Английский язык. Практический курс для решения бизнес-задач Пусенкова Нина
10.pip n – «пип» (минимальное изменение курса)
11.limit order – лимитная (ограниченная) заявка
12.stop order – «стоп»-заявка
13.fundamental analysis – фундаментальный анализ
14.technical analysis – технический анализ
15.self-fulfilling prophecy – самореализующееся предсказание
16.quote n – котировка
quote v – котировать
17.base currency – базовая валюта
18.cross currency – кросс-валюта
19.offer (ask) price – цена предложения (продажи)
20.direct quote – прямая котировка
21.backward quote – обратная котировка
22.commercial bank – коммерческий банк
23.interbank foreign exchange market – межбанковский валютный рынок
24.transitional economy – страна с переходной экономикой
25.juristic person – юридическое лицо
26.US Federal Reserve Bank (Fed) – Федеральный резервный банк (США)
27.Deutsche Bundesbank – Немецкий федеральный банк
28.Bank of England (ВЕ, ВоЕ) – Центральный банк Великобритании
29.mutual fund – взаимный фонд
30.trust n – траст, трест
31.spread n – спрэд
32.private (natural) person – физическое лицо
Exercise 1. Answer the following questions.
1. What are the characteristics of the forex market? 2. What does marginal trading mean? 3. How can you regulate your profits and losses in the course of trading? 4. What is technical analysis and on what premises is it founded? 5. What is fundamental analysis? 6. What are the principles of reading the FX quote? 7. Who are the key FX market players? 8. What are the merits of the forex market?
Exercise 2*. Which of the following statements are not correct and why?
1. Forex market is the biggest liquid financial market. 2. A single participant in the market can strongly influence its dynamics. 3. The idea of marginal trading stems from the fact that in FOREX speculative interests can be satisfied only with a real money supply. 4. The major currencies traded in FOREX are traded against Euro. 5. In the course of trading you can fix your profit or cut off your losses according to the commands LIMIT and STOP. 6. Most small and medium players in financial markets use technical analysis. 7. Fundamental analysis is an analysis of current situations in the country of the currency. 8. The currency listed second in a foreign exchange quote is the base currency. 9. Currency pairs that do not involve the U.S. dollar are called cross currencies. 10. Commercial banks conduct the main volume of exchange transactions. 11. Exchange markets work in a definite building and have definite business hours. 12. A broker company, having the information about the asked rates, is a place where the real exchange rate is formed according to closed deals.
Exercise 3*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. the price at which the market is prepared to sell a specific currency in a foreign exchange contract or cross currency contract
2. the first currency in a currency pair
3. the price at which the market is prepared to buy a specific currency in a foreign exchange contract or cross currency contract
4. a government or quasi-governmental organization that manages a country’s monetary policy
5. a transaction fee charged by a broker
6. the second listed currency in a currency pair
7. a foreign exchange transaction in which one foreign currency is traded against a second foreign currency
8. analysis of economic and political information with the objective of determining future movements in a financial market
9. action by a central bank to affect the value of its currency by entering the market
10. an order with restrictions on the maximum price to be paid or the minimum price to be received
11. the ability of a market to accept large transaction with minimal to no impact on price stability
12. a unit to measure the amount of the deal
13. the smallest unit of price for any foreign currency
14. an indicative market price, normally used for information purposes only
15. the process by which a trade is entered into the books and records of the counterparts to a transaction
16. the difference between the bid and offer prices
17. an effort to forecast prices by analyzing market data, i.e. historical price trends and averages, volumes, open interest, etc
18. the cost of buying or selling a financial instrument
Exercise 4*. Fill in the blanks using terms given below.
Futures Trading at Chicago Mercantile Exchange
The history of modern futures trading is traced to the grain trade in the Midwest U.S. in the 1800s. Grain merchants developed the first formal…… in 1848 in Chicago. These merchants were looking for a system to standardize trading…….. While forward……… were initially utilized, these privately……… agreements were not standardized and sometimes……….. defaulted. In an effort to improve the reliability of the system, futures contracts were developed, which were standardized for quality, quantity, and time and place for…….. of the agricultural products that were being traded.
Chicago Mercantile Exchange (CME) pioneered the first…….. futures contracts in 1972. In March 2003, the total………value of……. trading at CME was U.S. $347.5 billion. Currency futures are……… on the………. cash and forward exchange rates.
A futures contract is a legally………. contract to buy or sell a commodity or financial………. at a certain price at a specified date in the future. Futures markets thrive because they attract two types of………: hedgers and speculators. Hedgers, such as producers and processors of commodity products, seek to protect against adverse changes in the…….. cash price that may impact their business. Speculators include investors and traders who want to……..from price changes. Speculators accept the price…….. and……… that hedgers wish to avoid. Futures markets provide the forum in which speculators can buy or sell contracts quickly and – just as quickly —…… their…….. to react to market changes.
At CME, a U.S. government-regulated marketplace, currency futures trade via……. on the CME trading floor and on CME’s electronic trading platform. These CME FX markets are integrated by floor traders via wireless…….. to provide customers with efficient, fluid access to both pricing pools.
CME benefits foreign exchange participants, including………, large banks, hedge funds and……… All of these players come together at CME to speculate and hedge on currency market……….
CME delivers efficient………. trading venues for rapid FX trade execution supported and monitored by experienced industry professionals. CME FX customers access…….. markets, efficient…….. services, and 24-hour-a-day customer support. Futures commission merchants facilitate customer trading at CME in exchange for brokerage…….
Most currency contracts at CME are traded on the March quarterly cycle and go through a…….. delivery process four times a year on the third Wednesday of March, June, September and December. However, the Mexican peso and the South African rand are traded on all 12 calendar months. There are two……. contracts – the Brazilian real, traded on all twelve calendar months, and the Russian ruble, traded on the March quarterly cycle.
Source: www.cme.com
Terms:
E-trading, fluctuations, underlying, physical, positions, «open outcry», liquid, fees, marketplace, FX, cash-settled, risks, clearing, individual investors, transactions, traders, contracts, negotiated, counterparties, delivery, currency, notional, derivatives, interbank, binding, instrument, profit, rewards, exit, transparent, MNCs
Exercise 5. Translate into English.
Портрет Группы ММВБ
ММВБ – крупнейшая универсальная биржа в России, странах СНГ и Восточной Европы
В настоящее время Группа ММВБ, интегрирующая на единой технологической платформе торговую и расчетные системы, занимает центральное место в инфраструктуре российского рынка капитала. В Группу входят ЗАО ММВБ, Фондовая биржа ММВБ, Национальная товарная биржа, Расчетная палата ММВБ, Национальный депозитарный центр, Национальный клиринговый центр, региональные биржи и др. Они осуществляют торговое, расчетно-клиринговое и депозитарное обслуживание около 1500 ведущих российских банков и брокерских компаний – участников биржевого рынка как в Москве, так и в крупных финансово-промышленных центрах России.
История Группы начиналась в первой половине 1990-х годов, когда в ходе рыночных реформ ведущими российскими банками и Банком России была учреждена Московская межбанковская валютная биржа (ММВБ), изначально ориентированная на организацию торгов иностранной валютой. С первых дней работы биржевого валютного рынка и поныне курс доллара на ММВБ является индикатором проводимых в стране экономических реформ.
В настоящее время на ММВБ функционируют несколько ключевых рынков: валютный – с 1992 г., рынок государственных облигаций – с 1993 г., рынок производных финансовых инструментов – с 1996 г., рынок акций – с 1997 г., рынок корпоративных и региональных облигаций – с 1999 г., денежный рынок – с 2004 г. Внедрив в процессе развития современную электронную торгово-депозитарную систему, ММВБ стала универсальной финансовой биржей, на основе которой создана общенациональная система торгов на всех основных сегментах финансового рынка. Это и стало основой Группы ММВБ, которой удалось главное – создать рыночные механизмы определения курса российского рубля и привлечения инвестиций в экономику страны. Практически за эти годы была построена инфраструктура национального рынка капиталов с использованием наиболее передовых биржевых и информационных технологий.
По совокупному объему торгов (в 2005 г. – $ 925 млрд, среднедневной объем сделок – $ 3,7 млрд) ММВБ является крупнейшей биржей в России, странах СНГ и Восточной Европы. В настоящее время под эгидой Международной ассоциации бирж стран СНГ (МАБ СНГ) реализуется проект создания условий для формирования интегрированного организованного фондового рынка на технологической основе национальных бирж стран Содружества.
Основные направления деятельности ММВБ. Валюта
Торги иностранной валютой на ММВБ проходят в системе электронных торгов (СЭЛТ), которые объединяют в рамках единой торговой сессии восемь межбанковских валютных бирж. С 1992 г. Центральный банк РФ устанавливает официальный курс российского рубля с учетом результатов валютных торгов на ММВБ. Суммарный объем сделок с иностранной валютой в 2005 г. составил 592 млрд долл. США. В настоящее время на валютном рынке ММВБ создана эффективная система управления рисками, позволяющая гарантировать своевременное исполнение обязательств всеми участниками торгов. Одним из элементов этой системы является принцип «платеж против платежа» (payment versus payment), в соответствии с которым ММВБ осуществляет расчеты с участником торгов только после исполнения им своих обязательств. Основными торгуемыми валютами на ММВБ являются доллар США и евро. Членами секции валютного рынка ММВБ являются свыше 530 кредитных организаций. В рамках Национальной валютной ассоциации (НВА) биржа участвует в разработке и внедрении «Стандартов работы на внутреннем валютном и денежном рынках».
Источник: www.micex.ru
Lesson 28
Stock Exchanges
Read and translate the text and learn terms from the Essential Vocabulary.
Getting to Know Stock Exchanges
A stock exchange does not own shares. Instead, it acts as a sort of high-tech flea market where buyers connect with sellers. Every public stock trades on one of several possible exchanges such as the New York Stock Exchange (NYSE) or American Stock Exchange (AMEX).
How Does It All Start?
The primary function of an exchange is to provide liquidity (the ease with which securities can be bought and sold without wide price fluctuations); in other words, to give sellers a place to «liquidate» their share holdings.
Stocks first become available on an exchange after a company conducts its initial public offering (IPO). In an IPO, a company sells shares to an initial set of public shareholders (a.k.a. the primary market). After the IPO «floats» shares into the hands of public shareholders, these shares can be sold and purchased on an exchange (a.k.a. the secondary market).
The exchange tracks the flow of orders for each stock, and this flow of supply and demand sets the price of the stock. Depending on the type of brokerage account you have, you may be able to view this flow of price action. For example, if you see that the «bid price» on a stock is $40, this means somebody is telling the exchange that he or she is willing to buy the stock for $40. At the same time you might see that the «ask price» is $41, which means somebody else is willing to sell the stock for $41. The difference between the two is the bid-ask spread.
Auction Exchanges – NYSE and Amex
The NYSE and AMEX are both primarily auction based, which means specialists are physically present on the exchanges’ trading floors. Each specialist «specializes» in a particular stock, buying and selling the stock in a verbal auction. These specialists are under competitive threat by electronic-only exchanges that claim to be more efficient (that is, execute faster trades and exhibit smaller bid-ask spreads) by eliminating human intermediaries.
The NYSE is the largest and most prestigious exchange. Its listed companies represent about $18 trillion in market capitalization. AMEX is a smaller but quite prestigious exchange. AMEX also has a history of innovating: it pioneered the concept of exchange traded funds and it has the second largest options trading market.
New York Stock Exchange
Milestones. The NYSE traces its origins to a founding agreement in 1792. The NYSE registered as a national securities exchange with the SEC on October 1, 1934. The Governing Committee was the primary governing body until 1938, at which time the Exchange hired its first paid president and created a thirty-three member Board of Governors. The Board included Exchange members, non-member partners from New York and out-of-town firms, as well as public representatives.
In 1971, the Exchange was incorporated as a not-for-profit organization. In 1972, the members voted to replace the Board of Governors with a twenty-five member Board of Directors, comprised of a Chairman and CEO, twelve representatives of the public, and twelve representatives from the securities industry.
Subject to the approval of the Board, the Chairman may appoint a President, who would serve as a director. Additionally, at the Board’s discretion, they may elect an Executive Vice-Chairman, who would also serve as a director.
The Auction Market. The NYSE is an agency auction market. It means that trading at the NYSE takes place by open bids and offers by Exchange members, acting as agents for institutions or individual investors. Buy and sell orders meet directly on the trading floor, and prices are determined by the interplay of supply and demand.
At the NYSE, each listed stock is assigned to a single post where the specialist manages the auction process. NYSE members bring all orders for NYSE-listed stocks to the Exchange floor either electronically or by a floor broker. As a result, the flow of buy and sell orders for each stock is funneled to a single location.
This heavy stream of diverse orders is one of the great strengths of the Exchange since it provides liquidity. When an investor’s transaction is completed, the best price will have been exposed to a wide range of would-be buyers and sellers .
Benefits of NYSE. Listing on the NYSE affords companies great credibility because they must meet initial listing requirements and also comply annually with maintenance requirements. For example, to remain listed, NYSE companies must keep their price above $1 and their market capitalization above $50 million.
Furthermore, investors trading on the NYSE benefit from a set of minimum protections. Among several of the requirements that the NYSE has enacted, the following two are especially significant:
1. Companies must get shareholder approval for any equity incentive plan. In the past, companies were allowed to sidestep shareholder approval if an equity incentive plan met certain criteria; this, however, prevented shareholders from knowing how many stock options were available for future grant.
2. A majority of the members of the board of directors must be independent. Furthermore, the compensation committee must be entirely composed of independent directors, and the audit committee must include at least one person who possesses «accounting or financial expertise».
How a Stock is Bought and Sold. This chart is a detailed explanation of how a stock is traded. It illustrates how one transaction looks from three different perspectives – the buyer, seller and the stock market professionals who execute the trade.
Market Regulation. Every transaction made at the NYSE is under continuous surveillance during the trading day. The NYSE is the most active self-regulator in the securities industry. Regulations protect the integrity of the marketplace, member firms, and, most importantly, the customer.
StockWatch, a computer system that searches for unusual trading patterns, alerts NYSE regulators to possible insider trading abuses or other prohibited trading practices. NYSE’s other regulatory activities include the supervision of member firms to enforce compliance with financial and operational requirements, periodic checks on broker’s sales practices, and the continuous monitoring of specialist operations.
NASDAQ (an Electronic Exchange)
The NASDAQ is sometimes called «screen-based» because buyers and sellers are connected only by computers over a telecommunications network. Market makers, also known as dealers, carry their own inventory of stock. They stand ready to buy and sell NASDAQ stocks, and they are required to post their bid and ask prices. Although the NYSE has a far greater total market capitalization, NASDAQ has surpassed the NYSE in the number of both listed companies and shares traded.
NASDAQ has listing and governance requirements that are similar but slightly less stringent than those of the NYSE. For example, a stock must maintain a price of $1 and the value of the public float must be at least $1.1 million. If a company does not maintain these requirements, it can be delisted to one of the OTC markets.
NASDAQ Small Cap
NASDAQ has a separate «tier» for small capitalization companies; the average market cap of the 685 companies listed in this tier at the end of 2003 was about $60. This is an excellent exchange for investors interested in smaller companies because the NASDAQ Small Cap also has listing and governance requirements.
Electronic Communication Networks (ECNs)
ECNs are part of a class of exchange called alternative trading systems (ATS). ECNs trade NASDAQ-listed stocks, but they connect buyers and sellers directly. Because they allow for direct connection, ECNs bypass the market makers. You can think of them as an alternative means to trade stocks listed on the NASDAQ and, increasingly, other exchanges as well (such as the NYSE or foreign exchanges).
There are several innovative and entrepreneurial ECNs, and they are generally good for customers because they pose a competitive threat to traditional exchanges, and therefore push down transaction costs. Currently, ECNs do not really serve individual investors; they are mostly of interest to institutional investors.
Over-the-Counter (OTC)
OTC refers to markets other than the organized exchanges described above. OTC markets generally list small companies, and often these companies have «fallen off» to the OTC market because they were de-listed from NASDAQ. Some individual investors will not even consider buying OTC stocks due to the extra risks involved. On the other hand, some strong companies trade on the OTC. In fact, several strong companies have deliberately switched to OTC markets to avoid the administrative burden and costly fees that accompany regulatory laws such as the Sarbanes-Oxley Act.
There are two OTC markets:
Over-the-Counter Bulletin Board (OTCBB) is an electronic community of market makers. Companies that fall off the NASDAQ often end up here. On the OTCBB, there are no «quantitative minimums» (no minimum annual sales or assets required to list).
Companies that list on the pink sheets (i.e. less than 300 shareholders) are not required to register with the SEC. Liquidity is often minimal. Also, keep in mind that these companies are not required to submit quarterly 10Qs.
Source: Investopedia, September 24, 2004, David Harper, Contributing Editor
Essential Vocabulary
1.public stock – акция публичной компании
2. New York Stock Exchange (NYSE) – Нью-Йоркская фондовая биржа
3. American Stock Exchange (AMEX) – Американская фондовая биржа
4. primary market – первичный рынок
5. float n – чеки в процессе инкассации; число акций корпорации, выпущенных на рынок; банкноты и монеты в кассе
float (a company) v – организовать новую компанию и выпустить ее акции на рынок
6. a.k.a. (also known as) – также известный как
7. secondary market – вторичный рынок
8. brokerage account – брокерский счет
9. trading floor – торговый зал
10. exchange traded funds (ETC) – фонды, которыми торгуют на бирже
11. Board of Governors – Совет управляющих
12. incorporation n – инкорпорация; процесс регистрации юридического лица в качестве корпорации властями данного штата (США)
incorporate v – создать и зарегистрировать корпорацию; включать, придавать юридический статус
13. not-for-profit organization – некоммерческая организация
14. agency auction market – агентский аукционный рынок
15. maintenance requirements – минимальный уровень средств, который должен поддерживаться на маргинальном счете клиента у брокера
16. compensation committee – комитет по вознаграждению
17. audit committee – комитет по аудиту
18. floor broker – брокер в зале биржи
19. consolidated tape – консолидированная лента
20. abuse n – нарушение, злоупотребление
abuse v – нарушать, злоупотреблять
21. delisting n – лишение котировки
delist v – лишать котировки
22. small capitalization (cap) – компания, которая по уровню капитализации на данном рынке считается малой
23. Electronic Communication Network (ECN) – сеть электронных коммуникаций
24. alternative trading system (ATS) – альтернативная торговая система
25. over-the-counter (OTC) market – внебиржевой рынок ценных бумаг
26. pink sheets – список акций и их цен на внебиржевом рынке
27. 10Q form – квартальный отчет корпорации, чьи акции котируются на биржах, перед Комиссией по ценным бумагам и биржам
Exercise 1. Answer the following questions.
1. What are the functions of an exchange? 2. How did NYSE evolve over the years? 3. What are the advantages of the agency auction market? 4. What are the benefits of NYSE? 5. How are stocks bought and sold at NYSE? 6. What does market regulation mean in NYSE’s context? 7. What are the key characteristics of NASDAQ? 8. What are ECNs? 9. Why do some individual investors prefer not to buy OTC stocks?
Exercise 2*. Which of the following statements are not correct and why?
1. A stock exchange owns shares of companies listed there. 2. The exchange tracks the flow of orders for each stock, and this flow of supply and demand sets the price of the stock. 3. In an agency auction market the share price is determined by a dealer who buys and sells out of inventory. 4. Investors trading on the NYSE have no protection against abuses. 5. Buyers and sellers at NASDAQ operate the trading floor. 6. Currently, ECNs do not really serve individual investors; they are mostly of interest to institutional investors. 7. Individual investors prefer to buy OTC stocks because of high possible returns.
Exercise 3*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. an individual or firm that acts as an intermediary, putting together buyers and sellers for a fee or commission
2. an individual or firm that acts as a principal or counterpart to a transaction
3. all information needed regarding the exchange and regulations for a security
4. the ability to meet obligations and if necessary convert assets into cash or its equivalent
5. an electronic quote system providing prices to participants about actively traded common stocks
6. any transaction that is not conducted over an exchange
7. securities trading market for previously issued financial instruments in the primary market
8. a federal agency that regulates the U.S. financial markets and the securities industry
9. the process by which a trade is entered into the books and records of the counterparts to a transaction
Exercise 4*. Fill in the blanks using terms given below.
Policing the Securities Market: An Overview of the SEC
Shortly after the……. crash of 1929, a……. body called the……. was born. Its goal was to restore investor confidence and faith in a financial sector that was notorious for…….. activities……. credit and……… investments. Two significant proposals by the U.S. Congress, the Securities Act of 1933 and the Securities Exchange Act of 1934, led the way to the formation of the SEC and, ultimately, a……. financial……. under government……… The aim of both of these acts was to protect investors from any indiscretions that could arise from:
Questionable……. companies.
Dishonest and unscrupulous individuals dealing in the…….. markets.
The SEC is divided into four main…….. They work together, but have specific areas in which they mandate and ensure……. These departments are Corporate Finance, Market Regulation, Investment Management and Enforcement.
Division of Corporate Finance
This division is responsible for…….. the……. documents that are required to be……. with the SEC by U.S. public companies. Meant to increase……… so that investors are able to make informed decisions, the…….. require companies to provide prudent and truthful disclosure of financial and…….. information, i.e. any information pertaining to a particular business that might be relevant to an investor’s decision to buy, sell or hold the security.
The documents that companies are required to file include the registration statements for public………, quarterly and annual filings (Forms 10-Q and 10-K), annual…….. to shareholders, documents detailing……… and…….. materials sent out to shareholders before……
Division of Market Regulation
This division establishes and maintains…. orderly and efficient markets by regulating the participants in the securities industry. These participants range from the largest clearing corporations and exchanges, which are also known as……., to the various……. firms and investment houses. In short, the Division of Market Regulation establishes the……. of the investment industry.
This division also interprets any proposed changes to existing regulations and reviews any……. over the operations of the securities industry. It maintains constant…….. of market activity to ensure that no policies are being manipulated.
Division of Investment Management
As…….. of the investment management industry, this division ensures the preservation of all rules affecting investment companies and their…….. To make certain that all rules and regulations are being upheld, the SEC requires that all investment companies and federally……… investment advisors file the appropriate documents. More specifically, this division looks at public……. and laws, and makes changes to existing rules if circumstances provide reason to do so.
Division of Enforcement
Working closely with the other three divisions, this group investigates possible……. of securities laws and provides recommendations when further action is needed. Keep in mind that the division of enforcement has only civil enforcement authority; it must cooperate with different………. agencies such as the FBI or local police to bring about…….. charges.
Common violations include………… misrepresentation, deliberate omission of significant information regarding public company filings, market manipulation, violation of……. duties and any related disturbances that affect the smooth operation of the U.S. securities market and the market’s…….
Source: October 21, 2005 (www.investopedia.com)
Terms:
M&As, fiduciary, disagreements, law-enforcement, surveillance, broker-dealer, self-regulating organizations, stock market, filings, regulator, advisors, material, SEC, fraudulent, criminal, easy, insider trading, integrity, hazardous, structured, industry, supervision, public, securities, AGMs, divisions, compliance, overseeing, disclosure, filed, offerings, reports, proxy voting, rules, overseers, registered, regulations, violations, transparency, fair
Exercise 5. Translate into English.
NYSE акционируется
Биржа станет публичной компанией
Старейшая в мире Нью-Йоркская фондовая биржа в январе должна слиться с Archipelago Holdings и стать публичной компанией. Эксперты считают, что объем торгов на объединенной бирже вырастет космически, но ждать выдающихся результатов от ее акций на первых порах не стоит.
Вчера 1366 членов NYSE голосовали за слияние с электронной Archipelago, владеющей Тихоокеанской фондовой биржей. Если сделка состоится (для одобрения необходимо набрать две трети голосов), появится публичная компания NYSE Group стоимостью $3,5 млрд, в которой 70% акций получат члены NYSE и 30% – акционеры Archipelago.
Первое время для акций NYSE Group будет трудным, предупреждают аналитики. С 20 апреля, когда было объявлено о сделке, акции Archipelago подорожали в три раза. По мнению экспертов, этот рост связан с ожиданиями прибыли в объединенной компании. К тому же бизнес Archipelago в этом году показывает не лучшие результаты, а часть членов NYSE намерены продать акции объединенной компании более чем на $1 млрд буквально через несколько недель после завершения сделки.
По данным Thomson Financial, трое из шести аналитиков, оценивающих акции Archipelago, присвоили им рекомендацию «держать», еще трое – «продавать». Целевая цена этих бумаг, которую дают четверо из шести, колеблется от $26 до $38, что гораздо ниже сегодняшних котировок Archipelago, переваливших за $60. Новая NYSE «столкнется с огромной конкуренцией», поясняет Ричард Репетто из Sandler O’Neill, понизивший рекомендацию с «держать» до «продавать».
Между тем с тех пор как Ричард Герр из Keefe, Bruyette & Woods в мае понизил рекомендацию по акциям Archipelago с «покупать» до «держать», они взлетели на 80%. Членство в NYSE тоже сильно подорожало: с $1,62 млн до объявления о сделке с Archipelago до сегодняшних $4 млн. Но рынок имеет собственную точку зрения. Аналитики основываются «на том, что есть сейчас, а инвесторы – на том, что будет», говорит портфельный управляющий Томас Колдуэлл, которому на NYSE принадлежит 41-е место. Он намерен остаться акционером NYSE Group в течение нескольких лет.
Эксперты также обращают внимание на крайне высокую конкуренцию в секторе, особенно со стороны NASDAQ Stock Market и региональных площадок, в которые стали много инвестировать Morgan Stanley, UBS и Fidelity Investments. Впервые за несколько десятилетий объем торгов на NYSE акциями из ее листинга упал ниже 75%. NYSE и NASDAQ стараются отобрать друг у друга как можно больше сделок с акциями из «чужого» листинга. NYSE рассчитывает, что сделка с Archipelago поможет переманить с NASDAQ небольшие компании, а NASDAQ, у которой комиссия ниже, пытается увести с NYSE крупный бизнес.
Пять крупнейших акционеров Archipelago, владеющие 60% акций, уверены, что после объединения общий объем торгов на NYSE в 2006 г. увеличится космически. Сейчас примерно 14% сделок на NYSE осуществляются через электронную систему (по сравнению с 10% в 2004 г.), но большая часть по-прежнему ведется в биржевом зале с участием живых трейдеров. Джеми Селуэй, бывший экономист Archipelago, который теперь руководит брокерской фирмой White Cap Trading, считает, что с ростом торгов через электронную систему общий объем торгов на NYSE удвоится. А некоторые инвесторы, по его словам, ожидают пятикратного роста.
Источник: WSJ, 6.12.2005, Арон Луккетти
Lesson 29
Equity Securities
Read and translate the text and learn terms from the Essential Vocabulary.
Introduction to Securities
Originally the term «securities» was used to denote security interests (such as mortgages and charges) supporting the payment of a debt or other obligation. Then, companies and government agencies began to raise capital from the public using secured debt obligations, which came to be known as «securities». As shares became more readily transferrable, their functional similarity to debt securities became clearer, and both forms of investment became known as «securities».
Uses of Securities
For the issuer:
Issuers of securities include commercial companies, government agencies, local authorities and international and supranational organisations (such as the World Bank). Repackaged securities are usually issued by a company established for the purpose of the repackaging – called a special purpose vehicle (SPV).
New capital: Commercial enterprises have traditionally used securities as a means of raising new capital. Securities are an attractive alternative to bank loans, which tend to be relatively expensive and short term. Also, the bank may seek a measure of control over the business of the borrower via financial covenants.
Repackaging: Recently, securities have been issued to repackage existing assets. In a traditional securitization, a financial institution may wish to remove assets from its balance sheet in order to achieve regulatory capital efficiencies or to accelerate its receipt of cash flow from the original assets. Alternatively, an intermediary may wish to make a profit by acquiring financial assets and repackaging them in a way which makes them more attractive to investors.
For the holder:
Investors in securities may be retail, i.e. members of the public. The greatest part in terms of volume of investment is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds.
The traditional function of the purchase of securities is investment, with the view to receiving income and/or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer.
The last decade has seen an enormous growth in the use of securities as collateral. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers.
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