The legal and jurisprudence nature of brokerage operations in exchange transactions

The intermediary and representation in the capital markets means that the persons cannot trade directly and it is necessary to trade through brokers. At the same time, the legal nature of brokerage and consequently the rights and obligations of the interface is less clear, and lawyers have not obeyed vision unite. Some lawyers know the nature of this act as a "broker" and some of them analysis it based the Article 10 of the Civil Code and other groups have separated the Stock Exchange and the Commodity Exchange. In this regard, according to the officials responsible for the performance of contractual obligations by the brokers behind the third party, the agency for all transactions is more acceptable theory and in terms of legal analysis, brokerage operation under the general title "representation" is known and if the dealer does not manifest itself in transaction, to his party, he is free on referring to him.