The first exchange. History of the exchange

The Russian stock market is not as young as it seems to many. The history of Russian stock exchanges dates back several centuries. The first exchange appeared in St. Petersburg by decree of Emperor Peter I in 1703. True, during the 18th century. securities (with the exception of bills of exchange) were not traded on the exchange, since there were none. Only at the beginning of the 19th century, when the first Russian domestic loans, government bonds, and a little later the shares of joint-stock companies were issued, did securities begin to circulate on the stock exchange. At the end of the XIX century. in Russia there were 7 exchanges where various securities were traded. They were located in large financial-industrial and shopping centers - St. Petersburg, Moscow, Odessa, Warsaw, Riga, Kiev and Kharkov (there were about 100 exchanges in the country). With the exception of the capital stock exchange, government bonds and shares of local enterprises were mainly traded on the rest.
   The government for a long time did not interfere in the life of the exchange. Only at the end of the XIX century. it paid close attention to it, since the introduction of a large mass of new securities into the exchange turnover aroused increased interest and heated stock quotes to such an extent that it began to threaten not only the players, but the entire Russian economy. The government instructs the Ministry of Finance to exercise control over the exchange. In 1893, the Ministry established a number of restrictions on operations on the exchange without the participation of brokers. In 1895, depending on the permission of the Minister of Finance, the introduction of securities into the stock exchange quotation was made. But these events were not enough.
   In 1901, the Minister of Finance approved the "Rules for the Stock Department at the St. Petersburg Exchange". The stock department of the St. Petersburg Exchange until 1917 remained the only official platform for trading in securities. On other exchanges, stock transactions were carried out semi-officially.
In accordance with the rules, the Stock Department was an organized society, the affairs of which were managed by the general meeting of full members of the department and the council of the department. The following were allowed to visit the Stock Department: 1) full members; 2) regular visitors; 3) guests; 4) representatives of the Ministry of Finance.
   The full members of the Fund Department could be representatives of banks, banking institutions (no more than 2 from the institution) and persons who received fishery certificates of the 1st category for banking operations. Full members were elected by secret ballot on the recommendation of 2 members. Full members could participate in general meetings, attend exchange meetings, appoint their representatives and assistants (no more than 2) to participate in these meetings, enter into exchange transactions in person or through authorized representatives, inform the quotation commission of the data necessary for compiling the exchange bulletin.
   In 1913, the St. Petersburg Commercial Court had to examine a case-law case on the liability of a full member of the stock exchange for the actions of his assistant. Assistant A.K. Rubinshtein Reichenstein concluded a stock exchange deal with Gazen. Subsequently, Reichenstein hid from St. Petersburg, without paying Gazen the last 6,000 rubles due to him. - the exchange rate difference of exchange-traded securities from the day the transaction is concluded to the day of its implementation. The court opposed Rubinstein’s liability, despite the opposite position of the Board of the Stock Division.
   Permanent visitors to the Stock Department could be all persons who received in St. Petersburg a fishing certificate that corresponded to the merchant certificate of the first guild. They were given the right to conclude exchange transactions through stock brokers.
But sometimes visitors and full members of the Stock Department, not wanting to pay commissions to brokers, made deals with each other. The result of such a transaction was often a lawsuit. So, in 1912, the St. Petersburg Commercial Court rejected the lawsuit of a full member of Litvak against a regular visitor Pesnyak for the recovery of 9987 rubles. 50 kopecks for losses incurred by Litvak as a result of Pesniak’s non-delivery of 400 shares of the Nikopol-Mariupol Metallurgical Company that he sold to the plaintiff under a stock exchange transaction on time. The Senate, which also considered this case, agreed with the decision of the commercial court, noting that this transaction was made without the intermediary of a stock broker, which was a violation of the Regulation on the Stock Department. In addition, the Senate pointed out that “transactions on the exchange of securities for sale of securities constitute a special type of agreement and, as provided for by a special statute, differ significantly from ordinary, non-exchange transactions of purchase and sale, or delivery of movability; for example, the conclusions of the first are provided only to a limited circle of people in a certain place; the conditions for the execution of these transactions are definitely established by special rules approved by the Ministry of Finance on November 10, 1907 and are binding on The strict observance for transactions like this one of the above rules is necessary, and the requirement of the law on the conclusion of exchange transactions through brokers is not a simple formality, but is caused both by the need to limit the circle of persons entering into such transactions and the desirability to make them public "
Guests, i.e., interested parties, were admitted to the exchange after a complex procedure for authorization and approval on the recommendation of full members. Guests were not allowed to enter into transactions. Guests attending stock meetings of the Stock Department of the St. Petersburg Exchange were divided into two categories: a) the first category was considered to be people who lived in the provinces and came to the capital for a while; b) the guests of the second category were persons permanently residing in the city of St. Petersburg or in the St. Petersburg province. Guests of the first category were allowed to enter the stock exchange's stock exchange meetings no more than 12 times a year, and no more than 3 times in a row. For guests of the second category, access to the stock exchange meetings of the Stock Department was allowed no more than 30 times during the year, and this number of visits was divided into two parts, 15 visits each, and with a break of at least six months between them.
   The conclusion of exchange transactions was in the hands of stock brokers who could act only by orders and who were forbidden to conduct transactions at their own expense. The brokers offered advice to the department and appointed the finance minister. The broker was sworn in and he made a deposit of 15 thousand rubles. For the execution of transactions concluded with the participation of the broker, the latter was responsible within the limits of the orders given to him. The pledge was intended to satisfy persons who suffered losses from the broker's wrong actions, and to ensure the execution of exchange transactions. Brokers were obliged to declare to the quotation commission about all exchange transactions concluded by them and write down in special books all orders they received for the sale and purchase of securities. Naturally, the broker should not have acted to the detriment of his customer, but, on the other hand, the broker should not have "accepted an order in which he sees intent to forgery and deceit."
   The amount of remuneration for stock brokers was determined by a special rate approved by the Minister of Finance. At the beginning of the XX century. it amounted to: for transactions with state and corporate securities - 0.1% of the transaction amount at the exchange price from both the seller and the buyer, but not less than 15 kopecks. from the stock; on transactions with domestic bills - from 1/32 to 1/8% of the amount of the bill depending on the maturity of both parties involved in the transaction; for transactions with foreign bills and checks - 0.1% of the amount of the bill or check only from the seller.
In the days when trading took place on the stock exchange, the Stock Department issued a quotation sheet. This publication was published in Russian and French and was signed by the chairman of the quotation commission. The quote was divided into two parts. The first part provided information on the state of the bill. In the second part, the quotation of securities was reported. The bulletin contained information: on the nominal size and timing of payment of dividends on solid interest securities, on the nominal price of shares, on dividends for the last 3 years, on the terms of the operating year of individual industrial enterprises. Then the bulletin provides information on the prices at which large and small transactions took place. For ease of review, all papers were divided into groups by category of paper and industry.
   A special commission was formed in the stock department to compile the exchange bulletin, which included representatives of the Ministry of Finance along with exchange members. According to the rules approved by the Minister of Finance, brokers and full members of the department delivered data to the commission on special application forms, which reported the number or amount and name of the securities for which transactions were concluded, as well as the rate at which the transaction took place. When compiling the newsletter, the commission did not take into account statements whose content cast doubt on the accuracy of the information contained in the quotation.
   The stock department operated closely with the St. Petersburg Exchange Committee and the Ministry of Finance. The Chairman of the general meetings of the members of the Stock Department was the Chairman of the Exchange Committee. The composition of the Stock Department was subject to approval by the Minister of Finance, who could appoint members of the council and his authority. The following functions were assigned to the Board of the Stock Department: setting the time for holding exchange meetings; drawing up and publishing rules on the procedure for concluding exchange transactions; preparation and publication of instructions for stockbrokers for bookkeeping; determining the form of the newsletter and establishing methods, forms and means of notifying the prices of securities and currency; assignment of contributions to current members of the department and regular visitors; Appointment of a stock broker's fee for executing orders; admission of securities to the quotation in the stock department; settlement of disputes arising from the conclusion and execution of transactions; performance of various administrative functions.
Thus, we can say that the Russian stock market and the rules for its functioning appeared much earlier than it seems to many modern participants.

Today I would like to acquaint you with the history of the development of securities using pictures. The first security appeared at least eight hundred years ago. Since then, of course, tremendous changes have occurred in the stock market. By trial and error, little by little, this area of \u200b\u200bactivity was gaining momentum. At present, a firm opinion has been established that without the securities of the modern economy it simply cannot exist.

Even the Soviet Union, despite the centralized management of the economy, actively used government bonds. Bills and bills of lading were used with might and main in foreign trade, and checks - both in external and internal payments. Even the well-known Intourist Hotel was called only the All-Russian Joint-Stock Company Intourist.

The first known type of securities I can name a bill, which was invented in Italy. This happened in the XII century, namely in 1157. At least, the first mentions relate to this date. It is likely that the bills were in circulation even earlier. They were intended for exchanging coins or, as they said then, “currencies”, which were subsequently transferred to another place.

I want to remind you that it was Italy that was the leading European trading country in the Middle Ages, acting as a kind of “commercial gateway”. Almost all trade operations between the East and the Christian West were conducted through it. Ships with crusaders departed from Italian ports, heading for the struggle for the Holy Land. In addition, many Catholic countries, which then included almost all the powers of Western Europe, paid a tax called papal tithe. It was a lot of money flocking to Rome from all over the old world.

In the Middle Ages, not only royal mints were engaged in the production of money - almost every city had its own currency, minting coins to your taste. Travels were accompanied by dangers, since robbers — runaway peasants, ruined knights, deserters from numerous wars — were operating on the roads with might and main. This necessitated a controlled exchange of currencies and, if you like, a “safe money transfer”. Unfortunately, Webmoney did not exist, and had to look for other ways. In this regard, an entire estate was formed, called money changers.

Money changers were engaged in exchanging coins, gradually combining the exchange with the movement of the currency to another place. That is, they took money in one place in a certain currency, and returned to the client an exchange in another currency and in another place. So, having made an exchange with the Lyon money changer in the Kingdom of Burgundy, the client could count on receiving the corresponding amount of money in Orleans - already in the kingdom of France.

At the same time, the client received from the money changer a sheet of paper with an exchange record, which acted as an analogue of a bill of exchange. Also, the operation was recorded as a money changer in a book for internal accounting. By the way, the modern name the bank came from the same time - the bench on which the operations were carried out was called “banca”.

In the environment of change there were very strict laws. In no case was it possible to deceive the client, if this happened, then his bench was broken, and the money changer was expelled. Interestingly, a broken bench in Italian sounds like banca rotta - bankruptcy in our opinion. A fair code of honor, isn't it?

That is why, the books in which money changers entered the records of operations were considered the guarantor of the inviolability of the transaction and they were equated with official documents.

The estate grew to the point that whole bill fairs began to be held. Among the largest are fairs in Champagne (XIII century), Besancon and Lyon (XIV-XVI centuries). The French province of Champagne, which lay in the middle of trade routes between Britain, Italy and France, hosted bill fairs 6 times a year.

(Champagne bill fair. XIII century)

Merchants from all over Europe gathered in the region that hosted the fair, and all transactions were calculated using bills of exchange. At the end of the fair, in a predetermined place and at the designated time, they gathered and completed all operations on bills. This procedure was called the “bill fair”. During fairs, courts were established that, guided by the developed regulations, imposed simple and stringent sanctions against the debtor. He was detained and immediately transferred all his property in favor of a creditor who went to court.

The emergence of the exchange

Work with securities of national importance first began to be carried out on the Antwerp exchange in the 16th century. The operations involved the sale of debt obligations of the governments of England, Portugal, Spain, France and the Netherlands. It is known that all these countries waged protracted and fierce wars, and often between themselves. This led to the fact that the monarchs of these states actively borrowed money for the needs of the army and navy, while the source of funds was not so important.

(An ancient drawing of the Antwerp Exchange. 1531)

The exchange was opened in 1531. There was an inscription on the building, which read: "for use by merchants of all peoples and languages." Subsequently, the Spaniards who fought with the Netherlands plundered the exchange. I want to note that the main reason for the emergence of securities was the need to ensure wars. Now the winner was often determined not by the art of warfare, but by the ability to find money for it. Financially powerful countries could easily defeat their opponents, unless, of course, the latter found their creditors.

First exchanges appeared

I would like to tell the story of the London Stock Exchange since the 16th century, when street trading got its development. The ancestor of the exchange is Tom Gresham.

Having visited Holland, in 1566 he got excited about the idea of \u200b\u200bbuilding a building in which all merchants and merchants could gather and conduct their financial operations. He was a wealthy man and could afford to build a building at his own expense, which he proposed to the ruling elite. However, for this he requested that a suitable plot of land be given to him at his disposal.

A total of £ 3,500 was raised for the construction needs, and the government made a deal and allocated the required area for construction work. The work was in full swing for several years and the premises were ready by 1570. Despite the justification of expectations from the construction of the exchange, the population was terribly annoyed by the noise that was heard in its vicinity. This led to the "expulsion of brokers" in 1698. The question of a new place was resolved fairly quickly. They became a London coffee house called "At Jonathan."

In the coffee house, brokers were able to conduct important transactions and negotiations. In the same 1698, price lists for securities first began to be created. 50 years after the brokers moved to the coffee house - in 1748 - it burned down. Despite the complete destruction by fire, it was decided to restore the location.

In 1761, the so-called “Jonathan Club” was created. It was founded by 150 London brokers, which took shape in a professional society in 1761. And after 12 years, they expressed a desire to build a new room for trade transactions. The building was built and named “New Jonathan”. By the way, with the construction of this building the London Stock Exchange was born, since in 1773 brokers decided to replace the name with "stock exchange". The building itself was much more modern and convenient, as they decided to place a trading floor on the ground floor, and a restaurant was opened on the second.

From the opening of the stock exchange to the middle of the 19th century, government bonds were the main securities in the British Empire. This was due to the fact that the law limited the creation of joint-stock companies based on the history of the South Sea Company.

(Payment for shares of the South Seas Company)

For the sole purpose of trading in government securities, the Vienna Stock Exchange was founded in 1771. It was an ordinary state institution, which acted as an instrument for replenishing the state treasury. Exchange brokers held positions in the public service and enjoyed the priority right to conduct exchange transactions. They had the right to set a brokerage price - the rate of government securities - which was posted on the table at the entrance to the stock exchange.

Great Britain also holds the primacy in opening a public joint-stock company, which is an analogue of a modern OJSC. It was founded as a company of merchants called "Merchants - adventurers to discover regions, possessions of islands and unknown places."

But in 1720, the Soap Bubbles Act was passed, which declared illegal all unregistered joint-stock companies. In this regard, in the summer sharply began a decline in stock prices. This led to a rapid drop in South Sea Company stock prices. If at the beginning of September their price was 670 pounds, then at the end of the month it fell to 380 pounds.

On September 9, the Blade Blade Bank stopped paying, resulting in an even greater decline in shares to £ 200. I would like to draw your attention to the fact that the adoption of the Soap Bubbles Act was initiated by the South Seas Company in order to remove competitors from the road.

Financial losses affected members of the royal family and parliament, as well as wide sections of society. In fact, it was the first “financial pyramid" - the issue of unsecured shares. Then this story was called “Bubble of the South Seas”.

The first countries to come up with checks between the 16th and 17th centuries were Holland and Great Britain. Holland banks, in exchange for the money that the clients handed over for bank storage, issued them bearer receipts. With these receipts, bank customers paid their bills. Banks of Britain issued depositors books (analogues of modern check) with forms that were used for payments. All operations with checks over the years have been regulated not at the legislative level, but by banks and commercial organizations. Later, other countries adopted the check system.

Nowadays, the stock market is associated with stockbrokers, the stock exchange, speculation and fever, but the stock market began to develop with the OTC. For example, one of the first OTC transactions was conducted in Britain in 1568. Then a part of the shares of the mining company was sold. By the end of the XVII century, operations became more complicated, trade transactions involving more than a hundred joint stock companies began to be concluded on the market. Also, transactions were concluded on government obligations, which included contracts for a term - the prototype of futures. This contributed to the emergence of a new profession as a stock broker.

I would start the history of exchanges from the 16th century, when the house of the Van der Beurze family was located in the present Belgian and then the Dutch city of Bruges. The family had a coat of arms depicting three wallets, since from the Latin Bursa it means a wallet.

Merchants who came to Bruges from all over Europe often made appointments near this mansion. So the phrase “go to Bursa” came into use, which meant a meeting place not only in Bruges, but also in other cities and countries. Through natural morphological evolution, we got the word "exchange".

At the beginning of the XVII century, namely - in 1611, the Amsterdam Exchange was founded, in which both commodity and stock transactions were carried out. Trades here were conducted not only by promissory notes and securities of national importance, but also by shares of the British East Indies and West Indies, as well as Dutch trading companies. After the foundation of the exchange, only 20 people had stock trading, and by the end of the 17th century the number of people working with stocks increased several times.

The founder of the first specialized stock exchange is, again, the British Empire. It dates back to 1773, when London brokers who conducted securities trading at the Jonathan coffee shop in the City district rented a meeting room in the Royal Exchange area for meetings. This room was first called the "stock exchange" - from the English StocExchange. I cannot but mention that the prim British did not accept the term bursa, and even today we use the word exchange. Anyone could participate in the exchange, for this it was enough to pay 6 pence per day as a contribution.

The largest stock exchange of our time - the New York Stock Exchange - has been counting since 1792. Prior to this, all transactions in New York, as well as in the capital of Great Britain, were made in a coffee shop, until 24 brokers gathered under a weighty plane tree on Wall Street and worked out an agreement that announced the creation of a stock exchange. Russian stocks were also traded on this exchange, right up to the October Revolution of 1917. After the transaction on the sale of bonds of the Great Siberian Railway, Emperor Nicholas II presented the marble vase of Faberge as a thank you to the exchange.

This is the path the securities market has traveled from the 12th-13th centuries to the beginning of the 19th century. The whole world has intensively used checks and bills, turning stocks of companies and debt obligations on stock exchanges. Leading powers actively made loans for securities of their own production. The profession of money brokers and stock brokers appeared. But the real growth of the stock market we began to observe only with the beginning of the XIX century.

Since ancient times, many countries, including Russia, already had fairs and merchant gatherings. Like Europeans, Russian merchants gathered in squares, in taverns and other places to carry out trade operations.

In the XII century, Veliky Novgorod boasts a community of "Ivanovo hundred", which consisted of merchants and resolved financial issues. At this time, there were already loans for various times. But after Novgorod joined the Principality of Moscow, he lost his trade, Moscow became the center. At the end of the 17th century, the city of Arkhangelsk became a center of foreign trade. Fairs here gathered merchants from 90 cities. In 1711, St. Petersburg was founded, which changed the direction of foreign trade. After that, Arkhangelsk lost its commercial significance. The first exchange appeared precisely under Peter I, naturally in St. Petersburg. The opening took place in 1073. Peter I decided to establish it from the moment he visited the Netherlands, while the exchange business began “from above” and not “from below”, as in many countries. The emperor introduced parts of the West European stock exchange, for example: circulation of bills, major transactions and much more. By decree of Peter, special premises for exchanges are reserved. The first exchange was located near Trinity Square, and in 1816 it was moved to a building on Vasilievsky Island. But the exchange was not popular, as the turnover was very small. Therefore, Peter decided to forcibly attract merchants to the stock exchange. Also, the problem of the exchange in St. Petersburg was that Arkhangelsk was still convenient. Fee for entering the strait, shallow water, the need for a convoy, expensive housing prices, food and other numerous problems made the stock exchange in St. Petersburg unpopular. Then in 1713, Peter banned the import of goods necessary for Russian trade to Arkhangelsk. The decree of 1717 helped streamline the bidding process; in the same year, the Commerce Collegium was created.

In 1721, the “Regulation of the Main Magistrate” was created, which regulated the activities of stockbrokers. The death of Peter I marked the end of the development of exchange activity for this period. Until the end of the century, only the laws developed by Peter I regulated exchange activities. His heirs did not show much interest in this type of activity. For a century, the exchange in St. Petersburg was the only one. In 1809, securities appeared - bonds. After 20 years, stocks entered the stock market, and at that time exchanges became much more popular, even scammers appeared. An attempt to regulate stock trading was in 1835, but this did not affect the fraud. After the collapse in 1859, trading was conducted on promissory notes and government securities, and stock trading was strictly prohibited.

Petersburg exchange

After the Reform of 1861, Alexander II appeared many exchanges. From 90 to 115 exchanges appeared by the beginning of 1914. Their development was influenced by the rapid development of capitalism in Russia itself. At this time, new papers, joint-stock companies, etc. appear on the stock exchange. In 1893, speculators appeared who were attracted by the rapid increase in stock prices. It was at this time that the game appeared on the price difference. American or clandestine exchanges have spread widely throughout the city. The value of stocks has grown so much that led to the collapse of the stock market. As a result, the Ministry of Finance was headed by Sergey Witte. Numerous efforts to limit the flow of securities to the exchange have failed. Any warnings to illegal exchanges did not help either. Over time, stock speculation has become more familiar and civilized. The purchase of securities expanded in price; late fines appeared. The trading floor at the St. Petersburg Exchange was divided into commodity and stock parts.

Options etc. Also, many are just learning this. People come to the exchange and leave, making history. Obviously, the main goal is to do. But in addition to money, he receives a host of other moral pleasures. Freedom from superiors, the ability to choose when and where to work. gives you the opportunity to make money with your head. The stock market game combines many activities at once. Many do not know the history of the exchange. You never asked yourself the question: where did it all start? When did the first exchanges appear? Next, we will talk about the history of the creation of the first exchanges.

First exchanges or how it all started.

The history of the exchange originates from the city of Bruges, where the Belgian merchant Van der Bursa moved. His hotel quickly gained popularity and soon became the commercial center of the city. Merchants from different countries gathered there. Van der Bursa tried to make his hotel as comfortable as possible for conducting commercial transactions. There were safes, a separate room for clerks, as well as special rooms for negotiations. It is believed that the word exchange just came from the name Bursa. The word Bursa in Latin means leather bag. Before entering the Bursa Hotel, a family coat of arms depicting three leather bags was oars. The Bursa Exchange was not official, but the first organized exchange appeared in the city of Antwerp - a competitor to Bruges. The building intended for bidding was built in 1531, and the inscription “For trade people of all countries and nations” was cheerful before entering it. The Antwerp Stock Exchange first began trading in securities, bonds issued by the Government of the Netherlands, as well as the authorities of some cities. In addition to securities, there was an urgent trade in goods on the exchange, and since at that time it was unsafe at sea, trading was very risky. As a result of which it has actively developed. Because of the great risk, even the predictions of astrologers were considered quite objective information. The success of the Antwerp Exchange did not last long. When in 1550, the French and Spanish kings declared bankruptcy, an impetus was given to the crisis. And soon Antwerp was defeated by the Spanish Duke of Alba and the reins passed to the Amsterdam Stock Exchange. Of the existing exchanges, Amsterdam is considered the oldest. The exchange is considered the year of birth in 1612, but trade began much earlier. In 1612, a separate building for trade was built, before bidding was conducted on the bridge, and in bad weather in the church. The Amsterdam Exchange was versatile, trading was conducted both with various goods and securities. Unlike the Antwerp Stock Exchange, they also traded company shares. The first joint-stock company is the East India Company, it was founded in 1602, it was from that time that the exchange in Amsterdam began to operate. Soon, another company was founded in Amsterdam - the West Indies (1621). Shares of this company could be bought not only by residents of the Netherlands, but also abroad. Also for the first time an emission prospectus was compiled. The Amsterdam stock exchange was developing rapidly, but could not avoid the crisis. The reason for the collapse of the market were ordinary tulips. When tulip bulbs began to bargain in the market, they gained incredible popularity, and with it a very high price. In 1637, a panic began on the market, as a result, the entire economy of the Netherlands came to a crash. By the end of the XVII century, the role of the world exchange began to move to England. To be continued ... Bochkarev Anton.

The emergence of stock exchanges dates back to the 16-17th centuries, characterized by the initial accumulation of capital and the emergence of joint-stock companies. These companies were offshore trading companies that operated on the basis of free fundraising for organizing commercial expeditions. Contributions from depositors were returned after each voyage with a percentage of the profits made as a result of the sale of the goods brought.
  The name "exchange" comes from the name of the merchant family of Van der Burse. In the city of Bruges, on the square in front of the house of this particular family, decorated with the family coat of arms with the image of three leather purse bags, one of the first bill trades was held.
  The first exchange on which securities were traded appeared in Antwerp in 1531. Commodity operations were also carried out here. However, this exchange did not last long, closing at the end of the 16th century.
The oldest stock exchange in the world, which exists today, is the Amsterdam Stock Exchange, created in 1611. This exchange was universal, i.e. it concluded transactions related to both the supply of goods and securities. Regular trading for a long time provided only shares of the United East India Company - the first joint-stock company in the Netherlands. But by the middle of the XVIII century, 44 types of securities were circulating on the Amsterdam Stock Exchange.
  In the second half of the 18th century stock exchanges began to appear in the UK, which was due to the need to raise capital for large companies created in the form of joint-stock companies. The first specialized stock exchange was founded in 1773 in London. London brokers who operated with various financial instruments in the coffee shop of Jonathan in the City, in the area of \u200b\u200bthe Royal Exchange (Royal Exchange) and Trednidl Street, rented for their meetings a special room, first called the Stock Exchange - Stock Exchange. due to the emergence of industrial production and the need to accumulate significant financial resources for the implementation of large-scale projects. But, despite the historical role of Europe, the New York Stock Exchange certainly made the largest contribution to the development of the exchange trading system to their current level. Arising in Wall Street in 1792, it, like the United States itself, developed at a fantastic pace and entered the 20th century, dictating financial fashion to the whole world. In the next 100 years, the center of world finance has already settled firmly on Wall Street, where more than a billion shares are now changing hands.
Pre-revolutionary Russia in the historical development of financial markets has traditionally lagged behind Europe. The first official exchange opened only in 1703 in St. Petersburg. Following it, an exchange appeared in Odessa, and after the accession of the Kingdom of Poland in 1816, an exchange was opened in Warsaw. The first trading turned out to be ineffective, since the creation of the exchange occurred solely at the will and desire of Peter I. Trade and industrial capital did not yet need this form of redistribution. Therefore, until the 19th century, exchanges in Russia were exclusively of a commodity nature. The first transactions with securities took place only in 1810. Like in Europe, these were government loan papers. Twenty years later, stock trading began. In 1835, the first Russian law on the stock market was published - the "Rules on Stock Companies". And in 1859 the first exchange crash occurred, caused by the defeat of Russia in the Crimean War. After 1859, stock trading existed in the form of transactions with bills and government securities. The main reason for the termination of stock trading was their low liquidity.
  In the 60s of the 19th century, with the advent of the first railway companies, active exchange trading resumed. The Russian market has become increasingly civilized. Strict rules for conducting tenders were introduced, the charter of the exchange was approved, and the institution of brokerage was organized. The stock department of the exchange was directly subordinate to the Minister of Finance. The exchange became a center of concentration of capital, a center for investing money in industry, transport, trade, construction and other industries. These factors would contribute to the prosperity of growing domestic capitalism, but the First World War, and then the results of the 1917 revolution, led to the fact that out of the securities available to the population, for a long time there were only winning loan bonds.
  The recent history of the Russian stock market begins on August 1, 1990, when the first organized trading of shares of enterprises on the Moscow Central Stock Exchange (ICSE) was held.
  September 23, 1990 - corporate securities trading began on the Leningrad Commodity and Stock Exchange "St. Petersburg".
  October 1, 1992 - the first auction of vouchers takes place on the Russian Commodity and Raw Materials Exchange.
  May 15, 1994 - The Professional Association of Stock Market Participants (PAUFOR) was established.
  November 8, 1994 - the Decree of the President of the Russian Federation was published, providing for the creation of the Federal Commission for the Securities Market (FCSM).
December 1994 - PAUFOR members adopt uniform trading rules; trading is conducted through the Portal information system, which allows you to see individual bids, but does not control the prices of past transactions.
  July 5, 1995 - the first trades are held in the Russian Trading System (RTS), which allows professional participants to see the real prices of past transactions.
  September 1, 1995 - the calculation of the RTS index has begun.
  November 30, 1995 - the National Association of Stock Market Participants (NAUFOR) is organized.
  The beginning of 1997 - the first investment boom in the Russian stock market - in the first two months of the year, stock prices rose 1.5 times, and by the end of summer by almost 300 percent.
  February 20, 1997 - the Moscow Stock Exchange (IFAC) was established.
  March 25, 1997 - trading in corporate securities began in the stock section of the Moscow Interbank Currency Exchange (MICEX).
  October 27, 1997 - the first serious collapse in the "latest" Russian securities market in connection with the crisis in the global stock market; for the first time in a short history, trading on the Russian securities market has been suspended.
  October 1998 - in a situation of default, prices for Russian shares reached a historic low, the RTS index fell to 38 points.
  April 2000 - MICEX announces the commissioning of an Internet gateway, resulting in an influx of private investors into the market. The turnover of the MICEX stock section exceeded the turnover of the RTS.
  Now in Russia there are 11 stock exchanges.
  However, real trading in securities occurs only on five exchanges:
  - Moscow Interbank Currency Exchange (MICEX);
  - Russian Trading System (RTS);
  - Moscow Stock Exchange (IFAC);
  - Stock Exchange "St. Petersburg" (FB SPb).
  Moreover, the MICEX is by far the largest exchange in Russia, the CIS countries and Eastern Europe (the total trading volume in 2005 was $ 925 billion, the average daily transaction volume was $ 3.7 billion).
The exchange organizes trading in foreign currency, currency futures, securities and derivatives contracts. The MICEX is the only exchange in Russia that trades in government bonds of the Russian Federation (GKO-OFZ). The MICEX Group operates the MICEX Stock Exchange CJSC, the leading stock market on which daily trades on shares of about 170 Russian issuers are held, including blue chips - OAO Gazprom, OAO Lukoil, OAO Surgutneftegas, OAO Sberbank of Russia, RAO UES of Russia, OJSC MMC Norilsk Nickel, OJSC MTS, OJSC Tatneft, OJSC Novatek and others - with a total capitalization of more than $ 500 billion. The structure of the MICEX SE bidders includes about 550 organizations - professional participants in the securities market, whose clients are more than 130 thousand investors. The trading volume of the stock section of the exchange is more than 80 percent of the total turnover of leading exchange floors in the Russian market. Bidding is conducted in electronic form on the basis of a modern trading and depository system, to which regional trading floors and remote terminals are connected.
  Settlements on exchange transactions are carried out on the basis of “delivery against payment” through specialized organizations - the MICEX Settlement Chamber and the National Depository Center (NDC).
  Regional exchanges provide access to trading on the MICEX:
  - St. Petersburg Currency Exchange (SPEX);
  - Rostov Currency and Stock Exchange (RVSE);
  - Ural Regional Currency Exchange (URVB);
  - Samara Currency Interbank Exchange (MICEX);
  - Nizhny Novgorod Currency and Stock Exchange (NVFB);
  - Siberian Interbank Currency Exchange (MICEX);
  - Asia-Pacific Interbank Currency Exchange (ATMVB).
  The second major exchange platform after the MICEX is the RTS Stock Exchange (Russian Trading System). Before the 1998 crisis RTS was the main exchange organizing trading in shares of Russian issuers. Today, trading in shares takes place on the Classic RTS market, including for currency, and on the RTS Stock Exchange market. The RTS exchange can be accessed via the Internet. Now RTS is the main derivatives exchange (stock futures and options). Derivatives contracts are traded in the RTS FORTS section.
  In addition to trading stocks and derivatives contracts, RTS provides private stock market traders with the following sections: RTS Board - indicative quotation of securities not admitted to circulation in the RTS Trading System and RTS Money currency section - trading in dollar and euro contracts.
RTS provides access to trading in Gazprom shares on the St. Petersburg Stock Exchange. Since 2002, Russian Eurobonds have been traded on the stock exchange.
  Moscow Stock Exchange (IFAC).
  A distinctive feature of the IFAC is that on it, unlike the MICEX and the RTS, Gazprom shares are traded. The exchange also organizes trading in some of the most liquid Russian stocks. Recently, the IFAC has been losing its potential as one of the main stock exchanges.
  St. Petersburg Currency Exchange (SPEX).
  The main trading is conducted on sub-federal bonds of St. Petersburg, which are the most liquid of bonds issued by the constituent entities of the Russian Federation. The exchange organizes trading in several relatively liquid Russian stocks and bonds.
  Stock Exchange St. Petersburg (FB SPb).
  The shares of Gazprom are traded on the stock exchange. Like SPVB, organizes trading in bonds of St. Petersburg. Some relatively liquid Russian stocks are being traded. (access to trading by Gazprom on the St. Petersburg Stock Exchange is provided by the RTS exchange).
  Ekaterinburg Stock Exchange (EFB).
  The shares of Gazprom, RAO UES, Lukoil, Surgutneftegas and several securities of regional issuers are traded on the stock exchange. Siberian Interbank Currency Exchange (MICEX).
  The exchange provides access to trading in the sections of government securities and corporate securities of the MICEX. He is the developer of the popular Internet trading system QUIK.
  Nizhny Novgorod Currency and Stock Exchange (NVSE).
  Provides access to trading in government and corporate securities on the MICEX. He is the developer of the popular Internet trading system ITS-Broker.