The predecessors of the modern stock markets were medieval bill trade fairs and constant bill markets that time to time were appearing and disappearing in XIII—XIV centuries. Bill trade is connected with appearing of the first professional participants of the stock market and first stock exchanges where deals were conducted both with goods and with bills. The first stock exchanges, where security operations were hold, are establishments created in XVI century in Antvenpern (1531) and Lion. Owing to different circumstances these stock exchanges have disappeared in the first half of XVI century.

Nevertheless the stock market in the modern comprehension and financial terms was born only in the end of XVI century in the connection with strengthening of the state’s emission activity and stock companies appearance.

First joint-stock companies were Moscow, Levantine, Baltic, and East Indian companies created in XVI — XVII centuries in England, as well as Dutch Joint East Indian company. Trade companies’ stocks soon after their creation have become the matter of bargains both in England and Holland.

From 1600 to 1657 English East Indian Company was acting of the basis of constantly revolving capital. Participants’ shares were turning back to them after each trip (expedition). Only in 1657 the company’s statute was changed and it became a joint-stock company. The company began to pay dividends. In Holland East Indian Company during 40 year stock dividends rarely were paid by money — mostly by goods (spice). Only in 1644 the company began paying dividends exceptionally in money form. During 200 years of it existence the company were regularly paying dividends and their average annual rate made 18% of face-value. However, right up to XIX century joint-stock companies remained rarity and their securities provided small share of the stock turnover.

The majority of security operations were accounted for state securities. State promissory notes trade promoted the appearance of modern stock exchanges and investment institutes. The oldest stock exchange is Amsterdam Stock Exchange that was established in 1611. Amsterdam Stock Exchange right up to 1913 was the universal stock that was trading with different goods and securities. Here all today’s methods of securities trade were created — futures, including deals with premium (options), report and deport operations, margin deals and more. Securities trade techniques in the beginning were similar to stock goods trade, but gradually specific norms were produced. During first years an access to the stock exchange was free, any visitor had right to make deal with anybody.

As for stocks, regular auctions during long period were providing only stocks of the Joint East Indian Company — the first joint-stock company in the Netherlands. The second joint-stock company whose stocks were circulating on Amsterdam Stock Exchange was East Indian Company. In 1747 Amsterdam Stock Exchange quoted 44 types of securities.

The second stock world’s market is Great Britain’s market. Just on the territory of Great Britain the first particularized stock exchange appeared, when in 1773 London brokers who were realizing operations with various financial instruments, rented special hall for their meetings that was first called a Stock Exchange. Membership in the stock exchange also wasn’t limited – anybody could take part in auction paying 6 pence a day.

Stock exchanges had appeared also in Liverpool (specialization in insurance company’s and American emitents’ stocks), Manchester (railway and textile enterprises), Glasgow (shipbuilding and metallurgy), Cardiff (extractive industry), but the central place on the stock market was occupied by London and in the beginning of XIX century the world’s financial centre was not Amsterdam but London. Right up to the middle of before last century the main securities on London Stock Exchange were state stocks because in England during long period (from 1720 to the middle of XIX century) the creation of joint-stock companies was restricted.

In France the predecessors of the modern securities specialists were medieval money-changers. From 1639 these specialists were called agents de change. In 1724 a special building was constructed for making deals but there wasn’t mechanism of price public announcement. Only in 1777 agents got special ground for securities trade and the new rule of opened price announcement was introduced.

In 1801 Napoleon issued an edict about the construction of a special building for Paris Stock Exchange. The main securities in XVIII century were bills but not stocks. However in 1840 Paris Stock Exchange quoted about 130 promissory and share securities.

The first stock exchange in America has appeared in 1791 in Philadelphia. In 1792 24 New York brokers signed Buttonwood Agreement about the creation of New York Stock Exchange. As in London, first main trade objects were state promissory notes, and only after the end of a civil war stocks took topping place. New York Stock Exchange played a huge role in the development of American capitalism. Here empires of financial magnates were created — Vanderbilt, Morgan, Harriman, Rockefeller — empire whose part exists until now. The stock exchange was playing the most important macro economical role being one of the key elements of the investment mechanism. The creation of railway lines network in USA in XIX century is connected with New York Stock Exchange.