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 — III. ORAL PRACTICE - English_for_Finance_and_Banking - Studbook
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English_for_Finance_and_Banking

— III. ORAL PRACTICE

 

A. DIALOGUE

 

1. Read and translate the dialogue in pairs:

 

CORNERSTONE OF THE GLOBAL FINANCIAL MARKET

 

Ukrainian: As far as I know, the cornerstone of the global financial market is the Foreign Exchange Market. In this connection, how is it developing? What affects its developing?

Foreigner: I would stress, first of all, that the FOREX is really an integral, fundamental sector of the global financial market. It reflects economic relations between countries, like transportation, insurance, tourism, credits, foreign investment, etc.

Ukrainian: The market has no one centralized location, does it?

Foreigner: No, the market is global in character. It is rather a network of dealing rooms connected by sophisticated communications systems, like telephones, telex machines and electronic dealing systems. Major trading activities are conducted in London, New York, Chicago, Tokyo, Singapore and others.

Ukrainian: How big is the market? How big is the volume of deals in the market?

Foreigner: By the estimate of the Bank for International Settlements, about $1 trillion is exchanged every day.

Ukrainian: Who are the major participants in the market?

Foreigner: Commercial and investment banks, central banks, governmental agencies, professional fund managers, corporations, brokers, investors, speculators.

Ukrainian: I think banks play the most important role in currency transactions.

Foreigner: You are right. Bank dealers at their workplaces are in constant contact by telephones or computers with dealers in different banks. They sit analyzing latest currency quotations they see on display. Banks buy or sell currency either for themselves or on behalf of their clients.

 

Vocabulary

cornerstone – наріжний камінь

integral – невід’ємний

currency deal – валютна операція

dealing room – дилерська кімната

latest currency quotations – останні валютні котирування

 

2.Read the dialogue, translate the Ukrainian remarks into English and act it out:

 

British economist: Your participation in the world financial market is increasing. How is your foreign exchange market performing?

Polish economist: Економічні реформи в нашій країні призвели до виникнення у нас ринку іноземної валюти, що пов’язаний з глобальними фінансовими ринками.

British economist: You’ve made tremendous progress. Ten years back your currency was not convertible.

Polish economist: Так, наша валюта досить швидко стала вільноконвертованою. І нині вона є єдиним законним платіжним засобом в нашій країні.

British economist: It goes to the credit of your government and the central bank, doesn’t it?

Polish economist: Так, і сьогодні наш центральний банк підтримує стабільність нашої валюти, її обмінний курс.

British economist: How is your foreign exchange market organized?

Polish economist: Наш ринок складається із декількох валютних бірж, на яких здійснюються різноманітні угоди, включаючи спотові, ф’ючерсні та форвардні операції. Вдалій роботі ринку сприяє нещодавно модернізована платіжна система.

British economist: The basic idea of foreign exchange dealing is making profit on selling and buying currencies.

Polish economist: Валютний арбітраж безумовно існує, але головна мета нашого ринку – забезпечити потреби в іноземній валюті наших експортерів та імпортерів.

 

3.Make up a dialogue on the following:

 

  • Do rates of exchange influence the external trade of a country?
  • What are the meaning and purpose of Forward exchange?

 

COMMUNICATIVE SITUATIONS

 

1. Discuss with your friends:

 

§  What are the objective and methods of Exchange Control?

§  What is “convertibility” as applied to a currency?

 

2. Prepare a short talk on the following:

    • The major participants of the foreign exchange markets.
    • Instruments and transactions made in the currency markets (spot trading, futures and forward contracts, swaps, options).
    • Ukraine’s efforts to fight money laundering.

 

3. Make several short paragraphs on the following:

 

a)                The composition of the exchange market.

b)               The structure of the global financial market.

 

 

 

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