THE INCEPTION OF SECURITIES TRADING AND THE LEGAL STATUS OF IT`S PARTICIPANTS

The article explores the legal peculiarities of stock trading in issue and non-issue securities, starting from the emergence of stock exchange relations in medieval Europe, when such a priori activity was international. As of today, diachronic analysis of the legal nature of securities – objects of private international law, theoretically important at once for the three sciences – law, history and economics, and practically in demand for banking and stock exchange law, law-making activity of national and international levels. The main object of the study in this context is the analysis of the subject composition, that is, the list of rights and obligations of the parties to the legal relationship over the circulation of securities encumbered by a foreign element – an object that has become increasingly relevant lately. Foreign trade law is largely customary, and foreign exchange law is a priori, since it arose under international law when it was never called before, and only then reciprocated by national legal systems. Unlike trade legal relations, which emerged as domestic and gradually evolved and expanded, exchange relations emerged to regulate relations with a foreign element, and only then began to be realized within the legal relations of domestic ones. Therefore, it would be appropriate to consider the “genetically” securities institute an institution of private international law. The presented scientific material deals with the genesis and evolution of the source base of legal regulation of the securities market and the establishment of close interdisciplinary links between the history of state and law and international private law.