Английский язык. Практический курс для решения бизнес-задач
Шрифт:
9.margin deposit – маргинальный депозит
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
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…….