What is the market?Obviously, this is clearly stated in the law "rules" by which market participants conduct commercial operations.But at the same time - it's historical traditions, which served as the basis for determining the legislation regulating economic relations.For example, the tradition of "shake hands", the parties shall make a preliminary decision on carrying out a commercial transaction.Then such arrangements are made legally in the form of a specific agreement.However, the beginning was the word.
If we are talking about what the market will usually have in mind is not the market in general, but a specific form of economic activity, in which the common "rules of the game" acquire individual sound.Take the same stock market.It is clear that we are talking about trade in securities.It is one thing when it happens blindly, at random (wild market), and another - on system rules, not allowing players to provoke conflicts between them, and at the same time preserving the market space as the institutional integrity of the system.Regulation of the stock market in this case is carried out both through a variety of financing mechanisms, and through the purchase and sale of the company or resell the company.In the first case we are talking about purely financial instruments to "play" in the value of shares of companies or their products.In the second - the practice of capitalization, which is formed due to the equity in the property companies, the volume of investment and the strategic objectives of the major shareholders.By the way, the shareholders may decide on the additional issue (issue) shares, resulting in a share of one of the owners may be blurred, or vice versa, is concentrated in the same hands.
Thus, answering the question "what is the market," one can say that the integration of four components: production, property, financial capital, and the "rules of the game" in the economy.
Another thing is whether the rights of fair play in the financial game.Then there is a problem: if you already have an understanding of what the market is, how to make it civilized conduct reinstitutsionalizatsiyu and establish "concrete" right?
For example, look at how the US stock market is designed.It is divided between three Megastructure:
- NYSE - New York Stock Exchange, which works with the "old" companies operating in virtually all sectors of the US economy.
- NASDAQ - Stock Exchange, working with "high-tech" young enterprises created image of a modern "world of information."
- AMEX - despite the fact that it is the actual owner of the NYSE, Stock Exchange specializes in electronic stock trading.
Thus, the US response to the question of what the market is in the clear production and technological and industrial specialization of companies, as well as setting priorities for economic development.In the case of the United States is a petrochemical complex, automotive and aeronautics sectors, and "high-tech".
How is equipped Lowriders?At the moment there are two main structures:
- RTS - structure, occupied mainly the integration of regional markets into a single market space.In other words, the Russian market as such, no.
- MICEX - analogue of the American NYSE, a kind of capitalization of the most significant assets of the Russian economy.
The result: the lack of a single internal market is not talk about the traditions formed exchange trading, as well as the lack of "core" companies - locomotive of the economy makes it impossible to talk about the standardization of the stock market of the Russian Federation.
