The New York Stock Exchange

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

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

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 (NYSE) is the oldest and largest of the _________. It is a universal symbol of econotnic 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 – всесвітній, всезагальний

to take title (to) – отримувати право власності (на що-небудь)

commission broker – комісійний брокер

specialist – спеціаліст (член фондової біржі, що спеціалізується на одному чи декількох видах цінних паперів)

flourish – процвітати

to give way (to) – поступатися

post – „пост”, місце в торговій залі біржі

cornerstone – наріжний камінь

to keep track – відслідковувати

abuse – зловживання

instantly – миттєво

from the rank of … – із рядів...

equal footing – рівні умови

Дата добавления: 2014-11-29