Working languages: English to Russian
Russian to English |
|  Michael Kislov
Legal & Financial since 1999
Moscow, Moskva, Russian Federation Local time: 00:13 MSK (GMT+3)
Native in: Russian  | | |
Freelancer,  Verified site user | | Blue Board: Michael Kislov / generaltranslations.com | | Translation, Interpreting, Editing/proofreading, Website localization, Software localization, Subtitling | | Specializes in: | | Law: Contract(s) | Law (general) | | Investment / Securities | Business/Commerce (general) | | Law: Taxation & Customs | Economics | | Accounting | Insurance | | Finance (general) |
| English to Russian - Rates: 0.10 - 0.10 USD per word / 50 - 50 USD per hour
Russian to English - Rates: 0.10 - 0.10 USD per word / 50 - 50 USD per hour
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More Less | Sample translations submitted: 2| Russian to English: SYSTEMS APPROACH TO INVESTMENTS IN OPTIONS MARKET | Source text - Russian
СИСТЕМНЫЙ ПОДХОД К ИНВЕСТИЦИЯМ НА РЫНКЕ ОПЦИОНОВ:
КРИТЕРИИ ОЦЕНКИ И МЕТОДЫ АНАЛИЗА ТОРГОВЫХ ВОЗМОЖНОСТЕЙ
Аннотация
Книга посвящена профессиональной инвестиционной деятельности на рынке опционов и связанным с ней проблемам принятия решений выбора. Активный трейдер вынужден ежедневно выбирать из огромного множества доступных опционных комбинаций, конструкций и стратегий наиболее перспективные с точки зрения будущей доходности и соответствующего ей риска. Ранее оценку потенциальной прибыльности опционных комбинаций предлагалось делать на основе визуального анализа графиков и неформализованного сравнения отдельных числовых показателей. Такой подход не позволяет работать одновременно с большим количеством стратегий и инструментов. В основе предлагаемого в настоящей работе системного подхода лежит анализ торговых возможностей на базе специально разработанных формализованных критериев. Приводится детальное описание пятнадцати критериев и подробно рассматривается методика их разработки. Для каждого критерия описаны способы подбора его специфических параметров и методы определения их оптимальных значений. Детально рассмотрены ситуации, в которых применение определенных критериев способно улучшить результаты торговли, и условия, в которых их использование неприемлемо. Исследуются способы оценки эффективности и прогнозных качеств критериев, а так же методы их применения, как по отдельности, так и в рамках многокритериального анализа. Разработанный авторами системный подход позволит инвестору анализировать и выбирать опционные комбинации, обладающие наилучшими, из возможных в конкретных условиях, вероятностными характеристиками будущей прибыли.
Книга адресована профессиональным трейдерам, менеджерам инвестиционных и финансовых компаний, студентам и аспирантам экономических специальностей. Идеи изложенные в настоящем издании будут полезны так же частным инвесторам, обладающим базовыми знаниями в области биржевого дела и опционной торговли.
5.2.2. Результаты рангового анализа
Для начала рассмотрим 347 коэффициентов эффективности критерия, полученных при сравнении стратегии длинный стрэдл со стратегией короткий стрэдл. Распределение значений коэффициента по частоте встречаемости представлено на графике 5.2.1. Наиболее часто встречающееся значение k (67 случаев) лежало в диапазоне от 1 до 1.05; на втором месте по частоте был диапазон 1.05-1.1 (54 случая); и лишь на третьем месте по частоте встречаемости коэффициента (43 случая) оказался диапазон, находящийся ниже единицы, 0.95-1 (график 5.2.1) k. Накопленная и выраженная в процентах, частота встречаемости различных значений k представлена на графике 5.2.1 линией. Мы видим что лишь в 10% случаев k был меньше 0.9 и только менее чем в 40% случаев этот показатель оказался меньше единицы. Среднее значение коэффициента эффективности критерия для данной пары стратегий оказалось равно 1.029.
Достаточно ли такое отличие от 1, чтобы сделать вывод о доказанности способности критерия отбирать акции для которых стратегия длинный стрэдл лучше чем короткий стрэдл? Ответ на этот вопрос зависит от результатов статистического анализа.
| Translation - English
SYSTEMS APPROACH TO INVESTMENTS IN OPTIONS MARKET:
TRADING OPPORTUNITIES ESTIMATION CRITERIA AND ANALYSIS METHODS
Annotation
The book deals with the professional investment activity in options market and related selection decision making problems. An active trader is forced to select from a vast multitude of available option combinations, constructions and strategies those that are the most promising from the point of future profitability and corresponding risk daily. Formerly, it was offered to carry out the estimation of option combinations potential profitability based on visual analysis of graphs and unformalized comparison of separate indices. Such an approach does not allow working with a big number of strategies and instruments simultaneously. At the heart of the systems approach offered in this work is the analysis of trading opportunities on the basis of specifically developed formalized criteria. Detailed description of fifteen criteria is set forth and their development method is examined in detail. For each criterion, its specific parameters selection methods and their optimum values determining methods are described. Situations are considered in depth, in which the application of the determined criteria is able to improve trading results, as well as conditions, in which their use is unacceptable. Criteria efficiency and forecasting qualities estimations methods, as well as their application methods, both individually, and in the framework of multi-criteria analysis, are examined. The systems approach designed by the authors will allow an investor to analyze and select option combinations possessing the best, of possible in concrete conditions, probabilistic characteristics of future income.
The book is targeted at professional traders, investment and financial companies managers, as well as students and graduate students majoring in economic fields. The ideas set forth in this edition will be of use to private investors having basic knowledge of exchange business and options trading too.
5.2.2. Rank Analysis Results
Let us, to start with, consider 347 criterion efficiency ratios obtained from the comparison of long straddle strategy with short straddle strategy. The distribution of ratio values by frequency of occurrence is shown in Diagram 5.2.1. The most frequently occurring value of k (67 occurrences) was within the range from 1 to 1.05; the second place by the frequency of occurrence was taken by the range 1.05-1.1 (54 occurrences); and the range that is below unity, i.e. 0.95-1 (Diagram 5.2.1) k, took only the third place by the frequency of ratio occurrence (43 occurrences). The accumulated and expressed in per cent frequency of occurrence of k various values is represented in Diagram 5.2.1 with a line. We see, that only in 10% of the occurrences k was less than 0.9 and only in less than 40% of the occurrences this ratio turned out to be less than unity. The average value of the criterion efficiency ratio for this pair of strategies turned out to be 1.029.
Is such a difference from 1 sufficient to make a conclusion of the proof of the criterion ability to select stocks, for which long straddle strategy is better than short straddle? The answer to this question depends on statistical analysis results.
| English to Russian: Credit Risk on Derivatives
Detailed field: Investment / Securities | Source text - English
Credit Risk on Derivatives
Derivative contracts are instruments, such as futures, forwards, swaps or option contracts, that derive their value from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts, which are often referred to as OTC derivatives, or they may be listed and traded on an exchange.
Substantially all of our derivative transactions are entered into to facilitate client transactions, to take proprietary positions or as a means of risk management. In addition to derivative transactions entered into for trading purposes, we enter into derivative contracts to manage currency exposure on our net investment in non-U.S. operations and to manage the interest rate and currency exposure on our Jong-term borrowings and certain short-term borrowings.
Derivatives are used in many of our businesses, and we believe that the associated market risk can only be understood relative to all of the underlying assets or risks being hedged, or as part of a broader trading strategy. According!)7, the market risk of derivative positions is managed together with our nonderivative positions.
Fair values of our derivative contracts are reflected net of cash paid or received pursuant to credit support agreements and are reported on a net-by-counterparty basis in our consolidated statements of financial condition when management believes a legal right of setoff exists under an enforceable netting agreement. For an OTC derivative, our credit exposure is directly with our counterparty and continues until the maturity or termination of such contract.
The following table sets forth the distribution, by credit rating, of substantially all of our exposure with respect to OTC derivatives as of November 2007 and November 2006, after taking into consideration the effect of netting agreements. The categories shown reflect our internally determined public rating agency equivalents: | Translation - Russian
Кредитный Риск по Деривативам
Деривативные контракты – это инструменты, такие как фьючерсы, форвардные контракты, свопы или опционные контракты, стоимость которых получается на основании базовых активов, индексов, ставок-ориентиров или комбинации этих факторов. Деривативные инструменты могут быть контрактами, переговоры по которым ведутся в частном порядке, такие деривативы часто называют внебиржевыми деривативами, или они могут быть зарегистрированными и торгуемыми на какой-либо бирже.
Практически все наши деривативные сделки заключаются для содействия клиентским сделкам, для занятия частных позиций или в качестве средства управления риском. В дополнение к деривативным сделкам, заключаемым для торговых целей, мы заключаем деривативные контракты для управления подверженностью валютному риску по нашим чистым инвестициям в операции за пределами США, а также для управления подверженностью риску процентной ставки и валютному риску по нашим долгосрочным заимствованиям и некоторым краткосрочным заимствованиям.
Деривативы используются во многих из наших бизнесов, и мы полагаем, что соответствующий рыночный риск может рассматриваться только по отношению ко всем базовым активам или хеджируемым рискам, или как часть более широкой торговой стратегии. Соответственно, рыночный риск деривативных позиций управляется совместно с нашими недеривативными позициями.
Справедливые стоимости наших деривативных контрактов отражаются без учета денежных средств, уплаченных или полученных по соглашениям поддержки кредитов, и показываются в косолидированной финансовой отчетности на чистой по контрагенту основе, когда руководство полагает, что существует законное право взаимозачета по подлежащему принудительному исполнению соглашению о неттинге. По внебиржевым деривативам, наша подверженность кредитному риску связана непосредственно с нашим контрагентом, и длится она до срока погашения или прекращения такого контракта.
Следующая таблица показывает распределение, по кредитным рейтингам, практически всей нашей подверженности рискам по внебиржевым деривативам на ноябрь 2007 г. и ноябрь 2006 г., с учетом воздействия соглашений о неттинге. Показанные категории отражают наши определенные внутренне эквиваленты публичных рейтинговых агентств:
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More Less | | Kislov | | OTHER-Moscow State Linguistic University | | Years of translation experience: 8. Registered at ProZ.com: May 2005. | | N/A | English to Russian (American Translators Association, verified)
| | ATA | | Adobe Acrobat, Microsoft Excel, Microsoft Word, SDL TRADOS | | http://www.generaltranslations.com |  CV/Resume (DOC) | | Michael Kislov endorses ProZ.com's Professional Guidelines. | | About me
End clients include: Ernst & Young, PricewaterhouseCoopers, KPMG, Goldman Sachs, JPMorgan, Deutsche Bank, Barclays Group, PepsiCo, Nestle, Calyon, Raiffeisen Bank, Rio Tinto, Bloomberg, Reuters, Baker & McKenzie
English-Russian, Russian-English LEGAL AND FINANCIAL freelance translator
Michael Kislov (info@generaltranslations.com, Tel. +7 916 228-38-28)
Work experience:
1999 – present time: freelance translator
(Around 3,500 words are translated almost every day, clients are satisfied with the quality, since they use the services again and again).
Education:
MA in finance – Financial Academy under the Government of Russia (1994-1999)
MA in T&I – Moscow State Linguistic University (pending)
Certification: ATA Certificate in English-Russian combination
Additional info:
www.generaltranslations.com
Why is it better to place orders for legal, financial and economic translations with a translator specializing in legal, financial and economic subjects?
1) An “all-round craftsman” translator cannot understand the subject as deeply as a specialist; as a result there will inevitably be mistakes in translation (do you need mistakes in your translation?), and they will be slow in coming.
2) specialist-translator’s skills and knowledge are constantly developing:
a) as a result of daily work (translation of constitutional documents, financial statements, contracts, auditor’s opinions, business plans, tutorials, etc.);
b) by studying specialized financial and legal literature (when you read specialized literature you know what words are used because many words can be translated differently, and incorrect translations are sometimes given in dictionaries).
References available on request.
Translated materials include:
Auditor’s Opinions
Financial Statements
Balance Sheets
Profit and Loss Statements
Cash flow Statements
Statement of Changes in Shareholders' Equity
Notes to financial statements
Accounting Policy of a Group of Companies for Reporting in Accordance with IFRS
Comparative analysis of US GAAP, IFRS, and Russian Accounting Standards
Memoranda of Association
Articles of Incorporation
Articles of Association
Bylaws
Certificates of Incorporation
Certificates of Amendment of Certificate of Incorporation
Certificate of Legal Entity State Re-Registration
Banks’ Annual Reports
MICEX (Moscow Interbank Currency Exchange) Regulations
Descriptions of Banks
Banks' Presentations for Investors
Descriptions of loan products
A Project Improvement of the Bank’s internal control system
Bank’s Research Specification
Bank’s web-site development project
Loan documentation
Collateral documentation
Description of a Bank’s (the number one bank in this field) IPO underwriting activity
Tender documentation
Feasibility Studies
Budgets
Oil Field Development Business Plans
Uranium Production Business Plan
Lots of other business plans
Investments in Serbia and Montenegro (description of the region for investors)
Credit Facility Agreements
Securities Purchase and Sale Agreements
Loan Agreements
Pledge Agreements
Assignment Agreement
Multiple Inventor Assignment Agreement
Amicable Agreements
Agreement of right of claim assignment
Voting Trust Agreement
Guarantee Agreements
Divorce Retainer Agreement
Shares purchase and sale agreement
Consulting Agreements
Agreement of Contract Termination
Secondment Agreement
Lease Agreements
Services Agreements
Service Level Agreements
Partnership Agreements
Distribution Agreements
Option Agreements
License Agreements
Support Agreement
and lots of other Agreements
Certificate of Reconciliation (of debt)
Compliance certification for business associates
Certificate of entry introduction into the Unified State Register of Legal Entities
Bills of Lading
Birth Certificates
Marriage Certificates
Divorce Certificates
Certificates of TIN awarding
Certificates of the state registration of the right of ownership
Acceptance Certificates
Forward Contracts
Charters
Labor Contracts
Purchase and Sale Contracts
Tour # Reservation Services Contract
Services Contracts
Securities Purchase Contracts
Construction Contracts
and lots of other contracts
Performance Guarantees
Letters-Offers
Resolutions of Board of Directors
Resolutions of Meeting of Shareholders
Minutes of Meetings of Boards of Directors
Minutes of General Meetings of Shareholders (Members)
Resolutions of the Sole Member
Written Consents of the Sole Member
Arbitration Proceedings documentation
Court Rulings
Court Decisions
Powers of Attorney
Cooperation Proposals
Consulting Services Proposals
Contracting Guidelines
Business correspondence
Top-managers’ resumes
A Company's Policies for Foreign Corrupt Practices Act Compliance
Trade Asset Management - Best Practice Guidelines
Order for designing (development) of the Concept of Residential Micro-District General Plan
Personnel Survey
Web-site of a hotel
Payment Orders
Checks
Receipts
List of Shareholders
Real Estate Appraisal Reports
Books:
1. Construction Contracts (Keith Collier).
2. Libertarianism (David Boaz).
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Keywords: financial translator, finance translator, law translator, legal translator, contracts translator, contract translator, agreement translator, auditor's opinion, financial statements, banking translator, investments translator, business plan translator, auditing translator, Russian-English translator, English-Russian translator, ATA certified translator, 8 years of experience, have worked as a translator since 1999
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английско-русский переводчик,
переводчик с сертификатом Американской Ассоциации Переводчиков, 8 лет опыта, занимаюсь переводами с 1999 года,
RU-ENG, ENG-RU LEGAL AND FINANCIAL TRANSLATOR,
translator,
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