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Trang 1Market regulators are accusing a British
national of almost single-handedly causing a
“Flash Crash” to American stock markets in
2010 During the incident, the Dow Jones
Industrial Average dropped about 9%, and lost
more than $1 trillion dollars in minutes
Fortunately, stocks rebounded relatively fast
after the shock (O), but we wanted to know,
what does it take to crash a stock market?
Well, there have been countless financial
“crashes” throughout history They even go
back to the 1600s when modern stock
exchanges were first evolving within the
European trade economies A crash represents
a steep, sudden decline in the value of market
prices, and they can often lead to an economic
depression
The most devastating crashes are usually the
result of an overly-inflated market, also
known as a “bubble” In short, the value of a
stock is dependent on what people think it will
be worth in the future When the economy is
good, or there are other motivating factors,
investors expect their stocks to rise in price,
which in turn does increase their value
Investment bubbles occur when prices of
market shares are driven upwards past their
real value According to some market theorists,
a bubble is encouraged by a “herd mentality”,
where people first jump on the bandwagon of
a profitable stock, and then, when the bubble
bursts, they engage in panic-selling The most
famous example of this was during the 1929
American Stock Market Crash In the years
after World War I, optimism in the economy
inspired many to take on risky loans, and
invest in stocks But when the economy slowed
down, the public began to doubt the market’s
longevity, and started selling their shares - at
first slowly, and then in droves Market prices
went into freefall, and with no fail-safe rules,
the market inevitably crashed Stock markets
can also be “spooked” into a decline or a crash
following catastrophic (O) events For
example, San Francisco’s massive 1906
earthquake is thought to have played an
integral role in the financial panic of 1907
During that time, the market sank to about 50%
of the previous year’s valuation Additionally, In
2001, after the September 11th terrorist
attacks, the stock markets were closed for
almost a week In the first five days back, the
markets faced a loss of about $1.4 trillion
dollars The digital era has also introduced new
threats to the stock market in the form of “high
frequency trading” HFT is when thousands of
Single-handleded: xử lý độc lập (oxford) Accuse sb of st
Black market Vietnamese national: kiều bào Nationality
On the verge of economic collapse Foreign exchange market
Join sotck company Join venture company: công ty liên doanh IPO: initial public offering:phát hành lần đầu
Incident: sự kiện
By accident/ by chance: tình cờ gặp The gufl of turkin incident: sự kiện vịnh bắc bộ
Cochinchina: nam kỳ Indochina: đông dương Luckily=fortunately
Rebound: bật lại
On the rebound:
Relative close: họ hàng gần
I am in my 20s Depress: làm cho căng thẳng Crisis: khủng hoảng
Devastate: tàn phá Overflow: nước tràn The balloon (heli) The life jacket failed to inflate The theory of everything: thuyết vạn vật Herd mentality: tâm lý bầy đàn
Herb: thảo mộc Why follow the herd?
Burst: nổ (O) Panic (v): hoảng loạn (O) Make an example/ follow an example The teacher make example of T by the suspensing bridge (đình chỉ)
During= when Optimistic about: lạc quan về cái gì ><
pestimistic Over optimistic: lạc quan quá mức Negotiating table: bàn đàm phán RelationshipS
Take risk: hãy mạo hiểm đi + Ving
No doubt: không còn nghi ngờ
I have been to the mountain top
In slove: lũ lượt
Go into freefall: rơi tự do
Flash crash
-Thị trường bong bóng
-Sau những thảm họa
-HFT: giao dịch công nghệ cao thường xuyên
Great Depression
Trang 2trades are carried out by computers in
fractions of a second The swiftness of
computer programs at buying and selling puts
traditional traders at a disadvantage Also, HFT
creates potential volatility in the stock market
Computer programs that are designed to
automatically respond to price points can
trigger mass selling before anyone has time to
react This was said to have contributed to the
2010 Flash Crash, after a large enough
downtick in stocks caused many HFT programs
to further withdraw, leading to a drastic crash
After that event, government regulators
imposed new laws, called “circuit breakers”,
which temporarily “pause” trading if a stock falls
by a certain percentage, usually 10% or more,
within a short time These safeguards give
traders breathing room to reexamine their
options instead of panicking and selling
everything before the stock bottoms out The
Securities and Exchange Commission works
hard to regulate the wild swings of the stock
market But for the modern era, stock markets
remains more volatile, and susceptible to
crashes than one might ever think Investing is
a pretty risky thing to do, but sometimes big
risks can have even bigger rewards
Broker: môi giới chứng khoán Breaker: phanh
Dòng xoay chiều/ dòng ngược chiều Machanism: cơ chế/ system
Edible: có thể ăn được Spook: dọa ma
Ground breaking ceremony: lễ độngthổ Integration into: hội nhập vào
All out: tổng lực Heart attack: đau tim Worth +$: giá trị Ngưỡng cửa Stronghold: thành trì Threat to: nguy hại với cái gì The golden era of
Pose:
Transaction: giao dịch Take full advantage of Volatile: biến động
A highly volatile personality:
Trigger = set off: gây ra Went off: kêu
It is said that (Không phải lùi thì) =People said that (lùi thì)
Impose on: áp đặt cái gì Lift embargo: dỡ bỏ lệnh cấm vận Take a deep breath:
Bottom out: chạm đáy The Security Council of United Nation: hội đồng bảo an liên hợp quốc
Swing: dao động Susceptible: nhạy cảm
Trang 3Envolve: (v) mở ra, rút ra
Steep = slope: dốc (n)
Overly-inflated market: thị trường bị thổi phồng quá mức
Herd mentality: tâm lý bầy đàn
Tham gia theo số đông vào lĩnh vực nào đó (dc xem là sẽ thành công)
Take on risky loans
Không có biện pháp an toàn, tránh rủi ro Catastrophic: thảm họa
Trang 4Fraction: phân số, phần nhỏ
Volatility: sự dễ biến động Trigger: gây ra