Investment and Electronic Trading (2)

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土木工程 Civil Engineering
工程硕士每年工程和数学科
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土木工程与建筑学 Civil Engineering with Architecture
Survival Models
Elective modules:
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Asset Liability Management
Bus iness and Financial
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Derivatives, Trading and Hedging
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数学科学 Mathematical Science
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Statistics and Probabilistic

Investment and Electronic Trading (3)

Sensitivity to business cycles
The Business Cycle

Industry relationship to business cycles

Cyclical industries Industries with above average sensitivity to the state of the economy E.g. jewelry, expensive vacations, machine tools, steel, autos, and transportation Defensive Industries with below average sensitivity to the state of the economy E.g. food producers and food processors, pharmaceutical firms, medical services and public utilities, tobacco, movies, cheap beers

Bond and stock markets do well in stages 1 & 2 as interest rates are falling, which is followed by commodities at stage 3 Signs of overheating cause bond markets to turn bearish, which is soon followed by equities. As the economy enters a recession, commodity prices fall.

商务英语阅读2_翻译复习翻译

1. Globalization is the actual movement or potential to move across borders of nations in areas of trade, investment, technology, finance and labor.全球化在贸易、投资、科技、金融和劳务这些领域是一个潜在正在发生的跨越国界的趋势。

2. Globalization has resulted in increasing financial flows and trade between countries, as each country tries to establish itself into the global economy.因为每一个国家都尝试纳入到全球化经济体系中去，全球化导致了各个国家资金流动，贸易的不断增加。

3. The WTO is the main multilateral trading agreement, which provides a forum for countries to promote free trade and resolve trade disputes.世界贸易组织是一个主要的多边贸易协定，它为各国提供了一个讨论的场所旨在促进自由贸易，解决贸易争端的论坛。

4. OPEC used its control to artificially raise the oil prices in its member countries in 1973.在1973年，石油输出国组织人为的通过成员国抬高了油价。

5. The country’s economy has emerged from rece ssion for the reason that the government adopted some flexible policies.因为政府采取了一些灵活得政策，所以这个国家从经济萧条中走出来了。

Economy_and_Trade

主题五经济贸易一、句子口译（一）英译汉1．是通讯技术促成了新经济。

2．电子商务带来了新的挑战。

3．电子商务会继续降低成本，对商业产生影响。

4．建立在规则基础上的国际贸易体系要求统一的监督。

5．电子商务超越时间和空间的限制。

6．经济学是一门社会科学。

7．随着产量的增长，价格下降。

8．竞争往往会淘汰效率低下的企业。

9．人口的增长速度比可供食物的增长速度快。

10．人口增长往往会危及食品供应。

11．而今，我们订购货物、接受服务，只需轻敲键盘上的几个小小塑料键而已。

12．贸易程序的简化将带来时间、金钱和人力资源上的很大节约。

13．这是一个数字革命已经引起客户期待和公司竞争的结构性变化的全球经济。

14．中国对美国的出口使美国消费者受益，并有助于美国保持低通胀率。

15．美国国债已达到10.2万亿美元，约为美国国内生产总值的91%。

16．如果某些产品和服务不盈利，人们就不会生产和提供它们。

17．人们记住托马斯.马尔萨斯的主要原因是他的人口增长理论。

18．大卫李嘉图的主要目的是促进国际贸易自由，他提出了比较优势论。

19．根据比较优势论，各国应当只生产本国最适合生产的产品。

20．在自由经济体系中，消费者任意花自己的钱，而企业为争夺消费者而竞争。

（二）汉译英1．Export still remains the top priority in the country's foreign trade and economic undertakings. 2．The utilization of foreign direct investment still maintains an upward momentum.3．New progress has been achieved in China's foreign economic and technological assistance. 4．We shall reinforce macro-economic control and adjustment and improve the industrial structure of foreign investment.5．China carries out economic cooperation of mutual benefit so as to learn from others' strong points to offset its own deficiencies.6．What is the basis for trade between nations?7．US exports to China are increasing rapidly.8．China enjoys the fastest growth as an export market of the United States among its major trading partners.9．China enjoys a trade surplus of 103.72 billion US Dollars over the United States.10. Last year China’s GDP reached 30.067 trillion Y uan, an increase of 9.0% over that of theprevious year.11．East China is well-known for its favorable conditions both geographically and ethnically.The policy of reform and opening-up has injected new vitality to the foreign economic relations and trade in this area.12．Bilateral and multilateral economic and trade relations between China and other countries have been further developed.13．The economic and trade relations between China and her neighboring countries and the vast developing countries have been further strengthened and developed.14．Foreign funded enterprises shall deepen the reforms of internal management and practice modern ways of management.15．New progress shall be made in the implementation of such strategies as market diversification and winning the market with quality.16．According to the statistics up to October last year, the United States remains the largest export market and second largest trading partner of China.17. Last year the European Union was the largest trading partner of China with the total tradevolume reaching 425.58 billion U.S. dollars, a year-on-year increase of 19.8%. 18．Bilateral investment and cooperation between China and the United States has been going on well and the United States remains one of the largest sources of foreign investment to China.19．While the trade volume between China and the United States is growing, trade frictions between the two sides are also on the rise.20．Last year China's total import and export volume reached 2.97276 trillion U.S. Dollars, an increase of 34.7% year on year.二、段落口译（一）英译汉1．全球化既提供了新的商机，也带来了新的挑战：那就是如何保持适当的社会和商业准则，以保护个体、商界和国家的利益。

英国留学国际金融专业

英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。

一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。

另一方面就是和国内类似的宏观金融的研究。

专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。

在参考专业排名时需要考虑会计与金融、经济、商学三个方向。

金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。

金融学：对金融各个细分领域的综合介绍。

下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。

英语课程中的投资与证券交易词汇

英语课程中的投资与证券交易词汇在如今全球化的商业环境下，掌握英语对于从事金融和投资领域的人来说至关重要。

尤其是在投资与证券交易方面，了解相关词汇和术语是提高沟通能力和拓宽职业发展的关键因素之一。

本文将介绍一些在英语课程中常见的投资与证券交易词汇，以帮助读者更好地理解和运用这些词汇。

一、投资词汇1. Investment（投资）指将资金或其他资源用于期望获取回报的行为或活动。

2. Portfolio（投资组合）指个人或机构持有的所有投资项目的集合。

3. Asset（资产）指拥有的有价值的物品或权益，如股票、债券、不动产等。

4. Equity（股权）指投资者在公司中所持有的股份或股权。

5. Risk（风险）指投资可能面临的损失或不确定性。

6. Return（回报）指投资所产生的利润、收益或回报。

7. Diversification（分散投资）指将资金投资于多个不同的资产类别或领域，以降低风险。

二、证券交易词汇1. Stock（股票）指公司向公众发行的股份，代表持有者在公司中的权益。

2. Shareholder（股东）指持有某公司股份的个人或机构。

3. Dividend（红利）指公司根据盈利情况向股东支付的利润分配。

4. Bond（债券）指借款人以借款为基础发行给债权人的债务证券。

5. Coupon（票息）指债券上规定的每年支付给债券持有者的利息。

6. Principal（本金）指债券上规定的借款人要偿还给债权人的原始金额。

7. Maturity（到期日）指债券或其他金融产品到期的日期。

8. Yield（收益率）指投资产品的盈利能力及其相对于投资成本的比例。

三、其他相关词汇1. Broker（经纪人）指在买卖证券或货币等产品过程中充当中介的个人或公司。

2. Exchange（交易所）指进行证券交易的市场，例如纽约证券交易所（NYSE）。

3. Bull market（牛市）指证券市场价格持续上涨的市场状态。

商务英语现场口译第2单元参考答案

Unit2Phrase Interpreting1. to take this opportunity2. to cherish3. signing ceremony4. to witness5. to extend sincere thanks to...6. to appreciate7. last but not least 8. to enhance 9. at one's earliest convenience 10. workshop1．借此机会 2．珍惜 3．签字仪式4．见证 5．向……表示衷心感谢 6．欣赏7．最后 8．促进 9．在某人方便的时候1n研讨会1．司仪 2．嘉宾 3．值此．．…．之际4．友好使者 5．良好祝愿 6．衷心感谢7．热情好客 8．应……的邀请 9．代表10．无与伦比的1. master of ceremony2. distinguished guests3. on the occasion of...4. an envoy of friendship5. best wishes6. sincere thanks7. hospitality 8. at the invitation of...9. on behalf of... 10. incomparable2. Sentence InterpretingA1. I feel honored to come here on my first visit to your beautiful city.2. I would like to take this opportunity to extend our sincere thanks to our host for their earnest invitation and the gracious hospitality.3. Although there is a distance of tens of thousands of miles between us, "Long distance separates no bosom friends", as one of your poets of the Tang Dynasty once said.4. I greatly cherish the close relationship between our two cities. I also greatly value the position we enjoy as one of your most important trading partners.5. On behalf of the foreign guests attending this workshop, let me offer a most sincere "thank you" for your warm and gracious welcome.1．这是我首次访问你们这座美丽的城市，我为此深感荣幸。

Investment and Electronic Trading (4)

RSI Overbought/oversold
Can be used for Range Trading

Wilder considered RSI overbought above 70 and oversold below 30 Overbought and oversold readings for RSI work best when prices move sideways within a range Caution: RSI can become overbought (oversold) and remain so in a strong up (down) trend
Practitioners think otherwise:
Example: Man AHL Diversified Fund
Robust investment management
“ ..”
Some basics
Candlestick & OHLC bar charts
Prices open lower and end higher are bullish signs Prices open high and end low are bearish signs
More on trends and MA
Moving averages provide a measure of reasonable rate of return. Consolidations often follow after large deviations from moving averages

MA

A moving average is commonly used to smooth out shortterm fluctuations (or noise) and highlight longer-term trends or cycles. Formula: MA(n)t = (Pt + … + Pt-n+1)/n Also known as Exponentially Weighted Moving Average (EWMA) MA is equally weighted; EMA is exponentially weighted, with more weights allocated to recent past and hence more responsive Formula: EMAt = a x Pt + (1-a) x EMAt-1 where a = 2/(N+1)

Investment and Electronic Trading (8)

Information processing

Errors in information processing lead investors to misestimate the true probabilities of associated returns. Four such errors are: 1) Forecasting errors

Kahneman and Tversky (1972, 1973) find that people give too much weight to recent experience compared to prior beliefs when making forecasts and tend to make forecasts that are too extreme given the uncertainty inherent in their information E.g., high PE giving rise to low return can be explained by earnings expectations that are too extreme based on recent good news of company

1) investors do not always process information correctly 2) investors often make inconsistent or systematically suboptimal dre are limits to arbitrage which is suppose to force prices to match their intrinsic values; therefore anomalies persist

国际贸易实务双语教程课后题答案

KeyChapter1I. Answer my questions1. International trade is business whose activities involve the crossing of national borders. It includes not only international trade and foreign manufacturing but also encompasses the growing services industry in areas such as transportation, tourism, banking, advertising, construction, retailing, wholesaling, and mass communications. It includes all business transactions that involve two or more countries. Such business relationship may be private or governmental.2. Sales expansion, resource acquisition and diversification of sales and supplies.3. To gain profit.4. To seej out foreign markets and procurement.5. There are four major forms which are the following:Merchandise exports and Imports, Service Exports and Imports, Investment and Multinational Enterprise.6. It is the account which is a summary statement of the flow of all international economic and financial transactions between one nation (eg.the United States ) and the rest of the world over some period of time, usually one year.7. Merchandise Exporting and Importing.8. Yes. There are great differences between them.1) direct investment takes place when control follows the investment. It usually means high commitment of capital, personnel, and technology abroad. It aims at gaining of foreign resources and foreign markets. Direct investment may often get higher foreign sales than exporting. And sometimes it involves two or more parties.2) While portfolio investments are not under control. And they are used primarilyfor financial purposes. Treasures of companies, for example, routinely more funds from one country to another to get a higher yield on short term investments.9. MNE is the abbreviation of the multinational enterprise. Its synonyms are NNC (the multinational corporation) and TNC (transnational corporation).10. Examples are travel, transport, fee, royalties, dividends and interest.11. The choice of forms is influenced by the objective being pursued and the environments in which the company must operate.12. It is limited by the number of people interested in a firm’s products and services and by customers’ capacity to make purchase.13. This is because at an early stage of international involvement these operations usually take the least commitme nt and least risk of a firm’s resources.14. Royalties means the payment for use of assets from abroad, such as for trademarks patens, copyrights, or other expertise under contract known as licencing agreements.Royalties are also paid franchising.15. It is a way of doing business in which one party (the franchiser) the use of a trademark that is an essential asset for the franchisers’ business.II Match each one on the left with its correct meaning on the right1. J2.A3.E4.B5.C6.D7.I8.G9.F 10.HIII Translate the following terms and phrases into Chinese1 购买力11 经济复苏；恢复2 潜在销售量12 经济衰退3 加价，涨价13 间接投资4 国内市场14 有形货物5 制成品15 有形进出口6 边际利润16 收入及支出；岁入及岁出7 市场占有率17 超额能力8 贸易歧视18 贸易中间人（商）；经纪人9 时机选择19 全部包建的工程承包方式10 经销周期20 许可证协定IV Translate the following into English1. Trade is often the ‘engine’ of growt h. However oversimplified this metaphormay be, it does serve to underline the importance of foreign trade in the process of growth. A healthy expansion of exports may not always be sufficient condition for rapid and sustained growth, but a strong positive association between the two is clearly undeniable. Trade expansion contributes to economic growth in many ways. Among them are the benefits of specialization; the favorable effects of international competition on domestic economic efficiency; the increased capacity to pay for the imports required in development and more generally the stimulus to investment.2. International trade is the exchange of goods and services produced in one country for goods and services produced in another country. In addition to visible trade, which involves the import and export of goods and merchandise, there is also invisible trade, which involves the exchange of services between nations. Nations such as Greece and Norway have large maritime fleets and provide transportation service. This is a kind of invisible trade. Invisible trade can be as important to some nations as the export of raw materials or commodities is to others. In both cases, the nations earn the money to buy necessities.3. There exist different ways of conducting international business. Exclusive sale means the seller gives the overseas client the exclusive right of selling a particular product in a designated area within a specified period of time. In this kind of business transaction, the product is bought by the exclusive seller and therefore he should sell the product by himself, assuming sole responsibilities for his profit and loss. Exclusive sale is different from agency where only commission is involved. And difference exists between general contract and exclusive sales because the exclusive seller enjoys exclusive right in a particular area.4. There is no country in the world that can produce all the products it needs.Thus countries join in international division of labor for effective production and reproduction. Sometimes a country can buy goods and services from abroad on a barter basis. Barter means doing business by exchanging goods of one sort for goods of another sort without using money. Barter trade itself is not enough to meat a country’s imp ort needs. But as a form of international trade, it is still attractive in developing countries where foreign exchange is in short supply and inflow of foreign funds is far from sufficient to meet their obligations in external trade.I. Answer the following questions(Omited)II. Filling the blanks with the suitable words in the text:1.meeting/satisfying;2.agent, foreign/overseas;mission;4.own;5.setting;6.patent;7.profits;8.outlets;9.joint, venture; 10.subsidiaryIII.Translate the followings into English1). Economic activity began with the cavemen, who was economicallyself-sufficient. He did his own hunting, found his own shelter, and provided for his own needs. As primitive populations grew and developed, the principle of division of labor evolved. One person was more able to perform some activity than another, and therefore each person concentrated on what he did best. While one hunted, another fished. The hunter then traded his surplus to the fisherman, and each benefited from the variety of diet.In today’s complex economic world, neither individuals nor nations areself-sufficient nations are self-sufficient. Nations have utilized different economic resources; people have developed different skills. This is the foundation of international trade and economic activities.Foreign trade, the exchange of goods between nations, takes place for many reasons. The first, as mentioned above, is that no nation has all of the commodities than it needs. Raw materials are scattered around the world. Large deposits of copper are mined in Peru and Zaire, diamonds are mined in South Africa, and petroleum is recovered in Middle East. Countries that do not have these resources within their own boundaries must buy from countries that export them.Foreign trade also occurs because a country often does not have enough of a particular item to meet its needs. Although the United States is a major producer of sugar, it consumes more than it can produce internally and thus must import sugar. Third, one nation can sell some items at a lower cost than other countries. Japanhas been able to export large quantities of radios and television sets because it can produce them more efficiently than other countries. It is cheaper for the United States to buy these from Japan than to produce them domestically.Finally, foreign trade takes place because of innovation or style. Even though the United States produces more automobiles than any other country, it still imports large quantities of autos from Germany, Japan and Sweden, primarily because there is a market for them in the United States.2). The different kinds of trade nations engaged in are varied and complex, a mixture of visible and invisible trade. Most nations are more dependent on exports than on any other activity. The earnings from exports pay for the imports that they need and want. A nation’s balance of payment is a record of these complex transactions. By reflecting all of these transactions in monetary terms , a nation is able to combine the income it receives, for example, from exports, tourists expenditures, and immigrant remittances. This combined incomes is then spent on such items as manufactured goods from other countries, travel for its citizens to other countries, and the hiring of construction engineers.I. Translate the followings from Chinese into English:1 terms of payment2 written form of contract3 execution of the contract4 sales contract5 purchase confirmation6 terms of transaction7 trading partners 8 the setting up of a contract9 trade agreement 10 consignment contract11 the contract proper 12 extension of the contract13 the contracting parties 14 special clause15 general terms and conditionsII. Answer the following questions in English:1 A contract is an agreement which sets forth bind obligations of the relevant parties. And any part that fails to fulfill his contractual obligations may be sued and forced to make compensation.2 There are two parties of business contract negotiations: oral and written. The former refers to direct discussions abroad; written negotiations often begin with enquiries made by the buyers.3 A written contract is generally prepared and signed as the proof of the agreement and as the basis for its execution. A sales or purchase confirmation is less detailed than a contract, covering only the essential terms of the transaction. It is usually used for smaller deals or between familiar trade partners.4 The setting up of a contract is similar to that of a trade agreement or any othertype of formal agreements. It generally contains: 1) the title. The type of the contract is indicated in the title; 2) the contract proper. It is the main part of a contract; 3) the signature of the contracting parties indicating their status as the seller or the buyer; 4) the stipulations on the back of the contract and are equally binding upon the contracting parties.5 It generally contains the time of shipment, the mode of payment described in addition to an exact description of the goods including the quantity, quality, specifications, packing methods, insurance, commodity inspection, claims, arbitration and force majeure, etc.III. Translate the following into Chinese:合同是在双方达成协议的基础上制定的，而协议又是双方进行商务谈判的结果。

财经的英文名词解释

财经的英文名词解释在当今信息爆炸的时代，财经英语作为一种专业性较强的语言，被越来越多的人所关注和学习。

了解财经领域的英文名词不仅可以帮助我们更好地理解国际金融市场、企业管理等相关领域的知识，还有助于提高我们的财经英语水平。

本文将对一些常见的财经英文名词进行解释和说明。

1. Investment（投资）Investment是指投资的行为或者过程。

它通常指在资金或资源中进行选择和配置，以期获得经济利益的行为。

投资可以包括购买股票、债券、房地产等金融产品，也可以是企业在技术研发、市场拓展等方面的投入。

2. Stock（股票）Stock是指公司发行给股东的所有权证书。

持有股票意味着持有一家公司的股份，股票的价格可以随市场供求关系而波动。

股票通常分为普通股和优先股，普通股持有人享有公司分红和决策权，而优先股通常在分红方面具有优先权。

3. Bond（债券）Bond是指借款人向投资者借款，并以债券形式进行担保的金融工具。

投资者购买债券即贷出资金给借款人，并在一定期限内获取固定的利息。

债券通常被认为相对较安全，因为借款人有义务按时还本付息。

4. Exchange Rate（汇率）Exchange rate是指一种货币与另一种货币之间的兑换比率。

汇率的变动会对国际贸易和投资产生影响，因此是财经领域关注的重要指标。

汇率的变动通常由市场供求关系、利率差异、经济政策等因素决定。

5. Inflation（通货膨胀）Inflation是指一定时期内物价普遍上涨的现象。

通货膨胀会导致货币的购买力下降，对经济造成一定的影响。

通常，政府和央行会通过适当的货币政策来控制通货膨胀水平，以维持经济的稳定发展。

6. GDP（国内生产总值）Gross Domestic Product（GDP）是衡量一国经济总体规模的指标。

它指的是一定时期内国家或地区所生产的全部商品和服务的价值总和。

GDP常被用来比较不同国家或地区之间经济的相对强弱，并在经济政策制定过程中起到重要的参考作用。

英语翻译二级口译实务模拟试题及答案解析(2)

英语翻译二级口译实务模拟试题及答案解析（2）(1/2)Part ⅠInterpret the following passages from English into Chinese. You will hear this signal to tell you when you start interpreting. Now let's begin.第1题My wife Nane and I are both extremely happy to be with you today. I feel truly proud to belong to this extraordinary class of 2004, and I am pleased to see that so many parents and family members were here today. The day belongs to them, too. Without their constant support, understanding and sacrifice, none of us could have achieved what we have. For me, to receive a degree from Harvard is a very great honor indeed. There are few countries in the world whose leaders in public life, business, science and the humanities have not had some association with Harvard—and no country that has not benefited from Harvard´s outstanding contributions to human knowledge. //You have invited me, I know, not as an individual, but as Secretary-General of the United Nations. You are saying that the United Nations matters, and that you want to hear what we have to say. Are you fight in believing that the UN matters? I think you are, because the UN offers the best hope of a stable world and a broadly equitable world order, based on generally accepted rules. That statement has been much questioned in the past year. But recent events have reaffirmed, and even strengthened, its validity. A rule-based system is in the interest of all countries—especially today. Globalization has shrunk the world. The very openness, which is such an important feature of today´s most successful societies, makes deadly weapons relatively easy to obtain, and terrorists relatively difficult to restrain. //Today, the strong feel almost as vulnerable to the weak as the weak feel vulnerable to the strong. So it is in the interest of every country to have international rules and to abide by them. And such a system can only work if, in devising and applying the rules, the legitimate interests of all countries are accommodated, and decisions are reached collectively. That is the essence of multilateralism, and the founding principle of the United Nations. All great American leaders have understood this. That is one of the things that make this country such a unique world power. America feels the need to frame its policies, and exercise its leadership, not just in the light of its own particular interests, but also with an eye to international interests, and universal principles. //Among the finest examples of this was the plan for reconstructing Europe after World War Ⅱ, which General Marshall announced here at Harvard in 1947. That was one part of a larger-scale and truly statesmanlike effort, in which Americans joined with others to build a new international system—a system which worked, by and large, and which survives, in its essentials, nearly 60 years later. During those 60 years, the United States and its partners developed the United Nations, built an open world economy, promoted human rights and decolonization, and supported the transformation of Europe into a democratic, cooperative community of states, such that war between them has become unthinkable. //下一题(2/2)Part ⅠInterpret the following passages from English into Chinese. You will hear this signal to tell you when you start interpreting. Now let's begin.第2题If you thought multimedia was something to be enjoyed in the privacy of your home, think again. Banks are on the frontier of the "information superhighway" because they spend more on the technology than any other type of civilian business.Take the case of J. P. Morgan, America´s fourth largest bank by assets. It has developed a system whereby deals and documents can be finalized quickly on the computer screen with the help of an electronic pen. Its securities analysts in London and traders in Tokyo can talk to each other via the same screen. And clients´trust can be built up, and deals completed, faster than via a telephone line which carries no pictures.The new electronic gizmos are currently being introduced into Morgan´s trading departments in New York, but eventually they will be used around the world-Aisa included. They make it economically possible to establish small dealing rooms in capitals such as Kuala Lumpur and Bangkok, while concentrating Morgan´s expensive back-office functions in Singapore.Morgan´s pioneering effort illustrates how United States banks are using high technology and large amounts of capital to lever their way into Asian markets.Rivals in Europe and Japan are doing so too, but they do not have the same access to the vast pool of saving available to American banks. US Pension Fund assets, for example, total US $4. 4 trillion, more than three times the size of Japan´s.US institutions are in the best position to act as a bridge between the growing capital demands of Asia and the supply of investment from the rest of the world. The bridge, of course, could wobble badly, as it did in the Latin American debt crisis of the 1980s, but this is hard to imagine in the 1990s when the economic fundamentals in Asia look so favorable.It took American banks almost a decade to emerge from the Latin American rubble, but they are now formidable competitor. They have written off nonperforming loans and cut payrolls far more boldly than their Japanese counterparts, which are still dogged by soured loans to spendthrift property speculators in Japan.The US commercial banks´ toughest rivals in Asian cross-border business are more likely to be their investment-bank compatriots rather than the Japanese, and the capital markets of Asia, as elsewhere, will be their battleground.The big five US banks —Citibank, Bank of America, Chemical, Morgan and Chase Manhattan, enjoy the advantage of being big. Compared with firms such as Salomon Brothers and Goldman Sachs, the big five are bigger in most senses of the word. They have more capital, more staff and more branches worldwide through which to distribute corporate issues.What remains to be seen is whether they have trading and deal-making ability to compete with investment hanks.上一题下一题(1/2)Part ⅡInterpret the following passages from Chinese into English. You will hear this signal to tell you when you start interpreting. Now let's begin.第3题下面你将听到一段回忆邓小平同志的发言。

交易结构金融英语

交易结构金融英语
交易结构（Trading structure）是指交易过程中涉及的各种要素和环节的组织结构和方式。

在金融英语中，交易结构是指在金融市场中进行买卖交易的安排和组织。

以下是一些常见的金融交易结构的英语表达：
1. Over-the-counter (OTC) trading: 场外交易
2. Exchange trading: 交易所交易
3. Electronic trading: 电子交易
4. Block trading: 大宗交易
5. Dark trading: 暗盘交易
6. High-frequency trading: 高频交易
7. Interdealer trading: 经纪人间交易
8. Direct access trading: 直接访问交易
9. Agency trading: 代理交易
10. Crossing network: 交叉网络交易
此外，交易结构还可包括其他相关概念，如交易方式（例如现金交易、融资交易）、交易流程（例如订单生成、撮合、结算）、交易工具（例如股票、债券、期货合约）等。

外汇管理制度英文

外汇管理制度英文IntroductionForeign exchange management system refers to the process and rules governing the buying and selling of foreign currencies. It is an essential component of a country's economic structure and plays a crucial role in managing the balance of trade and international transactions. The foreign exchange market is the largest and most liquid financial market in the world, and the effective management of this system is crucial for a country's economic stability and growth.In this paper, we will discuss the various aspects of foreign exchange management, including its role in the economy, the regulatory framework, and the challenges and opportunities it presents.Role of Foreign Exchange ManagementThe foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. This market determines the foreign exchange rate, which is the rate at which one currency can be exchanged for another. The foreign exchange market facilitates international trade and investment by allowing companies and individuals to convert one currency into another.The foreign exchange market also plays a crucial role in determining a country's balance of trade and international reserves. A country's balance of trade is the difference between the value of its exports and imports, and it is influenced by the exchange rate. A higher exchange rate makes a country's exports more expensive and imports cheaper, while a lower exchange rate has the opposite effect.The foreign exchange market also affects a country's international reserves, which are held to support a country's currency and to provide confidence in its ability to meet its international payment obligations. A country's international reserves are influenced by the balance of trade, as well as by capital flows, interest rates, and other economic factors.Regulatory FrameworkThe foreign exchange market is a complex and highly regulated market, with rules and regulations governing the conduct of both domestic and international participants. The regulatory framework for foreign exchange management varies from country to country, but generally includes a central bank or monetary authority that is responsible for overseeing the foreign exchange market and implementing relevant policies and regulations. In many countries, the central bank is responsible for maintaining the stability of the exchange rate, as well as for managing international reserves and intervening in the foreign exchange market to influence the exchange rate. Central banks also have the authority tolicense and regulate foreign exchange dealers and to monitor and enforce compliance with foreign exchange regulations.In addition to central banks, there are often other regulatory agencies and bodies involved in foreign exchange management, including government agencies, financial regulators, and international organizations. These entities play a crucial role in ensuring the integrity and stability of the foreign exchange market and in protecting the interests of market participants and the public.Challenges and OpportunitiesThe foreign exchange market presents a number of challenges and opportunities for countries and market participants. One of the main challenges is managing the volatility and uncertainty of the foreign exchange market, which can be influenced by a wide range of factors, including economic indicators, political events, and market sentiment.Managing exchange rate volatility is a key priority for many countries, as rapid and unpredictable movements in the exchange rate can have a significant impact on a country's economy and on the stability of its financial system. Central banks and other regulatory authorities use a variety of tools and techniques to manage exchange rate volatility, including intervention in the foreign exchange market, interest rate adjustments, and capital controls.Another challenge in foreign exchange management is ensuring compliance with regulations and preventing illegal activities such as money laundering, fraud, and market manipulation. Regulators and law enforcement agencies need to have effective surveillance and enforcement mechanisms in place to detect and deter illegal activities in the foreign exchange market.Despite these challenges, the foreign exchange market also presents significant opportunities for countries and market participants. The foreign exchange market provides a vital mechanism for facilitating international trade and investment, and it offers opportunities for companies and individuals to hedge against currency risk and to diversify their investment portfolios.The foreign exchange market also plays a crucial role in promoting financial innovation and technological advancement. The development of electronic trading platforms, algorithmic trading, and other technological innovations has helped to increase market efficiency and liquidity, as well as to expand access to the foreign exchange market for a wider range of participants.ConclusionForeign exchange management is a critical component of a country's economic infrastructure, and it plays a crucial role in facilitating international trade and investment, managing the balance of trade, and maintaining stability in the exchange rate andinternational reserves. Effective foreign exchange management requires a robust regulatory framework, as well as the ability to address the challenges and opportunities presented by the foreign exchange market.As the global economy becomes increasingly interconnected and as technological advancements continue to reshape the financial industry, the foreign exchange market will continue to evolve and present new challenges and opportunities for countries and market participants. It is essential for policymakers, regulators, and market participants to work together to ensure the integrity and stability of the foreign exchange market and to maximize its potential benefits for the global economy.。

有关证券的商务英语词

有关证券的商务英语词English:Securities, as financial instruments, encompass a broad spectrum of assets including stocks, bonds, and derivatives, each serving different purposes in capital markets. Stocks represent ownership stakes in publicly traded companies, entitling shareholders to dividends and voting rights, while bonds are debt securities issued by governments or corporations, promising periodic interest payments and repayment of principal upon maturity. Derivatives, such as options and futures, derive their value from an underlying asset and are used for risk management or speculation. Securities facilitate the allocation of capital by providing investors with opportunities to invest in diverse assets based on their risk tolerance and investment objectives. The issuance and trading of securities occur through various channels, including stock exchanges, over-the-counter markets, and electronic trading platforms, where buyers and sellers interact to establish prices based on supply and demand dynamics. Regulatory bodies, such as the Securities and Exchange Commission (SEC) in the United States, oversee securities markets to ensure fair and transparent practices, protecting investors' interests andmaintaining market integrity. Additionally, financial intermediaries such as investment banks and broker-dealers play crucial roles in underwriting securities offerings, providing liquidity, and facilitating transactions between buyers and sellers, contributing to the efficient functioning of capital markets.中文翻译：证券作为金融工具，涵盖了股票、债券和衍生品等广泛的资产类型，在资本市场中各有不同的用途。

资本市场和金融机构2InterestRates

1
P=?23i 5%910If i = 5% i = 10%
i = 15%
P = $100/(1+0.05) + $100/(1+0.05)2 +…+ $100/(1+0.05)10 + $1,000/(1+0.05)10 = $1,386 P = $100/(1+0.10) + $100/(1+0.10)2 +…+ $100/(1+010)10 + $1,000/(1+0.010)10 = $1,000
1. 5.1 Determinants of Risk Structure (RSIR)
2. 5.2 TSIR (Yield Curve). Theories:
3.
A) Pure Expectations Theory
4.
B) Market Segmentation Theory
5.
C) Liquidity Theory
Same as (b)
8
Examples that shift the Supply curve to the right
a) Increases in the money supply by the Central Bank, causing the interest rate to fall.
Commercial paper rate: Short term discount bonds
Prime rate: Short term Rate charged to largest firms (creditworthy) Corporate bond rate: Long term rate for debt issued by firms LIBOR: Rate that largest creditworthy international banks dealing in