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Task 6. Match the infinitives in A with the nouns in B.

A B

to carry out and to regulate a place

to perform loans

to license activities

to occupy funds

to buy money

to borrow intermediaries

to issue a role

to use banknotes

to act as an account

to play bills

to open a function

to provide cheques

to collect currency

to discount banks

 

 

Text 2. The Stock Exchange  

Task 1. Read and translate the text.

A stock exchange is a highly organized financial market where bonds, shares and other securities can be bought or sold.

Stock market business is worldwide. London, Johannesburg, New York, Melbourne, Tokyo, Calcutta, Paris, Amsterdam and Brussels are all famous centres of stock exchange activity.

The function of a stock exchange is to put those who wish to sell securities in touch with those who wish to buy them.

The London Stock Exchange plays a vital role in maintaining London’s position as a major financial centre. London has had a stock exchange for dealing in different securities for over 200 years, its first building was constructed in 1801. Then, in 1853 a new building was constructed on the same site. But to keep pace with modern requirements and to provide the most up-to-date facilities for both members and investors it was decided once again to rebuild the Stock Exchange on the same site. Work started in 1966. The Stock Exchange was completed in 1972.

As a result of legal reforms implemented in 1986 and known as “Big Bang”, the Exchange has changed radically over recent years. The most fundamental change has been the move away from the traditional market floor to screen-based trading. Now stockbrokers deal in securities through telephones and computers which have linked London much more closely with the other major international financial centres.

 

Note on the text

to deal in – торговать

to deal with – иметь дело с чем-либо

vital role – жизненно важная роль

keep pace with – идти в ногу с

“Big Bang” – «Биг Бэнг» («Большой взрыв» – реорганизация Лондонской биржи)

radically – радикально

screen-based trading – электронная торговля

 

Task 2. Comprehension questions

1. What is a stock market?

2. What function does a stock market perform?

3. Had the London Stock Exchange moved to different places and different buildings over more than 200 years of its existence?

4. What reform of the London Stock Exchange was implemented in 1986?

 

Task 3. Find in the Text English equivalents for the following Russian words and phrases:

- покупать и продавать облигации;

- акции и другое ценные бумаги;

- сводить вместе желающих продать и желающих купить ценные бумаги;

- играть жизненно важную роль;

- удерживать положение;

- идти в ногу с современными требованиями;

- обеспечить cовременными условиями для работы;

- было решено;

- осуществлять реформы;

- продавать и покупать ценные бумаги с помощью телефона и компьютера.

 

Task 4. Write out from the text international words, transcribe and translate them into Russian.

 

Task 5. a). Read the text and translate it into Russian. b). Say whether you agree with the assessment of the Russian stock market given in the text.

At present, the Russian stock market does not fully meet the Russian economy’s development requirements. The task of the market to accumulate savings and to transform them into investments in the real economy is not fulfilled effectively. Few securities are traded in the market. It is believed, however, that the market has a tremendous potential. If risks are lowered and a favourable investment climate is created in Russia, our market will become attractive to Russian and foreign investors.

 

Words and word combinations you may need

task – задача

accumulate – накапливать

transform – трансформировать, преобразовывать

trade – покупать и продавать ценные бумаги

lower risks – снижать риски

tremendous – огромный

 

Task 6. Match the infinitives in A with the nouns in B.

A B

to meet a climate

to accumulate savings

to fulfill a task

to sell requirements

to implement construction

to play facilities

to deal in a house

to rebuild bonds

to provide reforms

to have securities

to complete a role

to create a potential

 

For the next session

Task 1. Read and translate the text.

Banks

If you work, you’ve probably got a bank account. You could keep the money you earn each month in a box under your bed but it wouldn’t be very sensible. One reason is that it’s not very safe. If your house gets burgled you’ll lose everything you’ve saved. Another reason is that your money will lose value.

As price rise, the money in a box under your bed will be able to buy fewer and fewer things. Money in a bank savings account, however, will earn interest. The interest will help compensate for the effect of inflation. But banks are more than just safe places for your money. What other services do they offer?

The other main service is lending money. Individuals and businesses often need to borrow money and they need a lender that they can trust. This is exactly what banks are – reliable lenders. In fact, most of the money that people deposit in their bank accounts is immediately lent out to someone else.

Apart from storing and lending money banks offer other financial services. Most of these are ways of making money more accessible to customers. For example, banks help people transfer money securely. They give customers cheque books and credit cards to use instead of cash. They provide ATM machines so that people can get cash any time of the day or night.

But how do banks make a living? Basically, they make a living by charging interest on loans. Of course, when you make a deposit into a bank savings account, the bank pays you interest on that money. However, the rate they pay savers is less than the rate they charge borrowers. The extra money they make by charging interest on loans is where banks earn most of their money.

For banks, interest is also a kind of security. Sometimes people do not pay back money they borrow. This is called defaulting on a loan. When someone defaults on a loan the bank uses money earned from interest to cover the loss.

All of this means that most of the money people have saved in the bank is not there at all. A small amount of the total savings is kept by the bank so that customers can make withdrawals. The rest, however, is made available for loans. The amount that is kept is called the reserve. The reserve must be a certain percentage of all the savings received from customers – for example 20 per cent. This figure is set by the central bank and this is one of the ways that governments can control the amount of money circulating in the economy.

 

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