|
Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
|
|
Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
Russian Company Breaks onto the New York Stock Exchange⇐ ПредыдущаяСтр 11 из 11
Correspondent: VimperlCom’s appearance on NYSE is a historic event for Russia, as it marks this country’s crossing the border to join the world market. This is real evidence that Russia is progressing toward a market economy. Is it great event for the Exchange, too? Executive Vice-President: Sure. The New York Stock Exchange has always encouraged the listing of foreign companies. And the first company from the former URSS – which only a few years ago was the antithesis of a free market economy – is a symbol of a new world economy, the economy of the third millennium. It is great event not only for Russia and our Exchange, but for all free market economies on earth. Cor.: New York City has two stock exchanges; there are another seven elsewhere in America, and hundreds across the world. Why has NYSE been unquestionably the leading one for such a long time in such a competitive industry as securities? Your answer will be valuable to the organizers of new stock exchanges in Russia. EVP: The most important part of our name is “New York”. This town is a financial capital of the world. But the location of the Exchange is only part of the answer to your question. The Exchange itself was largely responsible for creating the financial leadership of the city. When NYSE was established in 1792, the Federal Government and our central bank were situated in Philadelphia. But during the following decades, New York gradually surpassed Philadelphia as the commercial and financial centre of America. The brokers of the New York Stock Exchange helped to bring about that change. Cor.: Is it possible that Russia’s “NYSE” may eventually be located in St. Petersburg or Yekaterinburg than Moscow? EVP: Why not? The most successful exchange will be created by the people who have the best strategic approach and the most flexibility. Cor.: Resistance to change is part of the human condition, and Wall Street is no different. Is it? EVP: Yes, a good example is the advent of financial futures, which Wall Street initially opposed but Chicago embraced. Today, the synergy between the Chicago derivative markets and the New York Stock Exchange (NYSE) is a significant contributor to the strength of the US financial system. But the most dramatic evidence can be seen from the ending of fixed commissions for brokers in 1975. Average trading volume that year was under 20 million shares per day. Cor.: Many believe that the primacy of the New York Stock Exchange is due not only to the accident of its location, but also to an accident of history. EVP: Yes, undoubtedly. NYSE is an auction/agency market, the most economically efficient for trading stocks because customers can trade with each other directly. Cor.: Is NYSE involved in politics? EVP: In our Statement of Business Conduct and Ethics, we have a rule that no funds or assets of the Exchange can be contributed to any political party or organization, or to any candidate for public office. Our business is securities, not politics.
VOCABULARY Antithesis полная противоположность Millennium тысячелетие To surpass превосходить Advent приход, появление Financial futures финансовые фьючерсы Synergy синергия, большая эффективность в результате слияния Derivative market рынок производных ценных бумаг Prima cyпервенство
Exercise 12. Answer the following questions:
1. What services does the Stock Exchange render to the investor? 2. Is the Stock Exchange a highly organized market? Why? 3. Is the stock market/ stock exchange important to industry and the government? 4. What does the broker do? How does he earn his living? 5. What are functions of an issuing house? 6. How can you account for internationalization of the stock market? 7. Will Europe have a single European Securities Market? Exercise 13. Find the Russian equivalents for the following:
1. to encourage the listing of foreign exchange _____________________________________________________________________________ 2. antithesis of a free market economy _____________________________________________________________________________ 3. the economy of the third millennium __________________________________________________________________________ 4. the commercial and financial centre of America __________________________________________________________________________ 5. to have the best strategic approach and the most flexibility __________________________________________________________________________ 6. resistance to changes __________________________________________________________________________ 7. the advent of financial futures __________________________________________________________________________ 8. to be a significant contributor to the strength of the financial system __________________________________________________________________________ 9. an accident of history __________________________________________________________________________ 10. no finds or assets can be contributed to any political party or organization __________________________________________________________________________
Exercise 14. Find the synonyms for the words in italics: 1. VimperlCom’s appearance on NYSE is a historic event for Russia. __________________________________________________________________________ 2. It marks this country’s crossing the border to join the world market. __________________________________________________________________________ 3. It is great event not only for Russia and our Exchange… . __________________________________________________________________________ 4. Why has NYSE been unquestionably the leading one for such a long time in such a competitive industry as securities? __________________________________________________________________________ 5. Is it possible that Russia’s “NYSE” may eventually be located in St. Petersburg or Yekaterinburg than Moscow? __________________________________________________________________________ 6. The most successful exchange will be created by the people who have the best strategic approach and the most flexibility. __________________________________________________________________________ 7. Resistance to change is part of the human condition, and Wall Street is no different. __________________________________________________________________________ 8. But the most dramatic evidence can be seen from… . __________________________________________________________________________ 9. Many believe that the primacy of the New York Stock Exchange is due not only to the accident of its location. __________________________________________________________________________ 10. We have a rule that no funds or assets of the Exchange can be contributed to any political party or organization. __________________________________________________________________________
Exercise 15. Translate the sentences into Russian. 1. VimperlCom’s appearance on NYSE is a historic event for Russia, as it marks this country’s crossing the border to join the world market. _________________________________________________________________________ _________________________________________________________________________
2. The New York Stock Exchange has always encouraged the listing of foreign companies. _________________________________________________________________________ _________________________________________________________________________
3. It is great event not only for Russia and our Exchange, but for all free market economies on earth. _________________________________________________________________________ _________________________________________________________________________
4. New York City has two stock exchanges; there are another seven elsewhere in America, and hundreds across the world. _________________________________________________________________________ _________________________________________________________________________
5. The Exchange itself was largely responsible for creating the financial leadership of the city. _________________________________________________________________________ _________________________________________________________________________
6. But during the following decades, New York gradually surpassed Philadelphia as the commercial and financial centre of America. _________________________________________________________________________ _________________________________________________________________________
7. The most successful exchange will be created by the people who have the best strategic approach and the most flexibility. _________________________________________________________________________ _________________________________________________________________________
8. Yes, a good example is the advent of financial futures, which Wall Street initially opposed but Chicago embraced. _________________________________________________________________________ _________________________________________________________________________ 9. Today, the synergy between the Chicago derivative markets and the New York Stock Exchange (NYSE) is a significant contributor to the strength of the US financial system. _________________________________________________________________________ _________________________________________________________________________
Exercise 16. Read the article below quickly to pick out the main economic indicators. Then study the vocabulary given after it.
Third and Fourth Markets Until the 1970s the New York Stock Exchange required its member firms to trade all NYSE-listed stocks at the exchange and to charge fixed commissions. For large institutions this was expensive. In particular, the existence of a required minimum commission rate created a serious problem since it exceeded the marginal cost of arranging large trades. Brokerage firms that were not members of the exchange faced no restrictions on the commissions they could charge and thus could compete effectively for large trades in NYSE-listed stocks. Such transactions were said to take place in the third market. More generally, the term “third market” now refers to the trading of any exchange-listed security in the over-the-counter market. The existence of such a market is enhanced today by the fact that its trading hours are not fixed (unlike exchanges), and that it can continue to trade securities even when trading is halted on an exchange. On average 18 million shares were traded in the third market during each day of 1992. Until 1976 NYSE member firms were prohibited by Rule 394 from either acting as dealers in the third market or executing orders involving NYSE-listed securities for their customers in the third market. In 1976, Rule 394 was replaced by Rule 390, which permits the execution of these orders in the third market but still prohibits member firms from acting as dealers in the third market. However, the Securities and Exchange Commission has issued a rule that permits member firms to act as dealers in securities that became listed on the NYSE after April 26, 1979. Controversy still exists over Rule 390, as some people argue that it should be abolished completely to spur competition between the NYSE and the over-the-counter market, whereas others argue that having all orders funneled to the NYSE will lead to the most competitive marketplace possible. Many institutions have dispensed with brokers and exchanges altogether for transactions in exchange-listed stocks and other securities. Trades of this type, where the buyer and the seller deal directly with each other, are sometimes said to take place in the fourth market. In the United States some of these transactions are facilitated by an automated computer/ communications system called Instinet, which provides quotations and execution automatically. A subscriber can enter a limit order in the computerized “book”, where it can be seen by other subscribers who can, in turn, signal their desire to take it. Whenever two orders are matched, the system automatically records the transaction and sets up the paperwork for its completion. Subscribers can also use the system to find likely partners for a trade, then conduct negotiations by telephone. In recent years automated electronic facilities have been developed to permit institutional investors to trade portfolios of stocks directly with each other. VOCABULARY Third market«третий рынок» (торговля ценными бумагами, зарегистрированными на фондовой бирже или на внебиржевом рынке брокерами, не являющимися членами биржи, и другими инвесторами) Fourth market«четвертый рынок» (торговля ценными бумагами между инвесторами без участия брокера/дилера) To funnel (зд.) направлять, пропускать To dispense (with) обходиться (без чего-либо) Limit order лимитный приказ (приказ клиента брокеру с ограничительным условием, например, максимальной или минимальной ценой)
Exercise 17. Choose the correct explanation without using a glossary.
1. “to do without; manage without” is … a) to dispense (with) b) to abolish c) to funnel d) to accumulate
2. “to go or be beyond (a limit, limited regulation, measure, etc.)” is … a) to succeed b) to expect c) to exceed d) to execute
3. “on the border between being profitable and nonprofitable” is … a) profitable b) marginal c) sufficient d) non-sufficient
4. “with nothing or no one between; straight” is … a) directly b) formally c) correctly d) completely
5. “something given a pledge of repayment, fulfillment of a promise, etc.; guarantee” is .. a) asset b) check c) bill d) security 6. “to make greater, as in cost, value, attractiveness, etc.; heighten” is … a) to enhance b) to enlarge c) to engage d) to evolve
7. “to stop, especially temporarily” is … a) to halt b) to force c) to hammer d) to apply
8. “carrying out; doing; producing” is … a) fulfillment b) speculation c) execution d) completion
9. “to decay little by little; to destroy; to do away with completely” is .. a) to ruin b) anticipate c) to render d) to abolish
10. “to urge; to stimulate to action, greater effort, etc.” is … a) to spur b) to spread c) to spray d) to array
Exercise 18. Reread the article of exercise 16 more carefully and complete the sentences given below using information from the article:
1. Until the 1970s the New York Stock Exchange required its member firms to ______________________________________________________________________ ________________________________________________________________________ . 2. In particular, the existence of a required minimum commission rate created a serious problem since ____________________________________________ _________________________________________________________________________ _______________________________________________________________________ .
3. Brokerage firms that were not members of the exchange faced no restrictions on the commissions they could charge and thus __________________ ________________________________________________________________________ . 4. More generally, the term “third market” now refers to ___________________ _______________________________________________________________________ .
5. On average 18 million shares were traded in the third market during ________________________________________________________________________. 6. Until 1976 NYSE member firms were prohibited by Rule 394 from either acting as dealers in the third market or ____________________________________ ________________________________________________________________________.
7. In 1976, Rule 394 was replaced by Rule 390, which permits _________________________________________________________________________ _______________________________________________________________________ .
8. Controversy still exists over Rule 390, as some people argue that_____ __________________________________________________________________________.
9. Many institutions have dispensed with brokers and exchanges altogether for________________________________________________________________ ___________________________________________________________________________________________________________________________________________________.
10. In recent years automated electronic facilities have been developed to permit institutional investors ______________________________________________ ________________________________________________________________________.
Exercise 19. Single out the main facts of the article of exercise 16 and present them in a short review.
Exercise 20. Listen and retell the text. Write down 3-5 questions about the text. Describe the changes on the London Stock Exchange brought about by Big Bang. The London Stock Exchange (LCE) is the principal market for the trading of equities, other corporate securities and government debt in the UK. The London equity market has the third largest turnover in the world, after Tokyo and New York. Organized dealing in stock and shares in London stared at the end of the 17th century, when much of it took place in the coffee houses in the City of London. At the beginning of the 19th century the London Stock Exchange obtained its constitution and a building of its own. Now it is a dealership market: the great majority of customer orders transact with a market marker who quotes prices at all times at which he stands ready to buy or sell. In this respect it differs sharply from the more common public auction markets such as New York, Tokyo or Paris where the bulk of customer trades cross directly with each other. The market underwent substantial change at the time of Big Bang in 1986, and its current structure is modeled in part on that of NASDAQ, the US over-the-counter market. Prior to 1986, membership of the stock exchange was restricted to partnerships. Member firms were either brokers or jobbers. Brokers were not allowed to trade on their own account: they acted as agents for their customers, and transacted their orders with jobbers. The commission structure was fixed. Jobbers were obliged to make a two-way market in securities, and to deal with brokers as principals. They were prohibited from dealing directly with customers. Dealing took place on the floor of the exchange. The changes which were instituted in the period up to October 1986 were designed to liberalize the activities on the stock exchange: the rule restricting membership of the exchange to partnerships was removed; fixed commissions were scrapped; the separation between broking and jobbing ended; member firms became broker-dealers, free to act as agents and as principals. Those who wished to do so could register as market makers in specified stocks. At the same time, the opportunity was taken to modernize the trading and quote dissemination system. A computerized system was installed which showed the price quotes of all market makers in all stocks. Trades had to be reported electronically within five minutes. The effects of Big Bang were generally beneficial for customers dealing in size in liquid stocks. The stock exchange is the component listing authority for the UK. The main requirements for having a listing in London are a 3-year-audited track record, a capitalization in excess of Ј700,000, at least 25 per cent of which must be in public hands, and the submission of appropriate listing particulars. In addition the company is required to release all necessary information for shareholders and to the public to appraise the position of the company at all times. Companies have to pay to the exchange a fee on listing and an annual fee thereafter. The stock exchange is a private limited company owned by its individual members. The London Stock Exchange is increasingly affected by the legislation of the European Community. This process has the aim of creating a single European securities market.
Exercise 21. Translate the article into English. Pay attention to the use of articles.
Эпилог для «Пролога»
27 мая Национальная ассоциация участников фондового рынка (НАПУФОР) награждала в Москве победителей конкурса «Элита фондового рынка». Инвестиционное агентство «Пролог» стало лауреатом в номинации «Открытие года», обойдя другие компании Северо-Запада. В тот же день на сайте ММВБ было опубликовано первое сообщение о не исполненных «Прологом» сделках. Через месяц компания стояла на грани банкротства. Принцип домино
Петербургские фондовики уже почувствовали негативное влияние кризиса в «Прологе». В Северо-Западном Сбербанке РФ кредитуется целый ряд петербургских брокеров, и теперь они опасаются сокращения или закрытия овердрафта и увеличения требований по обеспечению кредитов. «Наши отношения со Сбербанком, мягко говоря, не улучшились, – говорит генеральный директор ИК «Четвертое измерение» Алексей Рощин. – Банк теперь пытается еще больше формализовать отношения и ужесточить условия кредитования инвесткомпаний». «Мы уже ощутили на себе реакцию банковского и фондового сообществ. Московские компании сокращают лимиты, банки пересматривают свою политику, – подтверждает директор ИК «Элтра» Сергей Рощин.– Возможно, повысятся ставки и ужесточатся условия кредитования в секции репо на ММВБ. Кроме того, у ФКЦБ появился повод в очередной раз закрутить гайки». Действительно, Федеральная комиссия теперь имеет все основания активизировать меры по ужесточению контроля на рынке. «Надо вносить изменения в законодательную базу, тем более что на рынок скоро придут пенсионные накопления. Например, регулирование сделок репо в законе почти не прописано», – отмечает Надежда Самуйлова. Пока на финансовом состоянии крупных контрагентов «Пролога» его проблемы не сказались, скорее можно говорить о неполученной прибыли. ИК «Четвертое измерение», одна из первых жертв агентства, намерена обратиться в арбитраж. Но появились тревожные признаки. На прошлой неделе Ямальский фондовый центр (ЯФЦ), зарегистрированный в Салехарде, но имеющий штаб-квартиру в Петербурге, получил от РТС предупреждение «за ненадлежащее исполнение обязательств». По словам гендиректора ЯФЦ Константина Колесникова, это вызвано не оплаченным вовремя штрафом, а текущих долгов по сделкам у компании нет. Примечательно, что господин Колесников в свое время возглавлял региональное представительство «Пролога». Так что продолжится ли на петербургском рынке цепочка дефолтов, покажет время.
«Коммерсант ДЕНЬГИ», 30 июня – 6 июля 2003
_________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ _________________________________________________________________________ ГлоссариЙ
Рабочий учебник в соответствии с балансовым методом проектирования образовательных программ содержит: 60 - приведенных понятий; 7 - дифференциальных компетенций. |
Последнее изменение этой страницы: 2019-06-20; Просмотров: 180; Нарушение авторского права страницы