ABSTRACT
The stock exchange is the birthplace of the trade in securities. The turnover of securities on the stock exchange has the function of mobilizing capital. The concept of trade in commodities according to stock exchange procedures—that is, the specific characteristics of the commodity exchange which distinguish it from other types of trade—therefore requires closer examination. Only commodities of a standard quality are traded on the commodity exchange. The interchangeability of commodities is a natural attribute of their use value, which some commodities have and others lack. But more than this is required for commodity exchange trading. The distinctive feature of commodity exchange trading is that by standardizing the use value of a commodity it makes the commodity, for everyone, a pure embodiment of exchange value, a mere bearer of price. Monopolistic combines are completely eliminating the commodity exchanges. In order to be exchangeable a commodity must conform to certain fixed and definite standards.
