In channelling savings into productive investment. Ready marketability requires that new issues

(new-issue market) should be made or backed by reputable borrowers or institutions, that information

Should be available on existing securities, and that there should be both a legal framework

And market rules to prevent fraud and sharp practice (Financial Services Act 1986). Stock exchanges

Have their own rules and conventions, but their functioning depends also on the existence

Of company and other law and financial intermediaries, such as the issuing houses. In recent years

Stock exchanges have been deregulated and many trading floors have given way to electronic trading

Systems. Trading in many securities is now a global market.

К о р п о р а ц и и

И ф и р м ы

В т о р г а х

Н а б и р ж е

Н е

Участвуют.

The British Stock Exchange, founded in 1773, developed from informal exchanges in coffee

houses in the City of London. The London Stock Exchange’s official title is The International

Stock Exchange. It is managed by a council of member firms. Members are formed into a declining

Number of firms now including major merchant banks, the clearing banks and other financial intermediaries,

Many of which are foreign-owned. Business is still conducted by word of mouth, but

The traditional trading floor where broker-dealers gathered to buy and sell closed following the Big