金融英语阅读：有价证劵部分

会计考友

　　1. Vigorous Development of the Securities Sector
　　The financial markets can be classified in the following six
　　types:
$ ?' C. r; B& @, _0 o$ S1 K- f　　l Capital markets, which consist of:
$ `  {$ `4 b0 Z  D! h0 Y9 y　　capital market
　　亦称“长期金融市场”、“长期资金市场”。期限在一年以上各种资金借贷和证券交易的场所。因为在长期金融活动中，涉及资金期限长、风险大，具有长期较稳定收入，类似于资本投入，故称之为资本市场。
　　Stock market, which provides financing through the issuance of
　　shares, and enable the subsequent trading thereof. Shares are
9 b. l1 X3 k$ A! ?　　certificates or book entries representing ownership in a
! B8 s7 `/ Z, f7 V: x7 @4 P  `　　corporation or similar entity.
+ M8 n. f3 I# M! A/ ]4 Y  H　　(1)股票市场是已经发行的股票按时价进行转让、买卖和流通的市场，包括交易市场和流通市场两部分。
7 L" o7 N4 N6 a8 i- v1 F　　(2)thereof ad.在其中, 关于...
3 v; G" z1 p" N) a- q1 C7 D" p　　(3)（certificates or book entries）representing ownership in a
　　corporation or similar
　　entity由动名词representing引导的动名词短语，做后置定语，修饰前面的certificates or book
" m  A: X, {; @" X3 _　　entries。
" u" T' v" d" b0 t　　(4)certificate n.A document certifying ownership.凭证：证明所有权的文件
4 ]2 G% X$ M3 g, z　　Bond market, which provides financing through the issuance of
　　bonds, and enable the subsequent trading thereof. Bonds are
　　written evidences of debts.
: S1 _8 D4 D+ [/ m- J4 N　　(1)债券市场是发行和买卖债券的场所。
　　(2)evidence n.A thing or things helpful in forming a
　　conclusion or judgment:证明，证据：有助于得出结论或做出判断的东西或事物
# |, Q% I( @% k+ x# {/ I4 i　　l Commodity market, which facilitates the trading of
　　commodities.
　　(1)commodity market商品市场
4 x2 p. P7 ^5 Z( R! a　　l Money market, which provides short term debt
  [" O. z1 f9 u! ?0 m6 Z1 m7 W　　financing and investment.
　　(1)货币市场是短期资金市场，是指融资期限在一年以下的金融市场。货币市场就其结构而言，包括同业拆借市场、票据贴现市场、短期政府债券市场、证券回购市场等。
　　(1)debt financing债务融资
1 U/ d/ L7 P0 B: V  |  w8 t+ A　　l Derivatives market, which provides instruments for
- g; A! x5 _5 I! P: |　　the management of financial risk.
1 F; `5 M; I- f" e% u　　(1)derivatives market衍生品市场
　　Futures market, where standardized futures contracts and
' r0 R& ?) g% n+ j: r% ]3 g# `, _　　options contracts on a whole range of underlying products are
' F/ m9 P  Z: L" [# z4 P: Y) i* {8 H+ n　　traded.
* a/ e" @4 t1 f+ E( N　　(1)futures market期货市场
+ ?- G, A* Q+ z' M　　(2)futures contracts期货合约
　　(3)options contracts期权合约
　　Options are the right to buy or sell a financial instrument at
　　an agreed price at some future time.
5 C) N9 n  z6 g　　(1)option n.A right to buy or sell specific securities or
　　commodities at a stated price within a specified
- Y; H% ], h1 L6 M1 M　　time.期权：在规定时间内的以固定价格买卖特定的债券或商品的权力
  Z, L  t  }7 N1 Z% ~5 ~　　l Insurance market, which facilitates the
　　redistribution of various risks.
　　insurance market保险市场
　　l Foreign exchange market, which facilitates the
9 V, ]: R3 f4 g- A1 a$ d　　trading of foreign exchange.
2 ?5 W2 P7 E+ i　　（1）Forex
　　market外汇交易市场——银行同业市场，建立于1971年，当时国际贸易从固定汇率转向浮动汇率。从此，一种货币相对于另一种货币的汇率通常以显式的方式来表示——双方都同意的交换关系。
　　The capital market consists of primary and secondary markets.
) s" C" C. t! a3 V6 X　　The primary market is that part of the capital market that
　　deals with the issuance of new securities. The secondary
　　market is the financial market for trading of securities that
9 w( x4 ^! e1 t% w　　have already been issued in an initial private or public
" {1 g7 c0 u7 K7 k　　offering.
; J; s: f/ l0 G" u% ^8 V　　(1)资本市场可以分一级市场和二级市场
　　(2)
　　一级市场又称为初级市场或是发行市场，顾名思义就是企业首次发行股票以进行筹资的市场，为股市交易活动的发源处。公司在发售债券和股票时有两种类型：公开发行和私下募集。
$ g& Z6 `# b9 n3 x+ v2 {2 N6 ?　　(3)二级市场——指证券交易市场。是证券经过发行市场后,投资者不断对证券进行买卖交易,所产生的证券流通市场。二级市场又称为流通市场，为投资人交易已发行证券的场所。不同于一级市场的“一次性发行”，在二级市场上流通的股票可以被反覆地买进与卖出，一般市场常在说的“股市”即为二级市场。