THE CORPORATE SECURITIES MARKET IN RUSSIA

Foreigner: What’s your opinion of the present-day position of the corporate securities market in Russia?

Russian: The market is still rather weak and sluggish. Compared with Western markets the number of actively traded stocks is small, liquidity is limited. Share prices of many corporations are going down.

F.: It’s not surprising. The market, due to the situation in Russia, is not attractive to investors. Foreign investors are cautious about sinking big money into Russia.

R.: The situation is embarrassing, particularly because it is recognized that the stock market stimulates economic development.

F.: In this connection, what measures are going to be taken to encourage the process of the securities market development?

R.: There’s no simple answer to this question. Attempts are being made to create international electronic networks for long-distance trading in shares. We’ve started trading in the world major stock markets.

F.: Do Russian commercial banks play an active role in the development of the stock market?

R.: Yes, they possess the required capital, developed infrastructure and highly qualified personnel. Very often they act as dealers in the primary market.

F.: In my country to have stocks listed, that is accepted for trading on the stock exchange, a firm must meet certain standards. Among other things, it must have a certain amount of earnings before tax, assets, etc.

Are there any requirements that companies issuing shares have to comply with in your country? What documents are to be submitted by the companies going through the listing procedure?

R.: For the primary offering, or primary distribution, the company must submit a prospectus of issuance. This document must contain full information about the securities the company is going to issue and all the details of the nature of the company’s business, its capital structure and assets. The company is also required to complete the Russian stock exchange questionnaire to show its financial position.

F.: Are the results of the stock exchange examination and relevant materials about the companies listed at the exchange made public?

R.: Yes, you can find all this information in specialized publications. The information is also broadcast by the Interfax channels.

 

VOCABULARY

Corporate securities market   рынок корпоративных ценных бумаг

Sluggish                            вялый

Cautious                            осторожный

To sink money                       вкладывать деньги

To possess                              обладать, владеть

Listing procedure                  процедура допуска ценной бумаги к торговле на бирже

Primary offering               первичное предложение

Primary distribution               первичное распределение

Prospectus                             (зд.) проспект эмиссии

To complete                           заполнять

Relevant                            относящийся к делу, уместный

 

Exercise 12. Answer the following questions:

 

1. What is characteristic of the corporate securities market in Russia?

2. Is the stock market of great importance to industry?

3. What is being done to contribute to the development of the Russian Stock Market?

4. What listing procedure is adopted by the Russian Stock Exchange?

5. Are the results of the stock exchange examination and relevant materials about the companies listed at the exchange made public?

 

Exercise 13. Find the Russian equivalents for the following:

 

1. actively traded stocks

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2. share prices of the corporations

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3. to encourage the process

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4. securities market development

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5. to create international electronic networks

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6. to possess the required capital

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7. to act as dealers in the primary market

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8. to meet certain standards

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9. to comply with the requirements

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10. to submit a prospectus of issuance

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11. to complete the questionnaire

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12. the information is broadcast by the Interfax channels

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Exercise 14. Find the synonyms for the words in italics.

 

1. What’s your opinion of the present-day position of the corporate securities market in Russia?

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2. Share prices of many corporations are going down.

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3. The market, due to the situation in Russia, is not attractive to investors.

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4. There’s no simple answer to this question.

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5. Attempts are being made to create international electronic networks for long-distance trading in shares.

__________________________________________________________________________

__________________________________________________________________________

6. They possess the required capital, developed infrastructure and highly qualified personnel.

__________________________________________________________________________

__________________________________________________________________________

7. a firm must meet certain standards.

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8. the company must submit a prospectus of issuance.

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9. This document must contain full information about the securities the company is going to issue

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10. The company is also required to complete the Russian stock exchange questionnaire to show its financial position.

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Exercise 15. Translate the sentences into English.

 

1. Рынок все еще малоактивный и вялый.

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2. В сравнении с западными рынками количество продаваемых акций невелико, ликвидность ограничена.

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3. Цены на акции многих корпораций падают.

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4. Иностранные инвесторы проявляют осторожность, опасаются вкладывать большие деньги в Россию.

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5. Ситуация затруднительная, поскольку известно, что фондовый рынок стимулирует экономическое развитие.

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6. Очень часто они играют роль дилеров в первичных рынках.

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7. Для первичного предложения или первичного распределения компания должна представить проспект эмиссии.

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Exercise 16. Read the article below quickly to pick out the main economic indicators. Then study the vocabulary given after it.

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