Evaluation of investment exchange transactions. Exchange transaction: concept and types, goals, characteristics, features, participants, conclusion procedure. Commodities and assets in exchange transactions

The use of the quotation method in traditional exchange trading assumes that by the beginning of the exchange day the quotation commission of the exchange announces the initial (starting) rates of securities that have passed the listing procedure, as well as the exchange rates of the previous day for securities admitted to circulation (trading) on ​​the exchange. According to the rules of classical trading, a single exchange rate is formed, which ensures the largest number of trading transactions. During trading, orders “sell at any rate” and “buy at any rate” are satisfied first of all, but the bulk of exchange transactions are made on the basis of orders containing maximum purchase prices and minimum sale prices. Applications that indicate prices approaching the maximum for purchase and the minimum for sale are partially satisfied, and applications that indicate prices below the desired (unified) exchange rate, which stimulates an increase in the number of applications and exchange transactions, are not satisfied.

An example of calculating the unified exchange rate (EBC)

Table 4

The largest number of transactions, namely 300, are satisfied at a rate of 551. It is fixed as a single rate. However, a situation may arise in which, for example, 300 transactions will be executed at rates of 550 and 551. In this case, in order to maintain market liquidity and stimulate an increase in orders, it is more likely that the EBC will be fixed on the side of the market where there are fewer orders, namely, if there are fewer orders to buy than to sell, the rate will be set at 550, and if vice versa - 551.

Modern exchange electronic trading is also carried out on the basis of guaranteed quotations of securities from the exchange list. A continuous auction corresponds to a quotation using the registration method. A trading participant has the right to declare an order for the purchase/sale of securities if the free cash balances on the clearing account or the balances of securities on the securities account are greater than or equal to the amount of the application.

In the system of guaranteed quotes, trading participants can operate with several types of trade orders, differing in price parameters and execution methods. According to the method of determining the execution price, ordinary orders are divided into limited orders, which allow the execution of a transaction at the price specified in the order or the best price, and market orders, which provide for the purchase/sale of securities at the best prices at the time of its activation.

Unlike limited orders, which indicate the quantity and price of the requested securities, market orders indicate only the amount (or number of securities) within which the order is subject to execution. An exchange transaction is concluded in the presence of counter orders, which are orders of the same type (regular, address), are aimed at opposite actions (purchase - sale), indicate the same security, payment currency, and also coincide in the number of securities ( except for cases where a large order allows for its partial execution) and have a purchase (sale) price greater (smaller) or equal to the sale price.

Exchange quotations are usually based on a lot of securities. The exchange can set a trading lot, say 10,000 pieces if the price of one security is less than $1, and 1000 pieces if the price of one security is from $1 to $10, and 100 pieces if the price of one security is up to $100, and 10 pcs., if the price of one security is $100 or more.

The rules of the exchange determine the procedure for fixing the transaction price. Typically, transactions on market orders are concluded at the prices of counter limit orders to them (a market order cannot be satisfied on the basis of another (counter) market order for purchase/sale). If for the complete execution of a large order there are several counter orders containing different prices, then this order is executed in parts and at the prices specified in previously received orders, i.e. in order of time. However, for an order that does not allow partial execution, the unexecuted part of the order is automatically canceled by the trading system.

Bond quotes are usually set as a percentage of the nominal value without taking into account the accumulated coupon income. Authorized dealers continually maintain quotes for securities of issuers they select from a list of guaranteed quotes. When a dealer changes quoted securities, their total quantity should not be lower than the established level.

The RTS Stock Exchange also provides for the issuance of quotes according to the rules of over-the-counter trading (not based on an auction, on the terms of free supply of securities and prepayment) with the participation of market makers (“classic market”). The status of a trading participant (market maker, trading participant, information participant) can affect the transaction price. If a transaction is concluded and one of the parties is a market maker, then regardless of who initiates the transaction, the procedure for its conclusion is determined by the market maker. When concluding transactions between RTS members who are not market makers, the advantage in determining the price

The right to the transaction belongs to the party to whom the proposal was made to conclude the transaction. However, if this trading participant does not quote this security, then he is obliged to offer his services as a broker.

An over-the-counter quotation between dealers of equal status as trading participants represents the wholesale price (net price) for the sale/purchase of securities and usually does not include the dealer markup (discount). The lack of commission is offset by the fact that the dealer hopes to make a profit by selling the shares to his counterparty dealer at a higher price than he bought them at, or by buying them cheaper than he hopes to sell them. There is the concept of a typical buyer's (seller's) price, which is the arithmetic average of all wholesale prices offered by securities dealers (from the experience of NASDAQ).

Through negotiations between the dealer and non-dealer clients, a retail price is formed, which already includes the dealer's markup (discount). In a number of countries, the amount of such a markup (discount) is regulated by the market regulator at a level of no more than 5% of the wholesale price. It is quite obvious that the less liquid a security is traded, the greater the risk the dealer exposes his capital and the greater the gap between wholesale and retail prices may be. In addition, quotes for the same securities may vary from dealer to dealer. Therefore, as a rule, over-the-counter prices (quotes) are not considered real prices. They indicate only the range of prices that an investor seeking to sell or buy securities can expect.

In the economic systems of modern states, exchanges play a vital role - primarily stock and currency exchanges. They function by concluding special transactions between participants in trade legal relations. What are their features? How do exchanges work, which ensure the conclusion of transactions between financial market players?

What is the essence of a stock exchange transaction?

An exchange transaction is usually understood as a contract concluded between the seller and buyer of a commodity or asset on the stock market within a certain trading session. The corresponding legal relations must be carried out within the framework of established rules. If an exchange transaction is concluded with violations, it may be cancelled. Or the fund organization providing the conclusion of contracts may decline responsibility for the legal consequences of the contract between traders. But the main task of the corresponding structure - the exchange - is to organize mutually beneficial interaction between sellers, buyers of goods and assets, and sometimes intermediaries, in which all trading participants are interested.

An exchange is a financial institution that plays an important role in terms of capital distribution in a particular segment of the economy. Within its framework, investment capital and valuable data from different areas of economic processes are concentrated. On modern exchanges, information can indeed appear that is useful not only for traders, but also for financiers of other profiles - for example, those engaged in analytical research in the field of economics.

Participants in exchange transactions formalize legal relations in writing, drawing up contracts among themselves or through the mediation of brokers (the second option is more common in modern stock trading and is used, as a rule, in an online format). The relevant documents must, in their structure and content, satisfy the criteria established by the legislation of the state in whose jurisdiction the contracts are concluded.

An exchange transaction is carried out only by traders, without the direct participation of the stock organization (but according to its rules, which are established in the interests of trading participants). Within the framework of the relevant contract, the parties determine the terms of purchase and sale of goods or assets, as well as the main characteristics of the object being sold.

Types of exchange transactions

Transactions, depending on the conditions determined by traders, can be presented in the following varieties: forwards, futures, options, standard transactions, special contracts. Let's study these types of exchange transactions in more detail.

A forward, one of the most common types of trade contracts, is an agreement through which partners determine deferred terms for the supply of a good or asset - they must be made in the future under the conditions established at the time the forward transaction is concluded.

Futures are a subtype of forward that characterizes the delivery of a “classic” exchange commodity - as a rule, it is a share issued by a company. That is, the actual delivery of anything is not expected.

An option is an exchange transaction under which the assignment of rights to receive an established volume of powers or obligations under certain exchange contracts in the future is carried out.

A standard transaction involves the purchase or sale of goods at the time of signing. The special agreement is concluded under the conditions determined by the exchange or trading partners, based on the specifics of the scope of legal relations, the goods being sold, the asset and other factors affecting the interaction of the parties to the contract.

Cash and fixed-term contracts

There are other criteria that allow you to determine certain types of exchange transactions.

Thus, a common classification of contracts is cash and fixed-term. The first includes transactions that are subject to execution at the time of their conclusion. Under cash contracts, settlements between partners are carried out, as a rule, on the day the transaction is concluded. But sometimes resolution of financial issues by the parties is possible a few days after the transaction is completed: the laws of some countries of the world contain rules according to which those for which settlements are made on a deferred basis can be classified as cash contracts.

Transactions classified as futures are characterized by:

Fixed terms for making payments;

Specific conditions for setting prices for goods and assets sold;

Fixed closing mechanism.

Regarding the deadline: it may fall, for example, at the end or middle of the billing month, or be set on a specific date. Sometimes it is fixed in relation to a specific number of days after signing the exchange contract.

Regarding the price: it can be set directly upon sale of a product or asset, on a specific date, or based on current market indicators.

The conclusion mechanism is the most important characteristic of exchange transactions. It may involve the signing of firm, conditional, extended or special contracts.

Speculative contracts

Along with the transactions under consideration, there are those that are classified as speculative. What are their specifics?

Speculative contracts include contracts that are aimed at traders making profit due to fluctuations in the prices of goods and assets. In many modern stock markets, the main goals of exchange transactions are earnings through speculation.

The fact is that the relevant financial institutions require the participation of traders in legal relations on the largest markets - foreign exchange, or in the field of transactions with securities of the largest corporations.

Having studied the concept of an exchange transaction, we will consider the specifics of their subjects and objects.

Subjects and objects of exchange transactions

So, transactions in the stock market are carried out in accordance with certain rules. They form the mechanism according to which the transactions in question are concluded. It involves the interaction of various subjects of legal relations. These include:

• traders;
• founders of exchanges;
• brokers.

Their interaction involves working with various transaction objects:

• goods;
• raw materials;
• shares;
• derivatives;
• currency.

The main tasks that are solved through the establishment of a transaction mechanism are to ensure freedom to conclude contracts based on the competitive price of goods and assets, maintaining the balance of supply and demand in the market. Trading organizers play a vital role in this case - they assist traders within the framework of legal procedures when concluding transactions, and advise trading participants on emerging issues.

Classification of exchanges

It will be useful to study the main criteria for classifying exchanges as the main financial institutions within which the transactions in question are concluded. Thus, researchers classify exchanges based on:

• lists of goods and assets that are sold on it;
• supporting certain forms of traders’ participation in transactions;
• the prevailing types of goods and assets sold on the exchange and the types of transactions that are most often concluded on it.

Exchanges can be classified based on the purposes of traders' participation in legal relations. Thus, there are financial organizations with the participation of which the main types of exchange transactions are aimed at making a profit from capital management - for example, by receiving interest for intermediary services. There are also non-profit structures whose work is aimed at developing the stock market as a whole and does not involve setting a primary goal in the form of making a profit.

Exchanges are also classified based on the type of goods and assets sold under contracts concluded by traders. Most often, according to the corresponding criterion, 3 types of financial organizations in question are distinguished - universal, stock, and foreign exchange.

The role of the state in the activities of exchanges

Another criterion for classifying exchanges is the degree of government involvement in their activities. So, there are free financial institutions, and there are those that operate according to regulations determined at the legislative level. In this case, the state can determine the procedure for concluding exchange transactions and regulate the conditions for admission to participation in the relevant legal relations.

The interest of the authorities in this case may lie in the formation of legal trading conditions that are attractive to domestic and foreign investors, who can direct capital to the jurisdiction of the national stock market. But solving this problem also involves working to improve fundamental economic indicators. First of all, sustainable GDP growth and its timely diversification.

In order to make the country's stock markets attractive, the state must prepare a macroeconomic framework for this. Especially if it is intended to attract primarily foreign investors. It should be noted that most of the largest exchanges today are still regulated by states at the level of national legislation or international treaties. Regardless of the economic component of attracting capital, effective legal regulation of exchange transactions is the most important condition for the interaction of financial market players.

Commodities and assets in exchange transactions

Let us take a closer look at what goods and assets can be sold within the framework of such a legal relationship as an exchange transaction. So, they can be presented:

• industrial goods;
• raw materials;
• agricultural products.

With the help of exchange mechanisms, which are based on the free formation of prices based on the balance of supply and demand, the cost of the corresponding goods is determined. Depending on the rules of the exchange, it may be mandatory or recommended for participants in transactions.

Regarding assets: those on stock exchanges are most often shares of publicly traded companies. They are typically traded on national stock markets under specialized listings.

Exchange operations

Having examined the concept and types of stock exchange transactions, we can study the list of main operations that are carried out within the framework of stock trading. These usually include:

• buy and sell;
• listing and delisting;
• conclusion of contracts;
• issuing quotations;
• transfer of assets as collateral;
• providing settlements;
• clearing;
• provision of consulting services;
• storage of funds;
• issue of securities.

Each of the noted operations is important from the point of view of ensuring legitimate interaction between participants in exchange transactions.

Specifics of stock exchanges

The main financial institution within which the contracts in question are concluded is the stock exchange. It will be useful to study the specifics of its work.

As we noted above, exchange transactions are those contracts that are concluded according to the rules of the founder of the trade. Thus, the main task of the stock exchange is to develop these rules, as well as ensure their compliance by building a system of effective communications with trading participants.

Stock exchanges also have other significant tasks - such as, for example, managing financial flows, ensuring investment liquidity and protecting the interests of traders within the framework of the legal mechanisms established by the legislation of the state in whose jurisdiction the exchange operates.

It will be useful to consider the key principles of operation of the relevant financial institution. Experts highlight the following combination:

• publicity of the rules;
• stability and regularity of work;
• voluntary participation of traders in legal relations.

The essence of exchange transactions is the interaction of financial market players, which is carried out on the basis of the designated principles. If they are not observed, then the contracts may no longer be considered as exchange contracts.

Stages of stock trading

Let us consider the stages within which legal relations with the participation of traders are carried out. Thus, participants in exchange transactions who are buyers primarily carry out such actions as:

• submitting applications for the purchase of goods or assets;
• practical introduction of positions into the trading process;
• participation in registration of transactions;
• making payments under contracts.

In turn, if the participant in the transaction is the seller, then he solves problems such as:

• listing of goods and assets;
• registration of applications for the sale of goods and assets;
• practical introduction of own positions into the trading process;
• participation in registration of contracts;
• settlement of transactions, delivery of goods or assets.

Determining prices on the stock exchange

Prices within exchange transactions are formed on the basis of three main mechanisms:

• based on agreements between traders;
• based on market patterns formed on the basis of factors that are characterized by a macroeconomic nature;
• according to the auction principle.

It can be noted that contract prices, one way or another, in most cases are guided by market indicators. They are usually considered as the main source of information for determining the terms of the contract.

Exchange transactions are also those contracts that are concluded as part of auctions. Let's study the features of these financial institutions in more detail.

Features of exchange auctions

Exchange auctions are classified into 2 main types - regular and double. The first include auctions in which:

• sellers compete with each other in conditions of relatively low demand for goods and assets;
• there is interaction between buyers when demand is too high.

The classic, British version of an auction involves an increase in the price of a product or asset from the minimum to the price at which the sale takes place. Applications from participants in transactions in the status of sellers can be submitted before the auction actually begins. In this case, a quotation list of prices is generated. The size of the step within which the auction price of a product or asset increases is usually determined in advance. As a rule, this is a certain percentage of the original price. As soon as the buyer offers the maximum amount of funds offered, the product or asset is sold.

Exchange transactions at double auctions are no less common. They involve mutual competitive interaction between sellers and buyers. Goods or assets are bought at the maximum price and sold at the minimum price.

Summary

So, we have studied the main features of exchange transactions, examined how financial institutions operate, within the framework of which the relevant contracts are concluded. Legal relations with the participation of traders must be established according to established rules.

An exchange transaction is a contract that is concluded within a specified time frame for a specific product or asset on terms that both parties agree to. The subject of the agreement may be one or another type of raw materials, agricultural products, currency, or company securities.

Exchange transactions are also contracts in the auction format, when the price of goods or assets is determined based on the priorities of sellers and buyers. The basis for determining prices can also be the balance of supply and demand, formed under the influence of factors, the appearance of which depends on the way in which certain macroeconomic processes take place.

In the vastness of the stock market, different types of exchange transactions are concluded every day. And today we will talk about what an exchange transaction is and what types and subtypes it is divided into.

So, exchange transaction is a kind of agreement for the transfer of obligations and rights in relation to a stock asset, which is concluded during market trading.

The object of market and exchange transactions can only be those (in other words, shares) that are listed and registered on the stock exchange, in other words, listed securities.

Exchange transactions. Main types

All exchange transactions are divided into the following types:

• cash (2nd name - spot)
• forward transactions

To cash transaction types These include personal agreements that provide for settlement within a period not exceeding 5 working days.

For forward transactions or options include agreements in which a predetermined time period, usually exceeding five business days, passes from the time of conclusion of the transaction to its execution.

Such operations are carried out with derivatives contracts, which include futures, forwards, and options.

There are several types of stock options (forward transactions):

This call option(English call option), which gives the payer the right to purchase securities at a price agreed in advance or to refuse the transaction altogether.

The second type includes seller's option(English put option). In this transaction, the payment of a certain premium gives some advantage to the counterparty in the ability or ability to refuse the exchange transaction.

VIDEO: Type options - Call and Put

The repayment terms of such exchange transactions, in most cases, do not exceed 2 years. In addition, in such agreements, one of the participants - parties to an exchange transaction is usually the exchange clearing house. This point minimizes the risk of non-payment under the transaction.

There are 4 types of exchange orders:

A market order is carried out at the present (current) rate, at the time of its entry into exchange trading, to carry out transactions.

A limit order provides for the purchase or sale of securities at the most favorable rate.

It is made if the current exchange rate is equal to or less than the established limit - in case of purchase and vice versa, equal to or below the specified limit - in case of sale.

An order to buy or sell at this rate. Here, in contrast to the market type of order, it is executed depending on how market conditions provide the next quote or the lowest rate - when buying, or the highest - when selling.

A stop order is an order to sell or buy securities, provided that their quotation reaches the specified amount in the order.

The uniform rule for all transactions carried out in cash is that exchange orders have a limited validity period. For some, 1 day is allotted, for others - 1 week, for others the maximum period is one month.

Futures transactions, unlike cash transactions on the exchange, have many features:

They vary in price. Where settlement can be made at the market price at the time of signing or executing the transaction.

Next, according to the settlement period. After a set time equal to the execution date of the exchange transaction.
In addition, transactions can be concluded for a specific month, in which case their execution period should be either the middle or the end of the month.

According to the imprisonment system. Moreover, depending on the level of conditionality, stock exchange trails are divided into conditional, firm and rollover.

Let's look at these 3 types of deals in more detail...

A conditional type of transaction is a transaction where participants have the opportunity, for a certain fee, to make changes to their obligations in relation to participants of the other party.

An example of a conditional transaction is an option. The seller does not have the opportunity to refuse to execute an exchange transaction. But the buyer has such a right in exchange for a certain fee.

A firm type of transaction is a transaction that contains mandatory conditions (which cannot be changed) for execution within a specified time frame at a fixed price.

In this exchange transaction, importance is given to the volume, timing of its execution and, of course, the selling rate. They are usually based on exchange rate differences. Moreover, upon expiration of the established period of the firm deal, one of the parties (counterparties) is obliged to compensate the other for the amount received from the difference between the current rates at the time of signing the firm deal, the current rate.

A prolongation type of transaction is a transaction where the seller or buyer is given the right to extend and even postpone the final settlement depending on the current movement in the stock price.

These transactions are used when market conditions do not meet the expectations of stock speculators, in which case they postpone the execution of the stock transaction.

Moreover, futures transactions are carried out on the exchange.

Futures transactions are a forward type of exchange transaction, which is concluded at current prices at the time of signing the agreement, providing for payment and delivery of goods in the future.

The essence of a futures transaction is as follows: before the time for execution of the agreement, the buyer transfers a certain guaranteed amount to the seller, and then waits for a change in the value of the asset (for example, securities).

The purpose of such an exchange transaction, as a rule, is to obtain a certain difference in price that appears by the time of liquidation (that is, this is the difference between the price at the time of signing and execution of the transaction).

It should be noted that futures transactions also have some advantages:

• a constant standard of volumes and specific delivery dates for goods or securities
• availability of reliable types of exchange-traded securities, thanks to which a stable supply of goods is guaranteed
• high liquidity, which is ensured by a significant number of sellers and buyers, as well as the participation of the exchange clearing house.

Types of exchange transactions

Exchange transactions - these are mutually agreed actions of trading participants aimed at establishing, terminating or changing their rights and obligations in relation to exchange goods, carried out on the premises of the exchange during the established hours of its operation. These transactions are concluded for goods and stock assets admitted to quotation and circulation on the stock exchange. There are legal, economic, organizational and ethical aspects of stock exchange transactions. Four main types have emerged:

1) transactions with the presentation of goods (commodity samples);

2) individual forward transactions;

3) futures standard (forward) transactions;

4) option transactions.

The rules for concluding a transaction are determined by the exchange. The general requirements of the regulations on exchange transactions include the requirement to conclude transactions in writing. A standard purchase and sale agreement specifies the delivery date, quantity, quality indicators, type and type of exchange goods, time, amount and form of payment, delivery terms and responsibilities of the parties. Under a futures contract, the person concluding it undertakes the obligation, after a certain period, to sell to the counterparty (or buy from him) a certain amount of the exchange commodity at a specified base price. An options contract provides that one party writes or sells an option, and the other party buys it and receives the right, within a specified period, to either buy at a fixed price a certain amount of a commodity (securities) (put option) or sell it (put option). ). Forward contracts are characterized by individual obligations to deliver goods in the future. The application for an exchange transaction must indicate:

exact name of the product (security);

type of transaction (purchase, sale);

the number of securities offered for the transaction;

the price at which the transaction must be carried out;

transaction period (for today, until the end of the week or month);

type of transaction.

Distinguish cash and forward transactions . Cash transactions are transactions with immediate execution. They can be simple or margin trades. In world practice, a cash transaction is considered to be a transaction for which settlement is made on the day the contract is concluded, and a regular transaction is considered to be a transaction with settlement on the fifth working day, not counting the day the contract is concluded. If the lot consists of at least 100 shares, then settlement is made on the 14th day. On the Russian stock market, a cash transaction is considered to be a transaction for which settlement is made on the day of its conclusion or within two days. Under a regular transaction, as noted above, settlements are made no later than 90 days from the date of conclusion of the agreement.

Futures transactions are transactions that have fixed terms for settlement, conclusion and price setting. Futures transactions are divided according to the following criteria:

according to the settlement period - at the end or middle of the month, a fixed number of days after the conclusion of the transaction;

at the time the price is set - on the day of sale, on a specific date, at the current market price;

according to the mechanism of conclusion - simple or firm, conditional (futures, options), extension (with extension of validity period).

Urgent transactions include multiple transactions, rack transactions and report transactions. Multiple transactions are transactions with a premium in which the premium payer has the right to demand from his counterparty the transfer to him, for example, of securities in an amount 5 times greater than that established at the conclusion of the transaction, and at the rate fixed at the conclusion of the transaction. In a rack transaction, the premium payer acquires the right to determine his position in the transaction, i.e. when the deadline for its completion arrives, declare yourself either the buyer or the seller. He is obliged to buy at the highest rate or sell at the lowest rate fixed at the time of the transaction.

Report transactions are a type of extension transactions. Such transactions include, for example, transactions for the sale of securities to an intermediate owner for a period specified in advance in the agreement at a price lower than the repurchase price. A put option transaction is settled at the expiration date of the option, which can range from six to 60 business days. If the settlement period falls on a non-working day, then they must be made on the first next working day, unless otherwise specified in the contract.

Along with the stock exchange transactions discussed above, speculative transactions are also carried out on stock exchanges. Some experts believe that speculative transactions are useful stock exchange operations that help to equalize and stabilize prices and prevent their fluctuations. One of the most famous speculative transactions is the short trade. It is as follows. An investor, anticipating a fall in the price of securities, instructs the broker to borrow them from a third party and sell them at the current price. If the price actually falls, the investor instructs the broker to buy these securities and return them to a third party. As a result, the investor receives a profit equal to the difference in prices minus the brokerage fee.

Purchase and sale transactions are concluded in writing by the parties signing an agreement or in another way (exchange of letters, telegrams, faxes) that allows documenting the transaction. Professional participants in the securities market (investment institutions) carrying out stock transactions on their own behalf and at their own expense are required to publicly announce firm purchase and sale prices before the transaction and carry out the transaction at the announced price.

Exchange transactions with securities are subject to registration. Only transactions with those securities that have passed state registration are accepted for registration. Registration is carried out on the basis of an agreement or other document confirming the completion of a transaction in special accounting registers. On the contract, the registering authority makes a note about the date and place of registration and indicates the serial registration number. The registration mark is certified by the signature of the registrar and the seal of the registering authority. The new owner of the security or his representative, after registering the transaction, is obliged to inform the issuer about the fact of the transaction and his rights to own the security no later than 30 days before the official announcement of the payment of income on it. If the new owner of the security or his representative does not notify of his rights in a timely manner, the issuer is not responsible for paying income on the security.

For example, on the Moscow Interbank Currency Exchange (MICEX), in parallel with the main trading mechanism, you can use the mechanism for registering off-system transactions. The trading participant comes to an agreement with his counterparty (by telephone, in the Russian trading system - RTS or in any other trading system) and during the exchange trading day submits a transaction report in a standard form. If this report coincides with the counterparty's report, the transaction is registered as non-systemic and included in general clearing. At the same time, the MICEX provides the same set of services and guarantees for the execution of transactions as in the main trading mode. These mechanisms help stabilize the market and maintain Liquidity, which is a typical approach for many of the world's stock exchanges. In the future, the MICEX plans to take a number of additional measures to increase market liquidity, including the possibility of managing cash positions in the exchange sectors of government and corporate securities within a single settlement, establishing limits on net transactions of each participant to cancel prepayments, as well as creating reserve and guarantee funds for account of funds of the exchange and market participants.

To organize and execute transactions concluded on the MICEX, a settlement system has been developed that largely meets international standards and at the same time takes into account the current conditions of the Russian securities market. This system is based on the principle of “full prepayment”, which operates in the government securities market. Cash settlements are carried out by a specialized credit organization - the MICEX clearing house, which has a license from the Central Bank of the Russian Federation to carry out settlements. Each trading participant on the MICEX has an account with the clearing house, which, based on the orders of the exchange, makes payments from the accounts of buyers to the accounts of sellers. The supply of securities is carried out by an authorized depository, which has a license from the Federal Securities Commission of Russia for all types of depository activities. The depository carries out storage and accounting of securities, and also, on the basis of MICEX orders, makes transfers of securities from the accounts of sellers to the accounts of buyers.

When completing settlements, MICEX ensures that the seller and buyer receive funds and securities into their accounts at the same time.

It is not possible to organize modern trading relations without the participation of the exchange. This functional wholesale market is the regulating link in all trading operations for the purchase and sale of large quantities of goods, securities, and currency. Thanks to a well-developed organizational system and the use of high-tech equipment, tens of thousands of transactions are carried out here every day. The exchange acts as a so-called intermediary, which takes an active part in the process of forming all business transactions, as well as as a pricing factor, helping to establish wholesale market prices. Depending on what type of transaction is carried out on the exchange, clear rules of the trading procedure are established that absolutely all participants must follow. The rules concern not only the regulations of the exchange, but also many functional features that ensure maximum coherence and productivity of work.

A permanent market where securities are traded is called a stock exchange. It is here that the accumulation of all long-term investment funds that are intended to finance government economic programs occurs. The stock exchange is the main platform for trading operations in securities (stocks, bonds, etc.).

Depending on the execution period, it is customary to classify the following types of transactions on the stock exchange:

• Cash transactions must be executed immediately, directly on the exchange floor.
• Urgent - according to the legislation of the Russian Federation, they must be executed within three months. During this period of time, the seller must provide securities, and the buyer must not only accept them, but also pay for them.

There are some subtypes of urgent operations, depending on factors such as:

• Price. Transactions can be carried out either at the price that was in effect at the time of execution, or at the price at the time of actual transfer.
• Calculation period. A certain period may be set that will correspond to the calculation period. For example, if a monthly settlement period is selected, then all transactions must be executed within a period of one month. The deal was concluded on September 1 - the deadline for the transaction is October 1. The month of execution of the transaction can also be determined, for example, if the transaction was concluded in September, then the deadline for its execution will be set on October 15 or 31.

Transactions can also be classified depending on the mechanism of conclusion:

• Solid– must be carried out within a precisely defined period and at a fixed price. The volume of securities in this case can be completely different, and the execution period depends on the wishes of the participants in the transaction.
• Futures, options– in accordance with the type of securities that appear in the transaction.
• Prolonged. They are often a tool of stock speculators. If the market situation does not suit the market participant, then the term of the cash transaction is transferred to another category (urgent, over-the-counter).

Important. A prerequisite for concluding a transaction on the stock exchange is the execution of an appropriate agreement, which stipulates all the terms of the agreement between the parties to the transaction. This document is the legal basis for the execution of the agreement between exchange participants.

Types of transactions on the stock exchange and features of their conclusion

Each type of transaction on the stock exchange has its own characteristics, and these nuances must be studied by all participants in trading operations:

• Cash (cash transactions). This type of operation has a limited time frame, that is, in practice it must be completed as quickly as possible. The exchange order must include the exact quantity of securities, their names, types and other important information.
• Transactions for a period– these are trading operations, the conditions for the execution of which must be established on the day the transaction is concluded, and the physical delivery of securities itself is postponed to a later date on the so-called liquidation day. In this case, a prerequisite is the definition of coverage as a guarantee for the buyer against speculation on the part of the seller, as well as reducing the dependence of exchange trading intermediaries on the financial capabilities of buyers. Depending on the dynamics of the stock market, the ratio of guarantees to liabilities may vary. If the securities are covered, then their valuation is 100 percent of their market value.
• Hard Deals must be executed by the client strictly on the date of payment determined in advance. The client cannot change the number of securities depending on his personal wishes. The list of securities, which is an official document, necessarily establishes the minimum number of securities that can be involved in a transaction, and a specific exchange order must contain either the same quantity or a multiple of it.
• Conditional deals– these are operations in which a premium is provided, the options market is involved, a double option.
• Premium deals provide for the opportunity for buyers to fulfill the terms of the contract or terminate it, while paying the seller a pre-agreed premium amount. The day before the liquidation of the transaction, when the corresponding decision is made, is called the settlement day. This advantage is provided exclusively to the buyer, and on the part of the seller is compensated by a higher trading rate.
• Rack deals. When carrying out this type of transaction, at the time of settlement, the buyer can either sell or buy securities, depending on how many securities are involved in the trading operation.