Sie sind auf Seite 1von 6

WORKSHEETS 6-7

I.TRANSLATE INTO ROMANIAN: The origins of the financial crisis. THE collapse of Lehman Brothers, a sprawling global
bank, in September 2008 almost brought down the worlds financial system. It took huge taxpayer-financed bail-outs to shore up
the industry. Even so, the ensuing credit crunch turned what was already a nasty downturn into the worst recession in 80 years.
Massive monetary and fiscal stimulus prevented a buddy-can-you-spare-a-dime depression, but the recovery remains feeble
compared with previous post-war upturns. GDP is still below its pre-crisis peak in many rich countries, especially in Europe, where
the financial crisis has evolved into the euro crisis. The effects of the crash are still rippling through the world economy: witness the
wobbles in financial markets as Americas Federal Reserve prepares to scale back its effort to pep up growth by buying bonds. With
half a decades hindsight, it is clear the crisis had multiple causes. The most obvious is the financiers themselvesespecially the
irrationally exuberant Anglo-Saxon sort, who claimed to have found a way to banish risk when in fact they had simply lost track of
it. Central bankers and other regulators also bear blame, for it was they who tolerated this folly. The macroeconomic backdrop was
important, too. The Great Moderationyears of low inflation and stable growthfostered complacency and risk-taking. A
savings glut in Asia pushed down global interest rates. Some research also implicates European banks, which borrowed greedily
in American money markets before the crisis and used the funds to buy dodgy securities. All these factors came together to foster a
surge of debt in what seemed to have become a less risky world. Start with the folly of the financiers. The years before the crisis
saw a flood of irresponsible mortgage lending in America. Loans were doled out to subprime borrowers with poor credit
histories who struggled to repay them. These risky mortgages were passed on to financial engineers at the big banks, who turned
them into supposedly low-risk securities by putting large numbers of them together in pools. Pooling works when the risks of each
loan are uncorrelated. The big banks argued that the property markets in different American cities would rise and fall
independently of one another. But this proved wrong. Starting in 2006, America suffered a nationwide house-price slump. The
pooled mortgages were used to back securities known as collateralised debt obligations (CDOs), which were sliced into tranches
by degree of exposure to default. Investors bought the safer tranches because they trusted the triple-A credit ratings assigned by
agencies such as Moodys and Standard & Poors. This was another mistake. The agencies were paid by, and so beholden to, the
banks that created the CDOs. They were far too generous in their assessments of them. Investors sought out these securitised
products because they appeared to be relatively safe while providing higher returns in a world of low interest rates. Economists still
disagree over whether these low rates were the result of central bankers mistakes or broader shifts in the world economy. Some
accuse the Fed of keeping short-term rates too low, pulling longer-term mortgage rates down with them. The Feds defenders shift
the blame to the savings glutthe surfeit of saving over investment in emerging economies, especially China. That capital flooded
into safe American-government bonds, driving down interest rates. Low interest rates created an incentive for banks, hedge funds
and other investors to hunt for riskier assets that offered higher returns. They also made it profitable for such outfits to borrow and
use the extra cash to amplify their investments, on the assumption that the returns would exceed the cost of borrowing. The low
volatility of the Great Moderation increased the temptation to leverage in this way. If short-term interest rates are low but
unstable, investors will hesitate before leveraging their bets. But if rates appear stable, investors will take the risk of borrowing in
the money markets to buy longer-dated, higher-yielding securities. That is indeed what happened. When Americas housing market
turned, a chain reaction exposed fragilities in the financial system. Pooling and other clever financial engineering did not provide
investors with the promised protection. Mortgage-backed securities slumped in value, if they could be valued at all. Supposedly
safe CDOs turned out to be worthless, despite the ratings agencies seal of approval. It became difficult to sell suspect assets at
almost any price, or to use them as collateral for the short-term funding that so many banks relied on. Fire-sale prices, in turn,
instantly dented banks capital thanks to mark-to-market accounting rules, which required them to revalue their assets at
current prices and thus acknowledge losses on paper that might never actually be incurred. Trust, the ultimate glue of all financial
systems, began to dissolve in 2007a year before Lehmans bankruptcyas banks started questioning the viability of their
counterparties. They and other sources of wholesale funding began to withhold short-term credit, causing those most reliant on it to
founder. Northern Rock, a British mortgage lender, was an early casualty in the autumn of 2007.Complex chains of debt between
counterparties were vulnerable to just one link breaking. Financial instruments such as credit-default swaps (in which the seller
agrees to compensate the buyer if a third party defaults on a loan) that were meant to spread risk turned out to concentrate it. AIG,
an American insurance giant buckled within days of the Lehman bankruptcy under the weight of the expansive credit-risk
protection it had sold. The whole system was revealed to have been built on flimsy foundations: banks had allowed their balancesheets to bloat, but set aside too little capital to absorb losses. In effect they had bet on themselves with borrowed money, a gamble
that had paid off in good times but proved catastrophic in bad.Failures in finance were at the heart of the crash. But bankers were
not the only people to blame. Central bankers and other regulators bear responsibility too, for mishandling the crisis, for failing to
keep economic imbalances in check and for failing to exercise proper oversight of financial institutions. In other words, although
Europeans claimed to be innocent victims of Anglo-Saxon excess, their banks were actually in the thick of things. The creation of
the euro prompted an extraordinary expansion of the financial sector both within the euro area and in nearby banking hubs such as
London and Switzerland. Moreover, Europe had its own internal imbalances that proved just as significant as those between
America and China. Southern European economies racked up huge current-account deficits in the first decade of the euro while
countries in northern Europe ran offsetting surpluses. The imbalances were financed by credit flows from the euro-zone core to the
overheated housing markets of countries like Spain and Ireland. The euro crisis has in this respect been a continuation of the
financial crisis by other means, as markets have agonised over the weaknesses of European banks loaded with bad debts following
property busts. Central banks could have done more to address all this. The Fed made no attempt to stem the housing bubble. The

European Central Bank did nothing to restrain the credit surge on the periphery, believing (wrongly) that current-account
imbalances did not matter in a monetary union. The Bank of England, having lost control over banking supervision when it was
made independent in 1997, took a mistakenly narrow view of its responsibility to maintain financial stability. Central bankers insist
that it would have been difficult to temper the housing and credit boom through higher interest rates. Perhaps so, but they had other
regulatory tools at their disposal, such as demanding that banks should set aside more capital. Lax capital ratios proved the biggest
shortcoming. Since 1988 a committee of central bankers and supervisors meeting in Basel has negotiated international rules for the
minimum amount of capital banks must hold relative to their assets. But these rules did not define capital strictly enough, which let
banks smuggle in forms of debt that did not have the same loss-absorbing capacity as equity. Under pressure from shareholders to
increase returns, banks operated with minimal equity, leaving them vulnerable if things went wrong. And from the mid-1990s they
were allowed more and more to use their own internal models to assess riskin effect setting their own capital requirements.
Predictably, they judged their assets to be ever safer, allowing balance-sheets to balloon without a commensurate rise in capital. The
Basel committee also did not make any rules regarding the share of a banks assets that should be liquid. And it failed to set up a
mechanism to allow a big international bank to go bust without causing the rest of the system to seize up. The regulatory reforms
that have since been pushed through at Basel read as an extended mea culpa by central bankers for getting things so grievously
wrong before the financial crisis. But regulators and bankers were not alone in making misjudgments. When economies are doing
well there are powerful political pressures not to rock the boat. With inflation at bay central bankers could not appeal to their usual
rationale for spoiling the party. The long period of economic and price stability over which they presided encouraged risk-taking.
And as so often in the history of financial crashes, humble consumers also joined in the collective delusion that lasting prosperity
could be built on ever-bigger piles of debt.
II. Choose the explanation which best illustrates the meaning of the underlined words as they are used in the text above:
1. taxpayer: a) a person who pays a tax or is subject to taxation; b) a person to whom taxes are paid; c) an institution to which taxes
are paid
2. credit crunch: a) An economic condition in which investment capital is easy to obtain ; b) Money market situation which occurs
usually when a government tries to let inflation rise; c) a sudden sharp reduction in the availability of money or credit from banks
and other lenders.
3.scale
back:
a)make
an
increase
in
the
size
or
level
of
activity;
b)
a reduction in size, quantity, or activity according to a fixed scale or proportion: ; c) to make something larger than it was or than it
was planned to be;
4. financier: a) a person who pays money ; b) a person skilled or engaged in managing large financial operations,
whether public or corporate.
; c) is a person who makes their living from investing small sums of money
5. regulator: a) a device for adjusting the balance of a clock ; b) a mechanism for maintaining a temperature, a level of
liquid in a tank; c) a person or body that supervises a particular industry or business activity.
6. subprime: a) credit or loan arrangements for borrowers with a poor credit history ; b) a type of loan that is offered to individuals
who qualify for prime rate loans ; c) having or being an interest rate that is higher than a prime rate
7. financial engineer: a) creative accounting; b) person who designs, creates and implements new financial instruments, models
and processes to solve problems in finance and take advantage of new financial opportunities ; c)
combining or carving up existing instruments to create new financial products.
8. property market: a) business or trade in land and houses; b) any property that is attached directly to land; c) land plus anything
permanently fixed to it
9. collateralised debt obligation (CDO): a) debt obligations that serve as collateral for the CDO ; b)
a debt security collateralized by bonds and loans of different maturities and credit quality; c) sophisticated financial tools
that banks use to repackage individual loans into a product that can be sold to investors on the secondary market
10. triple-A credit rating: a) a rating perceived to have a high risk of default ; b) the highest possible rating assigned to the bonds
of an issuer by credit rating agencies ; c) a rating indicating that a loan can be secured at a high interest rates,
11. securitised products: a) products which are pools of financial assets, brought together to make a new security, which is then
divided and sold to investors; b) a financial instrument based on combining a single fixed asset; c) financial products which block
liquidity on the market
12. hedge fund: a) a portfolio of investments managed very traditionally; b) public investment partnerships that are open to a large
number of investors and require a minimum initial investment.; c) an offshore investment fund, typically formed as a private limited
partnership, that engages in speculation using credit or borrowed capital.
13. leveraging: a) use (something) to maximum advantage; b) use borrowed capital for (an investment), expecting the profits made
to be greater than the interest payable.; c) the amount of debt used to finance a firm's assets.
14. mortgage-backed securities: a) debt obligations that represent claims to the cash flows from pools of mortgage loans, most
commonly on residential property; b) a type of asset-backed security that is secured by a loan; c)investments, somewhat similar
to stocks, bonds or mutual funds.
15. mark-to-market accounting rules: a) a loss generated through an accounting entry rather than the actual sale of a security. ; b)
accounting for the value of an asset or liabiliy based on the book value ;c) the accounting act of recording the price or value of a
security, portfolio or account to reflect its current market value rather than its book value.

16. wholesale funding: a) borrowings in the public debt market; b) funds borrowed by corporations, in high amounts, through
financial institutions.; c) long-term funding
17. credit-default swap(CDS): a) as a credit contract, where the purchaser makes payments up until the maturity date of a
contract; b) both parties accept the risk of default associated with a loan ; c) financial swap agreement that the seller of the CDS
will compensate the buyer (the creditor of the reference loan) in the event of a loan default (by the debtor) or other credit event.
18. bankruptcy: a) a legal proceeding involving a person or business that is unable to repay outstanding debts. ;b)the condition of
completely lacking any good or desired quality; c) utter failure or impoverishment
19. oversight: a) an unintentional failure to notice or do something; b) regulatory supervision ; c) care
20. current-account deficit: a) a positive net sales abroad; b) the difference between a nations expense and its investment.; c) a
measurement of a countrys trade in which the value of goods and services it imports exceeds the value of goods and services it
exports.
21. overheated (housing) market: a) prolonged period of low economic growth; b) economic situation in which growth is
occurring so quickly that economists fear a rise in inflation; c) economy that is declining rapidly
22.bad debt: a) a debt that is not collectible and therefore worthless to the creditor.; b) an amount owed by a debtor that is likely to
be paid due; c) money that will be written off
III. Provide synonyms for the words/phrases and use them in sentences of your own:
Collapse; ripple; lose track of; pooling; tranche; in the thick of things; housing bubble; credit surge; equity; returns; at bay; credit
crunch.
IV. Match the terms below with the correct definition; provide their Romanian equivalents; use these terms to fill the blanks
in the sentences below and translate these sentences into Romanian:
A. Broker; dealer; trader; investor; speculator; market maker; securitization; market player; securities house; financial center
1. a city where a lot of financial activities happen, and there are many banks and financial organizations, and often a stock
exchange; 2. a person who allocates capital with the expectation of a financial return; 3. the financial practice of pooling various
types of contractual debt such as residential mortgages, commercial mortgages and selling said consolidated debt as bonds or
collateralized mortgage obligation (CMOs), to various investors; 4. an individual or firm that charges a fee or commission for
executing buy and sell orders submitted by an investor; 5. a person who makes risky investments, anticipating a major change in
the future price of the asset; 6. a company or financial institution involved in a particular market; 7. a person or firm in the business
of buying and selling securities for their own account, whether through a broker or otherwise; 8. an organization that issues (makes
available and sells) companies' shares, bonds etc, trades in shares, bonds etc for itself and for its clients, and provides other financial
services to companies; 9. a broker-dealer firm that accepts the risk of holding a certain number of shares of a particular security in
order to facilitate trading in that security; 10. an individual who engages in the transfer of financial assets in any financial market,
either for themselves, or on behalf of a someone else.
B. 1. ______ are wholesalers of shares who keep supplies of shares in which they deal, making a continuous market for buyers and
sellers. 2. The City of London is one of the most important ______ in the world. 3. ____, _____ and ___ buy and sell on their own
behalf or on behalf of other people and are traditionally seen as looking for long-term gains.4. The decline was slowed by the
absence of many _____ because of the summer vacations. 5. Several American _____ have been buying shares this week, including
Salmon Brothers. 6. ______ are traditionally seen as looking for short-term gains. 7. Some traders say the bond market was carried
up by foreign ______, especially in Japan. 8. ______ is the process of taking an illiquid asset, or group of assets, and through
financial engineering, transforming them into a security.
V. Define the terms below; provide their Romanian equivalents; use them to fill the gaps in the text below; translate the text
into Romanian:
Share issue; share flotation; share offering; initial public offering (IPO); rights issue; warrant; cash call; stock market;
shareholders; trading; derivatives; options; futures, swaps; over-the-counter market
1. Yesterday, the construction group announced a 104 million _____, its first _____ since the company was floated on the stock
market in 1963. 2.True, increased financial ____ might make prices more volatile, though the evidence is weak. 3. In New York on
Friday, the group disclosed plans to issue $690 million through a global _____. 4. As Britain recovers from recession, companies
will seek to raise finance through _____. 5. ______ companies have recommended is traders avoid Bluetooth handsets because of
the potential attack. 6. Buying _______ gives the right to buy a certain number of companys shares for a given price at a later date.
7. _______ are typically an opportunity for the founders and other early investors to make high profits by cashing their
stockholdings. 8. Capitalism has been totally corrupted by the economists slogan that companies are run only for ______.9. The
company staff and its private investors stand to make a small fortune from the _______. 10. There are many _____ on the pattern of
the US where unlisted securities are traded.11. Many exotic financial poducts include______. 12. A ______ means that a borrower
agrees to exchange fixed interest payments on a loan on another borrowers variable interest payments. 13. A ______ contract is an

order that you place to buy or sell an asset or commodity. 14. An ____ contract is the right, but not the obligation, to buy (call
option) or to sell (put option) a given number of shares of an underlying security at a predetermined price before a deadline.
VI. Use the terms below to fill the blanks in the sentences below; translate these sentences into Romanian:
bear market; rally; recovery; bull market; rebound; regain lost ground; gains; bullish; recover; bearish; regain ground; wipe out
gains;
On a clear day in a _____, some investors can see stock prices rising forever. Mr. Smith says the current extreme _____ view of
bond investors is likely to be as incorrect as the pessimism earlier this year. In a _____, investment managers tend to put a larger
proportion of their money into FT-SE stocks because of their perceived defensive qualities. There is very little investor demand for
gold bullion. Prices tend to rise only a little on bullish developments, and they fall more on _____ one. Then Wall Street suddenly
_____ to a _____ on the day. _____, rally, rally, shouted somebody. This is panic buying. The FT-SE Index, which has lost
nearly 150 points since it peaked last month, ______ some of its ______ and sprang back through the crucial 2,600 level close at
2,616.3 up 22.7 points. Many building and construction stocks _____, _____ some losses. Shares staged a spectacular _____
yesterday and regained a lot of ground lost in Thursdays bloodbath. Deutsche Bank jumped 28.5 euro early in the session, pulling
the broader market along. But profit-making soon _____ these ____.
VII. The following terms designate various types of shares. Match them with the correct definition; provide their Romanian
equivalents; use the English terms to translate the sentences below from Romanian into English:
ordinary shares; preferred shares; deferred shares; founders share; bonus share; participating share; issued share; outstanding
share; registered share; bearer share; transferable share; called-up share; paid-up share; share index; share price
A. 1. the price of an individual share in a company; 2. a share entitling its holder to dividends which vary in amount and may even
be missed, depending on the fortunes of the company; 3. a stock that is registered on the name of the exact owner; 4. stock issued
to the originators of a firm; 5. a term of law and finance for the quantity of shares of a corporation, which have been allocated
(allotted) and are subsequently held by shareholders; 6. the total amount of issued capital for which the shareholders are required to
pay; 7. a share which entitles the holder to a fixed dividend, whose payment takes priority over that of ordinary share dividends; 8.
an equity security that is wholly owned by whoever holds the physical stock certificate; 9. a free share of stock given to current
shareholders in a company, based upon the number of shares that the shareholder already owns; 10. a measurement of the value of a
section of the stock market; 11. a share that does not have any rights to the assets of a company undergoing bankruptcy until all
common and preferred shareholders are paid; 12. a share that can be offered for sale to the general public; a share that can be sold
without any restrictions; 13. shares issued in which no more money is required to be paid to the company by shareholders on the
value of the shares; 14. preferred stock that besides being entitled to dividends at a fixed rate is further entitled to share in
additional distributions on a specified basis with the common stock of the issuing company; 15. a company's stock currently held by
all its shareholders,
VIII. Match these types of wrongdoing to their definitions; translate them into Romanian and use them in sentences of your
own:
bribery; embezzlement; fake; forgery; fraud; market rigging; money laundering; racket; scam; active bribe; passive bribe;
counterfeit money;
1. a thing that is not genuine; 2. the offence committed by the official receiving illegal money.3. the action of forging a copy or
imitation of a document, signature, banknote, or work of art; 4. illegally giving someone money so that they act in your favour; 5.
make an imitation of what is genuine with the intent to defraud; 6. disguising the criminal origin of money such as drug money; 7.
theft or misappropriation of funds placed in one's trust or belonging to one's employer; 8. a service that is fraudulently offered to
solve a problem, such as for a problem that does not actually exist, that will not be put into effect, or that would not otherwise exist ;
9. wrongful or criminal deception intended to result in financial or personal gain; 10. the offence committed by the person who
promises or gives illegal money to someone in order to act in your favour; 11. fixing the price of something illegally; 12. a
fraudulent, dishonest scheme, especially for making a quick profit.
B. 1. In caz de lichidare, detinatorii de actiuni preferentiale au prioritate fata de cei care detin actiuni ordinare . 2. Actiunile pot fi
nominative sau la purator. 3. Indicele de bursa al actiunilor a batut un nou record. 4. Actiunile cu privilegii de participare nu pot fi
negociate la bursa de valori fara acordul directorilor. 5. Agentul de bursa are procura pentru a tranzactiona actiunile foondatorilor. 6.
Actiunile oferite spre rascumparare reprezinta acea suma din capitalul companiei care a fost platit de cei care au achizitionat actiuni
sau pentru care firma solicita plata. 7.Actiunile transferabile sunt actiuni care pot fi tranzactionate de cumparatori si vanzatori la un
pret convenit de comun acord si care nu pot fi retrase din firma. 8. Actionarii firmei primesc actiuni gratuite fara nici un cost
aditional, pe baza numarului de actiuni detinute de un actionar si pe baza castigurilor acumulate care nu sunt distribuite sub forma
de dividende, dar sunt transformate in actiuni gratuite. 10. Pretul actiunilor variaza in functie de cotatia la bursa, care variaza in
functie de legea cererii si ofertei. 11. Actiunile emise si dobandite se refera la numarul de actiuni pe care firma le-a emis si care pot
fi cumparate si vandute, ca si actiunile restrictive care necesita o autorizatie speciala inainte de a fi negociate. 12. Actiunile amanate

cuprind o clasa de actiuni la care dividendele se platesc numai dupa ce s-au platit dividendele la celelalte clase de actiuni. 13. In
cazul actiunilor platite integral, toata valoarea nominala a fost primita de companie. 14. Firma vinde public actiuni emise pentru a
atrage capital.
IX. The following terms designate various types of markets. Use them to fill the blanks in the sentences below; translate the
sentences into Romanian. Use the English terms to translate the sentences below from Romanian into English:
Black market; commodity market; retail market; bond market, investment market; labour market; real estate/property market;
foreign exchange market; free market; capital market; spot market; forward market; gold market; bear market; bull market
A. 1.Despite warnings, the bank falsely believed that its financial products in relation to the US ______ were valuable and
sufficiently hedged against losses. 2. Through deliberate acts or neglect or both, Imperial Tobacco is facilitating tobacco smuggling
and managing the ______ in its products. 3. The unique business practices which grew out of the _____ successfully operated
within a social economy for several decades. 4. One common measure says that a _____ exists when at least 80% of all stock prices
rise over an extended period. 5.The traditional _______ has provided traders with the opportunity to exchange raw products on a
large scale basis. 6. For decades, options and futures have been the two main derivatives in the _______. 7. The sale of goods to
the public in relatively small quantities for use or consumption takes place on the _______.8. _______ tend to develop when the
economy enters a recession, unemployment is high, and inflation is rising. 9. If they underestimate demand, they will need to
purchase additional electricity on the ______ at high prices. 10. Foreign banks are pouring resources into London in anticipation of
a huge new Euro corporate _____ here in the next few years.11. There was no immediate reaction on the ______, with the yen
trading at 109.35 per dollar, hardly changed from Friday. 12. A ______ is a market in which contracts are made to buy or sell
currencies, commodities, etc at some futures date at a price fixed at the date of the contact. 13. The _____ includes the channels or
outlets for distributing bonds and other investments. 14. In the capitalist and developing countries, there are special centers where
gold is bought and sold on a regular basis, namely the _______. 15. These regional disparities are not the only sign that all is far
from well in the UK ______.
B. 1. Piata imobiliara se refera la tranzactiile prin care se acorda drepturi de proprietate sau de folosinta asupra locuintelor si
terenurilor, pretul de tranzactie depinzand de interactiunea dintre cerere si oferta. 2. Pe piata cu amanuntul isi desfasoara
activitatea comerciantii care, de regula, vand produse direct consumatorilor pentru uzul lor personal. 3. Pana nu demult
tranzactiile cu valute era prioritatea bancilor mari, astazi, gratie sistemelor de tranzactionare electronice, piata valutara a
devenit accesibila tuturor.4. Preurile mrfurilor agricole au sczut semnificativ sptmna trecut, pe piaa american de
marfuri, dup ce Departamentul Agriculturii din SUA (USDA) a lansat previziuni optimiste pentru recolta, respectiv stocurile
locale i mondiale de cereale. 5. Piea libera este o institutie care se concretizeaz ca bun practic i este bazata pe principiul
fundamental al securitii dreptului de proprietate, pe pricipiile democratice i ale statului de drept, iar mecanismul liberei
concurene face posibil tranzacionarea ntre agenii economici.6. Piata aurului a scazut anul trecut cu 15%, la 3.756 tone, pe
fondul retragerilor masive efectuate de investitori, insa cererea din partea consumatorilor de retail, pentru produse precum
bijuterii, lingouri sau monede, a crescut puternic si a atins un nivel record,potrivit datelor World Gold Council. 7. Aciunile
Electrica au atins un nou record, ntr-o pia n urcare.8. In contextul in care spitalele din Africa de Vest se chinuie sa faca fata
numarului tot mai mare de persoane infectate cu virusul Ebola, pacientii disperati se indreapta spre piata neagra, dorind sa
cumpere sange de la cei care au supravietuit virusului, potrivit Organizatiei Mondiale de Sanatate.9. Piata obligatiunilor in
Romania este formata in prezent din obligatiunile listate la cota Bursei de Valori Bucuresti.10. Piaa muncii este spaiul
economic n care se ntlnesc, se confrunt i negociaz n mod liber cererea de fora de munc, reprezentat de angajatori i
oferta, reprezentat de posesorii de for de munc. 11. Firma Gealan Romnia, productorul de profile termoizolante, se
ateapt la o cifr de afaceri de aproximativ 23,5 milioane de euro pentru acest an, pastrandu-si astfel stabilitatea pe o piata in
scadere. 12. Piata la termen este cea mai necunoscuta agentilor economici din Romania deoarece nu exista un precedent in tara
noastra. 13. Asociatia Adminstratorilor de Fonduri din Europa a publicat un raport statistic privind evolutia pietii investitiilor in
anul 2013 pe teritoriul european. 14. Piata de capital reprezinta o piata specializata unde se intalnesc si se regleaza in mod liber
cererea si oferta de active financiare pe termen mediu si lung. Este vorba despre o piata pe care se tranzactioneaza in mod liber
valori mobiliare, o piata care are ca rol principal mobilizarea capitalurilor si care urmareste plasarea profitabila a acestor
capitaluri. 15. Piata la vedere se refera la piata in care marfurile si valorile mobiliare sunt vandute cu plata in numerar si cu
livrare fizica imediata.
X. Choose the correct alternative to complete the sentences below. Translate the sentences into Romanian:
1. _______ is a general term used for all types of shares.
a) investments; b) securities; c) derivatives
2. The section in the Stock Exchange where the stocks and shares are bought and sold is known as _______ .
a) the market place ; b) the commodity exchange; c) the floor
3. His investments have been successful, so he decided to ________
a) plough back; b) buy; c) change money
4. The prices which are given for shares purchase or sale on the Stock Exchange are known as _______ .
a) stocks ; b) quotes; c) charges

5. Jobbers sell shares to or buy shares from ________ .


a) companies ; d) individuals; c) brokers
6. The Clearing House is an ________ which pays or receives payment for the contracts traded on the Stock Exchange.
a) insurance ; b) exchange ; c) intermediary
7. Trading of futures and options on LIFFE (London International Financial Futures And Options Exchange) is performed ________
A)by outcry and hand signals; b) on the telephone; c) through fax machines
8. Footsie is largely available as it refers to _________ .
a) bonds; b) FTSE 100 Index; c) Dow Jones Index
XI. Fill in the blanks with the appropriate term from the list below; translate the text into Romanian; use the English terms
in sentences of your own:
Market; prices; shares; gild-edged; life; data; brokers; securities; compete; charges; dealing; premiums; screens; information;
trading
The Stock Exchange is a ______ place where securities are traded. Premiums, i.e. the ______ per share are expressed in pence. The
securities which are bought and sold include both company _______ and the U.K. government stocks known as ______ securities.
The investments may be direct, i.e. the purchase of shares in a company which has recently come into the market, and indirect, i.e.
investments made by people who pay into a pension scheme, have _____ assurance or subscribe to a trade union. After the Big
Bang changes in the history of the Stock Exchange, instead of _____ and jobbers, all member firms operate as both brokers and
dealers which enables them to freely buy and sell ______ without dealing through a jobber. Nowadays, the Stock Exchange is open
not only to individuals but to corporate members as well. As a result, the members including banks, financial institutions, insurance
companies and foreign securities firms can _______ internationally due to their size and capital. The stockbrokers are now able to
set their own ______ in accordance with the service they provide. As the Stock Exchange business is increasing a new electronic
______ system called the Stock Exchange Automated Quotations (SEAQ) was introduced. SEAQ simultaneously shows data
regarding the ________ on television ______ in brokers offices all over the world and the _______ are permanently updated as the
market makers let the SEAQ central system of _____ know about any new ________. At present, trading is performed over a screen
rather than on the market floor.
XII. TRANSLATE INTO ENGLISH: Zona euro incepe sa isi revina timid, insa diferentele N-S se adancesc
Analistii EY au remarcat o revenire timida a zonei euro, desi pentru acest an se estimeaza o contractie economica de 0,5% din PIB.
Din 2014 totusi, economia zonei euro ar putea avansa cu 0,9%, iar in perioada 2015-2017 ritmul va accelera la 1,5% pe an."O
revenire economica generala incepe sa se faca simtita in zona euro insa, in ciuda semnalelor pozitive, cresterea economica se
asteapta sa fie lenta. Relaxarea masurilor de austeritate si accelerarea activitatii comerciale la nivel global vor contribui la redresarea
estimata pentru sfarsitul anului, insa vor fi resimtite efectele somajului in crestere si ale adancirii diferentelor de la nivelul
continentului", se arata in raportul de toamna al EY - Eurozone Forecast (EEF).Astfel, exporturile vor sustine cresterea de 0,9% din
2014, an in care se asteapta ca somajul sa atinga un varf, de 12,6%.EY Eurozone Forcast estimeaza pentru Romania o crestere de
1,9% a PIB-ului si o accelerare a cresterii pana la 2,2% in 2014, pe masura ce conditiile externe, in mod special starea economiilor
din zona euro, vor incepe sa se imbunatateasca.Cresterea va fi sustinuta in acest an, pe langa exporturi, si de productia agricola
buna. Economia va beneficia, de asemenea, de relaxarea politicii monetare, dupa ce banca centrala a redus dobanda de politica
monetara atat in iulie, cat si in august.Analistii EY au remarcat ca, in ciuda revenirii timide, continua sa se inregistreze diferente tot
mai mari intre tarile din centrul si cele de la periferia zonei euro. Germania ramane centrul de putere al zonei euro, cu o crestere de
0,6% in acest an, insa tot mai multe dintre economiile marginale cu probleme continua sa se contracte in 2013, chiar daca vorbim de
un ritm mai lent de scadere.Conform previziunilor, este de asteptat o stabilizare a economiilor Italiei si Portugaliei, in 2014, si a
Greciei in 2015.Somajul din Zona Euro va continua sa creasca atingand un varf de 12,6% la mijlocul anului 2014. Diferentele
semnificative ale ratei somajului la nivelul intregului continent vor persista, in Spania si Grecia atingandu-se 27,6% si, respectiv,
29%, in 2014, in timp ce in Germania se estimeaza o rata a somajului de doar 5,4%.Se estimeaza, de asemenea, ca redresarea
economica va continua sa fie incetinita de procesul de reducere a gradului de indatorare atat in sectorul public cat si in cel privat,
precum si de lipsa unor surse avantajoase de finantare. Ambele aspecte vor avea un impact mai mare asupra economiilor marginale,
conducand la diferentieri si mai accentuate fata de tarile nucleu din zona euro.Pentru prima data in ultimele opt prognoze realizate
de EY, estimam o crestere modesta pentru urmatorul trimestru si pentru anul viitor in zona euro. Cu toate acestea, factorii de decizie
politica nu trebuie sa se multumeasca doar cu atat. Diferentele intre conditiile de finantare si evolutiile pietei fortei de munca de pe
intreg continentul raman semnificative. Calmul relativ de pe pietele financiare trebuie sa fie, de asemenea, folosit pentru a accelera
procesul de restructurare, in special in sectorul bancar", a spus Marie Diron, Senior Economic Adviser EY.

Das könnte Ihnen auch gefallen