6. EJEMPLO PRÁCTICO DE APLICACIÓN
6.1. Pasos a realizar para el cálculo de la afección de los establecimientos:
• Vocabulary
Match up the following words and definitions.
1 Futures
A contracts giving the right, but not the obligation, to buy or sell a security, a currency, or a commodity at a fixed price during a certain period of time
2 Options
B contracts to buy or sell fixed quantities of commodity, currency, or financial asset at a future date, at a price fixed at the time of making the contract
3 Commodities
C a general name for all financial instruments whose price depends on the movement of another price
4 Derivatives
D buying securities or other assets in the hope of making a capital gain by selling them at a higher price (or selling them in the hope of buying them back at a lower price)
5 Hedging
E making contracts to buy or sell a commodity or financial asset at a pre-arranged price in the future as a protection or ‘insurance’ against price changes
5. Speculation
F raw materials or primary products (metals, cereals, coffee, etc.) that are traded on special markets
• Reading
Select ten or eleven of the following words that you would expect to find in an introductory text about futures and options.
Assets beer bush call commodities contracts Copper currencies discount store foodstuffs hedge
Liabilities plastic phone raw materials
shout
Spot market supermarket tea
Now read the text, and see if you find the words you selected.
Futures
Every weekday, enormous amounts of commodities, currencies and financial securities are traded for immediate delivery at their current price on spot markets. Yet there are also futures markets on which contracts can be made to buy and sell commodities, currencies, and various financial assets, at a future date (e.g. three, six or nine months adead), but with the price fixed at the time of the deal.
Standardized deals for fixed quantities and time periods (e.g. 25 tons of copper to be delivered next June 30) are called futures; individual, non-standard, ‘over-the’counter’ deals between two parties (e.g. 1.7
billion yen to be exchanged for dollars on September 15, at a rate set today) are called forward contracts.
Hedging and speculating
Futures, options and other derivatives exist in order that companies and individuals may attempt to diminish the effects of, or profit from, future changes in commodity and asset prices, exchange rates, interest rates, and so on. For example, the prices of foodstuffs, such as wheat, maize, coca, coffee, tea and orange juice are frequently affected by droughts, floods and other extreme weather conditions.
Consequently many producers and buyers of raw matrials want to hedge, in order to guarantee next season’s prices. When commodity prices are expected to rise, future prices are obviously higher than (at a premium on) spot prices; when they are expected to fall they are at a discount on spot prices.
In recent years, especially since financial deregulation, exchange rates and interest rates have also fluctuated widly. Many businesses, therefore, want to buy or sell currencies at a guaranteed future price. Speculators, anticipating currency appreciations or depreciations, or interest rate movements, are also active in currency futures markets, such as the London International Financial Futures Exchange (LIFFE, pronounced ‘life’).
Options
As well as currencies and commodities, there is now a huge futures market in stocks and shares. One can buy options giving the right – but not the obligation – to buy and sell securities at a fixed price in the future. A call option gives the right to buy securities (or a currency, or a commodity) at a certain price during a certain period of time. A put option gives the right to sell an asset at a certain price during a certain period of time. These options allow organizations to hedge their equity investments.
For example, if you think a share worth 100 will rise, you can buy a call option giving the right to buy at 100, hoping to sell this option, or to buy and resell the share at a profit. Alternatively, you can write a put option giving someone else the right to sell the shares at
100: if the market price remains above 100, no one will exercise the option, so you earn the premium.
On the contrary, if you expect the value of a share that you own to fall below its current price of 100, you can buy a put option at 100 (or higher): if the price falls, you can still sell your shares at this price. Alternatively, you could write a call option giving someone else the right to buy the share at 100: if the market price of the underlying security remains below the option’s exercise price or strike price, no-one will take up the option, and you earn the premium.
Swaps
Options are merely one type of derivative instrument, based on another underlying price. Many companies nowadays also arrange currency swaps and interest rate swaps with other companies or financial institutions. For example, a French company that can borrow francs at a preferential rate, but which also needs yen, can arrange a swap with a Japanese company in the opposite position. Such currency swaps, designed to achieve interest rate savings, are of course open to the risk of exchange rate fluctuations. A company with a lot of fixed interest debt might choose to exchange some of it for another company’s floating rate loans. Whether they save or lose money will depend on the movement of interest rates.
Call option – opţiune de achiziţie Put option – opţiune de vânzare
Exercise price / strike price – preţ de exerciţiu Swap – schimb
• Summarizing
Complete the following sentences
1 The difference between futures and forward contracts is ….
2 Producers and buyers often choose to hedge because ….
3 Speculators can make money on currency futures if …
4 If you believe that a share price will rise, possible option strategies include …
5 On the contrary, if you think a share price will fall, possible option strategies include …
6. The risk with currency and interest rate swaps is that …
• Vocabulary
Find words in the text that are in an obvious sense the opposite of the terms below.
Appreciate call discount drought floating
Hedging spot market strike price
• Glossary
Acceptance – acceptare (trată) Acceptor – tras, acceptor
Allow credit – a acorda un credit
All-time high – un record de creştere a cursului All-time low – un record de scădere a cursului Amount – o sumă, un total
Amount to – a se ridica la, a ajunge la Arrears – datorii, restanţe, arierate
Articles of Association – statutul societăţii Assess, to estimate – a evalua, a estima
Assessment, an estimate – o evaluare, o estimare Assets – activul
Auction – o vânzare prin licitaţie Austerity – austeritate
Back – a susţine financiar
Bad cheque, dud check – cec fără acoperire Bad debt – o creanţă neplătită
Balance of account –un sold de cont Balance of Payments – balanţa de plăţi
Balance of Trade – balanţa comercială Bank clerks – funcţionari bancari
Bank (A.E. discount) rate – rata scontului Băncii centrale Bank account – cont bancar
Bank tellers – casieri (la bancă) Bank wickets – ghişee ale băncii
Banking regulation – reglementări bancare Banknotes (A.E. bills) – bancnote
Bargain – a negocia Barrier – o barieră
Barter / counter-trade – troc
Base rate / prime rate – taxă preferenţială / rata de bază Be in the black – a fi creditor
Be in the red – a fi descoperit/ în deficit
Bear – un speculator de bursă (care mizează pe scăderea cursului) Bear an interest – a produce o dobândă
Bearer – un purtător
Bearer cheque – cec la purtător Benefit – un avantaj
Bill, a check (US) – o notă de plată Bills – facturi, note de plată, efecte bancare
Bills of Exchange (B.E.), drafts – cambii, poliţe, trate Bite – a avea efect
Blank cheque – cec în alb
Blue chips – acţiuni ale marilor companii Board of directors – consiliul de administraţie Bond – o obligaţiune
Bonus issue, shares / stock dividends – acţiuni gratuite, dividente nominale
Boom – un avânt (perioadă de succes) Boost – a relansa
Borrow – a lua cu împrumut Borrower – cel care ia cu împrumut Branch – sucursală
Brand – o marcă comercială Break even – a echilibra conturile Bring down – a micşora, a diminua Brisk – activ, animat
Buck – bancnotă sau bancnote de un dolar (A.E. familiară)
Building society – o bancă populară de economii pentru cumpărare de locuinţe
Bull – un speculator de bursă (care mizează pe creşterea cursului) Bullion – lingou din metal preţios
Buoyant – susţinut, bine orientat Buy forward – a cumpăra la termen Bylaw – prevedere regulamentară
Cap taxes – a fixa un plafon pentru impozite Cash a cheque – a încasa un cec
Cash flow – flux de numerar
Cash point – un aparat distribuitor de bancnote Cashier – casier în unităţi economice
Ceiling – plafon, nivel maxim Central Bank – banca centrală
Change francs into pounds – a schimba francii în lire Charge – taxă, preţ, cheltuieli
Cheque-book – carnet de cecuri
Cheque-book (A.E. checkbook) – carnet de cecuri
Chief executive officer / managing director – director general Clearance sale – o vânzare la solduri
Clearing-house – cameră de compensare/decontare/oficiu cliring Close – închidere
Close down – a avea un curs scăzut la închidere Coin money – a bate monedă
Coins – monede, bani metalici Collapse – a se prăbuşi
Collateral – garanţie, gaj / garant, girant, gir Collect – a încasa, a percepe (impozite)
Commercial / retail bank – bancă comerciale / bancă de depozit Commodity – o marfă (de larg consum)
Compete with sb. – a concura cu cineva, a face concurenţă cuiva Competitive – competitiv
Composite rate – rată compusă Contribution – cotizaţie, contribuţie
Convergence criteria – criterii de convergenţă
Cost accounting – contabilitate analitică / analiza costurilor Cost effective- rentabil, care îşi merită preţul
Cost of living – costul vieţii Council tax – impozite locale Counter – ghişeu
Counterfeit – a contraface, a falsifica, a face bancnote false Credit a sum to an account – a vira o sumă într-un cont Credit an account – a credita un cont
Credit rating – evaluare a solvabilităţii clientelei Credit squeeze – restrângere a creditului
Credit standing – situaţie financiară, gradul de solvabilitate Creditor – creditor
Crisis – o criză Cross out – a bara Crumble – a se prăbuşi Curb – a frâna, a stăpâni Currencies – devize
Current / checking account – cont curent
Current account deficit – un deficit al balanţei de plăţi curente Current account; account current – cont curent
Custom-made – făcut pe/la comandă Customs – vamă
Dabble on the Stock Exchange – a juca la Bursă Deal – o tranzacţie
Dealer – un dealer
Debit a sum from an account – a debita o sumă dintr-un cont Debit an account by a sum – a debita un cont dintr-o sumă Debt – o datorie
Debtor – un debitor
Decline – a decădea, o scădere Deeds – acte, contracte Default – a nu onora
Default on a payment – a nu onora o plată Defaulter – rău platnic
Deposit / time / notice account – cont de depunere
Deposit account – cont de depunere la scadenţă, de depozit Deposit bank – bancă de depuneri
Depositor – depunător
Depreciation – amortizare, depreciere
Deregulation – dereglementare Devaluate – a devaloriza Devalue – a devaloriza Dip – a scădea, a descreşte Direct debit – debitare directă Directive – o directivă
Discontinue – a înceta (de a mai face ceva), a întrerupe Discount – a sconta (o poliţă)
Discount a draft – a sconta o trată Discount bank – bancă de scont Dividends – dividente
Downturn, a downswing – un regres
Draw on an account – a scoate dintr-un cont, a retrage dintr-un cont Draw on sight – a trage la vedere
Draw on someone – a trage (o trată) asupra cuiva Drawee – tras
Drawer – trăgător
Drop, to fall, to come down – a scădea, a se micşora Dull – inactiv
Duty –o taxă
Earn an interest – a produce o dobândă Earnings – câştiguri, venituri (salariale) Ease – a se relaxa
Encash – a încasa un cec (la bancă) Endorse – a andosa
Endorse a cheque – a andosa un cec Endorsement – andosare
Enquiry, inquiry – cerere de informaţii Equities – acţiuni ordinare
Erasure – ştergere, ştersătură Exceed – a depăşi
Exchange – schimb
Exchange broker – agent de schimb Exchange bureau – birou de schimb Exchange rate – rată de schimb Executive – administrator Expenses – cheltuieli, plăţi Face value – valoarea nominală Fall back – a se replia
Fall due – a sosi la scadenţă
Fall, drop in prices – o scădere a preţurilor
Federal Reserve Bank (the Fed) (A.E.) – banca federală de rezerve, banca centrală a S.U.A.
Fee – un onorariu Figure – o cifră
File for bankruptcy, to file under chapter 11 (US) – a-şi depune bilanţul, a cere falimentul
Fill in a form – a completa un formular Finance, to fund – a finanţa, a acorda fonduri
Financial backing (support) – susţinere financiară, sprijin financiar Firm – ferm
Flat rate – rată uniformă
Float (a currency) – a face/ a lăsa să oscileze o monedă străină Float a company – a lansa o societate
Flourish – a prospera
Foot the bill – a achita nota de plată Forecast, an outlook – o previziune Foreign / overseas trade – comerţ exterior Foreign resident – rezident străin
Forge – a falsifica, a contraface (bancnote, documente)
Forgery – contrafacere, falsificare, falsuri (bancnote, documente) Free trade – liber schimb
Fringe benefit – beneficiu suplimentar (în afara salariului) Futures market – piaţa tranzacţiilor la termen
Gain – a câştiga / un câştig, o plus-valoare
Gilt-edged securities – valori/titluri fără risc (obligaţiuni de stat) Giro – cecuri poştale
Giro account – cont-cecuri poştal Give notice – a da un preaviz
Globalise – a se extinde la scară mondială Go belly up (US) – a da faliment
Go into administration – a fi supus unei proceduri de lichidare juridicară
Go into liquidation – a intra în lichidare
Go on a welfare – a se înscrie la asistenţă socială Go public – a intra la Bursă, a fi acceptat la Bursă Go up, to rise – a creşte, a urca, a se mări
Goods, wares – produse, mărfuri
Grant – a acorda, a aloca / o alocaţie, un ajutor financiar Grant a loan – a acorda un împrumut
Grant credit – a acorda un credit
Greenbacks – dolari (americanism familiar) Gross Domestic Product – Produsul Intern Brut Gross National Product – Produsul Naţional Brut Hard cash – bani gheaţă
Hedge – a se acoperi (risc)
Hike prices (US) – a mări, a creşte preţuri
Historical cost accounting – contabilitatea costurilor de achiziţie / istorice
Holder – titular (carte de credit)
Holder of an account, account holder – deţinător al unui cont Home savings plan – plan de economii pt. (construcţia de) locuinţe Home trade – comerţ intern
Hot money – bani fierbinţi (capital atras din străinătate de dobânzi ridicate sau de un climat politic sigur)
In cash – în numerar In custody – în custodie
In real terms – în bani constanţi
In the red, overdrawn – epuizat, descoperit (un cont) Incentive – un stimulent
Income statement (A.E.)/operating statement (B.E.) – cont de exploatare, cont de profituri şi pierderi
Income tax – impozit pe venit Index – a indexa
Index-linked – indexat Inflation – inflaţie Inflationary – inflaţionist
Inheritance tax – drepturi de succesiune Interest – dobândă
International Monetary Fund (I.M.F.) – Fondul Monetar Internaţional (F.M.I.)
Investment (B.E. merchant) bank – bancă de investiţii Investments – investiţii
Invoice – factură Issue – a emite
Jack up – a mări preţuri Jewels – bijuterii
Joint account – cont comun
Junk bonds – obligaţiuni fără valoare
Kickstart the economy – a impulsiona economia
Leave a deposit – a lăsa o garanţie Legal tender – ofertă legală, curs legal Lend – a da cu împrumut
Lending rate – rata de împrumut Level off – a se relaxa
Leverage – capacitate de influenţă / raportul dintre creanţe şi capital / creşterea rentabilităţii capitalului unei societăţi ca urmare a contractării de datorii
Leveraged buyout – răscumpărarea unei societăţi datorită creşterii rentabilităţii capitalului ca urmare a contractării de datorii
Levy – a percepe, a impune (o taxă, un impozit) / o taxă Liabilities – pasivul
Liquidation – lichidare
Listed company – societate pe acţiuni Loan shark – un cămătar
Loans – împrumuturi
Look up, to pick up – a se redresa Loss – o pierdere
Loss-making, unprofitable – nerentabil
Lump sum settlement – plată forfetară, plată globală Make – o marcă (de fabrică), fabricaţie
Maturity (of a loan) – scadenţa unui împrumut Mercantile Exchange – Bursa de mărfuri Merchant bank – o bancă comercială
Merchant bank / Investment bank – bancă comercială / de investiţii Mint – institut britanic de emisiune monetară/ Monetăria Statului Monetary – monetar
Monetary supply – masă monetară Money order – mandat poştal Mortgage – ipotecă
Mutual Fund – societate de investiţii cu capital variabil Note – bancnotă divizionară
Offset – a contrabalansa, a compensa
Open up – a avea un curs ridicat la deschidere Opt-out clause – o clauză excepţională Order – o comandă
Outlet – un debuşeu, un punct de desfacere Outstanding – neachitat, întârziat (la plată) Overdraft – descoperire în cont, sold debitor
Overdraw (an account) – a descoperi, a epuiza un cont
Overdue – expirat, întârziat, scadent Overheads, fixed costs – cheltuieli fixe Overheat – a supraîncălzi
Over-the-counter market – piaţă de titluri fără valoare Pace – beneficiar
Paper money – bani de hârtie, bancnote Pawn – a gaja, a amaneta
Pawnbroker – cămătar
Pay (in) cash – a plăti în numerar, a plăti cu bani gheaţă
Pay as you earn (PAYE) – plata prin prelevare direct de la sursă Pay back, to repay – a rambursa
Pay into an account – a vărsa într-un cont Payee – beneficiar
Pay-in slip – foaie de depunere sau de vărsământ Payment by installments – plată în rate
Payment in cash – plată în numerar Payment-in – virament (într-un cont) Pick up the tab – a achita nota de plată Plough back profits – a reinvesti profiturile
Plummet – a merge foarte prost, a avea greutăţi mari Policy – o politică, o strategie
Portfolio – un portofoliu (de valori) Postpone –a întârzia, a amâna Premise – locaţie
Price index – un indice de preţ Prime rate (A.E.) – rată de bază
Private limited company – societate cu răspundere limitată Privatise – a privatiza
Production, output – producţie Profit margin – o marjă de profit
Promissory note – bilet de ordin, cambie, titlu de gaj, obligaţiune Pundit – un expert
Purchase – o achiziţie, o cumpărare Qualified majority – majoritatea calificată
Quid (B.E.) – bancnotă sau bancnote de o liră (familiar) Quota – o cotă-parte
Quote – a cota
Quoted or listed company – societate cotată la bursă Rally – a se reface, a se întări
Recover – a se restabili, a-şi reveni, a se reface
Recurring – care se repetă, periodic, recurent Recurring expenses – cheltuieli recurente Reduce, to cut back – a reduce
Refund – a rambursa
Registrar of companies – registrul de comerţ Regulation – regulament, reglementare Remittance – vărsământ
Rents – chirii
Repay, to pay back – a rambursa Residual value – valoare reziduală Restrict – a impune o restricţie
Retail price index – indicele preţurilor cu amănuntul Revalue – a reevalua
Revenue – venituri
Rights issue – emisiuni rezervate acţionarilor Rise in prices – o creştere a preţurilor Running costs – cheltuieli variabile Safe – casă de bani
Savings – economii, bani economisiţi Savings account – cont de economii Savings Bank – casă de economii Security – titlu de valoare
Sell at a premium – a vinde sub preţul pieţei Sell short – a vinde la termen, a subevalua Setback – o cădere, o involuţie, un regres Settle – a echilibra un cont, a plăti Settlement – plată
Share – a împărţi, a participa împreună Share – o acţiune
Shoot up – a creşte vertiginos Short term – pe termen scurt Shortage – o penurie
Shortfall – o lipsă, o insuficienţă Sight withdrawal – retragere la vedere Single market – o piaţă unică
Slacken, to slow down – a încetini, a frâna Slash – a reduce radical
Slide – a scădea
Slow payer – rău platnic Slump – a scădea masiv
Small amount, small sum – sumă mică Solvency – solvabilitate
Spending – cheltuieli
Spin-off – o schimbare radicală
Spot market – piaţa tranzacţiilor cu plata pe loc Spread / Margin – marjă, margine
Squeeze – a presa, a constrânge
Stagflation – stagflaţie, (stagnare economică + inflaţie) Stagnate – a stagna
Stake – participare, interest
Standard of living – standardul de viaţă Statement of account – extras de cont bancar Steady – stabil
Stimulate – a sitmula
Stock Exchange – Bursa de Valori Stock market – o piaţă bursieră Stock, securities – valori, titluri
Stockbroker – un agent de schimb/bursă
Stub, counter-foil – cotor, talon, matcă (de chitanţă, cec etc.) Subscribe – a subscrie
Subscription – abonament Subside –a subvenţiona
Sue – a face un proces, a chema în instanţă Sum – o sumă
Summit – o întâlnire de vârf
Supply / provide sb. With sth. – ofertă, a furniza ceva cuiva Survey – un studiu, o anchetă
Swap – swap (operaţie de schimb între două devize prevăzută pentru o anumită perioadă)
Target – o ţintă Tariff – un tarif vamal
Tax – a impune taxe, a impozita Tax allowance – scutire de taxe
Tax break – o reducere/ scădere de impozit Tax collector – un perceptor
Tax haven – un paradis fiscal Tax relief – degrevare de impozit Taxpayer – un contribuabil
Telegraphic money order – mandat telegrafic Thrive, to prosper – a prospera
Tighten one’s belt – a strânge cureaua Trade – a face comerţ
Trade bank – bancă comercială Trade gap – un deficit comercial Transfer – a transfera, a vira
Traveller’s cheques (A.E. traveler’s checks) – cecuri de călătorie Treasury – tezaurul public
Trend – o tendinţă
Trust – a avea încredere, a încredinţa Turnover – volumul afacerilor
Underwrite – garantarea subscrierii unei emisiuni Upturn, an upswing – o redresare, o ascensiune Valuables – obiecte de valoare
Valuables / deeds – acte, valori
Value added tax – taxă pe valoarea adăugată Venture capital – capital de risc
Veto sth. – a-şi exprima dreptul de veto faţă de ceva Volatile – nervos, febril
Veto sth. – a-şi exprima dreptul de veto faţă de ceva Volatile – nervos, febril