Words you may need

іноземних організацій, дозвіл членам біржі поєднування функції брокера та джобера NASDAQ= National Association of Secu­rities Dealers Automated Quotations -автоматичні котирування Національної асоціації дилерів з цінних паперів prior- раніше, до

dealership market - ринок, на якому

працюють дилери

order - тут наказ

the bulk - більша частина

Big Bang - реорганізація Лондонської

фондової біржі 27 жовтня 1986 p.:

відміна мінімальних фіксованих

комісійних, допуск на біржу банків та

V Using the words in brackets as a guide, explain the meaning of the following terms:

1. securities (income-yielding papers, traded on, stock, shares)

2. government securities (fixed-interest paper)

3. ordinary shares (rights to assets and dividends, preference shares, paid)

4. actuary (the calculation of risk and premiums, a person trained in, assurance purposes)

5 equities (a fixed rate of interest, stock and shares, do not pay)

6. share (a unit of ownership, a proportion of distributed profits, small denomination)

7. stock (a unit of ownership, a proportion of distributed profits, units of £100 value)

8. yield or return (outlay, percentage the investor gets on)

9. blue chip (highly priced, stock, valued for, security)

VI. Synonyms. Match expressions listed in column A with the synonymous ones from column B.

VII. The Stock Exchange (Quiz). How much do you know about stock exchange activities? Decide if the following statements are true or false. 1. The London Stock Exchange has the highest volume of trading in the world.

2. 3. 4.

Keiretsu is the official name of the Tokyo Stock Exchange.

The London Stock Exchange was established in a cafe.

Since the 1980s, the Tokyo Stock Exchange has been controlled and supervised by

the Bank of Tokyo.

The first members of the London Stock Exchange were evicted from their premises

for bad behaviour.

6. 7.

The Japanese Stock Exchange crashed in 1990.

Manhattan Island was once traded for beads.

The Yakuza are a small group of brokers who operate in Kyoto.

'Bearish originates from the bearskin jobbers, who used to sell skins before the bears

were caught.

10.

In 1989, the Japanese stock market outperformed the total trading volume of

Canada, Italy, France, Holland, Germany, Switzerland, Great Britain and the US.

PART II. FINANCE

11. London only began to allow foreign members to deal on the Stock Exchange in 1992.

12. Women were allowed to deal on the Stock Exchange for the first time in 1973.

13. The London Bears and Bulls is a club for members of the Stock Exchange.

14. At the peak of the Japanese property boom, metropolitan Tokyo was, in theory, worth as much as the United States.

VIII. Choose the right answer:

1. The principal stock exchange in the United States of America is known as:

a) the NYSE;

b) Wall Street.

2. Ready marketability requires that new issues should be made or backed by:

a) reputable borrowers or institutions;

b) law and financial intermediaries such as the issuing houses.

3. Jobbers:

a) act as agents for the public;

b) deal only with brokers and not with the general public.

4. Jobbers and brokers:

a) are obliged to keep records of concluded bargains;

b) are not obliged to record concluded transactions.

5. Share indices indicate:

a) percentage changes in the market value of shares as compared with their value in the base years of the index;

b) percentage changes in share prices within the last three years.

6. Price indices and averages published in the Financial Times Actuaries Share Indices
are based on:

a) fixed-interest stocks;

b) equities and fixed interest stocks.

7. Financial Times Actuaries Share Indices provide for fixed-interest securities:

a) prices and yields;

b) price indices, average earning and dividend yields.

8. The financial group of equities is broken down into:

a) capital goods, consumer goods, industry;

b) sectors, e.g. banks, discount houses etc.

UNIT 5. STOCK MARKETS

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