
- •Предисловие
- •Unit 1. Economic environment a. Text what is economics all about?
- •B. Dialogue business climate in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write several paragraphs on the following:
- •Reading practice
- •Unit 2. Public finance a. Text finance and financial system
- •B. Dialogue budget organization and budget process
- •Vocabulary list
- •Exercises
- •Discussion
- •A) The Budget Message of the Mayor
- •April 27, 1995
- •In order to get prepared for participation in the class discussion of these questions, write several paragraphs on the following:
- •Reading practice
- •Unit 3. Fiscal management a. Text financial policy. Fiscal sphere
- •B. Dialogue effective fiscal policy
- •Vocabulary list
- •Exercises
- •A) Financial Policy
- •B) Fiscal Policy in the uk
- •Discussion
- •A) Multiyear Budgeting
- •B) Types of Budget Classification
- •A) Fiscal Policy in Transition Economies: a Major Challenge
- •B) On Macro- and Microeconomics
- •In order to get prepared for participation in the discussion of the questions, write a short essay on the following:
- •Reading practice
- •Transition Economies Need to Reform Social Safety Nets
- •Unit 4. Central banking. Monetary policy a. Text central banking system
- •B. Dialogue banking system in russia
- •Vocabulary list
- •Exercises
- •Us Activities of Foreign Banking Organizations
- •Discussion
- •A) Is Monetary Policy Needed?
- •B) Payment Systems
- •In order to get prepared for participation in the class discussion of the questions, write a summary of the interview in Ex. 13. Follow the plan suggested below:
- •Reading pra ctice
- •Unit 5. Banking system a. Text commercial banks
- •B. Dialogue
- •Interview With a Bank Manager
- •Vocabulary list
- •Exercises
- •B) Bank Accounts
- •B) The Nature of Banking
- •Discussion
- •A) Bank Loans and Overdrafts
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 6. Taxation a. Text what are taxes?
- •B. Dialogue taxation in russia
- •Vocabulary list
- •Exercises
- •What Is an Excise Duty?
- •Tax Reform in Developing Countries
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Unit 7. International monetary system a. Text
- •International monetary institutions
- •B. Dialogue
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •International Monetary Fund
- •Your Partner ebrd
- •World Bank – International Bank for Reconstruction and Development (ibrd)
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 8. Financial markets. The bond market a. Text trading in the bond market
- •B. Dialogue the bond market
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Unit 9. Financial markets. The stock market a. Text stocks and markets
- •B. Dialogue the corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Bulls, Bears and Stags
- •B) Options and Short Selling
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •The New Issue Market
- •Unit 10. Investment activity a. Text
- •Investments
- •B. Dialogue
- •Investment climate
- •Vocabulary list
- •Exercises
- •Investment Companies
- •3 Food Giants Build Local Yogurt Plants
- •Discussion
- •B) Brazil Attracts Foreign Investors
- •C) Investment in the uk
- •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
- •Unit 11. Foreign exchange market. Global financial markets a. Text trading in the foreign exchange market
- •B. Dialogue cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •The Eurocurrency Market
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Unit 12. Financial management a. Text finance function
- •B. Text financial ratios
- •C. Dialogue ratio analysis
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Corporate Governance
- •B) Investment Management
- •A) Investment Decision Making
- •B) Investment Project Appraisal
- •In order to get prepared for participation in the class discussion of these questions, write a short paragraph on the following:
- •Reading practice
- •Unit 13. Accounting a. Text accounting principles and concepts
- •B. Dialogue accountancy in a free-market economy
- •C. Dialogue public and private accountants
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Balance Sheet
- •A. Balance sheet
- •Unit 14. Auditing a. Text performing an audit
- •B. Dialogue auditing in russia
- •Vocabulary list
- •Exercises
- •Ex. 4. Say in a few words what the main text is about. Use the opening phrases from
- •Sweden.
- •Independent Auditors' Report to the Board of Directors and Stockholders of_______Company
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several paragraphs on the following:
- •Reading practice
- •Banking correspondence
- •Dictionary of key words
- •Contents
Vocabulary list
A. stock marker фондовый рынок
origin
n
происхождение,
(зд.)
начало,
зарождение
principal
adj
главный
intermediation
n
посредническая деятельность
transferable
securities
ценные
бумаги, которые могут быть переуступлены
другому лицу
expansion
n
расширение
facilities n (зд.) услуги
sophisticated
adj
(зд.) сложный,
более современный
draw up v составлять (документ)
orderly adj упорядоченный
increasingly
adv
все
больше и больше
integrate
v
интегрировать, объединять
communications n средства связи
allow v позволять, делать возможным
barrier
n
барьер,
препятствие
isolation
n
изоляция,
обособление
lead v приводить (к чему-л.)
internationalization
n
интернационализация
(экономики,
капитала)
force v вынуждать, заставлять
cross-border trading международная торговля
equity n (зд.) обыкновенная акция
arbitrage
n
арбитражные
операции
emerge
v
возникать
advanced countries развитые страны
over-the-counter market внебиржевой рынок
governing body руководящий орган
in contrast to в противоположность (чему-л.)
network n сеть
dealer
n
дилер,
биржевой торговец
for smb's account за чей-л. счет
retail
client
мелкий
клиент
conduct
v
(зд.)
руководить,
управлять
quotation
n
котировка
list v вносить в курсовой бюллетень
preferred
stocks
привилегированные
акции
listing n допуск ценной бумаги к официальной торговле на фондовой бирже
share
index
фондовый
индекс
indication
n
показатель
segment
n
сегмент
(рынка)
В. corporate securities market рынок корпоративных ценных бумаг
sluggish
adj
вялый
cautious
adj
осторожный
to sink money вкладывать, инвестировать деньги
possess v обладать, владеть
listing
procedure
процедура
допуска ценной бумаги к торговле на
бирже
primary offering первичное предложение
primary distribution первичное распределение
prospectus
n
(зд.) проспект
эмиссии
complete v заполнять
relevant
adj
относящийся
к делу, уместный
Exercises
Ex. 1. Answer these questions:
A. 1. What is the Stock Market? What contributed to the emergence and growth of stock exchanges?
2. Where were best organized stock markets established?
3. What general trend in the stock market development has been observed over the years of its
existence?
4. What stock exchanges have become most dominant? What part do they play in the financial systems
of advanced countries?
5. What are the basic types of stock markets? How are they conducted?
B. 1. What is characteristic of the corporate securities market in Russia?
2. Is the stock market of great importance to industry?
3. What is being done to contribute to the development of the Russian Stock market?
4. What listing procedure is adopted by the Russian Stock Exchange?
Ex. 2. Give derivatives of:
origin n trade v appearance n intermediation n
transfer v expansion n organization n regulate v
interest n different adj dealer n quote v
restrict v transaction n activity n control и examination n
Ex. 3. Find English equivalents for the following Russian phrases from the text:
A. ценные бумаги продаются и покупаются; главный центр торговли ценными бумагами; фондовый рынок появился в результате ...; средство финансирования; не существовало единой модели; составлять правила для защиты чьих-л. интересов; облегчить ведение бизнеса; упорядоченный, регулируемый рынок; ценные бумаги, выпущенные местными предприятиями; местные биржи были объединены в общенациональные фондовые рынки; торговля корпоративными ценными бумагами расширилась; внебиржевой рынок; покупать и продавать ценные бумаги за свой счет; внебиржевой рынок осуществляет операции по телефону и с помощью компьютеров; ценные бумаги, не зарегистрированные на бирже;
B. рынок все еще малоактивный; количество продаваемых акций невелико; ликвидность ограниченна; цены на акции падают; инвесторы проявляют осторожность; стимулировать экономическое развитие; развивать инфраструктуру; первичный рынок; зарегистрировать на бирже; первичное размещение; представить проспект эмиссии; структура капитала.
Ex. 4. Say in a few words what the main text is about. Use the opening phrases from Ex. 4 (Unit 1).
Ex. 5. Sum up the content of the dialogue. Use the phrases from Ex. 5 (Unit 1).
Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out.
Foreigner. We know that the board of directors of your steel plant announced the decision to issue new shares. Why was the decision made? How much are you going to raise?
Russian: Наша компания является вторым по величине (second largest) производителем стали в нашей стране. Если собрание акционеров одобрит решение совета директоров, то через два месяца мы осуществим размещение наших новых акций. Мы планируем получить 100 миллионов долларов и использовать их на модернизацию и расширение производства.
F.: What rules will you have to comply with? Is the listing procedure complicated?
R.: В соответствии с нашим законодательством, компании, желающие осуществить выпуск своих акций, должны быть зарегистрированы на бирже и зарегистрировать свои акции для их допуска на биржу. У нас существуют определенные требования в отношении размера выпуска акций, числа акционеров, прибыли предприятия и т.д.
F.: So you are registered on the Stock exchange. Was it difficult to get registered?
R.: Нет, при нашем первом размещении акций мы представили обычный комплект документов, включающий уставные документы компании, проспект эмиссии и нашу финансовую отчетность.
F.: In my opinion, it may not be the best possible time for the placement. Do your shareholders welcome the idea?
R.: Да, они уверены, что наши акции будут пользоваться большим спросом. Мы рассчитываем на западных инвесторов, с которыми мы уже много лет сотрудничаем.
Ex. 7. Work on vocabulary and grammar.
a) Study the key words of the unit in the dictionary at the back of this book:
securities, market, equity capital, options, quotation;
b) Think of word combinations with:
market, stock, share, securities, debt, placement, trading
c) Match the verbs from (a) with the nouns from (b) below:
a) to expand b) barriers
to develop securities
to resell stocks
to remove trading
to issue shares
to list infrastructure
to possess standards
to meet capital
to submit documents
Ex. 8. a) Supply the articles where necessary.
b) Write down 3-5 questions about the text.
с) Name the problems of emerging markets mentioned in the text and say which of them are typical of Russia.
In 1990 the fastest rising stock markets in ... world were those emerging in the developing countries. There are now more than 50 stock exchanges in ... developing world: some are insignificant or dormant, others are active and growing.
It was once widely presumed that poor demand for securities would be the biggest handicap to ... emergence of stock markets in the developing world. There were not enough potential buyers in developing countries. However, it is now evident that there is generally ... adequate demand for securities, in both the primary and secondary markets, arising both from speculative interest and from ... portfolio needs of financial institutions.
Even if the emerging stock markets have some demand-side difficulties, ... more general, continuing and severe problem has been ... insufficient supply of securities. The chief markets problem in developing countries is that the secondary market for bonds and shares is often inactive. There are often not enough buyers and sellers to make ... steady market. Quite often institutional stockholders hold securities firmly matched against their future liabilities rather than engaging in frequent trade. When institutions do enter ... secondary market they may try to buy or sell in large lots, thus making a big price disturbance. As institutions amass large blocks of shares they may be tempted to exercise their market power, especially in ... field of corporate takeovers.
Speculation has been common in most of the emerging stock markets and very noticeable because of ... thinness of the markets. While the opportunity for speculation is one of the chief attractions of any stock market, the line between speculation and sharp practices is something hard to draw.
Priviliged placements, insider trading, short selling and other questionable practices have occurred throughout the developing world.
In these circumstances, ... pure theory of international trade suggests that stock markets would not be viable in all countries but would cluster at a few points of... globe, determined by the location of factor skills and time zones.
Words you may need:
dormant adj спящий; (зд.) бездействующий
presume v полагать, допускать, считать
handicap n недостаток, помеха, препятствие
steady market устойчивый рынок
large lots крупные лоты
big price disturbance существенное колебание цен
amass v накапливать
takeover n поглощение (одной компании другой)
thinness of the market узость рынка
speculation n спекуляция (торговля ценными бумагами с целью получения прибыли)
sharp practice мошенничество, надувательство
insider trading незаконные операции с ценными бумагами на основе «внутренней» информации о деятельности компании эмитента
short selling «короткая» продажа
viable adj жизнеспособный
cluster v группироваться
Ex. 9. a) Supply the prepositions where necessary.
b) Write down 3-5 questions about the text.
c) Describe the trends in the major equity markets mentioned in the text.
Equity Market
In return ... the use of their funds, investors in a corporation are issued certificates, or securities. Corporate securities represent claims ... the assets and future earnings of the firm. Corporate securities take the form ... either common stock or preferred stock.
In 1980 the US equity market was the largest domestic equity market in the world and was three times larger than its nearest rival, the Japanese market. During 1990 there were periods when the capitalization of the Tokyo Stock Exchange was higher than the NYSE. These relative values can fluctuate quite dramatically. For example, the Tokyo Stock Exchange market capitalization fell... 29% in the mid two quarters of 1990. The London Stock Exchange only fell by 17% ... this period. As a result, the value rankings are not stable over short periods. However, one can see the rapid rise of the Tokyo stock exchange ... the 1980s, the relative decline of US stock markets, and the slow but sure growth of London and the other European stock exchanges.
The UK has a large domestic and international equity market relative to the size of its economy. This market is the most international in terms of foreign companies listed and the extent ... foreign equities traded. In contrast, German equity markets are small relative ... the size of the economy. The UK, Canadian and the US domestic capital markets are very similar ... each other in that many domestic firms are quoted and equity is a significant form of finance. However, most of the smaller domestic capital markets can be characterized as consisting ... very few firms which are widely publicly held. Small group and family holdings predominate and new equity issues are avoided for fear... losing control.
Words you may need:
common stock обычные акции
dramatically adv резко
ranking n ранжирование, классификация
relative to относительно
holding n владение (акциям)
predominate v преобладать
Ex. 10. a) Open the brackets putting the verbs in the correct form.
b) Describe the changes on the London Stock Exchange brought about by Big Bang.
The London Stock Exchange (LSE) (to be) the principal market for the trading of equities, other corporate securities and government debt in the UK.
The London equity market (to have) the third largest turnover in the world, after Tokyo and New York. Organized dealing in stocks and shares in London (to start) at the end of the 17th century, when much of it (to take) place in the coffee houses in the City of London. At the beginning of the 19th century the London Stock Exchange (to obtain) its constitution and a building of its own.
Now it is a dealership market: the great majority of customer orders (to transact) with a market maker who quotes prices at all times at which he stands ready to buy or sell. In this respect it (to differ) sharply from the more common public auction markets such as New York, Tokyo or Paris where the bulk of customer trades cross directly with each other. The market (to undergo) substantial change at the time of Big Bang in 1986, and its current structure is modelled in part on that of NASDAQ, the US over-the-counter market.
Prior to 1986, membership of the stock exchange (to restrict) to partnerships. Member firms (to be) either brokers or jobbers. Brokers were not allowed to trade on their own account: they (to act) as agents for their customers, and transacted their orders with jobbers. The commission structure was fixed. Jobbers were obliged to make a two-way market in securities, and (to deal) with brokers as principals. They were prohibited from dealing directly with customers. Dealing (to take) place on the floor of the exchange.
The changes which were instituted in the period up to October 1986 were designed to liberalize the activities on the stock exchange: the rule restricting membership of the exchange to partnerships (to remove); fixed commissions were scrapped; the separation between broking and jobbing (to end); member firms became broker-dealers, free to act as agents and as principals. Those who wished to do so could register as market makers in specified stocks. At the same time, the opportunity (to take) to modernize the trading and quote dissemination system. A computerized system (to install) which showed the price quotes of all market makers in all stocks. Trades had to be reported electronically within five minutes.
The effects of Big Bang (to be) generally beneficial for customers dealing in size in liquid stocks.
The stock exchange (to be) the competent listing authority for the UK. The main requirements for having a listing in London are a 3-year-audited track record, a capitalization in excess of £700,000, at least 25 per cent of which must be in public hands, and the submission of appropriate listing particulars. In addition the company (to require) to release all necessary information for shareholders and to the public to appraise the position of the company at all times. Companies have to pay to the exchange a fee on listing and an annual fee thereafter. The stock exchange (to be) a private limited company owned by its individual members.
The London Stock Exchange increasingly (to affect) by the legislation of the European Community. This process has the aim of creating a single European securities market.
Words you may need:
dealership market рынок, на котором работают дилеры
order n (зд.) приказ
the bulk n большая часть
Big Bang – реорганизация Лондонской фондовой биржи 27 октября 1986 г.: отмена минимальных фиксированных комиссий, допуск на биржу банков и иностранных учреждений, разрешение членам биржи совмещать функции брокера и джоббера
NASDAQ = National Association of Securities Dealers Automated Quotations – автоматические котировки Национальной ассоциации дилеров по ценным бумагам.
prior to prep до, ранее
two-way market рынок, на котором постоянно котируются цена покупателя и цена продавца
prohibit v запрещать
principal n принципал
institute v вводить, устанавливать
scrap v выбрасывать за ненадобностью
dissemination n распространение (информации, знаний)
market maker «делатель рынка», брокерская фирма, постоянно котирующая ценные бумаги
track record информация о деятельности фирмы (банка и др.)
capitalization n капитализация
in excess of сверх
appraise v оценивать
fee n (зд.) взнос
Ex. 11. a) Fill each gap with a suitable word from the box below.
b) Sum up the text in 5-7 sentences and present your summary in class.
c) Say what you have learned about trading on the New York Stock exchange.
stockholders |
start |
exchange |
conduct |
traded (2) |
meets |
assigned |
transactions |
data |
types |
work |
membership |
funds |
foundation |
putting |
securities |
sellers |
trading |
free |
founded |
exchanges |
|
|
|
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.
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 highspeed computers, which allows to keep track of all ________, 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 analyse 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 a place, it's a way of doing business.
Words you may need:
universal adj всеобщий, всемирный
to take title (to) получать право собственности (на что-л.)
commission broker комиссионный брокер
specialist n специалист (член фондовой биржи, специализирующийся по одному или нескольким видам ценных бумаг)
flourish v процветать
to give way (to) уступать
post n «пост», место в торговом зале биржи
cornerstone n краеугольный камень
to keep track отслеживать
abuse n злоупотребление
instantly adv мгновенно
from the rank of... из рядов ...
equal footing (зд.) равные условия