The trading system is the trade organizer. Legal status of trade organizers. See what a “trade organizer” is in other dictionaries
TRADE ORGANIZER - professional market participant securities, carrying out . must disclose the following information to anyone interested person:
1) admission of a securities market participant to trading;
2) rules for admission to securities trading;
3) rules for concluding and reconciling transactions;
4) rules for registering transactions;
5) the procedure for executing transactions;
6) rules limiting price manipulation;
7) schedule for the provision of services by the organizer of trading on the securities market;
8) regulations for making changes and additions to the above items;
9) list of securities admitted to trading. For each transaction concluded in accordance with the rules established by the trade organizer, any interested party is provided with the following information:
1) date and time of the transaction;
2) the name of the securities that are the subject of the transaction;
3) state registration number securities;
4) the price of one security;
5) the number of securities (Article 9 of Law No. 39FZ). The requirements for organizers of trading on the securities market are defined in Resolution No. 4 of the Federal Commission for Securities Market dated November 16, 1998.
Encyclopedia of Russian and international taxation. - M.: Lawyer. A.V. Tolkushkin. 2003.
See what a “TRADE ORGANIZER” is in other dictionaries:
Trade organizer- – 1) an organization carrying out activities to organize trading on the securities market on the basis of a license of a professional participant in the securities market; 2) a currency or commodity exchange that has a stock department and is created in the form... ...
Trade organizer- 3) trade organizer - stock, currency, commodity exchange, other organization that, in accordance with federal laws, carries out activities to organize trade in financial instruments, foreign currency and (or) goods;...... … Official terminology
TRADE ORGANIZER- an organization carrying out activities to organize trading on the securities market on the basis of a license of a professional participant in the securities market or a license stock exchange … Dictionary of concepts and terms formulated in regulatory documents Russian legislation
ORGANIZER OF TRADE ON THE SECURITIES MARKET- a legal entity (professional participant in the securities market) providing services that directly facilitate the conclusion of civil transactions with securities between professional participants in the securities market (r.ts.b.). O.t.... ... Financial and credit encyclopedic dictionary
Organizer of trading on the securities market- – 1) a professional participant in the securities market, carrying out activities to organize trading in the securities market; 2) a legal entity that is a professional participant in the securities market and carries out activities in... ... Securities market. Glossary of basic terms and concepts
ORGANIZER OF TRADE ON THE SECURITIES MARKET- a legal entity that is a professional participant in the securities market and carries out activities to organize trading in the securities market. Trade organizers mean stock exchanges and organizers of over-the-counter trading on... ... Great Accounting Dictionary
Organizer of trading on the securities market- A professional participant in the securities market who carries out activities to organize trading on the securities market is called an organizer of trading on the securities market...
is a licensed participant, a legal entity whose task is to provide services to other market participants in processing civil transactions with various types assets.
Organizer of trading on the securities market in most cases, this is a stock market, as well as divisions of currency and commodity exchanges.
In addition, the organizer of trading on the securities market undertakes to think through and implement all procedures that would ensure the implementation of the trading rules listed above. At the same time, constant monitoring of compliance with all internal rules of the exchange and laws of the Russian Federation must be organized. At the same time, all operational measures and adjustments made to the operating principles of the organizer must be approved by the Federal Commission for the Securities Market.
The trade organizer undertakes to annually admit auditors for appropriate verification and compliance of the work of the exchange with the law of the Russian Federation, as well as internal procedures. After the audit, a report (conclusion) is drawn up and sent to the Federal Securities Commission.
In Russia, the largest trading platforms are the MICEX and the Moscow Exchange. They conduct trading with the participation of government and corporate securities. All trading transactions are carried out online. To operate, it is possible to use special terminals on the stock exchange floor or specialized software on personal computers.
Dealers, managers, brokers - professional market participants - also participate in the trading session of the stock exchange. Transactions in securities on behalf of members of the trading organizer can be carried out by traders who have received the appropriate license and meet the qualification requirements of the trading organizer. A number of organizations also take part in the structure and provide accounting, as well as the movement and fixation of property rights. These include registrars, depositories, clearing centers and banks.
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With acceptance Federal Law dated November 21, 2011 No. 325-FZ “On organized auctions” in Russian Federation a unified system has been created legal regulation activities of commodity, stock, currency exchanges and others trade organizers for conducting organized auctions. Relevant rules about exchanges contained in the Law of the Russian Federation of February 20, 1992 No. 2383-1 “On Commodity Exchanges and Exchange Trading”, the Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market” and the Federal Law of December 10, 2003 No. 173-FZ “On currency regulation and exchange control” have lost their force.
The Law on Bidding does not apply to relations arising when concluding contracts through bidding in the form of an auction or competition in accordance with the legislation of the Russian Federation (for example, property, procurement of goods for state or municipal needs, during the privatization of state or municipal property), as well as on relations in the wholesale market electrical energy(power), regulated by Federal Law of March 26, 2003 No. 35-FZ “On Electric Power Industry”.
The main significance of organized trading is that they act as a mechanism for the formation of market prices for goods, securities, foreign currency, rights from contracts, since according to Art. 13 Law on Bidding trade organizer is obliged to calculate prices, indices and other indicators based on information about contracts concluded at organized auctions. Thus, prices established on the exchange market have guiding significance for all participants in property turnover.
According to clause 7, part 1, art. 2 Laws on Bidding organized auction are defined in the Law as trading held on a regular basis in accordance with established rules that provide for the procedure for admitting persons to participate in trading to conclude contracts for the sale of goods, securities, foreign currency, repurchase agreements and contracts that are derivative financial instruments (clause 7 Part 1 Article 2).
The literature draws attention to the unsuccessful use of the term “organized trading,” which was chosen, apparently, to distinguish trading conducted on the commodity, stock or foreign exchange markets from other trading. Indeed, according to Art. 447, 448 of the Civil Code of the Russian Federation, organized auctions can be considered auctions conducted by their organizer. At the same time, the difference between exchange trading, the rules of which are contained in the Law in question, and other trading is that they are not one-time in nature, but are held on a regular basis, according to established trade organizer rules registered with the federal authority executive branch in the field of financial markets.
The rules of organized trading must contain requirements for trading participants; requirements for the methods and frequency of identification of trading participants; indication of the time or procedure for determining the time of the auction; the procedure for admitting persons to participate in organized auctions; procedure for admission (termination of admission) of goods and (or) foreign currency to trading; grounds and procedure for starting, suspending or terminating the conclusion of contracts that are derivative financial instruments; rules for listing (delisting) of securities; the procedure and conditions for submitting applications, including applications that indicate a clearing broker; the procedure for concluding contracts at organized auctions; indication of cases and procedure for suspension, termination and resumption of organized trading and other provisions in accordance with this Federal Law (Part 3 of Article 4).
Trade organizer is a person providing services for conducting organized trading on the commodity and (or) financial markets on the basis of an exchange license or a trading system license (clause 6, part 1, article 2). Term "trade organizer" means that the Law regulates relations regarding the organization and implementation of one of the types of trade - exchange trading.
Established by law as general requirements to two varieties trade organizers - stock exchange And trading system , as well as special requirements for each of them.
The law establishes a direct ban trade organizer engage in production, trading and insurance activities, activities of credit institutions, activities for maintaining a register of securities owners, activities for managing joint-stock investment funds, mutual investment funds and non-state pension funds, activities of specialized depositories of investment funds, mutual investment funds and non-state pension funds, the activities of joint-stock investment funds, the activities of non-state pension funds for pension provision and pension insurance. Trade organizer does not have the right to be a central counterparty (Parts 3, 4, Article 5 of the Trading Law). In addition to the above restrictions, stock exchange does not have the right to combine its activities with brokerage, dealer and depository activities, as well as with securities management activities (Part 5 of Article 9), and trading system when combining its activities with clearing activities, it has no right to combine such activities with brokerage, dealer and depository activities in the securities market, or securities management activities (Part 5 of Article 12).
When combining the activities of organizing tenders with other types of activities, with the exception of those prohibited, trade organizer is obliged to create one or more separate structural divisions to carry out organized trading activities and take measures to prevent and resolve conflicts of interest that arise for the trade organizer in connection with such a combination (Parts 5, 6 of Article 5).
Exchange is trade organizer , having an exchange license (Part 1, Article 9).
Brand name exchange must contain the word “exchange”. The use of the word “exchange”, words derived from it and combinations with it in their company name and (or) in advertising by other persons is not allowed, with the exception of the use by relevant organizations in their name and (or) in advertising of the phrase “labor exchange”, and as well as other cases established by federal laws.
At the same time, only exchanges except for the cases established by Part 4 of Art. 12 of the Law on Organized Trading (Part 4, Article 9). The federal executive body in the field of financial markets may provide in a regulatory legal act for cases when services for conducting organized trading, at which certain types of contracts are concluded, which are derivative financial instruments, can be provided trading system .
Trading system is a trade organizer who has a trading system license (Part 1, Article 12).
Brand name trading system must contain the phrases “trading system” or “trading organizer” in any case. The use of the phrases “trading system” or “trade organizer”, words derived from them and combinations with them in their company name and (or) in advertising by other persons is not permitted, except in cases established by law.
Trading system does not have the right to perform actions and provide services that, in accordance with this Federal Law, other federal laws and regulations adopted in accordance with them legal acts can be done (prove) only stock exchange .
If previously it was allowed to create exchanges in the form of non-profit organizations, then in accordance with the Law on Organized Trading trade organizers have the right to be created in the organizational and legal forms of business societies. At the same time stock exchange can be created and operate only in an organizational and legal form joint stock company.
Minimum size own funds trading system must be at least 50 million rubles, and exchanges - at least 100 million rubles.
Another difference exchanges from trading system is that stock exchange has the right to list securities by including them in quotation lists, and trading system when listing securities, does not have the right to include them in quotation lists (clauses 2, 4, article 14 of the Federal Law of April 22, 1996 No. 39-FZ “On the Securities Market”).
The Law on Organized Trading establishes requirements for the management bodies and employees of the trade organizer (Article 6), requirements for the founders (participants) of the trade organizer (Article 7), requirements for own funds trade organizer and other mandatory standards (Article 8).
Trade organizer is obliged to maintain a register of trading participants and their clients, a register of applications and a register of concluded agreements in accordance with the regulatory legal acts of the federal executive body in the field of financial markets (Part 14, Article 5). On exchanges and in trading systems an arbitration court is created to consider disputes between bidders (Article 24).
State regulation and control of activities at organized auctions is carried out by federal body executive power in the field of financial markets - Federal service on the financial markets of Russia, the Regulations of which were approved by Decree of the Government of the Russian Federation of August 29, 2011 No. 717.
Related information.
1. The organizer of trade can only be a business company created in accordance with the legislation of the Russian Federation.
2. A person who does not have an exchange license or a trading system license does not have the right to conduct organized trading.
3. The trade organizer does not have the right to engage in production, trading and insurance activities, the activities of credit institutions, the activities of maintaining a register of securities owners, the activities of managing joint-stock investment funds, mutual investment funds and non-state pension funds, the activities of specialized depositories of investment funds, mutual funds and non-state pension funds, the activities of joint-stock investment funds, the activities of non-state pension funds for pension provision and pension insurance.
4. The trade organizer does not have the right to be a central counterparty.
5. A trade organizer combining the activities of organizing trades with other types of activities is obliged to create one or more separate structural divisions to carry out the activities of conducting organized trades.
6. A trade organizer combining the activities of conducting organized trading with other types of activities is obliged to take measures to prevent and resolve conflicts of interest that arise for the trade organizer in connection with such combination. If a conflict of interests of a trade organizer combining the activities of conducting organized trading with other types of activities, about which the trading participants or the person performing the functions of the central counterparty were not notified in advance, led to the actions of the trade organizer that harmed the interests of the trading participant or the person performing the functions the central counterparty, the trade organizer is obliged to compensate losses at his own expense in the manner established by the civil legislation of the Russian Federation.
7. The trade organizer is obliged to exercise control over:
1) for compliance of trading participants with the requirements established by the rules of organized trading, compliance by participants and other persons with the specified rules;
2) for the compliance of goods, securities and their issuers admitted to organized trading ( obligated persons) requirements established by the rules of organized trading;
3) compliance by the issuer and other persons with the terms of the contracts on the basis of which the securities were admitted to organized trading;
4) for operations carried out at organized auctions, in cases established by federal laws and adopted in accordance with them regulations Bank of Russia, including for the purpose of preventing, identifying and suppressing the unlawful use of insider information and (or) market manipulation.
8. When exercising control, the trade organizer has the right to conduct inspections, including on the basis of an application from the Bank of Russia, to require trading participants and issuers to submit necessary documents(including those received by the bidder from his client), explanations, information in written or oral form.
(see text in the previous edition)
9. The trade organizer is obliged to prepare annual consolidated financial statements in accordance with the requirements of Federal Law No. 208-FZ of July 27, 2010 “On Consolidated Financial Statements.”
10. The annual report of the trade organizer must contain annual accounting (financial) statements, as well as consolidated financial statements.
11. The annual accounting (financial) statements of the trade organizer, as well as its consolidated financial statements, are subject to mandatory audit.
12. The trade organizer is obliged to store information and documents that are related to the conduct of organized trades, and daily backup of such information and documents in accordance with the requirements established by regulations of the Bank of Russia.
(see text in the previous edition)
In accordance with the Strategy for the Development of Trade in the Russian Federation for 2011 - 2015. and the period until 2020 into the block of normative legal acts regulating relations arising when organizing trading activities as a type entrepreneurial activity, in particular, includes: Federal Laws of August 8, 2001 N 129-FZ “On State Registration legal entities And individual entrepreneurs"(regarding registration as participants in civil turnover); dated November 29, 2007 N 282-FZ "On official statistical records and the system of state statistics in the Russian Federation" (regarding the assignment of statistical reporting codes and provision statistical reports); dated December 26, 2008 N 294-FZ "On the protection of the rights of legal entities and individual entrepreneurs in the implementation of state control(supervision) and municipal control" (in terms of notifying the state about the start of implementation individual species trading activities); dated July 21, 1997 N 122-FZ "On state registration of rights to real estate and transactions with it" (regarding the registration of capital trading facilities being created or reconstructed); dated May 22, 2003 N 54-FZ "On the use of cash register equipment when making cash payments and (or) payments using payment cards" (in terms of equipping retail facilities with cash register equipment and its registration); No. 209-FZ dated July 24, 2007 “On the development of small and medium-sized businesses in the Russian Federation” (regarding inclusion in the register of small and medium-sized businesses) and adopted in their implementation other regulatory legal acts.
According to the Strategy for the Development of Trade in the Russian Federation for 2011 - 2015. and the period until 2020, the organization of trading activities as the preparatory stage of the trading process is a complex of actions such as the acquisition of retail facilities on various grounds (construction of new ones, reconstruction of existing ones, rent from third parties), their preparation for operation (including the conclusion of appropriate service agreements ), purchasing the necessary trade and technological equipment (tools, inventory) and preparing it for operation (including registration of cash register equipment, technical examination of pressure vessels, elevators), obtaining the necessary permitting documents(licenses, permits) and taking other actions to legalize their activities (submitting notifications about the start of trading activities, registering a declaration fire safety), registration of a service mark or legalization of a commercial designation, development of plans (maps, diagrams, accounting rules) of trade and technological operations, determination of operating modes, hiring and placement of personnel, design of financial processes. With the beginning of trading activities, individual actions of an organizational nature are transformed into permanent trade and technological operations (operation of equipment, coordination of personnel work and payment for their labor, information and analytical support for activities, calculation and payment of taxes, mandatory insurance contributions and other technological and business operations).
Before the adoption of the Federal Law on Organized Trading (FL on OT), only one definition of the concept of “trade organizer” was legislated, which related only to trading on the securities market. The Federal Law on Labor Protection has practically created an innovative regulatory framework for the activities of trade organizers, which are understood as persons providing services for conducting organized trading in the commodity and (or) financial markets on the basis of an exchange license or a trading system license (Clause 6, Part 1, Article 2 of the Federal Law about OT). It should be recognized that in modern commodity circulation, the organization of trading activities is not limited to conducting organized auctions. Wholesale fairs, wholesale food markets, and trade and industrial exhibitions take an active part in organizing commodity circulation.
In addition to the activities of various auction organizers, the organization of trade turnover involves: 1) the formation of a material and technical base for trade activities in the form of preparation for the use of retail facilities and retail space, arrangement of warehouse premises; 2) organization of logistics infrastructure and trade flows, creation of transport infrastructure; 3) ensuring interaction of trading entities with each other, as well as with government bodies and local governments.
In accordance with this, the functions of organizers of trade turnover can be performed not only by the organizers of trades referred to in the Federal Law on Labor Protection, such as commodity exchanges or trading systems, but any other persons who provide services that directly facilitate the execution of trade transactions between business entities also take an active part in this process. At the same time, the activities of trade organizers are not limited solely to creating conditions for transactions between economic entities of trading activity. No less important is the activity of trade organizers related to the creation of conditions and the formation of favorable opportunities for carrying out other trade operations, especially in the field of intermediary services and other service activities serving trade (logistics, marketing, advertising, etc.).
Contrary to the established opinion that the role of organizers of trading activities, in contrast to the securities market, can only be non-profit organizations, The Federal Law on Labor Protection directly establishes that the organizer of trade can only be a business company created in accordance with the legislation of the Russian Federation (Part 1, Article 5 of the Federal Law on Labor Protection). In particular, a commodity exchange as an organizer of trade should be represented in commercial circulation only in the organizational and legal form of a joint stock company (Part 2 of Article 9 of the Federal Law on Labor Protection). Situations cannot be excluded when not only legal entities, but also individuals act as the organizer of trading activities, for example in the case of simple agency.
An important feature of the organizer of trading activities is his non-involvement in the implementation of trade and other activities related to it. Part 3 Art. 5 of the Federal Law on Labor Protection establishes a ban for a trade organizer to engage in production, trading and insurance activities, activities of credit institutions, activities related to maintaining a register of securities owners, activities related to the management of joint-stock investment funds, mutual funds and non-state pension funds, activities of specialized depositories of investment funds , mutual investment funds and non-state pension funds, the activities of joint-stock investment funds, the activities of non-state pension funds for pension provision and pension insurance. A trade organizer combining the activities of organizing trades with other types of activities is obliged to: 1) create one or more separate structural divisions to carry out the activities of conducting organized trades; 2) take measures to prevent and resolve conflicts of interest that arise for the trade organizer in connection with such a combination. If a conflict of interests of a trade organizer combining the activities of conducting organized trading with other types of activities, about which the trading participants or the person performing the functions of the central counterparty were not notified in advance, led to the actions of the trade organizer that harmed the interests of the trading participant or the person performing the functions the central counterparty, the trade organizer is obliged to compensate losses at his own expense in the manner established by the civil legislation of the Russian Federation (parts 5, 6, article 5 of the Federal Law on Labor Protection).
In accordance with Art. 15 of the Federal Law on Labor Protection, the trade organizer is obliged to organize a risk management system associated with the organization of trades, as well as with the implementation of transactions with its own property, which must correspond to the nature of the transactions it performs and contain a risk monitoring system that ensures timely reporting necessary information to the attention of the management bodies of the trade organizer. The trade organizer is obliged to take measures established by its documents aimed at reducing the risks of the trade organizer, including risks associated with combining the activities of conducting organized trades with other types of activities. The trade organizer is also obliged to take measures established by its document(s) aimed at preventing conflicts of interest when conducting organized trades.
