Table Of Content3
ФЕДЕРАЛЬНОЕ АГЕНТСТВО ПО ОБРАЗОВАНИЮ
ГОСУДАРСТВЕННОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ
ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ
«САНКТ-ПЕТЕРБУРГСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ
ЭКОНОМИКИ И ФИНАНСОВ»
ИНСТИТУТ ИНОСТРАННЫХ ЯЗЫКОВ
КАФЕДРА АНГЛИЙСКОГО ЯЗЫКА ¹ 2
А.В. НАБИРУХИНА
И.А. АЛЕШКО
INVESTMENT MANAGEMENT:
BROKERS
AND ONLINE TRADING
УЧЕБНОЕ ПОСОБИЕ
по английскому языку
ИЗДАТЕЛЬСТВО
САНКТ-ПЕТЕРБУРГСКОГО ГОСУДАРСТВЕННОГО УНИВЕРСИТЕТА
ЭКОНОМИКИ И ФИНАНСОВ
2010
4
ББК 81.2Англ
Н 13
Набирухина А.В., Алешко И.А.
Investment Management: Brokers And Online Trading: Учеб-
ное пособие по английскому языку. – СПб.: Изд-во СПбГУЭФ,
2010. − 116 с.
Настоящее пособие предназначено для студентов старших курсов
и аспирантов университетов и факультетов, готовящих специалистов в
области рынка ценных бумаг, а также для работников финансово-кредит-
ных учреждений, заинтересованных в повышении уровня владения анг-
лийским языком с профессионально-ориентированным содержанием.
Основная цель пособия – сформировать навыки владения различ-
ными видами чтения литературы научного характера, а также повысить
уровень профессионально-ориентированной иноязычной компетенции.
Пособие состоит из двух модулей, приложения и тематического
словаря. В пособие включены материалы современной американской
аутентичной литературы по инвестиционному менеджменту, а также
журнальные статьи, соответствующие данной тематике.
Пособие может использоваться как для аудиторных занятий, так и
для самостоятельной подготовки.
Рецензенты: канд. филол. наук, доц. М.Н. Тонкова
канд. филол. наук, доц. И.В. Панкова
© Издательство СПбГУЭФ, 2010
5
ВВЕДЕНИЕ
Настоящее пособие предназначено для студентов
старших курсов и аспирантов университетов и факультетов,
готовящих специалистов в области инвестиционной и бир-
жевой деятельности, которые имеют достаточно высокий
уровень владения английским языком в сфере профессио-
нального общения.
Пособие может использоваться как на аудиторных
занятиях, так и для самостоятельной работы с целью по-
вышения уровня профессионально-ориентированной ино-
язычной компетенции. Этому способствуют структура и со-
держание настоящего пособия.
Пособие состоит из двух модулей, приложения и
толкового словаря. В пособие включены аутентичные ма-
териалы современной американской литературы по инве-
стиционному менеджменту, а также журнальные статьи, со-
ответствующие данной тематике.
Основная цель Модуля 1 – совершенствование навы-
ков изучающего чтения, освоение терминологии, а также
формирование профессионально-ориентированных стерео-
типов речевого поведения в устной и письменной формах.
Разработанная система заданий направлена на фор-
мирование навыков структурирования профессионально-
ориентированного аутентичного научного текста; развитие
навыков оформления смысловых связей между отдельными
элементами предложения, абзаца и текста; формирование
навыков построения логически связного профессионально-
ориентированного высказывания в устной и письменной
формах.
Отличительной особенностью заданий является на-
личие большого количества инструкций, подсказок и реко-
мендаций. Это позволяет практически самостоятельно вы-
полнить все задания и обеспечивает переход к выполнению
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заданий, направленных на формирование навыков зрелого
чтения.
Основной целью Модуля 2 является формирование
навыков зрелого чтения аутентичных статей по специально-
сти для решения конкретных коммуникативных задач в
профессиональной деятельности.
Система заданий Модуля 2 отражает ситуацию дело-
вого общения, максимально приближенную к реальности и
смоделированную на базе коммуникативного профиля тек-
ста. Задания объединены единой ситуативной рамкой и
включают упражнения, связанные с получением и смысло-
вой переработкой поступившей информации: распознавание
профессионально значимой информации; понимание основ-
ной линии содержания; критическая интерпретация замысла
автора; поиск и анализ конкретной информации; системати-
зация и структурирование отдельных профессионально зна-
чимых фактов. Помимо этого, развитие навыков решения
конкретных профессиональных задач достигается при по-
мощи активных форм обучения, таких, как моделирующее
упражнение, ролевая игра, обсуждение, презентация и т.д.
Применение модульного подхода и активных мето-
дов обучения, использование аутентичных текстов по
специальности делают пособие эффективным средством
повышения мотивации учащихся и развития их англоязыч-
ной коммуникативной компетенции в профессиональной
деятельности.
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INVESTMENT MANAGEMENT:
BROKERS AND ONLINE TRADING
MODULE 1
Introduction: Brokers and Online Trading
Brokers – we cannot live with them, however, we cannot live without
them. Brokers share the undesirable reputation of lawyers, bankers
and accountants. They earn a living by selectively sharing knowledge
that the general public can't easily access. But, like it or not, they are
the individual investor's direct link to Wall Street. Although
technology and the Internet have made it easier for individual
investors to take control of their portfolio, the basic rule still applies:
you need some kind of broker if you want to trade stocks and bonds.
In any profession, you will find people who take advantage of those
who aren't in the know. Whenever you buy something, there is the
possibility of being cheated. Furthermore, with a broker you purchase
advice, which is hard to price. But not all brokers fit the stereotype of
the man in the Italian designer suit, earning a six figure salary while
golfing instead of going to the office. There are many brokers who do
a phenomenal job guarding their clients' interests. There are also many
discount brokerages that provide remarkable services for a reasonable
price.
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Part 1
Brokers: What does a Broker do and what do we pay for that?
Brokers are the people who handle customer orders to buy and sell
securities. In the same way that a grocery store acts as a middleman
between shoppers and the companies that produce food, a broker acts
as a middleman between the securities that trade on the market and the
investors who buy them.
We should also mention that the word "broker" can be used in a
variety of circumstances. It could mean an individual person you deal
with or it can refer to a brokerage firm such as Charles Schwab or
Merrill Lynch.
To be a stockbroker, you must pass licensing examinations. These
exams prove that a broker is informed about what he or she is selling
you and knows all the regulations and laws in the securities industry.
Most countries have these licensing programs.
The most important thing to realize is that brokers are salespeople.
They get a commission when you trade. This will be our focus in the
next section.
The Brokers’ Costs
Opening an Account
Every brokerage has different terms and conditions for opening an
account. There is a wide range of minimum deposits, varying
anywhere from $500 to $2500. Make sure you read the fine print
beforehand. There is nothing more irritating than spending the time to
fill out application forms only to discover you don't have enough
money to open an account.
So, you're not loaded? Don't worry, more and more online brokerages
don't require a minimum deposit at all − there are no minimums to
open an account and costs can be as little as several dollars a month.
Another option for those with small bank accounts is a Dividend
Reinvestment Plan (DRIP). It allows you to circumvent brokers by
buying stock directly from the companies.
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Commissions and Fees
Every brokerage charges a different price (called the commission) to
trade. The price is usually indicative of the service, so cheaper isn't
always better.
· The dirt-cheap brokers who charge $5-$15 per trade get the job done.
Prices are going down all the time and quality is getting better, but
don't expect great support or perks.
· The mid-priced discount brokers typically charge anywhere from
$15-$30. These brokers generally offer better customer support and
additional services.
· Expensive brokers come with high costs. In some cases you can
expect to spend upwards of $100-$200 per trade. These brokers are
known as full-service.
We should emphasize that the prices above are a very rough guide.
Commissions on trades vary based on things like the type of trade.
Even the method used to do the trade affects the price; commissions
are different for online orders, touch-tone phone trades, and broker
assisted trades.
The Hidden Fees
In general, the financial industry is excellent at hiding fees and
charges under a layer of jargon. Beyond the commission per trade,
look for the following:
· Fees for transferring assets both into and out of an account
· Account maintenance fees
· Inactivity fees
· Fees for not maintaining a minimum balance
· Interest on margin loans
· Sales charges on certain securities (e.g. loads on mutual funds)
Make sure you shop around, but bear in mind that many of these fees
are standard.
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1. Comprehension Check
1.1. Explain the italicized words and phrases:
1. Make sure you read the fine print beforehand.
2. So, you're not loaded?
3. It allows you to circumvent brokers by buying stock directly
from the companies.
4. The price is usually indicative of the service, so cheaper isn't
always better.
5. Prices are going down all the time and quality is getting
better, but don't expect great support or perks.
6. The dirt cheap brokers who charge $5-$15 per trade get the
job done.
7. Commissions on trades vary based on things like the type of
trade.
8. Make sure you shop around, but bear in mind that many of
these fees are standard.
1.2. Are the following statements true, false or uncertain? Give
reasons.
You may introduce your point of view using the following phrases
(see also Appendix 2):
agreement I fully/completely/totally agree that …
disagreement I am afraid I can’t agree. I would not
say that.
I don’t think I can agree. On the
contrary.
I don’t agree. Nothing of
the kind.
partial agreement I agree up to a point/to a certain extent…
partial disagreement That may be so, but ... Yes, but ...
…………………...however, …….
………………….. on the other hand, ……
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1. Brokers are middlemen who work with securities.
2. Brokers are similar to grocery shop assistants.
3. Only individuals who buy and sell securities can act as
brokers.
4. It is sufficient for a broker to have a passport and a driving
license.
5. Potential brokers should study all the regulations and laws in
the securities industry.
6. Online brokers do not require any costs at all.
7. Brokers get a commission on every deal.
1.3. Answer the following questions on the broker’s costs:
1. What are the limits for a minimum deposit on your account?
2. Are there any alternatives for those who have insufficient
funds?
3. How can we classify brokers according to the size of their
commission?
4. Do methods of trade affect the commission?
5. How are different charges and fees concealed in financial
industry?
2. Vocabulary Self-Study
2.1. Insert the missing prepositions:
1. The word “broker” could mean an individual person you deal
... or it can refer ... a brokerage firm such as Charles Schwab
or Merrill Lynch.
2. There is nothing more irritating than spending the time to fill
... application forms only to discover you don't have enough
money to open an account.
3. DRIP allows you to circumvent brokers ... buying stock
directly ... the companies.
4. In some cases you can expect to spend upwards of $100-$200
... trade.
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5. The financial industry is excellent ... hiding fees and charges
... a layer of jargon.
6. When hiring a broker, you may be asked to pay fees ...
transferring assets both ... and ... ... an account, interest ...
margin loans, sales charges ... certain securities, and others.
2.2. Insert the missing words:
perks circumvent stockbroker middleman
application margin loan conditions
commission insurance
1. Investors will get better prices by avoiding companies that go
through the ... .
2. The securities can be sold any business day by placing an order
with a ... .
3. The dealer takes a 20% ... on the sales he makes.
4. If you want help selecting a policy, you might want to use an
… advisor.
5. Under the ... of the contract, all work must be completed by
June, 1st.
6. You have to submit your ... for a job transfer before the end of
the month.
7. The company opened an account abroad, in order to ... the
Tax laws.
8. In most firms, top management incentives are thinly disguised
executive ... such as bonuses, housing allowances, an
expensive cars.
9. Mr Jones says that buying on … – using borrowed funds to
finance half the purchase – has boosted his return to 23%.
