The way out was found by lawyers, in the VI-V centuries BC guessed to turn the documents certifying concrete transactions into special type of goods, special system of values, not coincident neither with goods in the true sense words, nor with money. Until documents on transactions were carried out on clay and wax plates, the papyrus or parchment, they were not widely adopted.
backwardness of material resources, technologies of trade, the regulatory and information infrastructure registering of a depository and clearing network; absence of large investments for creation of material resources and the providing subsystems of the market;
If the assignment concerns the papers which are quoted at the official or controlled exchange market, the transaction is carried out through the exchange (exchange the broker unless the principal demands other.
The bill is a kind of the written debt obligation of the drawer unconditionally to pay in a certain place the sum of money specified in the bill, to the owner of the bill (bill holder) at approach of term of implementation of the obligation (payment or on its presentation.
Emergence and the address of the capital presented in securities is closely connected with functioning of the market of real assets, i.e. the market in which there is a purchase and sale of material resources. With the advent of securities (share an asset there is as if a bifurcation of the capital. On the one hand, there is a real capital presented by business assets with another - its reflection in securities.
The off-exchange market acts on the basis of phone, a telex, a computer network uniting in a uniform organism wires of communication of one thousand investment firms. If the exchange market is available only to solid corporations, off-exchange - practically to any company. For this purpose it is necessary only that there was a broker firm which would agree to support the secondary market by this type of papers.
Emergence of securities as special object of a property turn is connected with that historical period when people, having received need to move large numbers of goods and money, faced lack of the way of such movement which economically acquitted itself.