Учебно-методическое пособие по обучению профессиональному общению. Коровина Н.А - 41 стр.

founded in 1792. NYSE is located at 11 Wall Street in New York City.               There is one more market place in which the volume of com-
It is also known as the Big Board and the Exchange. In the mid-1980s        mon stock trading begins to approach that of the NYSE. It is trading of
NYSE-listed shares made up approximately 60 % of the total shares           common stock “over-the-counter” or “OTC” – that is not on any or-
traded on organized national exchanges in the United States.                ganized exchange. Most securities other than common stocks are
        AMEX stands for the American Stock Exchange. It has the sec-        traded over-the-counter market. So there is the money market – the
ond biggest volume of trading in the US. Located at 86 Trinity Place        market in which all sorts of short-term debt obligations are traded
in downtown Manhattan, the AMEX was known until 1921 as the                 daily in tremendous quantities. Like-wise there is market for long- and
Curb Exchange, and it is still referred to as the Curb today. Early trad-   short-term borrowing by state and local governments. And the bulk of
ers gathered near Wall Street. Nothing could stop those outdoor bro-        trading in corporate bonds also is accomplished over-the-counter.
kers. Even in the snow and rain they put up lists of stocks for sale. The          While most of the common stocks traded over-the-counter are
gathering place became known as the outdoor curb market, hence the          those of smaller companies, many sizable corporations continue to be
name the Curb. In 1921 the Curb finally moved indoors. For the most         found on the “OTC” list, including a large number of banks insurance
part, the stocks and bonds traded on the AMEX are those of small to         companies.
medium-size companies, as contrasted with the huge companies whose                 As there is no physical trading floor, over-the-counter trading is
shares are traded on the New York Stock Exchange.                           accomplished through vast telephone and other electronic networks
        The Exchange is non-for-profit corporation run by a board of di-    that link traders as closely as if they were seated in the same room.
rectors. Its members firms are subject to a strict and detailed self-       With the help of computers, price quotations from dealers in Seattle,
regulatory code. Self-regulation is a matter of self-interest for stock     San Diego, Atlanta and Philadelphia can be flashed on a single screen.
exchange members. It has built public confidence in the Exchange. It        Dedicated telephone lines link the more active traders. Confirmations
is also required by law. The US Securities and Exchange Commission          are delivered electronically rather than through the mail. Dealers thou-
(SEC) administers the federal securities laws and supervises all securi-    sands of miles apart who are complete strangers execute trades in the
ties exchange in the country. Whenever self-regulation doesn’t do the       thousands or even millions of dollars based on thirty seconds of tele-
job, the SEC is likely to step in directly. The Exchange doesn’t buy,       phone conversation and the knowledge that each is a securities dealer
sell or own any securities nor does it set stock prices. The Exchange       registered with the National Association of Securities Dealers
merely is the market place where the public, acting through member          (NASD), the industry self-regulatory organization that supervises OTC
brokers, can buy and sell at prices set by supply and demand.               trading. No matter which way market prices move subsequently, each
        It costs money to become an Exchange member. There are              knows that the trade will be honoured.
about 650 memberships or “seats” on the NYSE, owned by large and
small firms and in some cases by individuals. These seats can be                  Shares and the economy
bought and sold; in 1986 the price of a seat averaged around $600,000.            Insert the words (FLOAT, SHARE, CAPITAL,
Before you are permitted to buy a seat you must pass a test that strictly   PORTFOLIO, STOCK) that correspond with the given definitions.
scrutinizes your knowledge of the securities industry as well as a                E.g.: an important topic – issue – to produce shares for invest-
check of experience and character.                                          ment.
        Apart from the NYSE and the AMEX there are also “regional”                1. to divide up – _________ – a small portion of a company;
exchange in the US, of which the best known are the Pacific, Midwest,             2. what ships do on the water – __________ – to issue shares in
Boston and Philadelphia exchange.                                           a company;



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