股票专业术语词典

第十四章　国 际 金 融

第一节　文章阅读与翻译

Passage 1

Balance of Payments Deficits and Surpluses

国际收支中的逆差与顺差

［1］It is common to speak of a country as having a balance of payments deficit or surplus.What does this mean? These terms usually refer to the balance of account excluding changes in balancing account.A balance of payments1 surplus means that the authorities are reducing their liquid liabilities to foreign central authorities or else adding to their holdings of official reserves in such forms as gold and foreign exchange.2 A balance of payments deficit means that the authorities are adding their liquid liabilities to foreign central authorities or else reducing their stocks of official reserves.3 The statement, for example, that a nation had a balance of payments deficit of U.S.$14 billion in 1983 means that the nation's official reserves (net of claims that foreign central authorities held against these reserves) fell by U.S.$14 billion because all other transactions were in deficit by that amount.

［2］A balance of payment deficit means that in aggregate debit items exceed credit items and says nothing about whether this is beneficial or harmful.For example, an investment in foreign countries by an American firm that will yield future profits for American owners is a debit item that will increase a balance of payments deficit, yet there is nothing necessarily bad about the investment4.On the opposite side, the transfer of ownership of American firms to foreigners is a credit item that will decrease a balance of payments deficit, but such loss of control over American firms is not necessarily desirable.When a balance of payments deficit is caused by something considered undesirable (such as heavy dependence on Mid-east oil), it may be that the government will seek a way to decrease such imports.When the same deficit is caused by something considered desirable (such as contributions to developing countries to foster their economic development), the government may be willing to draw down its reserves for the purpose.

［3］It might seem that a permanent surplus could be tolerated, but this is not the case either.If we have a permanent balance of payments surplus, some of our trading partners must have a permanent deficit.Unless we are prepared to give them the money, or allow them to increase their debts to us without limit, that too must be ended.

［4］In the long term, when the balance of payments on current account plus capital account is out of balance in either direction something must be done.6 The government can do something through import or export restrictions, changes in interest rates, or a variety of other methods.

Notes

1.Balance of Payment (BOP): Set of accounts that record a country's international transactions, and which (because double entry bookkeeping is used) always balance out with no surplus or deficit shown on the overall basis.A surplus or deficit, however, can be shown in any of its three component accounts: (1) Current account, covers export and import of goods and services, (2) Capital account, covers investment inflows and outflows, and (3) Gold account, covers gold inflows and outflows.BOP accounting serves to highlight a country's competitive strengths and weaknesses, and helps in achieving balanced economic growth.国际收支

2.译文：国际收支顺差是指官方正减少对外国中央权力机构的流动负债或者是正增加黄金或外汇的官方储备量。

3.译文：国际收支逆差是指官方正增加对外国中央权力机关的流动负债或者是正减少官方储备。

4.译文：例如，一家美国公司在国外的投资到将来会给美国投资商带来利润，但现在只能算作借项，并增加国际收支逆差额，然而，这笔贷款未必有什么不好。

5.译文：长远地看，当国际收支在经常项目与资本项目上失去平衡时，无论顺差还是逆差，都得采取些相应的措施来调整。

Words and Expressions

1.liquid adj.in the form of money, rather than investments or property, or able to be changed into money easily 流动的

2.liability n.accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans.负债

3.aggregate n.something formed by adding together several amounts or things; a total总计

4.yield v.to supply or produce something positive such as a profit, an amount of food or information 产出，生产

5.transfer n.when something or someone moves or is moved from one place, position, etc.to another 转移

6.draw down to reduce 减少

Passage 2

New York Stock Exchange

纽约证券交易所

［1］Since all the exchanges are organized and operate similarly to the NYSE, that exchange will be described in more detail.The NYSE is a corporation governed by a board of 21 directors: 10 chosen from the securities industry, 10 from outside that industry, and the presiding officer of the board, who is selected by the directors.1 The NYSE dose not own securities, buy or sell stocks, or influence their prices.It provides a centrally located place for its members to buy and sell securities.Membership in the exchange numbers 1366 individuals who have bought seats, which allows them to trade securities on the floor of the NYSE.The value of a seat has fluctuated sharply over the years, reaching a high of $625,000 in 1929 and sinking to a low of $4,000 in both 1876 and 1878.Since 1950, a seat's value has ranged from $515,000 in 1968 to $35,000 in 1977.

［2］Members may be either general partners of holders of voting stock in one of the 473 member firms in existence at the end of 1977.Members perform different functions, which fall into four classifications.Roughly half are partners or officers of commission houses, firms that execute trades for the public for which they are paid commissions.Many of the larger firms have several commission brokers handling the public's trading on the exchange floor.

［3］Approximately 200 members function as floor brokers2.Popularly known as $2 brokers because at one time that was their commission for handling a 100-share transaction, these members help commission brokers by executing the latter's buy-and-sell orders when trading activity is high3.Another 100 or so members are registered traders (or registered competitive market makers) who buy and sell for their own account, hoping to profit from their speculations.Their transactions must meet exchange requirements and allegedly increase the market's liquidity.

［4］Finally, about one-fourth of the members are specialists, who act as both dealers and brokers.As dealers, the specialists are charged with maintaining an orderly market in the stocks in which they specialize.In carrying out this responsibility, specialists should be trading against the market—that is, buying if the prices of his stocks are declining and selling if they are rising.The object in both cases is to maintain price continuity and minimize the impact of a divergence of supply and demand.As brokers, specialists record other brokers‟ buy-and-sell orders that are away from the market—different from the prevailing prices—in their stocks.4

If and when the price of a stock moves up or down to the price on the order, specialists execute

it and receive a commission for their services.5

Notes

1.译文：纽约证券交易所是一个由21名董事组成的董事会所管理的股份有限公司。其中10名从证券业内选出，10名从证券业外选出，还有1名由董事们选出的董事会主席。

2.floor broker: Stock exchange member who executes buy-sell orders on behalf of his or her customers on the floor of the exchange.场内经纪人

3.译文：当交易活动繁忙时，这些会员协助佣金经纪人执行后者的买卖订单。他们在完成100股股票交易时的佣金是两美元，因此普遍称他们为两美元经纪人。

4.译文：作为经纪人，专家经纪人记下其他经纪人要按不同于当时市价买卖他们所专门经管的股票的订单。

5.译文：在股票价格涨落到订单规定的价格时，这些专家经纪人就执行订单，为他们所提供的服务收取佣金。

Words and Expressions

1.securities n.financing or investment instruments (some negotiable, others not) bought and sold in financial markets, such as bonds, debentures, notes, options, shares (stocks), and warrants.证券

2.preside v.to be in charge of a formal meeting or ceremony 主持

presiding adj.首席的，主持会议的

3.floor n.trading area of an exchange 交易场所

4.fluctuate v.to change or vary, especially continuously and between one level or thing and another 波动

5.commission n.a (system of) payment to someone who sells goods which is directly related to the amount of goods sold 佣金

6.transaction n.agreement, contract, exchange, understanding, or transfer of cash or property that occurs between two or more parties and establishes a legal obligation 交易

7.be charged with to be responsible for 负责

8.diverge v.to follow a different direction, or to be or become different 分歧

Passage 3

Federal Red Ink1

美国政府财政赤字

［1］“The deficit debate may seem like an esoteric argument among economists and politicians.”Says Irwin Kellner, an economist at New York City's Manufacturers Hanover Trust, “but it is actually very much a part of people's lives.” Indeed, the Government's record deficits are making an almost direct hit today on the average American's checkbook.The major effects:

［2］Interest rates.When consumers borrow money to buy a house, car or dishwasher, they are paying higher rates because of the deficits.Historically, the cost of borrowing funds is about 3% higher than inflation.At present, many loan rates are approximately 7% over inflation.Reason: fear among moneymen that the Government will borrow so heavily that less funds will be available for consumers and businesses2.During the recovery after the 1973—1975 recession, mortgage rates stood at about 9%, but they now average 12%.Says Jack Carlson, chief economist for the National Association of Realtors, “Consumers have to scrounge around for the crumbs.In the process, they are bidding up interest rates.”

［3］Employment.Federal red ink could result in fewer jobs than the recovery had promised.Businessmen wary of high borrowing costs have avoided making expensive capital investments for things like new factories, which create more employment.In addition, the overvalued dollar that has resulted from the deficits and high interest rates is costing Americans work.C.Fred Bergsten of the Institute for International Economics in Washington estimates that the U.S.will perhaps lose as many as 1 million jobs this year because the strong dollar abroad has reduced American exports and increased imports.3

［4］Inflation.Reluctance on the part of businesses to invest more in new factories could lead to faster price rises before long.If the recovery proceeds without sufficient investment, it may mean shortages of some products, and that could push inflation higher than the current rate of about 4%.Moreover, if the Federal Reserve bends to political pressure and increases the money supply in order to help finance the deficit, the inflation level could begin rising quickly.

［5］In the end, deficit spending is a way of robbing from the future to pay for a better standard of living right now4.A future generation will have to cut back on its expectations in order to pay off the debts that are being built up today.

Notes

1.red ink: colloquial term for a deficit or loss; opposite of black ink.赤字

2.译文：原因：金融家们担心，政府（在金融市场上）大量借钱会减少可供消费者和工商业借用的资金。

3.译文：此外，由财政赤字和高利率造成的美元价值过高，使美国人失去工作。据华盛顿的国际经济研究所的C.费雷德·伯格斯顿估计，美国今年也许会损失100万份工作，因为国外美元坚挺已使美国的出口下降，进口增加。

4.译文：归根结底，赤字支出是一种剥夺将来以支付当前比较好的生活标准的手段。

Words and Expressions

1.esoteric adj.very unusual; understood or liked by only a small number of people, especially those with special knowledge.深奥的，难懂的

2.hit v.to have an unpleasant or negative effect on a person or thing.打击

3.checkbook n.a book of cheques with your name printed on them which is given to you by your bank to make payments with.支票簿

4.mortgage n.an agreement which allows you to borrow money from a bank or similar organization, especially in order to buy a house or apartment, or the amount of money itself.抵押

5.scrounge v.to causes great suffering or a lot of trouble.四处搜寻

6.crumb n.a very small piece of bread, cake or biscuit 面包屑

7.bid v.to offer a particular amount of money for something which is for sale and compete against other people to buy it, especially at a public sale of goods or property出价；bid up 竞出高价

8.recover v.to get back something lost, especially health, ability, possessions, etc.恢复，复原

9.wary adj.not completely trusting or certain about something or someone 小心的，机警的

10.reluctance n.an unwillingness to do something 不愿，勉强

11.bend v.to unwillingly accept the opinions or decisions of other people 屈服

第二节　翻译技巧——语篇的衔接与翻译（二）

第一章的第二节讲解了语篇衔接语法手段中的照应、替代和省略三种手段的使用，以及英汉语篇中这三种手段存在的区别。这一章中，我们再来了解一下语法手段中的最后一种，即连接，词汇衔接手段和主、述位在语篇衔接中的应用。

一、连接

连接是通过连接词（connectors）体现语篇中时间关系，以及各种逻辑关系的语法手段。连接词分不仅包括传统语法中的连词（conjunctions），还包括具有连接意义的副词（adverbs）和介词短语（prepositional phrases）。逻辑关系包括因果、转折、添加或递进、选择、条件、对比和比较等关系。

例1：Passage 3 的第3段

Employment.Federal red ink could result in fewer jobs than① the recovery had promised.Businessmen wary of high borrowing costs have avoided making expensive capital investments for things like② new factories, which create more employment.In addition③, the overvalued dollar that has resulted from the deficits and④ high interest rates is costing Americans work.C.Fred Bergsten of the Institute for International Economics in Washington estimates that the U.S.will perhaps lose as many as⑤ 1 million jobs this year because⑥ the strong dollar abroad has reduced American exports and⑦ increased imports.

分析：原文中共有连接词七个：① than, ② like, ③ in addition, ④ and, ⑤ as...as, ⑥ because, ⑦ and。在七个连接词中，⑤ as...as没有译出是因为如果用汉语中对应比较关系的词汇“如”、“像”、“像„„一样”等来直译，会使汉语语言显得冗长、啰嗦。其他的连接词都已译出：than表示比较关系，在汉语中对应的译法有“比”、“（前加形容词）于”；表示比较关系的like, 在汉语中可译为“像”、“如”、“像„„之类”等；in addition表示添加关系，多译为“此外”；④ and表示并列添加成份，多译为“和”、“与”；because表示因果关系，译为“因为”、“由于”；⑦ and实际表示的不仅是添加，由于reduce和increase相对，还含有转折关系，所以译为“而”。

译文：联邦政府的财政赤字导致工作机会少于经济恢复所给予人们的希望。因借钱成本高而小心翼翼的商人避免作像建设新厂之类花钱多的资本投资，建设新工厂能创造更多的工作。此外，由财政赤字和高利率造成的美元价值过高，使美国人失去工作。据华盛顿的国际经济研究所的C·费雷德·伯格斯顿估计，美国今年也许会损失100万份工作，因为国外美元坚挺已使美国的出口下降，而进口增加。

英语和汉语语篇连接词相比较有一些相同点，如连接词的位置大多数情况下都出现在句首，它们的功能都是在语篇中衔接句子或段落，而且本身是意义明确的词或词组。但是，英语和汉语在使用这一手段时也有差异，特别是显性和隐性的差异，或者说是英语注重形合和汉语注重意合的差异。（杨丰宁，2006：188）

例3：A second aspect of technology transfer concentrates on US high technology exports.China has correctly complained in the past that the US was unnecessarily restrictive in limiting technology sales to China.Recently some liberalization has taken place and① major increases in technology transfers have taken place as the result.However② some items continue to be subject to restrictions and unnecessary delay, in part because③ the US government subunits many items to COCOM for approval.There is significant room for improvement with the US bureaucracy and COCOM.

But④ there is also reason to believe that the flow of technology will continue to grow and⑤that much of the major new technological innovation likely to occur in the US in coming years will be available to China.Also⑥, as⑦ new technology is developed in the US and other industrialized countries, older technologies will become available at a lower price and⑧ export restrictions on them will ease.

分析：如原文所示，这一英语语篇中共用了八个将句子衔接起来的连接词。其中有三个完全省略不译：But④, and⑤, also⑥。即使汉语中没有把But的意思译出，通过上下段的意思，我们也能推断出之间的转折关系；在原文中连接另一个宾语从句的and⑤和表示进一布解释说明的also⑥在注重形合的英文中是必不可少的。其他连接词的译出方式是：and①译为“因为”，表示前后两句的因果关系；However②直译为“但是”；because③译为“其中部分原因”；as⑦译为“随着”, and⑧译为“也”。

译文：技术转让第二方面集中在美国的高技术出口方面。过去中国曾抱怨说，美国不必要地限制对中国出售技术，这种抱怨是情有可原的。由于近来限制有所放宽，技术转让大大增加。但是，还有些项目继续限制出口或受到不必要的延误，其中部分原因是：美国政府要把许多项目提交巴黎统筹委员会批准。美国的官僚主义和巴黎统筹委员会的做法都大有改进的余地。

我们同样也有理由相信技术交流会继续发展；在今后几年里，美国可能出现的重大技术革新项目，有许多会转让给中国。随着技术在美国和其他工业化国家发展，老一些的技术将以较低的价格出售，对它们的限制也会放宽。

由此可见，汉语的意合无须借助词汇语法的衔接手段，仅靠词语和句子内含意义的逻辑联系（或靠各种语境和语用因素），便能构成连贯的语篇；英语则往往少不了词汇语法的显性衔接，即从语言形式上把词语句子结合成语篇整体。因此在双语互译时，便常见隐显不一的情况。（何善芬，2002：472）

下表对体现各种关系的连接词和词组进行了简要汇总

二、词汇衔接

词汇衔接指语篇中出现的一部分词汇相互之间存在语义上的联系，或重复，或由其他词语替代，或共同出现，即可分为重复、相似性、上下义词和词汇同现四种手段。

重复：主要指语篇中单词和词组的重复。

例：Passage 2的第一段

Since all the exchanges are organized and operate similarly to the NYSE, that exchange will be described in more detail.The NYSE is a corporation governed by a board of 21 directors: 10 chosen from the securities industry, 10 from outside that industry, and the presiding officer of the board, who is selected by the directors.The NYSE dose not own securities, buy or sell stocks, or influence their prices.It provides a centrally located place for its members to buy and sell securities.Membership in the exchange numbers 1366 individuals who have bought seats, which allows them to trade securities on the floor of the NYSE.

分析：这段中直接重复的词汇有：

exchanges→ exchange→ exchange;

the NYSE →the NYSE →the NYSE

从重复的两个词可以看出，文章主要是讲与纽约证券交易相关的事情。所以，重复手段的使用对突出语篇主题和加深读者的印象起着十分重要的作用。

译文：因为所有交易所的组织和营业方式都与纽约证券交易所相类似，所以就将它详细介绍一下。纽约证券交易所是一个由21名董事组成的董事会所管理的股份有限公司。其中10名从证券业内选出，10名从证券业外选出，还有1名由董事们选出的董事会主席。纽约证券交易所本身不拥有证券，不买卖股票，或是影响股票的价格。它为会员买进卖出证券提供一个集中的场所。交易所的会员数是1366个购得交易所席位的个人。有了席位才允许他们在纽约证券交易所场内买卖证券。一个席位的价值多年以来波动甚大，1929年高达62.5万美元，1876和1878两年降至4 000美元的低价。自1950年以来，一个席位的价值从1968年的51.5万美元到1977年的3.5万美元不等。

相似性：这种词汇衔接手段包括正反两方面，既指“同义性”和“近同义性”，也指各种形式的“反义性”。同义性和近同义性指具有同样意义或相近意义的不同词项之间的接应关系，不管这个词的意义是指人、物、过程或性质。使用两个或两个以上这样的词项，也被称为词汇链。互反义性是指两个词项之间可以期待一种意义有区别的对比关系。

例1：Passage 2第4段中第2、3句

As dealers, the specialists are charged with maintaining an orderly market in the stocks in which they specialize.In carrying out this responsibility, specialists should be trading against the market—that is, buying if the prices of his stocks are declining and selling if they are rising.

分析：文中的be charged with 虽然是动词词组，但和名词responsibility都表示某种职责和责任，因此，具有同样的意义。

译文：作为证券商，负责为他们专门经管的股票保持一个有秩序的市场。在履行这一职责时，专家经纪人应逆市进行交易，即当他专管的股票价格趋跌时买进股票，而当他的股票价格看涨时则卖出股票。

上义词和下义词：上义词的含义一般概括且抽象，下义词的含义一般具体。

例：Top students allow no interruption of their study time.Once the books are open, phone calls go unanswered, TV unwatched and newspaper unread.

分析：interruption可以看作是上义词，后面的phone calls, TV, newspaper是下义词，表示比较具体的含义。

译文：优秀的学生在学习时杜绝任何干扰。只要一打开书，从不接听电话，也不看电视和报纸。

词汇同现：指经常搭配的词在同一语境中出现。

例：When consumers borrow money to buy a house, car or dishwasher, they are paying higher rates because of the deficits.

分析：该句中的consumer, money, buy, paying在语义上都有联系，这样可以使语篇含义具有一致性和连贯性。

译文：消费者借钱买房子、汽车或洗碗机时，会因为财政赤字而支付比较高的利率。

练习

一、阅读下文，找出连接词，并将下文译成中文。

The Gold Standard

Almost all countries in the world now have some proportion of their international reserves in gold.The gold proportion of Canada's official international reserves is about 17 percent (February 1983).The Canadian dollar is not in any way connected with gold, nor is it expressed in terms of gold, in settling any transactions domestic or international.However, a country was once able to define its standard unit of money in terms of gold.For example, many countries were on gold standard until 1931；that is, the exchange relationship between one currency unit and another was fixed by the definition of each unit in terms of so many grains of pure gold.Even gold coins actually circulated along with other forms of currency.This system was somewhat changed to what is known as the gold-exchange standard system.Under this system, the value of a currency unit was not directly fixed or defined in terms of gold but rather in terms of a currency which was fixed in terms of so much gold.This is exactly what was established in 1944 under the Bretton Woods Agreements, the United States Treasury continued to buy and sell gold at US $35 an ounce in settlement of transactions with foreign governments, central banks, and licensed dealers and users.Thus, the U.S.dollar-gold link in effect played the role (the U.S.dollar as a gold proxy, so to speak) once played by gold only, and the country that used this standard had all the discipline of a gold standard without the expense of maintaining all its international reserves in gold.Currencies of other members of the International Monetary Fund (IMF) were then to have agreed par values in terms of U.S.dollar, with the obligation of the member concerned to keep open market exchange rates within a band of one percent above and one percent below the agreed par value.Under this system, the volume of world trade and investment has expanded substantially, but this success has also created many problems and imbalances among the countries.By the 1960s, the United States was accumulating balance of payments deficits while West Germany was showing balance of payments surpluses.In the face of this major disequilibrium, the United States was being drained of its ability to maintain the key role of the dollar in the international monetary system.The “boiling” point came in 1971: (1) in May 1971,several European countries let their currencies appreciate relative to the U.S.dollar, but others did not, which would have in effect-re-adjusted the U.S.dollar's position in relation to such currencies; (2) on August 15.1971, the president of the United States suspended the international gold convertibility for the U.S.dollar.The U.S.dollar was left to “float” in the foreign exchange markets, and it ceased to be a “key currency” that could be held in official reserves in view of former convertibility on demand into gold.As of 1971, it was believed that a new international monetary system would emerge, emphasizing the role of Special Drawing Rights of the International Monetary Fund.Many countries now express the value of their currency units in terms of SDRs, rather than gold or the U.S.dollar.For example, one unit of SDF is Canadian $1.3418 (February 23, 1983).

二、分析下文中词汇衔接手法的运用，并将文章译成中文。

Financial Markets

［1］Finance is the purchase and sale of legal instruments that give owners specified rights to a series of future cash flows.These legal instruments are known as financial assets or securities and include bonds, stocks, and loans made by financial institutions.

［2］The original issuer of a security is referred to as a borrower, and the purchaser is referred to as a lender.Borrowers have an immediate need for cash, whereas lenders have an excess of cash.When the borrower issues a security to the lender, both parties benefit; the borrower obtains the current use of cash and the lender obtains a claim to future cash flows that promises to repay the initial loan as well as to provide a fair rate of profit (in interest).

［3］Transactions between an initial borrower and lender are called primary market transactions.Many financial assets created in the primary market may be sold by the original lender to other people in what are known as secondary markets.The trading of marketable securities in secondary markets has no impact on the original borrower; only the legal owner of the security changes.Examples of formally incorporated secondary markets include the New York Stock Exchange, the American Stock Exchange, and the Tokyo Stock Exchange.Secondary market transactions that do not take place on incorporated exchanges are referred to as over-the-counter transactions.

［4］Most securities traded in the secondary markets belong to one of two broad classifications: bonds or stocks.Bonds are credit instruments redeemable in a given number of dollars and yielding a fixed return.Important characteristics of bonds include face (or par) value, maturity date, and coupon rate.Face values for most bonds are $1,000, although some government issues have $10,000 face values.Face value represents the total amount of cash payable to the owner at the bond's maturity date, which can range from 1 to 30 years.Prior to maturity, yearly coupon payments equal to the coupon rate times the face value are paid.These coupons represent a profit to the bond owner.Coupon rates on newly issued bonds closely follow the level of interest rates in the economy.Once set in the initial primary market sale, however, the coupon on a given issue will not change in response to changing interest rates in the economy.Instead, the market price of the bond changes.When a bond's coupon rate is equal to the general level of interest rates prevailing in the economy, the bond's market price will be equal to its face value.When the coupon rate is higher than prevailing interest rates, the bond will sell at a premium over its face value.When the coupon rate is lower than prevailing interest rates, the bond will sell at a discount from its face value.Interest on bonds constitutes a legal obligation, and failure to pay it may result in bankruptcy.

三、将下文划线部分译成中文，并填补空缺的连接词。

The Securities Exchange

［1］When people buy stock, most do so through one of the securities exchanges or marketplaces for stocks and bonds.These marketplaces are commonly called “stock exchanges” (　　) they provide a meeting place for both the buyer and seller.To understand why such securities or stock exchanges are important in the purchase and sale of stocks and bonds, consider what would happen (　　) you, and everyone who wanted to buy (to sell) securities, had to find your own buyer (or seller).How would you know what a fair price for the security is? More importantly, how would you find out who is interested in selling that stock to you (or buying it from you)? In order to handle this marketing problem, securities exchanges sprung up.These exchanges are nothing more than locations where stocks are bought and sold.And since there is a common meeting place for these transactions, people interested in buying and selling go there (or send their representatives).The result is a very systematic market process, where transactions are handled in an orderly manner and the operations are both supervised and regulated by law.In this way, the buyer (or seller) is ensured that the best price is secured and they are not shortchanged or cheated in any way.

Buying and Selling Securities

［2］The general approach in buying and selling securities, regardless of the exchange where they are purchased, is basically the same.We provide a general picture of how security transactions take place; and for a fuller understanding, we will discuss some of the important terminology and functions of security trading.

How Stocks Are Actually Purchased

［3］How would you go about buying stock in a major corporation? It's really quite simple.(　　), you would decide what you want to buy—such as 100 shares of IBM.(　　) you would place a call to your stockbroker, who would enter an order to buy the 100 shares at the current market price.

［4］Assuming your broker works for a major stock brokerage, the order would be telephoned directly to a company clerk on the floor of the New York Stock Exchange.The clerk would hand the order to a member of the Exchange who is partner in the brokerage.This individual would (　　) go to the appropriate locale on the trading floor (　　) ask for the latest quote on IBM.Let us say it is “70 to a quarter.” This means that someone is currently bidding” $70 for the stock and anther party is willing to sell at $70.25.(　　) your broker wants, a sale can be struck at $70.25 since the order calls for a purchase at the current market price.More likely, (　　), your broker will bid $70.125 and hope to save you one eighth of a point or $12.50.And it is likely that another broker with an order to sell will show up(　　) accept the bid of $70 1/8.The two brokers will (　　) initial each other's sales orders and see that the transaction is relayed to the exchange employee known as the reporter.The reporter sees that the sale is reported and a few minutes later it will come out on the ticker tape.

四、将下面中文译成英文，注意衔接手段的运用。

多头与空头（牛与熊）

“多头”是什么意思？这个名词是指指望股票价格上涨的投资者。多头预计市场价格会上涨而买进股票。

当然，市场价格不会总是上涨。有时，股票下跌并在持续的一段时间里保持低的价格。指望股票价格下降的投资者被称为“空头”。在大萧条时期，做空头的赚了大笔的钱。做多头的买空；做空头的卖空。

买空是指买进股票以便在价格上涨时卖出。如果市场价格下降，惟一能收回资金的办法是持留股票，等待市场的回升。卖空是指卖出的不是你所拥有的股票，以便在价格下跌时补进。举例来说，如果你听说IBM公司将宣布很低的赢利，估计IBM股票价格将从70美元降至65美元，你就可以卖空IBM股票，即告诉你的经纪人从经纪行某客户账面上借出这种股票，在股票跌到65美元时补进。当然，不要忘记，如果股票价格上涨而不是下跌，你将必须以较高的价格补进股票，因而损失卖出价和补进价之间的差额。所以，卖空的做法可能是很危险的。