Commodity Exchanges
Commodity Exchanges by definition - corporate, non-profit membership Association corporations, providing the material conditions for the purchase and sale of goods on the market by means of public bidding according to the rules and procedures that provide equality for clients and members of the exchange.
The tasks of the Commodity Exchanges - not supply the economy with raw materials, capital, currency, and the organization, streamlining, unification of markets of raw materials, capital and currency.
Commodity Exchanges carry out the purchase and sale of goods and contracts for the delivery thereof. On them are sold contracts on стандартизируемые the types of goods that can be sold large quantities of samples or technical description. On Commodity Exchanges are identified basic prices, which are formed under the influence of demand and supply balance. All Commodity Exchanges are independent enterprises and operate independently from each other. Some goods are bought and sold only in any one stock exchange, the others - on the few; however, the dimensions of contracts for the same commodity and other characteristics differ from each other on different exchange markets.
In relation to our environment in the composition of the basic functions of the Commodity Exchanges should include such as the development of standards for sold through the exchange of products, as well as the package of standard contracts on purchase-sale deals, quoting prices, settlement of disputes and information activities.
Commodity Exchanges performs the functions of balancing demand and supply by means of a public purchase and sale, streamlining and standardization of the market of commodity and raw material resources, stimulate the development of market economic indicator.
In the early nineties in the countries, where the market operates, there were about 50 Commodity Exchanges with a total turnover of more than $ 10 trillion, which is 25% of their gross national product. On they sold the products of more than 60 titles. In the countries with developed market economies commodity exchanges mainly operate as non-profit associations that are exempt from payment of corporate income tax. The main items of their income are: founding and mutual contributions and deductions organizations that form the stock exchange; revenues from the provision of services to the members of the exchange and other organisations proceeds from other revenues.
Membership and management on Commodity Exchanges
The members of the exchange are: the founders, domestic and foreign legal entities, as well as individuals. Membership on Commodity Exchanges gives the right to trade in her room. Exchange members may vote at meetings and in various exchange elections and to participate in the work of the committees. In addition, the members of the exchange are the program of training and retraining, receive comprehensive exchange information and may use the library and information centers. The organization shall be adopted by the members of the exchange, if for it voted by a qualified majority of the founders and a simple majority of the enterprises and organizations of the applicant. A vote is taken after the evaluation of the financial status of the applicant. Members of the exchange are obliged to pay an entrance fee, which is refunded in case of withdrawal from the exchange. The reception of new members of the exchange is the General Assembly of founders and members of the exchange. The exchange members pay an annual membership fee, but are exempt from all common fees charged to participants of exchange trades. To facilitate their work, the members of the exchange are granted the right to hire employees that are permitted access to the shopping facilities in the form of clerks or messengers.
The main internal documents governing activities of the exchange act articles of Association of the exchange and Rules of exchange trade. In the Charter reflect all the main provisions of determining the internal structure of the stock exchange, and the relationship of the members of the exchange and other market participants; organizational-legal form of the exchange.Словарь
