1) Securities fraud charge.
2) Cheating customers.
3) First warning signs.
4) SEC is under investigation.
5) Unwilling to investigate affluent Wall Street people.
Section B
Exercise 1. Find words and expressions in paragraph 1 that mean:
a) criminal deception
b) blamed
c) consultancy
d) legal
e) relationship
f) confidence trickster
1) The SEC is under investigation for its failure to investigate the fraud despite the fact that whistle-blowers had alerted it to warning signals.
2) The SEC have always suspected Madoff.
3) Madoff’s niece Shana Madoff, a solicitor at Madoff’s firm, is married to Eric Swanson, former SEC assistant director in the office of compliance inspections and examinations.
4) Swanson started his romantic relations with his wife-to-be before the compliance team he helped to supervise inquired about Bernard Madoff’s securities operations.
Exercise 3. Read paragraph 3 again and put correct verbs into the following sentences:
1) In 2008, Bernard L Madoff Investment Securities had US$700mln of equity capital and _____with 10% of New York Stock Exchange trading volume.
2) A suspiciously small number of employees _____ his investment strategy, a warning sign in itself.
3) Madoff _____ that he had made 10-12% a year on a consistent basis and he was clever enough to reduce the return slightly in bad years to make it seem more plausible.
4) Madoff had seemed _____ the steady returns using what he called the split-strike conversion strategy with options, which is also known as a collar.
5) He …… out-of-the-money call options and _____ out-of-the-money put options, both on the S&P 100 index, while _____ stocks correlated to that index.
6) The sale of the call options would _____ gains of the underlying stock portfolio beyond a certain level and the purchase of the put options would similarly offset losses.
Exercise 4. Find words or phrases from paragraph 5 to replace the words in italics in the sentences below:
1) The collar strategy he claimed he had chosen was too expensive for a portfolio the size of Madoff’s according to the financial investigators.
2) If implemented, it would have led to more volatility than his returns planed.
3) There are a lot of questions with regard to the Madoff’s case which need further explanation, including whether he had been front-running, which means using information from market making to trade securities ahead of placing client orders, and whether he had been working alone.
4) One significant issue is how the SEC missed the Madoff’s scandal and similar frauds.
5) Boston accountant Harry Markopolos first told the SEC in 1999 that he had an impression that Madoff’s business was a Ponzi scheme, he had a small group of investigators working on the case, and kept trying to alert the SEC – without success.
6) The SEC is no doubt under-resourced and its staff are not always sufficiently skilled or experienced to recognize a trick, but the legitimate question has arisen whether the SEC has had the will to inquire into high-profile Wall Street figures generally.
Over to you
Whom do you think the article calls high-profile Wall Street figures? Why do you think the SEC isn’t investigating high-profile Wall Street persons? Will there be strict laws introduced against con men like Madoff?
APPENDIX
List of Useful Words and Expressions
Unit I
brokerage house – брокерскаякомпания
derivatives market – рынок производных инструментов; срочный рынок
equity market – фондовыйрынок
futures market – фьючерсныйрынок
investment fund – инвестиционныйфонд
market capitalization – рыночнаякапитализация
real estate agency – агентствонедвижимости
revenue – доход
thrive – процветать; разрастаться
| acquisition – приобретение asset management – управление активами building society – строительный кооператив cater to the needs - удовлетворять потребности checking account - текущий счет demand-deposit account - счёт по вкладу до востребования, вклад до востребования interest rate – процентная ставка investment advisory services – услуги консультантов по капиталовложениям issue shares and bonds – выпускать акции и облигации liabilities and assets – пассивы (обязательства) и активы long-term funds - долгосрочный капитал management buy-outs – выкуп права на управление merger - слияние payment processing – обработка платежей savings bank - сберегательный банк underwriting – андеррайтинг, гарантирование размещения ценных бумаг |
allocation of accumulated capital - распределение накопленного капитала
checking account - расчетныйсчет
commercial loan - коммерческийзаем
interest-bearing loan - процентныйзаем
lend one’s reputation and credibility to a transaction – подкрепитьсвоейрепутациейикредитоспособностьюдовериексделке
mortgage loan - ипотечныйзаем
payment agent - платежныйагент
personal loan - персональныйзаем
promissory note - простойвексель
raise capital - привлекатькапитал
retail clientele - розничныеклиенты
safe deposit box – индивидуальнаясейфоваяячейка
savings account - сберегательный счет
source of funding - источник финансирования
underwrite financial transaction - гарантировать финансовую сделку
vault – банковское бронированное хранилище
wire transfer - телеграфныйперевод
Unit II
call option – опцион с правом покупки, опцион “колл”
charge a commission on smth – взимать комиссионные; начислять комиссию
company prospectus – публикация об организации компании
gold bullion – слиток золота
hedge fund - хеджевый фонд
high-net-worth individual – состоятельное частное лицо
initial public offering (IPO) – первичное размещение акций на бирже, первичное предложение акций
investment securities –инвестиционные ценные бумаги
maximize returns – максимизировать доходы
merchant bank – коммерческий банк
mutual fund – совместный фонд, паевой инвестиционный фонд
originate and distribute security issues – инициировать и распределять выпуски ценных бумаг
pension fund – пенсионный фонд
secure vault – сейфовая ячейка
to raise capital/money – привлекать инвестиции; мобилизовать капитал
underwrite securities – гарантировать размещение ценных бумаг
wealth management – управление активами состоятельных лиц
diversified - многоотраслевой
interest-bearing loan – заем под проценты, процентная ссуда
to merge – объединять, сливать
viable – жизнеспособный
arrangement – зд. соглашение
bank overdraft - банковский овердрафт (превышение кредитного лимита)
bill discounting - дисконтирование векселей
bonds - облигации, долговые обязательства
collateral – залог, обеспечение
coupon - номинальный процентный доход по облигации
default on the loan - дефолт по кредиту
deficiency judgment - решение суда о взыскании остатка долга по реализации обеспечения
demand loan - заем (ссуда) до востребования
extend (grand, make) a loan – предоставить заем
junk bonds – бросовые облигации, необеспеченные высокорисковые облигации
lien on the title to… - залоговое удержание на право собственности на…
maturity - дата возврата кредита; наступление срока платежа
money at call - деньги до востребования
pledge – закладывать
principal - номинал векселя; основная сумма
recover money – получать деньги обратно
secured loan - обеспеченный заем
spread – спред; разница между ценами (ставками); курсовая разница
yield - доход по ценным бумагам, выраженный в виде процентной ставки
Unit III
accounting reporting – бухгалтерская отчетность
double-entry bookkeeping – двойная бухгалтерия; система двойной записи
efficiency of business - эффективность бизнеса
financial accountability – финансовая отчетность
financial statement - финансовая отчетность; финансовый отчет
flourishing trade – процветающая торговля
fulfill legal duty – выполнить юридическое обязательство
impose - налагать
incurred expenses – понесенные расходы
quantitative reports – количественные отчеты
regulatory authority - регулирующийорган
rely on this information – полагатьсянаэтуинформацию
rules and regulations - правилаинормы
stakeholder – дольщик, совладелец
strict regulations – строгиеправила
audited financial statement - аудированная финансовой отчетность,
проверенный финансовый отчет
auditor - аудитор
book of original entry – книга первоначальной (исходной) записи
bookkeeper – счетовод
bookkeeping – бухгалтерский учет
business transaction - деловая операция (сделка), хозяйственная операция
cash disbursement - выплата наличных денег, выдача наличных
cash receipt - денежное поступление; получение наличности
certified accountants - квалифицированный (дипломированный) бухгалтер
chartered accountant (Br.) - дипломированный бухгалтер, аудитор
chief accounting officer - главный бухгалтер
controller (comptroller) – контролер; главный финансовый директор компании
или главный финансовый менеджер группы компаний
earning – заработок
expenditures – расходы, затраты, издержки
incorporated or registered firm – (зарегистрированная) компания
ledger – регистр, гроссбух
managerial decision - управленческое решение
public accountant (U.S.) - присяжныйбухгалтер, аудитор
registered firm – (зарегистрированная) компания
trial balance - проект балансового отчета
to practice accounting - заниматьсябухучетом
to draw up a balance - составитьбаланс
to post totals into the ledger – внестиитогивбухгалтерскуюкнигу
to verify the accuracy of operational and financial records – проверитьточностьоперационныхифинансовыхзаписей
to measure a company’s performance – оцениватьэффективностькомпании
to submit accounting records to regulatory authorities - представитьбухгалтерскуюотчетностьврегулирующиеорганы
to certify accounting records and financial position of a firm - сертифицироватьдокументыбухгалтерскогоучетаифинансовоеположениефирмы
to file with appropriate regulatory authority – подать (документ) всоответствующийрегулирующийорган
to report to the owners on the efficiency of business – представитьотчетвладельцамобэффективностибизнеса
accounting period – отчетныйпериод
annual report – годовойотчет
balance sheet – балансовый отчет
bank loans - банковские займы
dividend income - дивидендныйдоход
expenses – расходы
income statement – отчет о доходах
inventory – товары на инвентарном учете, товарная наличность
liquidity - ликвидность
losses - потери
obligations - обязательства
outstanding liabilities - непокрытые обязательства
owners’ equity - собственный капитал; уставный фонд
performance – эффективность; производительность
plant – фабрика; имущество, используемое компанией в производственной деятельности
profits - прибыль
quarterly - квартальный
rental charges - стоимость аренды
semiannual - полугодовой
statement of cash flows - отчет о движении денежных потоков
Unit IV
accounting reporting - бухгалтерскаяотчетность
assess – оценивать
business entity - субъект хозяйствования
cash flow - денежный поток, движение денежных средств
collecting – сбор
corporate governance - корпоративноеуправление
cost-efficient - экономически эффективный, рентабельный, экономичный
financial deals and transactions – финансовыесделкиитранзакции
financial declaration - финансовая декларация
income declaration - декларация о доходах
relevant information – соответствующая, относящаяся к делу информация
verify – проверять, верифицировать
auditing organization - аудиторская организация
Certified Public Accounting firm – сертифицированнаяаудиторскаяфирма
comply with - соответствовать
draft – составить, разработать
financial accounting - финансовый учет
fiscal year – финансовый год
General Accepted Accounting Procedure (GAAP) – Общепринятый порядок ведения бухучета
International Financial Reporting Standards (IFRS) – Международныестандартыфинансовойотчетности
limited company – компания с ограниченной ответственностью
mandatory - обязательный
publicly traded firms – компания, акции которой котируются на открытом рынке
predictive value - прогностическая ценность
quarterly report – квартальный отчет
regulatory requirements - нормативные требования
scorecard - система показателей
semi-annual report – полугодовой отчет
solvency – платежеспособность, кредитоспособность
statutory accounts - нормативные (установленные законом) счета
accounting for lean enterprise – бухучетбережливогопредприятия
comparative analysis - сравнительныйанализ
cost accounting - учетзатрат, калькуляциястоимости
costs assigned to a product – - предопределить затраты на производство продукта
external review - внешняя проверка
feasibility study - технико-экономическое обоснование
forecasting value – ценность для прогнозирования
lean accounting – учет бережливого предприятия
managerial accounting - управленческийучет
merger or consolidation report - отчетослиянииилиприсоединении
resource consumption accounting - учетпотребленияресурсов
risk management - управлениерисками
sales forecasting report – прогнозпродаж
throughput accounting – учет производительности
transfer pricing - трансфертное ценообразование; трансфертные цены
Unit V
banking supervision – банковскийнадзор
convertibility – конвертируемость
cover temporary shortfalls in liquidity – покрытьвременнуюнехваткуликвидности
credibility – доверие
fiscal policy - бюджетная (фискальная) политика
for commercial reasons – по коммерческим соображениям
issue banknotes – выпускать (эмитировать) банкноты
lender of last resort - кредитор последней инстанции
monetary expansion – денежнаяэкспансия
monetary policy – монетарнаяполитика
pegging to the gold standard – привязкакзолотомустандарту
accountable to government – подотчетен правительству
bank run – массовое изъятие банковских вкладов
capital requirements - размер уставного капитала
carry out monetary policy – проводить денежно-кредитную политику
draw up guidelines – разработать руководящие принципы
exhaust assets – исчерпать активы
fraudulent – мошеннический
overextend oneself – заходить слишком далеко, перенапрягаться
policy guidelines – руководящие принципы
reckless – безрассудный
regulating and supervisory powers – регулирующиеинадзорныеполномочия
reserve requirement - размеробязательныхрезервов
Right of issuance – правоэмиссии
to issue currency – выпускатьвалюту
to remit profits – переводитьприбыль
bond issue - выпускоблигаций
collateral securities –- залоговыеценныебумаги
currency interventions – валютныеинтервенции
direct open market operations – прямыеоперациинаоткрытомрынке
direct quantitative restrictions - прямые количественные ограничения
encourage economic growth – стимулировать экономический рост
foreign exchange swaps - валютные свопы
free float interest rates – свободно плавающие процентные ставки
government bond – государственная облигация
interbank market – межбанковский рынок
interest-bearing financial assets – процентныефинансовыеактивы
interest-free currency notes – беспроцентныеденежныезнаки
manage money supply - управлятьденежноймассой
managed float interest rates – регулируемые плавающие процентные ставки
market bubble – рыночный пузырь
monetary authority – властный орган в денежно-кредитной области
monetary policy tools - инструменты денежно-кредитной политики
overheating of economy – перегревэкономики
private bond – частнаяоблигация
reserve requirements - нормативныерезервы
setting of money-supply targets - установлениецелевыхпоказателейобъемаденежноймассы
short-term interest rates - краткосрочные процентные ставки
treasury bill – казначейское обязательство
Unit VI
clearance through customs, customs clearance – таможеннаяочистка
clearing institution - клиринговаяорганизация
convertible currency – конвертируемаявалюта
counterparty/bank risk – рискбанка-контрагента
delivery risk – рисксрывадоставки
fluctuation – колебание
foreign exchange risk - рискизменениякурсавалюты, валютныйриск
interest rate risk - процентныйриск
International Monetary Fund – Международныйвалютныйфонд
overall balancing of accounts – общаябалансировкасчетов
payment risk - риск неполучения платежа
bank guarantee – банковская гарантия
advance payments - авансовые платежи
beneficiary – бенефициар, получатель
collect payment – получить платеж
collection of payment proceeds - получение платежных поступлений
correspondent bank – банк-корреспондент
customized model – индивидуализированная модель
documents against acceptance - документы против акцепта
documents against payment - документы против платежа
fiduciary - доверенное лицо
firm commitment – твердое обязательство
imply – подразумевать, предполагать
make a loan (to) – дать заем, дать в кредит (кому-либо)
method of settlement – порядокрасчетов
on behalf of – отимени
pay up front – заплатить вперед
remit payment – перевести платеж
risk mitigation - снижение рисков
run risk – рисковать
ship goods – отгрузить товары
shipping documents – отгрузочные документы
sue – возбудить судебное дело, подать в суд, предъявлять иск
tracking – отслеживание
trade credit insurance - страхование торговых кредитов
verifiable – поддающейся проверке, проверяемый
to accept a bill of exchange - принять, акцептировать вексель
acceptance – принятие, акцептование
advising bank - авизующий банк
air waybill – авианакладная (see Note 1 in this Unit)
amend - вноситьпоправки
bill of exchange – вексель
bill of lading – коносамент (see Note 1 in this Unit)
cheque (=check) – банковскийчек
confirmed letter of credit - подтвержденныйаккредитив
contract amount - суммаконтракта
creditworthiness - кредитоспособность
documentary credit - документарныйаккредитив
draft – тратта, вексель
draw (on smb.) – выставлять вексель (на кого-либо)
drawer – получатель, трассант
drawee – плательщик, трассат
to fulfill/meet one’s obligations – выполнитьобязательства
irrevocable letter of credit - безотзывныйаккредитив
issuing bank – банк - эмитент
letter of credit - аккредитив, кредитноеписьмо
payee – получатель платежа
promulgate – обнародовать
release documents - передавать документы
sight draft – предъявительский вексель
stipulate – обусловить, оговорить
GLOSSARY
Unit VII
Arbitrage - simultaneous buying and selling of currency in different markets in order to take advantage of differing prices for the same currency
Balance of payments – the difference, over a period of time, between the payments the country makes to other countries for imports and the payments it receives from other countries for exports
Bid-and-ask price - the highest price a buyer is willing to pay and the lowest price a seller is willing to accept
Currency intervention - the act of the central bank to be involved in exchange
market operations in order to influence the country’s exchange rate
Depreciate – to diminish in value over a period of times
Exchange rate - the value of one currency for the purpose of conversion to another
Hedge – to protect (one’s investment or an investor) against loss by making balancing or compensating contracts or transactions
Hedge fund – an offshore flexible and lightly regulated investment fund, that engages in speculation using large amounts of credit or borrowed money and sometimes using innovative trading techniques. This is a fund for institutional investors or wealthy individuals. A hedge fund typically charges up to 2 per cent management fee and 20 per cent performance fee.
Lose-lose - a situation is disadvantageous to all those involved
Profit margin - the amount by which revenue from sales exceeds costs in a business
Quantitative easing - the introduction of new money into the money supply by a central bank
Quote - to give the price of currency
Spread - the difference between the local and foreign money rates or between two rates for a currency
Volatile (a volatile market) – a situation is changing quickly and suddenly, for example rising and falling without much warning
Win-win - a situation in which each party benefits in some way
Zero-sum game – a situation in which a balance is achieved between something such as money received and something given away
Unit VIII
Bear market - a financial market in which prices are falling, especially over a long period of time
Benchmark index - standard index
Blue chip stock – stock in a well-managed company with a large amount of paid-up capital and a long record of paying profits to shareholders during good and bad economic conditions
Broker (stockbroker) – a person or organization whose job is to buy and sell shares, bonds, etc. for investors and sometimes for themselves
Bull market - a financial market in which prices are rising, especially over a long period of time
Common stock – the most frequent type of stock in most companies. If the company is in financial difficulty, dividends on common stock are made only after those made on some other types of stock, such as preference stock
Dealer (Br.E.) = Trader (Am.E.) - someone who deals in shares, bonds, currencies, commodities on a financial market either for themselves or for a financial institution
Debt financing – borrowing by companies or governments in the form of loans on which interest is paid, for example bonds
Equity financing – financing obtained by companies in the form of shares, rather than in the form of debt
GDP (gross domestic product) - -the total value of goods and services produced in a country’s economy, not including income from abroad
Go bankrupt – not to have enough money to pay the debts; fail financially
Institutional investor – a financial institution such as a bank or insurance company that invests in something
IPO (initial public offering) - an occasion when a company issues (=makes available) shares on a stock market for the first time
Issue stock – to make stock available for people to buy
Large-cap companies - companies with large capitalization
Limited liability – the condition by which shareholders are legally responsible for the debts of a company only to the extent of the nominal value of their shares
Over-the-counter trading - the buying and selling of shares etc. when dealers buy and sell shares etc. directly between themselves using telephones and computers
Preference stock/preferred stock – stock on which, if a company is in financial difficulty, dividends may still be paid even if they are not paid on ordinary shares. Dividends on preference stock are usually in the form of fixed interest payments
p/e ratio (price-to-earnings ratio) - a company’s share price divided by the amount of profits it makes for each share in a 12-month period. P/e ratios are normally calculated on the base of all the profit made in the period, whether or not the profit is paid out to shareholders in that period
Professional investor – someone whose job is investing either for themselves or for a financial organization
Raise money – to collect money that is needed to do something
Stock market (=stock exchange) - a market where company shares are traded
Strike a deal - to come to an agreement
Weighted average - an average calculated by giving more value to some figures than others, depending on their relative importance
Weighted index - a share index in which certain important shares have value added to them so that when they are compared, their true effect on prices is shown
Unit IX
Bid for - to offer a price in an attempt to obtain something
Cancel - to decide or announce that a planned event will not take place
Equity flow - the movement of equities into and out of a firm
Fend off a partner - to stop a person from affecting you or defend yourself from him
Golden parachute - an arrangement in which a senior employee of a company will be paid a large amount of money if they lose their job, for example if the company is sold
Greenmail - the practice of buying enough shares in a company to threaten a takeover, forcing the owners to buy them back at a higher price in order to retain control
Launch a bid - to enter / file / make / put in / submit a bid
Listed company - a company whose shares are quoted on a stock exchange
Poison pill - a tactic used by a company threatened with an unwelcome takeover bid to make itself unattractive to the bidder, namely, to reduce their value in order to prevent themselves being taken over by another company
Predator - a company that tries to take over another
Raider - a person or organization that tries to take control of a company by buying a large number of its shares
Raise the bid - to increase in a stake
Shark repellent - slang term for any one of a number of measures taken by a company to fend off an unwanted or hostile takeover attempt. In many cases, a company will make special amendments to its charter or bylaws that become active only when a takeover attempt is announced or presented to shareholders, with the goal of making the takeover less attractive or profitable to the acquisitive firm. Some examples of shark repellents are poison pills and golden parachutes
Solve an appeal - to find means of effectively dealing with a serious and urgent request
Surmount - to overcome a difficulty, to deal successfully with something
Synergy - additional advantages, profits etc. that are produced by two people or organizations combining their ideas and resources
Take over - to get control of a company by buying its shares
Takeover bid - an offer to buy the shares of a company in order to gain control of it
Underperform the market - to increase in value less than expected
Undervalue - to fail to appreciate; to underestimate the financial value
Unsolicited - not asked for; given or done voluntarily
White knight - a friendly investor that acquires a corporation at a fair consideration with the support from the corporation’s board of directors and management. This may be during a period while it is facing a hostile acquisition from another potential acquirer (black knight) or it is facing bankruptcy
Unit X
Balance sheet – a statement of an organization’s total assets and liabilities on a specific date
Clearing – the link between trading and settlement
Collateralized debt – a security backed by pool of assets
Derivative – a financial contract, the value of which is derived from a traditional security, asset or index
Forward – a contract to buy or to sell an asset in the future at a price agreed today
Freight derivatives – financial instruments for trading in future levels of freight rates. They include forward freight agreements and options based on these
OTC (Over-the-counter) – not traded on an exchange
Pooling – when investors put money into a single fund
Securitization – conversion of credit into tradable securities
Settlement – the process of exchanging cash for securities and vice versa
Swap – a derivative by which two parties exchange assets or cash flows over an agreed time
Unit XI
Asset allocation – how the fund manager divides investment income across stocks and other investment
Closed-ended fund – a fund that trades on the stock market with a fixed number of shares in issue. In Europe, these are called investment companies
Commodity index fund – a fund that gives investors pure commodities exposure, meaning to commodity prices and not the share prices of businesses associated with them
Exchange-traded fund – an open-ended security that trades like a stock but has the diversification of a mutual fund, it will track the movement of an index, sector, foreign markets or commodities
Gearing – use of borrowed money to try to increase returns. The US term is leverage
Mutual fund – in the US and Canada, open-ended funds, outside these two countries, generic term for pooled investments
Open-ended fund – a fund that can create or redeem as many more units as are required to meet investor demand. In the US, such funds are mutual funds, in Europe, they are open-ended investment companies fit this category
SEC (Securities and exchange commission) – a US governmental agency which monitors trading in securities and company takeovers
Split-capital investment company – closed-ended investment company that has more than one class of share capital
Venture capital trust – a quoted company that invests in small growth companies, aiming to make capital gains for investors
Unit XII
Call option – an option giving you the right to buy the underlying securities at a particular price in the future. Investors who buy call options think the market will rise above that price
Custodian function – a financial institution that is responsible for looking after the assets of a mutual fund
The Fed bank – one of 12 regional banks servicing a reserve district in the US. These are operating arms of the Federal Reserve System
The Fed system – the central banking system of the US
FSA – Financial Services Authority (Br.)
Money laundering – concealing the origin, ownership and destination of illegally obtained money by putting it into legal businesses and bank accounts in order to hide where it was obtained
Out-of-the-money option – an option that expires with no value because it only allows you to buy shares above their present price, or to sell them for less than their present price
The Ponzi scheme – fraud where investors are lured into an investment scheme by promised high returns, but are paid only with the cash from earlier investors. The structure collapses when cash flow outflows exceeds inflow. The concept was named after Charles Ponzi, an Italian immigrant to the US, who, in 1919-20, took more than 15 million dollars from investors on this basis. The Madoff fraud, revealed in 2008, is the biggest example so far of a Ponzi scheme
Principles-based regime – this places greater reliance on principles and outcome-focused high level rules for regulatory purposes than on prescriptive rules. The FSA has embraced the approach, which contrasts with the rules-based approach common in the US. It puts more of an interpretation onus on firms and discourages lawyers from seeking loopholes in the rules
Split-strike conversion strategy – trading strategy with options, also known as collar: (комбинация) "воротник", "коллар" (комбинация двух опционов, которая представляет собой защиту накопленной ценности базового актива: одновременная продажа опциона "колл" по цене исполнения выше текущей и покупка опциона "пут" по цене исполнения ниже текущей; оба опциона "без денег", но один опцион продается, а другой покупается, что компенсирует потери)
