- •Курс англійської мови для фінансистів
- •Unit 1 financial markets. The bond market
- •Text trading in the bond market
- •Vocabulary list
- •Exercises
- •The Eurobond Market
- •French Government Securities
- •The Chinese Bond Market
- •Discussion
- •Eurobond Market
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Us Government Securities
- •Borrowers Pile Up the Yankees
- •Unit 2 financial markets. The stock market
- •Text stocks and markets
- •The corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Equity Market
- •The New York Stock Exchange
- •Discussion
- •A) Bulls, Bears and Stags
- •Reading practice
- •Third and Fourth Markets
- •Investment activity
- •Investments
- •Investment climate
- •Vocabulary list
- •Exercises
- •Think of word combinations with these nouns:
- •Think of the verbs most commonly used with:
- •Write down 3-5 questions about the text.
- •Say what advantages individuals have when they invest in investment companies.
- •Investment Companies
- •Write down 3-5 questions about the text.
- •Explain how most dynamic institutional investors today - pension funds and
- •Food Giants Build Local Yogurt Plants
- •Norwegians to Buy 25% of Vimpelcom
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Foreign Investments in Russia
- •Cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •Write down 3-5 questions about the text.
- •Describe the components of the global financial markets. Global Financial Markets
- •Managing Exchange Rate Risk. Hedging
- •The Eurocurrency Market
- •Discussion
- •Present them in a short review.
- •Discuss the problem raised in the text. Tougher Measures Needed to Counter Macroeconomic Effects of Money Laundering
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Foreign Exchange Swaps
- •Foreign Exchange Options
- •Unit 5 financial management
- •Text finance function
- •Financial ratios
- •Ratio analysis
- •Vocabulary list
- •Exercises
- •Write down 3-5 questions about the texts.
- •Say in what activities financial managers are involved.
- •Financial Capital
- •Discussion
- •Corporate Governance
- •Investment Management
- •In order to get prepared for participation in the class discussion of these questions.
- •Reading practice
- •Capital Structure and Cost of Capital
- •Liquidation
- •The Cash Flow Concept
- •Unit 6 accounting
- •Accounting principles and concepts
- •Accountancy in a free-market economy
- •Public and private accountants
- •Vocabulary list
- •Exercises
- •Accounting Records
- •Accountancy Profession
- •Discussion
- •Accounting Methods .
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Green Accounting
- •Unit 7 international monetary system
- •International monetary institutions
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •Make your own sentences with any five word combinations from (b) and (c).
- •Match the verbs from (a) with the nouns from (b) below:
- •Write down 3-5 questions about the text.
- •Describe the purposes for which the imf was set up.
- •International Monetary Fund
- •Write down 3-5 questions about the text.
- •Describe the purposes for which the organization was set up. Your Partner ebrd
- •Fiftieth Anniversary of the Bretton Woods Conference
- •Sum up the text in 5-7 sentences and present your summary in class.
- •Describe the World Bank's activities. Say how they differ from those of the imf.
- •Discussion
- •Fiscal Issues Are a Growing Concern of the imf
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Some Facts About the sdr
- •Literature
- •Contents
- •Курс англійської мови для фінансистів
- •83050, М. Донецьк, вул. Щорса, 31
- •83023, М.Донецьк, вул. Харитонова,10.
міністерство освіти і науки україни
Донецький національний університет економіки і торгівлі
імені Михайла Туган-Барановського
Кафедра іноземних мов
Н.О. Воловик , О.І. Гавриліна, Г.М. Долецька
Курс англійської мови для фінансистів
ІІ частина
Навчальний посібник
Донецьк 2007
міністерство освіти і науки україни
Донецький національний університет економіки і торгівлі
імені Михайла Туган-Барановського
Кафедра іноземних мов
Н.О. Воловик , О.І. Гавриліна, Г.М. Долецька
КУРС АНГЛІЙСЬКОЇ МОВИ ДЛЯ ФІНАНСИСТІВ
Частина ІІ
Навчальний посібник
для студентів спеціальностей 7.050104 «Фінанси», 7.050105 «Банківська справа» денної форми навчання
(За кредитно-модульною системою навчання)
Затверджено на засіданні
кафедри іноземних мов Протокол №__ від____2007 р.
Схвалено навчально-методичною
радою ДонНУЕТ
Протокол №___від______2007 р.
Донецьк 2007
ББК 81.2 Англ - 923
В 68
УДК [811.111’276:336] (075.8)
Рецензенти:
канд. Пед. Наук, доцент кафедри іноземних мов ДонНУ А.М. Шелестова
канд. Філ. Наук, доцент кафедри іноземних мов ДонДУЕТ І.А. Пантелєєва
Воловик Н.О.
В 68 Курс англійської мови для фінансистів [текст]. Ч. ІІ: навчальний посібник для студентів спеціальностей 7.050104 «Фінанси», 7.050105 «Банківська справа» денної форми навчання (За кредитно-модульною системою навчання) / Н.О. Воловик, О.І. Гавриліна, Г.М. Долецька; – Донец. нац. ун-т економіки і торгівлі імені Михайла Туган-Барановського, каф. інозем. мов. – Донецьк: ДонНУЕТ, 2007. – 175 с.
Посібник призначений для студентів фінансово-економічних спеціальностей вузів, а також для осіб, що використовують англійську мову в своїй практичній діяльності в області економіки і фінансів. 7 розділів посібник охоплюють широке коло питань організації і функціонування фінансової системи, у тому числі: банківської системи, фінансових ринків, оподаткування, міжнародних фінансових інститутів і ін. Система вправ забезпечує придбання міцних навиків у всіх видах мовної діяльності.
Посібник розрахований на осіб, що володіють знаннями нормативної граматики англійської мови, і ставить задачу навчити студентів читати оригінальну літературу за фахом і вести бесіду на професійні теми.
ББК 81.2 Англ – 923
© Воловик Н.О., Гавриліна О.І., Долецька Г.М., 2007
© Донецький національний університет економіки і торгівлі імені Михайла Туган-Барановського, 2007
Unit 1 financial markets. The bond market
Text trading in the bond market
People and organisations wanting to borrow money are brought together with those having surplus funds in the financial markets.
There are a great many different financial markets, each one consisting of many institutions, dealing with different instruments in terms of the instrument maturity and the assets backing it, and serving different types of customers.
Generally, financial markets are classified as money or capital markets and primary or secondary markets.
Money markets deal in short-term securities having maturities of one year or less. Capital markets deal in long-term securities having maturities greater than one year. An investor who purchases new securities is participating in a primary financial market. An investor who resells existing securities is participating in a secondary financial market.
So, when businesses, units of government or individuals cannot satisfy their needs for funds by revenue from sales of goods and services, they can turn to either debt financing (any process by which the firm gets cash or some other assets in return for a promise to pay an agreed upon sum plus interest) or equity financing (any process by which a firm raises funds in return for a share in its ownership and management).
Some sources of funds available to businesses (like issuing stock) are not available to governments. When revenues fall short of expenditures governments go into debt - they borrow short- and long-term funds by issuing bonds.
A bond is an instrument in which the issuer (debtor/borrower) promises to repay to the lender/investor the amount borrowed plus interest over some specified period of time. It should be stressed that one of the most important characteristics of a bond is the nature of its issuer. Issuers include federal (central) governments and their agencies, supranationals (such as the World Bank, the Asian Development Bank), municipal governments, and nonfinancial and financial corporations.
By far the largest issuers are central governments. There is no uniform system for classifying the global bond markets. Quite a number of financiers consider it appropriate to use the following classification. From the perspective of a given country, the global bond market can be classified into two markets: an internal bond market and an external bond market. The internal bond market is also called the national bond market. It can be decomposed into two parts: the domestic bond market and the foreign bond market.
The domestic bond market is where issuers domiciled in the country issue bonds and where those bonds are subsequently traded. The foreign bond market of a country is where bonds of issuers not domiciled in the country are issued and traded.
Bonds traded in the US foreign bond market are nicknamed Yankee bonds. In Japan, foreign bonds issued by non-Japanese entities are nicknamed Samurai bonds. Foreign bonds in the United Kingdom are nicknamed bulldog bonds, in the Netherlands-Rembrandt bonds and in Spain - matador bonds.
The external bond market, also called the international bond market, includes bonds with several distinguishing features: 1) they are underwritten by an international syndicate, 2) at issue they are offered simultaneously to investors in a number of countries, 3) they are issued outside the jurisdiction of any single country, and 4) they are in unregistered form. The external bond market is commonly referred to as the offshore bond market, or more popularly, the Eurobond Market. The Eurobond Market is divided into different submarkets depending on the currency in which the issue is denominated.
Computerization in bond markets has reduced costs of trading bonds and made them more convenient to hold and transfer: they are not issued in certificate form - they are only computer entries.
B. DIALOGUE THE BOND MARKET
Foreigner: Financial markets are generally classified as money or capital markets and primary or secondary markets. Do you follow this classification?
Ukrainian: Yes, we do. But structurally we divide our financial market into a hard-currency market, a bank credit market, debt and equity markets and the market of gold and precious metals.
F.: I see. My experience in Russia tells me that your investors prefer operations in the hard currency market to investing in the real sector of your economy.
U.: Yes, our capital markets are thin, weak and vulnerable.
F.: It's a pity, because the debt market, for one, is a powerful instrument of monetary policy. Many governments issue bonds tosolve their financial problems and to cover budget deficits.
U.: And how is the international bond market performing this year?
F.: Volumes of issuance have been rather high, though fewer bonds have appeared from emerging markets of Eastern Europe.
U.: Investors are still viewing borrowers in emerging markets too risky, I suppose. Western sovereign borrowers are the main players in the market, aren't they?
F.: Well, yes, but many are trying to slow down their borrowing and reduce their national debt.
U.: This leaves room for other borrowers, right?
F.: Yes, supranationals have diversified tremendously, both in their products and markets. Corporate borrowers are also very active.
U.: But after the crisis investors have become more cautious, haven't they?
F.: That's right. Credit ratings of borrowers have become much more important. Investors demand transparency and liquidity. Borrowers are finding it much harder and more expensive to raise sufficient funds on the international debt market.
U.: How has the introduction of the Euro affected the bond market?
F.: Some are thinking of Euro-denominated bond issues as the bond markets are moving away from the dollar in favour of the Euro. The competition is becoming keener.
U.: We are entering a new and turbulent phase in the debt markets. Many people believe that the worst is yet to come.
Notes
1 in terms of the instrument maturity – с точки зрения сроков погашения финансового инструмента
2 When revenues fall short of expenditures – Когда доходы меньше расходов
3 ... governments go into debt – npaвительства осуществляют заимствования