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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.

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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

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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

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