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Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

cards.

Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.

Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.

Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a jobrelated injury.

CASUALTY INSURANCE

Casualty insurance insures against accidents, not necessarily tied to any specific property.

Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.

Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.

LIFE INSURANCE

Life insurance provides a monetary benefit to a decedent's family or other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Certain life insurance contracts accumulate cash values, which may be taken by the insured if the policy is surrendered or which may be borrowed against. Some policies, such as annuities and endowment policies, are financial instruments to accumulate or liquidate wealth when it is needed.

PROPERTY INSURANCE

Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance (also known as boiler and machinery insurance or equipment breakdown insurance).

LIABILITY INSURANCE

Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

12. STOCK EXCHANGE

ORGANISATION OF EXCHANGES

All stock exchanges perform similar functions with respect to the listing, trading, and clearing of securities. They differ in their administrative machinery for handling these functions.

The London Stock Exchange, the largest in the world in terms of the number and variety of domestic and international securities traded, is an independent institution not subject to governmental regulation. It resembles a private club with its own constitution and operating rules, administered by a council that, except for the government broker who is an ex officio nonvoting member, is elected by the membership. Operating responsibility is vested in the secretary and his staff.

In the United States, as in Great Britain, the government does not participate directly in the operations of the exchanges. Since 1933, however, Congress has enacted half a dozen measures that in one way or another affect the securities market. The most important are the Securities Act of 1933, which is primarily concerned with the new-issue market, and the Securities Exchange Act of 1934, which is directed toward the trading market. The latter requires that every stock exchange register with the Securities and Exchange Commission (SEC) as a national securities exchange, unless it is exempted because of the limited volume of its transactions, and that it conform to certain rules in its trading practices. This relationship between the stock exchanges and the SEC is peculiar to the United States; it involves a sort of administrative partnership between the exchanges as private associations – but functioning as quasi-public institutions – and the government. The exchanges generally may adopt policies and issue regulations governing their own operations but are subject to SEC intercession in the event that the Commission believes modifications are required in the public interest.

Most European exchanges are also subject to some form of governmental regulation. The Amsterdam Stock Exchange is a private organization, relatively free to regulate the activities of the market, but the Minister of Finance exercises some supervision under existing legislation. The Zürich exchange is governed by a board of elected members that determines general policy and coordinates the work of the exchange's committees. Of these, the Zürich Cantonal Committee, which directs dealings on the floor of the exchange, is chaired by the head of the Finance Department of the State of Zürich. Although the Frankfurt Stock Exchange is under the direct administration of a Board of Governors elected by its own members, the rules of the exchange must be approved by the authorities of the state of Hesse; and the official specialists, each responsible for the trading in certain securities, are ap-

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

pointed by the Minister of Finance in the state of Hesse. In Brussels the Ministry of Finance is involved in the appointment of members to major committees, while a governmental representative is attached to each exchange to supervise the observance of all rules and laws; in addition, the Banking Commission that is nominated by the government has substantial powers over the admission of securities to public trading. The policy-making Exchange Commission of the Paris bourse is headed by the Governor of the Banque de France, while the regular members are chosen by the Ministry of Finance; the agents de change who supervise the trading process are semi governmental officials. New members of the Italian stock exchanges are appointed by the government from a list of candidates as a result of competitive examinations and therefore have some public status.

Since 1953, membership in the New York Stock Exchange has been limited to 1,366. Only individuals may be members, but they may be partners or stockholders of organizations that do business with the public. Their organizations in such cases are known as member firms. The exchange supervises and regulates member firms in what it considers to be the public interest: a majority of the owners must be engaged primarily in the business of brokers or dealers in securities; exchange approval is required of any shareholder with a 5 percent interest in a member corporation; and all principal officers and directors who are active in the firm must be members or allied members of the exchange. An allied member is subject to the rules of the exchange but does not have the right to engage in transactions on the floor.

There are several kinds of brokers on the floor of the exchange. They include the commission broker who executes customer orders placed at or near the current market price; the specialist in one or more issues who, as a broker, executes limited orders for other members and, as a dealer, buys and sells securities for his own account; floor brokers, or «two-dollar» brokers, who execute orders for other brokers at a commission but have no contact with the public; brokers associated with odd-lot firms, who undertake to buy or sell in quantities other than the standard 100-share lot; and «registered traders» who buy and sell for their own account.

TRADING PROCEDURES

Most stock exchanges are auction markets, in which prices are determined by competitive bidding. In very large, active markets, the auction is continuous, occurring throughout the day's trading session and for any security in which there is buying and selling interest. In smaller markets the names of the listed stocks may be submitted in some form of rotation, with the auction occurring at that time; this process is described as a «call market».

Trading methods on all the exchanges in the United States are similar.

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

In a typical transaction for a security listed on the New York Stock Exchange, a customer gives an order to an employee in a branch office of a member firm, who transmits it either indirectly through the firm's New York office or, as is becoming increasingly common, directly to a receiving clerk on the floor of the exchange. The receiving clerk summons the firm's floor broker, who takes the order, goes to the post where the stock is traded, and participates in an auction procedure as either buyer or seller. If the order is not a market order calling for immediate action, the broker turns it over to an appropriate specialist who will execute it when an indicated price is reached.

As in any auction market, securities are sold to the broker bidding the highest price and bought from the broker offering the lowest price. Since the market is continuous, buyers and sellers are constantly competing with each other. In the New York Stock Exchange, the specialist plays an important role. As a principal, he has the responsibility of buying and selling for his own account, thereby providing a stabilizing influence; as an agent, he represents other brokers on both sides of the market when they have orders at prices that cannot be readily executed.

With the growing demand for stocks on the part of institutions such as insurance companies, mutual funds, pension funds, and so forth, the size of orders consummated on the New York Stock Exchange has grown. The common way of handling these big blocks on the floor of the exchange has been to break them into smaller orders executed over a period of time. Another method is to assemble matching orders in advance and then «cross» them, executing the purchase or sale at current prices in accordance with prescribed rules; since the broker initially may have obtained the matching orders off the floor, this procedure assumes some of the aspects of a negotiated rather than a pure auction transaction. It is only a step from this to so-called block positioning, in which the broker functions as a principal and actually buys the block from the seller and distributes the securities over a period of time on the floor of the exchange.

When none of these methods appears feasible, the exchange permits certain special procedures. A secondary distribution of stock resembles the underwriting of a new issue, the block being handled by a selling group or syndicate off the floor after trading hours, at a price regulated by the exchange. In an exchange distribution a member firm accumulates the necessary buy orders and then crosses them on the floor. This is distinguished from an ordinary «cross» because the selling broker may provide extra compensation to his own registered representatives and to other participating firms. A special offering is the offering of a block through the facilities of the exchange at a price not in excess of the last sale or the current offer, whichever is lower, but not below the current bid unless special permission is obtained. The terms of the offer are flashed on the tape. The offerer agrees to

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

Activity 4. Use the vocabulary list and translate the following sentences into English.

Фондовая биржа – это организованный рынок для торговли стандартными финансовыми инструментами, создаваемая профессиональными участниками фондового рынка для взаимных оптовых операций. Признаками классической фондовой биржи являются:

1)централизованный рынок, с фиксированным местом торговли, т.е. наличием торговой площадки;

2)на данном рынке существует процедура отбора наилучших товаров (ценных бумаг), отвечающих определенным требованиям (финансовая устойчивость и крупные размеры эмитента, массовость ценной бумаги, как однородного и стандартного товара, массовость спроса, четко выраженная колеблемость цен и т.д.);

3)существование процедуры отбора лучших операторов рынка

вкачестве членов биржи;

4)наличие временного регламента торговли ценными бумагами

истандартных торговых процедур;

5)централизация регистрации сделок и расчетов по ним;

6)установление официальных (биржевых) котировок;

7)надзор за членами биржи (с позиций их финансовой устойчивости, безопасного ведения бизнеса и соблюдения этики фондового рынка).

Функции фондовой биржи:

1)создание постоянно действующего рынка;

2)определение цен;

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

3)распространение информации о товарах и финансовых инструментах, их цена и условия обращения;

4)поддержание профессионализма торговых и финансовых посредников;

5)выработка правил;

6)индикация состояния экономики, её товарных сегментов и фондового рынка.

Всего в мире около 150 фондовых бирж, крупнейшими являются следующие: Нью-Йоркская, Лондонская, Токийская, Франкфуртская, Тайваньская, Сеульская, Цюрихская, Парижская, Гонконгская и биржа Куала Лумпур.

Фондовая биржа выступает в качестве торгового, профессионального и технологического ядра рынка ценных бумаг, кроме того, биржа является предприятием.

Вмеждународной практике существуют различные организацион- но-правовые формы бирж:

•неприбыльная корпорация (Нью-Йоркская биржа);

•неприбыльная членская организация (Токийская биржа);

• товарищество с ограниченной ответственностью (Лондонская

иСиднейская биржи);

•полугосударственная организация (Франкфуртская биржа);

•прочие формы.

И в международной и в российской практике биржи функционируют в группе дочерних компаний и структур, выполняющих вспомогательные функции. Создание при бирже дочерних юридических лиц используется для следующих целей: организация отдельных торговых площадок (фьючерсные рынки и т.д.), создание клирингово-расчетных и депозитарных организаций, удаление «за рамки» биржи коммерческих операций и услуг, не соответствующих неприбыльному статусу фондовой биржи.

Activity 5. Translate the following text into Russian.

A stock market index is a method of measuring a section of the stock market. Many indices are cited by news or financial services firms and are used to benchmark the performance of portfolios such as mutual funds.

A national index represents the performance of the stock market of a given nation – and by proxy, reflects investor sentiment on the state of its economy. The most regularly quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the British FTSE 100, the French CAC 40, the German DAX, the Japanese Nikkei 225, the American DJIA, and the Hong Kong

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

Hang Seng Index.

The FTSE 100 Index – also called FTSE 100, FTSE, or, informally, the «footsie» is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange. The index began on 3 January 1984 with a base level of 1000; the highest value reached to date is 6950.6, on 30 December 1999. It is the most widely used of the FTSE Group's indices, and is frequently reported (e.g. on UK news bulletins) as a measure of business prosperity.

The CAC 40 is a benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant values among the 100 highest market caps on the Paris Bourse (now Euronext Paris). It is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Lisbon's PSI-20 and Amsterdam's AEX.

Nikkei 225, is a stock market index for the Tokyo Stock Exchange (TSE). It has been calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper since 1950. It is a price-weighted average (the unit is yen), and the components are reviewed once a year. Currently, the Nikkei is the most widely quoted average of Japanese equities, similar to the Dow Jones Industrial Average. In fact, it was known as the «Nikkei Dow Jones Stock Average» from 1975 to 1985.

The Dow Jones Industrial Average also referred to as the Industrial Average, the Dow Jones, the Dow 30, or simply as the Dow; it is an index that shows how certain large, publicly-owned companies have traded during a standard trading session in the stock market. The average is computed from the Dow Jones Indexes by the stock prices of 30 of the largest and most widely held public companies in the United States.

The BEL20 is the benchmark stock market index of Euronext Brussels. In general, the index consists of a minimum of 10 and a maximum of 20 companies traded at the Brussels Stock Exchange. Since Nyrstar was promoted to the index on 4 March 2008, the BEL20 has contained a full 20 listings. The composition of the BEL20 index is reviewed annually based on closing prices at the end of the calendar year. These changes are effected on the first trading day of every March. In addition to meeting a set of criteria demanding a company be «representative of the Belgian equity market», at least 15 % of its shares must be considered free float in order to qualify for the index. In addition, a candidate for inclusion must possess a free float market capitalisation (in Euros) of at least 300000 times the price of the index on the last trading day of December. The BEL20 is a market valueweighted index.

The DAX (Deutscher Aktien IndeX, formerly Deutscher Aktien-Index

(German stock index)) is a blue chip stock market index consisting of the 30

Карташова А.В. «Перевод в сфере делового общения». Учебное пособие, 2010 год

major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system. According to Deutsche Boerse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization. The Base date for the DAX is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 second since January 1, 2006.

The Hang Seng Index (abbreviated: HSI) is a freefloat-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. These 45 companies represent about 67 % of capitalization of the Hong Kong Stock Exchange. HSI was started on November 24, 1969, and is currently compiled and maintained by HSI Services Limited, which is a wholly owned subsidiary of Hang Seng Bank, the largest bank registered and listed in Hong Kong in terms of market capitalisation.

The S&P/MIB is the benchmark stock market index for the Borsa Italiana, the Italian national stock exchange, which superseded the MIB-30 in September 2004. It is supported by Standard & Poor's and consists of the 40 most-traded stock classes.

The PSI-20 (an acronym of Portuguese Stock Index) is a benchmark stock market index of companies that trade on Euronext Lisbon, the main stock exchange of Portugal. The index tracks the prices of the twenty listings with the largest market capitalisation and share turnover in the PSI Geral, the general stock market of the Lisbon exchange. It is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Paris's CAC 40 and Amsterdam's AEX.

The IBEX 35 (an acronym of Iberia Index) is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets (including the Bolsa de Madrid). It comprises the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index, which are reviewed twice annually. Trading on options and futures contracts on the IBEX 35 is provided by MEFF (Mercado Español de Futuros Financieros), another subsidiary of BME.

Activity 6. Translate the following text into English.

РТС (Российская торговая система) – одна из крупнейших в России площадок для торговли ценными бумагами. После реструктуризации в 2007 году основной компанией группы стала ОАО «Фондовая биржа