THE USA

The basic link in the exchange system of the USA is New-York Stock Exchange. It began its history in 1792, when 24 brokers signed the first broker agreement and thereby created the first organized equity market in New-York.
New-York Stock Exchange is not neither state establishment nor company. Since 1972 the exchange has been a non-profit corporation uniting more than 1300 members. Only individuals can be the members of the exchange, but if the member of exchange is the joint owner of a firm, the whole firm is the member of the exchange.

Seats on the exchange are sold to the persons, that strictly certain formal requirements. Approximately 1/3 places on the exchange are leased. On the whole the contingent of members of the exchange is characterized by stability, that makes for the high status of the exchange as one of elite institution of the USA.
Only securities satisfying listing requirements of the exchange circulate there. The requirements of listing on New-York Stock Exchange are considered to be one of the hardest in the world:
• A company must have not more than 2000 shareholders and 1 million shares in circulation;
• The market value of the actions must be not less than $16 million;
• The pre-tax earnings for the last fiscal year must make not less than $2,5 million and for each of two previous ones not less than $2 million.

On New-York Stock Exchange there are the following categories of members:
1. Commission house brokers;
These members of exchange have no right to conduct transactions for their own account and only deliver the orders of clients to the floor to the so-called specialists.
2. Specialists.
These members carry out transactions on the floor, working simultaneously as dealers and as brokers, that mean that on the one part, they deal for their own account on the purchase-sale of securities, on the other they are brokers for brokers. One of their main functions is to provide liquidity of actions in the case of buoyancy, and purchase in the case of downward tendency.
3. Floor brokers or “Two Dollar Brokers”;
These are the members of the exchange, executing the orders of other brokers, if those because of some reasons can not execute the order of the client. Usually they collect commissions for every transaction (earlier their rate was $2 for a round lot, that’s why they are called so).
1. Boardmen or registered traders;
This group of exchange members carries out transactions operations for their own account or executes the orders in which they have the market share.
2. Bond brokers or bond members;
These members of exchange make deals only with bonds.
3. Allied members;
These are the persons admitted on to the floor but they have no right make transactions (directors, representatives of firms, who are the stock exchange members).
A round lot on New-York Stock Exchange is 100 shares.

Western Europe

The peculiarity of stock exchanges of Western Europe is traditional character of many faces.
The European systems, as opposed to North-American, don’t know the system of the so-called specialists monopolizing the security-related operations of concrete company. In Europe other models of exchange market are used, traditional auction in continental Europe and dealer in Great Britain.
The main acting persons on the exchange of the first model are agents – they form unit-rates, according to which the general amount of the orders can be realized during a day.
Essence of dealer model is to sell and buy securities of concrete company for their own account only few competitive dealers can. According to that the rates of securities can wobble during a day.

Another feature of the European exchanges is their great traction to internationalization of equity market. This process develops in two directions: the sale of seats on the European exchanges to the foreign brokerage firms and the entering in the list of the enterprises of foreign companies registered on the exchange.

England

The high degree of concentration is the personal touch of the British system of exchange stocks. 22 exchanges function in Great Britain.
Throgmorton International Fund Street is the main exchange stock of Great Britain. Its members are divided into 4 groups:
• Broker-dealer firms, main function of which is execution of orders of investors for the purchase-sale of securities, although they make transactions for their own account;
• Market-makers are members of exchange, quoting certain securities during a working day;
• The brokers of dealers are agents between market-makers on gilts;
• Money brokers of stock exchange, who have a right to lend money facilities and securities to other members of exchange.
On this exchange trade is carried out at four markets:
• Of Internal actions;
• Of foreign actions;
• Of British government bonds, and also internal and foreign papers with the fixed interest;
• Of Sale options.
On Throgmorton International Fund Street auctions are carried out mainly by the computerized system «TALISMAN».

France

Parisian stock exchange is a main stock exchange in France.
There are three partial equity markets on the exchange:
• Official market;
• Upstairs open market;
• Secondary market.

Germany

Frankfurt Stock exchange is the main stock exchange .
The members of exchange are divide into three categories:
• Banks being basic speculators on the exchange;
• Official price brokers; they grant purchase and sale applications of the of securities and determine their price;
• Free brokers.

Switzerland

An exchange in Zurich is an establishment uniting banks. Mainly it is regulated by the state. Terms for quotation are extraordinarily strict.

Holland
A stock exchange in Amsterdam is unique in Holland. On this exchange circulation of securities takes place at the three markets:
• Official market;
• Parallel market;
• Unofficial market.

Japan

Tokyo Stock exchange is the main Japanese stock exchange. Two types of members operate on it: actual members and members «saitori». Actual members can settle following bargains with securities:
1.purchase and sale of securities on own account;
2.purchase and sale of securities by order and at the expense of clients;
3. consortium transactions in the case of new emissions of securities;
placing of new emissions with the guarantee of acceptance of the unsold securities.
The members «saitori» operate as agents between actual members, executing their commissions and not acting on own account. Their basic task is determination of price of securities, and each of these members works with the certain type of securities.