Vocabulary

Universal всеобщий, всемирный

Commission broker комиссионный брокер

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

To flourish процветать

To give way (to) уступить

Post «пост», место в торговом зале биржи

Cornerstone краеугольный камень

To keep track отслеживать

Abuse злоупотребление

Instantly мгновенно

From the rank of … из рядов …

Equal footing равные условия

Exercise 11. Translate the dialogue, using the vocabulary, given after it. Sum up its content and act it out.

Russian Company Breaks onto the New York Stock Exchange

Correspondent: VimperlCom’s appearance on NYSE is a historic event for Russia, as it marks this country’s crossing the border to join the world market. This is real evidence that Russia is progressing toward a market economy. Is it great event for the Exchange, too?

Executive Vice-President: Sure. The New York Stock Exchange has always encouraged the listing of foreign companies. And the first company from the former URSS – which only a few years ago was the antithesis of a free market economy – is a symbol of a new world economy, the economy of the third millennium. It is great event not only for Russia and our Exchange, but for all free market economies on earth.

Cor.: New York City has two stock exchanges; there are another seven elsewhere in America, and hundreds across the world. Why has NYSE been unquestionably the leading one for such a long time in such a competitive industry as securities? Your answer will be valuable to the organizers of new stock exchanges in Russia.

EVP: The most important part of our name is “New York”. This town is a financial capital of the world. But the location of the Exchange is only part of the answer to your question. The Exchange itself was largely responsible for creating the financial leadership of the city. When NYSE was established in 1792, the Federal Government and our central bank were situated in Philadelphia. But during the following decades, New York gradually surpassed Philadelphia as the commercial and financial centre of America. The brokers of the New York Stock Exchange helped to bring about that change.

Cor.: Is it possible that Russia’s “NYSE” may eventually be located in St. Petersburg or Yekaterinburg than Moscow?

EVP: Why not? The most successful exchange will be created by the people who have the best strategic approach and the most flexibility.

Cor.: Resistance to change is part of the human condition, and Wall Street is no different. Is it?

EVP: Yes, a good example is the advent of financial futures, which Wall Street initially opposed but Chicago embraced. Today, the synergy between the Chicago derivative markets and the New York Stock Exchange (NYSE) is a significant contributor to the strength of the US financial system. But the most dramatic evidence can be seen from the ending of fixed commissions for brokers in 1975. Average trading volume that year was under 20 million shares per day.

Cor.: Many believe that the primacy of the New York Stock Exchange is due not only to the accident of its location, but also to an accident of history.

EVP: Yes, undoubtedly. NYSE is an auction/agency market, the most economically efficient for trading stocks because customers can trade with each other directly.

Cor.: Is NYSE involved in politics?

EVP: In our Statement of Business Conduct and Ethics, we have a rule that no funds or assets of the Exchange can be contributed to any political party or organization, or to any candidate for public office. Our business is securities, not politics.