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Vocabulary exercises

Ex.1. Complete the chart with the terms given below using information from texts A and B.

bonds domestic equities gilts overseas shares stocks

Number indicating how prices of shares have fluctuated. 2 A duty to fulfill obligations agreed between the parties concerned. " Qj|t-edged securities issued by the government to finance national requirements.

  1. An employee of a stock exchange who accepts to buy and sell orders from customers.

  2. A company whose securities are traded on an organized exchange.

  1. The indicator of a good market.

  2. To get or to give a part of something.

8 Last reported price at which a security was sold on an exchange. 9. Market on which securities transactions are conducted through a telephone or a computer network.

Ex.3. Match the terms with the correct definitions below

commitment listed company RR market price share index

Ex.2. Find pairs of synonyms in column A

A

1.exchange 2. stocks 3- dealings

  1. grade

  2. item

  3. short-fall

  4. variety

  5. overseas

  6. complete

blue chips OTC vitality to share


  1. fixed

  2. bought and sold

  3. through

  4. registered

  5. to entitle

  6. to vary

  7. to determine

  8. to deal in

  9. to govern

  10. to fund

  11. to affect

  12. shares

and column B. В

  1. to define

  2. to finance

  3. to manage, regulate

  4. limited

  5. transactions

  6. listed

  7. to influence

  8. by means of

  9. diversity

  1. foreign

  2. standard

  3. to change

  4. trade

  5. traded

  6. to trade

  7. full

  8. deficit

  9. to authorize

  10. securities

  11. equities

  12. product

Ex.4. Choose the right categories for the words listed below.

listed securities market maker broker equities unlisted securities fixed-interest international

domestic analyst fund manager

/"-3 Key personnel

1 Types of market

2 Categories of investment

Ex.5. Match each of the above terms with the correct definition below.

1

person or securities house which buys and sells shares for brokers on

the Stock Exchange

investments where dividends are payable from profits remaining after

fixed-interest charges

an agent who buys and sells shares for investors

Stock Exchanges like London, New York and Tokyo which deal in the

stocks of multinational companies

for companies which have obtained an official Stock Exchange quotation

7

e

9 10

investments where the rate of interest does not change

for smaller companies not wishing to acquire a full Stock Exchange listing

person who examines different stocks and shares to evaluate their merits

as investments

Stock Exchanges which deal mainly in their own country's shares

specialist responsible for funds entrusted to him for investment (e.g. unit

trust, investment trust, pensions etc.)

44

45

futures

futures exchanges

futures contract

sample

On sample

°n a tale quale basis

In lots bidder tender

The two animals opposite are also part of stock market language. Which describes a person who sells stocks and shares anticipating a fall in the market price? Which describes a person who buys stocks and shares a frcipatr с f rise in the market price?

Ex.6. Read this article and decide where these twelve words should go. blue-chip listing trading unit trusts

bonds investment portfolio valuation

dividend flotation offer speculators

Easy access for investors

A highly specialized new telephone service claims to offer subscribers access to a complete range of up-to-date financial information at the touch of a button.

For investors in the most highly regarded industrial shares, there is news °f „Ш— prices For those who have chosen to spread their __(2]____ over

a variety of holdings, the bid and _._f3)__. prices for all (4) ___ are

listed in full- Others, who have put money in their local authority, can find out about their local __(5|__.

Investors who want to know what their (6) is worth at any time can

obtain an up-to-the-minute, __...0.._ • There are also details of companies

seeking a full _(8]_ and of the (9j _ of companies which are offering

their shares for sale for the first time, not to mention ^ (IQL^ results, (111— „ payments and other important company announcements.

Something for everyone, including ..__,(1_2_L_less interested in securing a steady income and possible capital appreciation than in making quick profits through market price fluctuations!

Comprehension

Answer the following questions and use them as a plan for speaking on the topic Exchanges.

  1. What does the term «exchange» mean?

  2. What types of exchanges do you know?

  3. Do Commodity Exchanges deal in all kinds of commodities7

  4. How are the goods bought and sold at Commodity Exchanges?

  5. What are the main factors governing prices at the exchanges?

  6. What is the main purpose of the stock market?

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7 What kind of products are traded on Stock Exchanges? 8. Who are the participants of the Stock Exchange? 9 What is necessary for a company to be admitted to the Stock Exchange? 10. What basic types of securities are listed and traded on the Stock Exchange?

IB

Text С

Nowadays Commodity Exchanges are losing their role as markets of physical goods and are becoming mainly futures exchanges where deals are chiefly made for speculation purposes or for hedging.

The goods like fur, tea, bristles, spices whose quality varies from year to year, from tot to lot cannot be accurately graded and are sold at auctions according to sample (on a tale quale basis).

Before the auction begins, the lots are inspected by future buyers and then sold to the highest bidder.

Horses or animals are also sold and bought at auctions. International auctions in our country have been held since 1931.

Trade by tenders is frequently used in developing countries for construction work or for delivery of goods. General terms and conditions of the future deal are announced beforehand and the contract is given to the suppliers who offered the lowest price and the most favourable terms.

-фьючерские сделки, сделки иа срок

  • срочные фьючерские биржи (торговля на них ведется на основе стандартных контрактов)

  • фьючерский контракт (обязательство купить или продать определенное число финансовых инструментов или количество товара по цене, согласованной в биржевом торге; сроки исполнения сделок колеблются от нескольких недель до нескольких месяцев)

-хеджирование (особая форма страхования цены и прибыли путем заключения фьючерса на срочной бирже)

  • образец, проба

  • по образцу

  • на усповии «тель-кель» (такой, какой есть) - условие продажи без гарантии качества, условие об освобождении во время транспортировки

  • партиями, лотами

-участник аукциона, предлагающий цену -торг, аукцион, предложение

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Text D The meaning of a few basic terms

Wh^Lexac_tlyjsa_ share?

A share is a part of a company, offered for sale to the public. The company is

able to raise cash for expansion and new ventures by selling shares to investors.

Some companies - family businesses, for example - do not trade their shares.

Firms than do are known as public limited companies (pic), and seek a listing on

the Stock Exchange.

The first time it «goes public» (aslo known as a flotation), a company will often

announce its intentions with advertisements in the press. This is called an offer

for sale.

a shareholder?

As a shareholder, you are an owner of the company and are entitled to take part

in its decisions. You are sent an annual company report; you can vote on company

issues; and you have the right to attend shareholders' meetings.

If the company is doing well and profits rise, you benefit. Your shares should be

worth more than when you bought them; and you may receive an income or

dividend.

How can_s hares make moneyJor_yQ_u?_

A share's value is not fixed. Its price is determined by many things: the company';

recent performance; the state of the sector of the economy the company trades

in; national and international economic and political changes; the level of

consumer demand; and the peculiarly unpredictable human factors of confidence

and pessimism.

So, if you buy a share at one price and sell it at a higher price, you make a profit;

if you sell it at a lower price, you make a loss.

Shares can provide an income (though not necessarily a regular one) through

the payment of dividends. However, a company can choose not to pay a dividend

at all, investing any profits back into the company.

Ordinary shares

As a private investor in the stockmarket, you will almost always be dealing with

what are known as ordinary shares. You may come across some other types of

shares.

Preference shares

These shares earn a fixed income. Their owners are entitled to receive any dividend before the holders of ordinary shares. If a company is wound up, pre­ference shareholders are paid first, once all the creditors have been paid in full.

Unlisted securities^

Companies which are not big enough for a Stock Exchange listing, or which do not wish to pay for listing, can trade their shares on a secondary market, the Unlisted Securities Market (USM). USM shares are highly volatile.

_ or gilt-edged securities - are securities issued by the British government carry a fixed rate of interest, usually for a set term, and are traded on the arket. The money that they raise funds government spending. They can be _ longs, with a redemption date more than fifteen years away - mediums, with a redemption date of between five and fifteen years -shorts, with a redemption date of five years or less. Some gilts are undated, witti no fixed redemption date. Generally gilt prices fluctuate according to interest rate movements. f^fvvting your shares

For steady long-term investment, you should consider bluechip shares. These are the shares of secure and respected British companies, many of which are household names: for example, ВТ, 1C!, Glaxo and Marks & Spencer. The term «blue chip» derives from the highest-value chip in a game of poker, You are unlikely to see spectacularly fast rises in their share prices, but it is likely that over a number of years they will earn steady profits for their shareholders. These shares will be listed on the FT-SE 100 Index (nicknamed the Footsie) which was started in 1 984 at 1 ,000 points and is based on the Stock Exchange's 100 largest listed companies. Footsie is often quoted to show the state of the stockmarket.

Two prices are always quoted: the offer price (the higher price, and the one at which you buy shares), and the bid price (the lower price, and the one at which you sell shares). The price you will usually see quoted, in the newspapers for example, is the mid price, halfway between the bid and offer prices. To understand this idea of bid and offer prices, it may be helpful to think of what you see when you buy foreign currency; in the bank or bureau de change there are two sets of figures, headed «We buy» and «We se!b.

Discussion

  1. Do you think Stock Exchanges are necessary in general and in this country in particular?

  2. Wouid you share the idea that this way of exchanging stocks and shares 15 quite efficient for the public?

  3. What do you corne to know about the largest securities markets in the

world?

  1. How can you characterize the activity of an exchange member? Is it an *sy way to become RR?

  2. How can you explain the term «listed companies»?

6- In what way do people contribute to the economic growth of a country?

7- Is investing on the Stock Exchange a risky business? Comment on this.

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Topical vocabulary

banking institutions savings

commercial banks merchant

to issue

notes

personal cheques

money

shares to undertake

management

monetary policy to pay interest on the account receipt of deposits transfer of money encashment to save money to keep money safe to lend = to loan (to make a loan) lender to borrow borrower to deposit a depositor insolvent legal tender

Unit 6 BANKING

банковские учреждения сберегательные

банки

коммерческие торговые

- выпускать, выдавать

  • проводить, осуществлять

  • кредитно-денежная политика

  • платить процент по счёту

  • получение вкладов -перевод денег

  • оплата наличными

  • экономить; сберегать, копить

  • хранить -давать взаймы

  • заимодавец

  • брать в кредит -заёмщик

- положить на счет (срочный) вкладчик

неплатежеспособный законное платёжное средство

Text A

The British banking system has developed over the past few hundred

pars to become one of the most highly specialised financial centres in the western

vortd The head offices or main branches of banking institutions are concentrated

in the City of London: the Bank of England and the most important commercial

and merchant banks are situated in close proximity* to one another.

The Bank of England is the central bank of the United Kingdom. It was founded in 1694 by Royal Charter*. It acts as the bank for the Government and works in close cooperation with the other banks: as the central note-issuing authority* and as agent of the Government for important financial operations. The Bank also undertakes management of the National Debt* and the administration of exchange* control. Thus it is through the Bank of England that the Government's monetary policy is implemented.

Savings banks keep money safe until it is needed. The National Savings Bank receives money from its customers in two distinct forms: en current account and on deposit account. With a current account, a customer can issue personal cheques. No interest is paid by the bank on this type of account. With a deposit account however, the customer undertakes to leave his money in the bank for a specified* period of time. Interest is paid on this money.

The commercial banks, owned by shareholders and working for profit, offer many services. Their primary business is receipt, transfer and encashment of different types of deposits. They receive money from savers on current and deposit accounts and in their turn lend the deposited money to customers who need capital. This activity earns interest for the bank and this interest is almost aJways at a higher rate than any interest which the bank pays to its depositors. In this way the bank makes its main profit. If a bank lends out too much and cannot repay its depositirs when they want their money back, it is insolvent. This is known as a bank «crashing». The major commercial banks in Great Britain are: National Westminster, Barclays, Lloyds and Midland - the «Big Four».

The merchant banks are in many ways different from commercial banks as they deal mainly with businesses. Their services include: issuing shares for companies; arranging international payments and finance; making large loans to UK and foreign businesses; taking large deposits from businesses and managing investments for businesses and other organizations. Some merchant banks are known as accepting houses* as they specialise in acceptance credit*. Others are called issuing houses* as they float* new issues of shares on the capital market, both at home and overseas*.

foximity - близость

R°yal Charter - Королевская грамота

uthority - зд. учредитель

ational Debt - государственный долг

50

51

exchange - зд.обмен

to specify - указывать, специально упоминать specified - указанный, определённый

accepting house-акцептный дом: торговый банк по международной торговле acceptance credit ~ акцептный кредит: метод платежа в международной торговле

issuing house - эмиссионный дом: банк, организующий еыпуск ценных бумаг

to float - зд. выпускать

at home and overseas - в своей стране и за рубежом

/ Discussion

I. Answer the following questions:

  1. Is the British banking system young or old?

  2. Where are the head offices of banking institutions concentrated?

  3. What do you know about the central bank of the United Kingdom?

  1. How is the Government's monetary policy implemented through the Bank of England?

  1. What is the main function of British savings banks?

  2. In what forms do the savings banks receive money from their customers? I

  3. What is the difference between these two types of accounts?

  1. What services are offered by commercial banks? What is their primary j business?

  1. In what way do commercial banks make profit?

  1. Why may the bank become insolvent?

  2. What are the major commercial banks of Great Britain?

  3. What are the main activities of merchant banks in Great Britain?

  1. Speak about the main types of banks in Great Britain.

  2. Can you compare British banking institutions with those of Russia? Tatarstan? I What is the name of the head banking office in this country?

  3. Read the text about the main functions of banks in the world economy. Say: I

  1. What is the main concern of banks in every developed country?

  1. How can banks help the government to stabilize economy and prevent inflation?

  1. Why is it so important for the banking system to rest upon a basis of

trust?

Banks in Great Britain as in every developed country are closely concerned with the flow of money into and out of the economy. They often cooperate with the Government in its efforts to stabilize economies and io prevent inflation.

52

v are specialists in the business of providing capital, and in allocating funds credit. We can say that the primary function of a bank today is to act as an . termediary between depositors who wish to make interest on their savings and borrowers who wish to obtain capital.The bank is a reservoir of loanable money, with streams of money flowing in and out. For this reason, economists antj financiers often talk of money being «liquid», or of the «liquidity» of money. The system of banking rests upon a basis of trust. Innumerable acts of trust build up the system of which bankers, depositors and borrowers are part. They ail agree to behave in certain predictable ways in relation to each other, and in relation to the rapid fluctuations of credit and debit. Consequently, business can be done and cheques can be written without any legal tender visibly changing hands. Banks were organized as places to which people took their valuables for safe-keeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions.

A list of terminology concerning banking services Opening an account

  • иметь счёт в банке

  • процент по счёту

  • платить два процента

  • образец подписи

  • подлинная подпись

  • первоначальная сумма

  • счёт в рублях (долларах)

  • текущий счёт

  • срочный (депозитный) счёт

  • счёт, на который перечисляется зарплата

  • счёт ссуд

  • ссуда частному лицу (обычно без обеспечения)

  • приказ о регулярных платежах

to have an account with /in the bank

interest on an account

to pay an interest of 2%

a specimen of signature

genuine signature

initial sum

account in roubles (dollars)

current account (UK)

checking account (USA)

deposit account (UK)

savings account (UK, USA)

salary account

loan account Personal loan

standing order

Paying into an account

j° Pay in /into an account

- положить /зачислить деньги на счёт

•° Put some money into an account

53


to deposit /to put in smb's account

from an account - снимать (деньги) со счёта

  • остаток

  • овердрафт (сумма, получаемая по чеку сверх остатка на текущем счету)

Making a transfer

to transfer money from an account to make the transfer to the bank

in somebody's name bank charges commission (UK) service charges (USA) to charge a commission extra charge to make payment(s) to confirm the transfer to collect the transfer

Buying and changing foreign currency

to buy (self) foreign currency - покупать (продавать)

иностранную валюту

  • менять рубли на доллары

  • обменять на ...

  • перевести деньги со счёта -перевести банку

  • на имя ...

  • комиссионные

  • брать комиссионные

-дополнительные сборы

  • платить, выплачивать

  • подтвердить перевод

  • получить деньги по переводу

Withdrawing from an account

to withdraw to take out

to draw out to make withdrawals a balance of... an overdraft

to change roubles for dollars to change into ... rate of exchange exchange rate (for the dollar)

Cheques /checks (USA)

to cash a cheque a cheque in

pounds sterling a cheque for ($200) to draw a cheque on a certain account

a cheque in favour of... to make out

to issue ache^ue

to endorse

to sign ache4"e

to accept the cheque traveller's cheques

-

обменный курс (доллара)

  • оплатить чек, получить деньги по чеку

  • чек в фунтах стерлингов

  • чек на (200 долларов)

  • выписать чек на определённый счёт -чекна имя...

  • выписать чек

  • подписать (заверить) чек

  • принять чек для оплаты

  • дорожные чеки

TextB

Bank services

The banking system does more than provide money for industry and trade. it als° provides a whole range of services for individuals. More than half of working oopulation makes direct use of a bank.

Current account (paying by cheques). A customer fills in a form and deposits some money on what is called a current account. From now on* the bank will keep his money safe for him until he wants to spend it. In a few days the bank will supply a cheque-book if references* have been satisfactory. And this is for a customer a new way of spending his money using a cheque-book instead of carrying a lot of cash around. If he sees something he wants to buy he makes out a cheque backed up by the cheque-card. The shop will send the cheque to its account at its own bank. The shopkeeper's bank will pass the cheque on to the customer's bank and the money will be transferred from one account to the other. Automatic cheque-processors can sort millions of cheques in a day. The electronic eyes read the details on each cheque which are then recorded on the bank's computers against the relevant account. So the more people use cheques to pay for things the less need there is to move cash around from one place to another.

Credit cards. Yet another convenient way of paying for things is by using credit or purchases cards. The most widely used credit cards in Britain are provided by companies owned by the banks. The customer does not need to carry cash or a cheque-book. Instead he uses his credit card which allows him to spend up to a limit which has been agreed*. At the end of a month the card­holder receives a statement showing what he has spent. He can then pay for all the purchases with one cheque either by posting it off for the credit-card company or by paying into the bank. It's easier than running around the town paying everything by cash, especially as many employers pay wages straight into your bank account.

Regular payments. And the banks can help to make it easier to pay other bills as well. There are some payments that have to be made regularly, say, every month such as insurance premiums or the rent for your house, for instance. In this case there's no need to make out any cheques at all*. Instead, a customer signs what is called a standing order or a direct debit mandate*, and the bank sees that the regular bill is paid every month, providing of course, that a customer keeps enough money in his account.

Cash now can be obtained from ATM (cash dispensers)' by using special cash-cards together with a private code (PIN)*. It saves a lot of time. Similar equipment linked to the bank computers are available in shops as well. By using special terminals customers will be able to pay for their purchases by transferring ГГ10пеУ directly from their bank account to the shop's account. The computers ^n cope with almost unbelievable amount of transactions. New developments n automatic banking are transforming the whole industry.

54

55

Traveller's cheques. When you go abroad the bank has another trick up its sleeve*. It provides foreign currency or traveller's cheques which are accepted by foreign banks, hotels, shops in almost every country in the world. And if the worst does happen and the cheques are stolen or lost, provided the customer has kept a note of a series or numbers, then the advantage of the traveller's cheque is that the bank will replace it so that the holiday enjoyment will not be spoilt.

Deposit account. But holidays abroad are expensive. It's a kind of thing that most of us have to save up for. That's why banks have systems that enable people to save regularly or whenever they feel like it*. The best known of these is called a deposit account into which the customer puts all the money which he or she is able to save. What makes this system so much better than «a piggy bank»* is that the real bank actually pays you for looking after your money. The money the bank pays to the customer is called interest.

If a customer is in any doubt as to how he should save his money or if he wants any advice about any aspect of his financial affairs the bank manager is there to give him expert advice.

Personal loan. Most of us need expert advice and banks have a whole range of special services. It's no small matter* buying a house or even a car or a new furniture. For one thing*, we don't always have enough money for things like that. Even a bank manager can't give you money, but if he is sure that you can afford to pay it back he may agree to lend you some as a personal loan.

The most common way of borrowing money from a bank is to open a loan account. The customer takes the money he needs from the account and agrees to pay back so much every month. You can ask to borrow for most things and today the banks are happy to consider loans for house purchase.

Overdraft. If it is a small sum of money that is needed, perhaps for a student who is awaiting for his grant to come through*, then a bank may agree to give an overdraft. This means that the customer can draw more money out of his ordinary current account than he actually has in it up to an agreed limit. Both he and the bank manager know that his grant will enable him to pay the money back quickly.

from now on - с этого момента

references - банковские референции

agreed (upon) - согласованный, заранее оговоренный

at all - совсем, вовсе

direct debit mandate - приказ о прямом дебитовании

another trick up its sleeve - ещё один сюрприз для вас

whenever they feel like it - когда им заблагорассудится

piggy-bank - копилка (обычно в виде свиньи)

it's no small matter - не простое дело

for one thing - с одной стороны

to come through - поступить (на счёт)

cash dispenser - раздатчик наличных (не связан с банком); это слово

выходит из употребления, его заменяет ATM

дТМ (automated telling machine) - автоматическая кассовая машина для операций между банком и клиентом (выдача наличности, справки о состоянии счёта и т.п.) PIN - persona! identification number

Text С

Opening a bank account

Read the text about opening a bank account in Great Britain. Say:

  1. What is a young Englishman asked when he begins to work?

  2. Why do bankers ask him to give the name and address of a responsible

person?

3. How long does it take a young Englishman

  1. to become a customer

  2. to receive a cheque guarantee card?

When a young Englishman begins to work, he usually finds that he is to be paid by cheque or directly into a bank account. Thus he may be asked whether he has a bank account, (f he does not he usually chooses a bank near his work, so that he eal visit it in his lunch hour. Or he chooses a branch with «late night opening» near his home as he may find it convenient to go there to draw his money out. So a young worker as employee goes to the bank of his choice, looks for the "Enquiries" desk and tells the clerk that he wants to open a current account. He will be asked to give the name and address of a responsible person (who also has a bank account) who can give him a reference*. If one of his parents has a bank account and a young man goes to his or her bank, he will be accepted on that basis. The bank will write to a young man's referee to ask whether he is a suitable person to have a bank account. About a week or two rater the bank will get in touch with him. He pays in some money to open his account, gives a specimen signature*, and he is then a customer of the bank, with access to all banking services.

If a yaung£nglishman opens a current account, tie will be given a paying-'n book* and a cheque book. Both of these will ha» counterfoils* (or special font pages) which a new client of the bank can fill in each cheque issued or "Payment made to make a record for future reference. If as a new customer he •roves to be trustworthy* and maintain the current account sensibly*, the bank after a few months agree to issue him with a cheque guarantee card which le must sign with a specimen signature.

;rence - зд. рекомендация eree - лицо, дающее рекомендацию

56

57

specimen signature - образец подписи paying-in book - расчётная книжка counterfoil - корешок чека trustworthy - заслуживающий доверия sensibly-разумно

Comprehension

Look at these customers of a bank and choose a leaflet that they each

i need some catb arrive at Tokyo Ai

need.

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