1. Comprehensive
Including all First Section listed shares, TOPIX provides a more
comprehensive measure of stock price changes than other indices based
on stock samples.
2. Weighted
TOPIX is a weighted index, the market price of each component stock
is multiplied by the number of shares listed. Accordingly, a price
change in a stock exerts influence on the index in proportion to its
relative market importance, in other words, a price change in a large,
widely held stock has a greater impact on TOPIX than that of a less
widely held stock.
*
Tokyo Stock Price Index TOPIX, индекс Токийской фондовой биржи
(ТОПИКС) создан в 1969 г.; базовый уровень 100 на 4 января 1968 г.;
рассчитывается непрерывно, цены акций взвешиваются; базовый уровень
постоянно корректируется с учетом изменений в капитале компаний; субиндексы
публикуются по крупным, средним и мелким компаниям, по 28 отраслям
промышленности (ABBYY Lingvo 12).
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3. Readily Available
TOPIX is computed and published every 15 seconds via TSE's Market
Information System. It is reported to securities companies across Japan
and is available worldwide through computerized information
networks.
4. The Most Appropriate Benchmark
As a comprehensive, weighted and readily available index, TOPIX is
the most appropriate benchmark for evaluating portfolio performance.
This is especially true for institutional investors who construct and
manage diversified portfolios containing a wide range of Japanese
stocks.
Sources: Tokyo Stock Exchange, www.ereport.ru
TASKS
Task 1. Transcribe and pronounce:
Predecessor, to accelerate, to acknowledge, transparency, portfolio,
indices.
Task 2. Match the phrases with the meanings. Read the sentences
containing these phrases.
1. As a symbol of
2. In an effort
3. A sense of value
4. In addition to
5. In proportion to
6. A wide range of
a. Система ценностей
b. Как символ чего-либо
c. В попытке
d. Пропорционально, по отношению к
e. К тому же, сверх, кроме того
f. Широкий выбор чего-либо
Task 3. Fill in the spaces with appropriate prepositions (if necessary).
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To engage … various activities with stakeholders
To close … April 30 … an effort to accelerate the speed
To reduce the cost … transactions
To comply … all laws and regulations
To strive … gain further confidence
To respond … expectations
To
aim …
To be based … stock samples
To have an impact …
To fulfill … the expectations … smb.
To be available … worldwide … information networks.
To exert influence … the index
Task 4. Explain the meaning of the following words and phrases:
stock trading floor;
cornerstone;
stakeholder;
securities companies;
transparency;
benchmark.
Task 5. Translate into English.
Корпоративная философия Токийской биржи
Основой мирового успеха Токийской фондовой биржи
является ее корпоративная философия. Корпоративная философия
биржи представляет собой набор правил, которым биржа и группа
ТФБ следуют в процессе реализации своего бизнеса. В добавление
к претворению в жизнь планов развития системы управления
биржей и процедуры принятия решений,
корпоративная
философия сочетает в себе основы поведения для всех рабочих и
служащих ТФБ в процессе осуществления ими своих
профессиональных обязанностей.
Для развития наиболее
дружественных партнерских отношений с обществом и
выполнения социальной ответственности перед ним в рамках
корпоративной философии в ТФБ были разработаны правила
корпоративного поведения, базирующиеся на корпоративной
этике. Все рабочие и служащие ТФБ должны соблюдать и
выполнять разработанные правила, приносить пользу обществу и
вносить свой вклад в развитие организации.
Источник: http://www.ereport.ru/articles/organiz/tse.htm
153
Task 6. Answer the questions:
1.
2.
3.
4.
5.
6.
7.
What is TSE?
When and why was the stock trading floor closed?
What does the corporate philosophy of TSE represent?
What are the Basic Principles of Tokyo Stock Exchange?
What are the most important function and task of the TSE?
What System is used to publish and compute TOPIX?
What characteristic sets TOPIX apart from other indices based on
stock samples?
8. Is TOPIX the most appropriate benchmark for evaluating
portfolio performance? Why?
THE LONDON METAL EXCHANGE
The London Metal Exchange is the world's premier non-ferrous metals
market with highly liquid contracts and a worldwide reputation.
On an international scale the London Metal Exchange is one of the
City of London's most influential institutions. It is not widely known to
the general public but it is appreciated and respected by the global
mining, metals and financial communities because it provides essential
services that play a part in maintaining the stability of commodity
prices throughout the world.
The LME is one of the leading international commodity, futures and
options exchanges. It specialises in nonferrous metals – Copper,
Primary Aluminium, Lead, Zinc, Nickel, Tin, Aluminium Alloy, Silver
and an index contract – LMEX, which tracks the six primary metals
traded.
London Metal Exchange functions
The London Metal Exchange provides the global forum for all those
who wish to manage the risk of future price movements in non-ferrous
metals and plastics. The Exchange has developed standardised
contracts which assume that on falling due they will result in material
either being delivered or received.
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Brands of material that meet rigorous quality standards are stored in
approved warehouses around the world so that material can change
hands – but in reality most contracts are settled out without that taking
place.
All the trading associated with the Exchange means that the market is
highly liquid, transparent and the prices published are seen as a true
reflection of demand and supply by trade and industry. The LME
provides an outstanding service to industry through its activities, and
has a great responsibility because of its pre-eminence in this field.
Trading on the LME
There are currently three ways to trade on the LME.
Trading in the Ring
Ring trading is so called because the LME uses a "ring" with the
traders sitting at fixed points around the circle. Trading takes place
throughout the day with each LME contract traded in specific five
minute periods known as "rings".
The LME system of fixed points clearly helps with the identification of
the firms trading, but it is only feasible because the Exchange has a
small number of members permitted to take part in ring trading. At
present there are 11 “ring dealers”, and all business which is required
to be dealt “across the floor” must be passed through a ring dealing
member.
Trading on the inter-office telephone market.
This is a system that deals like the foreign exchange, bond or stock
markets, but then clears like a ring-traded contract. In other words,
people can see an indicative price on a screen as they contact a broker,
and then complete a deal there and then.
Brokers continue to provide indicative prices which are available
through vendor screens. The actual prices quoted to a prospective client
by a broker will not necessarily be identical to the indicative prices, but
will depend on the size of the deal, the state of the market, and on the
client’s credit rating and relationship with the broker.
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LME Select Screen Trading System.
LME Select is the official exchange operated electronic trading
platform, available in addition to open outcry ring trading and the
telephone market.
Member firms are connected to the system which allows accredited
traders to execute trades electronically.
Flexibility and functionality are the key words associated with this
system.
Source: London Metal Exchange, contracted from www.ereport.ru
TASKS
Task 1. Transcribe the following:
Copper, Primary Aluminium, Lead, Zinc, Nickel, Tin, Aluminium
Alloy, Silver.
Task 2. Fill in the spaces with the appropriate prepositions:
1. to be associated ….. sth
2. to be connected ….. the system
3. …. addition ….
4. to see sth ….. a screen
5. to be available ….. vendor screen
6. to be respected ….. smb
7. to manage the risk ….. sth
8. to be stored …..
9. ….. reality
10. to settle …..
Task 3. Explain in English (consult Longman Business English
Dictionary, if need be):
vendor
broker
liquid (finance)
commodity
bond
futures; futures exchange
options; options exchange
stock market (exchange)
foreign exchange
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Task 4. Put the words in the right order:
a) world’s || non-ferrous || metals || premier || market
b) most influential || the City of London’s || institutions
c) international || leading || commodity
d) standards || quality || rigorous
e) exchange || official || operated || trading || electronic ||
platform
Task 5. Answer the questions:
1.
2.
3.
4.
5.
6.
What is the LME?
What does the LME specialize in?
What is the main role of the LME?
What are the chief functions of the LME?
Why does the LME use the term “trading in the ring”?
What system deals like the foreign exchange, but clears like a ring-
traded contract?
7. What is the LME Select?
Task 6. Study the list of some International Organizations and
Mercantile Exchanges. Prepare a report on one of them: