In exercising the takeover programs (Underwriting) stock brokers, through registration and payment of all newly issued securities, post-takeover-issue risk-taking success shows the value of certain securities issuer.

Stock broker concludes a contract or other appropriate legal act of conducting downloading programs (Underwriting) with the client - issuer of securities that regulates the mutual rights and obligations, in particular:

     * Way of organizing business takeover of securities issuing,
     * The price at which stock brokers and write a new broadcast paid securities
     * Way of organizing activities include securities in the regulated market and the types of professional and administrative work stock brokers in connection with such inclusion, and
     * Other elements and the mutual rights and obligations that determine the contracting parties.

After registration and payment of new issued securities, and the inclusion of securities on the organized market, stock brokers selling securities to investors through the organized market in accordance with the law.

Stock brokers revenues earned on the difference between prices at which enrolled and paid the new broadcast securities and prices at which sales of the same investors.

In order to reduce the risk of takeover programs, stock brokers can download programs work for the client, perform merging with other entities authorized to perform operations with securities.

License Commission Securities code: 01-UP-051-3145/08 of 28 July 2008 and valid until 28 July 2011.godine.