I. Translate into Ukrainian:

Securities	broker
Bond	jobber
Loan	investor
Guilt-edged security	speculator
High-quality security	bid
Blue chips	offer
To trade securities	bull
Stock exchange	bear

2. Sum up what the text said about: Different types of securities

Brokers acting at the stock exchange

Jobbers

Bids and offers

Bulls and bears

Stock exchanges in general

2. Say what information of the text was new to you.

3. Say what you know about the stock exchange in our city.

Lesson 4

ORGANIZED MARKETS

Organized markets are usually held in premises where business is transacted according to a prescribed set- of rules. Sometimes only members are admitted to the market.

Organized markets or produce exchanges have been established for cotton, wool, tea, coffee, wheat rubber, timber, tin, copper and some other commodities. Thus there are such commodity exchanges as Sugar Exchange, Metal Exchange, Wheat Exchange and others. There are two types of organized markets:

• spot market

• forward or futures market arket deals in actuals, the actual physical product, for immediate delivery.

In forward or futures markets the commodity can be bought or sold for delivery at some time in the future. Forward prices can be higher or lower than the spot prices. In a forward or futures market traders take an option to buy or to sell the product in the future.

Traders know that prices can change, so they hedge by balancing their buying and selling of actuals and futures to protect themselves against loss*.

Organized markets include financial markets, which in their turn include the stock exchange and foreign exchange market. — - -

Для самостійного опрацювання з цієї теми потрібно виконати наступні завдання:

/. Translate into Ukrainian:

Organized market to admit only members to the market (exchange)

Commodity market actuals

Produce market spot market

Traders forward market

Premises futures market

To transact business option

Prescribed set of rules to hedge

2. Sum up what the text said about:

Spot market Futures market

2. Underline the sentences which seem most difficult for you to translate. Translate them into Ukrainian.

Lesson 5

FINANCIAL FUTURES EXCHANGES

Financial futures exchanges came into life only about 20 years ago. They are highly sophisticated financial markets. They deal in financial futures and options.

The financial futures exchange in London is LIFFE or the London International Financial Futures Exchange. It was created in 1982. Trading is conducted in a wide range of fixed income, treasury and equity- index financial products in most of the major currencies.

Here is a short newspaper item about activities offinancial futures exchanges: