Английский язык. Практический курс для решения бизнес-задач
Шрифт:
Investment funds represented by various international investment, pension, and mutual funds, insurance companies, and trusts, realize the policy of diversified portfolio management by placing their money in government or corporate securities. The fund Quantum owned by George Soros executes successful exchange speculations. Big MNCs, such as Xerox, Nestle, GM that make FDI, also are firms of this kind.
Broker companies bring together a buyer and a seller of foreign currency and conduct a conversion dealing between them for a broker’s fee. In the forex market there is no fee as a percent from the sum of a transaction, or as a sum agreed in advance. Usually broker companies quote currency with a spread, which includes their fee. A broker company is a place where the real exchange rate is formed according to closed deals. The biggest international broker companies are Lasser Marshall, Harlow Butler, Tullett and Tokio, Coutts, and Tradition.
Private persons. Natural persons realize a wide range of non-commercial transactions in the sphere of foreign tourism, transfers of salaries, pensions, royalties, buying and selling foreign currency.
Source: www.pro.forex.com
Essential Vocabulary
1.foreign exchange market (FOREX, FX) –
2.Greenwich Mean Time (GMT) – среднее время по гринвичскому меридиану
3.open position – открытая позиция
4.closed position – закрытая позиция
5.keep a position – держать позицию
6.credit line – кредитная линия
7.marginal (leverage) trading – торговля без внесения всей суммы сделки
8.speculator n – спекулянт; игрок на бирже
speculative a – спекулятивный
speculate v – спекулировать; играть на бирже
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 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
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