Securities exchange (stock exchange) - the organisation which subject of activity are maintenance of necessary conditions of the normal circulation of securities, definition of their market prices and distribution of the information on them, maintenance of a high level of professionalism of market participants of securities.
Securities exchange problems:
1. Granting of the centralised place where can occur both sale of securities to their first holders, and their secondary resale;
2. Revealing of an equilibrium exchange price;
3. Accumulation of temporarily free money resources and contribution to cession of rights;
4. Maintenance of publicity, an openness of the exchange auctions;
5. Arbitration maintenance;
6. Maintenance of performance bonds of the bargains concluded in an exchange hall;
7. Working out of ethical standards, the code of behaviour of participants of exchange trade.
The first securities exchange has been registered in 1611 in Amsterdam, but in due course popularity of the world financial market has got to the London stock exchange.