2009年MBA英语阅读理解（精读精解）05

　　 The NYMEX is trying to snatch liquidity from London’s International Petroleum Exchange (IPE), which trades the mostBrent contracts; the New York exchange has hitherto concentrated on West Texas Intermediate, an American benchmarkgrade. The new pit is a response to the IPE’s efforts to modernise. On the same day as NYMEX traders started shouting

Brent prices in Dublin, the IPE did away with its morning open-outcry session: now such trades must be electronic, or done inthe pit after lunch.

　　 The New York exchange claims that customers, such as hedge funds or energy companies, prefer open-outcry becauseit allows for more liquidity. Although most other exchanges are heading in the opposite direction, in commodity markets suchas the NYMEX, pressure from \"locals\"--self-employed traders--is helping to prop up open-outcry, although some reckon thatcustomers pay up to five times as much as with electronic systems. Even the IPE has no plans to abolish its floor. Only lastmonth it signed a lease, lasting until 2011, for its trading floor in London.

　　 Dublin’s new pit is \"showing promise\On its first day it handled 5,726 lots of Brent (each lot, or contract, is 1,000 barrels), over a third of the volume in the IPE’s newmorning electronic session. By the year’s end, predicts Mr Laughlin, it should be clear whether the venture will be viable. Itwould stand a better chance if it moved to London. It may yet: it started in Ireland because regulatory approval could beobtained faster there than in Britain.

　　 Ultimately, having both exchanges offering similar contracts will be unsustainable. Stealing liquidity from an establishedmarket leader, as the NYMEX is trying to do, is a hard task. Eurex, Europe’s largest futures exchange, set up shop in

Chicago this year, intending to grab American Treasury-bond contracts from the Chicago Board of Trade. It has made littleheadway. And the NYMEX has dabbled in Brent contracts before, without success.

　　 Given the importance of liquidity in exchanges, why do the IPE and the NYMEX not band together? There have beenmerger talks before, and something might yet happen. Some say that the freewheeling NYMEX and the more staid IPE couldnever mix. For now, in any case, the two exchanges will slug it out--across the Irish Sea as well as across the Atlantic.　　 1.The NYMEX and IPE are___________.

　　 [A] both using open outcry trading as a major trading form 　　 [B] partners that are reciprocal in their business activities 　　 [C] rivals that are competing in the oil trading market 　　 [D] both taking efforts to modernize their trading practice

　　 2.According to the author, one of the reasons that the NYMEX takes open-outcry trading is__________. 　　 [A] the preference of its customers

　　 [B] the standard practice of energy exchange 　　 [C] the long tradition of this trading practice 　　 [D] the nostalgic feeling it arouses

　　 3.The word “glitches” (Line 2, Paragraph 4) most probably means_________. 　　 [A] backwardness 　　 [B] disappointments 　　 [C] engineers 　　 [D] problems

　　 4.From Paragraph 4 we can infer that_________.

　　 [A] trading volume in the IPE’s new morning electronic session is falling 　　 [B] London is a better business location for energy exchanges than Dublin 　　 [C] Britain’s regulators are less efficient than those of Ireland

　　 [D] the Dublin pit of the NYMEX will be more prosperous next year　　 5.We can draw a conclusion from the text that___________.

　　 [A] it’s very unlikely that the NYMEX and the IPE could combine their businesses 　　 [B] the NYMEX will fail in Ireland as many precedents have shown

　　 [C] the two energy exchanges will figure out a way to cooperate with each other 　　 [D] the market environment for both energy exchanges is getting better 　　 答案：C　A　D　B　A 　　 篇章剖析

　　 本⽂介绍了两家能源交易所之间的商战。第⼀段介绍了纽约商品交易所在都柏林的交易所采⽤公开叫价的交易形式。第⼆段介绍了纽约商品交易所和伦敦国际⽯油交易所之间的竞争。第三段介绍了纽约商品交易所采⽤公开叫价交易⽅式的原因。第四段介绍了⽬前都柏林这个交易所的经营情况。第五段对这种能源交易所之间的竞争前景进⾏了简单的分析。最后⼀段总结全⽂，两个交易所都会在这张商战中放⼿⼀搏。 　　 词汇注释

　　 open-outcry: n. 公开叫价

　　 quaint: [kweint] adj. 古怪有趣的 　　 sleek: [sli:k] adj. 时髦的

　　 pit: [pit] n. 期货交易场

　　 Brent crude futures：北海布伦特原油期货

　　 benchmark: [5bentFmB:k] n. 基准点；可依照做出衡量和判断的标准 　　 liquidity: [li5kwiditi] n. 流动资⾦；资产折现⼒ 　　 West Texas Intermediate: 西德州轻质原油 　　 hedge fund: 对冲基⾦ 　　 prop up: v. ⽀撑, ⽀持

　　 glitch: [^litF] n. ⼩故障，⼩⽑病

　　 lot: [lCt] n. ⼀批（在⼀起）拍卖的物品 　　 viable: [5vaiEbl] adj. 可⾏的；可实施的

　　 unsustainable: [7QnsEs5teinEbl] adj. ⽆法维持的 　　 treasury-bond: 国库券

　　 headway: [5hedwei] n. 前进；进展

　　 dabble: [5dAbl] v. (作为兴趣或爱好)随便搞搞, 涉猎 　　 难句突破

　　 Although most other exchanges are heading in the opposite direction, in commodity markets such as the NYMEX,pressure from \"locals\"--self-employed traders--is helping to prop up open-outcry, although some reckon that customers payup to five times as much as with electronic systems.

　　 主体句式：pressure …is helping to prop up open-outcry

　　 结构分析：这是⼀个复杂句，包含两个由although引导的让步状语从句。prop up的意思是“⽀持”。

　　 句⼦译⽂：虽然其它绝⼤多数交易所正在取消这种公开叫价的交易⽅式，在纽约商品交易所这类商品市场⾥，来⾃“本地⼈”---那些⾃营商---的压⼒却起到了⽀持公开叫价的作⽤，尽管⼀些⼈估计客户为此要⽀付五倍于使⽤电⼦系统的费⽤ 　　 题⽬分析

　　 1. 答案为C，属事实细节题。根据⽂章第⼆段“纽约商品交易所试图抢⾛IPE的交易量”和“新开张的交易所回应了伦敦国际⽯油交易所进⾏的现代化努⼒”两句来看，这两家交易所是竞争⽯油交易的对⼿。

　　 2. 答案为A，属事实细节题。根据⽂章第三段，NYMEX声称“对冲基⾦或者能源公司这样的客户更喜欢公开叫价”可知，顾客的喜好是他们考虑采⽤公开叫价⽅式的原因之⼀。

　　 3. 答案为D，属猜词题。根据⽂章第四段，除了⼀些技术上的“glitches”之外，新交易所让⼈们看到了希望。显然，glitches应该是不利的⽅⾯，四个选项中，只有B的意义最符合上下⽂，考试⼤。

　　 4. 答案为B，属推理判断题。根据⽂章第四段，如果NYMEX把在都柏林的交易所开在伦敦的话，“it would stand a betterchance”。可见，伦敦是能源交易所更好的业务场所。

　　 5. 答案为A，属推理判断题。根据⽂章最后两段，两家能源交易所因为交易内容相似，且两家都是交易所，这种市场局⾯最终将难以维系。作者提出了两家能否联⼿的问题，但两个交易所⼀静⼀动，很难合并。 　　 参考译⽂

　　 公开叫价交易被认为是⼀种奇怪⽽过时的做法，应该很快被更加时髦，更加廉价的电⼦系统所取代。但纽约商品交易所（NYMEX）这个世界上的商品交易所却反其道⽽⾏。11⽉1⽇，纽约商品交易所在都柏林的期货交易所开张，并以公开叫价的⽅式交易作为世界三分之⼆原油的定价基准的布伦特原油期货。

　　 ⼤部分布伦特合约都是在伦敦国际⽯油交易所（IPE）进⾏交易的；纽约商品交易所试图抢⾛IPE的交易量；因此纽约交易所把注意⼒都集中在了西德州轻质原油这个美国交易基准上。新开张的交易所回应了伦敦国际⽯油交易所进⾏的现代化努⼒。同⼀天，当纽约商品交易所的交易员开始在都柏林⾼喊布伦特原油期货价格的时候，伦敦国际⽯油交易所废除了上午的公开叫价交易：现在这类的交易都必须实⾏电⼦化，或者在午饭之后才能在交易所进⾏。

　　 所这类商品市场⾥，来⾃“本地⼈”---那些⾃营商---的压⼒却起到了⽀持公开叫价的作⽤，尽管⼀些⼈估计客户为此要⽀付五倍于使⽤电⼦系统的费⽤。甚⾄伦敦国际原油交易所也没有打算放弃其交易厅。上个⽉他们才刚刚签署⼀项租约，将其在伦敦交易⼤厅的租期延续到2011年。

　　 曼⽒⾦融公司的交易员罗布·拉夫林说，虽然出现了⼀些技术故障，但都柏林的这个新建交易所正在“崭露头⾓”。在开张当天布伦特原油的成交量就达到了5726⼿（每⼀⼿就是⼀份合约，相当于1000桶），是伦敦国际原油交易所当天上午更换电⼦交易成交量的三分之⼀。拉夫林预测，这⼀次投机是否可⾏到了年底就会见分晓。如果交易所迁到伦敦，则成功的机会更⼤。也许最终它会被迁到伦敦：不过它在爱尔兰开张就是因为那⾥⽐伦敦能更快获得监管部门的批准。

　　 两家交易所交易相似期货合同的局⾯最终将难以维系。纽约商品交易所想和⼀个⽼牌市场领袖叫板谈何容易。欧洲的期货交易所欧洲期货交易所（Eurex）今年在芝加哥设⽴分店，打算从芝加哥期货交易所的美国国库卷交易⾥分⼀杯羹，但进展不⼤。纽约商品交易所以前也曾涉⾜布伦特原油期货交易，但⽆功⽽返。

　　 考虑到交易中资⾦折现⼒的重要性，为什么伦敦国际原油交易所和纽约商品交易所不联合起来呢？以前有过合并商谈，不过也许时机还没到。有⼈说纽约商品交易所和伦敦国际原油交易所⼀动⼀静，⽔⽕不容。现在，⽆论如何，这两家交易所都要放⼿⼀搏---战场横跨爱尔兰海洋和⼤西洋。