1. Trade on Mercantile (Commodity) Exchanges

2.  Commodity exchange  Types and functions

3. Exchange trade is the oldest organizational form ­of world trade which originates in XVI-XVII centuries in Europe and in century - in America.

4. Now the largest international ­ centres of exchange trade are concentrated in the USA, England, ­ Japan. By the end of XX century was about 50 commodity exchanges with the general turnover more above 10 billion dollars, on them it was realised over 60 names of the goods.

5. Commodity exchanges represent constantly operating markets which are engaged in the special form of wholesale trade by the goods, possessing (проходить, обладает, располагает) certain characteristics, namely: in the big ­weights (большие массы) of the homogeneous (однородный) and easily interchangeable (заменимый) goods having ­steady (stable) and accurate (clear) qualitative parameters.

6. This association of sellers, buyers and dealers-intermediaries for the purpose of conditions creation for trade, simplification (облегчения), acceleration (speeding-up) and reduction in price of trading agreements and operations.

7.  Thus, the international commodity exchange (МТБ) ­ is understood as association legal and physical persons with the rights ­of the legal person, forming the wholesale market by the organisation and regulation of the exchange trade which is carried out in the form of the public ­public auctions, spent in advance certain place and during certain time by the rules installed by it where the prices for the goods are defined by a free competition.

8.  Transactions ­ consist in the cash goods with immediate delivery or with its delivery during an installed date (till 14 months). Members of a stock exchange ­can be as intermediary (broker, trading) firms, and banking establishments, the investment companies, separate citizens.

9.  Commodity exchanges basically function as the profitless associations exempted from payment of corporate income tax (корпоративный подоходный налог).

10.  Main articles of their income are, promotional both ­ shares and deductions of the organisations forming a stock exchange; incomes of granting of services to members of a stock exchange and other organisations, a gain from other receipts

11.  All goods addressing at a stock exchange can be divided conditionally on two groups, the first is made by agricultural products where the most part is necessary on seeds oil (масленичная) cultures Into the same group involve animal industries production, sugar, coffee, ­cocoa-beans, saw-timbers­.

12.  The second group - industrial raw materials and production of its reprocessing. Energy carriers, ­precious and nonferrous metals here enter­.

13.  It is necessary to notice, that on a commodity exchange together with contracts on the usual goods contracts on securities, including the state bonds, actions ­of joint- stock banks, actions of industrial joint-stock companies, ­depositary bank certificates address­­.