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ESMA         (European Securities and Markets Authority).

FSA         (The Financial Sendees Authority).

FCA       (Financial Conduct Authority).

FTCEI      (Financial Times Stock Exchange Index)

GFCI      (Global Financial Centres Index).

GWC (GWIC)  -  (Geoctroyeerde Westindische Compagnie).

IOSCO        (The International Organization of Securities Commissions).

IPO       (  )   (Initial Public Offering).

LSE     (London Stock Exchange).

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NYSE  -   (New York Stock Exchange).

PPO      (Primary Public Offering).

PRA      (Prudential Regulation Authority).

SEC         (U. S. Securities and Exchange Commission).

SFC         (Securities and Futures Commission of Hong Kong).

SFO        (Securities and Futures Ordinance).

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SPV      (Special Purpose Vehicle).

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  ,     ,    2009     .           :         [31 -    25  2009  281-                  .  ,  . 2         .].

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    -   (NYSE)   1971    ,          (NASDAQ).       1987         .    ,  - ,       ,      [37 - Burton ., Nesiba R. F., Brown . An Introduction to Financial Markets and Institutions. P. 308.]. ,  2006  NASDAQ Stock Market        [38 - Handbook of Finance: Financial Markets and Instruments/ed. by Frank J. Fabozzi. New Jersey, 2008. P. 130.].                 .

     .  ,   2010                       .               .            [39 - - .  //. 245 (2763). 2010.].


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     web-,   -,    ,           .

        ,        .              .            : SecondMarket (https://www.secondmarket.com)  SharesPost (http://www.sharespost.com).     -     (alternative trading system)        (SEC),     ..    (passive bulletin board).    -      ,         ,  Facebook (   ), Twitter, Foursquare, Dropbox, Groupon, Linkedln  ..

      .   ,  SEC   ,           -                 ,   .     :      ,           [42 -  .: Mendelson Feld . Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. New Jersey, 2011; Pepitone J. SecondMarket trading doubles in private company stock. URL: http://money.cnn.com; Lattman P. Stock Trading in Private Companies Draws S. E.C. Scrutiny. URL: http://dealhook.nytimes.com.].          .  , SharesPost         -    [43 -   SecondMarket  SharesPost .: Pollman E. Information issues on Wall Street2.0 University of Pennsylvania Law Review. Vol. 161.No. 179.2012.P. 195196.].


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     [47 -      :  . .   : . .1315; HazenT. L. Securities regulation in a nutshell. 2009. P. 7;  A.E.      ,      // , 2009. 1.  . URL: http://www.consultant.ru./law/ review/other/xm2009-04- 15.html.]






 [48 - ,           -ѻ      ,      (,   ,  ,   ()  . ).  .:     ,   5               27  2013  (http://fs.rts.micex.ru./files/299).]








( --  Gramm-Leach-Bliley Act)[49 -      20072008             -, ..                (. ,      -  : Hoenig . Too Big to Succeed [Electronic resource] //The New York Times. 2010. URL: http://www.nytimes.com/2010/12/02/opinion/02hoenig.html.]




1.3.      


     , ,     ,    <>           . ,   , <>      ,  ,  .                .

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          .   ,   ,             ,     .  ,    ,       20072008 ,      ,         ,              (,   [51 -          ,   ,   ,    (,   ..).]),   [52 - Wallenstein S. The roots of the financial crisis //Capital Markets. Law Journal. 2009. Vol. 4. No. Sl.P. 1516.].

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        [54 - Banner S. Anglo-American securities regulation. Cultural and political roots, 16901800. Cambridge, 1998. P.3237.].

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  ,          ,       .    ,      ,       ,         .             ,     ,       [57 - ,  . .      .   ,         .           . ( . .         . . 2007. . 19).].

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 , ,   (Roberta Romano)                        .  ,     ,       [63 - . : Romano R. Regulating in the Dark//Regulatory Breakdown: The Crisis of Confidence in U. S. Regulation/ed. by C. Coglianese. 2012. URL: http://ssrn.com/ abstract=1974148.].


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             ,    2011        ,    :

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       .  , ,   ,            (Consumer Financial Protection Bureau)[74 -  .   : http://www.consumerfinance.gov.].     2013       :     (Financial Conduct Authority (FCA))     [75 -       .] (Prudential Regulation Authority (PRA))[76 -  .  : Journey to the FCA. 2012. URL: http://www. fsa.gov.uk/static/pubs/other/journey-to-the-fca-standard.pdf.].       :             [77 -     4  2011  270 ( .     21  2012  636)            .].            [78 - ., :  .,  .,  . .     // . 246 (5031). 2012.].


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Burton ., Nesiba R. F., Brown .An Introduction to Financial Markets and Institutions. N.Y., 2009. 687p.

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Loss L, Seligman J. Fundamentals of securities regulation. Aspen publishers, 2003. 66 p.

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 2

       


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       XVI                  .      ,  ,  ,       .

         .     ,       [90 - . : KelemenR.D. Eurolegalism: The Transformation of Law and Regulation in the European Union. Harvard University Press, 2011. P. 93; Dariusz W. The Global Stock Market: Issuers, Investors, and Intermediaries in an Uneven World. N.Y., 2011. P.2.].               ,     .     ,     XVII :

1.      ,    .

                -  (VOC),   1602 .    VOC   [91 - ,  -  (EIC),   1600 .  .:  : /. . . . . ., 2011. .113114.]       ,        .               .         .          :      ,      ,   ,             .           VOC      .              1143 ,    -[92 - Jan De Vries, . . van der Woude The First Modern Economy: Success, Failure, and Perseverance of the Dutch Economy, 15001815. Cambridge university press, 1997. P. 385.].        -  (EIC)[93 - He    - :  (VOC)  1602,   1616,   1628,   1664  .],   1600 ,      218 [94 - Harris R. The Formation of the East India Company as a Cooperation-Enhancing Institution [Electronic resource]. 2006. URL: http://ssrn.com/abstract=874406.].   ,    XVII ,       ,    ,       .

2.           ,    .

,   1622          ,   -.              ,    .         ,       [95 -  . M.  // : 2. . 2. . 54.].

3.            .

          ,     .

  ,        .           [96 - Petram L. . The world's first stock exchange. How the Amsterdam market for Dutch East India Company shares became a modern securities market, 16021700. 2011. URL: http://dare.uva.nl/document/201694. P. 98.].          .    ,   XVII    (Hollandsche Consultatwn),     ,      ,      ,    ,  ,       [97 - Ibid. . 94.].



                 (Don Joseph de la Vega Confusion de Confusiones),   1688 [98 -           .       .            : , .    /. . . 1999. URL: http://tarranova.lib.ru./authors/b/bondarev/ part2.txt. // . URL: http://tarranova.lib.ru./authors/b/bondarev/ part2pre.txt.].     [99 -      (Hermann Kellenbenz) 1957          . (URL: http://tarranova. lib.ru./authors/b/bondarev/part2pre.txt).],         ,       [100 -       .]:

  (),       ,    () ,        ;

   ,      ,                 ;

 ,        ,     ;

       ,       ;

 ,     ,      .            ,          ,   ,    ,     .

       . ,      :        ,          [101 - ,        2008               . (      17  2008               //  . . . URL: http://old.ffms.ru./document. asp?ob no=144286).].          XVII       (Isaac Le Maire)[102 -  : Poitras G. Risk management, speculation, and derivative securities. Academic Press, 2002. P.28; Sarna D.E.Y. History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff. Wiley, 2010. 398 p.].          VOC.       ,            .              ,    ,    .                VOC.


4.           - .

 XVII             .   ,          ,  ,         [103 - Garber P.M. Famous first bubbles: the fundamentals of early manias. The MIT Press: 2001. P. 34.        .: Marchi N. de, Harrison . Trading in the wind and with guile: the troublesome matter of the short selling of shares in seventeenth century Holland/Higgling: transactors and their markets in the history of economics. University press, 1994. P.4765.],    .

    ,      :

  27  1610 .

     ,       ,          .      ,        .         -   [104 -  .: Stringham . The extralegal development of securities trading in seventeenth-century Amsterdam// Quarterly Review of Economics and Finance. Vol. 43. No. 2. 2003. P. 328.].

 1621 .

        -  (GWC)               .          ,          .          [105 - Poitras G. Risk management, speculation, and derivative securities. Academic Press, 2002. P. 28.].

 1630  1636 .

  ,       (stadhouder)  ,      ,     ,     ,       .       ,           [106 -  .  // , .  .   [ ]/. . . 1999. URL: http://tarranova.lib.ru./authors/b/bondarev/ part2pre.txt.].

   ,      .           [107 -   ,               .: StringhamE. Tire extralegal development of securities trading in seventeenth-century Amsterdam // Quarterly Review of Economics and Finance. Vol. 43. No. 2. 2003. P. 329.].                ,              .

5.         ,    .

   [108 - Petram L. . The world's first stock exchange. How the Amsterdam market for Dutch East India Company shares became a modern securities market, 16021700. 2011. P.9192. URL: http://dare.uva.nl/document/201694.],        (  1640- )      ,   . -                     [109 - ,  Van Balck vs. Rotgans (1622).            ,           (.: Petram L. . The world's first stock exchange. P.9899).].      , , ,      ( )      ,    .

              ,       .  ,    ,      ,     .             .

           (collegies),              (,  Collegie vande Actionisten).      ,         [110 - Petram L. 0. The world's first stock exchange. P.110112.].

 ,       ,      ,   (     ),       .



        .







2.2.       XVIIIXIX 


   (   ),    . ,  ,       ,   ,          ,        .

 . .  ,       , 1879

 XVIII         ,  , ,  .

              1600   -  (EIC).    ,   ,     ,        ,       .      .       (Governor),   (General Court)    (Court of Directors).          [111 - Harris Ron. The Formation of the East India Company as a Cooperation-Enhancing Institution. 2006. P. 24.].

 :      ,    ,     (-, , ,   ..)[112 - Ibid. P.41.].

          ,     ,     .








           .

-,            ,             , ,  .

-,    ,  1688           .  ,     XVII ,      ,        , ,       ,   ,        [113 - Lipton . The Evolution of the Joint Stock Company to 1800: A Study of Institutional Change [Electronic resource]/Monash Univ. Dep. of Business Law & Taxation//Monash Univ. Dep. of Business Law & Taxation Legal Studies Research Paper Ser. No. 19. 2009. C. 15. URL: http://ssrn.com/abstract=1413502.].

-,  ,             1689       . ,                   .

  XVII       :

1.    (   ,    ,    ).

        ,                   .

2.     ,   .

                 (Royal Exchange).      1567   .  1698    Royal Exchange      Change Alley       .

3.       .

     ,  ,           ,        1694 [114 - Michie R. . The global securities market: ahistory. P.2829.].         ,  ,      ,    8% .     :      .                , ,     .

  1695        ,     150   (    stocks)[115 - Banner S. Op. cit. P. 24.].

4.       .

   ,            ,        .  :  500        450   [116 - Michie R. C. The London Stock Exchange: A History. Oxford, 1999. P. 16.]!

5.      ,   -   (,  ).

          ,        .

6.  1694      ..  .

        .       .   XVII       [117 - Banner S. Op. cit. . 26.]:

 (stockbrokers)          ;

 (stockjobbers)         (     ).

  XVIII           .        ,         ,        [118 -   ,    ,     ,          .].  ,       (la compagnie du Mississippi)      (the South Sea Company).          ,          1720 ,       ,  [119 -  .: Roncal I. D., Abbo J. N. The Big Gamble: Are You Investing Or Speculating? 2009. P.6269.].

             , ,    ,     [120 -           .],      .       :

1.  1697 ,          [121 - An Act to restrain the number and ill practice of brokers and stock jobbers.].

   [122 -  .: Banner S. Op. cit. P.3940.]    :

   (  100);

   ;

      ;

   ;

             .

2.    (Bubble Act) 1720 [123 -   :  Act to Restrain the Extravagant and Unwarrantable Practice of Raising Money by Voluntary Subscriptions for Carrying on Projects Dangerous to the Trade and Subjects of this Kingdom ( no                    ).].

        [124 -           ,             1720 .       1720 ,      .     ,                     ,    ,           (  .: Banner S. Op. cit. .7577; Lipton . Op. cit. P.1920).].       ,      :

1)             ;

2)    ,  ,     ,     [125 - Banner S. Op. cit. P. 76.].

       -        , Bubble Act   .     (Armand DuBois), ,         ,         (unincorporated joint stock companies)[126 - DuBois A. B. The English Business Company After the Bubble Act, 17201800. London: Octagon Books, 1971. P. 12.].          ,     ,  ,  unincorporated companies,      (partnerships).

3.  1721   ,    .

          ,          .              .



,       1720  ( 1   950?)  100         1000 ,      ,   ,       150?!  ,    .


,  ,  ,       ,            ,          .

4.    1734 [127 - An act to prevent the infamous practice of stock-jobbing.].

      1720          .            .     [128 - Cm.: Banner S. Op. cit. P. 105.]:

    (     ,  ,       500 ?);

  ,       .          (  100?);

           ,           ;

      ,     .

  ,      ,     ,    .           .         ,        .  ,       ,        .

 ,    ,        (Alderman Oliver)  1773 .            .  ,  :       ,       ,  ,     [129 - Cobbett W., Hansard . . The Parliamentary history of England from the earliest period to the year 1803. Vol. XVII. A. D. 17711774. London, 1813. P. 794. ,    ,       ,    .].

5.      1766 .

                    6-     .

,            .       ,      [130 -    ,        ,          ,     (Michie R. . The global securities market: A history. P. 49).].    . ,     :     ,       ,   ,          ,        [131 - . :  . H.  ,       . ., 1879. . 167.].



      XVIIIXIX .







2.3.       XIX   XX 


 1914        .        :          .

Steffano Battilossi, Jaime Reis State and Financial Systems in Europe and the USA. Historical Perspectives on Regulation and Supervision in the Nineteenth and Twentieth Centuries, 2010

             .                      [132 -  ,  1801      (London Stock Exchange),        .       ,   ,    (Societe des Bourses Francaises  Paris Bourse,),    .  1817      -   (New York Stock Exchange  NYSE).  1831      (Bolsa de Madrid).].         .               [133 - ,    1827       .].

               XIX        .       .

       ,         XIX   XX :

1.         ,   .

           . ,     (, )    .   ,  ,     [134 - ,      -  ,       .],     .

   , ,                [135 -  . .   ? //  . 1917.].

   ,              ,   ,     (    ,    ),    [136 - Michie R. . The global securities market: A history. P.7173.].



 ,                 . ,          .       .      XIX   XX  ,        ,    [137 - Dos Passos J. A treatise on the law of stock-brokers and stock-exchanges. 2nd ed. N. Y., 1905. P.2021.].

              (NYSE  1863 ,      -)    ,      ,    [138 - Ibid. P.3536.].


 ,   XIX        [139 -             XIX   XX  ., : Burhop ., Chambers D., Cheffins . Is Regulation Essential to Stock Market Development? Going Public in London and Berlin, 19001913/MPI Collective Goods Preprint. No. 2011/15. URL: http://ssrn.com/abstract=1892784; Gibson G. R. The stock exchanges of London, Paris, and New York: acomparison. N.Y.: G. P. Putnam, 1889.125p.]     ,           .

2.   ,       .

   ,           ,         .               .

   ,   XIX     ,    ,     :   .          22  1896    [140 - Stillich Dr. .     //  . . 125.].

       ,    .      ,         ,     . ,     XIX       ,      (customs),    ,    [141 - ,          ,          .].   1860   -        ,    [142 - Banner S. Anglo-American securities regulation. Cultural and political roots, 16901800. Cambridge, 1998. P.246247.].     ,   [143 -  .: Stillich Dr. . , .// . .127128.],        ,        [144 - ,          :   (,     ),       ,     ,  ,  ,      ( ,   ..),       (,  ).].



        .              ,       .        1891   .      ,       [145 -  .: Emery . Crosby Speculation on the stock and produce exchange of the United States. N. Y., Columbia University, 1896. P.223226.].  , ,   Dr. . Stillich,                    (, , )     (   ,   )[146 -             Stillich Dr.O. , .// . .125129.].

  ,       ,     .         ,      :    ,    (, )   .        .

    ,  ,   ,    ,     : , ,   .

     :

1) :

  (B?rsenausschuss);

  (   );

 .

2) :

  (B?rsenvorstand);

      (Zulassungsstelle);

     (Kursmakler  Maklerkammern);

  (Ehrengericht);

  (Schiedsgericht).


3.      .

         ,          ,          .

,             ,   ,           [147 - ,  1853     ,     ,  ? 1,2 .    70%     ,  25%       (  : Michie R. . The global securities market: A history. P. 75).].          .



,         ..   (municipal bonds)[148 - . : Burhans J. A. The Law of Municipal Bonds. Chicago, 1889. P.26.].              18611865 .      ( )       ,          ,     .. -      ( ,   )      .  ,         (,    )        [149 - ,         Claiborne Co. (Tenn.) v. Brooks, in U.S. 400 (1884)  ,               .]?


 ,             ,    ,        .   ,                        [150 -  . .   // . . 205.].

4.   ,      ,      .

                ,    XIX . ,      1844- ,     1867-,     1870-.

 ,   XIX          .         ,     ,     ,      ,       .     ,     ,     .        [151 -          . ., 1872. .4345.].

5.   ,     .

   ,                   .       . ,             -   .    -           -        .  1869    NYSE[152 -     1863 .]    The open board of brokers.         :                   [153 - . .    -  // . . 170.].

          , ,  ,    .        11  1882   22  1914[154 - Cheffins . R. Corporate ownership and control. British business transformed. Oxford University Press, 2010. P. 176.].

       ,          . ,  [155 - Cassis Y. Capitals of Capital: The Rise and Fall of International Financial Centres 17802009. Cambridge University Press, 2010. P. 70.]     (1850),  (1875)    (1876).



  ,         (Winkelb?rse)[156 -  . H.  ,       . ., 1879. . 10.].     ,   ,            . ,   XIX           Tortonia,    du Panorama,      Effectensociet?t,    B?rsenhalle.            ,  ,  , .


          .          




  .


   .

   ,     (https://www.litres.ru/aleksandr-molotnikov/pravovoe-regulirovanie-rynka-cennyh-bumag-uchebnoe-po/)  .

      Visa, MasterCard, Maestro,    ,   ,     ,  PayPal, WebMoney, ., QIWI ,       .



notes








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17


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66


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67


 ,       ,   Moodys  2006     ,   83%    .




68


,   - (Dow Jones Industrial Average)   2007    14 000 ,     2009       500 ! (  http://www.djaverages.com).       : 2008      1800 ,     2009     400 ! (URL: http://www.micex.ru./articles/file/4107/MICEX%20Index%20 brochure%20(rus)%20JULY%202009.pdf).




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77


    4  2011  270 ( .     21  2012  636)            .




78


., :  .,  .,  . .     // . 246 (5031). 2012.




79


      (South Sea Company)     (la compagnie du Mississippi),      XVIII          .    . .




80


     .           .  ,       ,  the Company of the Royal Adventurers into Africa,   1663  (Banner S. Anglo-American securities regulation. Cultural and political roots, 16901800. Cambridge, 1998. P. 24).




81


     .        VII  .. (.  . .  . . 1896. . 204).




82


,  1262                   .. prestiti.   ,   prestiti    ,   ,   .  ,         ( .: Homer S., Sylla R. A history of interest rates. New Jersey: Wiley, 2005. P.9394).




83


 . M.  // : 2. . 2: .           .  .   / . . . . . . : - , ., 1917. . 41.




84


    1494  Fra Luca Pacioli ( ,        ):    ,     ,   ,       Rialto,     Mercato nuovo [ ],     (. :  . .  // . . 2. . 41).




85


Michie R. . The global securities market: A history. Oxford University Press, 2007. P.20, 21.




86


        .       .




87


 . .   //  . . 2. . 46.




88


Michie R. . The global securities market: ahistory. P. 22.




89


,      1550-            ,         ,     (.:  . .  . . 47).




90


. : KelemenR.D. Eurolegalism: The Transformation of Law and Regulation in the European Union. Harvard University Press, 2011. P. 93; Dariusz W. The Global Stock Market: Issuers, Investors, and Intermediaries in an Uneven World. N.Y., 2011. P.2.




91


,  -  (EIC),   1600 .  .:  : /. . . . . ., 2011. .113114.




92


Jan De Vries, . . van der Woude The First Modern Economy: Success, Failure, and Perseverance of the Dutch Economy, 15001815. Cambridge university press, 1997. P. 385.




93


He    - :  (VOC)  1602,   1616,   1628,   1664  .




94


Harris R. The Formation of the East India Company as a Cooperation-Enhancing Institution [Electronic resource]. 2006. URL: http://ssrn.com/abstract=874406.




95


 . M.  // : 2. . 2. . 54.




96


Petram L. . The world's first stock exchange. How the Amsterdam market for Dutch East India Company shares became a modern securities market, 16021700. 2011. URL: http://dare.uva.nl/document/201694. P. 98.




97


Ibid. . 94.




98


          .       .            : , .    /. . . 1999. URL: http://tarranova.lib.ru./authors/b/bondarev/ part2.txt. // . URL: http://tarranova.lib.ru./authors/b/bondarev/ part2pre.txt.




99


     (Hermann Kellenbenz) 1957          . (URL: http://tarranova. lib.ru./authors/b/bondarev/part2pre.txt).




100


      .




101


,        2008               . (      17  2008               //  . . . URL: http://old.ffms.ru./document. asp?ob no=144286).




102


 : Poitras G. Risk management, speculation, and derivative securities. Academic Press, 2002. P.28; Sarna D.E.Y. History of Greed: Financial Fraud from Tulip Mania to Bernie Madoff. Wiley, 2010. 398 p.




103


Garber P.M. Famous first bubbles: the fundamentals of early manias. The MIT Press: 2001. P. 34.        .: Marchi N. de, Harrison . Trading in the wind and with guile: the troublesome matter of the short selling of shares in seventeenth century Holland/Higgling: transactors and their markets in the history of economics. University press, 1994. P.4765.




104


 .: Stringham . The extralegal development of securities trading in seventeenth-century Amsterdam// Quarterly Review of Economics and Finance. Vol. 43. No. 2. 2003. P. 328.




105


Poitras G. Risk management, speculation, and derivative securities. Academic Press, 2002. P. 28.




106


 .  // , .  .   [ ]/. . . 1999. URL: http://tarranova.lib.ru./authors/b/bondarev/ part2pre.txt.




107


  ,               .: StringhamE. Tire extralegal development of securities trading in seventeenth-century Amsterdam // Quarterly Review of Economics and Finance. Vol. 43. No. 2. 2003. P. 329.




108


Petram L. . The world's first stock exchange. How the Amsterdam market for Dutch East India Company shares became a modern securities market, 16021700. 2011. P.9192. URL: http://dare.uva.nl/document/201694.




109


,  Van Balck vs. Rotgans (1622).            ,           (.: Petram L. . The world's first stock exchange. P.9899).




110


Petram L. 0. The world's first stock exchange. P.110112.




111


Harris Ron. The Formation of the East India Company as a Cooperation-Enhancing Institution. 2006. P. 24.




112


Ibid. P.41.




113


Lipton . The Evolution of the Joint Stock Company to 1800: A Study of Institutional Change [Electronic resource]/Monash Univ. Dep. of Business Law & Taxation//Monash Univ. Dep. of Business Law & Taxation Legal Studies Research Paper Ser. No. 19. 2009. C. 15. URL: http://ssrn.com/abstract=1413502.




114


Michie R. . The global securities market: ahistory. P.2829.




115


Banner S. Op. cit. P. 24.




116


Michie R. C. The London Stock Exchange: A History. Oxford, 1999. P. 16.




117


Banner S. Op. cit. . 26.




118


  ,    ,     ,          .




119


 .: Roncal I. D., Abbo J. N. The Big Gamble: Are You Investing Or Speculating? 2009. P.6269.




120


          .




121


An Act to restrain the number and ill practice of brokers and stock jobbers.




122


 .: Banner S. Op. cit. P.3940.




123


  :  Act to Restrain the Extravagant and Unwarrantable Practice of Raising Money by Voluntary Subscriptions for Carrying on Projects Dangerous to the Trade and Subjects of this Kingdom ( no                    ).




124


          ,             1720 .       1720 ,      .     ,                     ,    ,           (  .: Banner S. Op. cit. .7577; Lipton . Op. cit. P.1920).




125


Banner S. Op. cit. P. 76.




126


DuBois A. B. The English Business Company After the Bubble Act, 17201800. London: Octagon Books, 1971. P. 12.




127


An act to prevent the infamous practice of stock-jobbing.




128


Cm.: Banner S. Op. cit. P. 105.




129


Cobbett W., Hansard . . The Parliamentary history of England from the earliest period to the year 1803. Vol. XVII. A. D. 17711774. London, 1813. P. 794. ,    ,       ,    .




130


   ,        ,          ,     (Michie R. . The global securities market: A history. P. 49).




131


. :  . H.  ,       . ., 1879. . 167.




132


 ,  1801      (London Stock Exchange),        .       ,   ,    (Societe des Bourses Francaises  Paris Bourse,),    .  1817      -   (New York Stock Exchange  NYSE).  1831      (Bolsa de Madrid).




133


,    1827       .




134


,      -  ,       .




135


 . .   ? //  . 1917.




136


Michie R. . The global securities market: A history. P.7173.




137


Dos Passos J. A treatise on the law of stock-brokers and stock-exchanges. 2nd ed. N. Y., 1905. P.2021.




138


Ibid. P.3536.




139


            XIX   XX  ., : Burhop ., Chambers D., Cheffins . Is Regulation Essential to Stock Market Development? Going Public in London and Berlin, 19001913/MPI Collective Goods Preprint. No. 2011/15. URL: http://ssrn.com/abstract=1892784; Gibson G. R. The stock exchanges of London, Paris, and New York: acomparison. N.Y.: G. P. Putnam, 1889.125p.




140


Stillich Dr. .     //  . . 125.




141


,          ,          .




142


Banner S. Anglo-American securities regulation. Cultural and political roots, 16901800. Cambridge, 1998. P.246247.




143


 .: Stillich Dr. . , .// . .127128.




144


,          :   (,     ),       ,     ,  ,  ,      ( ,   ..),       (,  ).




145


 .: Emery . Crosby Speculation on the stock and produce exchange of the United States. N. Y., Columbia University, 1896. P.223226.




146


            Stillich Dr.O. , .// . .125129.




147


,  1853     ,     ,  ? 1,2 .    70%     ,  25%       (  : Michie R. . The global securities market: A history. P. 75).




148


. : Burhans J. A. The Law of Municipal Bonds. Chicago, 1889. P.26.




149


,         Claiborne Co. (Tenn.) v. Brooks, in U.S. 400 (1884)  ,               .




150


 . .   // . . 205.




151


         . ., 1872. .4345.




152


    1863 .




153


. .    -  // . . 170.




154


Cheffins . R. Corporate ownership and control. British business transformed. Oxford University Press, 2010. P. 176.




155


Cassis Y. Capitals of Capital: The Rise and Fall of International Financial Centres 17802009. Cambridge University Press, 2010. P. 70.




156


 . H.  ,       . ., 1879. . 10.


