escriptive characteristics. In this case, there are counter offers buyers and sellers. The most significant feature of the exchange of real goods are mandatory delivery and receipt of goods after the auction, ie, the actual change of ownership and movement of goods sold from the seller to the buyer.of stock trading has led to the creation of a new type of exchanges, futures exchanges. Their formation reflects the transformation of the exchange of real goods market in the market to the goods. The main features of futures trading are:
. fictitious transactions
. connection with the physical market through insurance (hedging), and not through the supply of goods
. previously well-defined and uniform, devoid of any individual characteristics, the use value of the goods, which reflects the agreed amount in exchange contract, which becomes an object of trade, and is entitled to the goods
. full harmonization of the conditions of delivery
. anonymity of the transaction and the substitutability of its counterparties, provided by the Clearing House Exchangeexchanges are a kind of financial institutions that serve the trade. Most often they are in areas with the largest concentration of financial resources, ie, in the leading financial centers.bank lending sufficient mass of available funds futures trading is not possible. The conversion exchange of goods market in the rights market for goods from the physical market to market fictitious capital - is an integral part of the process of enhancing financial capital.a specific financial institution serving the needs of the stock, currency and commodity markets, the futures exchange is the market price of the goods and has a significant impact on stock prices and the actual prices for specific transactions with the real goods (through hedging), and ultimately to competitiveness of firms.Exchange as a financial institution supplements and reduces the cost of bank lending to firms in the implementation phase and subsequent storage of the goods.exchanges also play a big role in the global economy. They are used to enhance the security of exchange trade, as they give customers a chance to stock options to limit potential losses at the conclusion of transactions.the Russian stock exchanges is possible to conclude on one exchange of all types of transactions with real commodity, futures and options. Therefore, they appear to be a mixed Exchange Commission.
2. Exchange activity
.1 Commodity Exchange and its functions
to the principle of the organization are two types of commodity exchanges: the exchange with public law nature, and the exchanges with private law character.wearing public law nature, are under the supervision of the state and are based on the law of the Exchange Act. A member of a stock exchange is open to any owner of the area, which is included in the register and having a certain amount of turnover. Such exchanges are common in France, Belgium, the Netherlands and other countries of continental Europe.exchanges, having a private law character are British and the American Stock Exchange for grain, cotton, rubber, non-ferrous metals, ie the predominant part of the exchanges. These exchanges open access only to narrowly limited group of persons belonging to t...
