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FEATURES OF THE DEVELOPMENT OF THE NEW YORK STOCK
EXCHANGE AND THE POSSIBILITIES OF THEIR USE IN
UZBEKISTAN
Askaraliyev Abdumalik Abdulhamid o‘g‘li
Msc(Master of Science) correspondence form of education of the Academy of
banking and finance of the Republic of Uzbekistan listener of the Corporate
Finance and securities market direction 24-04 group of listeners of Master's
specialties
e-mail: askaraliyev152@bfa.uz
https://doi.org/10.5281/zenodo.15738667
Annotation:
The New York Stock Exchange traces its history back to 1792
and is a corporation owned by its members in a form of organization. The
business of the New York Stock Exchange is governed by a board of directors,
appointed by its members. The number of members of the exchange has not
changed since 1988 and is 1,469 people. Every year, several dozen places
replace their owners, but the New York Stock Exchange member contingent is
characterized by high stability, which ranks the exchange among the most
prestigious institutions in modern America.
Key words:
New York, brokers, specialists, assignment, New York Stock
Exchange
The leading role in the exchange is played by members of two categories of
the New York Stock Exchange: brokers and specialists. Experts attribute the
disadvantage of the New York Stock Exchange to (in the late 1992, their number
was equal to 412 people), but they have long been the leading group of
exchange-makers, the influence of which is still great today.
The strength of specialists is that they monopolized the conclusion of direct
transactions - brokers do not have the right to conduct transactions at their own
expense and only convey to specialists their assignment on the purchase and
sale of shares of customers. There are no experts, and each of them maintains
operas on strictly defined securities issues. The specialist maintains operations
at his own expense, he does not have the right to trade directly with exchange
customers. Only the exchangers themselves can participate in its transactions as
counterparties. The essence of the activities of specialists is that when he
literally translates from the American Stock Exchange terminology, he "makes
the market by closing the break in prices."The information given in the
conditional example below describes this activity (in dollars).In this example,
the difference between the investors involved as sellers (exchange customers)
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and the prices offered by buyers is large, which is 1 dollar. Under such
conditions, the possibility of concluding a transaction is unlikely.
The task of the specialist is to participate as the buyer offering the highest
price and as the seller offering the lowest price. In this case, the difference
between the price is up to $ 0.5, that is, twice as short. As a result of this, the
likelihood of concluding a transaction increases. The difference between the
price of the seller and the buyer offered to the participants of the fund's operas
(doll.) purchase by course sale by course directly entered into a relationship
with shareholders-brokers who accept assignments on the sale of shares (the
number of them on the New York Stock Exchange is 611 people). Standard
assignments are awarded at 100 times the number of shares (the number of
shares smaller operas is rare: their share in the volume of total operas was
around 0.5-1% in 1991). For the conclusion of the transaction, the broker
receives a commission reward from the client: until 1975, their amount is
strictly fixed and depends on the size of the transaction.
The remaining members of the New York Stock Exchange play a secondary
role. They perform operations at their own expense and stand close to
specialists in their role in the exchange mechanism, the rest are brokerage
functions, not only for investors, but also for brokers who give part of the tasks
of investors who have accumulated in them. Some individuals have membership
rights on the New York Stock Exchange, but if a member of the exchange is
considered one of the owners of the firm, the entire firm is a member of the New
York Stock Exchange. Among the firms that are part of the New York Stock
Exchange, dozens of Investiture banks, which occupy the main positions on the
American Stock Exchange, lead. In order to receive securities on the New York
Stock Exchange to kotiroka, they must meet the following requirements: placed
shares have a market value of 16 million. not less than a dollar; at least 1 million
in circulation. having Ordinary Shares; owners of" full lots", that is, holders of
100 shares or more, are at least 2 thousand people; for the last fiscal year, the
income of the corporation before the filing of taxes is at least 2.5 million. dollars,
and for each of the two previous years - at least 2 million. the dollar should be.
The exchange's Board of Directors also assesses the corporation's
nationwide popularity level, the company's position on the network, overall
status, and development prospects. An important condition for listing
Corporation securities on the stock exchange is the obligation to provide
investors with time information about its activities.As a result of the imbalance
of supply and demand in two cases, the Suspension (Suspension) of the
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quotation of shares of the company or the withdrawal of the company from the
line of quotations, Real goods buyers or sellers will not be ready for purchase or
sale.Then the demand and supply are temporarily supported by intermediaries,
they lower the risk through a hedging mechanism until the next price drop or
increase and provide sufficient profit.Relations of stock market entities. The
Commodity Exchange serves as a place where commercial information about
market prices, the state of the market, etc.is formed. Exchanges are the only
source of information about the price and have an increasingly large impact on
the process of price formation. Exchange information is published, and the
results of the purchase and sale are a trade secret. It should be noted that the
Commodity Exchange itself creates conditions only for it, without carrying out
trade and brokerage activities. Trading is carried out by brokerage offices and
brokers (dealers, traders). According to the legislation of the country, if these
enterprises do not set themselves the goal of carrying out activities directly
related to the organization and regulation of exchange trading, the Exchange
does not have the right to purchase shares of enterprises, make investments.
Commodity exchanges in Russia are currently not associated with the world
market, one of their tasks is to organize trade turnover from the manufacturer to
the final consumer inside the country. This leaves a special mark on the
activities of exchanges.Thus, the exchange is assigned an organizing role in the
market. The most pressing problem of today is the global financial crisis, which
began in 2008, its impact and negative consequences, the search for ways out of
the situation that is happening. The transition of Uzbekistan to market relations
is observed, especially in combination with fundamental changes in the sphere
of circulation. One of the main elements of the sphere of circulation in a market
economy is the exchange. Exchanges entering the modern market system serve
to accelerate the turnover of production in society and the continuity of the
extended production process. The qsqar of the time of circulation of goods due
to exchanges can increase the efficiency of the use of fixed assets and means of
Labor, reduce the need for bank loans and working capital, and thus increase the
volume of resources directed to other industries. therefore, increasing the speed
of circulation of funds through the exchange system is one of the main economic
tasks that are currently considered relevant.In the long-term future and
interests of our state and economy, in the implementation of Strategic and
priority programs,in getting out of the difficult and tense situations that we have
experienced, today, among many, it has been confirmed and given by our life
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that relying on the system and methods of state management and expanding and
strengthening their role in overcoming the effects of.
The science of "exchange work" is engaged in the study of exchanges as a
key element of the market.The main objectives of the training manual "exchange
work" are comprehensive and in-depth study of the activities of commodity
exchanges and the legal basis of exchange trading, identification of participants
in exchange trading, obtaining complete information about exchange activities,
mastering programs and methods of exchange trading activities, determining
the role and role of exchanges in the market economy, performing exchange
operas,, the study of the procedure for trading on the Commodity Exchange and
other exchanges is the formation of a technological chain of movement of the
order from the buyer to the seller through the exchange ring.With all the
subjects provided for in the curriculum for the study of the subject" exchange
work
"
business.Айниқса,"Маркетинг","Маркетингнибошқариш","Стратегикмаркет
инг","Тадбиркорликасослари","Менежмент","Халқаротижоратиши","Товар
шунолик a strong connection is observed with disciplines such as.
The Commodity Exchange is a regularly functioning wholesale market of
goods, which has an organizational formalization of the market economy, a
classicinstitution, a formal price quote and the time and permanent place of
conclusion of transactions by standards.A separate Commodity Exchange
represents a market that has a constant working time and place, trading with a
certain set of goods or goods. In world practice, the activities of commodity
exchanges are mainly limited to the purchase and sale of raw materials and
agricultural products. According to the paper, exchange goods are raw materials,
belong to the beginning of the technological process of production of products.
For this reason, they largely determine the cost of other goods that are issued. A
classic exchange commodity is a mass product that is uniformized in quality and
size, strictly defined, easily defined, with stable properties. It should not get out
of the urf or wear out spiritually. This means that an exchange good may not be
delivered to the exchange.
Reference:
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шароитида уни бартараф этишнинг йўллари ва чоралари / И.А.Каримов. –
Т: Ўзбекистон, 2009. – 56 б.
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2. Ўзбекистон Республикаси Президентининг «Ёшлар йили» Давлат
Дастури тўғрисидаги ПК-805 сонли Қарори. Халқ сўзи, 2008 йил 9 февраль,
28-сон
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ожиданий трейдеров и рыночных тенденций. – СПб.: Питер, 2005. – 400 с.
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