specific, rights and responsibilities. The specificity of the rights and responsibilities of all due to the same economic isolation and importance, and therefore the supervision of the state.practice, the term «exchange» is primarily building, then the time (exchange continues with three to twelve), and finally, custom view of the market.the first place, it was possible to note that any exchange trading is a trade-essential values, and that in the stock room no goods or money. However, the activity of the exchange is not limited to values, there are exchanges on which operations are performed freight (eg, naval exchange in the resort). In addition, there is also the question concerns whether the sale by sample, occurring very often at all stock exchanges to trade replaceable values. Secondly, a feature of the exchange could be called speculation. However, there is also speculation and outside the exchange. Then we can say that the exchange has the task of facilitating trade in goods and securities. This is undoubtedly true, but the railways and many other institutions also serve this purpose, but are not exchanges. Need to find other signs of exchanges, releasing their characteristics in comparison with the markets.people talk about the market, which developed before the exchange, it is primarily about what is happening on a regular basis in a certain place at a certain time of the meeting of persons for the purpose of the transaction. The place and time - the basic constants, operations and people can change. Wherever such a meeting in a certain place at a certain time, no, there can be no question of the exchange. However, these symptoms Exchange does not differ from the market. The difference between the exchange and the market is mainly in the following three points:
. The lack of goods.
. Organization.
. Set rates and quotes.a particular sign is missing, we are not talking about the stock exchange in the above sense, but rather about the market or intermediate stages. Let us examine the details given three distinctive trait.essence of the exchange is that it is - a special kind of market where trade is made replaceable values, and these values ??and fees are not charged. For example, the market for buying a horse, a certain bouquet of flowers, a piece of meat. Hostess buys products of a certain quality and variety. All of these things are present, examine them in detail. Cat in a bag no one is buying. This is followed by payment and transfer. A characteristic feature of the market is therefore in the presence of buyers and sellers of money and goods. At the stock exchange are often presented other persons, mostly traders. Initially, there were producers and consumers, but they were gradually superseded by merchants. Traded on an exchange is not physically present on a particular product, say a bag of rye and rye simply, that of a product, when one bag of rye can be replaced by another equal quality. It follows that all the goods on the exchange - exchangeable or replaceable. Substitutability of exchange-traded products leads to one very important consequence: the securities or commodities traded, ie sold or purchased on the Exchange, may be missing. This creates a huge advantage for trade and exchange. The presence of the exchange of goods would turn again to the market and its size would be reduced pace. Substitutability of...
