokerage firm is:

• - a commercial legal entity established in accordance with applicable law;
• - brokerage office - a branch of a legal entity that has an independent balance sheet and current account;
• - an independent broker - a citizen carrying out entrepreneurial activities without forming a legal entity, an individual entrepreneur.

The brokerage house is an integral part of the exchange, although it is not an integral part of the structure of the exchange.

The concept of a brokerage house is closely related to the concept of the exchange itself. According to existing practice, any organization that has the right to trade on the exchange is registered on it as a brokerage office of this exchange. The brokerage office of one or another exchange can be created both on the basis of the acquisition of shares of the exchange, and by purchasing a brokerage site that does not give the right to manage the affairs of the exchange.

The functions of a brokerage office are:

• - exchange mediation when concluding transactions, i.e., making any transactions on the exchange on behalf of the customer;
• - over-the-counter mediation, i.e., the organization of transactions between clients, bypassing the exchange, in the case of trading over-the-counter goods.

If the owner of the stock (brokerage place) of the exchange is directly an intermediary organization, then it is simply registered on the exchange as a brokerage office of this exchange. If the intermediary activity is not the main one for the shareholder of the exchange, then the creation of a brokerage office by him requires certain efforts. A share or a brokerage place of the exchange may belong to several owners at once; in this case, a joint brokerage house is created. Particular attention should be paid to the issue of participation in the trading of brokerage houses. Due to the fact that they are branches, they do not have the rights of a legal entity and, therefore, not being independent subjects of law, they cannot act as a party to a transaction, be a trustee of third parties. For these reasons, brokerage houses should be excluded from the number of independent exchange intermediaries.

The modern legal concept of an exchange transaction is given in Art. 7 of the Law "On Commodity Exchanges and Exchange Trade". An exchange transaction is a contract (agreement) registered by the exchange, concluded by participants in exchange trading in relation to exchange goods during exchange trading. Transactions made on the exchange, but not meeting the specified requirements, are not exchange transactions.

For transactions concluded on commodity exchanges, the following features are characteristic:

• - the transaction must be an agreement for the sale and purchase of an exchange commodity with immediate delivery or at a certain agreed date in the future;
• - a deal is always concluded in an exchange meeting;
• - exchange transactions are concluded by participants in exchange trading, as a rule, through exchange intermediaries: on behalf of and at the expense of the client, on their own behalf and at their own expense, on their own behalf and at the expense of the client;
• - the procedure for concluding a transaction complies with the legislation on exchange trading, as well as the trading rules of a particular exchange;
• - participants in an exchange transaction are participants in exchange trading;
• - the transaction is executed outside the exchange;
• - the transaction is subject to mandatory registration in accordance with the established rules;
• - the exchange is a guarantor of the execution of transactions registered at its auctions;
• - the exchange has the right to apply sanctions to the participants of exchange trading, making exchange transactions;
• - exchange transactions cannot be made on behalf of and at the expense of the exchange: - transactions are concluded, as a rule, through brokers acting as professional intermediaries.

In order for transactions to have a single legal basis, each exchange develops special rules governing relations between counterparties regarding:

• - preparation of the transaction;
• - direct transaction;
• - registration of the concluded transaction;
• - its implementation;
• - settlements on transactions;
• - responsibility for their implementation and resolution of disputes on transactions.

The basis for the conclusion of the transaction is the oral consent of the broker, expressed by him in the process of openly conducted trading, recorded by the broker serving the commodity section on the stock exchange.

The transaction is considered concluded from the moment of its registration on the stock exchange. When making a transaction, the parties agree among themselves on its content, i.e., the range of issues to be resolved during its conclusion.

• - Name of product;
• - its quality;
• - quantity of goods (consignment of goods);
• - price and forms of payment for the purchased goods;
• - form of delivery (distribution of costs for transportation, storage, insurance of goods that are the subject of a transaction between the buyer and the seller);
• - location (delivery point) of the goods;
• - the term of the transaction and the terms of delivery.

When making a transaction, three of its aspects are subject to mandatory disclosure - the name of the purchased product, its quantity and price. Other conditions of the content of the transaction may not be disclosed and constitute its commercial secret.

The commodity that is the subject of a transaction on the Russian stock exchanges is constantly being refined and is increasingly approaching the traditional exchange commodity accepted in foreign countries. Since 1991-92, Russian stock exchanges have been characterized by purchase and sale of any goods, ranging from large consignments of timber, grain, oil products, and ending with certain types of machinery and equipment.

The quality of the goods is certified by special documents that the seller must present before the start of the auction. In the practice of Russian stock exchanges, legislative acts relating to the quality of goods have not yet been worked out. At present, modern Russian exchanges do not have strictly established requirements for the quantity of goods offered for auction. brokerage exchange insurance

Note that the essential point of the transaction is the price of the goods. A client of a brokerage office instructing to conclude a transaction may stipulate (make certain requirements) in relation to the purchase (sale) price. This means that the transaction can be concluded:

• - at the current price of the exchange day;
• - at a given price;
• - at the limit price;
• - at a price on a certain date;
• - at the reference price fixed at the moment of opening or closing of the stock exchange.

Allocation of costs for transportation, storage and insurance by a certain type of price. Depending on the type of free, the obligations and responsibilities of the supplier and the buyer are distributed, as well as the costs included in the sale price are determined.

The parties to the transaction separately stipulate the location of the goods, the term and terms of delivery.

Thus, an “exchange transaction” should be recognized as an impersonal standard transaction, made by a trading participant during the exchange session, registered by the exchange, the subject of which is the objects admitted to circulation on the exchange, and the execution is guaranteed by the exchange in accordance with the Trading Rules.

EXCHANGE INTERMEDIARY persons who prepare the conclusion of exchange transactions, and in the Russian Federation also make these transactions, usually as brokers or dealers. B.p. on Russian commodity exchanges are brokerage firms, brokerage houses and independent brokers (Law of the Russian Federation of February 20, 1992 No. 2383 1 "On Commodity Exchanges and Exchange Trading"). A brokerage firm is a legal entity professionally engaged in brokerage activities, a brokerage office is a branch or other separate division of a brokerage firm that has a separate balance sheet and current account, and an independent broker is an individual duly registered as an entrepreneur operating without forming a legal entity. . B.p. make transactions on commodity exchanges: a) on behalf of the client and at his expense; b) on behalf of the client and at his own expense; c) on its own behalf and at the expense of the client (brokerage); d) on its own behalf and at its own expense for the purpose of subsequent resale on the stock exchange (dealer activity). Only B.P. B.p. has the right to create brokerage guilds, which can unite into associations, in the manner and on the terms established by law for public associations (organizations). The activity of B. p., who wish to make options and futures transactions on Russian commodity exchanges, is subject to licensing. Licensing of B.p. carried out by the Commodity Exchange Commission under the Ministry of Antimonopoly Policy. Facial recognition B.p. obliges him to: a) keep a record of exchange transactions for each client; b) store information about these transactions for 5 years from the date of their completion; c) provide the said information at the request of the Commodity Exchange Commission. Relations between B.p. and their clients are determined on the basis of relevant contracts. The Exchange, within its powers, can: regulate the relationship of B.p. and their clients; apply sanctions in accordance with the established procedure to B.p., violating the rules of relations established by her B.p. with their clients; with the help of a special body (exchange arbitration) to resolve disputes arising between B.p. and their clients. B.p. has the right to require clients to make guarantee contributions to their settlement accounts opened with settlement institutions (clearing centers), as well as granting the rights to dispose of them on behalf of B.p. in accordance with the instructions given to him. Activities B.p. on the Russian currency exchanges is not today the subject of special legal regulation. Practice shows that it is built primarily on the same principles as the activities of the B.P. on commodity markets. Belov VA.

• BROKER- BROKER - an individual or firm engaged in mediation in the conclusion of transactions on the stock, commodity and currency exchanges. BROKERS enter into transactions, as a rule, on behalf of and at the expense of clients, and ...
• DEALER- DEALER - a person (or firm) carrying out exchange or trade intermediation at his own expense. DEALERS - exchange intermediaries - are members of the stock exchange and are engaged in the purchase and sale of securities, etc...
• - INVESTMENT INSTITUTE - according to the legislation of the Russian Federation, a legal entity created in any organizational and legal form permitted by the legislation on enterprises and entrepreneurial activity, is subject to ...
• EXCHANGE CONTRACT- EXCHANGE CONTRACT - a contractual obligation of sale and purchase, on the basis of which transactions are made on commodity exchanges.
• LACK- SHORTAGE - a physical shortage of cash, commodity and other valuables (in excess of the established loss rates), recorded in the prescribed manner upon their acceptance.
• INTERMEDIATE FOREIGN TRADING COMPANIES- INTERMEDIATE FOREIGN TRADING COMPANIES - various trading firms, companies that, on behalf of manufacturers-exporters of goods, perform the functions of intermediaries in international markets on the basis of an agreement ...
• SPECULATOR- SPECULANT - a legal or natural person who enters into transactions in order to profit only from price changes. - on the stock exchanges it is also used in a meaning opposite to the hedger.
• INSURANCE BROKER- INSURANCE BROKER - a legal or natural person duly registered as an entrepreneur, carrying out insurance intermediary activities on its own behalf on ...
• COMMODITY FUND- COMMODITY FUND - the pooling of investors' capital, usually small ones, in the form of contributions or by selling shares (shares) for investing in exchange transactions on commodity, stock and currency exchanges, as well as in ...
• HOLDING COMPANY FINANCIAL- FINANCIAL HOLDING COMPANY - according to the legislation of the Russian Federation, a holding company, more than 50% of the capital of which consists of securities of other issuers and other financial assets. The assets of the HOLDINGS...
• TRADING AGENT- A TRADING AGENT - an organization or an individual entrepreneur who, on behalf of the principal and at his expense, performs certain trading operations. In the EU member states, A.t. regarded as...
• EXCHANGE TRANSACTION- EXCHANGE TRANSACTION - a contract for the sale of goods or securities, concluded on the exchange. B.s. is carried out in the order of open and public auctions held in a certain place and according to established rules ...