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B) Describe the changes on the London Stock Exchange brought about by Big Bang

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Ex. 10. a) Open the brackets putting the verbs in the correct form.

C) Describe the trends in the major equity markets mentioned in the text.

B) Write down 3-5 questions about the text.

Equity Market


In return ... the use of their funds, investors in a corporation are issued certificates, or securities. Corporate securities represent claims ... the assets and future earnings of the firm. Corporate securities take the form ... either common stock or preferred stock.

In 1980 the US equity market was the largest domestic equity market in the world and was three times larger than its nearest rival, the Japanese market. During 1990 there were periods when the capitalization of the Tokyo Stock Exchange was higher than the NYSE. These relative values can fluctuate quite dramatically. For example, the Tokyo Stock Exchange market capitalization fell... 29% in the mid two quarters of 1990. The London Stock Exchange only fell by 17% ... this period. As a result, the value rankings are not stable over short periods. However, one can see the rapid rise of the Tokyo stock exchange ... the 1980s, the relative decline of US stock markets, and the slow but sure growth of London and the other European stock exchanges.

The UK has a large domestic and international equity market relative to the size of its economy. This market is the most international in terms of foreign companies listed and the extent ... foreign equities traded. In contrast, German equity markets are small relative ... the size of the economy. The UK, Canadian and the US domestic capital markets are very similar ... each other in that many domestic firms are quoted and equity is a significant form of finance. However, most of the smaller domestic capital markets can be characterized as consisting ... very few firms which are widely publicly held. Small group and family holdings predominate and new equity issues are avoided for fear... losing control.

Words you may need:

common stockобычные акции

dramaticallyadv резко

rankingn ранжирование, классификация

relative toотносительно

holdingn владение (акциям)

predominatev преобладать


The London Stock Exchange (LSE) (to be) the principal market for the trading of equities, other corporate securities and government debt in the UK.

The London equity market (to have) the third largest turnover in the world, after Tokyo and New York. Organized dealing in stocks and shares in London (to start) at the end of the 17th century, when much of it (to take) place in the coffee houses in the City of London. At the beginning of the 19th century the London Stock Exchange (to obtain) its constitution and a building of its own.

Now it is a dealership market: the great majority of customer orders (to transact) with a market maker who quotes prices at all times at which he stands ready to buy or sell. In this respect it (to differ) 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 (to undergo) substantial change at the time of Big Bang in 1986, and its current structure is modelled in part on that of NASDAQ, the US over-the-counter market.

Prior to 1986, membership of the stock exchange (to restrict) to partnerships. Member firms (to be) either brokers or jobbers. Brokers were not allowed to trade on their own account: they (to act) 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 (to take) 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 (to remove); fixed commissions were scrapped; the separation between broking and jobbing (to end); 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 (to take) to modernize the trading and quote dissemination system. A computerized system (to install) 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 (to be) generally beneficial for customers dealing in size in liquid stocks.

The stock exchange (to be) the competent 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 £700,000, at least 25 per cent of which must be in public hands, and the submission of appropriate listing particulars. In addition the company (to require) 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 (to be) a private limited company owned by its individual members.

The London Stock Exchange increasingly (to affect) by the legislation of the European Community. This process has the aim of creating a single European securities market.

Words you may need:

dealership marketрынок, на котором работают дилеры

ordern (зд.) приказ

the bulkn большая часть

Big Bang – реорганизация Лондонской фондовой биржи 27 октября 1986 г.: отмена минимальных фиксированных комиссий, допуск на биржу банков и иностранных учреждений, разрешение членам биржи совмещать функции брокера и джоббера

NASDAQ = National Association of Securities Dealers Automated Quotations –автоматические котировки Национальной ассоциации дилеров по ценным бумагам.

prior toprep до, ранее

two-way marketрынок, на котором постоянно котируются цена покупателя и цена продавца

prohibitv запрещать

principaln принципал

institutev вводить, устанавливать

scrapv выбрасывать за ненадобностью

disseminationn распространение (информации, знаний)

market maker«делатель рынка», брокерская фирма, постоянно котирующая ценные бумаги

track recordинформация о деятельности фирмы (банка и др.)

capitalizationn капитализация

in excess ofсверх

appraisev оценивать

fee n (зд.) взнос

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