Język, Komunikacja, Informacja
Stock Exchange and Securities-related Terminology...
49
P. Nowak, P. Nowakowski (red.)
Language, Communication, Information
P. Nowak, P. Nowakowski (eds)
2/2007
JOANNA GRZYBEK,
ALEKSANDRA MATULEWSKA
Stock Exchange and Securities-related Terminology
in the Aspect of English-Polish,
English-German and English-Chinese Translation
Abstrakt. Na całym świecie giełdy papierów wartościowych odzwierciedlają zachodzące
procesy w gospodarce i wpływają na rynki w poszczególnych krajach. W dobie globalizacji inwestorzy coraz częściej szukają atrakcyjnych możliwości zysku na giełdach
zagranicznych, a spółki próbują pozyskać środki na nowe przedsięwzięcia, sprzedając
swoje akcje nawet na innym kontynencie. Powyższa sytuacja sprawia, że rosną wymagania stawiane tłumaczom języka prawa, czyli również języka prawa zobowiązań, w tym
papierów wartościowych. Artykuł dotyczy angielsko-polskiego, angielsko-niemieckiego
i angielsko-chińskiego przekładu terminologii związanej z papierami wartościowym oraz
z giełdami w Polsce, Wielkiej Brytanii, USA, Niemczech i w Chinach. W pierwszej części
przedstawiono krótką charakterystykę giełd w poszczególnych państwach. Następnie
omówiono metody tłumaczenia terminologii związanej z giełdą i wyszczególniono
najczęściej występujące sposoby zapewniania ekwiwalencji oraz trudności występujące
podczas przekładu. Autorki opracowały również słowniczek wybranych terminów angielskich związanych z giełdą, w tłumaczeniu na język polski, niemiecki i chiński.
Abstract. Stock exchanges all over the world mirror ongoing economic processes and
influence the markets in particular countries. In the age of globalization, investors are
increasingly seeking attractive profit opportunities on foreign stock exchanges, while
companies are trying to obtain resources for new enterprises, selling their stocks even
on other continents. As a result of these developments, legal translators, including those
dealing with the language of the law of obligations, as well as securities, are faced with
ever-increasing requirements. The paper concerns English-Polish, English-German, and
English-Chinese translations of stock exchange and securities-related terminology in Poland, the United Kingdom, USA, Germany, and China. In the first part, the authors give
a brief overview of the stock exchanges in the respective countries. Then they discuss
the methods of translating stock exchange-related terminology and list the most common
strategies of ensuring equivalence and difficulties that arise in translation. The authors
have also prepared a glossary of selected English stock exchange terms with its Polish,
German and Chinese equivalents.
50
J. GRZYBEK, A. MATULEWSKA
1. Introduction
Stock exchange is a very important institution in every economic system. It was
established later than the capital market. On first capital markets buyers and sellers
who gathered in inns and taverns traded shares in companies. The first securities where
shares in ships (Willberger, Tack 2002: 11). The institutional forms of the capital
market were established later on (Mojak 1999: 2–3). What are traded on the capital
market are securities incorporating property rights. The most important are securities
proving creditor’s rights and shares. The former are called bonds and they state that
the authorized issuer owes the holder a debt and is obliged to repay the principal and
interest. The latter on the other hand, are documents issued in a finite number and
each of shares is the equal portion in the capital of a company. They entitle the owner
to a proportion of distributed, non-reinvested profits (Mojak 1999: 3).
The securities and stock exchange-related terminology is highly influenced by the
globalization of markets and history. The most influential stock exchanges operate in
New York, London and Tokyo. Out of those three stock exchanges the London one is
the oldest. The Warsaw Stock Exchange and Chinese stock exchanges are relatively
young. Thus, the terminology related to securities traded there has been coined on
the basis of existing English terminology.
What follows below is brief information on the selected stock exchanges and the
analysis of Polish, German and Chinese equivalents of English terminology related
to stock exchange and securities.
2. Brief Information on Selected Stock Exchanges
The London Stock Exchange is one of the oldest in the world.1 The trading of
securities started in London between 1688 and 1698. The London Stock Exchange
was established in 1801. There are 350 companies from over 50 countries admitted
to trading on the London Stock Exchange markets. There are about 2 750 companies
listed there. The Exchange is divided into the Main Market and Alternative Investment Market (AIM) and market for derivatives which is known as EDX London.
The London indices such as FTSE 100 index, FTSE 250 index and FTSE 350 index
are known worldwide. Moreover, it is considered the main source of equity market
liquidity, benchmark prices and market data in Europe.
The New York Stock Exchange which is actually the largest stock exchange in
the world is also known as the Big Board. It was established in 1792. Right know
there are about 2 764 listed securities. The most famous American indices are: Dow
Jones Industrial Average, NYSE Composite Index and NYSE Global Index.
The Stock Exchange in Warsaw was opened for the first time in 1817. Initially
mostly bonds and other debt instruments were traded there. In 1938 130 securities
1
The Amsterdam Stock Exchange established in 1602 is considered the oldest in the world.
Stock Exchange and Securities-related Terminology...
51
(including shares as well as municipal, corporate and government bonds) were listed
on the Warsaw Stock Exchange. The outbreak of the Second World War interrupted
the existence of the Stock Exchange. After the Second World War was over political
and economic changes made it impossible to reopen the Warsaw Stock Exchange. For
over 60 years the stock exchange ceased to exist in Poland. In March 1991 the Act
on Public Trading in Securities and Trust Fund was adopted and in April the State
Treasury set up the Warsaw Stock Exchange joint-stock company. Next the Polish
Securities Commission was created.
There are two stock exchanges in mainland China: Shanghai Stock Exchange (SSE)
(上海证券交易所) and the smaller one: Shenzhen Stock Exchange (深圳交易所). The
Shanghai Stock Exchange was established in 1990, and the Shenzhen Stock Exchange
in 1991. In the past trading with shares was contradictory to socialist ideology, but due
to the opening of Chinese economy and changes in legal system the Chinese trading
floor changed and flourished. Between 1990 and 2000 the amount of companies listed
in Chinese stock exchanges increased from 10 to 1088 (Heilmann 2001: 2). Nowadays
the stock exchanges in mainland China list more than 1 200 companies. There are
the following shares listed in Chinese stock exchanges: A shares, B shares, H shares
(listed in Hong Kong), N shares (listed in New York). ‘There are two categories of
shares issued by companies limited by shares. The first is ordinary shares denominated
and traded in RMB and may be held only by Chinese individuals, legal entities, or the
state. These shares are referred to as “A shares”. The second category is special shares
which are denominated in RMB but quoted and traded in foreign exchange and may
only be held by foreigners. Special shares include “B shares”, which are traded on the
Shanghai and Shenzhen stock exchanges; “H shares”, which are traded on the Hong
Kong Stock Exchange; and N shares,” which are traded on New York Stock Exchange’
(Zimmerman 1999: 381–382). There are also shares listed in London and ‘Singapore.
Heilmann (2001: 10) also mentions guojia gu (state stocks), faren gu (stocks of legal
persons) and zhigong gu (stocks of workers and staff members). The stock exchange in
Shanghai is the biggest one in China. In 2000 there were 572 companies listed there.
Furthermore, there were 516 companies listed in Shenzhen (Heilmann, 2001: 3). Most of
the companies on these markets are controlled by the Chinese government. The Chinese
stock market can be characterized as a policy-driven market, that is to say the market
on which politics and administrative interference are more important than the dynamics
of market competition for determining price fluctuations (Heilmann 2002: 3).
The stock exchanges in mainland China rival the Hong Kong Stock Exchange
(HKEx, 香港交易所) as Asia’s second-largest stock market listing among others
H shares and Red Chips. The history of HKEx began in 19th century, but the importance of that market grew in the 90-ies. It is also worth mentioning the Taiwan Stock
Exchange (TSE). In 2000 there were 531 companies listed on the stock exchange in
Taipei (Kirchberger 2001: 7).
Right now there are eight stock exchanges in Germany. However, the largest one
that is to say, the Frankfurt Stock Exchange has 90 percent of turnover in the German
market and is one of the world’s largest trading centers for securities.The other stock
52
J. GRZYBEK, A. MATULEWSKA
exchanges operate in Frankfurt am Main, Düsseldorf, Munich, Hamburg, Stuttgart,
Berlin, Bremen, and Hannover. They are niche stock exchanges and each of them specializes in something else, e.g. the Stuttgart Stock Exchange trades bonds (Willberger,
Tack 2002: 27–28). The origins of this stock exchange go back to the 9th century but it
started developing in the 16th century. About 140 out of 300 market participants are from
abroad (http://deutsche-boerse.com). The German stock market was opened to foreign
investors and market participants mainly through Xetra, an electronic trading system.
The trading indices of the Frankfurt Stock Exchange are the following: DAX, DAXplus,
CDAX, DivDAX, LDAX, MDAX, SDAX, TecDAX, VDAX and EuroStoxx 50.
3. Methods of Providing Equivalents
There are two types of translation distinguished by Faber, Hjort-Pedersen and
Klinge (1996/97: 21):
(1)
‘a target language orientation. This means that the translator tries to
make her text look as much as possible like an original target language
document. Consequently, she will orient her translation towards the target
language community by imitating the way in which parallel documents are
designed in the target language community and by borrowing linguistic
material from such parallel texts in her translation purposes. In this case,
then, there is little resemblance with the source text.’
(2)
‘a source language orientation. This means that the translator does not
make her translation look like an original target language document, but
instead orientates her translation towards the source language community
by imitating the way in which the source language document is designed
and by seeking to transfer semantically or near-literally the linguistic
choices initially mode by the source text producer. This means that there
is a much higher degree of resemblance with the source text.’
On the basis of those two types of translation we may distinguish two types of terminological equivalents that is to say source-language oriented and target-language oriented
equivalents. Target-language equivalents have not been found in the analyzed corpus, thus
they will not be discussed here. Most of equivalents are source-language oriented and they
usually take the form of different types of borrowings. There are many methods of providing equivalents. However, only a few have been found in the corpus under scrutiny.
3.1. Different Types of Borrowings
The most typical methods of providing translation equivalents are different types
of borrowings. There are many definitions of this term. Haugen (1950: 212) states
that ‘borrowing is the attempted reproduction in one language of patterns previ-
Stock Exchange and Securities-related Terminology...
53
ously found in another.’ Some linguists make a distinction between necessary and
unnecessary borrowings (after Mańczak-Wohlfeld 1995). In the case of translation
of languages for special purposes unnecessary borrowings occur when the translator
fails to find the existing equivalent and necessary borrowings occur when the term
is borrowed in order to create an equivalent for a concept non-existing in the target
language reality. There are many types of borrowings. Sometimes linguists discuss
so-called direct and indirect borrowings.
‘Loanwords show morphemic importation without substitution. Any morphemic
importation can be further classified according to the degree of its phonemic substitution: none, partial, or complete’ (Haugen 1950: 62). An example of a loanword
from English which is used in Polish is a word budżet [a borrowing from budget]
(an example from Mańczak-Wohlfeld 1995: 17).
Loanwords:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
Eng. Dow Jones index → Pol. indeks Dow Jonesa
Eng. avail → Pol. awal → Ger. Aval m
Eng. acceptance → Pol. akcept
Eng. warrants → Pol. warranty
Eng. traveller’s cheque → Ger. Travellerscheck m
Eng. speculation → Ger. Spekulation f
Eng. bank acceptance → Ger. Bankakcept n
Eng. deposit → Ger. Depositum m
Eng. derivatives → Ger. Derivate pl
Eng. margin → Ger. Marge f
Eng. eurobond → Ger. Eurobond n
‘Loanblends show morphemic substitution as well as importation. All substitution
involves a certain degree of analysis by the speaker of the model that he is imitating; only such ‘hybrids’ that involve a discoverable foreign model are included here’
(Haugen 1950: 62). Hybrids are composed of one element of a foreign language
origin and one of a native language origin e.g. drewland (an example from MańczakWohlfeld 1995: 17).
Loanblends:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
Eng. futures contracs → Pol. kontrakty futures
Eng. blue chips → Pol. akcje blue chips → Ger. Blue-Chip-Aktien pl
Eng. paper to order → Ger. Orderpapier n
Eng. flip-flop bond → Ger. Flip-Flop Obligation f
Eng. derivative instruments → Ger. Derivative Finanzinstrumente pl
Eng. swap → Ger. Swapgeschäft n
Eng. Yankee bonds → 扬基债券
Eng. Dow Jones Index → 道琼斯指数
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J. GRZYBEK, A. MATULEWSKA
Calques or ‘loanshifts show morphemic substitution without importation. This
group includes what are usually called loan translation and semantic loan; the term
shift is suggested because they appear in the borrowing language only as functional
shifts of native morphemes’ (Haugen 1950: 62). Here are some examples of loanshifts
from English:
Loanshifts (Calques):
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
(xii)
(xiii)
Eng. bank deposit → Pol. depozyt bankowy → Ger. Bankdepot n →银
行存款
Eng. derivative instruments → Pol. instrumenty pochodne
Eng. mortgage bond → Pol. obligacja hipoteczna → Ger. Hypothekenpfandbrief m → 抵押债券
Eng. traveller’s cheque → Pol. czek turystyczny, czek podróżny → Ger.
Reisescheck m → 旅行支票
Eng. blue chip → Pol. niebieski żeton → 蓝筹股
Eng. reverse repurchase agreement → Pol. odwrotna umowa odkupu
Eng. junk bond → Pol. obligacja śmieciowa → Ger. Schrottanleihe f →
垃圾债券
Eng. foreign currency bond → Ger. Fremdwährungsanleihe f → 外币债
券
Eng. stock option → Ger. Aktienoption f
Eng. foreign bond → Pol. obligacja zagraniczna → Ger. Auslandsanleihe
f → 外国债券
Eng. zero-coupon bond → Ger. Null-Kupon-Anleihe f
Eng. commercial paper → Pol. weksel handlowy → Ger. Handelswechsel
m → 商业票据
Eng. unconfirmed letter of credit → Ger. unbestätigtes Akkreditiv n
In general, borrowings are most popular methods of providing equivalents. Out of
all types of borrowings the most frequent ones are claques. One may also encounter
(after Mańczak-Wohlfeld 1995: 19):
exotics (Fisiak 1961: 108) ‘that is concepts strictly connected with the
source-language culture and unknown in a target-language legal reality the
spelling of which is preserved in the target-language’ (Matulewska 2007:
146). In fact they are a type of loanwords or so-called direct borrowings e.g.
(1)
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
Eng. swap → Pol. swap → Ger. Swap m
Eng. spread → Pol. spread → Ger. Spread m
Eng. benchmark → Pol. benchmark → Ger. Benchmark m
Eng. blue chips → Pol. blue chips → Ger. Blue-Chips pl
Eng. reverse repo → Pol. reverse repo → Ger. Reverse Repo n
Eng. hedging → Pol. hedging
Eng. portfolio → Ger. Portfolio n
Eng. unit trust → Ger. Unit-Trust m
Stock Exchange and Securities-related Terminology...
55
and
(2)
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
international terms that is terms which function in many languages.
Eng. bank → Pol. bank (from Italian) → Ger. Bank f
Eng. banker → Pol. bankier (from Italian)
Eng. arbitrage → Pol. arbitraż (from Italian) → Ger. Arbitrage f
Eng. portfolio → Pol. portfolio (from Italian: portafoglio) → Ger. Portfolio n
Eng. blank, in blanco → Pol. in blanco
Eng. deposit → Pol. depozyt (from Latin: depositus) → Ger. Depot n
Eng. avail → Pol. awal (from Old French) → Ger. Aval m
Eng. cheque → Pol. czek (from Anglo-French: escheker) → Ger. Scheck m
3.2. Definitions
When dealing with terms describing entities non-existent in a target-language
reality it is possible to resort to descriptive equivalents in the form of definitions.
Descriptive equivalents explain the target recipient the message hidden under the text
in a descriptive form. Such equivalents are not very popular due to the belief that the
shorter equivalent the better. However, in the language of securities we may encounter
the following descriptive equivalents:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
(xi)
Eng. callable bonds → Pol. obligacja z opcją wykupu na żądanie emitenta
(the equivalent which does not include the original term)
Eng. puttable bonds → Pol. obligacja z opcją wykupu na żądanie posiadacza
Eng. time options → Pol. opcje kupna/sprzedaży w określonym przedziale
czasu
Eng. Dow Jones Index → Pol. indeks Dow Jonesa (średnia cena akcji
30 przedsiębiorstw sklasyfikowanych jako tzw. blue-chips na Nowojorskiej
Giełdzie Papierów Wartościowych)
Eng. unit trust → Pol. jednostka inwestycyjnego funduszu powierniczego
Eng. time deposit → Ger. befristete Einlage f
Eng. blue chips → Ger. Aktien von Unternehmen hoher Solidität pl
Eng. bearer paper →不记名支票
Eng. perpetual bond → Ger. Anleihe ohne Laufzeitbegrenzung f
Eng. portfolio → Ger. Aktienpaket n →大宗股票
Eng. underlying instrument → Ger. das einer Option oder einem Optionsschein zugrunde liegende Finanzinstrument →选择权的基础商品
There are in general two types of definitions, that is to say: definitions by intension (incomplete definitions) and by extension (complete definitions) (Patryas 1997).
Definitions by intention give a non-exhaustive set of characteristics or properties by
which the entity described by a term in the source language may be identified in the
56
J. GRZYBEK, A. MATULEWSKA
target language. Whereas definitions by extension give an exhaustive list of characteristic features by which the entity described by a term in the source language may
be identified in the target language.
Sometimes a definition is provided in the form of a translator’s comment in
brackets or in a footnote. ‘This type of equivalence is very useful when translators
encounter terms referring to concepts which do not exist in the target language legal
reality and it is most probable that the recipient of the translation product will not
know it and so, by making it resemble a source-language term the translator gives
the recipient some background information’ (Matulewska 2007: 146–147).
3.3. Expansion, Restriction, Two Terms for One
Among other methods of providing equivalents in the field of securities and stock
exchange-related matters we may also encounter (i) expansion which is a procedure
used for providing equivalents with a broader meaning (hyperonym, generic term) than
the source-language concept; (ii) restriction which is a procedure used for providing
equivalents with narrower meaning (hyponym) than the source-language concepts;
and (iii) two terms or more for one which is a procedure of providing equivalents
conveying the same meaning as the source-language concepts but using for that purpose more then one term (more than one hyponym in the target language is used to
convey the meaning of the source-language hyperonym).
Expansion
(i)
(ii)
(iii)
Pol. bon skarbowy →国库券
Pol. obligacja skarbowa → 国库券
Eng. share → gŭfèn 股份
Restriction
(i)
(ii)
gŭfèn 股份 → Eng. shares
huìpiào 汇票 → Eng. cheque
Two terms or more for one
(i)
(ii)
(iii)
Pol. pasywa → Eng. liabilities and shareholder’s equity
huìpiào 汇票 → Eng. a cheque, a draft, a money order and a bill of exchange
Eng. commercial paper → Pol. obligacja przedsiębiorstwa, papier handlowy, weksel kupiecki, weksel handlowy, bon komercyjny
4. Concluding Remarks
In general, the most typical method of providing equivalents in German and
Polish are borrowings. Most of equivalents are loan shifts, but there are also loan
blends, loan words (many exotics), definitions and international terms. Furthermore,
57
Stock Exchange and Securities-related Terminology...
we may also encounter acronyms, e.g.: American Stock Exchange (ASE) → AMEX f,
FTSE 100 → FTSE 100.
In Chinese, on the other hand there are no loan words (especially exotics), there
are a very few loan blends (e.g. Yankee bonds → 扬基债券, Dow Jones Index → 道
琼斯指数 in which ‘Yankee’ and ‘Dow Jones’ are transliterated into Chinese characters). Most of translation equivalents are loanshifts. However, different equivalents
in mainland China and in Taiwan appear very sporadically e.g.: Yankee bonds → 扬
基债券 (Mainland China) and → 洋基债券 (Taiwan).
In German, Polish and Chinese we also find numerous synonyms despite the fact
that the terminology related to securities and stock exchange is considered to fall into
the category of LSP terminology. The problem connected with the existence of synonyms is due to the fact that numerous translations of books and documents related
to that field have been done at the same time by different translators. As a result we
may encounter the following synonyms:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
(vii)
(viii)
(ix)
(x)
Eng. avail → Ger. Aval m, Wechselbürgschaft f, Avalbürgschaft f;
Eng. bond → Ger. Obligation f, Schuldverschreibung f, Pfandbrief m,
Festverzinsliche Wertpapiere pl;
Eng. certificate of deposit, CD → Ger. Hinterlegungsschein m, (Depositenzertifikat n, Einlagenzertifikat n, Depotschein n);
Eng. circular letter of credit → Ger. Zirkularkreditbrief m, Reisekreditbrief m; →清洁提单,无瑕疵提单
Eng. confirmed letter of credit → 保兑信用状,确认信用状
Eng. traded options → 交易式选择权,可买卖的选择权,可买卖期权
Eng. uncrossed cheque → Ger. offener Scheck, Barscheck m, Kassenscheck m
Eng. bank acceptance → Pol. akcept bankowy, akcept bankierski
Eng. benchmark → Pol. wskaźnik odniesienia, wskaźnik orientacyjny,
benchmark,
Eng. blue chips → Pol. akcje blue-chips, akcje typu blue-chips, niebieski
żeton, akcje pierwszorzędne, akcje typu „niebieski żeton”.
The problem, which out of the existing synonyms should be used, may be solved
by applying the most frequently occurring term.
What follows below is the table with more examples of securities-related terminology in English, Polish, German and Chinese respectively.
English
A shares
Polish
1. akcje typu A,
2. podstawowy rodzaj akcji
– emitowane przez chińskie
firmy dla inwestorów z Chin
kontynentalnych, notowane
na giełdach w Szanghaju
i Shenzhen w juanach
German
A-Aktien pl
Chinese
A 股份
58
J. GRZYBEK, A. MATULEWSKA
English
Polish
German
Chinese
B-shares
1. akcje typu B,
2. akcje emitowane przez
chińskie firmy dla inwestorów zagranicznych, notowane na giełdach w Szanghaju
i Shenzhen w dolarach
B-Aktien pl
B 股份
-/- [shares belonging to
the state in post-communist countries]
akcje państwowe
Staatseigene Aktien pl
国家股,国有股
-/- [shares of legal persons
in post-communist countries]
acceptance
All-Ordinaries Index
(AO Index)
akcje osób prawnych
Aktien juristischen
Personen pl
法人股
akcept
indeks giełdy australijskiej
Akcept n
All-Ordinaries Index m
承兑, 承兑汇票
所有普通股指数
allotment certificates
prawo do akcji (PDA)
Bezugsrechtsbescheinigung f
按股分配
American Stock Exchange
(ASE)
Amerykańska Giełda Papierów Wartościowych
AMEX f
美国证券交易所
arbitrage
arbitraż
Arbitrage f
avail
awal
Aval m,
Wechselbürgschaft f,
Avalbürgschaft f
bank acceptance
Bankakzept n,
bank deposit
akcept bankowy
(bankierski)
depozyt bankowy
bank draft
czek bankierski
Banktratte f,
Bankscheck m
银行汇票
banker’s acceptance
akcept bankowy
(bankierski)
Bankakzept n
银行承兑汇票
banker’s cheque
czek bankierski
Bankscheck m
银行汇票
banker’s draft
czek bankierski
Banktratte f
银行汇票
bearer bond
obligacja na okaziciela
Inhaberbond m,
Inhaberschuldverschreibung f
bearer paper
papier na okaziciela
Inhaberpapier n,
不记名支票
benchmark
wskaźnik orientacyjny,
wskaźnik odniesienia
Benchmark m,
基准
bill
weksel
Wechsel m
bill of exchange
weksel trasowany,
weksel ciągniony
Tratte f,
trassierter Wechsel m
gezogener Wechsel m
Bankeinlage f,
Bankguthaben n,
Bankdepot n
套利, 套汇
套戥 (Hong Kong)
汇票保证
银行承兑汇票
银行存款
不记名债券
票据
汇票,押汇
59
Stock Exchange and Securities-related Terminology...
English
Polish
German
Chinese
blank cheque
czek in blanco
Konnossement n,
Schiffsfrachtbrief m
Blankoscheck m
blue-chips
akcje typu blue-chips,
niebieski żeton, akcje typu
„niebieski żeton”,
akcje pierwszorzędne
Spitzenaktien pl,
Aktien von Unternehmen
hoher Solidität pl,
Blue-Chip-Aktien pl
bond
obligacja
Obligation f,
Schuldverschreibung f,
Pfandbrief m,
bouncing cheque (UK)
czek bez pokrycia
ungedecter Scheck m,
geplatzter Scheck m
空头支票
bulldog bonds
obligacje typu bulldog
Bulldog-Bonds pl
猛犬债券
bunny bonds
obligacje typu królik
Bunny-Bonds pl
兔子债券
call option
opcja kupna
callable bond
obligacja z opcją wykupu
na żądanie emitenta
Kaufoption f
kündbare Schuldverschreibung f
可收回债券
certificate of deposit, CD
certyfikat depozytowy
Hinterlegungsschein m,
Depositenzertifikat n,
Einlagenzertifikat n,
Depotschein n
定存单,
定期存款单
bill of lading
konosament
提(货)单
空白支票
优良股票
蓝筹股
债券
买入选择权
certified cheque
czek potwierdzony
bestätigter Scheck m,
beglaubigter Scheck m
保付支票,
签证支票
cheque (UK), check (US)
czek
Scheck m
支票
cheque in blanco
czek in blanco
Blankoscheck m
cheque to a bearer
czek na okaziciela
Inhaberscheck m,
Überbringerscheck m
不记名支票
China Financial Futures
Exchange
Chińska Giełda Kontraktów
Futures
China Financial Futures
Exchange f
中国金融期货交易所
China Securities Index Co.,
Ltd.
China Securities Index Co.,
Ltd.
China Securities Index Co.,
Ltd. m
中证指数有限公司
circular letter of credit
akredytywa okrężna
Zirkularkreditbrief m,
Reisekreditbrief m
旅行信用证
clean bill of lading
„czysty” konosament
reines Konnossement n,
Konnossement ohne
Einschränkung n
清洁提单,
无瑕疵提单
clearing cheque
czek rozliczeniowy
Verrechnungsscheck m
划线支票
commercial paper, CP
obligacja przedsiębiorstwa,
papier handlowy, weksel
kupiecki, weksel handlowy,
bon komercyjny
Handelswechsel m,
Warenwechsel m
商业票据
common stock (US)
akcje zwykła
Stammaktie f,
gewöhnliche Aktie f
普通股
空白支票,
空额支票
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confirmed letter of credit
akredytywa potwierdzona
bestätigtes Akkreditiv n
convertible bond
obligacja zamienna
Wandelanleihe f
crossed cheque
czek krosowy/zakreślony
Verrechnungsscheck m
cushion bond
obligacja typu poduszka
Cushion Bond m,
für gut »gepolsterte« Anleihe,
eine Anleihe mit über dem
Marktdurchschnitt liegender Rendite und geringer
Kursvolatilität
debentures
papiery dłużne
Schuldscheine pl
信用债券
debt securities
bony dłużne, dłużne papiery wartościowe
Darlehenssicherheiten pl
债务证券
deposit
depozyt, lokata, zaliczka,
kaucja
Depositum m,
Depot n,
Einlage f
定金,
存款,
保证金
depositary receipt
świadectwo depozytowe
Depotschein m
derivative instruments
instrumenty pochodne
derivatives
instrumenty pochodne
Derivate pl,
Derivative Finanzinstrumente pl,
sekundäre Instrumente pl
Derivate pl,
Derivative Finanzinstrumente pl
direct letter of credit
akredytywa prosta
dirty bill of lading
„brudny” konosament
an eine bestimmte Bank
gerichteter Kreditbrief m,
Kreditbrief an eine bestimmte Bank m
unreines Konnossement n
documentary letter
of credit
akredytywa dokumentowa
Dokumentenakkreditiv n,
跟单信用证
Dow Jones Index
indeks Dow Jonesa (średnia
cena akcji 30 przedsiębiorstw sklasyfikowanych
jako tzw. blue-chips na Nowojorskiej Giełdzie Papierów Wartościowych)
Dow Jones – Index m
道琼斯指数
dud check (US)
czek bez pokrycia
ungedeckter Scheck m,
Scheck ohne Deckung m
空头的支票,
无存款支付的支票
eurobond
euroobligacja
Eurobond n
欧洲债券
保兑信用状,
确认信用状
可转换债券 ,
可兑换摘选
横线支票,
划线支票
缓冲债券
寄存单据
存单,存托凭证
存款收据,
衍生物,衍生品
衍生工具
衍生产品
衍生物,衍生品
衍生工具
衍生产品
直接信用证
不洁提单
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FAZ index
indeks wiodących spółek
przemysłowych giełdy
frankfurckiej (publikowany
w Frankfurter Allegemeine
Zeitung)
FAZ – Index m
法兰克福大众报的指数
financial futures
terminowe transakcje walutowe
Finanzterminkontrakte pl
Finanztermingeschäfte pl
金融期货
financial instrument
instrument finansowy
Finanzierungsinstrument n,
Finanzinstrument n
金融工具
fixed interest bond
obligacja o stałym oprocentowaniu
festverzinzliche Obligation f
固定利率债券
flip-flop bond
obligacja odnawialna
Flip-Flop Obligation f
无期债券
floating rate note, FRN
obligacja o zmiennym oprocentowaniu typu FRN
Floating Rate Note (FRN)
Floater pl
浮动利率债券,
浮息票据
foreign bond
obligacja zagraniczna
Fremdwährungsanleihe f
Auslandsanleihe f
外国债券
foreign currency bond
obligacja (wyrażona) w walucie obcej
Fremdwährungsanleihe f,
外币债券
forwards
kontrakty terminowe
(poza giełdą)
Forwards pl
远期
Frankfurt Securities
Exchange (FSE)
Frankfurcka Giełda Papierów Wartościowych
Frankfurter Wertpapierbörse f,
Börse Frankfurt f
法兰克福证券交易所挂
牌上市
FT-SE 100 (Financial Times
Industrial Ordinary Share
Index)
indeks cen akcji zwykłych
stu wiodących spółek notowanych na Giełdzie Londyńskiej
FT-SE 100 Index m
FT-SE 100指数
fund
fundusz (inwestycyjny)
Fonds m,
基金
futures (contracts)
kontrakty futures, kontrakty
terminowe, transakcje terminowe
czek rozrachunkowy
Terminkontrakte pl
期货合同
giro cheque
allgemein gekreuzter
Scheck m,
Verrechnungsscheck m
Hang Seng Idex m,
der Index für die Börse in
Hongkong
Hang Seng Index
indeks giełdy w Hong
Kongu
Hong Kong Stock
Exchange
giełda w Hong Kongu
Hong Kong Stock
Exchange f
indexed bond
obligacja indeksowana
indexierte Anleihe f,
Indexanleihe f,
den Lebenshaltungskosten
angepasste Obligation f
inscribed certificate of
deposit
imienne świadectwo
udziałowe
Namensanteilschein m
划线支票
恒生指数
香港聯合交易所,
聯交所
指数债券
记名定存单
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inscribed paper
papier imienny
Namenspapier n
记名票据
insurance policy
polisa ubezpieczeniowa
Versicherungspolice f
保险单
investment portfolio
portfel inwestycyjny
Beteiligungsportolio n,
Beteiligungsportfeuille n,
Anlageportefeuille n,
Wertpapierbestand m
irrevocable letter of credit
akredytywa nieodwołalna
unwiderrufliches Akkreditiv n
不可撤销信用状
junk bond
obligacja śmieciowa
Schrottanleihe f,
Anleihe mit Schrottwert f
垃圾债券
letter of credit
akredytywa
Akkreditiv n,
Kreditbrief m
信用征,
委托状
limited letter of credit
akredytywa ograniczona
beschränktes Akkreditiv n
限定信用状
listed securities
papiery wartościowe
dopuszczone do obrotu
publicznego
börsenfähige (börsengängige) Wertpapiere pl
上市证券
loading receipt
dowód ładunkowy
Ladeschein n
提单
long-dated bonds
obligacje państwowe z ponad piętnastoletnim terminem wykupu
Obligationen mit langer
Laufzeit pl
远期摘选,
长期债选
lottery ticket
los loteryjny
Lotterielos n
将券
margin
depozyt zabezpieczający
mortgage bond
obligacja hipoteczna
Marge f,
Handelsspanne f
Hypothekenpfandbrief m
保证全,
按金
抵押债券
mortgage-backed bond
obligacja oparta na majątku
trwałym
Hypothekenpfandbrief m,
hypothekarisch gesicherte
Anleihe f
不动产放款抵押债券,
按揭债券
New York Stock Exchange
giełda w Nowym Jorku
NYSE f
美国纽约证券交易所
Nikkei 225 Average
indeks Tokijskiej Giełdy
Papierów Wartościowych
Nikkei 225 Average m
non-voting share
akcja bez prawa głosu
stimmrechtslose Aktie f
无表决权股
open cheque
czek gotówkowy, czek kasowy, czek niezakreślony,
czek zwykły
offener Scheck m,
Barscheck m,
Kassenscheck m
普通支票,
无划线支票
option
opcja
Option f
ordinary share (UK)
akcja zwykła
Stammaktie f
paper to order
papier na zlecenie
Orderpapier n,
an Order lautende
Wertpapiere pl
perpetual bond
obligacja bezterminowa,
obligacja wieczysta
Anleihe ohne
Laufzeitbegrenzung f,
ewige Anleihe f
投资票券目录
日本日经225种股票平均
指数
选择权,
期权
普通股
指示有价证券
永久债券
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pledged securities
papiery wartościowe obciążone zastawem
verpfändete Wertpapiere pl, 抵押有价证,
lombardierte Wertpapiere pl 质押证券
portfolio
pakiet akcji, portfolio
Portfolio (= Portefeuille) n
Aktienpaket n
preference share (UK)
akcja uprzywilejowana
preferred stock (US)
akcja uprzywilejowana
preferrence stock (US)
akcja uprzywilejowana
principal-only bond
obligacja nieoprocentowana
promissory note
skrypt dłużny
put option
opcja sprzedaży
Vorzugsaktie f,
优先股
Vorrechtaktie f,
Prioritätsaktie f
Vorzugsaktie f,
优先股
Vorrechtaktie f,
Prioritätsaktie f
Vorzugsaktie f,
优先股
Vorrechtaktie f,
Prioritätsaktie f
unverzinsliche Schuld无利息的债券,
schein m,
无息的债券
unverzinsliche Obligation f
Schuldschein m,
本票
Schuldbrief m,
Schuldverschreibung f
Verkaufsoption f
卖出选择权,
卖权
registered bond
obligacja imienna
reverse repurchase agreement, reverse repo
odwrotna umowa odkupu,
reverse repo
rubber check (US)
czek bez pokrycia
ungedeckter Scheck m,
Scheck ohne Deckung m
Samurai bonds
obligacje samurajskie
Samurai Bonds pl
security
papier wartościowy
Wertpapier n
Shanghai Stock Exchange
Szanghajska Giełda Papierów Wartościowych
Börse Shanghai f
上海证券交易所
share warrant
świadectwo udziałowe
Aktienzertifikat n,
Aktienurkunde f
股份保证书
Shenzhen Stock Exchange,
SZSE
Giełda Papierów Wartościowych Shenzhen
Börse Shenzhen f
深圳交易所
speculation
spekulacja
Spekulation f
投机
spread
spread
Spread m
利差
SSE 180 index
indeks SSE 180
SSE 50 index
indeks SSE 50
Shanghai Stock Exchange
180 Index m
SSE 50 Index m
Namensobligation f,
Namensschuldverschreibung f,
auf den Namen lautende
Obligation f
Reverse Repo n
大宗股票,
投资组合
记名债券
再卖回
反向回购
空头支票
外国日圆债券,
武士债选
有价证券,
擔保物
上证180指数
上证50指数
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SSE A share index
indeks SSE akcji typu A
SSE A share Index m
SSE B share index
indeks SSE akcji typu B
SSE B share Index m
B股指数
SSE commercial index
indeks SSE przedsiębiorstw
handlowych
SSE commercial Index m
商业指数
SSE composite index
indeks złożony SSE
SSE composite Index m
SSE conglomerates index
indeks SSE konglomeratów
-/indeks SSE przedsiębiorstw
produkcyjnych
SSE conglomerates Index
m
SSE dividend Index m
SSE industrial Index m
SSE new composite index
nowy indeks złożony SSE
SSE new composite Index m 新综指
SSE real estate index
indeks SSE rynku nieruchomości
SSE real estate Index m
地产指数
SSE utilities index
indeks SSE przedsiębiorstw
użyteczności publicznej
SSE utilities Index m
公用指数
stock broker
stock options
makler giełdowy
opcje udziału
straddles
opcje podwójne
swap
Swap
SSE dividend index
SSE industrial index
A股指数
综合指数
综合指数
红利指数
工业指数
synthetic cash
syntetyczne bony skarbowe
T-bonds (bills, notes)
obligacje skarbowe (skarbu
państwa, państwowe)
time deposit
depozyt terminowy
traded options
opcje zbywalne
Börsenmakler m
Aktienoption f,
Aktienbezugsrecht n
Doppeloption f,
Doppelprämie f
Swapgeschäft n,
Devisenaustauschgeschäft n
Synthetische Anleihen pl
Unverzinsliche Schatzanweisungen (Bubills) pl
(Bundesobligationen
(Bobls) pl, Bundesschätzungsweisungen
(Schätze) pl,
Bundesanleihen
(Bunds) pl)
befristetes Depositum n,
befristete Einlage f,
Zeitdepositum n
gehandelte Optionen pl
traveller’s cheque
czek turystyczny,
czek podróżny
Reisescheck m,
Travellerscheck m
traveller’s letter of credit
akredytywa pieniężna, akredytywa podróżna
Reisekreditbrief m
旅行信用证
treasury bills (UK)
bony skarbowe
Unverzinsliche Schatzanweisungen (Bubills) pl
国库券
经纪商
认股权
同价买卖,
等价买卖
掉期
合成性债券
国库券
定期存款
交易式选择权,
可买卖的选择权,
可买卖期权
旅行支票
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treasury bond (UK)
obligacja skarbowa (skarbu
państwa, państwowa)
Unverzinsliche Schatzanweisungen (Bubills) pl
(Bundesanleihen
(Bunds) pl,
Bundesobligationen (Bobls)
pl, Bundesschätzungsweisungen (Schätze) pl
treasury bonds (US)
bony skarbowe
unconfirmed letter of
credit
uncrossed cheque
akredytywa niepotwierdzona
czek gotówkowy, czek
kasowy, czek niezakreślony, czek zwykły
instrument podstawowy
(w stosunku do instrumentu pochodnego)
Unverzinsliche Schatzanweisungen (Bubills) pl
unbestätigtes Akkreditiv n
underlying instrument
Chinese
国库券
国库券
无保兑的信用证
offener Scheck m,
Barscheck m,
Kassenscheck m,
Basisinstrument n,
das einer Option oder einem
Optionsschein zugrunde liegende Finanzinstrument
选择权的基础商品
非划线支票
unit trust
jednostka inwestycyjnego
funduszu powierniczego
Unit-Trust m
单位信托基金
warehouse receipt
dowód składowy
Lagerschein m,
Depotscheim m
仓单,
仓库收据
warrant
warrant
(instrument pochodny)
Optionschein m
认股权证
Warsaw Stock Exchange
Warschauer Wertpapierbörse f
华沙股票交易所(WSE)
WIG 20 Index m
WIG 20指数
Yankee bonds
GPW – Giełda Papierów
Wartościowych w Warszawie
indeks WIG (spółek notowanych na Warszawskiej
Giełdzie Papierów Wartościowych)
obligacje jankeskie
Yankee Bonds pl
zero-coupon bond, zero
obligacja zerokuponowa
Null-Kupon-Anleihe f
WIG index
扬基债券
洋基债券
零息债券
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