new insights into business ocr small (835551), страница 14
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But as the trend gatherspace*, American Internet brokershave begun moving into Britain andincreasingly are setting their sightson the Continent as well.Their arrival poses a challenge fornew European on-line trading firms.Analysts expect it to accelerate* vastchanges in the securities businessthat are already under way here asEurope becomes a single market.Nowhere is the trend moreapparent than in Britain. In April,Charles Schwab Corp set up an online trading service, and in June, theE-Trade Group, based in California,announced a joint venture with aBritish partner, as well as licensingagreements in Germany. OtherInternet brokers such as Ameritradeand DLJ Direct, are studying movesto catch up.45so55во657075so8590‘American brokers, undercompetitive pressure back homethat is driving down profitmargins, are being drawn to thelucrative potential of Europe,where the idea of a discount brokeris still rather novel*,’ said StephenEckett, the author of InvestingOnline, a guide to Internetinvestments.Mr Eckett said that fees at fullservice brokers in Britain for thepurchase of $10,000 of stock in aBritish company would amount toabout $ 120, while the goingcommission for making a similartrade on the World Wide Web couldbe as low as $9.Though European investors canalready use US on-line brokers tobuy shares in the United States, theAmerican companies do not activelypromote this business for fear ofannoying European securitiesregulators.
Thus, at the start, theAmerican on-line brokers operatingin Europe, like Schwab, are offeringtheir customers the chance to tradeonly on individual Europeanexchanges. The long-range goal,however, is to expand the system intoa truly global marketplace whereinvestors in any country will be ableto trade freely in stocks acrossnational boundaries. While EuropeanInternet usage still lags behind* theUnited States, it is expected to growrapidly in the next several years andEurope’s single currency will foster*the spread of stock trading acrossnational boundaries. The Americanon-line firms, despite their aggressiveplans, will not have it easy.Barclays pic, one of the largestBritish banks, will be the first to fightoff the competition when it launchesits own on-line service in September,* h o o k e d : addicted* to g a t h e r p a c e : to move faster and faster* to a c c e le r a te : to make s.th.
happen more quickly* n o v e l: new, unusual and interestingt95100105110115complete with financial informationand real-time share trading service.Philip Bungey. Head of Researchand Development at BarclaysStockbrokers, said Barclays wouldlet customers trade in about 2,000companies on the London StockExchange and the AlternativeInvestment Market, a smallcompanies market.
In the future, hesaid. Barclays wants to enable itscustomers to trade electronically onAmerican exchanges, likeNASDAQ*.Increasingly, American on-linebrokers will be squeezed* by thevery revolution they have helpedstart. Mr Eckett predicts a 'majorcollapse’ of commission fees. Henoted that in the United States,commissions for Internet trades havedipped as low as $5 a transactionsince Web trading surfaced aboutfour years ago. 'The same willhappen in Europe,’ he said, ‘asconsumers surf the Internet in searchof cheaper financial services.’* to la g b e h in d : to move more slowly than* to f o s te r : to help s.th. develop* N A S D A Q : A US electronic stock exchange* to s q u e e z e : to make it difficult for s.b. to do businessNew York TimesThe Stock MarketRead the text again and answer the questions.1 Why are more people taking an interest in the stock exchange?2 What will make European markets change more quickly?3 Why do American on-line traders operating in Europe restrict their dealings toEuropean exchanges?4 How are the European traders reacting to American competition?5 What will the long-term effect on American brokers be?Vocabulary1Match the words from the text with their corresponding definitions.12345678910to log on (line 1) —a boom (line 12)\to surf (line 13)\a move (line 42)\to catch up (line 43)lucrative (line 48)to amount to (line 57)commission (line 59)a regulator (line 68)a collapse (line 110)abcdefprofitablea dramatic reductionan authority that supervises an industryto reach a total ofto connectmoney that a customer pays for aservice, usually a percentage of the totalg a tactical change of positionh to move between different websiteson the Internetiia rapid expansion or developmentto reach the person in front.
Complete the passage about a transaction on the stock exchange using wordsfrom Key Vocabulary and Vocabulary 1. Some words may be used more thanonce.Janis Williams has decided to invest a part of her savings on the1 shock mark.eC . She contacts a 2___________ for furtheradvice about how to do this, and he recommends a selection ofdifferent companies'3____________ that she might be interestedin buying. He also explains how these companies have performedin the past and how much she can expect to receive in4_____________. He tells her how the transaction will be carriedout and lets her know how much 5____________ she will haveto pay for the service.
Once Janis has agreed to the terms, hecontacts his representative on the stock exchange, who arrangesthe transaction. At the end of the day the transaction has beencompleted and Janis has become a 6_____________.u nit e ig h tVocabularydevelopment:phrasal verbs 1Look at these examples of phrasal verbs from the text.In April, Charles Schwab Corp set up an on-line trading service...
(line 35)Barclays pic ... will be the first to fight off the competition... (line 89)1Are the verbs in bolda transitive (followed by an object)?orb intransitive (not followed by an object)?2Replace the words in italics with a verb from A and a particle from В in thecorrect form.AВa The meeting has been cancelled because several people are unable toattend.
caWed o f fb We already own 30% of the company's shares and we intend to purchaseat least another 20% in the coming year.c The new subsidiary in Bahrain will be supervising our operations in theMiddle East.d It will be a difficult conference to organise. How shall we start doing it?e We'll need some more time to reflect upon your proposal before we cangive you an answer.fIn her presentation she drew attention to some of the problems that thenew project would involve.g One of our sales representatives will visit you next week.h This year the company has disappointed investors by announcing anunexpected loss.What other verbs of this type do you know?78]The Stock MarketLanguage FocusThe thirdconditionalLook at these sentences and answer the questions.A123I f I h a d so ld my shares after six months, I w ou ld have m a d e a lot of money.Does this sentence refer to the past or now?Did the person sell the shares?Did the person make a lot of money?В I f I h a d n 't ta k en so many risks, I w o u ld n 't have lost so much.1 Does this sentence refer to the past or now?2 Did the person take risks?3 Did the person lose money?►► For more information on the third conditional, turn to page 167.Look at the charts and graphs and write complete sentences using the prompts.Premium Savings accountGross Ratep.a.(%)£25,000 plus9.65£10,000-£24,9999.35£500 - £9,9998.65Example: I spent £10,000 on a holiday this year.If / open a savings account / receive ...I f I had opened a savings account with £10,000,I would have received 9.35% interest.1 In 1998 you were a cashier at FashionWorld Clothing.If / be / assistant manager / earn ...lonflon GatwicKAirport:RIGHTTOCOMMENTS«615PARISdelayedBD493PARISon timeAA6132NEW YORKdelayedFashion World Clothing:hourly rates 1998.CashierSales AssistantBook-keeperAssistant Manager£3.50£3.90£4.50£5.002 I took flight AF615 to Paris and was late.If / take flight / BD493 / arrive ...average price o f a 1 9 9 5 Renault3 I sold my Renault in 1999.If / sell it / 1997 / get ...4 I bought my PC in 1997.If / wait until 1999 / pay ...Marks and Sparks: dividends perordinary share (in pence)6.55 I sold my M&S shares in 1998.If / not sell / receive ...
in 1999.6.05.55.019971998199979unit e ig h tYet, still, alreadyLook at these sentences.123456Mr English is s till hooked a year and a half after he began.Have you bought shares in your company yet?I've a lre a d y checked the FTSE 100 prices.He still hasn't subscribed to the internet dealing seivice.I haven't made any profit on my shares yet.European investors can a lrea d y use US on-line brokers.Complete the rules using still, already, yet.a We u se ________ to emphasise that a situationb We u se ________ to emphasise that a situationbefore the time of speaking.c We u se _______ (at the end of the sentence) tohappened after some time.d We u se ________ when asking questions aboutor not.Practicecontinues at the time of speaking.started, or something was done,emphasise that something hasn'twhether something has happenedCorrect the mistakes in these sentences.1 Have you made any money already? y e t2 I am yet thinking about investing on the stock market but can't make up mymind.3 I have contacted a broker still and he has given some very good advice.4 He already hasn't bought anything on the European exchanges.5 I'm very pleased with my shares; they've gone up yet.6 Now that you've lost so much money, do you yet think it's a good idea to investon the stock exchange?Skills FocusMany newspapers have a financial section which includes information aboutthe share prices of listed companies.
This information enables you to follow theprogress of any shares that you own or may be thinking of buying. Read theexplanation of the listing opposite and answer the questions.1 What was the closing price for each of the following shares?a Cadbury-Schweppes 9IS.Oc Black Arrowb Allied Zurichd Care UK2 For each of the five sectors, which shares had the greatest change in price(increase or decrease) compared with the previous day's price?3 Which of the following household goods companies is furthest from its highestprice for the year?a Allied Textc Reckitt and Cb Cornwell Pkrd Stoves4 Which insurance company hasa the highest yield?b the lowest yield?5 What is the price / earnings ratio for each of the following shares?a International Energy Groupc Isotronb Cox Insuranced Associated British Foods80The Stock MarketStockThe name o f the share.— Price-Earnings ratioHighSector -----------------1Companies aregrouped according tosector, for exampleInsurance, Building,Banks, Electricity.LowStockA ssc B rit Fds560.0-38.0305 155 Banks Syd C513 379 Barr A G193 83 Bertam Hldgs360 92 Booker1078 527 Brake Bros217.0440.087.5121.5660.00.00.00.0-4.00.0433High■18.04.218.59.28.57.06.618.0993573C a d b u ry -S c h w915.025.02.024.924510358515373918448256103428Rob WisemanRowe EvansTate & LyleTerranova FdsUnigate184.050.5350.0118.5521.5-1.00.511.00.024.02.78.64.912.44.015.55.311.2712400U n ile v e r600.015.01.838.7235.02.05.640.517.546 Carlo Grp12579428247147■1.145% |1.457.70.8C en trica116.0-0.5BG391.5-5.52.6134.00.03.798 Inti Energy GrpHEALTH......GAS D IS T R IB U T IO N60■P/E- 11.252%10.0126.66.85.920.52.2304 180 Utd Biscuits63 37 WT FoodsThese columns showthe highest andlowest prices (inpence) for the sharesduring the currentyear.
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