新编金融英语教程-Chapter6-Financial-Markets

OverviewoftheFinancialMarketsChapter6Lead-inLanguageNotesKeyPointsFollow-upTasks6.16.36.26.4CONTENTSExtendedTasks6.56.1Lead-inThischapterwillfirstofallintroducethedefinitionofthefinancialmarket.Thenitwilltalkaboutthevariousclassificationsofthefinancialmarket.Finally,itwilldiscussthevariousfunctionsofthefinancialmarket.￥$Afinancialmarketisabroadtermdescribinganymarketplacewherebuyersandsellersparticipateinthetradeofassetssuchasequities,bonds,currencies,andderivatives.Financialmarketsaretypicallydefinedbyhavingtransparentpricing,basicregulationsontrading,costsandfees,andmarketforcesdeterminingthepricesofsecuritiesthattrade.FinancialMarkets6.2KeyPoints6.2.1DefinitionofFinancialMarkets6.2KeyPoints6.2.2FormsofFinancialMarketsissueadebtinstrument，issueequitiesDebtandequitymarketsnewissuesofasecurity,suchasabondorastock；TheNewYorkandAmericanstockexchanges，foreignexchangemarkets,futuresmarkets,andoptionsmarkets.Primaryandsecondarymarketsdealersatdifferentlocationswhohaveaninventoryofsecuritiesstandreadytobuyandsellsecurities“overthecounter”toanyonewhocomestothemandiswillingtoaccepttheirprices.ExchangesandOver-the-CounterMarketsShort-termfinancialmarketsandlong-termfinancialmarketsMoneyandcapitalmarketsthefinancialcompaniesundertake

derivativecontract

inthe

forwardorfuturesmarkets

bywhichtheyprotectthemselvesfromfallingpricesor

interestrates.Forwardmarketandfuturesmarket6.2KeyPoints6.2.3FunctionsoftheFinancialMarket321financialmarketscanmobilizesavingsandchannelthemintomoreproductiveuses.financialmarketscanprovideliquiditytofinancialassets.financialmarketscanfacilitatethesettingofprice.4financialmarketscanreducethecostoftransactions.contract[ˈkɒntrækt]契约default[dɪˈfɔ:lt]违约derivative[dɪˈrɪvətɪv]衍生品entity[ˈentəti]实体equity[ˈekwəti]股票future[ˈfju:tʃə(r)]期货forward[ˈfɔ:wəd]远期insurer[ɪnˈʃʊərə(r)]承保人maturity[məˈtʃʊərəti]（票据等的）到期mortgage[ˈmɔ:gɪdʒ]抵押option[ˈɒpʃn]期权swap[swɒp]掉期6.3LanguageNotesI.Wordsbanker’sacceptancesbillcommercialpaperderivativesmarketequityholdersEurodollarforexmarketinformationasymmetryinsurancecompanyhedgefundmarketeconomymarketimperfectionmutualfund6.3LanguageNotesII.PhrasesnetincomeNewYorkStockExchange(NYSE)negotiablecertificatesofdeposit

(CDs)pensionfundprimarymarketraisecapitalresidualclaimantsecondarymarketspotmarkettransferliquidityU.S.Treasurybillsventurecapitalfund

1.Financialmarketsaretypicallydefinedbyhavingtransparentpricing,basicregulationsontrading,costsandfees,andmarketforcesdeterminingthepricesofsecuritiesthattrade.2.Financialmarketscanbeclassifiedasdebtorequitymarkets,asprimaryorsecondarymarkets,asexchangesandOver-the-Countermarkets,asmoneyorcapitalmarkets,orasspotorfuturesandforwardmarkets.3.Theothermethodoforganizingasecondarymarketistohaveanoverthecounter(OTC)market,inwhichdealersatdifferentlocationswhohaveaninventoryofsecuritiesstandreadytobuyandsellSecurities.6.3LanguageNotesIII.Sentences4.Theprimarymarketsforsecuritiesarenotwellknowntothepublicbecausethesellingofsecuritiestoinitialbuyerstakesplacebehindcloseddoors.Animportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketistheinvestmentbank.5.Ifthesellerorthebuyerincurslossinaforwardcontract,theycancompensatethesamebyreversingthecontractandsellingorbuyingatlowerorhigherprices,accordingtotheirpositions.6.3LanguageNotesIII.Sentences6.4Follow-upTasksI.MatchingDirections:MatchtheEnglishwordsandphrasesintheleftcolumnwiththeproperChineseequivalentsintheright

column.()1.

asymmetry.A.纽约证券交易所()2.debtinstrumentB.专属领域()3.exclusivedomainC.私人投资者()4.financialintermediariesD.资金需求()5.fundingneedsE.金融中介()6.maturitydateF.不对称()7.NewYorkStockExchange(NYSE)G.债务工具()8.privateinvestorH.到期日()9.tradingvolumeI.流动性的增加()10.TheincreasedliquidityJ.交易量6.4Follow-upTasksII.JudgmentsDirections:Decidewhethereachofthefollowingstatementsistrue(T)orfalse(F).1.Unlikestocksandbonds,currenciescannotbeconsideredasfinancialassets.()2.Thelong-termfinancialmarketiscalledthecapitalmarket,whiletheshort-termonethemoneymarket.()3.Theforexmarketisthelargest,mostliquidmarketintheworld.()4.Eachdaythemajorityofexchangetradingisconductedintheprimarymarket.()5.Thesecondarymarketismorelikelytofluctuatethantheprimarymarket.()6.4Follow-upTasksIII.ShortAnswerQuestionsDirections:Answereachofthefollowingquestionsbriefly.1.Relativelyspeaking,whyisthemoneymarketasafeplacefortraderstoputtheirmoneyin?2.Whyisthecashmarketunsuitableforinexperiencedtraders?3.Howtodistinguishbetweenmoneymarketandcapitalmarket?4.Whatisthedifferencebetweentheprimarymarketandthesecondarymarket?5.Whatarethemajorfunctionsofthefinancialmarket?6.4Follow-upTasksIV.TranslationDirections:TranslatethefollowingChineseparagraphintoEnglish.金融市场是经营货币资金借款、外汇买卖、有价证券交易、债券和股票的发行、黄金等贵金属买卖场所的总称。可以从不同的角度，对金融市场进行分类。（1）根据融资期限，可以把金融市场分为短期金融市场和长期金融市场。短期金融市场又称为货币市场，包括票据贴现市场、短期存贷款市场、短期债券市场和金融机构之间的拆借市场。长期金融市场又称为资本市场，包括长期贷款市场和证券市场。（2）根据交易对象，可以把金融市场分为本币市场(包括货币市场和资本市场)、外汇市场、黄金市场、证券市场等。EventheblindcanseemoneyChineseproverbTosurviveinthefinancialmarketssometimesmeansbeatingahastyretreat.GeorgeSorosTestingyourviewsisessentialinthefinancialmarkets.GeorgeSorosMoneyy