Agreements between buyers and sellers that confer the right either to buy or to sell 100 shares of

Stock at a fixed price at a specific time.

Options trading was standardized in 1973 by the formation of the Chicago Board Options Exchange

And became quite similar to dealing in commodity futures. This market is only for the well-

Informed investor who knows how to speculate and who is able to bear losses in a very risky type of

Investment. An even more intricate feature was added to the market in 1982 — trading in stock

Index futures. This type of options trading is a highly speculative transaction in which investors sell

Or buy futures as a hedge against the way they believe the market will go — up or down.

Stock certificates, the actual pieces of paper that represent ownership, are disappearing from

The market in some places. The Tokyo Stock Exchange has nearly eliminated them, relying instead

Upon computer entries. The United States Department of the Treasury no longer prints or issues

Treasury bills or bond certificates. The persistence of stock certificates in the United States is mostly

due to the public’s fondness for them.

Commentary and Notes to Text 18.7.1.3

Equity — обыкновенная акция, доля акционера

Voting — вотирование, голосование

Nonvoting — невотированные (неголосующие)

To vote by proxy — голосовать по доверенности представителем