in every bargain; so is it commodious to use the means of Brokers, the commodities are not only bought and sold with more credit and reputation, but all controversies which do arise by misadventure or otherwise are sooner determined, and a sworn Broker is taken as a double witness, if he do produce his book, with a of the bargain, as the Memorandum same was agreed between both parties, whereby many variances are reconciled, and differences (like to fall out) are prevented. This discussion on the use of brokers in commodities transactions follows a longer discussion by Malynes (1622, p.124-6) regarding the use of contracts” in the trading “notarial business of the regulated company of Adventurers” where the systemic use of “Merchant forward sale contracts in their commercial transactions is apparent. In modern vernacular, the 16th and 17th sales contracts that Malynes describes for the sale of English cloth goods arranged on the English bourse in Antwerp, the Bruges bourse and other important commercial centers were structured as non-transferable forward sale contracts with option features. Clarifying the definition of permits the different trading venues for the market’ ‘stock’ ‘stock to be identified. Since the 17th century, stock trading has been increasingly associated with exchanges’ which requires to be defined. As painfully apparent in the ‘stock ‘exchange’ difficulties confronting the SEC since Reg ATS was contemplated in 1997 (see Markham and Harty 2011, p.xxx), this is not as easy as might be expected. A number of conventional and technical definitions for an are possible, e.g., Lee (1998, p.322-3). Almost all “exchange” modern academic definitions identify an exchange with a physical location or building. This creates problems when, say, the is in cyberspace. The SEC (1934; amended 2010) ‘exchange’ currently identifies an exchange as:
in every bargain; so is it commodious to use the means of Brokers, the commodities are not only bought and sold with more credit and reputation, but all controversies which do arise by misadventure or otherwise are sooner determined, and a sworn Broker is taken as a double witness, if he do produce his book, with a Memorandum of the bargain, as the same was agreed between both parties, whereby many variances are reconciled, and differences (like to fall out) are prevented. This discussion on the use of brokers in commodities transactions follows a longer discussion by Malynes (1622, p.124-6) regarding the use of “notarial contracts” in the trading business of the regulated company of “Merchant Adventurers” where the systemic use of forward sale contracts in their commercial transactions is apparent. In modern vernacular, the 16th and 17th sales contracts that Malynes describes for the sale of English cloth goods arranged on the English bourse in Antwerp, the Bruges bourse and other important commercial centers were structured as non-transferable forward sale contracts with option features. Clarifying the definition of ‘stock’ permits the different trading venues for the ‘stock market’ to be identified. Since the 17th century, stock trading has been increasingly associated with ‘stock exchanges’ which requires ‘exchange’ to be defined. As painfully apparent in the difficulties confronting the SEC since Reg ATS was contemplated in 1997 (see Markham and Harty 2011, p.xxx), this is not as easy as might be expected. A number of conventional and technical definitions for an “exchange” are possible, e.g., Lee (1998, p.322-3). Almost all modern academic definitions identify an exchange with a physical location or building. This creates problems when, say, the ‘exchange’ is in cyberspace. The SEC (1934; amended 2010) currently identifies an exchange as: