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The USA has the largest share market in the world. And though for some years (in the end of 80th - the beginning of 90th years) it has yielded precedence to the Japanese market, nevertheless it has regain positions after crash of the Japanese market after earthquake in Osaka. Ordinary stocks in the USA have no face-value. Other feature of actions of the USA is that their holders usually do not receive preemption right when the companies issues additional stocks.
If the company wishes to issue stocks for the public circulation, it should address in the Commission under securities and stock exchanges and to carry out of strict obligations on disclosing the information which continue to operate and in the further. Even the method of preparation and representation of the financial reporting stipulates in these rules. Until recently the Commission negatively concerned to dual listing of securities on a myriad of the stock exchanges organized on all country. These stock exchanges (all of them are authorized by the Commission) have no exclusive right on trade. And operations on over-the-counter market are widely widespread at them.
Many stock exchanges have kept the adherence to a trading hall in which brokers conclude transactions face to face. In addition to trade in a hall of a stock exchange are equipped by computer systems (at New-York stock exchange such system refers to “Super pillbox”), and at them so-called “transactions by phone on the top floor” for large share holdings also practice. Stock exchanges also often use “expert” who partly is engaged in regulation, and partly acts in a role of the main trader, and only one expert is engaged in each securities. However the growing North American association of dealers under securities (NASD) by means of the system of automatic quotations has created a special market niche especially for stocks of the hi-tech companies and technically it is considered organized over-the-counter market. There is a requirement of bodies of regulation concerning all intermediaries in the USA - they should aspire to the conclusion of the transaction under the “best” price which is available in a network of stock exchanges of the USA irrespective of, whether local it is the market or not.
In the general opinion, the market of the USA is the most adjustable according to the legislation originally put into operation in the beginning of 1930th years. In this market extremely strict control measures are applied concerning its all participants at their admission on the market and carrying out of operations on it. Access of commercial banks to trade in securities is still limited by Glass Stigl Certificate which does not allow concluding to banks the transaction on the goods and securities of the same companies.
Calculations are usually made for the third working day after day of the conclusion of the transaction (T + 3) on the basis of everyday execution through usual bank system.

The nearest years the government of Iraq plans to construct some new oil refining factories, and also to modernize already existing, to start to export gasoline and other products of oil refining to 2010. Minister of oil of Iraq Hussein Al-Shahristani has made such statement today.
As he said, construction of largest of new factories nearby 140 thousand barrel per day will be completed by capacity to 2009-2010. The exact site of a factory is not specified yet; however it is known, that it will be in one of the central areas of the country. One more factory (capacity nearby 70 thousand barrel per day), according to minister, is planned to construct near to settlement Koja in the north of Iraq. After 2010 construction of a large factory by capacity nearby 300 thousand barrel per day in An-Nasria is planned, informs Associated Press.
Besides, as minister has noted, is planned to modernize and expand already existing oil refining factories in Baidga, Dora and Basra, having increased manufacture on each of them on 700 thousand barrel per day. “Thus, to 2009-2010 national manufacture of mineral oil will allow to cover internal demand, and to 2010-2011 we shall be ready to start to export mineral oil”, - minister has concluded.
Hussein Al-Shahristani also has confirmed plans of the government to lift a level of oil extracting in the country from existing 2 up to 3 million barrel per day already by the end current year. Iraq takes the third place in the world on volume of the proved oil stocks. After the American intrusion in 2003 extraction has decreased on third, and attacks of insurgents complicate work of oil refining factories therefore in the country there was a sharp shortage of gasoline and diesel fuel.
As for the World prices for oil on August, 21st 2006 they have considerably risen. On results of the trades at leading oil stock exchanges Inter Continental Exchange Futures (ICE Futures - London) and New York Mercantile Exchange (NYMEX - New York) the official prices of oil futures of the nearest month of delivery have accordingly made - IPE Brent Crude - $73,38 (+1,08) for barrel - Light Sweet Crude Oil - $72,45 (+1,31) for barrel.

The management of American computer giant Microsoft Corp. has made changes to the program under the back baying of the stocks. According to representatives of the company, by the moment of end on August, 17th 2006 declared in July of 2006 “The Dutch auction” (to public sale at which the auctioneer gradually reduces the declared price, there will be no yet a buyer) it has been redeemed stocks only on 3.8 billion dollars.
Before the beginning of auction Microsoft intended to redeem securities not less than on 20 billion dollars. In this connection the company has declared plans to redeem till June, 30th 2011 securities (within the limits of the long-term program of the repayment of stocks) for a total sum of 36.2 billion dollars, that almost twice surpasses proposed earlier, Associated Press informs. In July 2006 Microsoft has declared intention to redeem till August, 17th 2006 during “the Dutch auction” securities for the sum nearby 20 billion dollars. Besides, the company plans to redeem securities on 20 billion dollars till June, 30th 2011.

Two generations of the Soviet citizens did not know a word “stock exchange”. But all falls back into place. By 90-th years of XX century centralized national economy has deadlocked: commodity deficiency has swept away all from counters of shops, the hidden inflation and surplus of monetary weight have led to appearance of barter in the economy, to disorder of economic communications, recession of industrial production. It is the incomplete list of those problems that were preconditions for a new economic reform in Russia when in the beginning of 1990th years transition to market economy has begun. Then after sixty years’ of calm in Russia again there were stock exchanges which always were one of the major elements of the market. The stock exchange again became necessary.
These years in Russia the exchange boom begins. In the beginning of 1990 in Moscow there are first commodity exchanges - Russian commodity-raw (RCRE) and the Moscow commodity exchange (MCE) - the centers of marketing of those years on which then it was necessary up to half of all wholesale exchange turn of Russia. President of RCRE Konstantin Borovoj in the book “the Price of freedom” recollects, how then nobody trusted, that in Russia stock exchanges can revive. “One of my friends, - he writes, - which I torture most of all in occasion of an opportunity of opening of a stock exchange, has suggested to pay to me of ten thousand dollars that I have stopped these conversations and vanity…”. Really, all began with naked enthusiasm. Some person have simply gathered, risked to enclose in new business the of 30 thousand rubles.
In the beginning of 1990th years stock exchanges have arisen on all territory of the country. In a course there was a wood, sugar, electronics, a paper, building materials, bread, cars, computers and set of other goods. Soon Russia was beat out in world leaders by quantity of stock exchanges - them was totaled more than 1000. Certainly, the majority of them were not classical exchange structures. Many of stock exchanges as a matter of fact were simply fairs where traded in the real goods. But the role of a stimulator of trade and they have played wholly. People began to forget about so hated deficiency of the food and industrial goods.
These for the present not all clear quasi-exchange organizations – harbingers of something new - found to themselves a haven in any premises which could be rented for a while. To many budgetary organizations which are often not received the salary in time, it was necessary “to sin” with letting of rent of its space. Where only did not lodge new sprouts of market economy! Their neighbors were workers of research institutes, publishing houses, the ministries, factories; they removed premises on All-Union Exhibition of Achievements of National Economy (VDNKh), private apartments.

The first term transactions began to be made. On the Moscow commodity exchange (MCE) for the first time in the country transactions for the term with grain and a clap began to be spent. Hardly later to it the Moscow chamber of commerce (MCC) where the future for US dollar bargained joins.
Gradually this trade starts to get the organized character. Classical exchange platforms on which trade basically in financial actives (currency, securities, credits) crystallize. In due course in exchange movement all starts to sound a theme of the share market more clearly. By the end of 1992, according to the Ministry of Finance of the Russian Federation, the quantity of exchange share platforms has reached 22. On the largest commodity exchanges there are share departments. In 1992 the Moscow interbank currency stock exchange (MICSE) which all over again became the center of the organized trade in currency, and then was established by the main stock exchange of the country. 

With the beginning of process of privatization in 1993 in Moscow has opened Moscow international share (MISE) and Moscow central share stock exchanges (MCSSE). The Leningrad stock exchange is established. Trade in securities was started by the Siberian, Baltic and Nizhniy Novgorod stock exchanges. First time stock exchanges were often open for everything, with the right of paid participation of the visitors, not being members of a stock exchange. Usual auction sometimes practiced.
The classical share market that time yet was not. Stock exchanges should struggle for a survival. The majority of commodity exchanges began to trade in 1993 in nationally known vouchers (certificates on privatization), credits and monetary resources, broker places, securities for bearers, and also substitutes of securities. To such notorious tickets MMM, for example, concerned.
After more than semicentennial investment hibernation people again have become interested in securities. There was a hope to earn additionally: many have rushed to put the savings thawing from inflation in securities. It was necessary to something to prove nobody, all as though waited, when, at last, there will be such opportunity. But the market was young. It ill equipped participants was waited with “reefs” of share games: unscrupulous businessmen with financial “pyramids”, sharp loss of savings, it is frequent the last. As a result has come disappointment, and more likely, mistrust of the population to any securities.

 
The same years develops the exchange market for wholesale trade in currency. The center of interbank trade in a foreign currency became the Moscow Interbank Stock Exchange, founded by Bank of Russia and leading commercial banks. In 1992-1993 regional currency stock exchanges in the key economic centers of the country are created. Their network was stretched from St.-Petersburg up to Vladivostok. A creation of the national market on trade in currency and securities on a united technological basis was possible after their unification around of the Moscow Interbank Stock Exchange.
Having received the license of Bank of Russia for the organization of operations of sale and purchase of a foreign currency, these stock exchanges gradually became universal exchange structures which, leaning on local banks, carried out trading and settlement operations, and also carried out functions of storage and the account of the rights to securities for participants of currency, share and term segments of the financial market.
Trade in the state short-term bonds, the state currency and municipal bonds, has begun. In the market the corporate securities emitted by the first private enterprises have started to address.
Revival of exchange trade in Russia has coincided on time with mass introduction in the financial world of information technologies, distribution of the Internet. Though the largest stock exchanges of the West continued to trade in classical way - “by vote on pit”, on a number of the Russian stock exchanges the integrated electronic systems for the organization of the trades began to take root. For the Russia which have stretched on nine time zones, it also was complex, as well as it is necessary. The first large project in this area became creation in 1993 on the basis of the Moscow Interbank Stock Exchange electronic trading-depositary systems which served the market of the state securities (state credit obligations-federal loan bonds).
In May, 1993 the Moscow Interbank Stock Exchange has opened the exchange market state short-term zero-coupon bonds (state credit obligations). In the end of this year it has started the project of united electronic financial market “ETHER” - the inter-regional exchange trades in system of currency stock exchanges have begun. Since 1994 the Moscow Interbank Stock Exchange has entered new technical and trading-depository complex, and with July 1994 has begun distribution of the removed terminals connected to trading-depository system of the Moscow Interbank Stock Exchange.
Its beginning was such. As a result in Russia there was the exchange platform possessing modern electronic trading system, serious potential of development and supporting an increasing securities market - state credit obligations, federal loan bond, then corporate securities and term tools. Then the trades by currency also are translated in system of the electronic trades (SELT). Introduction of the removed terminals enabled to create a universal computer stock exchange where in a mode of real time worked not only the Moscow investors, but also participants from other regions of the country.
In 1994 the Central republican universal stock exchange (CRSE) in Moscow starts to work. It has been opened for fulfillment of transactions by general public, including private persons. On it traded approximately in 50 kinds of demand securities and substitutes which most part then has completely disappeared from the reference. The share market then experienced illness of growth - the reference of pseudo-actives - substitutes of securities. The most popular were tickets MMM by means of which notorious adventurer-mathematician Sergey Mavrodi has constructed a huge pyramid. During its promotion mass advertising promised incomes up to 1000% annual, to resist what the most proof investors could not even. In annual report CRSE for 1994 it is possible to read through the interesting lines describing tickets МММ: “Behind tickets МММ definition “polytrophic production МММ” has strongly affirmed. However during long time they were the most popular paper. Occurrence of tickets of different face values, constant change by management of МММ of appearance of tickets, frequent refusals to accept for payment own releases of tickets, feverish throws of a rate of their buying up-sale in items МММ - all this has resulted work in the market of tickets in the category of the most brave, but also… the most profitable operations. Tickets МММ were the largest component in turn CRSE and gave those years approximately 40-50% of a turn of all stock exchanges of Russia. But unjustified incomes and poor papers have a short life: in 1994 the pyramid has failed, having left millions investors without means and for a long time having scared away investors from the share market.
In 1995 there has begun the activity the Russian trading system (RTS) on which stocks of the first privatized Russian enterprises bargained. On a plan of its founders, it was anything other, as computer over-the-counter system. Similar RTS can be named American computer market NASDAQ. The basic participants of RTS became brokers - members of National association of participants of the share market (NAPSM). Activity of RTS which has been constructed in view of the international standards, has allowed returning trust to the organized securities market. However its weak places were absence of guarantees of execution of transactions, and also orientation to service of the large broker companies with foreign participation. Nevertheless till 1998 on RTS consist more than half of transactions with the Russian stocks.
One of the last in 1990th years had been created the Moscow stock exchange (MSE). In the beginning of 1997 several tens of banks and the broker-dealer companies, and also four stock exchanges have created MSE. However its activity was limited to trade in stocks of the gas giant - Russian Open Society “Gazprom” and the Moscow municipal loans. Attempts to expand a spectrum of operations due to introduction in a turn of other share values and currency have not gone right.
Thus, rough process of formation of exchange structure of the financial market in Russia, predictably, crystallized in several classical stock exchanges. The interesting certificate of the middle of 1993 the newspaper has left to us “Exchange sheets” in which president of MCSE V. Pankin wrote: “The main thing during the last period consists in that in any measure to adjust the destroyed intereconomic communications. There was a process of transformation of many stock exchanges in associations, trading houses, the investment companies and so forth Commodity and raw stock exchanges send to future contracts on that goods which all over the world are considered exchange. As to stock exchanges now there was ten and a half. In the long term them will be even less - two-rub Moscow besides it is probable, in St.-Petersburg, in Ural, the Siberian, Far East regions “.
Rough exchange decade has yielded the fruits. There was a precise exchange system across all Russia, in central and industrial regions of the state, helping to work to the domestic financial market.

Joint-Stock Company “Siberian stock exchange” was founded on February, 22nd, 1991. The first name of a stock exchange was Joint-Stock Company “Siberian stock exchange” (SSE). Till July, 1997 of Joint-Stock Company “SSE” carried out functions of the organizer of the trades in the share market. Since 1994 the stock exchange actively was engaged in the organization in Siberia the future market on the currency, the average price of state credit obligations and for the Index of RTS. In 1997 in connection with change of the legislation of Joint-Stock Company “SSE” has stopped activity of stock exchange. In 2002 shareholders have changed the name to Joint-Stock Company “Siberian exchange”. On July, 16th, 2002 the stock exchange has received the license of a commodity exchange №128 and since April, 16th 2003 has started the trades by standard (future) contracts on soft food wheat 3 classes with fibrin not below 23%.
Since September, 26th 2005 at an exchange the trades on future contracts on gold.
The Basis of the future market of a stock exchange have begun is the Settlement union - association of the Settlement firms which have concluded the multilateral Contract about the organization of the future market among themselves and a stock exchange. Settlement firms are shareholders (members) of a stock exchange and have the right to serve the clients trading in the future market. Among them are large manufacturers and converters of grains, the trading and financial organizations.
The Siberian exchange in the development aspires to construction of a classical commodity-future exchange - unique financial institutions by the opportunities which provides fair pricing, insurance and regulation of financial risks for the basic participants of the grain market of Siberia. The stock exchange will promote also to improvement of an investment climate and increase of efficiency of agricultural branch of South-Siberian region - one of leaders of agrarian Russia.

Intel Corp. has declared the largest updating a line of let out products for last 6 years. The company has presented family from 10 new processors of family Core 2 Duo which, on a plan of a management, will help Intel to win back a number of the positions, given to the main competitor - Advanced Micro Devices Inc. New chips work on 40 % more quickly, than last models of family Pentium, and thus consume on 40 % of less energy. The price for processors will make from 183 up to 999 dollars. They will go on sale in August 2006. Besides, Intel has declared sharp fall in prices on earlier models of processors. So, the price on developed in 2000 Pentium 4 is lowered on 61 % - with 218 up to 84 dollars Deprecication Pentium D will reach 40 % - with 530 up to 316 dollars. During 2006 Intel has given competing AMD about 5 % of the market.
Net profit of Intel on results of 2nd quarter of 2006 has decreased on 56,6 % - up to 885 million dollars. The Sales volume was reduced to 13 % and has made 8 billion dollars. These activities became the lowest for the company with 2004.

Motorola Inc has redeemed the common stocks for the sum nearby 1.2 billion dollars, the press-service of the company informs about it. Thus, the company has finished the program of the repayment of own stocks for a total sum of 4 billion dollars, declared on May, 18th 2005. As it is marked in the press release, this program became first the initiative under the repayment of own stocks in history of company Motorola.
Company Motorola will immediately pay 1.2 billion dollars and will receive the basic part of these common stocks within three weeks. The concrete quantity of the stocks which are a subject of repayment will pay off proceeding from the average cost of common stock of Motorola for the period of validity of the agreement on the accelerated repayment of actions and according to stipulated minimal and maximum quantity of stocks. On preliminary data, the repayment of last tranche of stocks will be made in 1st quarter of 2007. All the redeemed stocks will be extinguished. In the company have informed, that the board of directors of Motorola has made a decision on the repayment of additional quantity being in circulation own common stocks for the sum up to 4.5 billion dollars during the nearest 36 months provided that the condition of the market will favour to it. On present share price Motorola the sum of 4.5 billion dollars corresponds approximately 9 % of the general market capitalization of the company. “We have finished the program of the repayment of own stocks first in the history almost for two years before the planned term and at once have made a decision on establishment of second such program”, - financial director of Motorola David Devonshir has declared.
As the press-service of the company informs, within the limits of new program of Motorola periodically will carry out the repayment of the actions for cash money resources both in the open market, and in the private order, according to the federal legislation of the USA on securities. The volume and terms of the repayment will be defined by a company management on the basis of an estimation of position in the market, cost of stocks and other factors. The program of the repayment of stocks can be at any moment suspended or stopped. As of July, 1st 2006 the sum of money resources, their equivalents and short-term investments of company Motorola was estimated approximately in 14.4 billion dollars, and volume of net money resources - in 10.1 billion dollars.

Over and over again I’m writing about prices for oil. This theme arouses interest of the majority of population of the Earth. The World prices for oil on July, 27th 2006 have considerably risen. So, on results of the trades at leading oil stock exchanges InterContinental Exchange Futures (ICE Futures) and New York Mercantile Exchange (NYMEX) the official prices of oil futures of the nearest month of delivery have accordingly made (London):
- IPE Brent Crude – $75.01 (+1.01) for barrel;
- Light Sweet Crude Oil – $74.54 (+0.60) for barrel.

The prices for oil</a> futures on July, 25th have noticeably decreased. If in the morning price showing exceeded a mark $75 for barrel, to evening the prices under transactions have again returned on a level $73 for barrel. Results of the trades at stock exchanges contracts of the nearest month of delivery on July, 25th have made:
- in New York on New York Mercantile Exchange (NYMEX) the official price of future Light, Sweet Crude Oil (September) has fallen to 1 dollars of 30 cents (-1,7 %) and was established on a mark $73.75 for barrel (the lowest price of closing for a week) at the prices under transactions for session $73.55-75.78 for barrel;
- in London on InterContinental Exchange Futures (ICE Futures) the official price of future IPE e-Brent Crude Futures Electronic (September) has fallen off on 1 dollars 33 cents (-1,8 %) and was established on a mark $73.28 for barrel (the lowest official parameter more than for two weeks) at the prices under transactions for session $73.10-75.41 for barrel.
High Volatility under transactions at the trades on July, 25th it has been caused by expected development of a situation in the Near East. On the one hand, continuation of a confrontation and threat of its distribution on the countries next to Lebanon pushed oil quotations upwards. On the other hand, across the Near East and firm intentions of the Arabian countries to accept drastic measures for cease-fire in Lebanon formed international meeting forthcoming on July, 26th in Rome in the market of that expectation that the conflict in region joint efforts will manage to be extinguished. The prices for oil have gone down after the state the Secretary of State of the USA Condoleezza Rice has suggested entering into Lebanon the international forces.
Futures for gasoline and residual oil on NYMEX on July, 25th have gone down within the limits of 1.5 %. During first half of day the steady rise in prices on gasoline and residual oil was observed, that technically supported growth of oil quotations. The prices for petroleum products grew because of expectations of reduction of their deliveries to a home market of the USA. We shall remind that in connection with a stop of manufacture on several oil refineries in the USA oil refining in the country has decreased approximately on 500 thousand barrel per day. The rise in prices on gasoline also was promoted by expectations of falling since August on the following of 5-7 months of its import Venezuela - the country which is the main external supplier of gasoline in the USA. Deliveries of gasoline from Venezuela since August can essentially be reduced in connection with carrying out after a fire of repair work on the world’s largest oil refining complex Amuay-Cordon (throughput - the order 940 thousand barrel per day). At the same time the rise in prices on petroleum products, first of all gasoline, on July, 25th has been complicated in connection with the high prices of the retail market. We shall remind, that retail prices for gasoline in the USA have already exceeded a mark of $3 for gallon and now concede to the absolute record very little.
The high prices for gasoline, participants of the market consider, can become the reason of decrease in consumption of automobile fuel.
Decrease in the end of day of petrol quotations also was promoted by expectations of the publication of the weekly report of the Ministry of power of the USA forthcoming on July, 26th about a condition in the country of stocks of crude oil and petroleum products.

One of the subjects under discussion is the price for oil and gasoline. That’s why I time and again advert to this subject. So, in the USA retail prices for gasoline have reached record values, representatives of research company Lundberg Survey have declared. By results of comparison of the prices for gasoline on 7 thousand American gas stations, an average of retail price it has been certain at a level 3,015 dollars for gallon. Thus the minimum price for gasoline has been noted at the gas station in state of South Carolina – 2.77 dollars for gallon, while maximal - on filling stations of San Diego – 3.28 dollars for gallon. The previous maximal value of an average retail price for gasoline in the USA – 3.0117 dollars for gallon - has been noted in September 2005.

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