World first exchange appeared in the Dutch city of Bruges in the 15 century. Prior to this role exchanges served markets and fairs. If the markets trade was conducted continuously and available commodity, and buyers are usually themselves consumers of goods, trade fairs, it was conducted on samples and bulk, and the buyers are merchants, ie resellers. Therefore, development of markets served small areas or cities, and trade fairs - the development of areas, regions or even individual countries. The development of industry required the establishment of a permanent wholesale market, which is connected to each other growing industries. Historically, this market has developed in the form of exchange. Market a regular current market, which is committed securities trading (stock exchange), wholesale manner (Commodity Exchange) or exchange (currency exchange) at prices set by supply and demand. For example, the first exchange in Bruges gathered merchants from different countries to exchange trade information, purchase bills and conducting other trade transactions without a specific item for sale.
Device exchanges Exchange - is a regularly acting according to certain rules wholesale market, on which there is trade in goods, precious metals and foreign currency, securities and other financial instruments on prices, officially established on the basis of supply and demand. If the pre-computer era of the word "exchange" to understand a certain place or building, a gathering of representatives of various trade firms and companies, as well as trading intermediaries - brokers for transactions, it currently trades are held in electronic form, using specialized software. Transaction on behalf of a natural or legal customer's account by professional securities market participants, the so-called brokers. Brokers are portrayed in trading system applications to buy or sell securities. These requests can be accommodated colliding requests other brokers. Exchange, as a legal entity, maintains records of transactions, organizes and ensures the calculations, provides a mechanism for delivery of goods. The main source of income of the exchange are fees paid by bidders for each prisoner deal. Depending on the type of exchange of goods, stock exchanges are divided into commodity, stock and foreign exchange.
Commodity exchange Commodity exchange buys and sells contracts for the supply of goods. Any commodity exchange bid contracts to a small number of standard types of goods, mostly of a strategic nature, such as oil and oil products, non-ferrous and precious metals, grains, meat, raw material for textile and wood industry, etc. All these products are sold in large lots and prices, formed under the influence of supply and demand. While each commodity exchange operates independently of the other exchanges, and her form their own specific prices for certain commodities, but through the establishment of information links between the exchanges is the alignment of prices and, consequently, the formation of a single world market. All transactions made on commodity exchanges, involve the use of standard contracts. Since these contracts do not imply the immediate and compulsory delivery of the goods, they are called futures contracts. This type of contract strictly standardized quantity and quality of product, date and place of delivery, etc. Therefore, buy-sell transaction is committed on a certain number of futures contracts without the procedure of examination of goods. A futures contract (or futures), in contrast to the contract for the supply of real goods, may be executed in one of two ways: either by entering into opposite transactions (offset) for an equal amount of goods on any day in accordance with the terms of delivery, or delivery resulting from the goods. Although to date on the transaction, terminated effective delivery of goods, accounted for approximately 1.0% of stock exchange turnover itself is important to exercise the purchase or sale of physical goods. Despite the fact that modern exchanges are largely a market for futures and options, it is important not to lose the connection between it and the market for real goods.
Stock market The principal tools are the stock exchange securities: stocks and bonds. action is a security certificate on entering a certain percentage of capital stock company, entitling the holder to participate in its management and to receive the profits as dividends. The bond is a security reaffirms the commitment of the State or the issuing company to compensate the owner of its nominal value in that it provided for a term of payment of a fixed percentage. Owner debenture is not a member and has no right to vote. Buying the securities at a low rate and selling them at a higher, you can get a big stock-market profits. As the organizer of the securities markets, the stock market initially dealt exclusively with the establishment of the necessary conditions for effective trade, but the extent of market development of its task was not only a trade organization, but also its maintenance.
The mechanism of exchange varied. To carry out work on the stock exchange selected the governing body of the Exchange - Exchange Committee, which includes the major producers or their proxies. Exchange members are divided on the stock exchange intermediaries (brokers and traders) and dealers who conduct transactions with securities.
Currency exchange Currency Exchange - is the organized market of national currencies. On the foreign exchange market by buying free - selling of national currencies on the basis of the course, the emerging market driven by demand and supply.
At the main currency markets, in addition to trade currencies, is also trade in bullion and products made from precious metals. Historically, currency exchanges emerged as components of the stock exchanges. Over time, nearly all foreign exchange transactions and gold accumulated in the banks, although formally listed as currency and in many stock exchanges. Currency Exchange has all the classic elements of trading. Quotes on the Stock Exchange depends on the purchasing power of currencies being exchanged, which, in turn, is determined by the economic situation in the countries of the issuer. Transactions in foreign exchange are based on the convertibility of currencies being exchanged on it.
Over the past decade, significant changes occurred in the entire system of international currency trading: the development trends of economic globalization, communication systems, the abandonment of the gold standard of content exchange has reduced the role of national currency exchanges. Their place gradually takes the global currency market FOREX, which is an OTC market and operates around the clock in various financial centers around the world. FOREX Market today became the most liquid and most extensive market in the world.