The fifth task of the exchange consists in providing arbitration. It is necessary to understand the mechanism for free settlement of disputes as arbitration. It has to define a circle of people which can carry out an objective, and also possible compensations to an affected party. Many exchanges for the solution of a task of arbitration create the special arbitration commissions. The consequence of the arbitration commission has to be conventional.
The first task of the exchange consists in providing a place for the market, i.e. to centralize a place where can occur both sale of securities to their first owners, and their secondary resale. Thus the basic provision of existence of the exchanges is observance of the obligatory requirement by all bidders to behave according to firm rules.
Internet trading has one more interesting feature – from what point of the world – Moscow, Sydney or New York – control of the account will be exercised, technically does not matter. If you have a high-speed channel and the first-class provider, delay time at information transfer becomes so a little that it can be not taken into consideration. Thus, you can quite operate the assets from Moscow, Khanty-Mansiysk or Vladivostok is so successful as though windows of your office came to the Wall Street.
Discount brokers appeared in the market long before the Internet and were guided generally by those investors who preferred to be engaged independently in the analysis of the market, independently to make decisions and operated with the small sums of means. Orders were given by phone, reports on transactions were dispatched by mail. But only after rapid development of the Internet this service was rather demanded.