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Stock Exchanges and securities, are the most important and controversial areas in the application of the rules of private international law. On the one hand there is no single formula and peer conflict resolution in determining the applicable law on securities due to fundamental differences, and on the other hand, returns to bilateral exchange in contention to face public law and private law countries which tending to influence domestic legislation. Thus, such characteristics made determining single formula in absolute securities unreachable. Another issue is the existence of multiple tools describing these stocks that all are derived from nature of conflict source. It is clear that to achieve this goal, it is necessary to choose appropriate descriptive tool considering the characteristics of securities and various forms of conflict in these cases to resolve problems as far as possible. The result will be finally established, and it is actually trying to set global approach and compromising the rule in this regard; So that the will of the parties or legal entity holding the securities intermediary where the establishment (or the law of holding stock exchanges by intermediate) reagents the governing law.

Keywords: Securities, conflict of laws, the rule of conflict resolution, animated conflict, intermediary

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