金融英语chapterfourInvestmentBank

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1、Chapter Four Investment BankFinancial English Lead-in questionsBackground knowledgeGlossary, phrases and special termsLearning objectivesNotes to the textKey to exercisesContent Learning objective:By the end of this chapter and the relevant reading you should be able to: Describe the main services p

2、rovided by investment banks. Describe briefly possible regional differences for future investment banking. Explain why investment banks see many opportunities in the emerging markets. Describe the impact of macroeconomic trends and factors on the business of investment banks. Lead-in questions1. Whi

3、ch one of the following services is NOT offered by a typical investment bank? A. Stock Underwriting B. Asset Management C. Merger 意味着; 发展成例句：Their debts amount to over one million US dollars.他们的债务已经超过了一百万美元。His parents once thought that he was so stupid that he would never amount to anything.他父母一度认为

4、他笨得来以后不会有什么出息。 Phrasescompensate for补偿损失；弥补 例句：Under pressure, big retailers suggest a price rise to compensate for the rising costs. 大型零售商在压力之下建议涨价以抵消成本的上涨。The mobile phone manufacturer will offer free video game applications to customers to compensate for its service interruptions last month.该手机制造

5、商将提供免费的游戏应用程序以弥补其上个月服务中断给客户带来的不便。 Phrasesin the event of倘若；假如情况出现例句：In the event of my late arrival, please leave me a message.倘若我到晚了的话，请给我留个信。In the event of a European banking sector crisis, commodities prices will probably fall dramatically.假如爆发一场欧洲银行业危机，那大宗商品的价格很可能会暴跌。 Phrasesthe lions share最大或最

6、好的一份例句：Some economists warn that debt servicing will take lions share of the American governments expenditure.一些经济学家警告偿还债务将成为美国政府最大的开支项目。Followed by applied research, experimental development took the lions share of the total R second, a new breed of global corporate players will demand sophisticate

7、d investment-banking services; third, the emerging worlds capital markets will continue to develop; fourth, global investment banks are redirecting their resources toward emerging markets. 3) Why were emerging markets, compared to their Western counterparts, less affected by the credit crunch?Becaus

8、e comparatively there was only limited product origination and securitization was not so abundant as in the developed markets. Another reason is that many institutions in emerging markets are not required to mark assets such as bad loans to market. Key to exercises1. Q uestions on the text:4) Why do

9、 the authors believe Asian markets are fast becoming as demanding and sophisticated as markets in Europe and the United States? Because clients in Asia have developed a taste for complex financial products and demand good local service; domestic competitors are ramping up their skills and building g

10、ood teams by attracting international talent. And both clients and regulators in emerging Asian markets demand a true commitment to the local market. Key to exercises1. Q uestions on the text:5) What are the key growth drivers for the development of capital markets in Brazil?There are four key growt

11、h drivers: first, local and international banks will invest in building sales and trading capabilities; second, the countrys return to investment-grade status and a program of large infrastructure projects will create long-term financing needs and promote the development of a proper yield curve; thi

12、rd, the recent relaxation of restrictions on investment is expected to be followed by tax changes that will benefit foreign investors and the trading of derivatives; finally, Brazils overall macroeconomic outlook and its strong structural demand and the economys focus on commodities will boost capit

13、al market activities. Key to exercises2. Fill in each blank of the following sentences with one of the words or phrases in the list given below: 1) benign 2) faltering 3) compensate for4) ramp up 5) thriving 6) calls into question7) resilient 8) comply with9) catch up with 10) underpinned3. Match th

14、e terms in column A with the explanations in column B:1) d 2) e 3) a 4) b 5) c 4. Fill in each of the following gaps with one of the sentences given below: 1) E 2) D 3) A 4) B 5) C Key to exercises5. Translate the following into Chinese:在目前金融危机的一片混乱之中，很难接受投资银行一夜之间就从华尔街上曾经的王者沦为正在困境中挣扎的落难者这一事实。尽管摩根斯坦利

15、刚刚发布了高额盈利报告，但雷曼兄弟的破产仍然将其推向绝境。随着另外两家大型投资银行贝尔斯登和美林证券被逐一收购，所有的目光都落在摩根斯坦利和高盛这两家仅存的大投行身上。次级贷款灾难并非此次危机的触发因素，而是危机的表象。问题的根源在于这些年来未能全面和系统地衡量影响到金融市场中几乎所有各类高风险资产的风险并对风险合理地定价。简单地来讲，金融机构依靠金融创新以创造价值；但同时也必须保证那些对这些机构的风险管理水平提出了更高要求的复杂金融产品一定要被充分理解并合理定价。 Key to exercises对那些高度结构化和证券化了的产品来说更是如此近来很少有人能真正理解这些产品所依附的资产。现在回想

16、起来，很明显投资银行在繁荣的这些年中一味地追求高回报而忽视了这些风险，最终导致了银行倒闭和投资者的巨额亏损。 Key to exercises6. Translate the following sentences into English by using the words or phrases in brackets:1)鉴于疲软的经济增长前景，我怀疑这个生意最终能真正赚到钱。(amount to)Given the sluggish economic outlook, I doubt that this business will ever amount to anything rea

17、lly profitable.Nearly every state maintains a 24-hour emergency hotline, which should be utilized in the event of a chemical or oil spill. 2)几乎各州都设立了24小时的紧急热线电话，一旦出现化学品或石油泄漏就应当拨打这些电话。(in the event of) Key to exercises6. Translate the following sentences into English by using the words or phrases in

18、brackets:3)一份最新报告显示，在低收入国家，交通和能源行业吸收了最大一部分的基础设施建设开支。(the lions share) According to a recent report, in low-income countries, transport and energy sectors together absorb the lions share of infrastructure spending. Key to exercises6. Translate the following sentences into English by using the words o

19、r phrases in brackets:5)依赖于其经济发展的内在活力，这个亚洲国家在席卷全球的金融危机中表现得相对不错。(fare) The Asian country fared comparatively well during the financial crisis that had engulfed the world, mainly due to the inherent strength of its economy. 4)当地紧急情况管理负责人表示救援队伍只有两到三天的最佳救援时机以救出那些被强烈地震所困的人员。(window of opportunity) The local emergency management chief says rescue teams have a window of opportunity of only two or three days to recover people trapped by the devastating earthquake. End of Chapter Four