Рынок корпоративных ценных бумаг. Фондовые биржи

Exercise 1. Read and discuss the texts that follow. Use the glossary given after it. Describe the chief varieties of speculators on the stock exchange.

a) Bulls, Bears and Stags

 

The buying of something cheap at one time for the purpose of selling the same thing dearer at another time is speculation. Whilst in a sense all deals are speculation, the term is generally limited to circumstances where profit is made because the same thing has different prices at different times. Anyone who does so is said to be a speculator. A speculator on the stock exchange is a person who backs the judgments he makes about likely developments by buying or selling shares. The chief varieties of speculators on the stock exchange are known as “bulls”, “bears”, and “stags”.

A speculator may buy shares, for which he cannot or does not wish to pay at the time, in the hope that “during the account”, i.e. before the date of payment, the price will have risen and he can then sell them at a profit. A buyer who buys like this in the hope of a rise in prices is a “bull”.

Bears are pessimistic speculators who expect a fall in share prices. They therefore sell any shares they have now, and even shares they do not have, because, if prices fall as expected, the shares will be available in a few hours or a few days at a lower prices that at present.

In both cases the success of the speculation depends both on a correct forecast of the security price movement and on a sufficiently long time interval before payment or delivery must be made. It quite often happens that “bulls” or “bears” are wrong in their anticipations, or that they are convinced that by holding out even beyond settlement day they could still make a profit.

To meet this case a delaying procedure has been evolved which allows the speculators to let their bargains stand over until the following settlement day. This is known as “contango” or “continuation”. Arrangements for such “carry-overs” are made on the first day of the new account which is known as “Contango Day”.

Stags are speculators who operate in the “new issues” market rather than on the Stock Exchange, although they must use the Stock Exchange before they can realize any profit. What a stag does is to apply for shares that are just being issued and are likely to be oversubscribed. He does not want to keep the shares, or invest in the company that is issuing them, but simply to make a profit out of the issue. The stag expects that the stock, upon issue, will quickly rise to a premium in the market, and he will then sell his stock at a profit. The activities of “stags” have been greatly reduced in recent years.

 

b) Options and short Selling

Not all stock market speculation takes the form of buying and selling stocks whose prices are likely to change. Options and short selling allow a speculator to profit from movements in a stock’s price without holding the stock itself.

An option is a security that gives its holder the right, but not the obligation, to buy or sell an asset at a set price during a specified time period. Options are classified as either call or put options. A “call” is an option to buy a particular asset whereas a “put” is an option to sell it. Examples of options include calls and puts on common stock, warrants, and convertible securities.

An investor anticipating a rise in a share can buy a “call” option which, for a specified period, gives him the right to buy this share at an agreed price. If he expects a fall he will buy a “put” option which entitles him to sell. A premium called “option money” is payable for the privilege. If the rise (or fall) in the share is greater than the premium, he will exercise his option and make a profit; if not, he will let the option lapse. In either case his risk is limited to the premium. In a “bull” market most options will be for the “call”, in a “bear” market most will be for the “put”.

Short selling is a third way to profit from an expected drop in the price of a stock. A short sale is a sale of borrowed shares.

 

VOCABULARY

Stock Exchange         фондовая биржа

Bull                            «бык», покупатель ценной бумаги, играющий на повышение

Bear                           «медведь», продавец ценной бумаги, играющий на понижение

Stag                            спекулянт, покупающий новые ценные бумаги при объявлении подписки в надежде продать их с прибылью после начала торговли на вторичном рынке

Speculation                спекуляция, купля-продажа ценных бумаг для получения прибыли

Speculator                  лицо, занимающееся спекуляцией

Account                     операционный период на фондовой бирже

Anticipation               ожидание

Contango                   отсрочка расчета по сделке

Carry-over                  отсрочка сделки

New issue                  новый выпуск (ценных бумаг)

Shares that …

are likely to be        акции, подписка на которые, по ожиданиям,

over-subscribed          превысит предложение

Premium                     премия (сумма, на которую цена, заплаченная за акцию, превышает ее номинальную стоимость)

Option                        опцион

Short selling               «короткая продажа»

Warrant                      варрант

Convertible security   конвертируемая ценная бумага

To anticipate              ожидать, предвидеть

Option money            опционная премия

To exercise an option исполнить опцион

To lapse                      (зд.) терять силу

To take title (to)         получать право собственности (на что-л.)

 

Exercise 2. Answer the following questions:

 

1. What type of market is a Stock Exchange?

2. What part does the speculator play on the stock exchange?

3. Who would normally deal with the issue of new shares?

4. Is there ever a time when no one is buying or selling?

5. What do “bears” expect?

6. In what market do stags operate?

7. Do options and short selling allow a speculator to profit from movement in a stock price?

8. What is an option? How are they classified?

 

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

 

1. The buying of something ………….. at one time for the purpose of …………… the same thing ……………at another time is speculation.

2. The chief varieties of speculators on the stock exchange are known as “………..”, “………..”, and “………..”.

3. A speculator may buy ………………., for which he cannot or does not wish to ……… at the time, in the hope that “during the account”, i.e. before the date of …………., the price will have ………………… and he can then sell them at a profit. A buyer who buys like this in the hope of a rise in prices is a “……….”.

4. Bears are pessimistic speculators who expect a ………..in ……………….. .

5. . It quite often happens that “bulls” or “bears” are wrong in their………………, or that they are convinced that by holding out even beyond ……………………….they could still make a ……………… .

6. Stags are speculators who operate in the “………………………..” market rather than on the Stock Exchange, although they must use the Stock Exchange before they can …………….. any …………… .

7. What a stag does is …………………………………..that are just being ………………and are likely to be………………………… .

8. The activities of “stags” have been greatly …………….in recent years.

9. Options and short selling allow a speculator to profit from ……………….in a stock’s price without…………………………. .

10. An option is a ………………..that gives its holder the right, but not the…………………., to buy or sell …………………at a set price during a ……………………….time period.

 

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

 

1. «бык», покупатель ценной бумаги, играющий на повышение

_____________________________________________________________________________

2. новый выпуск (ценных бумаг)

_____________________________________________________________________________

3. отсрочка сделки

_____________________________________________________________________________

4. отсрочка расчета по сделке

_____________________________________________________________________________

5. ожидание

_____________________________________________________________________________

6. операционный период на фондовой бирже

_____________________________________________________________________________

7. лицо, занимающееся спекуляцией

_____________________________________________________________________________

8. спекуляция, купля-продажа ценных бумаг для получения прибыли

_____________________________________________________________________________

9. спекулянт, покупающий новые ценные бумаги при объявлении подписки в надежде продать их с прибылью после начала торговли на вторичном рынке

_____________________________________________________________________________

10. премия

_____________________________________________________________________________

 

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

 

1. stock exchange

_____________________________________________________________________________

2. option

_____________________________________________________________________________

3. short selling

_____________________________________________________________________________

4. warrant

_____________________________________________________________________________

5. convertible security

_____________________________________________________________________________

6. to anticipate

_____________________________________________________________________________

7. option money

_____________________________________________________________________________

8. to exercise an option

_____________________________________________________________________________

9. to lapse

_____________________________________________________________________________

10. to take title

_____________________________________________________________________________

 

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

1. извлекать выгоду

_____________________________________________________________________________

2. до наступления срока платежа

_____________________________________________________________________________

3. продавать с прибылью

_____________________________________________________________________________

4. ожидать падения акций

_____________________________________________________________________________

5. правильный прогноз

_____________________________________________________________________________

6. отсрочка расчета по сделке

_____________________________________________________________________________

7. изменение стоимости ценных бумаг

_____________________________________________________________________________

8. ошибаться в ожиданиях

__________________________________________________________________________

9. получить отсрочку платежа

__________________________________________________________________________

10. работать на рынке ценных бумаг нового выпуска

__________________________________________________________________________

 

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 …) …;

_____________________________________________________________________

2. The text deals with the issue of …;

_____________________________________________________________________

3. It is clear from the text that …;

_____________________________________________________________________

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

____________________________________________________________________

5. The problem of … is of great importance.

_____________________________________________________________________

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

_____________________________________________________________________

7. Great importance is also attached to …;

_____________________________________________________________________

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

_____________________________________________________________________

9. It further says that … ;

_____________________________________________________________________

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

_____________________________________________________________________

11. We shouldn’t forget that … ;

_____________________________________________________________________

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

_____________________________________________________________________

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

 

a) to make                  b) arrangements

to back                    shares   

to pay for                            the activity

to expect                             an asset

to evolve                             an option

to make                               a rise

to apply for             a profit

to reduce                             the judgment

to buy                      shares

to exercise               a fall

to anticipate            a delaying procedure

 

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

 

1. profit

__________________________________________________________________________

2. shares

__________________________________________________________________________

3. asset

__________________________________________________________________________

4. option

__________________________________________________________________________

5. judgment

__________________________________________________________________________

6. price

__________________________________________________________________________

7. a fall

__________________________________________________________________________

8. success

__________________________________________________________________________

 

9. payment

__________________________________________________________________________

10. market

__________________________________________________________________________

11. issue

__________________________________________________________________________

12. security

__________________________________________________________________________

13. premium

__________________________________________________________________________

14. sale

__________________________________________________________________________

 

Exercise 10. Read the text, filling each gap with a suitable word from the box below. Say what you have learnt about trading on the New York Stock exchange. Study the vocabulary given after.

⇐ Предыдущая234567891011Следующая ⇒

Поделиться: