【文章內(nèi)容簡介】 ions are always structured as “mutuals” or cooperatives.(3) Life insurance panies sell annuities and provide people with protection against the possibility of untimely death, illnesses and retirement. Property insurance involves insurance coverage related to the loss of real and personal property. Casualty insurance concerns protection against legal liability exposures.(4) The author divides the securities industry into three tiers. The first tier is the largest firms, the socalled national fullline firms, which serve as brokerdealers for retail customers and underwriters for corporate customers. The second tier is the national fullline firms that specialize more in corporate finance and are highly active in trading securities. The third tier is those firms which are specialized investment bank subsidiaries of mercial bank holding panies, specialized discount brokers that effect trades for customers without offering investment advice or tips, and regional securities firms that concentrate on servicing customers in a particular region.(5) An openend fund is a mutual fund that has no limit on the number of shares it issues. It issues and redeems shares on demand. The net asset value of shares is determined solely by the changes in prices of the stocks or bonds the fund owns, not the size of the fund itself.(6) There are three types – sales finance institutions, personal credit institutions, and business credit institutions. Sales finance institutions specialize in making loans to the customers of a particular retailer or manufacturer. Personal credit institutions specialize in making installment and other loans to consumers. Business credit institutions are panies that provide financing to corporations, especially through equipment leasing and factoring, in which finance pany purchases accounts receivable at a discount from their value from corporate customers.2. Translate the following into English(1) The financial tsunami emerged in the second half of 2008 annihilated the five largest investment banks in the Wall Street. The Bear Stearns Cos, the fifth largest investment bank in the Wall Street and with a history of 85 years, was sold to . Morgan Chase amp。 Co at low price. The 94yearold Merrill Lynch was purchased by the Bank of America. The 158yearold Lehman Brothers declared a bankruptcy. The 139yearold Goldman Sachs and the 73yearold Morgan Stanley were both turned from investment banks into bank holding panies.(2) China Banking Regulatory Commission (CBRC) was established on April 28, 2003. It is from this year that the Industrial and Commercial Bank of China, the Bank of China, China Construction Bank, and the Bank of Communications consecutively started allround jointstock reforms and successfully listed with stock exchanges. These banks kept constantly narrowing the gap with international advanced banks in corporate governance, development strategy, operating performance, etc. By the end of December 2007, the total assets of financial institutions in the banking industry had increased from RMB trillion yuan at the end of 2002 to RMB trillion yuan. The ratio of nonperforming loans of major mercial banks had decreased from % at the end of 2002 to %. The number of banks meeting the capital adequacy requirement had increased from 8 at the end of 2003 to 136 at the end of September 2007. Accordingly, the ratio of these banks’ capital to the total capital of the banking sector had increased from % to %.3. Translate the following passages into Chinese(1) 聯(lián)邦存款保險公司(FDIC)不接受國會撥款，其資金來源于銀行和儲蓄機(jī)構(gòu)繳納的存款保險費(fèi)和投資美國財政部證券所獲得的收益。聯(lián)邦存款保險公司僅對存款進(jìn)行保險。它不對銀行和存款機(jī)構(gòu)所提供的證券、投資基金以及其他類似的投資進(jìn)行保險。在這些機(jī)構(gòu)倒閉時，聯(lián)邦存款保險公司會提供多種解決方案，其中最常用的一種方法就是將破產(chǎn)機(jī)構(gòu)的存款和貸款出售給另外一家機(jī)構(gòu)。破產(chǎn)機(jī)構(gòu)的客戶就自動轉(zhuǎn)變?yōu)橘徺I存款和貸款機(jī)構(gòu)的客戶。在大多數(shù)情況下，這種過渡從客戶的角度來看是無縫對接。(2) 歐盟委員會于周四（7月23日）發(fā)布了一項關(guān)于銀行接受政府資助的新的指導(dǎo)方針，其目的在于防止銀行部門內(nèi)部競爭造成的扭曲。自去年9月雷曼兄弟倒閉以來，歐盟成員國內(nèi)就有大約30家銀行接受了政府的資助得以存活，但條件是這些銀行要在6個月內(nèi)提交重組計劃。這些接受政府資助的銀行同時也要面對一系列的行為限制，以保證國家資助資金不會被用來與其它銀行競爭以提供像低價的抵押貸款這樣的金融產(chǎn)品。Unit 5 Money Market1. Answer the following questions based on the text(1) Treasury bills, also called Tbills, are shortterm obligations backed by . government with maturities less than one year. Treasury bill is quoted on a discount basis because of the short maturity. For such short maturity, it will be inconvenient and expensive to set up the arrangements for paying interest in the normal way.(2) Commercial paper is an unsecured, shortterm loan issued by a corporation, typically for financing accounts receivable and inventories. Due to the easy bank lending market, the highly developed discount market, and the Bank of England’s standing ready to buy many bills, the UK mercial paper market has remained paratively underdeveloped. (3) Negotiable certificate of deposit is a time deposit issued by a bank and can be traded to other investors prior to maturity. It can be redeemed by whoever owns them at maturity.(4) Federal funds are funds deposited to regional Federal Reserve Banks by mercial banks, including funds in excess of reserve requirements. The interest rate associated with the overnight loans between banks is known as the Federal funds rate.(5) Repo is the abbreviation of repurchase agreement. It is an agreement whereby one firm sells some of its financial assets to another firm with a promise to repurchase the securities at a higher price later. Firms are the major participants in the repo market.2. Translate the following passages into English(1) Money market is a market where shortterm fund is raised. Money market consists of interbank market, repurchase agreement market, mercial paper market, banker’s acceptance market, shortterm government bond market, and certificate of deposit market.(2) When a security holder has a temporary shortage of funds and if he does not want to give up his security, he or she may sell the security by repurchase contract and at the same time sign a contract with the buyer to maintain his right to buy the security back at the promise