lesson 20The International Stock Exchange_6.ppt

Lesson20TheInternationalStockExchange,BusinessKnowledge:,(1)TheroleofstockexchangeA.Capitalraisingmarket(primarymarket)B.Marketplaceforgovernmentstocks,companysecurities,andotherinvestmentinstrument(secondarymarket)(2)ThreeareasoftheDomesticEquityMarketA.ThelistedmarketB.TheunlistedsecuritiesmarketC.Thethirdmarket(3)Thegilt-edgedmarket(4)Thetradedoptionsmarket(5)Theforeignequitiesmarket,TheStockExchangehaslongservedtheneedsofgovernment,industryandinvestors（投资者）inprovidingthecentralmarketplacefortheissueandtradingofsecurities.,Investor投资者Apersonwhosemainpurposeistoinvestmoneycarefullyandproductivelyoverthelongertermwiththeaimofachievingareasonablereturn.为了获取有利的回报而小心投资的人,Manypeoplesaveorinvestmoneyinsomeformorother.TheInternationalStockExchangeexiststoprovideachannelthroughwhichthesesavingscanreachthosewhoneedfinance.TheInternationalStockExchangeisfirstandforemostacapital-raisingmarket（资本筹集市场）providingaregulatedframework,basedonstatute（法令、法规）,wherebylong-termcapitalintheformoftradablesecurities（交易证券）canberaisedbycompaniesandgovernments.Primarycapitalraising初级/原始资本市场,Finance资金moneyesp.ofagovernmentorabusinesscompany尤其指的是政府或公司的钱,Securities证券Documents,certificates,etc.showingownershipofpropertyesp.bonds,stocksandshares.指显示财产拥有权的文件、证明等，尤其是股票、债券,ThisprimarycapitalraisingissupportedbythequalityoftheISEssecondarycapitalmarket（二级市场）whichoffersinvestorsaplacetotradethosesecurities.ISE国际证券交易所:InternationalStockExchangesecondarycapitalmarket二级资本市场指买卖已发行的有价证券的市场，包括证券交易所及“柜台上交易”的证券市场,TheInternationalStockExchangeisthecentralmarketplaceforover7000securities.Thiscentralmarketplacecoversnotonlygovernmentstocks(calledgilts金边债券)andcompanysecurities(calledequitiesandfixedintereststocks普通股和定息股);itisalsothemarketplaceforanumberofotherinvestmentinstruments.(投资工具）Equities普通股Ordinarystocksandsharesnotbearingfixedinterest指的是无固定利息的普通股票,OneofthemostimpressiveimagesoftheExchangeisthatofthemarketfloor,wherebrokers(经纪人)mettodobusinesswiththemarketmakers(证券商)(previouslyknownasjobbers)inthevarioussecurities.Thishasnowchangedwiththeintroductionofnewtechnology.Marketmaker进行不可撤消的购买和销售的公司,Broker经纪人Personwhobuysandsellsesp.stocksandshares,bondsforothers指的是替人买卖股票、债券等的人,marketmakers证券交易商Amarketmakerreferstoastockexchangememberfirmthatisobligedtomakeacontinuoustwo-waypriceinthesharesitfollows.Thisisacommitmenttooffertobuyandsellthesecuritiesittrades.证券交易商指那些在股票交易所任何时候都进行不可撤销的购买和销售的公司。,Themarketfloor（Marketfloor=tradingfloor交易大厅）isnowaSEAQ(StockExchangeAutomatedQuotationsSystem证券交易自动报价系统)televisionscreenlocatedinthebrokersofficeanywhereintheUnitedKingdomoroverseas,butconnectedtotheExchangescomputersinLondon.Thesamemarketpriceinformationwhichusedtobefoundonlyonthemarketfloorisnowusedbybrokersallovertheworldtoconcludedeals(成交)overthetelephoneandthroughcomputersystemsonbehalfoftheirclients.,Marketfloor证券交易场地Itisalsocalledtradingfloorwherestocksaresoldandboughtinstockexchange.证券交易场地指的是证券交易所进行交易的大厅。,Whilethemarketfloormaynolongerbeused,theprotectionsforinvestorswhouseInternationalStockExchangememberfirms(成员公司)fortheirinvestmentbusinessremainasstrongasever.Memberfirmsagreetoupholdcertainrulesgoverningtheirrelationswiththeirclientsandtheothermarketusers.,Highstandardsofinvestorprotectionareprovidedbyawell-establishedcomplaintsprocedure(投诉程序),disciplineandenforcementarrangementsaswellasacompensationfund(赔偿金).InternationalStockExchangememberfirmsundergorigorousadmissionprocedures,andtheiremployeeswhodealwiththepublic(calledRegisteredRepresentatives)arerequiredtohavecertainqualifications,usuallyobtainedbytakingexaminationssetbytheExchange.,TheinterestsofthemembershipoftheInternationalStockExchangearereflectedinitsGoverningCouncil,whosememberssetrules（制定规则）,administerandenforcestandards,aswellasgoverntheactivitiesoftheExchangesstaff.AnumberofstandingcommitteesoverseealltheemployeeswhoruntheservicesandcomputersystemsthroughwhichInternationalStockExchangememberfirmsconducttheirbusiness.Otherstandingcommitteesaredevotedtosettingandenforcingthemarketrules,aswellasdisciplininganymembersfoundtobeinbreachof（违背）thoserules.,UnderthenewregulatoryframeworktheInternationalStockExchangehassoughtrecognition(承认,认可，公认)asanRIEforinvestmentbusinessinfourmarkets:RIE:RecognizedInvestmentExchange指定的投资交易所,1.TheDomesticEquityMarketwhichcoversthreeareas:(1)Thelistedmarket（挂牌证券交易市场）forwell-establishedcompanieswhomustbeabletocomplywithstringentcriteriarelatingtoallaspectsoftheiroperation.(2)TheUnlistedSecuritiesMarketamarketcreatedin1980tomeettheneedsofestablished,butsmaller,lessmaturecompanies.listedmarket挂牌证券交易市场指要求在此买卖所发行证券的公司注册登记的市场,(3)TheThirdMarket(三级市场)anew,disciplinedmarketestablishedinJanuary1987anddesignedtoenableyoung,growingUKcompaniestoraisecapitalonacost-effective(economicalcomparedwithmoneyspent成本低廉的、有成本效益的，划算的）andstraightforwardbasis.,2.TheGilt-EdgedMarketAlargeproportionofthegovernmentspendingisraisedthroughincometax（所得税）,VAT（VAT增值税:Valueaddedtax）,corporationtaxandothertaxes.However,ashortfall(亏空，不足)usuallyremains,whichhastobemetbyborrowing,inordertobalancethebooks（businessaccounts,records,etc.账目）.OneofthewaysthegovernmentmeetsthePublicSectorBorrowingRequirement（公共部门借贷需求，即政府开支和其所征收的差额）isbysellinggilt-edgedstocks（Gilt-edgedstocks/securities金边债券）.Giltsareboughtandsoldinhugequantities,mainlybyinstitutionalinvestors(事业机构投资商、金融机构投资者）。,VAT:Valueaddedtax增值税Anincrementalexcisethatisleviedonthevalueaddedateachstageoftheprocessingoftherawmaterialortheproductionanddistributionofacommodity.按照商品的原料、生产和销售的每一个阶段的增值额征收的税。,gilt-edgedstocks/securities金边股票/证券Investmentsthatareconsideredsafe指的是可靠地股票或证券,institutionalinvestors事业机构投资商、金融机构投资者Itmeansorganizationsthatinvest,includinginsurancecompanies,depositoryinstitutions,pensionfunds,investmentcompanies,mutualfunds,andendowmentfunds.它指包括保险公司、存放机构、赔偿基金会、投资公司、互助基金会和捐助基金会等的投资机构。,3.TheTradedOptionsMarketOptions（期权（合同），选购权）arecontractsgivingtherighttobuyandsellasecurityatanagreedpricewithinaparticularperiodoftime.TheTradedOptionsMarketprovidesinvestorswiththemeanstohedgeorprotecttheirpositionsinunderlyingsecurities(特定证券)bybuyingorsellinganoption.Inadditiontocompanysecurities,optionsarealsoavailableongilts,currenciesandindices.,Options期权Contractsgivingtherighttobuyandsellasecurityatacertainpricewithinacertainperiodoftime指的是在契约期内只能按照规定价格买卖指定的债券,4.TheForeignEquitiesMarketForeignequitieswhichrefertosecuritieslisted(上市、登记)onoverseasexchangeshavebecomeanincreasinglyimportantpartofthebusinessofsecuritiesfirmswhetherornotthesefirmsweremembersoftheInternationalStockExchange.,Eachofthefourmarketsisrun(管理)byaseparatecommitteeofCouncilmembersandotherco-optedpractitionerswithexpertiseinthatparticularmarketarea.Bywritingthespecificrulesgoverningthemarkets,thesecommitteescanactquicklytoensurethemaintenanceofanefficientserviceformemberfirmsandinvestors.,Today,tradingontheInternationalStockExchangeinLondonexceeds5billionaday;sophisticatedelectronicsystemsmaketradingfastandefficient,notjustinsharesofUKcompaniesbutinthoseofoverseascompaniesaswell;andLondonsMemberFirmsarenowasinternationalasthesecuritiesbusinessinwhichtheydeal,competingeffectivelywiththebestintheworld.,Listedcompany/corporation上市公司=thelistcompanyThegilt-edgedmarket金边债券市场Thetradedoptionsmarket期权交易市场Theforeignequitiesmarket外国股票市场Financialmarket金融市场Moneymarket货币市场Discountmarket贴现市场Capitalmarket资本市场Securitiesmarket证券市场Foreignexchangemarket外汇市场,BusinessKnowledge,1.TheroleofstockexchangeThestockexchangehaslongservedtheneedsofgovernment,industryandinvestorsinprovidingthecentralmarketplacefortheissueandtradingofsecurities.Itsroleschieflylieinthefollowingpoints.证券交易所长期以来服务于政府、实业界和投资者，为证券发行和交易提供了一个中央市场，它的作用主要体现在以下几点：,A.capitalraisingmarket资金筹集市场：TheInternationalStockExchangeisfirstandforemostacapital-raisingmarketprovidingaregulatedframework,basedonstatue,wherebylong-termcapitalintheformoftradablesecuritiescanberaisedbycompaniesandgovernments.ThisprimarycapitalraisingissupportedbythequalityoftheISEssecondarycapitalmarketwhichoffersinvestorsaplacetotradethosesecurities.国际证券交易所首先也是最重要的一个资本筹集市场，它以可交易证券的形式为公司和政府筹集长期资金提供了一个基于法规的、有章可循的机构，它的行为受各种法规制约。原始资金的筹集靠国际证券交易所的二级资本市场的支持，二级资本市场为投资者提供了证券流通的场所。,B.marketplaceforgovernmentstocks,companysecurities,andotherinvestmentinstruments政府债券、公司有价证券和其他投资工具的市场TheinternationalStockExchangeisthecentralmarketplaceforover7,000securities.Thiscentralmarketplacecoversnotonlygovernmentstocks(calledgilts)andcompanysecurities(calledequitiesandfixedintereststocks);itisalsothemarketplaceforanumberofotherinvestmentinstruments.国际证券交易所为7000多种证券的交易提供了中央市场。这一中央市场不仅包括政府债券（金边债券）和公司有价证券（称为普通股和定息股）；同时也提供了很多其他的投资工具。,2.threeareasoftheDomesticEqualityMarket国内普通股市包括的三个市场A.thelistedmarket挂牌证券交易市场Thelistedmarket-forwellestablishedcompanieswhomustbeabletocomplywithstringentcriteriarelatingtoallaspectsoftheiroperation.挂牌证券交易市场:服务于那些地位已经确立能够符合对其业务严格要求的公司。,B.theunlistedsecuritiesmarket非挂牌的证券市场Theunlistedsecuritiesmarket-amarketcreatedin1980tomeettheneedsofestablished,butsmaller,lessmaturecompanies.非挂牌的证券市场:1980年创立，主要为满足虽已确立但规模较小而且不太成熟的公司的需要。,C.Thethirdmarket三级市场Thethirdmarket-anew,disciplinedmarketestablishedinJanuary1987anddesignedtoenableyoung,growingUKcompaniestoraisecapitalonacost-effectiveandstraightforwardbasis.三级市场：1987年1月建立，是新的规范化的市场，它使一些刚刚建立还处于成长阶段的英国公司以更合算的成本直接筹集资金。,3.thegilt-edgedmarket金边证券市场Alargeproportionofthegovernmentspendingisraisedthroughincometax,VAT,corporationtaxandothertaxes.However,ashortfallusuallyremains,whichhastobemetbyborrowing,inordertobalancethebooks.OneofthewaysthegovernmentmeetsthePublicSectorBorrowingRequirementisbysellinggilt-edgedstocks.Giltsareboughtandsoldinhugequantities,mainlybyinstitutionalinvestors.很大一部分政府支出是通过所得税、增值税、企业税和其他税收来筹集的。然而，通常还会发生亏空，为了平衡账目只能通过借贷来解决。为了满足公共部门借贷需要，政府可以采取的一个办法就是发行金边债券。金边债券发行量很大，主要由机构投资者买卖。,4.thetradedoptionsmarket期权交易市场Optionsarecontractsgivingtherighttobuyandsellasecurityatanagreedpricewithinaparticularperiodoftime.TheTradedOptionsMarketprovidesinvestorswiththemeanstohedgeorprotecttheirpositionsinunderlyingsecuritiesbybuyingorsellinganoption.Inadditiontocompanysecurities,optionsarealsoavailableongilts,currenciesandindices.期权是一种合同，这种合同给予在特定时间内以商定价格买进或卖出某种证券的权利。期权交易市场为投资者提供了一种保值手段，通过买卖期权他们可以保护自己在特定证券的地位。除了公司有价证券期权，金边债券、货币和指数都有相应的期权。,5.theforeignequitiesmarket外国股票市场ForeignequitieswhichrefertosecuritieslistedonoverseasexchangeshavebecomeanincreasinglyimportantpartofthebusinessofsecuritiesfirmswhetherornotthesefirmsweremembersoftheInternationalStockExchange.在外国交易所上市外国股票也日益成为证券公司业务的重要组成部分，无论这些证券公司是否为ISE的成员公司。,Answerthefollowingquestions:,1.Whatiscapital-raisingmarket?Canyougiveitanappropriatedefinition?A:Acapital-raisingmarketisaregulatedframework,basedonstatute,wherebylong-termcapitalintheformoftradablesecuritiescanberaisedbycompaniesandgovernment.,2.Whatismeantby“investmentinstruments”？A:Investmentinstrumentsarethosetoolsfortheinvestorsbywhichinvestorscanreachthepurposeofhisinvestment-makingprofits.,3.Isthemarketfloorstillassignificantasitusedtobe?Howismostbusinessdonetoday?A:No.,itisnt.Thishasnowchangedwiththeintroductionofnewtechnology.ThemarketfloorisnowaSEAQ(StockExchangeAutomatedQuotationsSystem)Televisionscreenlocatedinthebrokersoffice-anywhereintheUnitedKingdomoroverseas,butconnectedtotheExchangescomputersinLondon.Thebrokersnowconcludedealsoverthetelephoneandthroughcomputersystemsonbehalfoftheirclients.,4.HowaretheinvestorsprotectediftheychoosetodobusinesswiththeInternationalStockExchange?A:Highstandardsofinvestorprotectionareprovidedbyawell-establishedcomplaintsprocedure,disciplineandenforcementarrangementsaswellasacompensationfund.ISEmemberfirmsundergorigorousadmissionprocedures,andtheiremployeeswhodealwiththepublic(calledRegisteredRepresentatives)arerequiredtohavecertainqualifications,usuallyobtainedbytakingexaminationssetbytheExchange.,5.InwhatwaydotheInternationalStockExchangememberfirmsenrolltheiremployees?A:ISEmemberfirmsundergorigorousadmissionprocedures,andtheiremployeeswhodealwiththepublic(calledRegisteredRepresentatives)arerequiredtohavecertainqualifications,usuallyobtainedbytakingexaminationssetbytheExchange.,6.Canyouexplainthephrase“toraisecapitalonacost-effectivebasis”?A:Toraisecapitalonacost-effectivebasismeansthecapitalraisedcanbeeffectedatalowercost,meanwhileproducingaverygoodoutcome.,7.Whatmakesitnecessaryforagovernmenttobeinvolvedinsecuritiesbusiness?A:Alargeproportionofthegovernmentspendingisraisedthroughincometax,VAT,corporationtaxandothertaxes.However,ashortfallusuallyremains,whichhastobemetbyborrowing,inordertobalancethebooks,OneofthewaysthegovernmentmeetsthePublicSectorBorrowingRequirementsisbysellinggilt-edgedstocks.Giltsareboughtandsoldinhugequantities,mainlybyinstitutionalinvestors.,8.Whatdoes“tobalancethebooks,”mean?Whatdoestheword“books”referto?A:Tobalancethebooksmeansthecashflowofgovernmentbalancedbooksarecontractstothecashflowstatements.“Books”herereferstobusinessaccountsorrecords.,9.Whatdoes“option”mean?A:Optionsarecontractsgivingtherighttobuyandsellasecurityatanagreedpricewithinaparticularperiodoftime.,10.Whatdoes“foreignequities”referto?Isitbecominganimportantpartofsecuritiesbusiness?A:ForeignequitiesthatrefertosecuritieslistedonoverseasexchangeshavebecomeanincreasinglyimportantpartofthebusinessofsecuritiesfirmswhetherornotthesefirmsweremembersoftheISE.,TranslatethefollowingsentencesintoEnglish:,1.期权是指在特定的时间内按规定的价格购买或出售一种证券的权利。Optionsarecontractsgivingtherighttobuyandsellasecurityatanagreedpric