| stockholders | start | exchange | conduct |
| traded (2) | meets | assigned | transactions |
| data | types | work | membership |
| funds | foundation | putting | securities |
| sellers | trading | free | founded |
| exchanges |
The New York Stock Exchange
The New York Stock Exchange (NYSE) is the oldest and largest of the_______. It is a universal symbol of economic freedom. Three out of five Americans through this institution share in the strength and growth of the_______enterprise system. On a typical day about $6 billion worth of shares are________on the NYSE.
Trades between buyers and________of securities are arranged by brokers. Brokers act as agents,________buyers in touch with sellers but not taking title to the securities. They represent on the floor different customers: mutual funds, investment funds, pension _______and small investors. Brokers' day is a non-stop gathering of information.
The NYSE has 1366 members. A broker can join the exchange only by buying a_______or "seat", that costs as much as half a million dollars. There are different_______of members. Commission brokers are partners in brokerage firms who carry out trades for the firm's clients. Besides, there are specialists, who are_______to a specific stock or bond and assist commission brokers in trading that stock or bond. Specialists buy stock for their capital, they ensure that a buyer meets a seller and a seller________a buyer. Today, some 2200 stocks and more than 100 bond issues are________ on the Exchange. Each stock is traded in one individual spot which brings all orders together in one place.
The New York Stock Exchange was _______ in 1792, when merchants met to formalize rules and hours for_______. Business flourished. Trading three times a day gave way to an all-day auction market. At first each post auctioned only a handful of_______ .
Then a handful grew into a hundred. But the underlying principles have never changed. The unique structure of the auction system has been its strength and cornerstone since its_______.
New sophisticated technology has altered the stock exchange _______. The army of clerks was replaced by highspeed computers, which allows to keep track of all ________, to report the transactions to customers immediately, to bring orders to the trading posts electronically and to execute them. Computers are used for what they can do best: to move data around, to store________ , and provide information to people. All trades are performed electronically.
To prevent the system from the abuse the exchange has enforced rules governing ethical ________ and established a "stock-watch" electronic system, allowing to control and analyse instantly all trade on the_______.
Governors, who are appointed from the rank of brokers and specialists, watch the market and see to it that all buyers interested in a particular security could_______from an equal footing, only in that case they open the stock trade. All this makes people trust the exchange. 50 million Americans have become________. The NYSE is not just a place, it's a way of doing business.
Words you may need:
universaladj всеобщий, всемирный
to take title (to)получать право собственности (на что-л.)
commission brokerкомиссионный брокер
specialistn специалист (член фондовой биржи, специализирующийся по одному или нескольким видам ценных бумаг)
flourishv процветать
to give way (to)уступать
postn «пост», место в торговом зале биржи
cornerstonen краеугольный камень
to keep trackотслеживать
abusen злоупотребление
instantlyadv мгновенно
from the rank of...из рядов ...
equal footing(зд.) равные условия