In this part of our financial training institute is considered the stock market and its theoretical foundations. We learn the story of the appearance of the stock exchange, faced with its basic terms and definitions will study the global stock indices and their role in investment decisions. Will be considered separately Russian stock indexes and features of the realities of Russian trade fondomvom market.
We get a basic idea of the Institute of the stock market by learning basic types of securities and investment features of each of them. We have studied the equity and debt securities, as well as their derivatives, will find out what their difference from each other. We have an exciting journey into the world of financial knowledge, as well davayzhe start right now.
The study of the stock market, like any other field of knowledge, we begin with a description of the main terms and concepts. The time has come to settle a series of new definitions that will help in the study of the rules of the stock market. For a start made a small excursion into the past. Once in Italy, came to the Belgian merchant Van der Burse, to found a profitable business. Over time, he has earned the respect of other merchants and bankers, and they began to hold meetings in the square in front of his house, and sometimes at his home. From the name of the merchant (Burse) and there was the word "exchange". But this "friendly" exchange lasted not long. Very quickly it turned into a separate entity called the Antwerp market, and its building is adorned with the inscription: "For the benefit of merchants all languages and nations." At this point originates history of the stock exchanges. Antwerp market functioning in order to facilitate transactions, familiarize visiting merchants with an assortment of goods and facilitate the negotiations. Its excellent location, great communication of its members and the rules under which trade relations were all equal, it quickly gained worldwide popularity.
Continuing acquainted with the history of the stock exchanges, it should be noted that the word "exchange" can have several different definitions, such as:
a set of concluded transactions on the site (in the phrase: "tomorrow's market will be quiet");
set of traders who regularly appear in the same place for mutual trade relations ("crowded market");
specific place where traders gather ("St. Petersburg Stock Exchange on the Avenue").
Today associated with the exchange last two definitions that are understood by the exchange or the place where the trade or merchants themselves meeting at which the transaction set and builds mutual trade relations. To say briefly, the market promotes contact of supply and demand, just like fairs and markets. Identify the similarities with the exchange fairs can be an example of wholesale trade. Between them, there are only three differences:
Fair participants are the people to move out from different cities and countries, while focusing on the exchange patrons tend to live near her location;
Fair is a big market where you can find a variety of goods of varying quality. And on the commodity or stock exchange goods, as such, no. It is stored in the warehouses, and appear only on the exchange of its characteristics;
Fair from time to time brings together supply and demand, while the market contributes to their constant contact.
There exists the following exchanges: securities and commodities, depending on the subject of transactions entered into by them. They have their own specific and particular properties. In this chapter, we will look at the stock exchanges.
The stock exchange is used for trading stocks and bonds of private organizations, public debt, bills, currencies and precious metals. The stock exchange is an intermediary in the securities market. She regularly participates in the auction, implementing activities for trade. In the following chapters, we will consider in more detail the meaning of "professional participant of the securities market." And now let's go ahead and get acquainted with the features we are considering type of exchanges.
The stock markets are closed to the SEC. This means that they can only trade participants in these exchanges. Russian law indicates that the stock exchange members can only be members of a professional securities market. The participants of the Stock Exchange are requirements: both the stock exchange and the law. Often, the law provides general requirements and regulations of their exchanges detail, exposing additional requirements. It also provides penalties carried out in violation of the rules and procedures of collection. But the fees levied by the stock exchange for the parties to transactions remain at their sole discretion. Exchange is the responsibility of the approval of the procedure and rules for admission to trading and, in fact, holding these trades.
The participants of the Stock Exchange have the following features:
serve as a dealer by trading on their own behalf and for their money, or on behalf of the customer and at his expense (performing brokerage functions);
participate in the management of the Stock Exchange and its meetings;
participate in the electoral process controls and exchange controls, as well as to be elected to any of the available positions.
On top of that stock market participants should be provided with information about the places and the time of the auction, and the list of quotations of securities that would be involved in trading on the exchange. The stock exchange must also ensure publicity of the results of trading sessions.
The following types of exchanges: securities and commodities that depend on the subject of transactions entered into by them. They have their own specific and particular properties. In this chapter we look at commodity exchanges.
Commodity exchange is designed to trade in food, raw materials and energy, as well as other products of mass consumption. Traded commodity exchange can use a wide range of goods, and may specialize in certain types of, for example, on oil, grain or fur. Commodity exchanges are of great importance in international trade relations. With them is the establishment of a market price for the goods.
Today, commodity exchanges remain in some countries, and their turnover is quite low. Usually they are a way of wholesale products of local importance, which is characterized by low concentrations of consumption, distribution and production. The largest commodity exchanges operate in Malaysia, India and Indonesia.
Commodity exchange is determined by the laws of the Russian Federation as an organization with a legal personality, which forms the wholesale market, regulating and organizing exchange trading, which is conducted as a public auction held by certain rules in a certain place.
Many functioning commodity exchanges operate in a continuous auction, taking place throughout the day. At this time, the sellers make offers, and buyers submit bids. The deal is when the interests of both sides are the same.
Money for some goods are paid at the same time with their delivery. But, increasingly on commodity exchanges are pending transaction on the terms of delivery when the goods are bought at a price set at the time of the transaction, but it comes after a certain time. It's - futures trading. In today's world, where market relations are developing with rapid speed, commodity exchanges have not lost their significance, their institution was transformed into the market to the goods.
Here we are familiar with the concept of exchange and learned about two kinds of exchanges, their features and basic functions. The other concepts with which we will introduce in the future will be associated only with the stock exchanges, the more common and comfortable. In the next chapter we look at the largest participants in the stock exchange.
Currently the world there are about 200 exchanges. The leading role in the global exchange turnover belongs to them. Major stock exchanges are also an indicator of the regulator and the state of the global economy. The appearance of species due to the presence of stock exchanges formed and developed commercial and consumer or industrial structure. Therefore, it is in countries that have had a great development in middle age and retained their potential, and are the most famous and largest stock exchange. Returning to the subject of consideration, we consider the most famous in our time, the types of stock exchanges.
In the U.S. there are 13 stock exchanges, among them are the largest in the world - the New York Stock Exchange (New York Stock Exchange, NYSE). At its turnover accounted for about half of the total turnover of foreign stock exchanges. New York Stock Exchange is located in Manhattan at Wall Street, 11. For several decades, it is a symbol of financial power of the United States and throughout the financial industry. It is in terms of its shares traded on industrial companies and is defined by well-known Dow Jones (Dow Jones Industrial Average) and the equally well-known index NYSE Composite.
An important role in the stock market in the U.S. has created in 1911, the American Stock Exchange (American Stock Exchange, AMEX). Since the nineties of the last century it began to be the world's first electronic trading using wireless terminals.
Also worth mentioning, and NASDAQ (National Association of Securities Dealers Automated Quotation) - OTC market, which specializes in high-tech stocks of companies (the sphere of the production of software, electronics, etc.).
22 stock exchanges operate in major UK cities such as London, Birmingham, Liverpool and Glasgow. We can single out the LSE (London Stock Exchange, LSE), which is the most international of all stock exchanges UK. LSE - one of the world's leading financial centers.
In Japan, is now 9 stock exchanges, among which the largest is the Tokyo Stock Exchange (Tokyo Stock Exchange). This is the old stock exchange (founded in 1878), with its own rules and traditions. Its main specialization - trade in shares of corporations and financial institutions.
In all of these countries have their own national system of exchanges based on the historical features that define a specific place in the stock exchange system and the functioning of the system as a whole. Well, what happens to the stock exchanges views with us? Currently in Russia there are more than 10 stock exchanges, but the main trades are conducted on only two of them:
The Russian Trading System (RTS) was founded in 1995 and is currently one of the largest stock exchanges in Russia. It RTS is recognized center of pricing of bonds and stocks a wide range of issuers. This site is served by a large proportion of foreign portfolio investment in the country, so that information about trading on the Russian Trading System is the source of the condition of the Russian securities market. But now the main trading volume gradually moving other leading Russian exchanges - MICEX.
Moscow Interbank Currency Exchange (MICEX) - the oldest (founded in 1992) and at the moment the main stock exchange in Russia. It is a universal trading platform on which operations are carried out in the stock and foreign exchange markets. It is the largest exchange in Russia, the CIS and Eastern Europe, on the basis of its national systems of trading in all major segments of the Russian financial market, namely the foreign exchange, equities and derivatives. MICEX also provides depository and settlement and clearing services to more than a thousand organizations that are members of the exchange market.
We have examined the basic concepts associated with stock exchanges. In the following chapters, you will be able to find out who exactly can make transactions on the Stock Exchange. In addition, we will touch upon the important question for us as an individual (the Internet trader) may carry out transactions on the stock exchange, and who it can help.
We get a basic idea of the Institute of the stock market by learning basic types of securities and investment features of each of them. We have studied the equity and debt securities, as well as their derivatives, will find out what their difference from each other. We have an exciting journey into the world of financial knowledge, as well davayzhe start right now.
The study of the stock market, like any other field of knowledge, we begin with a description of the main terms and concepts. The time has come to settle a series of new definitions that will help in the study of the rules of the stock market. For a start made a small excursion into the past. Once in Italy, came to the Belgian merchant Van der Burse, to found a profitable business. Over time, he has earned the respect of other merchants and bankers, and they began to hold meetings in the square in front of his house, and sometimes at his home. From the name of the merchant (Burse) and there was the word "exchange". But this "friendly" exchange lasted not long. Very quickly it turned into a separate entity called the Antwerp market, and its building is adorned with the inscription: "For the benefit of merchants all languages and nations." At this point originates history of the stock exchanges. Antwerp market functioning in order to facilitate transactions, familiarize visiting merchants with an assortment of goods and facilitate the negotiations. Its excellent location, great communication of its members and the rules under which trade relations were all equal, it quickly gained worldwide popularity.
Continuing acquainted with the history of the stock exchanges, it should be noted that the word "exchange" can have several different definitions, such as:
a set of concluded transactions on the site (in the phrase: "tomorrow's market will be quiet");
set of traders who regularly appear in the same place for mutual trade relations ("crowded market");
specific place where traders gather ("St. Petersburg Stock Exchange on the Avenue").
Today associated with the exchange last two definitions that are understood by the exchange or the place where the trade or merchants themselves meeting at which the transaction set and builds mutual trade relations. To say briefly, the market promotes contact of supply and demand, just like fairs and markets. Identify the similarities with the exchange fairs can be an example of wholesale trade. Between them, there are only three differences:
Fair participants are the people to move out from different cities and countries, while focusing on the exchange patrons tend to live near her location;
Fair is a big market where you can find a variety of goods of varying quality. And on the commodity or stock exchange goods, as such, no. It is stored in the warehouses, and appear only on the exchange of its characteristics;
Fair from time to time brings together supply and demand, while the market contributes to their constant contact.
There exists the following exchanges: securities and commodities, depending on the subject of transactions entered into by them. They have their own specific and particular properties. In this chapter, we will look at the stock exchanges.
The stock exchange is used for trading stocks and bonds of private organizations, public debt, bills, currencies and precious metals. The stock exchange is an intermediary in the securities market. She regularly participates in the auction, implementing activities for trade. In the following chapters, we will consider in more detail the meaning of "professional participant of the securities market." And now let's go ahead and get acquainted with the features we are considering type of exchanges.
The stock markets are closed to the SEC. This means that they can only trade participants in these exchanges. Russian law indicates that the stock exchange members can only be members of a professional securities market. The participants of the Stock Exchange are requirements: both the stock exchange and the law. Often, the law provides general requirements and regulations of their exchanges detail, exposing additional requirements. It also provides penalties carried out in violation of the rules and procedures of collection. But the fees levied by the stock exchange for the parties to transactions remain at their sole discretion. Exchange is the responsibility of the approval of the procedure and rules for admission to trading and, in fact, holding these trades.
The participants of the Stock Exchange have the following features:
serve as a dealer by trading on their own behalf and for their money, or on behalf of the customer and at his expense (performing brokerage functions);
participate in the management of the Stock Exchange and its meetings;
participate in the electoral process controls and exchange controls, as well as to be elected to any of the available positions.
On top of that stock market participants should be provided with information about the places and the time of the auction, and the list of quotations of securities that would be involved in trading on the exchange. The stock exchange must also ensure publicity of the results of trading sessions.
The following types of exchanges: securities and commodities that depend on the subject of transactions entered into by them. They have their own specific and particular properties. In this chapter we look at commodity exchanges.
Commodity exchange is designed to trade in food, raw materials and energy, as well as other products of mass consumption. Traded commodity exchange can use a wide range of goods, and may specialize in certain types of, for example, on oil, grain or fur. Commodity exchanges are of great importance in international trade relations. With them is the establishment of a market price for the goods.
Today, commodity exchanges remain in some countries, and their turnover is quite low. Usually they are a way of wholesale products of local importance, which is characterized by low concentrations of consumption, distribution and production. The largest commodity exchanges operate in Malaysia, India and Indonesia.
Commodity exchange is determined by the laws of the Russian Federation as an organization with a legal personality, which forms the wholesale market, regulating and organizing exchange trading, which is conducted as a public auction held by certain rules in a certain place.
Many functioning commodity exchanges operate in a continuous auction, taking place throughout the day. At this time, the sellers make offers, and buyers submit bids. The deal is when the interests of both sides are the same.
Money for some goods are paid at the same time with their delivery. But, increasingly on commodity exchanges are pending transaction on the terms of delivery when the goods are bought at a price set at the time of the transaction, but it comes after a certain time. It's - futures trading. In today's world, where market relations are developing with rapid speed, commodity exchanges have not lost their significance, their institution was transformed into the market to the goods.
Here we are familiar with the concept of exchange and learned about two kinds of exchanges, their features and basic functions. The other concepts with which we will introduce in the future will be associated only with the stock exchanges, the more common and comfortable. In the next chapter we look at the largest participants in the stock exchange.
Currently the world there are about 200 exchanges. The leading role in the global exchange turnover belongs to them. Major stock exchanges are also an indicator of the regulator and the state of the global economy. The appearance of species due to the presence of stock exchanges formed and developed commercial and consumer or industrial structure. Therefore, it is in countries that have had a great development in middle age and retained their potential, and are the most famous and largest stock exchange. Returning to the subject of consideration, we consider the most famous in our time, the types of stock exchanges.
In the U.S. there are 13 stock exchanges, among them are the largest in the world - the New York Stock Exchange (New York Stock Exchange, NYSE). At its turnover accounted for about half of the total turnover of foreign stock exchanges. New York Stock Exchange is located in Manhattan at Wall Street, 11. For several decades, it is a symbol of financial power of the United States and throughout the financial industry. It is in terms of its shares traded on industrial companies and is defined by well-known Dow Jones (Dow Jones Industrial Average) and the equally well-known index NYSE Composite.
An important role in the stock market in the U.S. has created in 1911, the American Stock Exchange (American Stock Exchange, AMEX). Since the nineties of the last century it began to be the world's first electronic trading using wireless terminals.
Also worth mentioning, and NASDAQ (National Association of Securities Dealers Automated Quotation) - OTC market, which specializes in high-tech stocks of companies (the sphere of the production of software, electronics, etc.).
22 stock exchanges operate in major UK cities such as London, Birmingham, Liverpool and Glasgow. We can single out the LSE (London Stock Exchange, LSE), which is the most international of all stock exchanges UK. LSE - one of the world's leading financial centers.
In Japan, is now 9 stock exchanges, among which the largest is the Tokyo Stock Exchange (Tokyo Stock Exchange). This is the old stock exchange (founded in 1878), with its own rules and traditions. Its main specialization - trade in shares of corporations and financial institutions.
In all of these countries have their own national system of exchanges based on the historical features that define a specific place in the stock exchange system and the functioning of the system as a whole. Well, what happens to the stock exchanges views with us? Currently in Russia there are more than 10 stock exchanges, but the main trades are conducted on only two of them:
The Russian Trading System (RTS) was founded in 1995 and is currently one of the largest stock exchanges in Russia. It RTS is recognized center of pricing of bonds and stocks a wide range of issuers. This site is served by a large proportion of foreign portfolio investment in the country, so that information about trading on the Russian Trading System is the source of the condition of the Russian securities market. But now the main trading volume gradually moving other leading Russian exchanges - MICEX.
Moscow Interbank Currency Exchange (MICEX) - the oldest (founded in 1992) and at the moment the main stock exchange in Russia. It is a universal trading platform on which operations are carried out in the stock and foreign exchange markets. It is the largest exchange in Russia, the CIS and Eastern Europe, on the basis of its national systems of trading in all major segments of the Russian financial market, namely the foreign exchange, equities and derivatives. MICEX also provides depository and settlement and clearing services to more than a thousand organizations that are members of the exchange market.
We have examined the basic concepts associated with stock exchanges. In the following chapters, you will be able to find out who exactly can make transactions on the Stock Exchange. In addition, we will touch upon the important question for us as an individual (the Internet trader) may carry out transactions on the stock exchange, and who it can help.
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