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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. . 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 high speed computers, which allows to keep track of all ______, to report the 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 analyses 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 the place, it’s a way of doing business.

Words you may need:

Англійський варіант

Російський варіант

Український варіант

universal

всеобщий, всемирный

загальний, всесвітній

to take title (to)

получать право собственности (на что-л.)

одержувати право власності (на що - н.)

commission broker

комиссионный брокер

комісійний брокер

specialist

специалист

фахівець

flourish

процветать

процвітати

to give way (to)

уступать

поступатися

post

«пост», место в торговом зале биржи

«пост», місце в торговому залі біржі

cornerstone

краеугольный камень

наріжний камінь

abuse

злоупотребление

зловживання

instantly

мгновенно

миттєве

from the rank of...

из рядов ...

з лав ...

equal footing

равные условия

рівні умови