-
----
: :
, 2009.
-
, :
1
oj: ________
:
: , 2005/129
:
1. , 2. 3. 4. 5. 6.
:
__________________
: :
______________________ _____________________
-
, :
2
.
: , , , ,
.
,
, .
, ,
. : , , ; , .
, ,
.
: , , , , .
ABSTRACT
In this paper, presented to the market as the mechanism of
financial markets. In the first part I tried to explain concepts
that are related to the functioning of stock exchanges: The notion
of exchange, its development through history, types and kinds of
stock exchange, the basic principles of functioning, the
establishment of legal and technical infrastructure.
In the second part, I explained the emission of securities
through stock exchanges, initial public offering and secondary
trading.
Then, I focused on control over stock exchanges, and other
issues related to the exchange and the institutions that are the
market develops. These are: intermediaries on stock exchange, which
are reflected in the banks, broker and dealer organizations, and
institutional investors, pension and investment funds and insurance
companies.
In the last chapter, I explained the concept of rating agencies,
their role in the stock exchange and financial markets.
Key words: stock exchange, emission of securities, stock
brokers, institutional investor, rating agency.
-
, :
3
1. ,
..................................................................................
5 1.1.
.....................................................................................................
5 1.2.
...........................................................................
6 1.3. ...................................................... 8
1.4.
......................................................................................................
9
1.4.1.
............................................................................................
9 1.4.2. ......................................... 11 1.4.3.
....................................................................
12 1.4.4.
..................................................................
13
1.5. ..........................................................
14 1.5.1.
........................................................................
14 1.5.2.
.......................................................................................
15 1.5.3.
.......................................................................................................
15 1.5.4.
.....................................................................................................
16 1.5.5.
.................................................................................
17 1.5.6.
.........................................................................
17 1.5.7.
..................................................................................
18 1.5.8.
.................................................................................
18 1.5.9.
..................................................................................
18 1.5.10.
..............................................................
19
1.6. ............................................ 19 1.7.
.......................................................... 21 1.8.
........................................................................................................
22 1.9.
.......................................................................
23
2.
.................................................................
26 2.1.
...........................................................................
26
2.1.1.
.......................................................................................
27 2.1.2.
..................................................................................
28 2.1.3.
.............................................................
30
2.2. ................................. 31 2.2.1.
...............................................................................................
31 2.2.2.
..................................................................................................
32 2.2.3.
......................................................................................
33 2.2.4.
............................................................................
33
2.3.
..............................................................................
33 2.3.1. .............................................. 36
3.
..................................................................................
38 3.1. .......................... 39 3.2.
..................................... 40 3.3.
...................................... 41 3.4.
..............................................................
42
3.4.1. ............................... 42 3.4.2.
........................................................................
43 3.4.3.
...........................................................................
45 3.4.4. .........................................................
46
-
, :
4
3.4.5.
.............................................................................................
47 4.
.................................................................................
48
4.1.
..........................................................................
48 4.2. ........................................................ 49
4.3. ........................................................ 51
4.4.
..............................................................................
52 4.5.
.......................................................................
53
5. .............................................................
55 5.1.
.......................................................................
56 5.2.
...................................................................................
57 5.3.
......................................................................
59
6.
................................................................................................
61 6.1.
...........................................................................................................
61 6.2.
.............................................................
62
7.
................................................................................................................
64 8.
............................................................................................................
65
-
, :
5
1. ,
1.1.
, , a , ,
,
. "
".1 "
, ,
,
".2 ,
.
, .
, .
.
, .
,
,
.
,
. To , .
. , ,
,
. ,
,
.
( ). . ,
,
( )
1 , - " ",
, . 355 2 : " - " - , 1990. . 184.
-
, :
6
, ,
.
, ,
, . ,
, . ,
(, .) .
.
, ,
,
.
,
.
( )3, : 1) , 2) , 3)
,
4) ,
5) , 6) ,
7) , , ,
8) , ,
, ,
9) () .
1.2.
"" ,
.
3
" "-
. 357.
-
, :
7
""
XV . , Van Der Beurse , .
,
.
.
,
"" . ,
, ,
.
, ,
j o . .
:
1)
2) , .
, ,
, .
. () , .
,
, , . , ,
,
.
, .
, .
,
.
,
.
() , , , ,
. ,
, .
.
- ,
(, , , , , , ) .
. ,
.
-
, :
8
1138. ,
. 1141. , 1304. . .
, ,
.
XV . 1460. , 1545. , 1549. , 1566. , 1585. , 1611. , 1771. .
XIX
.
,
(1800. ) (1817.), (1878.). 1894. , .
1.3.
,
.
.
,
.
, , , ,
.
, :4
( ), ( ),
(
), ( ) . , ,
, ,
.
.
. ,
4 , , , 1998. . 14.
-
, :
9
,
,
.
.
.
,
, .
.
:
1) ,
2) , , 3)
,
4) .
.
1.4.
1.4.1.
,
. , :5
,
, ,
,
,
,
.6
5 , , , 1998. . 16
6 , ,
.
-
, :
10
,
,
. , , ,
.
,
:
1)
, , ,
2)
,
.
,
( ) , .
,
,
.
. ,
( ), :
,
:
,
,
,
,
,
,
,
,
.
,
.
, , .
-
, :
11
1.4.2.
,
je ,
. ,
.
,
.
, ,
,
. ,
() . , ,
. ( ) .
.
,
, . :
,
.
, .
, ,
.
: , , , .
.
,
:
1) ,
2)
.
: " ", : " ", " " .
-
, :
12
,
.
, ,
. ,
, .
, : , .
.
.
, , ,
.
, . ,
.
.
.
Stock Exchange 1.250 , , New York Stock Exchange , 1.375 , .
.
.
. ,
. ,
.
.
(Bourse de Valeurs).
(, , , ) , .
.
(, ). (
) , . , .
. ,
,
. ,
.
1.4.3.
, ,
-
, :
13
. ,
,
. ,
, .
e .
, ,
.
, .7
. e
. ,
.
, a .
,
, . , 1973. (Chicago Board Options Exchange - CBOE). (1978. )
(European Options Exchange - ) , 1982. (The Philadelphic Stock
Exchange), 1985. y , , 1989. .
, o, .
.
,
,
.
.
1.4.4.
.
.
:
7 "
" - . , . . : " - " - - , 1993. . 13.
-
, :
14
.
,
.
, .
.
, ,
.
,
, .
1.5.
8
, ,
.
.
, .
.
, , .
:9
1.5.1.
,
.
.
.
.
. ,
, ,
, , .
.
: , , , , , .
,
-.
8 World federation of Exchanges, FIBV
9 . , , 2006. . 39. - 53.
-
, :
15
. ,
,
, , .
,
.
.
. .
. ,
,
, , ,
.
.
.
,
.
. ,
.
.
,
(), .
1.5.2.
. ,
( ), . ,
. ,
, , .
: ,
,
,
,
,
, ,
.
1.5.3.
. ( )
.
-
, :
16
:
, ,
,
,
,
,
.
: () ,
,
,
, , ,
,
.
,
. .
,
.
1.5.4.
,
.
; . ,
.
,
, .
.
,
, ,
.
:
; ,
, .
.
-
, :
17
.
.
, ,
.
, ,
.
.
1.5.5.
, ,
,
(-30) (International Securities Accountanc Standards ISSA).
:
; ; ,
, ,
;
;
.
, , ,
, .
1.5.6.
.
,
, . ,
, ,
, ,
.
, , .
-
, :
18
1.5.7.
,
, ,
, ,
, .
, -
,
.
, .
, , . -
,
,
.
, .
, .
,
.
1.5.8.
,
.
,
,
.
, ,
.
.
1.5.9.
, ,
, ,
.
, ,
: , , , , ,
, .
-
, :
19
1.5.10.
.
, ,
.
.
.
,
.
, .
. ,
, .
''/'', , . , ,
.
.
.
,
, ,
.
, .
,
, .
1.6.
, ,
(, , ) , .
.
:10
. ,
. :
.
.
.
, .
10 , , , 1998. . 24.
-
, :
20
.
: ,
, ,
.
.
. ,
.
. je ( ). , , , a , . ,
( ) .
, a o ""
.
, .
.
, .
,
. ,
( ), . : , , ( ).
,
,
. , ,
.
. ( ), . ,
,
. .
, ,
.
,
. .
,
,
-
, :
21
c , .
1.7.
,
, .
.
,
.
.
( ).
, :
1) ,
2) .
,
:
1) ,
2) , ,
3) , ,
4) ,
5) ,
,
6) .
,
. ( ,
,
). ,
.
,
.
. , 12% ( ) 12%
-
, :
22
( 1.000 1.120 .)
.
1.000 , 1.120 . .
,
, , , .
,
. , ,
:
- "G"- ("") - , , , ,
. ( : "1.000 "- , ,
, ). - "B"- ("") -
(""), . o
.
1.8.
,
.11
,
.
,
.
, .
.
.
.
,
.
,
,
. , , 12 30
11 . , - , , 1990. . 202-203,
.
-
, :
23
( , ). ,
, 15 .
:
1) , .
2) , .
.
, .
( ), , , .
.
. , , ,
(, , , .) :
1,00 - 0,01 1,00 50,00 - 0,05 50.00 - 0,10 0,05%
.
1.9.
,
12
. ,
.
: - .
,
- . ,
,
, , 13
.
12 . , , 2006., . 56.
13 . , , 2006., . 56.
.
, ,
.
-
, :
24
:
,
,
; ; .
,
, -
,
- .
,
.
,
.
, , ,
,
, .
:
1) , 2) 3) 4) 5)
6) ,
: 1) ; 2) ; 3) , ;
4) , ; 5) , ;
6) ;
7) ; 8) .
,
, ,
-
, :
25
. -
.
.
, .
,
.
.
.
, ,
ISD (Investment Service Directive) .
.
, ,
.
(first market) . (second market) . (third market) ,
14
.
( ), , Paralell Market.
Over the Counter Market (OTC) . ""
,
,
,
.
(The National Association of Securities Dealers NASD) -. ,
(NASDAQ).
, ,
, ,
, , ,
,
, .
14 Frank Fabozzi, Franco Modigliani, Capital Markets,
Istitutions and Instriments, Prentice-Hall
International, 1996. str. 297.
-
, :
26
2.
2.1.
e .
15 ,
,
. ,
, (Initial Public Offerings - IPO) '' ".
.
.
.
,
.
,
, .
:
.
.
( ). - ,
. -
.
, : .
.
.
.
15 , a - , , 1992. . 125.
-
, :
27
,
.
:16
1) , 2) ,
3) .
. ,
.
,
,
.
.
:
1) , 2) 3) . ,
.
2.1.1.
. ,
.
, :17
,
,
,
.
,
,
.
. , ,
16 , -
, , 1995. . 85. 17
. , , 1995. . 113.
-
, :
28
. ,
( , ,
) ,
() , . ,
. ,
.
( ). ,
.
:
,
,
,
,
, ,
,
,
,
,
, , .
,
,
, .
2.1.2.
,
,
:
.
:
,
,
,
,
-
, :
29
,
,
. ,
( ) .
,
.
, 1989. , .
( ). .
18
,
:
1) 2) , 3) , 4) , 5) 6) , 7) ( ). 8) (, , 9) , - , ,
.) 10) (
, ,
, .). 11) ( ,
), 12) . . :
1) , 2) , 3) , 4) , 5) , 6) , 7) , 8) 9) , 10) , 11)
,
12) ,
13) , , 14) .
18 , , , 1998. . 217.
-
, :
30
. ,
.
.
:
1) , 2) , 3) , 4) , 5)
6) .
. ,
( 90 ) .
,
.
2.1.3.
(), . ,
. ,
.
: ,
,
, ,
,
,
.
,
. .
.
.
: ,
,
,
.
-
, :
31
2.2.
.
- ,
, .
,
.
Smith Barney, Morgan Stanley, Merrill Lynch, JP Morgan... ,
, , .
(Public Offering) (Private Placement)
,
.
14, 15 16, 32 (International Organization Securities
Commissions):19
14:
, .
15:
16: .
2.2.1.
, .
,
,
( underwriting-) , , , ,
. , ,
underwriting i mergers and acquisitions. Underwritings (Public
Offering), .
Initial Public Offerings (IPO) .
20
19 IOSCO Objectives and Principles of Securities Regulation,
IOSCO Report, 1 (1 February 2002),
: , . , 2006. 20
. , , 2006., . 181.
-
, :
32
, ,
.
.
.
.
,
.
2.2.2.
.21
. SEC 5 USD. , ,
, ,
.
( ) :
: . ,
.
, .
escrow account. , escrow account , ,
, publicly traded corporation. , ,
,
,
, .
, ,
21 . , , 2006., . 182.
-
, :
33
,
.
2.2.3.
(Private Placement)
.22
.
,
, {Investment Letter) .
.
, .
. ,
(selling a story).
,
.
2.2.4.
,
.
(dilutor), (Preemptive Right) . , .
.
,
.
.
2.3.
.
22 . , , 2006., . 183.
-
, :
34
.
.
, ,
.
.
.
,
,
, .
,
,
.
,
, exit strategy,
, .
, 'treasury securities'. , ,
,
, .
,
.
, ,
.
: , (depth, breadth, resiliency). .
(depth) ,
.23
,
(breadth). .
,
.
, .
(Relative Strenght)
. (resilient) , .
.
23 . , , 2006., . 187.
-
, :
35
Volatility () . (standard deviation), .
.
.
(stock) stock .
24 Standard &Poor's 500 Stock Index
1. stock, , stock .
stock , , ,
.
,
. , , ,
. ,
. , , Monte carlo standard deviation .
.
.
,
, .
,
.
thin market . . ,
,
,
.
, : , ,
. ,
,
.
,
,
. , ,
,
,
24 . , , 2006., . 187.
-
, :
36
,
.
, ,
.
.
,
. ,
.
, , .
,
. ,
.
, ,
,
, .
2.3.1.
'call market' .
'call market'
.25
,
,
. ,
, ,
(market clearing price), fix. , fix Financial Times fi fix.
, ,
. , , , New York Stock Exchange, , .
.
25 . , , 2006., . 190.
-
, :
37
.
-
, :
38
3.
, ,
,
.
, ,
,
. , , ,
, ,
.
.
,
,
.
. :26
,
,
.
:
1. - , () ,
2. - , , , , , .
3. - .
4. -
.
5. - ,
.
6. - .
7. - -
26 , . : ,
, , 1998. . 235.
-
, :
39
.
. : ,
,
,
,
.
: ( ), ( ) ( ).
3.1.
, ,
, .
.
, .
.
,
,
, .
,
, .
.
.
.
, : ,
,
() () ,
,
25% ,
,
.
,
-
, :
40
,
.
3.2.
. , . , . , . , . ( ) , ( ) , .
.
() , .
.
, , ,
. ,
.
, ,
.
.
.
,
, . : ,
,
.
( ) :
,
.
,
-
, :
41
,
,
.
3.3.
() :
1) 2) .
, , . , . ( ), . , , , , , , . .
, , . .
. ,
. . ,
, .
,
.
.
,
.
.
,
.
.
.
-
, :
42
3.4.
, ( ) , .
.
.
.
. ,
,
,
.
, .
,
, ,
.
,
.
.
, ,
.
3.4.1.
, ,
(special intermediaries) ( ) .
, ,
.
.
, ,
27
.
27 Introduction to brokerage operations department procedures,
New York Institute of Finance, 1998., . 9.
: , . , 2006. . 151.
-
, :
43
. ,
.
, ,
.
.
,
. , ,
,
. () ( ), , , .
(, ) . .
, ,
,
"market-maker".
, ,
.
.
,
,
.
, ,
, ,
.
,
.
.
'''' , .
, .
.
,
.
3.4.2.
,
-
, :
44
,
.
.
: 1) , 2) ( . ), 3) .
,
, ,
. : ,
.
, .
, ,
.
. . , :
,
,
.
, ,
.
,
,
.
( ) ( , ). , , ,
(, ) .
.
, .
:
,
,
,
,
,
-
, :
45
.
, .
,
.
,
, : 1) , 2) , 3) , 4) , 5) .
3.4.3.
.
, ,
. .
, .
,
. : 1) , 2) , , ,
3) , 4) .
,
.
, . ( ) .
, .
,
. ,
, ,
.
,
, .
.
-
, :
46
. , ,
,
.
.
,
,
.
.
3.4.4.
( ). . , ,
,
. , ,
. ( ):
1) ,
2) , 3) . : , ( ), , ,
, , ,
.
, :
,
,
( ). :
, ,
,
,
.
,
.
, .
.
,
.
-
, :
47
:
( , , , , , , .),
.
,
,
,
( ), .
,
.
, ,
:
,
,
.
:
,
,
.
3.4.5. 28
.
:
Market orders ( )
Limit orders ( ) ,
.
Stop orders , .
Stop-limit orders Limit orders Stop limit orders Stop limit
orders .
Market-if-touched orders .
Time-specific orders Size related orders.
28 . , , 2006., . 191.
-
, :
48
4.
4.1.
,
,
.
,
,
,
.
.
,
,
. ,
.
.
,
, . .
.
,
.
, ,
.
, , ,
, ,
.
,
.
,
.
()
-
, :
49
.
() , .
,
.
,
.
.
, , ,
,
, : .
, .
, ,
, .
,
,
.
.
4.2.
.
,
.
1910. 1930. , ,
.
. :
1) 2) .
.
-
, :
50
.
,
,
, . .
.
.
.
.
,
.
, ,
, .
:
,
,
,
,
,
,
.
,
,
.
,
(, ). , ,
. ,
.
: , , , , .
,
,
-
, :
51
. ,
,
,
.
,
. 1990. ,
,
.
.
.
,
.
4.3.
, ,
.
,
.
.
.
,
.
.
.
( , , , .) .
, ,
,
.
, e .
, .
:
,
,
,
()
-
, :
52
.
,
.
.
. ,
, .
,
.
,
.
.
.
.
.
. ,
, , .
, ,
.
,
( ). , ( ).
4.4.
,
.
.
.
,
, , , .
.
,
, .
.
, , .
,
, :
,
-
, :
53
,
,
.
.
, :
1) , ,
,
2) , 3) , 4) ,
5) , 6) , ,
,
.
7) ,
,
, ,
.
8) , ,
,
9) ,
, ,
.
( ). , .
,
.
.
4.5.
. ,
,
.
-
, :
54
.
:
, : , , ,
, : , , , ,
,
,
,
.
.
. ,
.
,
.
.
,
,
.
,
.
:
,
,
.
.
.
.
.
,
(Frankfurter Allgmeine Zeitung, Frankfurter Neue Presse,
Frankfurter Rundschan).
.
-
, :
55
5.
. , ,
, ,
.
.
.
,
.
.
,
,
.
,
,
(, ).29
,
,
,
.30
,
.
(Bernard J. Foley31) :
1) , 2) , 3) 4) .
,
: ,
29 , , 1996., 167.
30 , ( - . 12) -
, 1990. 75% . 31
" " - Macmillan Education LTD London, 1191. (, "", e, 1995. .
177)
-
, :
56
.
5.1.
(Invest-Trust - , Management-investment trust - ) .
-
.
, ,
.
- , ".32
,
.
.
,
.
.
,
.
,
.
.
.
.
:
.33
,
.
.
, ,
.
,
(). , .
32 , , -
,1996. . 173. 33
3. (" - " . 107) .
-
, :
57
, .
,
.
. :34 1) :
, , .
2) : , .
3) : , : , . , .
4) : . , .
5) : , .
6) : , . .
7) : , , .
8) : . , , , .
, .
5.2.
34 , , , 1998. 227.
-
, :
58
.35
,
. ,
.
.
,
, ,
. .
,
.
,
.
.
,
:
,
.
,36
.
( 95%) , ( , ) .
.
, , . ,
.
, - .
,
.37
,
.
() , () .
35 23%,
30% (: Bernard J. Foley: " ", . 184.) 36
62% 1983. 74% 1988. , 1987. 1986. . 37
, , () 1995. , .
-
, :
59
5.3.
. , .
, : .
, , , .
. , . , , . , , . , . . :
,
,
, , .
, , , .
: , , , .
. , , , , , , . .
. , :
( ),
. : ,
, , , , ,
-
, :
60
, , . , .
-
, :
61
6.
6.1.
. , . . :
.
, , (, ). , , . , : , , , , , . , (, ) .
, . , . , , , .
:38
1) , 2) 3) , .
() , . , ,
38 , , , 1998. . 260.
-
, :
62
. .
. , , , . ( ) , . , , , .
, .
, . , . : " , . "
39
.
Moodys. : 1) : , , 2) , 3) , 4) , , ,
5) ,
6) , 7) , , , ,
8) .
6.2.
. , Moodys Investor Service, .
39 Moodys Credit Opinions, Euro market, London, 1991 . 668. : .
,
- , . 432.
-
, :
63
: , , , , ; 1 3 . (Standard and Poor's Corporation D ''+'' - "-"
- ) , , . ( ) ( ) . . . , .
, . , , . :
, , , .
, . : 1) 2) .
, .
, :
, ( ), , .
, , , . , . " , . , . . , : , , , "
40
40 Marcia Stigum: The Moned Market, Dow - Jones Irvin, 1990.
.1038. :
, : . 263.
-
, :
64
7.
. To , .
. ,
, ,
.
, ,
.
,
.
, ,
.
,
.
, ,
. ,
,
. .
,
(, , , , ...), , , , , , .
.
.
,
. , ,
.
.
.
.
. ,
,
.
,
,
.
.
.
-
, :
65
8.
, -
, , 1995.
, , , , , 1995.
, , 2006.
a, , , 2008.
, , ,1996.
, , , , 1998.
, a - , , 1992.
, , , 1990.
, , , , 1991.
, , , - , , , 1993.
