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Exercise 4. Answer the following questions
1. Where are securities bought and sold?
2. What is the difference between primary markets and secondary markets?
3. Who does a company negotiate with if it wants to issue stock?
4. What does an underwriter usually do?
5. What is the main purpose of security exchanges?
6. Who are the participants of security exchanges?
7. Do the exchanges buy or sell securities?
8. Who are stock transactions handled by?
9. What do stockbrokers receive from clients?
10. What is the first thing you do to become a broker?
11. What does the member do when a stockbroker calls in an order to sell?
12. What is the largest stock exchange in the USA?
13. How many seats are there on the "Big Board"?
14. What requirements does a firm have to meet in order to be on the NYSE?
15. What are the major differences between the NYSE and AMEX?
16. What is OTC and how many brokers participate in it?
17. Where are options bought and sold in the USA?
Exercise 5. Substitute the words in the statement with the given synonyms
Statement:Exchanges are simply auctions where investors get together to bid for stocks and bonds.
Example:Exchanges are simply places where investors get together to bid for stocks and bonds.
security markets gather
Exercise 6. Transform the sentences according to the model
Model:Security exchanges provide the location for the brokers.
The location for the brokers is provided by security exchanges.
1. Securities markets buy and sell securities.
2. The company issues new stock through an underwriter.
3. The exchanges trade listed corporation securities only.
4. Several underwriters form an underwriting syndicate.
5. The underwriter buys securities from the corporations.
6. The individual used to sell stocks over the counter originally.
7. The National Association of Security Dealers developed the computerized communications system NASDAQ (National Association of Securities Dealers Automated Quotations) in the early 1970s.
8. NASDAQ ties the OTC market together in one vast electronic stock market.
9. The individuals trade the majority of stocks in a true bid auction.
Exercise 7. Read the dialogue
John Simpson is talking to his friend, Martin Walker, about his progress in business
J: Well, you know Martin, these new developments in computer systems are fantastic.
M: I bet they are. You seem to be glowing with delight.
J: Sure I am. It took me a lot of time to call the broker whenever I wanted to sell or to buy stock.
M: You have done away with the broker, haven't you?
J: Not really. I've got a computer now and. I can get the latest prices of all stocks in my portfolio from a database.
M: And how about the broker. Did you dismiss him?
J: Why should I? I just hooked my computer up to a telephone and send my instructions to the broker's computer.
M: How do you benefit from all of this?
J: Well, first of all, you save a minute or two on transactions. Moreover my broker has already offered a discount for computer orders.
M: The costs in processing these orders are comparatively low, aren't they?
J: Right! And even at lower costs it is good for the broker too.
M: But how much is it to use the computerized system?
J: Not really much. Just about $10 for the first hour each month and $20 per additional hour.
M: And is the system reliable? As far as I can remember the 1987 crash was caused to a great extent by the flaws in the use of computers.
J: I've read a lot about it. About 4 million shares were involved in transaction on the day of the crash and there was some problem with software which made a mess of most transactions. But I believe computer systems have improved since then.
M: I hope so, and wish you luck with it!
Words and expressions
to glow with delight - светиться от радости
to do away with - избавиться от чего-либо
database - банк данных
to dismiss - увольнять
to hook (v) - зацеплять; соединять
crash (n) - крах, катастрофа
to a great extent - в большой степени
flaw (n) - ошибка, промах; изъян
to make a mess (of something) - все испортить
to bet - биться об заклад
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