عنوان مقاله [English]
Order of sale (buying and selling) in securities and the stock exchange market is a part of the transaction process of this market (securities and exchange). Due to the process fulfilled by the financial institution (brokerage), it should be registered in the trading system. Hence, in some cases, ambiguities arise in terms of legal institutions. These ambiguities arise from governing formalities on stock exchange transactions and the role of brokerage companies, bourse, and financial market supervisory. Since securities transactions are realised at the trading session and through the trading system, all parties should follow sales according to professional rules and regulations. So, the stock exchange transactions are formal, and the item mentioned above (Formalities) is the third component in securities and exchange transactions besides offer and acceptance. Therefore, although there is a possibility of being invited to negotiate or transaction for an order of sale in the trading system in securities and exchange transactions, each broker, based on clients' buying or selling situation, makes the offer or acceptance. (brokerage does offer and accept according to a position of buy and sale for their clients.) Thus, considering order as an acceptance has more consistency, which depends on the conditions and formalities related to registration in the trading system and its approval by the market supervisory in the stock exchange market. Naturally, suppose the interplay leads to fulfilling a transaction and registering in the client's portfolio. In that case, it will affect parties and the financial institution that is the subject of this essay. These effects are subject to a contract of sale regulations and have the regulatory obligation and professional duty for the supervision.