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Unit 7


High-frequency trading firms—the lightning-quick, computerized companies that have risen in the last decade to dominate the nation’s stock market—are now struggling to hold onto their gains.

Profits from high-speed trading in American stocks are on track to be, at most, $1.25 billion this year, down 35 percent from last year and 74 percent lower than the peak of about $4.9 billion in 2009, according to estimates from the brokerage firm Rosenblatt Securities. By comparison, Wells Fargo and JPMorgan Chase each earned more in the last quarter than the high-speed trading industry will earn this year.

While no official data is kept on employment at the high-speed firms, interviews with more than a dozen industry participants suggest that firms large and small have been cutting staff, and in some cases have shut down. The firms also are accounting for a declining percentage of a shrinking pool of stock trading, from 61 percent three years ago to 51 percent now, according to the Tabb Group, a data firm.

It is a swift reversal for trading firms that have often looked to other investors like profit machines, thanks to high-powered software and superfast data connections that can take advantage of small changes in the price of a stock.

High-speed trading is far from disappearing from the market, but the struggles facing these firms have been greeted with enthusiasm by some traditional traders and investors who have viewed the firms as formidable adversaries, or worse, market manipulators that create sudden spikes and drops in share prices. Peter Costa, a longtime trader on the floor of the New York Stock Exchange, said the fading presence of the firms could “restore some order to stock markets.”

Regulators are still grappling with whether the rise of high-speed firms has been a net benefit or loss for investors, so it is hard to pinpoint what effect the decline of these firms will have on the markets. Many market experts have argued that the technical glitches that have recently hit the market have been a result of a broader trend of the market splintering into dozens of automated trading services and a lack of human oversight.

×¢£¨1£©£º±¾ÎÄÑ¡×ÔThe New York Times£»

×¢£¨2£©£º±¾ÎÄÏ°ÌâÃüÌâÄ£·Â¶ÔÏóΪ2010ÄêÕæÌâText 1¡£



1. It is indicated in Paragraphs 1 and 2 that ______.

A) high-frequency trading firms are still dominating the nation’s stock market

B) high-frequency firms have lost a lot of money

C) the profits from high-speed trading are declining compared to last year

D) by comparison, high-speed trading companies make more money than others

2. The decline of high-frequency trading firms is characterized by ______.

A) struggling to make profits

B) the shrink of stock trading market

C) the reduction of profits and employee numbers

D) the domination of the nation’s stock market

3. The phrase “a swift reversal”£¨Line 1, Paragraph 4£© most probably refers to ______.

A) possession of high-powered software and superfast data connections

B) new investors like profit machines

C) taking in charge of the price of a stock

D) that trading firms are not making huge profits as before

4. Which of the following would Peter Costa most probably agree on£¿

A) High-speed trading firms should better disappear from the market.

B) Some traditional traders and investors are afraid of that disappearance.

C) Some traditional traders and investors are formidable adversaries.

D) High-speed trading firms would face the struggle with enthusiasm.

5. What can be learned about the high-speed firms according to the last paragraph?

A) Regulators think the prospect of these firms is promising.

B) There is no assertion about the influence of these firms.

C) The technical glitches are caused by these firms.

D) These firms have splintered into dozens of automated trading services.





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Unit 8


Rich immigrants in Asia’s financial capitals generally have life pretty easy. But this summer, those in Hong Kong and Singapore are starting to sweat. The problem? Sizzling real-estate markets that make even bankers blink, and international schools packed like the Tokyo subway at rush hour. One-bedroom flats in Hong Kong’s most fashionable buildings now go for $5,000 per month. Office rents in Singapore have shot up 105 percent in the past year—the fastest appreciation rate in the world. For workers with kids, the picture is particularly bleak. Incoming students at international schools now land not in classes but on long waiting lists—unless their parents jump the queue by purchasing debentures that have sold for as much as $120,000 in Hong Kong.

Asia’s dueling financial hubs invest a lot of capital—real and emotional—in what’s often cast as a zero-sum contest for the affection of foreign companies. Yet both cities have done so well wooing them of late that the major threat facing each isn’t the other, but bottlenecks in the foreign infrastructure common to both. High-end housing costs are pushing past records set before the 1997-98 Asian financial crisis, prompting Singapore’s founding father, Lee Kuan Yew, to lament, “We must check this hike in rents or we will lose our competitiveness.”

Talent is getting tougher to find as both economies near full employment. Office rents are driving even the richest investment banks to seek cheaper alternatives to prime downtown addresses. And as both cities increase their populations by luring hundreds of thousands of additional outsiders over the coming decade, locals are getting squeezed. “There may be a political cost if Singaporeans feel priced out by foreigners,” warns Charles Chong, head of a parliamentary committee on national development in Singapore.

Both cities are, in a sense, victims of their success. Each ranks among the most efficient spots on the planet to register new businesses. They boast world-class banking, accounting and legal services, undergirded by respect for contracts and commercial codes not found in the rest of Asia. In a region awash in cash from record trade surpluses, Chinese expansion and a flood of new stock listings, the cities have posted incredible GDP growth numbers of late—6.8 percent and 7.9 percent for Hong Kong and Singapore, respectively, last year.

Given that local fertility rates are falling, both hubs hope to continue to fuel that boom via immigration. Singapore’s Minister for National Development Mah Bow Tan expects the city-state’s population to hit 6.5 million by 2027, up 2 million from today—which implies a yearly influx of 100, 000 foreigners over the next two decades. Hong Kong Chief Executive Donald Tsang has said he envisions his city’s population eventually surpassing 10 million—a 30 percent increase from today’s total—thanks to “an injection of new blood from all nationalities.” As the hubs grow more receptive to outsiders, new factors are ensuring that immigrants arrive in large numbers. Whereas globalization was once confined to big multinationals, today’s expatriates work disproportionately for smaller-and medium-size companies. Nor are they predominantly European or North America anymore; China, India and South Korea are just three of the many countries now sending professionals abroad.

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1. Foreigners in Hong Kong begin to sweat because _______.

A) the real-estate market is cooling down

B) they cannot afford children’s tuition fee at international schools

C) the city is over-populated

D) the hiking rents are making life tougher

2. We can learn from the second paragraph that ______.

A) Hong Kong and Singapore consider each other as competitors

B) both two cities should not attract any more foreigners because there will not be enough land to hold them

C) the “bottlenecks” refer to the fact that the infrastructures of the two cities are not pleasant enough to woo foreign companies

D) Lee Kuan Yew’s comment shows that he’s pessimistic about Singapore’s future development

3. According to the text, local people in the two cities _______.

A) do not welcome overseas talents

B) are facing worse living conditions

C) are unsatisfied with the government

D) are in full employment

4. Which of the following is NOT the reason of the region’s abundance of capital?

A) Efficiency of business registration.

B) China’s development.

C) Booming stock market.

D) Benefit from trade.

5. We can draw a conclusion from the last paragraph that _______.

A) the conflict between population and rent in the two cities might be more serious since both cities plan to enlarge their citizen number

B) the population increase plan of the two cities can hardly be fulfilled as the higher living expense damages their attractiveness

C) the definition of globalization has been changed mainly because most local people refuse to work in multinational companies

D) the influx of foreigners can damage local economy because they will compete for the limited resources with locals





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blink /blɪŋk/ v. Õ£ÑÛ

pack /pæk/ vi. ¼·£¬Èº¼¯

bleak /bliːk/ adj. »ÄÁ¹µÄ£¬ÆàÁ¹µÄ

debenture /dɪˈbentʃə(r)/ n. ծȯ

duel /djʊəl/ v. ¾ö¶·£¬Ë«·½¿¹Õù

hub /hʌb/ n. ÖÐÐÄ

woo /wuː/ v. ×·Çó£¬ÕùÈ¡…Ö§³Ö

bottleneck /ˈbɒtlnek/ n. Æ¿¾±

lament /ləˈment/ vi. »ÚºÞ£¬±¯Ì¾

lure /ljʊə/ v. ÒýÓÕ

squeeze /skwiːz/ v. ѹե£¬¼·£¬¼·Õ¥

boast /bəʊst/ v. ×Կ䣬ÒÔÓÐ…¶ø×ÔºÀ

undergird /ˈʌndəˈ¨Àəːd/ v. ¼ÓÇ¿£¬¹®¹Ì…µÄµ×²¿

awash /əˈwɒʃ/ adj. ±»À˳å´òµÄ

fertility /fəˈtɪləti/ n. ÈË¿Ú³öÉú

influx /ˈɪnflʌks/ n. Á÷È룻»ã¼¯

envision /ɪnˈvɪʒn/ vt. ÏëÏó£»Ô¤¼û£»Õ¹Íû