Shares, stock and bonds form securities.
Bonds are documents which give details of a loan made to a company or government.
Securities issued by the government are called gilts or gilt-edged securities. This can also mean any high quality security without financial risk. Another way of describing these high quality securities is blue chips.
Securities of all kinds are traded at the Stock Exchange. Only Stock Exchange members are admitted to transact business at the Stock Exchange. There are two kinds of people dealing on the Stock Exchange Market. They are brokers and jobbers. An investor who wishes to buy or to sell securities must act through a broker. After the broker receives instruction from the investor or his client he approaches a jobber. Each jobber asks the broker his price. The jobber usually does not know if the broker wishes to buy or to sell and he quotes two prices:
- his buying price, or the bid;
- his selling price, or the offer.
The difference of the two prices is the jobber’s turn.
The existence of the Stock Exchange means that it is generally possible to buy or to sell securities at any time at the market place.
The speculator at the Stock Exchange who buys securities in expectation of a rise in their prices is a bull. The speculator wishing to sell securities in anticipation of a fall in their prices is a bear.
The biggest Stock Exchanges function in London, New York, Tokyo and Frankfurt-on-the-Mine, thus providing round-the-clock operation of the Stock Exchange Market.
Assignments
I. Answer the questions.
1. What are the types of securities?
2. What are bonds?
3. Where are securities of all kinds traded?
4. Who is admitted to transact business at the Stock Exchange?
5. Where do the biggest Stock Exchanges function?
6. What is a jobber’s turn?
II. Translate the following sentences into Ukrainian. Put questions to any two of them.
1. Only Stock Exchange members are admitted to transact business at the Stock Exchange.
2. There are two kinds of people dealing on the Stock Exchange Market: brokers and jobbers.
3. The jobber usually does not know if the broker wishes to buy or to sell and he quotes two prices: his buying price, or the bid, and his selling price, or the offer.
4. The speculator at the Stock Exchange who buys securities in expectation of a rise in their prices is a bull.
5. The speculator wishing to sell securities in anticipation of a fall in their prices is a bear.
III. Translate the following sentences into English.
1. Цінні папери, видані урядом, називаються урядовими облігаціями та цінними паперами з державною гарантією.
2. Торгівля цінними паперами усіх видів відбувається на фондовій біржі.
3. Інвестор, який бажає купити або продати цінні папери, повинен діяти через брокера.
4. Існування фондової біржі означає, що там можна купувати або продавати цінні папери у будь-який час.
5. Найбільші фондові біржі функціонують у Лондоні, Нью-Йорку, Токіо та Франкфурті-на-Майні, забезпечуючи таким чином цілодобову діяльність фондового ринку.
IV. Name the following definitions.
1. Shares, stock and bonds;
2. Securities issued by the government;
3. Buying price;
4. Selling price;
5. Difference of jobber’s buying and selling prices;
6. The speculator at the Stock Exchange who buys securities in expectation of a rise in their prices;
7. The speculator wishing to sell securities in anticipation of a fall in their prices.
V. Find in the text and translate all sentences with Infinitives; define functions of the Infinitives (a subject, attribute, object, adverbial modifier, part of a predicate).
VI. Make sentences with the Complex Subject / Complex Object basing on the text.
VII. Sum up what the text says about:
1) different types of securities,
2) brokers and jobbers dealing on the Stock Exchange Market,
3) bids and offers,
4) bulls and bears.
Text 6
