Bang. The bulk of business is conducted between members by telephone and, for small transactions,

Dealing can be carried out automatically by electronic means (CREST). The Stock Exchange

Automated Quotation (SEAQ) service allows market makers and others to see competing quotations

on their screens and stockbrokers to select the best bid/offer for their clients. A new system,

Stock Exchange Trading System (SETS), based on the SEQUENCE platform, allows electronic

Matching of buy and sell orders.

Commentary and Notes to Text 18.7.1.1

1. bourse [buas] — (фр.) парижская фондовая биржа

To facilitate savings and investment — способствовать сбережениям и инвестициям

To dispose of securities — реализовывать, избавляться от ценных бумаг

To back — поручаться (подтверждать, удостоверять)

Fraud, sharp practice — мошенничество

Deregulation — дерегуляция

The clearing banks — клиринговые банки (банки безналичных расчетов)

By word of mouth — устно

The Big Bang — реорганизация на Лондонской фондовой бирже в 1986 г.

The best bid — наилучшее предложение цены

18.7.1.2. Read the text “The Function of Securities” and explain in written form the peculiarities

Of issuing stocks or bonds by lending companies.

Governments and corporations need money in order to operate. Governments get money in

two ways: through taxation and through borrowing. When governments borrow, they issue bonds,