Лекция: SECURITIES AND STOCK EXCHANGE

Shares, stocks and bonds form securities.

Bonds arc documents, which give details of a loan, made to a company or government.

Securities issued by the British 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 sell securities must act through a broker. After the broker receives instruction from the investor or his client he approaches a jobber. Each jobber deals in a particular group of securities. The jobber asks the broker his price. The jobber usually does not know if the broker wishes to buy or 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 sell securities at any time at the market price.

The speculator on the stock exchange who buys securities in expectation of a rise in their prices is a hull.

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.

/. Переведите на русский язык:

Securities, bond, loan, guilt-edged security, high-quality security, blue chips, to trade securities, stock exchange, broker, jobber, investor, speculator, bid, offer, bull, bear.

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Different types of securities, brokers acting at the stock exchange, jobbers, bids and offers, bulls and bears, stock exchanges in general

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