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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 __________________________________________________________________________ 2. share prices of the corporations __________________________________________________________________________ 3. to encourage the process __________________________________________________________________________ 4. securities market development __________________________________________________________________________ 5. to create international electronic networks __________________________________________________________________________ 6. to possess the required capital __________________________________________________________________________ 7. to act as dealers in the primary market __________________________________________________________________________ 8. to meet certain standards __________________________________________________________________________ 9. to comply with the requirements __________________________________________________________________________ 10. to submit a prospectus of issuance __________________________________________________________________________ 11. to complete the questionnaire __________________________________________________________________________ 12. the information is broadcast by the Interfax channels __________________________________________________________________________
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? __________________________________________________________________________ 2. Share prices of many corporations are going down. __________________________________________________________________________ 3. The market, due to the situation in Russia, is not attractive to investors. __________________________________________________________________________ 4. There’s no simple answer to this question. __________________________________________________________________________ 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. __________________________________________________________________________ 8. the company must submit a prospectus of issuance. __________________________________________________________________________ 9. This document must contain full information about the securities the company is going to issue __________________________________________________________________________ 10. The company is also required to complete the Russian stock exchange questionnaire to show its financial position. __________________________________________________________________________
Exercise 15. Translate the sentences into English.
1. Рынок все еще малоактивный и вялый. __________________________________________________________________________ 2. В сравнении с западными рынками количество продаваемых акций невелико, ликвидность ограничена. __________________________________________________________________________ __________________________________________________________________________ 3. Цены на акции многих корпораций падают. __________________________________________________________________________ 4. Иностранные инвесторы проявляют осторожность, опасаются вкладывать большие деньги в Россию. __________________________________________________________________________ __________________________________________________________________________ 5. Ситуация затруднительная, поскольку известно, что фондовый рынок стимулирует экономическое развитие. __________________________________________________________________________ __________________________________________________________________________ 6. Очень часто они играют роль дилеров в первичных рынках. __________________________________________________________________________ 7. Для первичного предложения или первичного распределения компания должна представить проспект эмиссии. __________________________________________________________________________ __________________________________________________________________________
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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