The main link in exchange system of the USA is the New York stock exchange (New-York Stock Exchange). It conducts the history since 1792 when 24 brokers signed the first broker agreement and by that created the first organized securities market in New York.
Specialized divisions share on the commercial organizations, such as clearing house, depositary and the commissions the most important of which are: arbitration, quoted, on admission to membership of the exchange, by rules of exchange trade and exchange ethics.
One more feature of the European exchanges – their big thirst for internationalization of securities market. This process goes in two directions: by sale of places at the European exchanges to foreign broker firms and by entering into the list of the enterprises of foreign kompeniye registered at the exchange.
These are the members of the exchange who are carrying out orders of other brokers if those owing to any reasons cannot execute the order of the client. Usually they raise commission charges for each transaction (before their rate made 2 dollars. For a full lot, from where their slangy name also went.
In activity of the exchanges the foreign natural and legal entities meeting qualifying standards are allowed to take part in the majority of the states. At the same time in the certain countries (in Canada and in France) foreign persons cannot be members of the exchange or their participation in an authorized capital of the exchanges is limited.
The stationary struktkra of the exchange is necessary for conducting economic exchange activity. How carry out the work of division, making stationary structure, overall performance of the exchange in many respects depends.
For stock exchange all her members are equal, that is different categories of members as it takes place, for example, at commodity exchanges are not allowed. It leads to that there cannot be a temporary membership, delivery of places of the member of the exchange in rent or pledge to those persons who are not members of this exchange or share department.