In comparison with twice as much a lot a little different

similar by far considerably more roughly the same

	Sales $ mil.	% change	Profit $ mil.	% change
Chevron	50,000	42	5,000	150
Texaco	52,000	43	3,000	116
Exxon Mobil	210,000	29	16,000	102

"If we look at the figures for the oil sector last year, you can see that the three largest US companies all did very well (1) in comparison with the previous year.

Let's start by comparing Chevron and Texaco. Their sales were (2) ………., although Chevron made (3) ………. profit. Looking at the year-on-year trend you can see that the percentage change in sales was very (4) ………. between the two companies, whereas the change in profits was quite (5) ……… . In fact, Chevron's profits grew (6) ……… faster – 150% compared to 116%.

Now let's look at Exxon Mobil, the market leader. The table shows that Exxon is (7) ……… the largest company, with more than (8) ……… sales as Chevron and Texaco combined, and (9) .……… profit. In terms of percentage growth, Exxon's figures were (10) ……… .

16. Complete the sentences using the verb in brackets in the form of either Participle I or Participle II; translate the sentences into Russian with the focus on Participles.

1. A company’s managers, investors, and creditors use information … in its income statement and balance sheet to measure financial success. (represent) 2. The cash receipts and payments for operating activities, such as products … or services …, are summarized in the cash flows from operating activities section of the statement. (sell, perform) 3. Accounting is considered to be less … worldwide than in the United States. (standardize) 4. Individuals … and … a business by themselves do not have to worry about control, because the individual is both the owner and only employee. (own, operate) 5. This exhibit shows how to calculate a company’s cash … from customers. (collect) 6. Depreciation is the part of the cost of a physical asset … as an expense to each time period in which the asset is used. (allocate) 7. Multinational companies must comply with different sets of regulations … on where the factories and offices are located. (depend) 8. Today virtually all businesses have … accounting systems. (computerize) 9. The people … the real decisions are all at Head Office (make). 10. The stock market crash of 1929 … by the Depression of the 1930s, led to federal regulation of the securities market. (follow) 11. A code of professional conduct … by the members of AICPA guides them in their professional work. (adopt) 12. The abbreviation GAAP stands for ‘generally … accounting principles’ that all US accountants have to follow in measuring, recording, and reporting transactions. (accept)

17. Rewrite the sentences using appropriate participial clauses; the number of required transformations is given in brackets.

1. When you compare one company’s return on total assets with that of another company, you should consider the age of the assets of each company (1). 2. After the team coordinators determined the goals, they supplied the upper-level managers with the information about the resources that were required to meet these goals (2). 3. As he had a good working knowledge of accountancy, he could hope to pass his CPA exam in the nearest future (1). 4. I went over to him as I thought he was the manager, but he said he was a sales assistant. 5. The woman who is talking to Robert Wilkinson is the Chief Finance Officer at Accor (1). 6. We invested 5,000 in a China fund because we hoped that the market would go up (1). 7. I resigned the next week and didn’t regret my actions any moment (1). 8. When the management accountant is faced with an ethical dilemma, s/he should determine how stakeholders are affected (1). 9. As it was explained in Chapter 5, although a business makes no cash payment when it records depreciation, this expense still reduces taxable income (2). 10. When companies expand their operations they frequently become involved in transactions with customers and suppliers in other countries (1). 11. As he is a Chartered Accountant and has 5 years post qualification experience he obviously has a very good chance of obtaining this position (2). 12. If Mr. Brown is found guilty of accounting fraud and misleading the public, he will be barred from ever serving as chief accounting officer for a publicly held company (1).

Speaking

1. Communication Situation: Calling a Financial Consultancy

a. Read the following telephone conversation between a company’s managing director and a financial consultant. Find out the reason for the call.

Brown: Berg: Brown: Berg: Brown: Berg: Brown: Berg: Brown: Berg: Brown: Berg: Brown: Berg: Berg: Brown:

John Brown. Hello. My name is Anders Berg. I'm Managing Director of Woodtech Ltd, a wood machinery manufacturer. Oh, yes. How can I help you? Well, an associate in the industry recommended you. You helped raise finance for Bill Wylde a few years ago. Yes. That's right. Well, Woodtech Ltd now wants to expand into new markets with a new product. Up till now we have served specialists in the wood industry but our new product is aimed at the small manufacturer. What we need is finance. Right! First of all, I'll need some background information. Can you let me have a copy of your balance sheet and profit and loss figures for the past three years? Of course. I'd also like a letter outlining your ideas and a cash flow forecast for the new product. Fine. If you let me have these by the beginning of next week, we can arrange a meeting for the week after. That will give me enough time to look through the figures. Good. Can I suggest a meeting on Monday 16th at 9 o'clock. That's fine. I look forward to receiving your letter and accounts in the next few days. I'll post them first thing tomorrow. I look forward to meeting you on Monday 16th. Goodbye. Goodbye.

b. Act out a similar conversation of your own, modifying the names of people and companies; make sure you use financial and accounting terms appropriately and preserve the italicized functional phrases.

2. Explain the metaphor "Accounting is a language of business".

3. Describe the importance of accounting to managers, investors, creditors, and government.

4. Explain the difference in the subject matter of managerial and financial accounting.

5. Describe the difference in bookkeepers' and accountants' job functions.

6. Characterize major types of financial reports.

7. Suppose you are to participate in a university seminar on accounting professional ethics. Get ready to give a brief account of American corporate scandals involving accounting fraud.

WRITING

1. Imagine that you have just started your first job as an accountant in a medium-size company. Write an e-mail to your former schoolmate and share your impressions of the first month in the job.

2. You saw an advertisement about a vacancy for an accountant in Minsk subsidiary of Delloite & Touch, prepare your CV and write a cover letter to apply for the position.

KEY VOCABULARY

account n accounting n accountant n certified public accountant chartered accountant bookkeeping n bookkeeper n auditor n auditing n management accounting financial accounting cost accounting record v keep records transaction n

assets n (pl) liabilities n (pl) intangible assets profit and loss account balance sheet income statement accounts receivable accounts payable double entry system ratio n cash flow costs n debtor n creditor n bottom line ledger n

depreciation n goodwill n allocate costs creative accounting fraud n misappropriation n understate v overstate v generally accepted accounting principles (GAAP) integrity n evaluate v add v subtract v divide v multiply v

U N I T V I

F I N A N C E

Lead-- in

1. What do you associate the word finance with?

2. Where does the government take the financial resources from?

3. They say that the financial area is much riskier than the production one. Can you explain why?

4. What is risk? Name three external risks which might affect a firm.

Reading

Text 1

Read the text. Be ready to explain in your own words what the financial system is, its task and the way it influences the economy. Pay special attention to the words in bold.

The Financial System

The financial system is the collection of markets, institutions, laws, regulations, and techniques through which bonds, stocks, and other securities are traded, interest rates are determined, financial services are produced and delivered around the world. The financial system is an integral part of the economic system and cannot be viewed in isolation from it. Its primary task is to move scarce loanable funds from those who save to those who borrow for consumption and investment. By making funds available for lending and borrowing (credit) the financial system provides the means whereby modern economies grow and increase the standard of living of their citizens. Most of the credit goes to purchase machinery and equipment, to construct new highways, factories, and schools, and to stock the shelves of businesses with goods.

The financial system determines both the cost of credit and how much credit will be available to pay for the thousands of different goods and services we purchase daily. When credit becomes more costly and less available, total spending for goods and services falls. As a result, unemployment rises and the economy's growth slows down as businesses cut back production and reduce their inventories. In contrast, when the cost of credit declines and loanable funds become more readily available, total spending in the economy increases, more jobs are created, and the economy's growth accelerates.

For every real transaction there is a financial transaction that mirrors it. When you buy a house, you'll probably pay for part of that house with a mortgage, which requires that you borrow money from a bank. The bank, in turn, borrows from individuals the money it lends to you. Similar situation can be observed when you buy a car or refrigerator on credit. Thus there's a financial transaction reflecting every real transaction. The financial sector is important for the real sector. If the financial sector doesn't work, the real sector doesn't work. All trade involves both the real sector and the financial sector.

To understand the financial sector and its relation to the real sector, you must understand: (1) what financial assets are, (2) how financial institutions work, (3) what financial markets are, and (4) how they work. Real assets are created by real economic activity. For example, a house or a machine must be built. Financial assets are created whenever somebody takes on a financial liability. For example, say Mr. Smith promises to pay Mr. Jones $1,000,000 in the future. Mr. Jones now has a financial asset and Mr. Smith has a financial liability. Understand­ing that financial assets can be created by a simple agreement of two people is fundamentally important to understanding how the financial sector works.

Nearly all financial trans­actions between buyers and sellers involve the creation or destruction of a special kind of asset—a financial asset. Financial assets possess a number of characteristics that make them unique among all the assets held by individuals and institutions. What is a financial asset? It is a claim against the income or wealth of a business firm, household, or unit of government, represented usually by a certificate, receipt, or other legal document, and usually created by the lending of money. Examples include stocks, bonds, insurance policies, and deposits held in a commercial bank, credit union, or savings bank.

Thus an asset is something that provides its owner with expected future benefits. There are two types of assets: real assets and financial assets. Real assets are assets such as houses or machinery whose services provide direct benefits to their owners, either now or in the future. A house is a real asset—you can live in it. A machine is a real asset—you can produce goods with it. Financial assets are assets, such as stocks or bonds, whose benefit to the owner depends on the issuer of the asset meeting certain obligations. These obligations are called financial liabilities. Every financial asset has a corresponding financial liability; it's the financial liability that gives the financial asset its value. In the case of bonds, for example, a company's agreement to pay interest and repay the principal gives bonds their value. If the company goes bankrupt, the asset becomes worthless.

The financial liability created by a financial asset can be either an equity liability or a debt liability. An example of an equity liability is a share of stock that a firm issues. It is a liability of the firm; it gives the holder ownership rights which are spelled out in the financial asset. An equity liability, such as a stock, usually conveys a general right to dividends, but only if the company's board of directors decides to pay them. A debt liability conveys no ownership right. It's a type of loan. An example of a debt liability is a bond that a firm issues. A debt liability, such as a bond, usually conveys legal rights to interest payments and repayment of principal.

Look through the text once again and say which statements are true. Correct the false ones.

1. The financial system is the body of laws and regulations.

2. The financial system is an integral part of the economic system.

3. Its primary task is to create funds.

4. Most of the credit goes to purchase goods and services.

5. The financial system determines both the cost of credit and how much credit will be available to pay for different goods and services.

6. When credit becomes less costly, total spending for goods and services falls.

7. When the cost of credits falls, total spending grows.

8. The financial asset doesn’t provide its owner with any benefit.

9. Every financial asset has corresponding financial liabilities.

10. Debt liability conveys certain ownership rights.

Text 2

Read the text. Divide it into logical parts. In each paragraph, find the topic phrase or sentence and those related and unrelated to it.

Stock

Stock is ownership in a company, with each share of stock representing a tiny piece of ownership. The more shares you own, the more of the company you own. The more shares you own, the more dividends you earn when the company makes a profit. In the financial world, ownership is called equity. Businesses issue stock to raise money. They use this money to finance expansions, pay for equipment, and fund projects, etc. Corporations issue stock when they may need additional capital to operate successfully. The term for issuing stock to raise money is equity financing. The money received from investors who buy stocks is called equity capital. In the world of securities, the word "equity" usually refers to stocks. The other method of raising money is debt financing, which involves selling bonds. When companies make profits, they may reward their stockholders with pieces of their profits, known as dividends. Dividends are an incentive for investors to hold stocks. Stocks are grouped on the basis of their issuer’s capitalization. "Cap" is short for capitalization, which is the market value of a stock. Capitalization gives a picture of a stock's size. You can calculate a stock's capitalization by multiplying its market price by the number of its shares outstanding ("outstanding" means in the hands of the public). For example, if Stock A has a present value of $20 per share, and there are one million shares of it in the hands of public investors, then Stock A has a capitalization of $20million. Some corporations issue both common and preferred stock. Each provides unique benefits to investors. Both common and preferred shareholders own a company, so the two types vary largely by rights. Common stock confers voting and pre-emptive rights. Preferred stock may trade voting and pre-emptive rights for dividends and a higher claim to liquidated company assets than common stock. Both common and preferred shareholders have the following rights and privileges (although preferred shareholders may have theirs restricted or applied only in certain situations).Owners of common stock have the right to vote on company matters. For example, they can vote on whether to allow a stock split, or whether the objective of the company should be changed. They cannot, however, vote on whether dividends should be distributed. A shareholder has one vote for each share owned. To cast their votes, most shareholders use a form of absentee ballot called a proxy. Shareholders also elect the management of the corporation. Preemptive rights may give shareholders the right to keep their proportionate ownership of the company. With preemptive rights, they can maintain voting control, share of earnings and share of assets. Preemptive rights let common shareholders buy new shares of stock before non-stockholders. Shareholders have the right to inspect the books and records of the company. They also have the right to sue the management for any unauthorized activities. Preferred shareholders are paid before common shareholders. If the corporation issuing the stock goes bankrupt and has to sell its assets, common stockholders will receive the assets, but only after all other creditors. Bondholders and preferred stockholders receive them first. Preferred stock pays a fixed dividend that is specified and set down in advance. Unless the stock is retired or called back, it will continue paying dividends forever. Preferred stock is usually issued with a $100 par (face) value. The dividend payments are a fixed percentage of the par. For example, if the par value of a stock share were $100 with a 6 percent annual dividend rate, the annual dividend would be $6 on that share. In recent years, some companies have also begun issuing preferred shares with variable rates tied to interest rates.

Look through the text once again and answer the following questions:

1. What is stock?

2. When do corporations issue stock?

3. What bases are stocks grouped on?

4. How can a stock’s capitalization be calculated?

5. What rights do shareholders posses?

Text 3

Read the text. Name the information from the text which is new to you. Be ready to characterize each type of the dividends described in the text.

Types of Dividends

The term dividend usually refers to cash distributions of earnings. If a distribution is made from sources other than current or accumulated retained earnings, the term distribution rather than dividend is used. However, it is acceptable to refer to a distribu­tion from earnings as a dividend and a distribution from capital as a liquidating dividend. Generally, any direct payment by the corporation to the shareholders can be considered part of dividend policy.

There two main types of dividend: common stock dividend and preferred stock dividend.

Common stock pays dividends in three forms: cash, stock and property. Let's take a look at each one. Cash dividends are those that are paid out in cash form. They are treated as investment income and are taxable in the year they are paid.

Stock dividends are dividends paid out in the form of additional stock shares in the corporation, or shares of a subsidiary corporation. They are usually issued in proportion to shares owned. For example, for every 100 shares of stock owned, a 4 percent stock dividend will yield four extra shares. When the company distributes these new shares to investors, the price of each share decreases to account for the new shares. This is a recalculation of cost basis. It means that the stock dividends will not be taxed when distributed. Stock dividends benefit the company by conserving its cash and they benefit the shareholder by increasing his/her number of shares of the company.

Property dividends are paid with assets owned by the issuing company. Property dividends are usually paid in the form of products or services that the corporation produces. Often the corporation, when paying property dividends, will use securities of other companies owned by the issuer.

Preferred stock further divides into four types: cumulative, non-cumulative, participating and convertible. Cumulative preferred stock accords its owner a continuous claim to his or her dividends. Any unpaid dividends accumulate until the corporation resumes paying them. Since the cumulative preferred owner is entitled to all past and present dividends, he or she is paid before common shareholders once payment is resumed. If the board of directors suspends dividends, the shareholder still has a claim on them. Non-cumulative (straight) preferred is the opposite of cumulative preferred: it doesn't confer a steady claim on dividends in the event of a dividend suspension. Shareholders of this type may not be paid any missed dividends prior to payments being made to the common shareholders.

Participating preferred shareholders receive extra dividends over their nominal ones when the company makes an extra profit and the board of directors declares dividends. Convertible preferred stock may be converted to a certain number of shares of common stock. Preferred investors who want the opportunity to share in the appreciation of the company's common stock may find this option attractive. Preferred stock may carry a call provision. This means that the issuing company can repurchase the stock from the shareholders. Though preferred stock is usually called at par value, some call provisions actually tack on a premium. Because of the steady dividends accorded to preferred shareholders, call provisions are not usually advantageous to them, despite any premiums. However, a corporation may use calls as a way to eliminate dividends, thus increasing earnings for common shareholders.

When a firm declares a stock split, it increases the number of shares outstanding. Because each share is now entitled to a smaller percentage of the firm's cash flow, the stock price should fall. For example, if the managers of a firm whose stock is selling at $90 declare a 3:1 stock split, the price of a share of stock should fall to about $30. A stock split strongly resembles a stock dividend except it is usually much larger.

The decision whether or not to pay a dividend rests in the hands of the board of directors of the corporation. A dividend is distributed to shareholders on a specific date. When a dividend has been declared, it becomes a liability of the firm and cannot be easily rescinded by the corporation. The amount of the dividend is expressed as dollars per share (dividend per share), as a percentage of the market price (dividend yield), or as a percentage of earnings per share (dividend payout).

Text 4

Read the text. Draw the tree- diagram of the text. Be ready to retell the text according to the diagram.

The Financial Markets

In most economies around the world, markets are used to carry out this complex task of allocating resources and producing goods and services. What is a market? It is an institution set up by society to allocate re­sources that are scarce relative to the demand for them. Markets are the channel through which buyers and sellers meet to exchange goods, serv­ices, and resources.

There are essentially three types of markets at work within the economic system: (1) factor markets, (2) product markets, and (3) financial markets. The factor markets allocate factors of production—land, labor, and capital— and distribute incomes in the form of wages and other payments to the owners of productive resources. People use most of their income from the factor markets to purchase goods and services in product markets. Food, shelter, automo­biles, books, theater tickets, gasoline, and swimming pools are among the many goods and services sold in product markets.

The financial markets channel savings. They are composed of the money markets and the capital mar­kets. Money markets are the markets for debt securities that pay off in the short term (usually less than one year). Capital markets are the markets for long-term debt and for equity shares.

The term money market applies to a group of loosely connected markets. They are dealer markets. Dealers are firms that make continuous quotations of prices for which they stand ready to buy and sell money-market instruments for their own inventory and at their own risk. Thus, the dealer is a principal in most transactions. This is dif­ferent from a stockbroker acting as an agent for a customer in buying or selling com­mon stock on most stock exchanges; an agent does not actually acquire the securities.

The financial markets can be classified further as the primary market and the secondary markets. The primary market is where securities are initially issued: a bank lends a household $100,000 to buy a house; the U.S. Treasury raises money by selling a $10,000 bond; a new corporation issues stock. In each case, a financial record of the transaction is created, showing the existence of debt or equity.

If these records of debt or equity are then sold to others, this subsequent trade is said to occur in the secondary market. There are two kinds of secondary markets: the auction markets and the dealer markets.

The equity securities of most large firms trade in organized auction markets, such as the New York Stock Exchange, the American Stock Exchange. The New York Stock Exchange (NYSE) is the most important auction exchange. It usually accounts for more than 85 percent of all shares traded in auction exchanges. Most debt securities are traded in dealer markets. Many bond dealers com­municate with one another by telecommunications equipment. Investors get in touch with dealers when they want to buy or sell, and they can nego­tiate a deal. Some stocks are traded in the dealer markets. When they do, it is referred to as the over-the-counter (OTC) market.

In February 1971 the National Association of Securities Dealers made available to dealers and brokers in the OTC market an automated quotation system called the National Association of Securities Dealers Automated Quotation (NASDAQ) system.

Look through the text once again and say which statements are true. Correct the false ones.

1. There are two main types of markets: product market and financial market.

2. The factor markets allocate factors of production.

3. The financial markets channel goods and services.

4. Money markets are the markets for long-term debt and for equity shares.

5. Dealers make quotations of prices.

6. Stockbroker is a principal in most transactions.

7. Market can be classified as the auction markets and the dealer market.

8. Most debt securities are traded in dealer markets.

9. Subsequent trade occurs in the primary market.

Text 5

Read English and Russian versions of the following texts. Compare their structure and the information given in them. Find out what is common and in what they differ; write down the key terms from each text and compare their definitions.

Types of Forex Market Transactions

The foreign exchange market (forex) is the network that brings buyers and sellers of currencies together and facilitates exchanges of currencies. Each pair of currencies has a market of its own. The rate quotation in the forex market uses a bid-ask format. Major currencies are traded for both spot and forward delivery in the forex market. Futures and option contracts trade in a limited number of currencies on official exchanges and over the counter. The forex market provides for the buying and selling of currencies for both imme­diate and future delivery. It serves both individuals and businesses.

Spot Transactions. If a market participant enters into a trade for the delivery of a foreign currency within two business days, this is classified as a spot transaction. The exchange rate at which a spot transaction takes place is called the spot rate. When a couple of foreign tourists walk into a bank in Miami to buy U.S. dollars, they are participating in the spot market for dollars. Spot transactions between dealers and their commercial customers are usually settled by immediate delivery. Dealer-to-dealer (interbank) spot transactions may take longer to settle, especially if the parties are located in different parts of the world. The settlement of spot transactions among dealers is usually completed by exchanging bank deposits in the respective currencies. A spot buyer or seller of a currency may be a commercial user, hedger, arbitrager, or speculator.

Forward Transactions. If a market participant enters into an agreement with a bank to take or make delivery of a foreign currency on a future date at a predetermined exchange rate, this is classified as a forward transaction. A bank is always one party in a forward transaction, and the predetermined exchange rate is called a forward rate. Forward rates are quoted in European terms. Most forward contracts are written for periods ranging from 1 to 12 months, and they are confined to about 20 actively traded currencies.

Making a forward contract that requires taking delivery of currency at a future date is called buying currency forward. An agreement to deliver currency at a future date is called selling currency forward. A forward contract is settled by taking or making delivery of the currency in question at the end of the specified period. No money changes hands when the contract is written.

Currency options. Currency option contracts confer on the buyer a right, but not an obligation, to buy or sell a given quantity of a spot currency or a currency futures contract at a predetermined price (called a strike price) on or before a specified date. A call option contract gives the owner a right to buy: a put option gives a right to sell. The option buyer pays the seller a price (called the option premium) for the contract. The spot currency or futures contract specified in an option is known as the underlying asset. An option is a Europian or an American option, depending on whether it can be exercised only on a specific date or at any time up to a specific date.

Валютные Сделки

Спекулятивные сделки могут совершаться без наличия валюты. Валютный спекулянт продает валюту на срок в надежде на получе­ние разницы в курсах. Иногда валютные сделки с целью спекуля­ции осуществляются на условиях «спот»: банк, получив кредит в валюте, которой угрожает девальвация, немедленно продает ее в расчете на то, что при наступлении срока платежа по кредиту он будет расплачиваться с кредитором по более выгодному для него курсу.

Использование срочных сделок для покрытия валютного риска при совершении коммерческих операций приобрело широкое рас­пространение с конца 60-х — начала 70-х годов в условиях кризиса Бреттонвудской валютной системы и перехода к плавающим ва­лютным курсам. Для страхования поступлений и платежей от валютного риска клиенты заключают срочные валютные сделки с банками: 1) «аут­райт» — с условием фиксации курса, суммы и даты поставки валюты. Эти сделки получили наибольшее распространение в раз­витых странах; 2) на условиях опциона — с нефиксированной датой поставки валюты.

Опцион (от лат. optio, optionis — выбор) с валютой — соглаше­ние, которое при условии уплаты установленной комиссии (пре­мии) предоставляет одной из сторон в сделке купли-продажи право выбора (но не обязанность) либо купить (сделка «колл» — call-опцион покупателя), либо продать (сделка «пут» — put-опцион продавца) определенное количество определенной валюты по кур­су, установленному при заключении сделки до истечения оговоренного срока (в любой день — американский опцион; на определенную дату раз в месяц — европейский опцион).

В зависимости от характера и условий опционного контракта размеры комиссий по операциям «колл» и «пут» достаточно четко определены по отношению друг к другу и совместно ограничены форвардным курсом валюты. Опционные сделки выгодны при курсовых колебаниях, превышающих размер комиссии.

С 70-х годов с переходом к плавающим валютным курсам получили развитие валютные фьючерсы. Это соглашение, которое означает обязательство (а не право выбора в отличие от опциона) на продажу или покупку стандартного количества определенной валюты на определенную дату (в будущем) по курсу, заранее установленному при заключении сделки. В стандартных контрак­тах регламентируются все условия: сумма, срок, гарантийный депозит, метод расчета. Предшественниками валютных фьючерсов явились фьючерс­ные товарные контракты, начиная с периода меркантилизма, с це­лью защиты от колебаний цен. В XVII в. они практиковались на рынке луковиц тюльпанов, с середины XIX в. — на рынках пше­ницы. В конце XIX — начале XX в. для этих целей были созданы биржи в Лондоне, Чикаго. В 1865 г. Чикагская товарная биржа ввела торговлю фьючерсными контрактами по торговле зерном. После второй мировой войны стандартные типовые соглашения были введены на другие товары (медь, алюминий, свинец и т. д.), ценные бумаги, валюты.

Разновидностью валютной сделки, сочетающей налич­ную и срочную операции, являются сделки «своп». Подобные сделки известны со времен средневековья, когда итальянские бан­киры проводили операции с векселями; позднее они получили развитие в форме репортных и депортных операций. Репорт — сочетание двух взаимно связанных сделок: наличной продажи иностранной валюты и покупки ее на срок. Депорт — это сочета­ние тех же сделок, но в обратном порядке: покупка иностранной валюты на условиях «спот» и продажа на срок этой же валюты.

«Своп» (англ. swap — мена, обмен) — это валютная операция, сочетающая куплю-продажу двух валют на условиях немедленной поставки с одновременной контрсделкой на определенный срок с теми же валютами. При этом договариваются о встречных платежах два партнера (банки, корпорации и др.). По операциям «своп» наличная сделка осуществляется по курсу «спот», который в контрсделке (срочной) корректируется с учетом премии или дисконта в зависимости от динамики валютного курса. При этом клиент экономит на марже — разнице между курсами продавца и покупателя по наличной сделке.

Text 6

Read the text. Put down the key question to each paragraph. Be ready to explain the meaning of the words given in bold.