The word "stock" comes from the German Boerse or Latin bursa, which means wallet. Exchange- this is a permanent wholesale institutionalized market of the same type of goods and services, where, with the help of numerous intermediaries, operations are carried out related to the sale and purchase of significant consignments of goods at a contractual cost; a special type of wholesale trade in products for a wide range of purposes and applications.

International currency and stock exchanges(exchange) - an institutionalized regularly functioning market in which trade is carried out foreign exchange(currency) and securities(stock Exchange). Approximately 5–10% of transactions for the real supply of an asset and 90–95% of forward (future) transactions are made on international currency and stock exchanges. Exchange rates (price levels) of currencies and securities are formed on the stock exchange. These courses are a sensitive barometer of any changes in the economic and political life one country or another. Rates fall sharply in years of crises and unfavorable market conditions and, conversely, rise during periods of recovery and growth in production. A general drop in stock prices is called a stock market crash.

The organization of the exchange is diverse, but basically it comes down to two types: the exchange as an open market, free for access by all traders, under the supervision of the state (Austria, France, etc.), and the exchange as a closed corporation of traders, accessible only to its members and free from state interference (Great Britain, SSL). Access to the latter is due to a well-known property qualification, recommendations from several members of the exchange and a ballot. From among the exchange corporation, the governing body of the exchange is selected - the Exchange Committee (in the USA - the Board of Governors). Under it, there is a so-called admission commission, which decides on the admission of new securities. She takes steps to prevent official exchange securities of small and medium joint-stock companies. In many countries there are unofficial, sometimes called black, stock exchanges where any securities are quoted.

Thus, there are two types of exchanges: public and private. On public exchanges, transactions can be made not only by members of the exchange. The activities of public exchanges are regulated by government laws. Private exchanges are organized in the form of joint-stock companies and closed corporations. Only shareholders who are members of these exchanges can enter into transactions on such exchanges. Exchange members usually do not receive dividends on their invested capital. Their profit is generated from the rewards received from clients for transactions made for them, i.е. exchange members act as brokers. The Exchange keeps records of operations, determines exchange prices (quotes), facilitates settlements, develops standard contracts, and conducts arbitration of disputes. For this purpose, specialized committees are created in the structure of the exchange, which are led by directors who are members of the board of exchanges. The president is usually at the head of the council.

Currency exchange - this is an element of the infrastructure of the foreign exchange market, the activity of which is to provide services for the organization and implementation of trading, during which equity holders enter into transactions with foreign currency. The currency exchange organizes the work of the basic elements of the infrastructure of the foreign exchange market: the trading system (a mechanism for searching for a counterparty), clearing and settlement systems (a mechanism for executing a transaction). There are currency exchanges specializing in futures trading in currencies and financial assets - the London International Financial Futures Exchange, the European Options Exchange in Amsterdam (European Options Exchange), the German Derivatives Exchange in Frankfurt (Deutsche Terminboerse), the Singapore Exchange (Singapore International Monetary Exchange), Sydney Futures Exchange, Austrian Futures Exchange in Vienna (Oesterreichische Termin Optionsboerse).

A foreign exchange exchange is a place where the sale and purchase of foreign and national currencies, based on the exchange rate relationship between them (quotes), which is formed in the market under the influence of supply and demand. Stock prices depend on purchasing power exchanged currencies, which, in turn, is determined by the economic situation in the issuing countries. Operations on the currency exchange are based on the convertibility of the currencies exchanged on it. The main task of the exchange is not to make high profits, but to mobilize temporarily free foreign exchange resources, redistribute them by market methods from one sector of the economy to another, and establish the actual market rate of the national and foreign currencies in conditions of fair and legitimate trade.

The largest volume of exchange currency transactions falls on London - 32%, followed by New York - 18%, Tokyo - 8%, Singapore - 7%, Frankfurt - 5%, Hong Kong, Paris and Zurich - 4% each, other countries remain about 18%. Unlike the universal London Stock Exchange, currency exchanges in Japan, France and Germany are mainly engaged in fixing reference exchange rates, so they are less significant in the world currency market.

Operations in the foreign exchange markets are carried out around the clock. Fiscal day starts from Wellington ( New Zealand), further - Sydney, Tokyo, Hong Kong, Singapore, Bahrain, Frankfurt am Main, London, New York, Los Angeles. In total, there are three geographical zones of activity currency transactions(times are GMT):

• East Asian, centered in Tokyo, 21:00–07:00;
• European, centered in London, 7:00–13:00;
• American, centered in New York, 13:00–21:00.

The work of the exchange is organized mainly by the brokerage chamber and the board. The competence of the brokerage chamber includes the quotation of currencies and the supervision of exchange brokers. On the foreign exchange market, brokers sit at their desks in various banks and communicate with each other using a computer and telephone. The computer terminal shows the current quotes of all major currencies with the date of transactions. Every big bank sends out its currency quote, i.e. indicates at what rate he is ready to trade. Having found a suitable rate, the buyer's bank contacts the seller by phone and concludes a deal. It takes less than a minute to complete a transaction. If necessary, it is documented. The Board controls the course of official quotations, direct supervision is entrusted to the members of the currency trading committee.

For currency quotes and the formation of exchange rates on the stock exchange, various methods are used. For example, the "Frankfurt Fixing" is used on the Frankfurt Currency Exchange. The essence of this mechanism is as follows: before the start of trading traders - traders in the foreign exchange market - submit orders to the broker with the rates of buying and selling currencies; on the basis of applications, the broker announces the volume of supply and demand of the currency, as well as minimum exchange rate its purchases and the maximum selling rate; then collect additional applications within the announced interval exchange rate. If the volume of orders to sell exceeds orders to buy, the broker reduces the selling rate, if vice versa, it increases the buying rate. With the same order volumes, the buying and selling rates are adjusted in the same proportion. Then new bids are collected and new exchange rate limits are set. Additional bids are collected until the selling rate equals the buying rate and the exchange rate fixes. If the rates match, but the volumes do not, trading continues.

One of the main functions of the Moscow Interbank Currency Exchange is the creation and development of such a mechanism for foreign exchange trading, which allows maintaining stability in the Russian foreign exchange market. The mechanism of exchange trading in foreign currency is constantly being improved. Thus, in Russia since June 1997 the system of electronic lot trades (SELT) has been operating.

SELT removed the previously existing temporary restrictions on foreign currency trading, dramatically increased its efficiency and flexibility on the Russian exchange market. In the system of electronic lot trades, participants have the opportunity to place orders throughout the entire trading day directly from remote workplaces, the conclusion of transactions takes place automatically as mutually satisfying orders are entered into the system. Trading participants may enter into transactions in SELT or register off-system transactions within the limit of net transactions and (or) the amount of funds deposited on MICEX accounts. Net transaction limits for bidders are set on a quarterly basis based on their own funds, and cannot exceed $70 million. The contribution of a trading participant to the risk-covering fund is USD 20,000. All-Russian interregional stock exchange was created throughout Russia. currency market. The organization of trading in the purchase and sale of foreign currency is based on the following principles:

• 1) regional interbank currency exchanges (ICE) are merged into a single trading system(ETS) based on SELT MICEX;
• 2) The MICEX acts as an administrator providing trading on the UTS, as well as the calculation of the final obligations and requirements of interbank currency exchanges and trading participants in Russian rubles and in foreign currency;
• 3) for transactions in euros for Russian rubles trading participants ensure that funds are credited in the currency, the sale of which is planned on the UTS, in the amount of expected transactions;
• 4) on the UTS, trading participants carry out transactions for the purchase and sale of foreign currency for Russian rubles on their own behalf and at their own expense, as well as in accordance with the instructions of clients;
• 5) trading participants accessing trading on the UTS through MICEX make settlements in Russian rubles through the MICEX account in the MICEX Clearing House.

The existing national system of exchange trading covers the leading financial regions of Russia and provides the possibility of simultaneous participation in trading of commercial banks located in different regions and time zones. Now more than 1,100 participants (credit institutions and their branches) have access to the UTS. As part of the UTS (or morning trading session), trading is carried out in the US dollar, euro and Russian ruble with delivery "today" and "tomorrow", the sale of a part of export earnings. Within the framework of the "day" session, swap transactions, off-system transactions and trading in other currencies are carried out. The official exchange rate of the Russian ruble against the US dollar and the euro is set on the basis of trading on the UTS.

At a single trading session in SELT MICEX, trading is carried out for Russian rubles in US dollars, euros, Ukrainian hryvnia, Kazakh tenge and Belarusian rubles.

MICEX plans on the basis of modernization and introduction of new technologies:

• prepare a system for conducting electronic dealing transactions (SPREDO). The proposed system takes into account the prevailing realities and traditions of the interbank market and is focused on providing banks with services for the automated conclusion of bilateral conversion transactions;
• develop access to trading in foreign currencies through open communication channels (Internet) and attract to this new trading participants who are currently conducting transactions on the UTS from the trading floor and through the Reuters system;
• trade of a new instrument - a currency swap. It is necessary to meet the needs of banks in an additional liquidity management tool, as well as to carry forward currency positions to later settlement dates.

Stock Exchange (stock exchange) - an organized and regularly functioning market for the purchase and sale of chain papers. Main functions: mobilization of temporarily free funds through the sale of securities; determination of the market value of securities; the flow of capital between companies, industries and areas. The stock exchange serves mainly the so-called secondary securities market, where previously issued securities are traded (on the primary securities market, new securities are sold after they have been issued). emissions ). Stock exchanges have the organizational and legal form of private joint-stock companies (USA, Japan, Great Britain) or state institutions (Germany, France). The largest stock exchanges in terms of stock turnover are located in New York, Tokyo, London and Frankfurt. In accordance with their charter, exchanges are usually managed by an exchange committee, which is elected general meeting members of the exchange (they can be both individuals and legal entities). Members of the stock exchange are divided into brokers (brokers ) And dealers and receive a significant portion of their profits from the performance of intermediary operations on behalf of their clients. The purchase and sale of securities on the stock exchange is carried out on the basis of their exchange rate (i.e. their selling price on the exchange), which fluctuates depending on the ratio between supply and demand for them. Registered exchange rates (stock quotes) are published in exchange bulletins and reprinted by many leading economic newspapers and magazines in the world. The average stock price of leading companies (stock price index) is an important economic indicator.

exchange rate - exchange rate of securities. It is determined by the following factors:

• a) current and expected returns;
• b) the size of the banking interest rate (loan interest), the price of gold, certain goods and real estate, since investments in bank accounts, in gold, in goods and real estate are an alternative to the application of temporarily free funds;
• c) liquidity - the ability to turn purchased securities into money without loss;
• d) exchange speculation, i.e. purchase and sale of securities on the stock exchange in order to receive speculative profit from the difference between exchange rates at the time of the conclusion and execution of the transaction.

By Russian legislation the stock exchange can be a non-profit partnership and a joint stock company. The stock exchange as a non-profit partnership is not commercial organization, created by its members for the purpose of organizing trading in securities according to the rules established by this organization. Its purpose as an organization is not to make a profit, but to create favorable conditions for its members to profit from trading in securities. Initially, stock exchanges existed only as non-commercial, i.e. non-profit organizations. Accordingly, they themselves were not taxed by the state. The stock exchange as a joint-stock company is a commercial organization aimed at making a profit and increasing the market value of its shares. The emergence of commercial exchanges is associated with the process of computerization of the securities market. The development of computer forms of organizing trade in the securities market is a special type of commercial activity. The owner of a computer exchange sells access to his computer market, which brings him a constant profit. The organization of exchange trading is turning into an independent type of commercial activity, isolated from commerce in the securities market itself.

Traditional stock exchanges as non-profit organizations are beginning to lack financial resources to improve their trading systems. The only way to solve this problem is to turn them into joint-stock companies, obtain the necessary capital for further development, but at the same time assume obligations to receive profit and pay dividends on their shares.

By law, one shareholder (member) of the exchange cannot own 20% or more of its shares (or votes at a meeting in case of membership). This restriction is not valid if the shareholder (member) of the exchange is another stock exchange.

A stock exchange in the form of a non-commercial partnership may be transformed into a joint-stock company by decision of its members.

Participants of the stock exchange differ depending on its organizational form. If the exchange is a non-commercial partnership, then only its members can be participants, i.e. the people who created it. If the exchange is a joint-stock company, then the process of dividing its members into shareholders and participants takes place, i.e. those who get the right to trade on this exchange. Any participant in the securities market can be a stock exchange shareholder. Only professional traders can participate in the stock exchange: brokers, dealers and managers. The procedure for admission to trading on the stock exchange of certain specific participants is established by the stock exchange.

All other participants in the securities market can perform their operations on the stock exchange exclusively through the participants of this exchange. Investors have direct access to exchange market under Russian law is not yet possible even in a computerized market.

The basic requirements for the activities of the stock exchange are identical to the requirements for all organizers of trade in the securities market. Let us name the distinctive features of these requirements.

• 1. The rules for admitting securities to trading are divided into two groups: the rules for listing/delisting securities and the rules for admitting securities without going through the listing procedure.
• 2. The stock exchange may approve the specifications of transactions, the fulfillment of obligations under which depends on changes in prices for securities or on changes in stock indices. Such transactions in world practice are called futures and option contracts (for more details, see the specialized literature).
• 3. The stock exchange must ensure the transparency and publicity of its trades: indicate the place and time of their conduct, report the quote of securities, the results of trades, etc. The special significance of this rule lies in the fact that it can be interpreted in two ways: either only a public form of organization of securities trading is assigned to the stock exchange, or the conclusion of transactions with securities in electronic form does not apply to trading.

The main types of income of the stock exchange are:

• contributions of its participants (if the exchange exists in the form of a non-commercial partnership);
• listing fee;
• payment for all kinds of exchange services, primarily exchange fees for concluded transactions; proceeds from the sale of exchange information; income from the rental of premises and equipment; income from the sale of exchange technologies, etc.; receipts for the use of stock indices of this exchange as market assets;
• fines, etc.

The leading expenditure items of the stock exchange, as well as any market organization, are:

• current costs - salaries of hired personnel, administrative costs and other operating costs;
• depreciation deductions;
• lease payments for premises and equipment;
• capital costs associated with the introduction of new trading systems: the purchase of equipment, the creation of software, the cost of communication systems, etc.

In the last 10-20 years, the development of the stock market has been in the direction of the development of electronic forms of trade organization. The traditional form of trading in securities is public trading, in which the price is the result of direct ("presence") interaction of market participants. Computerization made it possible to replace the physical interaction of securities traders with their interaction through electronic communications converging in a single computer center, in which the process of concluding transactions takes place according to certain market rules. New stock exchanges in all countries are created from the very beginning as electronic exchanges, in which professional traders interact through electronic networks connecting them.

Generally electronic forms trading in the securities market develop in two opposite directions:

• 1) the evolution of exchange market organizers from public exchanges to electronic exchanges;
• 2) evolution professional participants non-exchange market towards the creation of an organized electronic market.

The first direction is connected with the transformation of public exchanges into electronic ones. This is characterized by the following logical (and historical) stages:

• 1st stage - creation of an electronic exchange as a set of its members, who are connected to each other by electronic networks, and with their customers - in the usual way (in person, via telephone, fax, etc.);
• 2nd stage - members of an electronic exchange establish electronic communication systems with their customers. The latter, in the presence of computers and special programs, can transmit their orders to brokers for their execution on the exchange;
• 3rd stage - clients of exchange members get direct access to trading on the exchange, but while maintaining control over their actions by a member of the exchange.

Legally, on this kind of electronic exchange, the purchase and sale of securities is still carried out first between the participants of the exchange, followed by accounting for transactions on customer accounts, however, in this case, the broker no longer duplicates the client’s order, which directly enters the trading system for execution, although in broker order form. Hence the appearance that the clients themselves are trading. In other words, clients' orders are executed on the exchange, but accounting for all transactions related to them is carried out only through the mediation of the exchange participant (for which the latter, of course, receives his reward). With such an organization of electronic trading, a member of the exchange receives income not from his own transactions with securities (ie, not from speculative transactions), but exclusively from his clients, without selling or buying securities on his own. Physical customer service in this case is replaced not just by their e-service broker, and e-customer self-service.

In Russia, the revival of exchange trading took place in 1992-1993. At that time, dozens of exchanges were registered and began their activity in almost all regional centers, although already at the end of 1993 exchange activity began to gradually subside, and at the beginning of 1995 only a few dozen exchanges remained. In 1998, after the crisis, in Russian Federation there were a number of currency and stock exchanges, which were concentrated mainly in large industrial centers (such as Moscow, St. Petersburg, Nizhny Novgorod, Samara, Yekaterinburg, Vladivostok, Novosibirsk).

Basic terms and concepts

Bank(bank) - 1) in a broad sense, a system that serves to accumulate (money, information, etc.); 2) a financial institution that accumulates cash and savings, providing loans, implementing cash settlements, release and accounting bills and other securities, issue of money, transactions with gold, foreign currency and other functions.

Broker– an intermediary in transactions with currency, securities, goods, real estate, insurance, as well as in the conclusion of various agreements; mediates between the buyer and the seller for a certain fee; can conclude a transaction on its own behalf, but at the expense of the client.

"Bull"(bull) - a speculator who, believing that prices will soon increase, buys up or retains previously purchased contracts. The term is also applicable to investors who believe that prices will soon increase. Derivative words are also used in commercial practice to describe the investor's point of view: " bullish means an optimistic forecast, bearish means a pessimistic forecast.

Dealer(financial) - 1) a company or individual which operates on the stock exchange (market) at its own expense as a principal; 2) a bank employee specializing in conversion, deposit and other operations in the financial markets.

"Bear" (bear) - a bear speculator, an investor who expects the stock or the entire market to fall. A bear market is a long period of decline in the value of shares, usually by 20% or more. The opposite concept - "bull".

Traders- merchants, "market makers", always ready to buy/sell financial assets on a more or less permanent base own funds or at the request of customers.

Another selection of foreign exchanges little known in Runet. Today there are a few more general ones, an exchange for copywriters and a platform for translators.

freelancermap.com

Marketplace for IT professionals. There are jobs for programmers, web developers, engineers, system administrators. There is no need to pay for registration, they do not take any commission.

Almost 114 thousand users are registered on the site, and the number of projects has reached 4.5 thousand.

On the main page, you can immediately see fresh projects that appear daily. Under the name of each, it is indicated whether an employee is required in the office or remotely.

On the right side of the main page, you can see the profiles of newly registered freelancers. A lot of comrades from Germany.

There are three types of accounts for freelancers on the exchange. : Basic (free), Premium ($9.65/month), Business ($38/month). The publication of projects is free.

Quite a live exchange, a lot of interesting projects.

Exchange for website developers, mobile applications and games. Performers from more than 40 countries of the world work here. The site is available in six languages ​​- English, Spanish (by the way, it opens by default), French, German, Portuguese and Italian. Information about projects is closed, completely confidential. Work with the customer - through the manager , which for each project is selected by a specialist from registered freelancers. We have already seen a similar model of cooperation on many foreign exchanges.

The exchange concludes an agreement with each client and contractor. The customer has the opportunity to communicate with a freelancer and manage the project through the exchange.

The site is very concerned about the safety of its users, all payments go through the service only, all stages of work are controlled.

What annoys you is that the manager of the exchange chooses you as the executor. Suddenly you seem to him not qualified enough?

Programming, translation, consulting, graphic design - these are the specializations of freelancers on this site.

Projects that need to be answered are published here - a scheme known to all freelancers. New tasks appear every day, but the size of their budget leaves much to be desired. Registration on the exchange is free . There are two types of account – Basic (Free) and Premium ($10 per month). You can upload your portfolio.

The exchange provides a working area, it is possible to work on a Safe deal.

There are many freelancers from the USA, Canada, Britain, the Philippines, Australia and India.

Exchange for copywriters. Most of the performers here are from North America and Europe. There is a lot of work and it pays well.

Requirements for performers quite high:

Minimum - Bachelor's degree (Academic level writers get access to more challenging assignments);

Excellent command of English;

High speed Internet access.

Registration is free. But after filling out the registration form, you need to upload a sample of your work to show your level.

On the exchange there are projects with full and part-time employment. Each work is checked by moderators, so it must be of high quality. For every non-compliance with high standards, you are charged with money. - the exchange has a whole system of punishments. The site has its own check for the uniqueness of the text. For plagiarism, by the way, you are charged 50% of the payment for the order.

Good performers are rewarded with bonuses.

The exchange takes a commission for its services.

The exchange specializes in proofreading, graphic design, various types of art, photography, accounting, programming, marketing, etc.

Paid for freelancers . Basic account costs $6.25 per month, Silver is $9, Gold is $12.

All projects are categorized for convenience. Recommended projects and recommended freelancers are immediately visible on the main page.

Many performers from USA and India. To be honest, there are not as many projects as we would like, and the pay leaves much to be desired. You can find much more work on the stock exchanges without fees.

Already from the name it is clear that this is an exchange for translators. There is a lot of work, and the most diverse translations are needed. Mostly from English to other languages: French, Norwegian, Swedish, Spanish.

Customers can publish projects or find a translator, indicating from which language to which they need to translate, and from which country the performer should be (optional). By the way, there are not so many of our countrymen who translate from English into Russian.

On the exchange you can see the tariffs for transfers. As you can see, the transfer is relatively inexpensive, with prices hovering around $0.10.

Each translator or translation agency it is possible to create your own website on the basis of the exchange, using a special constructor. The domain name is free, and the site can be made multilingual.

To be continued. There are still a lot of foreign sites for freelancers!

Hello friends!

Now something incredible is happening in Ukraine and Russia. The exchange rate of the ruble and the hryvnia against the dollar is growing by leaps and bounds, so I decided to raise a really important problem in an article today.

Freelancers, as well as people who work offline, are getting the same salary, and prices are rising, with no end in sight. As for me, now you need to think about your future. My opinion is this: it is necessary to gradually master foreign freelance exchanges.

Naturally, without knowledge of English, nowhere, but this knowledge will always be useful to you. I advise you to invest in yourself, because it is in a crisis, if you have knowledge, then you are always valuable as a person and specialist.

Why do I advise looking at foreign freelance exchanges? Elementary, there you get money in dollars, and this is a certain benefit for you.

Watching now what is happening on freelance exchanges and in general in Russia and Ukraine, I see that employers want to get more for less. They are understandable, the crisis makes them tighten their belts, and freelancers themselves, if they are not top 3-5 in their field, are already getting harder work, as competition is growing in the market. Naturally, people are ready to work for low prices because there is no way out, but you have to eat.

So, in total, I personally counted 3 large foreign exchanges for remote work:

My advice to everyone, just try to register, look around, look at the projects that foreign freelance exchanges offer. It is likely that there will be a job for you. Well, do not forget that dollars are different for us and they have a different concept, and with such growth, earning there, you can be king here 🙂

That's all, subscribe to blog updates, share a link to the article in social networks.

And by tradition, at the end of the article there is a short video with a joke about freelancers:

IN Western Europe There are 58 different stock exchanges in 17 countries. In the leading capitalist countries, the stock market is of great, though far from equal, importance. This concerns, first of all, the UK, Switzerland, Holland and also France, Germany, Belgium and the brightly specific market of Luxembourg. In countries such as Austria, Italy, Spain and also in the Scandinavian countries, the role of stock markets is small. In Greece, Ireland, Portugal, they practically do not matter.

Obviously, the largest Western European stock market is English, much smaller than the American one, but at the same time much larger than other Western European ones - Swiss, German and French. With regard to the importance of the stock market and the reproduction of capital, the leading role, on an equal footing with the United States, is played by the stock markets of Great Britain and Switzerland, but here one should take into account the large share of foreign shares. The Dutch stock market plays a much smaller role, and the French, Belgian, and German markets play an even smaller role. Of the bond markets, the largest is in Germany, the second largest in the UK, and their lagging behind the US is less significant. The bond market is most important in the economy of Great Britain, Belgium and Germany.

But the difference lies not only in the volume and significance of stock exchanges. Whole line differences shows a brief description of leading Western European stock markets.

UK stock market

The UK stock market is traditionally, due to the significant capitalization of British monopolies ($324 billion in 1992), an important part of the country's credit and financial mechanism. Widespread reprivatization of the public sector gave a significant impetus to the growth of stock capitalization. In 1967, all the country's stock exchanges were merged into regional stock exchanges in Manchester, Birmingham, Glasgow and Belfast. The clear leader is the London Stock Exchange. It is a joint stock company and is not subject to direct state control. Its leadership is carried out by the Board of the exchange, consisting of 45 members, including one representative of the Central Bank without voting rights. The Council is elected by a meeting of 4482 members and "self-regulates" in cooperation with the Central Bank the activities of the stock exchange.

Shares and bonds are issued mainly in nominal form. Bearer securities are allowed, but are not common among English issuers. Foreign shares must be kept in special depots of authorized credit institutions. Transactions are made, basically, on time. Bonds are realized by cash transactions. The current course is set. Exchange trading covers a very large share of the total turnover of stock values. Trading in non-quoted securities is carried out on the exchange with the permission of the board of the exchange. Since 1980, the so-called mini-exchange has been operating at the exchange with reduced admission conditions for the exchange circulation of shares of medium and small firms.

The very large share of foreign securities confirmed the great importance of London as an international financial center and in the field of stock markets, for example, as the largest center for Eurobond loans. In recent years, the London Stock Exchange has been the scene of significant change as part of the reform carried out from 1983 to 1986, which, in turn, had a significant impact on the reforms of other Western European stock markets. The reform is aimed mainly at increasing its international competitiveness and, thereby, at strengthening the position of British capital.

So, as part of this reform, the traditional, purely English division of brokers into brokers and jobbers was removed. Their functions are now performed by the same brokers. The reduction in commissions associated with this simplification was supplemented by a reduction in the taxation of stock turnover. Computer technology was widely introduced into the work of the exchange. British brokerage firms (about 200) lost their monopoly in stock transactions. First, 29.9% participation was allowed, and then 100% takeover of these firms by industrial and banking monopolies. This was taken advantage of by the British monopoly banks, which actively invaded the area of ​​stock transactions previously closed to them.

Swiss stock market

The Swiss stock market is characterized primarily by its international functions. In the Swiss economy, it plays, on the one hand, the role of a source of financing for the reproduction of national capital and, on the other hand, is an important component of the credit and financial system, which, due to its international significance, is an extremely important "branch" of the Swiss economy. There are 7 stock exchanges in the country, among which Zurich, Geneva and Basel stand out. The monopoly position in the stock market is played by large banks, which determine the course of events there. There are no special brokers on the stock exchanges. All operations are carried out by representatives of banks. Along with banks, about 120 brokerage firms operate on the over-the-counter market alone, most of which are foreign. The over-the-counter market is significant. Along with the cash market, there is a developed market for term transactions. A single course is established. Government regulation is subtle, but there is a fairly strict banking "self-regulation", for example, in terms of the sequence of issues.

The importance of Switzerland as an international financial center is clearly reflected in the stock market, where about half of the shares and almost 1/3 of the bonds are foreign. Here the Swiss monopoly banks, using the stock market subordinate to them, act as intermediaries between foreign borrowers and creditors. The Swiss stock market is something of a spinning disc for international capital inflows. But thanks to the presence of such a developed stock market adapted to the needs of international financial capital, it has also become an important element in the reproduction of Swiss capital. Thus, the significant capitalization of Swiss corporations - $59 billion in 1992 - testifies to this. This is what distinguishes the Swiss stock market from the Luxembourg stock market. The latter is almost exclusively bonded and has almost no effect on the country's economy.

Holland stock market

The stock market in Holland is notable for, although less bright than, for example, in Switzerland, the international focus, but it has, nevertheless, intensified in recent years. The main stock exchange of the country is the Amsterdam Stock Exchange founded in 1602. The Stock Exchange is a private institution that is subordinate to the "Union for Stock Trading", which brings together banks and brokerage firms. All of its 255 members are allowed to exchange trading - both representatives of banks and brokers.

Implemented cash transactions, there is a very developed market for term transactions, which are traditionally of great importance here. For the shares of Dutch and foreign TNCs, the current rate is set, for all the rest - a single rate twice a day. There is no over-the-counter market. Trading in non-quoted securities is carried out on the stock exchange before or after the regular exchange session. In 1982, a mini-exchange was created for the shares of smaller companies. The importance for the reproduction of both international and Dutch capital is significant. Foreign shares make up approximately 55% of the exchange capitalization. But the capitalization of Dutch corporations - $48 billion in 1992 - is an important factor in their reproduction, although half of them are shares of two corporations: Royal Dutch and Philips.

French stock market

The French stock market is an important part of the tools of state-monopoly regulation. Among the seven French stock exchanges, the Parisian stock exchange is the clear leader. stock exchanges local importance are located in Bordeaux, in Lyle, in Lyon, in Marseille, in Nancy and in Nantes. The state regulation of the stock exchange dates back to the reign of Napoleon and was introduced by his order after the speculative excesses that shook the French financial system. Today, the stock exchange is subordinate to the Ministry of Economy and Finance, which appoints brokers (about 80 in Paris) who have a monopoly on stock transactions inside and outside the exchange. State supervision, as well as admission to exchange trading, is carried out by the exchange commission.

A single course is established. Commission averages. There is both a cash market and a derivatives market, but each share is allowed only one type of transaction. Until 1986, all shares in France were registered, but now there is an active transition to non-cash shares, which now account for 35% of the total number of all shares. The capitalization of French corporations is substantial. A factor in its further growth is the privatization program for a large share of the public sector. As part of the exchange reform, a mini-exchange was created and a certain "deregulation" was carried out stock circulation. Various measures have been taken to provide tax incentives for investments in securities.

For the purposes of international competitiveness, further lifting of various restrictions is planned. Even undermining the monopoly of brokers in favor of expanding the range of activities is being discussed. financial institutions and attracting foreign intermediaries. But so far, the international functions of the French stock market are limited due to its relatively strict state-monopoly regulation and also the low level of liberalization of international capital flows.

German stock market

There are 7 stock exchanges in Germany located in Frankfurt-Main, Düsseldorf, Bremen, Hamburg, Hannover, Munich, Stuttgart and Berlin, among which the Frankfurt and Düsseldorf stock exchanges stand out, realizing 51% and 39% of the total exchange turnover. Stock exchanges are public institutions and are subordinate, according to the federal structure of the country, to the lands. The council managing the activity of the exchange is elected by its members - brokers, among whom representatives of banks predominate. The market is predominantly cash market. Forward transactions are only allowed in the form of options. For the majority of shares, a single rate is set; for the shares of large monopolies, the current rate is determined. Commission averages.

A distinctive feature of the German stock market is the enormous influence exerted by monopoly banks throughout their development. The stock market is relatively small, the capitalization of corporations is about 580 billion marks. The bond market is more developed, but first of all, government and bank bonds are circulated there. The traditionally close ties between banking and industrial capital explains the preference for using medium- and long-term bank loans in relation to the use of securities. German banks "prefer to issue loans than mediate access to the stock exchange." Monopoly banks almost completely monopolize the stock market. They are engaged in the issue and placement of securities, actively participate in the secondary market and own large blocks of securities themselves. Influence based on own, direct ownership of shares (about 9% of all shares) is multiplied by shares held in trust departments. Thus, the share of German banks in the disposal of capital is very significant.

Germany's financial capital is highly organized and relatively stable structures. About 48% of all shares are permanently owned and circulated only formally. The secondary market is therefore not very active, although the turnover on the exchange is only a part of the stock turnover, since many transactions are carried out directly between banks, bypassing the exchange. Government intervention is weak.

The Federation, the Länder and their bodies actively use the bond market in refinancing public debt. In recent years, the state has been more actively trying, through tax rebates and reprivatization of the public sector, to encourage both the issuance and acquisition of shares, and their exchange circulation.

Belgian stock market

The Belgian stock market, although not very large, is essential in financing the reproduction of national capital. The Brussels Stock Exchange is central. The stock exchanges in Antwerp, Ghent, Liege have a provincial character. The Exchange is an independent institution, which is under the supervision of the Ministry of Finance. Brokers have the monopoly right to conduct transactions with securities. Trade in unlisted is carried out, as necessary, on the stock exchange. Deals for the term have become widespread. Commissions are relatively low.

The exchange capitalization is significant, although about 1/3 is accounted for by the shares of the Petrofina concern. In 1992, it amounted to 859 billion bp. fr. There are quite a few foreign securities in circulation, but the nomination of Brussels as the "Western European capital" had little effect on the stock market.

Italian stock market

Although Italy is among the economically developed countries, the country's stock market is extremely underdeveloped. It is purely national, aimed mainly at securing the financing of the public debt. The country's main stock exchange is located in Milan, along with which there are 7 more local exchanges. As a reflection of the relatively low concentration in many industries, the capitalization of Italian corporations is low - $ 43 billion in 1993.

The main subject of exchange trading are Italian government bonds. This is facilitated by strict state control of the exchange itself and the corresponding tax policy. The exchange itself is a public legal institution and is subordinate to the Ministry of Finance. Others characteristic features of the Italian stock market are: a high share of the OTC market, weak legislative support for the circulation itself, the absence of a formal ban on insider trading. Shares are issued registered, bearer bonds. Transactions for a period of time are not permitted. The course is set uniform. The international significance is reduced in fact, due to an undeveloped market and a lack of capital, to zero.

IN European countries represented by about 58 different stock exchanges. Three main groups can be distinguished, which are divided according to the role of financial platforms:

• Germany, France, Belgium, Switzerland, UK and Luxembourg– in these countries the role of financial exchanges is high. Among these countries, the largest exchange is located in the UK, slightly smaller in Switzerland and Germany. In the capital production category, Switzerland leads the way thanks to an influx of foreign shares. As for bonds, the largest exchange is located in Germany, the second largest is the UK.
• Italy, Austria, Spain, Finland, Sweden and Norway are countries with a moderate value of stock exchanges. Switzerland leads this category, thanks to the influx of foreign shares.
• Ireland, Portugal, Greece– in these countries, the influence of stock exchanges is minimal.

The above differences are not the only ones. In addition, there are other organizational and legal differences.

UK stock market

The UK stock exchanges are part of credit policy countries. 1967 is famous for the merger of several small exchanges into larger ones: in Glasgow, Manchester and other cities. Stands out from other exchanges London Stock Exchange (London Stock Exchange, LSE). The year 1570 is considered to be the formal beginning of the exchange activity. The idea of ​​​​creating the Royal Exchange belongs to Thomas Gresham, the king's adviser and financial agent. Joint-Stock Company The UK stock market is sovereign from the influence of the state. Its leaders are 45 people, among which one is a member Central Bank but his voice has no weight.

In terms of influence, the English Exchange is practically in no way inferior to the American New York Stock Exchange.

Exchange shares are divided into 2 types:

• main, companies that meet the requirements of the Office of financial regulation and UK oversight;
• alternative, consisting of those companies that entered the market not so long ago, they are mostly innovative companies.

Those shares and bonds that are issued on the stock exchange are mostly registered. Particular attention is paid to foreign shares, which are stored in a special depot, under the control of credit institutions. As for unquoted securities, they are traded only with the permission of the board of the exchange. And thanks to the authorization introduced in 1980, small and medium-sized companies can also issue shares on the market.

Features of the UK Exchanges

• No outside control banking organizations.
• The main investors are the stock markets themselves.
• All transactions on the market are public.
• The share of retail investors prevails compared to the share of the state in the ownership structure.
• There are registered shares and bonds.

German stock market

There are 7 stock exchanges in Germany, among which Frankfurt stands out sharply, which accounts for 51% of the stock exchange turnover of securities, and Düsseldorf, which implements 39% of the turnover.

The German stock exchanges are under the enormous influence of the monopoly banks. This has been going on since the founding of the exchanges.

The bond market is especially developed on the stock exchange, where a large share falls on bonds of the state and banks. Share turnover is less - 580 billion marks. But this applies only to monopoly banks, which prefer to invest in the placement of securities and emissions, and in the secondary market, the percentage of share holdings has exceeded 50%. Some transactions are made directly without the participation of the exchange.

The significance of state participation in the German stock market comes down, first of all, to the active refinancing of public debt. The state is trying in every possible way to encourage the exchange, trying to increase the internal turnover of shares, by tax deductions and refinancing.

Frankfurt Stock Exchange Deutsche Boerse Group AG — the largest stock exchange in Germany. The trading platform has the status of an international one, as out of 300 listed companies, 140 are foreign companies.

Administrative management is supported by 22 managers. Among these 22 people there are brokers, issuers, Insurance companies, banking institutions, as well as Exchange Arbitration and the Listing Council. The trading exchange presents: securities, bonds, stocks and mutual funds, and Eurobonds.

Internal regulation of stock exchanges

The entire internal process at the auction is monitored by a four-level system:

• internal control of credit institutions;
• special committees that oversee trading floors;
• government bodies;
• structures of exchange supervision of federal territories.

Features of German exchanges

• All German stock exchanges are public and are non-profit organizations.
• All trading platforms interconnected. This can be especially noticed when simultaneously informing the conclusion of transactions on any of the exchanges.
• The Central Depository is the place through which all transactions with securities pass.
• The state of the country's economy can be judged by the DAX 300 index - it is considered the same on all exchanges.

Germany is one of those countries where there is a clear state regulation of stock exchanges.

Swiss stock market

Switzerland has 7 major exchanges, among which Zurich stands out, in second and third place are the exchanges in Geneva and Basel. All three exchanges have one computer system that informs all departments about transactions. There are both electronic and voice trading on the exchange. The main index of all three exchanges is the Swiss Performance Index, which is actively used in the secondary market. The trading system is divided into three parts: the official system, the official parallel market system and the unofficial market.

Swiss stock exchangeSwissExchange- leader among stock exchanges in Switzerland. A quarter of the site's assets are foreign, which is an indicator of foreign confidence, akin to the London Stock Exchange. The stock exchange was founded in the middle of the 18th century.

A distinctive feature of this exchange is that the owners of the exchange are bankers, they are also the clients of the exchange.

Thanks to the constant growth of capital, especially noticeable in 2014, the Swiss Exchange is one of the ten largest exchanges in the world.

Features of the Swiss stock markets

• Lack of legal state control over stock exchanges, with the exception of cantonal laws, the list of which consists of 7 articles and 42 paragraphs.
• Exchange systems play an important role in the Swiss economy. Firstly, it plays the role of financing the reproduction of national capital, and secondly, it is an integral part of the credit system, which, due to its international position, is quite developed.
• There are no brokers and brokers, their role is played by bankers.

French stock market

There are 7 stock exchanges in France, among which the Paris Stock Exchange stands out. The beginning of the development of exchanges was laid by Napoleon, after a series of speculative incidents. The Ministry of Finance and Economy regulates all exchange activities, and it also appoints brokers.

BourseBourse de Paris the second exchange in Europe after the London Stock Exchange. It was formed after the merger in 2000 of Brussels, Amsterdam, Lisbon and Paris, called Euronext Paris. Stocks and derivatives are listed on the market. The main index of the exchange is CAC 40. The exchange is seeing a gradual transition from registered shares, which began to be issued in 1986, to non-cash shares, which account for about 35% of all shares. The main factor that serves as a constant increase in capitalization is the program of privatization of a part of the public sector. The state creates an additional incentive for investment by lowering taxes on dividends.

Feature of the stock market in France

• The main feature of the exchange is the possibility of issuing registered securities without registering the owner in the register. The right to own such shares is confirmed by a depo account statement. At the request of the shareholder, his "right" can be registered in the register. The state strongly encourages those shareholders who register their shares in the register within two years after the purchase, while giving the opportunity to receive additional dividends and gives them the right to double vote.
• Complete subjugation to the state.
• Only those approved by the stock exchange commission are allowed to the securities market.

Holland stock market

The main stock exchange in Holland is the Amsterdam Stock Exchange, which began its existence in 1602. The exchange is private in nature, which is subordinate to the "Union for stock trading", which includes brokers and banks. In 2000, under the merger of the Brussels Stock Exchange, Paris and Amsterdam, one was formed, called Euronext Amsterdam. An important role was played by the Amsterdam commodity exchange, founded in 1608, thanks to it, it became possible to trade on the exchange without providing the products themselves, because the commodity exchange established quality standards.

Unquoted shares also have a place to be: their trading takes place before or after the main time period of the exchange. To share foreign investment accounts for about 55%, Dutch corporations - 45%.

Features of the Dutch stock market

• Particular attention is paid to Dutch and foreign TNC shares, for which the current rate is set, for others - a single rate twice a day. All transactions are carried out only on the exchange, over-the-counter - no.
• There is a mini-exchange where shares of small firms are listed.

Belgian stock market

In general, the stock market is not as rich as, for example, the UK, but its role cannot be underestimated in financing the reproduction of national capital. The main exchange of the country is Brussels, less significant ones are in Liege, Ghent, Antwerp. All exchanges are controlled by the Ministry of Finance. Operations with securities are carried out only under the supervision of brokers. Most transactions are carried out for a certain period, while on the stock exchange you can find both quoted shares and unquoted shares, which are traded from time to time. Since 1989, the entire trading system on the stock exchange has been computerized.

The very word "exchange" originated in Belgium. The Belgian stock exchange lists shares of such famous brands as Beck's, Budweiser and Stella Artois.

1999 and 2000 - this is the time of the merger of several exchanges: Brussels, Belgium, Paris, Amsterdam, under the auspices of one company - Euronext. In 2007, it merged with the NYSE to form NYSE Euronext.

Feature of the Belgian stock market

• The capitalization of the exchange is quite high, but 1/3 of the share of the total capital falls on one firm -

Italian stock market

The stock market in Italy is very underdeveloped. It is mainly aimed at financing the repayment of the main public debt. There are 8 exchanges in the country, the main one is located in Milan.

BorsaItaliana– the Italian stock exchange takes 14th place in the line in terms of the number of capitalization. The exchange trades government bonds. The entire exchange is subordinate to the Ministry of Finance. Buying and selling transactions do not have a time limit. All shares are registered. The value of the stock exchange in international terms is minimal.

Features of the Italian stock market

The main feature of the exchange is full control by the state.

General Features of European Stock Exchanges

• The main feature of all exchanges is a completely different management system on all exchanges. If part of the exchanges is controlled by the state, then, as a rule, most of the shares belong to the state, and it is not possible to buy them back. If the management of the exchanges belongs to a private person, then any company can buy and sell, but at the same time the state does not interfere in the affairs of the exchange.
• Part of the exchanges, most of which are subject to the state, were created with the aim of releasing their own capital, while their role on an international scale is small, but the risks are minimal.
• There is a part of the exchanges that do not affect the country's economy in any way, because they exist autonomously, like, for example, stock exchanges in Switzerland.

Interesting Facts

• Some of the Russian stars, such as: Alla Pugacheva, Philip Kirkorov, Ksenia Sobchak, Nikolai Baskov, invest all their free money in European exchanges, which brings them a solid passive income and allows them to buy luxury goods in the form of chic country houses, yachts, villas, expensive cars, etc.
• On European exchanges you can buy shares of such famous companies as: Audi, BMW, Volkswagen, Mercedes, or the developers of the GTA game, etc.

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