Финансовые рынки. Фондовый рынок

Exercise 1. Read and discuss the text that follows. Use the glossary given after it.

 

Stocks and markets

Stock Markets are the means through which securities are bought and sold. The origin of stock markets goes back to medieval Italy. During the 17th and 18th centuries Amsterdam was the principal centre for securities trading in the world. The appearance of formal stock markets and professional intermediation resulted from the supply of, demand for and turnover in transferable securities. The 19th century saw a great expansion in issues of transferable securities.

The popularity of transferable instruments as a means of finance continued to grow and at the beginning of the 20th century there was an increasing demand for the facilities provided by stock exchanges, with both new ones appearing around the world and old ones becoming larger, more organized and increasingly sophisticated.

The largest, most active and best organized markets were established in Western Europe and the United States. Despite their common European origins there was no single model which every country copied.

Members of stock exchanges drew up rules to protect their own interest and to facilitate the business to be done by creating an orderly and regulated marketplace.

Investors were interested in a far wider range of securities than those issued by local enterprises. Increasingly, these local exchanges were integrated into national markets.

The rapid development of communications allowed stock exchanges to attract orders more easily from all over the country and later the barriers that had preserved the independence and isolation of national exchanges were progressively removed, leading to the creation of a world market for securities. The 1980s saw the growing internationalization of the world securities markets, forcing stock exchanges to complete with each other. Cross-border trading of international equities expanded.

Although many securities were of interest to only a small and localized group, others came to attract investors throughout the world. Increasingly, arbitrage between different stock exchanges ensured that the same security commanded the same price on whatever market it was traded. London, Paris, New York became dominant stock exchanges.

Stock exchanges emerged as central elements in the financial systems of all advanced countries.

Potential investors, insurance companies, pension funds, governments and corporate enterprises see securities as a cheap and convenient means of finance.

An investor who purchases new securities is participating in a primary financial market. An investor who resells existing securities is participating in a secondary financial market.

There are two basic types of stock markets – (1) organized exchanges, like the New York Stock Exchange (NYSE) or the London Stock Exchange (LSE), and (2) the less formal over-the-counter markets.

The organized security exchanges are tangible physical entities, which have specifically designated members and elected governing bodies-boards of governors.

In contrast to the organized security exchanges, the over-the-counter market is an intangible organization. It is a network of security dealers who buy and sell securities from each other, either for their own account or for their retail clients. The over-the-counter market is normally conducted by telephone and computer reporting of price quotations between brokerage firms that “make a market”: that is, agree to buy and sell a particular security. Securities that are not listed on exchanges are traded “over-the-counter”. In general these include stocks, preferred stocks, corporate bonds, and other securities.

Investors need complete and reliable information about stocks and markets. In addition to the listings, the financial pages of newspapers in all countries contain price quotations and share indexes which give a broad indication of how the stock market, or a segment of the stock market, performed during a particular day.

 

NOTES

The origin of stock markets goes back to     зарождение фондового

medieval Italy                                               рынка относится к эпохе средневековой Италии

The 19th century was a great expansion           

in issues                                                    в 19 веке наблюдалось резкое увеличение выпуска ценных бумаг

were interested in a far wider range of        проявляли интерес к

securities                                                   гораздо большему числу ценных бумаг

the same security commanded the same       одни и те же ценные бумаги

price                                                              имели одинаковую стоимость

The organized security exchanges are           организованные фондовые

tangible physical entities, which have           биржи являются

specifically designated members…              реально существующими экономическими субъектами, имеющими конкретных членов

VOCABULARY

Stock market                         фондовый рынок

Origin                                    происхождение, (зд.) начало, зарождение

Principal                            главный

Intermediation                       посредническая деятельность

Transferable securities        ценные бумаги, которые могут быть переуступлены другому лицу

Expansion                              расширение

Facilities                            (зд.) услуги

Sophisticated                         (зд.) сложный, более современный

To draw up                            составлять (документ)

Orderly                                  упорядоченный

Increasingly                           все больше и больше

To integrate                           интегрировать, объединять

Communications               средства связи

To allow                            позволять, делать возможным

Barrier                                    барьер, препятствие

Isolation                            изоляция, обособление

To lead                                   приводить (к чему-л.)

Internationalization               интернационализация (экономики, капитала)

To force                            вынуждать, заставлять

Cross-border trading             международная торговля

Equity                                    (зд.) обыкновенная акция

Arbitrage                           арбитражные операции

To emerge                              возникать

Advanced countries              развитые страны

Over-the-counter market внебиржевой рынок

Governing body                руководящий орган

In contrast to                         в противоположность (чему-л.)

Network                            сеть

Dealer                                    дилер, биржевой торговец

For smb’s account                 за чей-либо счет

Retail client                           мелкий клиент

To conduct                            руководить, управлять

Quotation                                     котировка

To list                                     вносить в курсовой бюллетень

Preferred stocks                привилегированные акции

Listing                                      допуск ценной бумаги к официальной торговле на фондовой бирже

Share index                            фондовый индекс

Indication                              показатель

Segment                            сегмент (рынка)

 

 

Exercise 2. Answer the following questions:

 

1. What is the Stock Market?

2. What contributed to the emergence and growth of stock exchanges?

3. Where were best organized stock markets established?

4. What general trend in the stock market development has been observed over the years of its existence?

5. What stock exchanges have become most dominant?

6. What part do they play in the financial systems of advanced countries?

7. What are the basic types of stock markets?

8. How are they conducted?

Exercise 3. Fill in the gaps with the words and expressions from the text:

 

1. Stock Markets are the …………. through which securities are …. and ... .

2. The origin of …………………….. goes back to medieval …………………. .

3. The appearance of formal stock markets and professional intermediation resulted from the ………………………., ……………………….. and ………………… in transferable securities.

4. The largest, most active and best organized markets were established in ……………………. and ……………………………. .

5. Members of stock exchanges drew up …………. to protect their own …………… and to ……………………….. the business to be done by creating an orderly and regulated …………………….

6. Investors were interested in a far wider range of …………………… than those issued by local ………………………… .

7. The rapid development of communications allowed stock exchanges to attract ………. more easily from all over the country and later the barriers that had preserved the ………………………. and …………………… of national exchanges were progressively removed, leading to the creation of a world market for …………………… .

8. Although many ………………. were of interest to only a small and localized group, others came to attract ………………… throughout the world.

9. In contrast to the organized security exchanges, the over-the-counter market is an ………………………………………… .

10. In addition to the listings, the financial pages of …………………….. in all countries contain ……………. ……………. and …………… …………. which give a broad indication of how the stock market, or a segment of the stock market, performed during a ……………. ……….. .

 

Exercise 4. Translate the words and expressions below from Russian into English and make up your own sentences with them.

 

1. сегмент (рынка)

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2. показатель

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3. фондовый индекс

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4. допуск ценной бумаги к официальной торговле на фондовой бирже

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5. привилегированные акции

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6. вносить в курсовой бюллетень

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7. котировка

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8. руководить, управлять

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9. мелкий клиент

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10. за чей-либо счет

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11. дилер, биржевой торговец

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12. сеть

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13. в противоположность (чему-либо)

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14. руководящий орган

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Exercise 5. Translate the words and expressions below from English into Russian and make up your own sentences with them.

 

1. over-the-counter market

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2. advanced countries

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3. to emerge

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4. arbitrage

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5. equity

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6. cross-border trading

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7. to force

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8. internationalization

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9. to lead

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10. isolation

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11. barrier

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12. to allow

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13. to integrate

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14. transferable securities

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15. intermediation

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16. stock market

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Exercise 6. Find in the text (of exercise 1) English equivalents for the following Russian phrases:

 

1. ценные бумаги продаются и покупаются

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2. главный центр торговли ценными бумагами

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3. фондовый рынок появился в результате …

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4. средство финансирования

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5. не существовало единой модели

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6. составлять правила для защиты чьих-либо интересов

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7. облегчить ведение бизнеса

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8. упорядоченный, регулируемый рынок

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9. ценные бумаги, выпущенные местными предпринимателями

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10. местные биржи были объединены в общенациональные фондовые рынки

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11. торговля корпоративными ценными бумагами расширилась

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12. покупать и продавать ценные бумаги за свой счет

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13. внебиржевой рынок осуществляет операции по телефону и с помощью компьютеров

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14. ценные бумаги, не зарегистрированные на бирже

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Exercise 7. Single out the main points of the text (ex. 1). Use the following opening phrases:

1. The text looks at (the problem of …) …;

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2. The text deals with the issue of …;

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3. It is clear from the text that …;

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4. Among other things the text raises the issue of …;

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5. The problem of … is of great importance.

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6. One of the main points to be singled out is …;

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7. Great importance is also attached to …;

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8. In this connection, I’d like to say …;

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9. It further says that … ;

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10. I find the question of … very important because …;

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11. We shouldn’t forget that … ;

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12. I think that … should be mentioned here as a very important mechanism of … .

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Exercise 8. Match the verbs from (a) with the nouns from (b) below:

 

a) to expand                          b) barriers

to develop                      securities

to resell                               stocks

to remove                            trading

to issue                                shares

to list                                   infrastructure

to possess                            standards

to meet                                           capital

to submit                             documents

to draw up                          interests

to protect                           rules

to facilitate                         market

to establish                          business

 

Exercise 9. Think of and write the verbs that are most commonly used with:

 

1. interest

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2. market

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3. stock

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4. share

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5. securities

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6. debt

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7. placement

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8. trading

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9. business

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10. rules

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11. documents

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12. capital

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Exercise 10. Read the text, supplying the prepositions where necessary. Name the problems of emerging markets mentioned in the text and say which of them are typical of Russia.

 

In 1990 the fastest rising stock markets in … world were those emerging in the developing countries. There are now more than 50 stock exchanges in … developing world: some are insignificant or dormant, others are active and growing.

It was once widely presumed that poor demand for securities would be the biggest handicap to … emergence of stock markets in the developing world. There were not enough potential buyers in developing countries. However, it is now evident that there is generally … adequate demand for securities, in both the primary and secondary markets, arising both from speculative interest and from … portfolio needs of financial institutions.

Even if the emerging stock markets have some demand-side difficulties, … more general, continuing and severe problem has been … insufficient supply of securities. The chief markets problem in developing countries is that the secondary market for bonds and shares is often inactive. There are often not enough buyers and sellers to make … steady market. Quite often institutional stockholders hold securities firmly matched against their future liabilities rather than engaging infrequent trade. When institutions do enter … secondary market they try to buy or sell in large lots, thus making a big price disturbance. As institutions amass large blocks of shares they may be tempted to exercise their market power, especially in … field of corporate takeovers.

Speculation has been common in most of the emerging stock markets and vary noticeable because of … thinness of the markets. While the opportunity for speculation is one of the chief attractions of any stock market, the line between speculation and sharp practices is something hard to draw.

Privileged placements, insider trading, short selling and other questionable practices have occurred throughout the developing world.

In these circumstances, …pure theory of international trade suggests that stock markets would not be viable in all countries but would cluster at a few points of … globe, determined by the location of factor skills and time zones.

 

VOCABILARY

Dormant                     спящий, (зд.) бездействующий

To presume                полагать, допускать, считать

Handicap                   недостаток, помеха, препятствие

Steady market            устойчивый рынок

Large lots                   купонные лоты

Big price disturbance существенное колебание цен

To amass                    накапливать

Takeover                    поглощение (одной компании другой)

Thinness of the market узость рынка

Speculation                спекуляция (торговля ценными бумагами с целью получения прибыли)

Sharp practice            мошенничество, надувательство

Insider trading           незаконные операции с ценными бумагами на основе «внутренней» информации о деятельности компании эмитента

Short selling               «короткая» продажа

Viable                        жизнеспособный

To cluster       группироваться

Exercise 11. Translate the dialogue, using the vocabulary, given after it. Sum up its content and act it out.

 

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