Incurred in an acquisition.

Certificates for very short-term loans are called commercial paper. The loan period ranges from

as little as one day to as long as 270 days. Such notes are issued by financial as well as by industrial

corporations. Round lots for commercial paper are usually 1 million dollars or more, though smaller

units called odd lots are sometimes available.

Commentary and Notes to Text 18.7.1.4

1. denomination — номинальное достоинство (стоимость)

2. to issue in bearer form — выпускать на предъявителя

3. to clip off attached coupons — откреплять купоны (≪стричь купоны≫)

4. to redeem — выкупать, возмещать

5. interest coupons — процентные купоны

6. mortgage bonds — ипотечные (залоговые) облигации

7. to be backed by the property — гарантироваться (подтверждаться) собственностью

8. equipment trust certificates — трастовые (доверительные) сертификаты на основное

оборудование

9. junk bonds — бросовые (спекулятивные) облигации

10. round lots — полные (круглые) лоты

11. odd lots — неполные лоты

18.7.1.5. Read the text “Merchant Banks” and enumerate the operations characteristic of these

financial institutions.

Merchant banks are institutions that carry out a variety of financial services, including the acceptance

of bills of exchange, the issue and placing of loans and securities, portfolio and unit trust

management and some banking services. Several houses, often through subsidiaries, also provide

risk capital for small firms, deal in gold bullion, insurance banking and hire purchase and are active

in the market for Eurocurrency. Historically, the merchant bankers were merchants dealing in overseas

trade who used their knowledge of traders to accept bills of exchange and who developed other

banking services connected with foreign trade, e.g., dealing in gold and foreign currency and assisting

foreign borrowers to raise money in London. Their most prominent function has been that

of advising the government on privatization and the private finance initiative and firms on mergers

and take-overs and other financial matters.

Many merchant banks are well known, e.g., Rothschilds, Barclays de Zoete Wedd (BZW).

Lazards and Schroders. Merchant banks are also referred to as issuing houses, accepting houses or

Investment trusts in exercising particular functions. The merchant banks are relatively small institutions

which pride themselves on their personal, flexible management. There has been a recent

trend, especially following the Big Bang, for merchant banks to join financial conglomerates, so as

to be able to offer a full range of financial services, including retail services, and many of these

banks in London are foreign-owned.

Commentary and Notes to Text 18.7.1.5

1. bills of exchange — вексели, тратты

2. insurance banking — банковское страхование

3. hire purchase — покупка в рассрочку

4. the private finance initiative — частная финансовая инициатива

5. take-over — поглощение

6. issuing houses — эмиссионные дома, банки

7. accepting houses — акцептные дома

8. retail services — розничные услуги

Merchant Banks

18.7.2. Match the following terms with the correct definition

Work with a partner.

1. NASDAQ

2. market capitalization

3. stock

.is9lsa itceadpu4. stoc .678.5ECRSTk scerobkstplit lerabu

b) A stock exchange speculator w a) ho isnAsenweu fseoahrs tso .iltrsaebdhoy itacehnouw jtfrsacebko

itacgno iltfrsacekopTmtaehom itraedghopqu iltrseop tracedhuv tro purchases stocks and shares

in the belief that prices will rise and that he will be able to sell

them again later at a profit (speculation); the opposite of bear.

The market is said to be bullish when it is generally anticipated

that prices will rise.

c) The market value of a company’s issued share capital, i.e.,

the quoted price of its shares multiplied by the number of

shares outstanding.

d) Electronic share settlement system introduced to the UK

Stock Exchange in 1996. By recording title to shares electronically

it will reduce the cost of the traditional system of

share certificates sent through the post. Title will be recorded

through nominee companies set up by stockbrokers and others.

However, shareholders may continue to hold paper certificates

if they wish.

e) National Association of Securities Dealers Automated Quotations

system.

f ) A stock exchange speculator who sells stocks or shares that

he may or may not possess because he expects a fall in prices

and, therefore, that he will be able to buy them (back) later

on at a profit.

g) That part of a company’s capital that has been subscribed to

by shareholders. It may or may not be paid up.

h) A particular type of security, usually quoted in units of ￡100

value rather than in units of proportion of total capital, as in

shares. Stock, or stocks and shares, have now become synonymous

with securities, and the original distinction between

shares and stock has become blurred.

i) A member of the stock exchange, who buys and sells shares

on his own account, or for non-members, in return for a commission

on the price of the shares.

18.7.3. Read the text, complete it using the words from the box, and translate it into Russian

stocks, equities, dealers, stock exchange, system

Over-the-counter (OTQ market. A group of licensed ... (1) who provide two-way trading facilities

in company securities outside th e .......(2). The term originated in the United States in the

1870s when ... (3) were first purchased across bank counters. Today the OTC in the United States

is an elaborate electronic dealing ... (4) with market makers across the country, called NASDAQ

(the National Association of Securities Dealers Automated Quotations system), which trades in ...

(5) in over 4,000 companies through 500 broker-dealers.

269

с т о и м о с т и

s to ck — а к ц и и ,

обращающиеся вне

18.7.4. Writen/Oral PracticeMake up sentences and microdialogues with the folowing word combinations on subject of unit. а) акция — corporation stock — акц ,sU)eraSh (scoktкционерный кscokапалиtт-и аи акционерного общества

blue chips — акци крупных компаний,

no-par [-value] share, no-patr [-value] stock,и щсруийюс евкоым

unvalued stock — акци я без номинальной er tsceronu-tsceraohnuh-teh ,eov-tr-erov

perpetual preference sha re, perpetual preferredондфвой бирж

stock — акция бессрочная привилегированная

equity,

equity stock, comon performance stock — ак ции быстрорастущие ,iscraoydkn,teramhcom s

advanced stock — вз дорожавшие акциициа cякokl)terкagn обы i(raoydn — s

issued stock — выпущенные акции

новеная

shares of highly-liquid enterprises — акциицisи а -sкиsco il[]eragoпkntuгеворо —

высоколиквидны х предприятийапскувы

blue chip shares, blue chips, blue chip stock quality— shares, gilt-edged (glamour) stock -

≪голубые фишки≫, п опулярные акции сцасине акиыл певкор

высокими дивидендами

ци scакoиk ,пtroордhан еприы игерs—

transfer shares — передавать права на акци

b u y u p ( b u y

i n ) s h a r e s —

с к у п а т ь а к ц и и

speculate

i n s t o c k s a n d

s h a r e s — с п е к у

л и р о в

а т ь

а к ц и я м и

t r a d e

s h a r e s —

т о р г о в а т ь а к ц и я м и

b) облигация — bond; (акционерной компании) debenture

bench-mark governmen t bonds — базисные isgoиbdn iltгcraобu лаци ,наохдящсяие

—

правительственные облигации

в обращени

с) рынок — market, marketplace

bull market — рынок быков (бирж.),ивйнтяылусопекско

выterak evmilsgyhtalcepu —с пекулянтов,

играющих на повышение

рынок

270

unlisted securities (over-the-counter) market — secondary bond market — вторичный рынок

рынок некотируемых ценных бумаг облигаций

d) биржа — exchange, change, market, (US) broker’s board

registered exchange — зарегистрированная speculate for the fal и н гаебьитарж—

биржа на понижение

official stock-exchange market, recognized s btuy on thoe exchange c— покупаkть на бирже

exchange — официальная фондовая б listed (quotиed, negotiableр)on the exchange-

жа щиторуюйсяк н аебирж —

stock exchange, stock market, national s e ct thae culose (clorsing) oif thte excihanege — пsри

exchange — фондовая биржа

закрыти

биржи

speculate for the rise — играть на бирже на

a the opening of thexchange— п ри открыти

повышение биржи

e) список, реестр — list, register

register of shareholders, register of members — register of securities — реестр ценных бумаг

реестр акционеров register, enter in a register — включать в реестр

register of debenture holders — реестр владельцев

облигаций

f)сделка -transaction

banking transaction, banking operation — б flor tranаsaction — сднелка в биржевом

зале

ковская сделка

d ishonest busines — н едобросовестная сделка

stock exchange transaction, stock exchange losoing busines p— убыточнаясделка

eration, transaction on the exchange — god bargain, buy, stroke of busines

биржева я сделка д—ач анаяк сделу

spot exchange dealings — биржевые сделки сsондавоsrяancаo itceagoxhkn— tcсatкдел ф

наличной валютой

brokerage contract — брокерская сделка

g) торги — tenders, bid, bidding, auction, public sale

secondary distribution by tender —орнserdnтгорн е— tткcеиnыiro лtcele эвторичные

торги put outo tender, up for tender — выставлять

announced (invited) tenders — гласные т о нра тгориги

ениже опердьлтал

erdn—соы ta) its i(ebdnumпs

h) вексель — bill [of exchange], paper, note, promissory note

blank bill, bill in blank — бланковый вексель

сунп тасиьвш сориеслмек