Types of transactions on the stock exchange, their features and designations. Types of exchange transactions Assessment of investment exchange transactions

PROBLEMS OF ACCOUNTING AND FINANCE No. 3(15) 2014

UDC 336.7 P.A. Kryukov

TRADING IN THE FOREX MARKET AS A FINANCIAL INVESTMENT

Based on the systematization of the approaches of various scientists to the interpretation of the concepts of "currency market", "trading operations", "financial investments", the definition of the Forex currency market and the concept of a trading operation as a financial investment have been clarified.

Key words: foreign exchange market, trading operations, financial investments.

By type of assets circulating to financial markets O.V. Lomtatidze relates: credit market (market loan capital- short- and long-term), market valuable papers(stock market), currency market, market precious metals(gold, silver and platinum), the market of insurance services (insurance).

A. S. Selishchev et al., pointing to the trend of globalization of the world economy, single out one more segment financial market- market of mergers and acquisitions.

Indeed, due to the widespread use of information technology and telecommunications in all areas of the world economy, the isolation of national financial markets is being eroded. In this context, one can agree with A. S. Selishchev's statement about the emergence of a mergers and acquisitions market in the standard segmentation of financial markets. Confirmation in favor of this thesis is the modern structure of the international Forex currency market, which includes markets for short-term loan capital (the swap market), foreign currency and interest rates, as well as the gold market.

By definition, A.G. Gryaznoy et al., “the foreign exchange market performs the following functions: it carries out international settlements, insurance of foreign exchange and credit risks, ensures the interconnection of the world currency, credit and financial markets, the diversification of foreign exchange reserves, the regulation of exchange rates, monetary policy, profit of its participants from investments ".

In our opinion, the listed functions fully characterize the goals of market participants. It can be said that from the standpoint of the institutional structure, BP is a set of intermediaries and market organizers (banks, currency exchanges, dealing centers and brokerage houses and other organizations) that carry out trading operations using modern electronic

trading systems. The Bank of Russia acts as a legislator and coordinator of their activities in the national market segment.

B.A. Reisberg gives a general definition of the market as "a place for the purchase / sale of goods and services, a place for the conclusion of trade transactions" and "the process of purchase and sale, economic relations associated with the exchange of goods and services, as a result of which demand, supply and price are formed" .

A.G. Gryaznova defines the market as "the main form of organization of the social economy in the conditions of commodity production, ensuring ... the distribution of resources in the interests of its participants - the owners of these resources" .

A.E. Kotenko defines the market as "a set of relationships between business entities interested in buying or selling a particular type of product, the result of the interaction of which is the establishment of a market price" .

Thus, the general definition of the market is economic relations between market entities that arise in the process of buying and selling goods and services, the interaction of which ensures the distribution of resources and the establishment of a market (free) price. The definition of the foreign exchange market (VR) reflects the essential characteristics general definition market. In the literature, there are three approaches to the definition of the foreign exchange market.

The first approach defines VR as a set of operations and tools:

L.A. Annenkov - as "a set of conversion operations for the purchase and sale of foreign currency on specific terms".

I.A. A blank is a foreign exchange market as “one of the types of the financial market in which the object of sale and purchase is foreign currency and financial instruments servicing transactions with it”.

The first approach includes the definition of D. Sukhotin and P. Novikov: “Bogeh is the interbank world currency market, where currency exchange is carried out at free prices” . This definition emphasizes the free nature of price formation in the market. Indeed, BP Bogeh is a system with floating exchange rates, which is enshrined in the agreements of the Jamaica Conference. However, the definition is outdated because it emphasizes

Kryukov P.A.

interbank nature of transactions carried out in the market, making the main market participants commercial banks. Indeed, banks, acting as dealers in the market, “support” the position of several currencies by selling and buying currencies on their behalf. Acting as a broker, the bank "does not support" the position in certain currencies, it is an intermediary, bringing the buyer to the seller. The term “interbank” emphasizes the over-the-counter (non-organized) nature of the market, however, according to the BIS report, Forex market transactions include exchange transactions(“performed at organized venues”). In addition, there are other participants in the market.

The second approach defines VR as “a set of economic relations regarding the purchase and sale of foreign currency "(E.V. Afanasiev).

According to A. Zakharov et al., the foreign exchange market is “a system of economic relations, which is the implementation of operations for the purchase and sale of foreign currency (and in some cases, securities in foreign currency and futures contracts for foreign currency), as well as operations on investment of foreign exchange capital". This definition reflects the investment nature of transactions and includes securities as the underlying asset, which is not true.

The third approach defines VR through the mechanism of implemented functions:

A.I. Shmyreva - “the foreign exchange market is a mechanism by which the following functions are implemented: the transfer of purchasing power from one country to another; granting or receiving loans for international trade transactions; minimizing exposure to risk due to exchange rate fluctuations”, i.e. how economic mechanism.

M.V. Romanovsky et al. - the global financial market in its own way economic essence- a system of certain relations and a peculiar mechanism for the collection and redistribution on a competitive basis financial resources between countries, regions, industries and institutional units» . The authors refer the foreign exchange market to financial markets.

Draft Law No. 249583-6 “On Amendments to the federal law“On the Securities Market” introduces definitions of the international and over-the-counter Forex market: “ international market Forex - a set of transactions concluded both in the territory Russian Federation, and outside it, the subject of which is the currency of the Russian Federation and (or) foreign currency at prices that depend on demand

and offers (free prices), and financial results for which it is equal to the change in the transaction price; over-the-counter Forex market - a set of transactions not subject to registration on the exchange, concluded by forex dealers, and the subject of which are over-the-counter settlement derivative financial instruments, and the underlying asset is a quote currency pair". These definitions narrow the scope of the international VR Bogeh by excluding banking organizations as market participants. The Law explicitly states: “The provisions ... do not apply to the activity of buying and selling foreign currency in cash and non-cash forms carried out in accordance with the legislation of the Russian Federation on banks and banking activity”.

In our opinion, a more accurate wording is: "... the Gvgvh market is a set of economic relations of market participants that arise in the course of trading operations, a mechanism for realizing the functions of redistributing financial resources and establishing a market (free) price."

Most authors divide the investments of enterprises into two groups: financial (investments in financial assets) and real (investments in non-financial assets). However, in the scientific literature, the concept of "financial investment" does not have an unambiguous interpretation.

Usually, real investment interpreted as " long-term investments capital. with a specific purpose”, and most authors understand financial investments as portfolio investment on the stock market.

So, in the work, the authors divide financial investments into speculative (speculative transactions) and long-term (credit deposit, etc.). financial investments are defined as “capital investments in various financial instruments (assets)”, including currency, deposits, securities, shares, etc. (p. 377). Investment activity is defined by them as “investment and implementation of practical actions in order to make a profit and (or) achieve another beneficial effect” (p. 368).

B.A. Reisberg defines investment as “a long-term investment of capital in one's own country or abroad. , financial (portfolio), invested in shares, bonds and other securities ", and "an investor is a legal entity or an individual who makes investments, invests his own, borrowed or borrowed funds in investment projects" (p. 125).

Yu.A. Korchagin defines investments as "long-term investments of financial or economic resources with the aim of generating income or other benefits in the future" .

V.S. Melnikov understands bank investments as “long-term investments of the bank from

own name of own and borrowed funds in order to make a profit and maintain the reliability of the bank.

L.A. Chaldayeva gives the following definition of investments in financial assets: “investment of capital in various financial instruments, as well as in the assets of other enterprises ... in order to make a profit and achieve positive effect» . He defines investment activity as “the process of investing in investment projects and a set of practical actions for their implementation” (p. 512). In its turn, investment project defines through the goal and a set of actions aimed at achieving the goal.

M.V. Chinenov defines financial investments in relation to the securities market as “operations with securities - investments in financial assets (instruments), i.e. into shares, bonds and other securities, as well as hoarding objects, bank deposits» . In his opinion, investment activity is “an investment, or investment, and a set of practical actions for the implementation of investments in order to generate income in the future and achieve another beneficial effect” (p. 336).

The author points to financial investments as economic category and as a process - "the cumulative movement of investments of various forms and levels" (p. 9), which is realized with the help of the mechanism of the investment market. The financial market is considered by the author as part of the investment market and “is a system of trading in various financial instruments (obligations). The goods are actually cash (including currency), bank loans and securities” (p. 13). The author also refers to the elements of the financial market the foreign exchange market, which is defined as "the totality of economic relations between market participants" regarding the implementation of specific market functions. According to the author, profitability and risk are the main characteristics of investments (p. 110). M.V. Chinenov points out that the goal of investment "is to seek to obtain the required level of expected return at a lower level of expected risk" through "careful selection financial instruments"(p. 110).

A.G. Gryaznova et al. defines financial instruments as “financial assets/liabilities that can be bought and sold on the market and through which the distribution and redistribution of the created capital is carried out. The financial instrument is legal document- an agreement that reflects a contractual relationship or provides certain rights.

I.A. The form refers to the main essential characteristics of investments of enterprises as “connection with the sphere of economic relations”, in particular

sti, considers investments “as an object market relations, . investment resources as an object of purchase and sale on investment market, which is characterized by demand, supply and price, as well as a set of certain subjects of market relations. The author also refers the foreign exchange market to investment markets (p. 274), and calls trading operations investment (p. 276). He points out that “the mechanism of functioning of the investment market is aimed at ensuring its balance (the balance of its individual elements), which is achieved through the interaction of its individual elements through self-regulation and state regulation”, and “a feature of the pricing mechanism for VR is that the price is the exchange rate, the impact on this process of speculative capital circulating on it, the dynamics of prices, exposure to the influence of various factors, the high role of information about the price level” (p. 293).

Operations in the investment market are understood as "implementation of individual management decisions related to the formation and use of investment resources, ... ensured by the conclusion of the necessary transactions with partners in investment relations"(p. 322).

Also I.A. The form "to the forms of financial investment" includes "investments in authorized funds joint ventures, into profitable types of stock instruments, into profitable types of monetary instruments”.

An analysis of the interpretations of the concepts of "financial investment", "investment activity (investment)" by various authors allows us to draw the following conclusions:

a) financial investments are investments of own, borrowed and borrowed funds in financial instruments (with a different underlying asset, including currency) with a specific goal - "to obtain the required level of expected return at a lower level of expected risk";

b) financial investments are transactions of purchase/sale of financial instruments on the investment market, of which the foreign exchange market is a part;

c) investment - a set of practical actions for the implementation of investments - purchase / sale transactions, in other words, the process of performing (conducting) trading operations;

d) investments - the object of market relations.

A.P. Ivanov points out “two mandatory characteristics for qualifying transactions with financial

P.A. Kryukov

financial instruments as financial investments”: a) “transactions must be based on financial assets and liabilities”; b) "the operation must be in the form of an agreement (contract)", - such are trading operations on foreign exchange market.

Thus, taking into account the definition of a trading operation in the Forex currency market proposed by the author earlier as “a sequence of actions for the implementation of a transaction for the purchase / sale of a financial instrument (agreement, contract for difference) with a different underlying asset (foreign currency, interest rate, gold) in the organized and unorganized segments of the market, united by a single goal (conversion, credit deposit, control (and regulation) of VC, hedging, speculation), which has an objective need for management due to the presence of different types of risks (currency, credit, interest, country), and the definition of the foreign exchange market as "a set of economic relations of market participants that arise in the course of trading operations, a mechanism for realizing the functions of redistributing financial resources and establishing a market (free) price", we can propose a refined definition of a trading operation as financial category:

“Trading operations, on the one hand, are financial investments in the form of the implementation of transactions (contracts) for the purchase / sale of financial instruments with an underlying asset - foreign currency, interest rate, gold, and, on the other hand, a set of economic relations arising in the process of their implementation between market participants regarding the formation and use of own, borrowed and attracted monetary resources in the interests of market participants”.

Literature

1. Lomtatidze O.V., Lvova M.I., Bolotin A.V. Basic course on the securities market: textbook. allowance. - M.: KNORUS, 2010. - 448 p.

2. Selishchev A.S., Mokhovikova G.A. The securities market: a textbook for bachelors. - M.: Yurayt, 2013. - 431 p.

3. Financial and credit encyclopedic dictionary / A.G. Gryaznova and others - M .: Finance and statistics, 2004. - 1168 p.

4. Raizberg B.A., Lozovsky L.Sh. Dictionary of modern economic terms. - 4th ed. -M.: Iris-press, 2008. - 480 p.

5. Kotenko A.E. Methodology for the analysis of currency portfolio management algorithms: Ph.D. dis. ... cand. economy Sciences. - M., 2003. - 23 p.

6. Annenkova L.A. Improving the financial mechanism for immunization investment strategy dealing operations in the international foreign exchange market (on the materials of the foreign exchange market

7. Kulakov N.V. The modern Forex currency market: dynamics and methods of its assessment: Ph.D. dis. ... cand. economy Sciences. - M., 2008. - 29 p.

8. Blank I.A. Basics investment management: in 2 vols. - Vol. 1. - 3rd ed., ster. - M.: Ome-ga-L, 2008. - 660 p.

9. Afanasiev E.V. Russian exchange currency market and prospects for its development: Ph.D. dis. ... cand. economy Sciences. - M., 1999. - 19 p.

10. Zakharov A. Currency and universal exchanges of the XXI century as an anti-crisis mechanism of the financial market / A. Zakharov, D. Kirichenko, E. Chelmodeeva. - 2nd ed., revised. and additional - M.: International Association of Exchanges of the CIS Countries, 2002.

11. Mezhov I.S., Mezhov S.I. Investments: performance evaluation and decision making. - Novosibirsk: Publishing House of NSTU, 2011. - 380 p.

12. Shmyreva A.I. International monetary and credit relations. - St. Petersburg: Peter, 2002. - 272 p.

13. Finance: textbook / M.V. Romanovsky [i dr.]. - 3rd ed., revised. and additional - M.: Yurait; ID Yurayt, 2011. - 590 p.

14. Sukhotin D., Novikov P. Forex and money. - M.: Omega-L, 2005. - 351 p.

15. Survey Central Bank three-year period ("Triennial Central Bank Survey 2010", December 2010) [Electronic resource] / Bank for International Settlements. - Electron. Dan. - BIS, 2010. - URL: www.bis.org (date of access: 02.02.2011).

16. Bill card [Electronic resource] // Automated system ensuring legislative activity. - Electron. Dan. -State Duma, 2013. - URL: http://asozd2. duma. gov. en/main. nsf/(Spravka) ? OpenAgent&RN=249583-6 (date of access: 02.02.2014).

17. Korchagin Yu.A., Malichenko I.P. Investments and investment analysis: textbook. - Rostov n / a: Phoenix, 2010. - 601 p.

18. Melnikov V.S. Grade investment attractiveness objects real sector economy for banking investments: autoref. dis. ... cand. economy Sciences. - Novosibirsk, 2006. - 22 p.

19. Finance, money circulation and credit: a textbook for bachelors / L.A. Chaldaeva and others - 2nd ed., corrected. and additional - M.: Yurayt, 2013. - 542 p.

20. Chinenov M.V. Investments: textbook. allowance / M.V. Chinenov, A.I. Chernousenko, V.I. Zozulya and others - 2nd ed., revised. and additional - M.: Knorus, 2008. -368 p.

21. Blank I.A. Fundamentals of investment management: in 2 volumes - Vol. 2. - 3rd ed., Sr. - M.: Ome-ga-L, 2008. - 560 p.

22. Ivanov A.P. Financial investments in the securities market. - 3rd ed., revised. and additional -M.: ITK "Dashkov and K0", 2008. - 480 p.

23. Kryukov P.A. Determination of a trading operation in the Forex currency market // Tomsk Bulletin state university. Economy. -2014. - No.> 2(26). - S. 99-108.

24. Kryukov P.A. Financial investments in the Bogeh currency market // Young scientist. - 2014. - No. 16 (75). - S. 257-261.

25. Kryukov P.A. Theoretical foundations for improving the financial mechanism for conducting trading operations on the Bogeh currency market // Bulletin of the Kuzbass State Technical University. - 2014. - No. 4. - S. 166-171.

26. Kryukov P.A. Development of effective trading strategies on the Bogeh currency market // Bulletin of the Novosibirsk State University.

Ser. Information Technology. - 2011. - Vol. 9, issue. 4. - S. 18-29.

27. Kryukov P.A. Methodological foundations of the typological classification of dynamics exchange rate// Banking. - 2011. - No. 6. - S. 81-85.

28. Kryukov P.A. Perfection trading system on the Bogeh currency market // Young scientist. - 2012. - No. 2 (37). - S. 122-126.

29. Kryukov P.A. Approaches to Improving the Efficiency of the Trading System in the Bogeh Currency Market // Problems of Accounting and Finance. - 2013. - No. 1 (9). - S. 74-77.

It is not possible to organize modern trade relations without the participation of the exchange. This functional wholesale market is the regulating link in all trading operations of buying and selling large consignments of goods, securities, and currency. Thanks to a well-established 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 formation of all business transactions, as well as in the role pricing factor, contributing to the establishment of wholesale market prices. Depending on what type of transaction is carried out on the exchange, clear rules trading procedures that absolutely all participants must follow. The rules concern not only the rules of the exchange, but also many functional features, due to which the maximum coherence and productivity of work is achieved.

The permanent market in which securities are traded is called the stock exchange. It is here that the accumulation of all funds of long-term investments, which are intended to finance state economic programs, takes place. Stock Exchange- this is the main platform for trading in securities (stocks, bonds, etc.).

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

• Cash - must be executed immediately, directly on the floor of the exchange.
• 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.

There are some subspecies 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 registration, or at the price at the time of the actual transfer.
• Calculation period. A certain period can be set, which will correspond to the settlement period. For example, if a monthly settlement period is chosen, then all transactions must be executed within a period equal to one month. We made a deal 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 for October 15 or 31.

Also, transactions can be classified depending on the mechanism of conclusion:

• Solid– must be carried out within a precisely defined time frame and at a fixed price. The volume of securities in this case can be completely different, and the execution time 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 the tool of stock speculators. If the situation on the market 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 exchange is the execution of an appropriate agreement, which specifies all the terms of the agreement between the parties to the transaction. This document is legal basis to fulfill the agreement between the participants of the exchange.

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

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

• Cash (transactions for cash). This type of operations has a limited time frame, that is, in practice, it should be executed as soon as possible. An exchange order must include the exact number of securities, their names, types and other important information.
• Deals for the term- these are trading operations, the conditions for which must be established on the day of the conclusion of the transaction, and the physical delivery of securities itself is postponed to a later date on the so-called liquidation day. In this case prerequisite is the definition of coverage as a guarantee of the buyer from speculation on the part of the seller, as well as reducing the dependence of exchange trade intermediaries on financial opportunities buyers. Depending on the dynamics of the stock market, the ratio of guarantees and liabilities may be different. If the securities are covered, then their valuation is 100 percent of their market value.
• Solid Deals must be performed by the client strictly on the date of the pre-determined settlement. The client cannot change the number of securities depending on his personal wishes. In the list of securities, which is official document, the minimum number of securities that can be involved in a transaction is necessarily set, and a specific exchange order must contain either the same number or a multiple of it.
• Conditional transactions- these are operations in which a premium is provided, the options market is involved, a double option.
• Deals with a premium provide for the possibility of buyers to fulfill the terms of the contract or terminate it, while paying the seller a predetermined premium amount. The day before the liquidation of the transaction, when the corresponding decision is made, is called the settlement day. This advantage is given exclusively to the buyer, and is compensated by the seller due to the higher rate of the transaction.
• Shelving deals. When performing this type of transaction on the settlement date, the buyer can either sell or buy securities, depending on how many securities are involved in the trading operation.

Basically, transactions on the commodity exchange are concluded for a period that does not exceed 60 months and, as a rule, does not reach this limit value: The most common period is up to 6 months. Exchange transactions are purchase and sale agreements concluded on the exchange (in its trading floor). There are the following types:

• - transactions with cash goods - the so-called cash transactions with the delivery of goods to the warehouses of the exchange within about two weeks;
• - transactions in the form of a forward contract [from English. forward - front], concluded between the supplier and the buyer of real goods for a certain period;
• - transactions in the form of buying or selling futures [from English. future - future] contracts for insurance against price fluctuations of goods;
• - transactions in the form of buying or selling options [from lat. optio - choice], giving the right to buy or sell futures contracts.

The first two types of transactions, i.e., transactions with real goods between its actual buyers and sellers, are called “spot” transactions in exchange terminology. spot - cash commodity]. Trading in physical goods on the exchange is carried out either as a base when the buyer inspects their lot, or as in the wholesale market by familiarizing the buyer with samples of these goods. In both cases, the goods are delivered to the exchange by the seller to its warehouses located in transport hubs and equipped with loading and unloading equipment, and the buyer takes them out from there. A forward contract, in contrast to the direct trade in cash goods, is a bilateral agreement between its buyer and seller on the delivery of the corresponding batch in the prospective period according to the agreed parameters of the transaction (the established quality and grade of products, the agreed price, or the method of its determination at the time of completion of the transaction, and also the order of payment for the completed contract).

However, modern commodity exchanges in developed countries, as a rule, are not used for spot transactions, i.e. for trading in cash and for concluding a forward contract. Such operations are carried out by other market infrastructure institutions: auctions, fairs, trading companies, brokerage firms, etc. In addition, a significant part of them is sold through direct links between manufacturers and wholesale consumers.

As for the commodity exchange, it mainly trades in futures contracts and options. Trading in futures contracts first began in 1925 in Chicago for the purchase and sale of grain and then spread widely, later constituting the main type of transactions on the commodity exchanges of developed countries. Futures contracts are transactions for the purchase and sale of not the goods themselves, but contracts for the purchase or supply of a known batch of a certain type and standard of products at an agreed price. Their trade is preceded by painstaking work, because these contracts are standard and, therefore, a commodity exchange that organizes their purchase and sale must develop such standard contracts for all types of products for which it carries out futures transactions.

futures contract as model document includes the following important articles:

• - the size of the consignment, i.e. the number of products included in one contract. This size is usually linked to the standard carrying capacity of specialized means of transport for the corresponding type of goods;
• - the standard of this type of product for the varieties used in relation to it;
• - indication of the place of delivery of the consignment to the warehouses of the exchange;
• - an indication of the delivery or acceptance period with the definition of the trading year (trading years for different types of products differ in terms of the beginning and end of the season for their mass sale), month, as well as the last day of the sale of this contract and the last day of delivery of goods to warehouses;
• - an indication of a price that is adequate to the batch size of the relevant products and its standard, as well as the delivery time, depending on which it changes;
• - indication of trading hours for this futures contract on the commodity exchange.

Any entity that is not a member of a commodity exchange and has not bought a one-time ticket for the right to trade on the exchange floor, but wants to sell or buy a contract for the supply or purchase of a batch of a certain commodity that it trades, applies with a corresponding order to one of its brokerage houses ( companies, firms), which has a known number of places and brokers on a given exchange. The main function of a brokerage firm is to provide communication between clients (producers, consumers, intermediaries and price difference players), on the one hand, and a commodity exchange, on the other. The brokerage company collects customer orders for the purchase or sale of exchange commodities and contracts, registers them and promptly transfers them to its brokers on the exchange, who fulfill the order received and inform clients about it through the brokerage firm. This whole procedure, if carried out, for example, by telephone, can take only a few minutes.

An order is an order from a client to a brokerage firm to buy or sell a certain contract on the stock exchange by its broker on behalf and at the expense of the client. It may contain an indication of its execution on the current day (daily order) or at any time (open order), at the current price (market order) or when a specified price is set on the exchange (limit order). For order fulfillment brokerage company collects from the client a commission, which, as a rule, is tenths and hundredths of a percent of the contract price. When executing a futures contract, the customer (client), before the delivery date of the corresponding batch of products, makes through a brokerage firm to an account opened for him in the clearing house of the exchange, insurance payments, which are called margin and which usually amount to 1-2% (sometimes up to 10%) of the price of this consignments of goods.

The margin changes depending on changes in the market prices of the relevant goods, requiring its replenishment (in case of a significant increase in these prices) or reduction (in case of their decrease). The margin is paid either at the expense of the client's own funds, or, as a rule, at the expense of a loan issued to him by the brokerage office itself or by the bank (if they are sure of its solvency).

In the event that the client closes its obligations under the contract, i.e. does not sell or does not buy, in accordance with it, the stipulated batch of products under an open contract, then the margin goes to the injured party as compensation for its losses from non-fulfillment of the contract. In this way, the exchange guarantees, through the insurance payments of clients, the fulfillment of either sold or bought contracts. When the time comes for the delivery or acceptance of the corresponding batch of products under a futures contract, then its buyer and seller settle among themselves at the full price of the goods delivered and accepted at the stock exchange warehouse with the cancellation of previously made insurance payments.

However, as noted, in developed countries, the main thing for a commodity exchange is not transactions with physical goods per se, but, firstly, ensuring mandatory publicity of information on all transactions, including prices, as a result of which any counterparty, concluding any - either a commodity transaction outside the exchange, while focusing on those prices that are formed during exchange trading, serving as an indicator of price dynamics at the current moment, and, most importantly, in the future; secondly, the implementation of insurance against price fluctuations, i.e., the so-called hedging.

Any manufacturer and intermediary who has a certain batch of exchange goods or who wants to have them in the future and sell them, is primarily interested in exchange information about the prices of these goods, which, according to exchange quotations [from French. coter - to number, mark] formed for the corresponding period of time in perspective. If this prospective exchange price, established as a result of other clients' orders for the same product and in the same period, suits him from the point of view of profitability, he sends an order to the brokerage firm to sell a certain number of futures contracts for a given period and at a given price. But if, as the month of implementation of the contracts sold by this client approaches, the price on the market for these goods tends to increase and begins to exceed the level at which he sold the contract, then it will be beneficial for him to carry out the so-called offset [from the English. offset] deal, i.e. cancel these contracts by buying the same number of them on the exchange. After all, if the client does not do this, he will have to fulfill previously sold contracts at the price of their conclusion, that is, at a price that turned out to be lower than the market price, which is unprofitable for any seller.

Having made an offset transaction, this client presents to the clearing house the futures contracts he sold and bought for the same goods, paying the exchange the difference between the contracts bought at an increased price and contracts sold at a lower price. This difference will be his loss, which he will be able to repay by selling the real product on the non-exchange market at an increased price (compared to the moment the contracts were sold).

For example, a farmer, having sowed corn in April, evaluates the expected harvest and calculates its cost, "and also studies the exchange prices for corn in November and in subsequent months. Let's say the prospective price of 1 ton of corn in November was $ 100, and it suits the farmer , as it provides, according to his calculations, an acceptable level of profitability.The farmer asks his broker to conclude (in exchange terminology - to sell) 10 contracts (each contract is about 100 tons) for corn in November.Having sold the contracts on the exchange, the farmer completed the preparation of a plan for the sale of products .

However, if he wants to maximum income, he needs to systematically refine estimates of the future harvest and monitor prices on the stock exchange. If, 2-3 months after the conclusion of contracts, it turns out that the harvest is expected to be lower than planned in the spring, and the November prices for corn have risen to $105. per 1 ton and their further growth to $120 is expected, it is advisable for the farmer to carry out an offset operation, i.e., buy 10 contracts for the same corn variety for November at the prevailing price of $105. per 1 ton. Having submitted the sold (at $100 per ton) and bought (at $105 per ton) contracts to the clearing house of the exchange, the farmer is forced to pay her the difference of $5. for every ton. But then, having sold his corn on the non-exchange market at a price of 105 dollars. or even more per ton, he will cover his losses.

The question arises, why does a farmer need to sell and buy contracts? He needs them, first of all, to insure against price cuts. After all, if in November prices do not increase, as in the above example, but, on the contrary, they decrease (for example, to $ 95 per 1 ton of corn), then he, being the owner of futures contracts for the sale of corn, firstly, guarantees himself the sale of this batch products corresponding to 10 contracts, and, secondly, will be able to sell it off-market at 95 dollars. per 1 ton, and at a contract price - 100 dollars. for 1 ton

As for the buyers of futures contracts, before contacting a brokerage firm with an order to purchase them, they also analyze information on exchange prices for the relevant goods in a certain month of the prospective period, but seek to insure themselves against an increase in market prices. For example, a feed manufacturer who needs to purchase 1000 tons of corn in November analyzes in the same April stock quotes for corn in November and concludes that the prevailing price of $100. for 1 ton suits him. Then he submits an order to the brokerage house to buy 10 contracts for corn (100 tons each) at a given price. But if after some time it turns out that due to the large harvest of corn, prices in November fell to $95, then the feed manufacturer, in order to avoid losses associated with the purchase of corn at a contract price of $100. for 1 ton (i.e., higher than the market price), must carry out an offset operation, i.e., sell 10 contracts for corn in November at 95 dollars.

By presenting the purchased (at $100 per 1 ton) and sold (at $95 per 1 ton) futures contracts to the clearing house of the exchange, the feed producer will be forced to pay the difference of $5. per ton clearing house. But he will be able to cover this loss due to the fact that in November he will acquire the corn he needs on the non-exchange market not for $100. (contract price) but for $95 or even less. The meaning of his appeal to the exchange trade in corn is to insure against rising prices for it. After all, if the price for it does not fall (as in the above example), but, on the contrary, rises (for example, up to $105 in November on the non-exchange market), then he, being the owner of contracts for the purchase of 1000 tons of corn at a price of $100. for 1 ton (contract price), will be able to purchase it on the exchange at this price, while other buyers of corn who do not have such exchange contracts will buy it at a market price of $105.

The prices of futures contracts fluctuate not only as a result of changes in the prices of goods that must be bought and sold according to them, but also as a result of speculative transactions in these contracts. So-called traders are engaged in such operations on the exchange, i.e., members of the exchange, who, unlike brokers, trade contracts not on behalf of and at the expense of clients, but on their own initiative and at their own expense, moreover, not for the purchase or sale of real goods, but only to assign price differences to futures contracts, which, as we saw above, fluctuate substantially as contracts mature.

If a trader plays for a fall in prices, i.e., in exchange terminology, is a “bear”, assuming that the prices for this exchange commodity and, accordingly, the prices for futures contracts for it will fall in the future, then he first sells a certain number of corresponding contracts for the supply of this commodity, and then, when the market prices for it and, consequently, the prices for the futures contracts sold by him fall (as he expected), he will make an offset transaction, in other words, he will buy the same number of the same futures contracts, however, at a price below the one at which he sold them. As a result, he will receive the difference between the higher price at which he sold the contracts and the lower price for them at the time of their purchase.

By submitting the sold and purchased contracts to the exchange clearing house, the trader will receive income from it in the form of the specified difference. But if this bear trader miscalculates, i.e. it turns out that market prices for this product and futures contracts on it did not decrease, but remained the same or even grew, then by closing the deal with an offset operation (i.e., buying these contracts), he either does not win anything (at the same prices), or loses (at increased prices ). The trader cannot but redeem these contracts, because otherwise he will have to buy and deliver to the exchange warehouses a batch of those goods, for the supply of which he sold futures contracts.

If a trader plays to increase prices, i.e., in exchange terminology, is a “bull”, assuming that prices will grow in the future for this exchange commodity and futures contracts for it, then he first buys a certain number of such contracts, and then , when the market prices for these goods and, consequently, for the contracts he purchased, increase, as he expected, he makes an offset transaction, that is, he sells the same number of contracts for those goods, however, at a price higher than the purchase price. By submitting futures contracts bought and sold at different prices to the clearing house of the exchange, the trader - "bull" will receive income in the form of a difference in the prices of purchase and sale. But if the “bull” makes a mistake (prices do not rise or even fall), then he will not earn anything (with stable prices) or suffer a loss (with a decrease in market prices compared to contract prices).

As a result of all these circumstances, before the actual execution of futures contracts, they can change hands many times on the commodity exchange. Through this, producers, consumers and resellers, during the periods for which the contracts they sell and buy are concluded, adjust their plans depending on the emerging and changing market conditions. Thus, the commodity exchange provides a constant refinement of supply and demand for the future. When the deadlines for fulfilling contracts approach, those for which the exchange (contract) price is higher or lower than the market (actual) price of the relevant goods are closed by those who are not profitable through offset transactions. Due to the fact that in most cases the contract prices of goods by the time the contracts are fulfilled do not coincide with their market prices, and also due to the participation in exchange trading of traders who are not going to fulfill the contracts, as a rule, they are liquidated by the time they are actually sold. Therefore, for example, in the USA only 3% of exchange transactions end with the delivery of goods to exchange warehouses.

As noted, trading in futures contracts allows for hedging, in other words, insurance against price fluctuations. But to further reduce the price risk of commodity exchange customers, options were introduced.

An option is a contract between two entities, one of which receives a premium and assumes the obligation to sell or buy a futures contract, and the other pays this premium and thereby acquires the right to buy or sell it within a certain period at an agreed price. There are two types of options used on the commodity exchange:

• 1) request option, which gives the right to purchase a futures contract at a given price at any time before the expiration of the option; the seller of the request option, having realized it, undertakes to sell the corresponding futures contract upon presentation of this option;
• 2) an offer option that gives the right to sell a futures contract at a given price at any time before the expiration of the option; The seller of the offer option, having exercised it, undertakes, upon presenting this option, to buy the corresponding futures contract.

Anyone who has purchased an option (option-call or option-offer) through a brokerage firm or independently has no obligations, except for the amount (premium) paid for it, which in its magnitude is only a certain part of the price of that futures contract, for purchase or sale which gives him the right. The premium paid by him forms the maximum risk of the buyer of the option. The specific amount of the premium is determined on the exchange floor during the trading process and depends on the price of the corresponding batch of a certain product and the price of the futures contract under which this batch is sold or bought. The ask option price decreases and the ask option price increases as the price of the futures contract they give the right to buy or sell increases. At the same time, the price of any option decreases as the expiration date of the corresponding futures contract approaches, of course, at exchange trading, all other things being equal. After all, the owner of the option can not only exchange it for the corresponding futures contract by the time the latter expires, but also sell the option on the commodity exchange if the situation has changed.

For example, a farmer wants to sell 10 hectares of land, but at a price not lower than $3,000. for 1 ha. In order to insure himself against changes in prices for land plots and not to spend on making a margin for a futures contract for the sale (and then possibly an offset transaction) of land, as well as on paying commissions to a brokerage firm for these transactions, he buys an offer option through the firm, giving him the right to sell within 6 months a futures contract for the sale of 10 hectares of land at a price not lower than 3 thousand dollars. for 1 ha.

If at the same time a graduate student of an agricultural college also wants to buy 10 hectares of land, but at a price not exceeding 3 thousand dollars. for 1 hectare, expecting to receive the amount necessary for this purchase only after 6 months, then he can sell through a brokerage firm the same option-offer purchased by the farmer. These two clients can carry out similar operations with the help of an option request. Only in this case, the farmer will act as the seller of the call option, and the student will act as its buyer. If they apply with their orders to the same brokerage firm, then it can bring these two counterparties together. In this case, the deal for the land is simplified.

Wanting to insure against unfavorable changes in the price of land plots, the parties enter into a contract in the form of an option-request or an option-offer. At the same time, if the student is more interested in the transaction, then it is formalized in the form of a purchase from the farmer of an option-request, which in this case gives the first the right to purchase 10 hectares of land from the farmer within 6 months at a price not exceeding 3 thousand dollars. for 1 ha. In accordance with this call option, the farmer undertakes to wait 6 months, and the student pays the farmer $50 for waiting. per 1 ha (only $500). By selling the option, the farmer undertakes not to sell the land to anyone for 6 months. By purchasing the option, the student has the right to buy the land at a given price, but he is not required to do so. If during the specified period the price of land falls to 2800 dollars. for 1 ha, then the student can waive his right and buy land cheaper. But if the price rises to 3500 dollars. for 1 ha, then he will demand from the farmer and he is obliged to sell him land for 3 thousand dollars. for 1 ha.

But if the farmer is more interested in the transaction and, in particular, in insurance against a possible increase in market prices compared to the contract price, then this operation can be formalized in the form of buying an offer option from the student, which gives him the right to sell within 6 months 10 hectares of land at a price of 3 thousand dollars. per 1 ha (in our example). If during the specified period the price of land rises to 3.5 thousand dollars. per 1 ha, the farmer will waive his right to sell the land at a contract price of 3 thousand dollars. per 1 ha and will be able to sell it at a market price of 3500 dollars. for 1 ha. If the price for land plot will drop to 2.8 thousand dollars. for 1 ha, then he will demand, on the basis of an offer option, from the student to buy his 10 hectares at a price of 3 thousand dollars. per 1 ha (contract price).

The above example shows the role options play in hedging. hedge - insure], i.e. insuring customers against price fluctuations. Model contract request-option and offer-option contains basically the same items as the corresponding futures contract for each of them. A significant difference (except for the price) is the validity period: if under a futures contract it can be quite long (up to 60 months, although such a long period is extremely rare), then for options the transaction period in the United States is limited to 9 months. After all, an option is a preliminary contract that gives the right to buy or sell goods or futures contracts on them.

As noted, the commodity exchange mainly trades in futures contracts and options on them, while transactions with real goods (the so-called “spot” transactions in the form of direct purchase and sale of cash goods in the form of forward contracts) make up an insignificant part of the exchange market. turnover. What is it connected with?

Firstly, direct trade in physical goods significantly narrows the territorial radius of transactions and reduces the clientele of the commodity exchange, since, on the one hand, in this case, it is necessary to bring goods to its warehouses and, in case of unsuccessful auctions, transport them back, which is very expensive, but, with on the other hand, the exchange between sellers and buyers through direct links, bypassing exchange warehouses, is much cheaper for both counterparties.

Secondly, forward contracts, although they provide a reduction in price risk, but unlike futures transactions(guaranteed by the exchange at the expense of the margin contributed by the buyers and sellers of these contracts to insure against their violation) can only be appealed to judicial order in case of non-compliance, which is rather troublesome.

Thirdly, it is incomparably easier to sell and buy a futures contract than to carry out a direct transaction with a cash commodity or to conclude a forward contract, because in the last two cases, direct contact between the seller and the buyer of the corresponding commodity is necessary, which is not necessary in the first (for futures transactions) .

Fourthly, futures contracts are easy to close through offset transactions, which is extremely important not only for hedging, but also for the speculative activities of traders. Today, the commodity exchange is primarily used to hedge against price fluctuations and to play for price differences. Hence the low share of spot transactions in exchange turnover.

An exchange transaction is a duly registered contract. It is concluded between two bidders on the stock exchange in relation to any asset or instrument. The exchange establishes the procedure for processing and passing each transaction very clearly. At the same time, it is important to remember that there are transactions concluded outside the stock exchanges - even if there is an organization, as in the case of the RTS or NASDAQ sites, such a transaction (contract) is not considered an exchange one.

Exchange transactions: concept

A transaction means not only the purchase or sale of an asset (commodity, currency, stocks and bonds, other securities), but also many other contracts. For example, the subject of the transaction may be an option, a future. A huge number of accompanying conditions - the timing of the fulfillment of obligations, the type of order (limit, market, stop or stop-limit), the type of transaction (simple or with margin), with the presence of a premium (forward, option) and others complicates the process. However, the study of all types of transactions allows you to rely on the terms of the contract, and the technical side and requirements for the execution of transactions are determined and worked out by the exchange itself.

Exchange transactions with securities

In the case of a transaction with securities, the subject of purchase and trade are property rights pledged in the subject of the transaction - a security. The forms of such transactions are simple - exchange, pledge, purchase and sale. The types of such transactions depend on:

• from the due date (cash - with immediate execution, as a rule, up to 3 days; urgent - with execution in a certain period; combined - they are also called prologation),
• from the origin of funds - for own funds or borrowed (transactions with margin),
• from the origin of the securities themselves - transactions with their own securities or borrowed ones.

Forward, futures (with the obligation to buy and sell at a certain price) and option (with the right to buy and sell at an agreed price) transactions are also used.

Types of exchange transactions

The main types of exchange transactions are:

• forward,
• futures,
• optional,
• ordinary with mutual transfer of rights and obligations on the object of the transaction,
• others provided for by the Exchange Trading Rules.

In turn, futures transactions - in which the execution period does not have to coincide with the day of the transaction - are divided into types:

• shelving,
• oncol,
• simple or hard
• report,
• prolongation,
• conditional.

The most practical is a firm type of transactions - with this, the participants are obliged to fulfill the conditions for delivery and purchase within a specified period, which does not change.

Conclusion of exchange transactions

When concluding exchange transactions, their features are taken into account:

• the transaction cannot be concluded by the exchange, it is also impossible to make it at the expense of the exchange,
• the exchange can and is obliged to apply sanctions if the participants in the exchange transaction perform over-the-counter transactions,
• the entire procedure for concluding an exchange transaction is determined by the rules of the exchange on which they are concluded,
• transactions that are made on the exchange, but do not comply with the specified rules, are considered non-exchange transactions.

The general mechanism for concluding a transaction is as follows:

• an order is sent (submitted) - by one of the bidders,
• if the conditions of two differently directed orders are satisfied, a deal is formed from them,
• guarantor of obligations - exchange,
• if one of the parties fails to fulfill the obligations, the transaction is completed by the exchange.

Organization of exchange transactions

The organization of exchange transactions is quite complicated - not only from the theoretical and practical side, but also from the technical side. If at the beginning of the existence of exchanges, an oral statement was usually enough, which by the end of trading was drawn up in a contract, now most transactions are carried out electronically. This entails a variety of consequences - for example, it is believed that the introduction of automation contributes to the acceleration of any phenomena - both growth and fall of markets (stock and others).

A tragicomic situation occurred in 1987 - on December 9, there was a massive failure at Nasdaq, after which the National Association of Securities Dealers' quote service stopped working for almost an hour and a half. The reason for the non-participation in the auction of more than 20 million shares was ... a squirrel that made its way into the main computer center of the exchange.

Speculative stock trade

Speculative refers to all types of transactions made on the basis of an increase or decrease in the value of an asset in order to extract subsequent benefits. This trade is the opposite of a hedging trade. There are also special names for speculative transactions that came from the French language: deport (for a decrease in value in the future) and report (for transactions that imply the benefit of a significant increase in value and profit due to the resulting difference). The speculative exchange transaction does not provide for the purposes of risk reduction.

Urgent exchange transactions

Urgent refers to all types of exchange transactions, in which the timing of the fulfillment of obligations may not coincide with the day of the transaction. Settlement occurs after expiration, either on a specific date or over the entire period. As a result, obligations under the transaction can be fulfilled in the middle or at the end of the month. The exchange rate remains fixed on the day of the transaction. Futures transactions are divided into simple, rack, on-call, report, conditional, propolation.

An important nuance: the contract may also indicate the moment of establishing the value of the asset - for example, the day of sale, a specific date, or the current market value.

The essence of exchange transactions

The essence of any exchange transaction is the conclusion of an agreement between two parties within the conditions dictated by the exchange (currency, commodity, stock or other). In this case, the transaction must be registered, and its content is a listing of the object, the volume of obligations, the price, the deadline for execution and the timing of settlements. Transactions are concluded for tradable goods, stock assets that have been admitted to quotation.

An exchange transaction allows you to realize many opportunities: attract investments, agree on the supply of goods, use tools to reduce or distribute risks.

Cash (spot) transactions - types of exchange transactions

A spot transaction is a type of transaction in which payment for goods on the exchange is made in the shortest possible time. About cash (spot) transactions - types of exchange transactions with quick payment - it is often said that money is transferred "instantly". But what we are really talking about is the timing of the transfer of funds. bank payment which is one to two days.

This type of transaction is concluded in cases where one party is ready to pay immediately, and the other is ready to deliver the goods in a short time. Many types of cash transactions are carried out in automatic or semi-automatic mode. This allows, for example, to go short when trading securities.

How to make money on a decline

To learn how to make money on a decline, you should refer to the securities borrowing mechanism. A trader can sell securities that are not available on his account. Instead of real securities, they are sold taken from a broker at, and at a certain price.

You can sell leveraged shares at the moment when their price is the highest in the forecasted range. In this case, the return of funds for is made later, when the value of the shares used in trading decreases significantly. The difference in the value of the selected shares will be the net profit of the trader playing for a fall.

Types of prices in transactions with real goods

The types of prices in transactions with real goods, also called types of prices for real goods, include spot and forward. They apply to the relevant types of transactions for the sale of goods.

The spot price is the price of a product that is offered for purchase at a particular moment. It is this cost that the buyer will pay the seller if he agrees to the deal immediately.

For items with a delivery time of more than a month, a forward price is often used. This is the price taking into account deferred delivery, when the goods are paid for in advance, but for objective reasons, their sale cannot be carried out in the period close to the time of payment.

Deals for the term (without real goods)

The so-called urgent transactions got their name due to the introduction of the concept of a payment term that differs from the minimum possible. Forward transactions (without real goods) include futures and options options.

The futures price is set at the time of the agreement and is fixed with the expectation that the real value of the commodity will not change much over time.

The contract can also be concluded through an option - the right to purchase goods at a fixed price within a given range of time. The buyer of an option is not required to purchase the commodity immediately, but may resell it at a favorable moment.

Mutual actions of participants in a specific form of sale material assets, which bears the name "bidding", are referred to as the term "exchange transactions". The types of such coordinated activities fall into four broad types. They, in turn, comprise transactions, the subject of which are various goods and assets owned by numerous funds. Types of exchange transactions and their characteristics are presented in our article.

General theoretical information

The exchanges of which are directly in the area of ​​active actions of their participants, are aimed at acquiring (or alienating) the rights and obligations associated with goods purchased under a specific type of sales contract. In the course of such transactions, objects that are eligible for evaluation and exhibition at the auction are transferred.

As a rule, the processes of the so-called stock market game are characterized by analysts from several sides. They are considered from the point of view of compliance with legal, economic and simply organizational and ethical standards.

These are stock exchanges which may represent the following list:

• offering products, accompanied by a presentation of their quality samples;
• conclusion of contracts for the supply of goods;
• agreements involving the transfer of ownership of material assets subject to non-urgent payment;
• reaching agreements that result in the right (but not the obligation) to acquire certain securities or specific goods during the agreed period.

Ensuring the bidding procedure

Each individual organization that receives sellers and buyers operating in a special legal field has the right to establish specific procedures for the implementation of the trading procedure on the stock exchange. Common to each institution, called the exchange, is the requirement of a written agreement between the bidders.

The current sample of the document certifying the fact of the transaction must contain the following:

• a specific time period within which the item of trade must arrive at the recipient;
• the number of units of goods;
• indicators by which one can judge the conformity of the acquired material goods with their quality standards;
• generic affiliation of the subject of the transaction;
• terms and form of payment under the contract;
• nuances of delivery and the degree of responsibility of the parties.

Within the framework of a fixed-term contract, only the last two items from the above list are discussed. The price, as a rule, is called conditional. Such arrangements are called futures.

Contracts that give the right to purchase goods and do not provide for obligations are sold as a special kind of securities called options. The bidder who acquires such a document becomes the owner of the right to purchase a specific product within the agreed period together with it. At the same time, these papers can be used both for their intended purpose and sold, along with transferring the opportunity to purchase the object indicated in them.

Cash transactions

One of the varieties of exchange agreements are the so-called transactions of immediate execution. Within their framework, the transfer of securities and settlement takes place on the day the contract is signed. Another type of exchange transactions are fixed-term contracts, the content of which is the purchase and sale of the currency of another state.

Immediate execution transactions are called cash transactions and can be simple contracts and agreements with an expected profit. At the same time, based on world practice, payment for transferred securities must be made immediately or no later than the fifth business day after the signing of the relevant documents. If the purchased package includes more than 100 shares, the settlement can be made within two weeks.

The Russian stock market sets slightly different payment terms for immediate settlement transactions. Cash must be submitted no later than within two days. In the framework of ordinary transactions, the settlement can take three months.

Urgent deals

Such agreements require the voicing of specific terms of payment and the date of their signing, as well as a transparent form of pricing. The types of these contracts have a clear division based on the following characteristics:

• the calendar period in which the payment can be made (a predetermined and documented number of days);
• the date of the decision on the value (it may be the day the transaction was concluded or any other date);
• the nuances of concluding an agreement, which primarily depend on its type (with a demonstration of the subject of the agreement, individual, optional, etc.).

In general, such transactions are divided into two types:

• shelving (when a participant in such an agreement, upon expiration of a specified period, has the legal right to act both as a seller and vice versa);
• report (mutual agreement on the transfer of securities, in which the receiving party undertakes to subsequently redeem them at a higher rate).

There are also exchange transactions, the types of which, when they are concluded, involve a procedure in the course of which one of the parties to the contract acquires the right to demand from the other the delivery of securities, the number of which can be multiplied by a certain coefficient. The cost of each, however, remains fixed and equal to the one that was marked at the time of the conclusion of the agreement.

Deal with subsequent buyback, option and speculation

The conclusion of contracts of the "report" type is included in the main types of exchange transactions and is one of the types of agreements with deferred settlement, which is associated with a lack of stability in the foreign exchange market. In addition to the above, these include transactions in which securities are transferred for a fee to a pre-selected intermediary. Intermediate holding lasts for a specified period and is paid at a price lower than that set for a subsequent redemption.

Transactions at the conclusion of which the right to purchase goods arises require the payment of a fee after the agreed period, which cannot be less than one working week and more than two months. In the event that the settlement date coincides with a calendar holiday, the obligation to pay the amount due is automatically extended until the next business day.

It is worth noting that the types and features of exchange transactions cannot be fully described without mentioning the speculations carried out as part of trading. At the same time, despite the negative connotation of this term, such operations are called useful by many experts. First of all, this is due to the fact that speculative transactions in some way prevent the imbalance of prices and even balance them.

Trading Rules

Exchange transactions are concluded in writing by prior agreement. In addition, there is an offer made by means of a detailed statement of the conditions in letters, messages on the Internet, telephone conversations, etc.

Those participants in the exchange game who can be classified as professionals usually conclude transactions only in their own name and at their own expense. According to the rules of the institution, they are obliged to announce prices in advance and not deviate from them at all times during the auction.

Such transactions are certainly registered, which happens only if there is a properly executed document. On this document, the relevant authority makes a note and assigns it a personal serial number. Having received a security at its disposal, its new owner is obliged to notify the issuer of this.

Subjects and objects of contracts on the exchange

Since the games on the stock market are carried out according to strictly established rules that form a clear structure and mechanisms of ongoing processes, the list of their participants is subject to clear regulation. These include:

• entities acting within the framework of the exchange game solely on their own behalf (traders);
• legal or natural persons having the legal status of auction founders;
• brokers acting on behalf of and on behalf of clients.

All of the above participants, carrying out their actions, consider as subjects of transactions:

• various kinds of goods;
• raw materials;
• stock;
• financial documents (derivatives) derived from the main product or service;
• National currency.

Persons who organize the game on the stock exchange provide direct legal assistance to individual traders, as well as provide general advice to each trading participant without exception, if the types of stock exchange transactions and the procedure for their execution determine such a need.

Goods and basic bidding procedures

Speaking in more detail about which financial products are offered for sale as part of the exchange game, the following are distinguished:

• industrial products;
• consumables intended for processing;
• goods in the field of agriculture.

The price of the listed items of trade is formed in the course of the operation of the mechanisms of the exchange. They are based, as a rule, on the free structuring of prices, which, however, is directly dependent on the rules established by the institution conducting the auction, especially in charge of the types of exchange transactions with real goods.

Main List financial transactions carried out as part of such activities, includes:

• buying and selling;
• the procedure for entering securities into the list admitted to trading;
• control of compliance of securities with the requirements established by the exchange (as well as the processes of the exchange game - with the prescribed conditions);
• execution of agreements reached;
• setting prices for the base and quoted currencies;
• implementation of mortgage procedures;
• legal support of settlements;
• cash and non-cash payment of bills;
• maintaining statistics for the purpose of studying the financial market and providing relevant information;
• services to ensure the safety of funds;
• issue of securities.

Price formation

As part of the exchange game, the value of assets in general and securities in particular is set depending on several conditions:

• results of agreements between free traders (traders);
• in accordance with the current market patterns (taking into account modern macroeconomics);
• based on the basic principles of the auction.

At the same time, the prices set during the negotiations, one way or another, are based on the nature of the current market, which is often the main source of information that is consulted when making a choice in the direction of one or another final decision.

Agreements that the parties come to as part of an auction-type rivalry also fall into the category of “exchange transactions”. The types of such contracts have a number of specific features and are of great interest, being a special financial institution.

Auction features

Passing within the framework of the exchange game, they are quite clearly divided into two main types - ordinary (classic) or double. The first includes those in which, due to the relatively small demand for the goods offered, it is the sellers who are in fierce competition among themselves. The second type involves the active interaction and rivalry of acquirers as dictated by the types and goals of exchange transactions.

The classic is the British version of the auction, a characteristic feature of which is the increase in price in the process - from the minimum to the one at which the goods will be eventually sold.

Applications for participation in the auction in the status of sellers are submitted in advance, which is necessary for the study, the initial exchange evaluation of the products offered and the formation of a list of quoted goods. The size of the step, which will increase their value in the course of the auction game, is also set in advance.