Прочитайте и переведите текст устно. The Stock Exchange is a world market where the shares and securities of public companies, the British government

The stock Exchange

(Part 1)

The Stock Exchange is a world market where the shares and securities of public companies, the British government, local governments, foreign governments and other organizations are bought and sold.

About 80 per cent of its business is actually in government securities. The Stock Exchange is responsible for supervising new issues of shares when firms become public limited companies, but most of its share transactions are in the existing securities. By providing a market for second-hand shares, the Stock Exchange makes it possible for investors to convert their shares into cash. There are about 3000 members of the Stock Exchange who are involved daily in the buying and selling of these shares and securities.

The Stock Exchange is an independent organization. The Council of the Stock Exchange, elected by its members, is the governing body which sets the rules and enforces standards. The main British Stock Exchange is in London and was founded in 1773. It has 22 branches in the main towns of the country.

Before October 1986 shares were bought and sold by Stock Exchange members called brokers and jobbers. The brokers bought or sold shares for members of the public and acted on their behalf. The jobbers bought or sold the shares from the market or other dealers and then sold them to the brokers.

In October 1986 there was a major reorganization of the way in which the Stock Exchange members conducted their business. These changes were referred to as the “Big Bang”. They no longer have separate Stock Exchange members acting as brokers or jobbers, for each member is now allowed to buy of sell shares on behalf of a member of the public, or buy and sell shares on his own behalf. The members are now called broker/dealers, and the new system is referred to as one of “dual capacity”. Members of the Stock Exchange who specialize in certain types of share or security buying and selling are now referred to as market makers. The profit they make is called the market maker’s turn. The broker/dealer approaches a market dealer or more than one market dealer and makes the best bargain he can on behalf of his client. If a deal is made then the contract is entered into.

Words:

Stock Exchange фондовая биржа

securities ценные бумаги

supervise наблюдать, заведовать

share transaction купля/продажа акций, акционерная сделка;

enforce проводить в жизнь, обеспечивать соблюдение

jobber маклер; человек, занимающийся случайной работой

on behalf of от имени

dual capacity зд.: двойственная должность

maker изготовитель, производитель

turn оборот

bargain сделка, выгодная покупка