C) Say what you have learned about trading on the New York Stock exchange

B) Sum up the text in 5-7 sentences and present your summary in class.

Ex. 11. a) Fill each gap with a suitable word from the box below.

stockholders	start	exchange	conduct
traded (2)	meets	assigned	transactions
data	types	work	membership
funds	foundation	putting	securities
sellers	trading	free	founded
exchanges

The New York Stock Exchange

The New York Stock Exchange (NYSE) is the oldest and largest of the_______. It is a universal symbol of economic freedom. Three out of five Americans through this institution share in the strength and growth of the_______enterprise system. On a typical day about $6 billion worth of shares are________on the NYSE.

Trades between buyers and________of securities are arranged by brokers. Brokers act as agents,________buyers in touch with sellers but not taking title to the securities. They represent on the floor different customers: mutual funds, investment funds, pension _______and small investors. Brokers' day is a non-stop gathering of information.

The NYSE has 1366 members. A broker can join the exchange only by buying a_______or "seat", that costs as much as half a million dollars. There are different_______of members. Commission brokers are partners in brokerage firms who carry out trades for the firm's clients. Besides, there are specialists, who are_______to a specific stock or bond and assist commission brokers in trading that stock or bond. Specialists buy stock for their capital, they ensure that a buyer meets a seller and a seller________a buyer. Today, some 2200 stocks and more than 100 bond issues are________ on the Exchange. Each stock is traded in one individual spot which brings all orders together in one place.

The New York Stock Exchange was _______ in 1792, when merchants met to formalize rules and hours for_______. Business flourished. Trading three times a day gave way to an all-day auction market. At first each post auctioned only a handful of_______.

Then a handful grew into a hundred. But the underlying principles have never changed. The unique structure of the auction system has been its strength and cornerstone since its_______.

New sophisticated technology has altered the stock exchange _______. The army of clerks was replaced by highspeed computers, which allows to keep track of all ________, to report the transactions to customers immediately, to bring orders to the trading posts electronically and to execute them. Computers are used for what they can do best: to move data around, to store________, and provide information to people. All trades are performed electronically.

To prevent the system from the abuse the exchange has enforced rules governing ethical ________ and established a "stock-watch" electronic system, allowing to control and analyse instantly all trade on the_______.

Governors, who are appointed from the rank of brokers and specialists, watch the market and see to it that all buyers interested in a particular security could_______from an equal footing, only in that case they open the stock trade. All this makes people trust the exchange. 50 million Americans have become________. The NYSE is not just a place, it's a way of doing business.

Words you may need:

universal adj всеобщий, всемирный

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

commission broker комиссионный брокер

specialist n специалист (член фондовой биржи, специализирующийся по одному или нескольким видам ценных бумаг)

flourish v процветать

to give way (to) уступать

post n «пост», место в торговом зале биржи

cornerstone n краеугольный камень

to keep track отслеживать

abuse n злоупотребление

instantly adv мгновенно

from the rank of... из рядов...

equal footing (зд.) равные условия

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