The aime of this article is study legal analysis of securities in value. The kind of rights against securities has positive correlation with economic efficiency. In this article the economic analysis of securities would be focused with a comparative study with common law. Securities cause assets with low liquidity such as land to reshape to valuable symbols. In fact, it is value which is transacted in the economy. Thus, the velocity of their transactions and as a result, the velocity of circulation of money would increase. Consequently if we consider securities as circulating rights i.e. consider them as quasi-negotiable instruments and also by legal support of bona fide purchaser, the transaction costs would decrease.
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