2005年NPR美国国家公共电台四月-NYSE to Merge with Archipelago Trading Fi

Members of the New York stock exchange met today to learn more about the organization's proposed merger¹ with the electronic trading company Archipelago. The merger, announced late yesterday, would turn the exchange into a for-profit company, as NPR' Jim Zarroli reports, some analysts² predict it could mark the beginning of the end for the exchange's famous trading floor.

All day today, investors³, traders and fund managers were trying to figure out just what yesterday's merger announcement really means. In the eyes of some big institutional investors, the merger with Archipelago will make it easier to trade large blocks of stock more quickly than they could under the familiar floor-based system. And even better, they'll be able to do so without their trades becoming public before they are executed. M.A is chief investment officer at the California public employee's retirement⁴ system.

It is now acknowledged that electronic trading must be a significant component⁵ of stock execution. And that is a distinct change from where the stock exchange was just five years ago.

Stock change officals say Archipelago will coexist with the venerable floor-based system, in which specialists stand amid the clamour of the exchange floor, buying and selling blocks of stock, and essentially⁶ serving as middleman between investors. Richard S, professor of finance at New York University Stern School of Business says there are a lot of questions about how the two systems will function.

They are fundamentally different systems and it remains⁷ to be seen in whether the floor traders wanna dominate it or whether the electronic guys wanna dominate it. The problems on the horizon are basically managerial problems.

In fact the merger maybe the beginning of the end for the floor-based system. Defenders⁸ insist that the floor-based traders bring liquidity⁹ to the markets which help small investors. But critics say the system is outmoded. And they point out that all of the world's other major exchanges use electronic trading much more than the New York exchange does. Charles Geisst has written several books on Wall Street.

My gut¹⁰ reaction to that is probably we've seen the last of the floor-based system. The Archipelago merger proves that NYSE is obviously looking toward the future.

Before the floor-based system goes, however, a lot of details have to be worked out, such as how to structure the deal financially. The exchange's technically¹¹ a non-profit organization owned by its members. If the deal goes through, they would receive some money from the exchange, as well as shares of the new company. But retired¹² seat holder¹³ Williams Hegans complained today that members aren't getting what they are due.

We've been born with our own money.

To North Carolina treasurer¹⁴ Richard Moore, who presides over his State's public pension fund, the idea of converting the New York exchange to a for-profit company raises some difficult questions. More says over the years the exchange has grown and prospered¹⁵ in part because it's a non-profit, it's gotten huge tax breaks, and because it's had a privileged regulatory position.

They are taking the intangible and tangible¹⁶ accumulated benefits of that and immediately cashing them out for a very small group of people. I don't know that's the correct way for this to precede.

Moore says he hopes the securities and exchange commission will study the ramifications¹⁷ of the merger carefully before approving it. But ACC chairman William Donaldson has made clear he favours the general move toward electronic trading. And he predicted today that the merger would be a positive development for investors, ultimately making the business of securities trading more competitive.

Jim Zarroli, NPR News.

1 merger   

n.企业合并，并吞

参考例句：

• Acceptance of the offer is the first step to a merger.对这项提议的赞同是合并的第一步。
• Shareholders will be voting on the merger of the companies.股东们将投票表决公司合并问题。

2 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

3 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

4 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

5 component   

n.组成部分，成分，元件；adj.组成的，合成的

参考例句：

• Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
• Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。

6 essentially   

adv.本质上，实质上，基本上

参考例句：

• Really great men are essentially modest.真正的伟人大都很谦虚。
• She is an essentially selfish person.她本质上是个自私自利的人。

7 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

8 defenders   

n.防御者( defender的名词复数 )；守卫者；保护者；辩护者

参考例句：

• The defenders were outnumbered and had to give in. 抵抗者寡不敌众，只能投降。 来自《简明英汉词典》
• After hard fighting,the defenders were still masters of the city. 守军经过奋战仍然控制着城市。 来自《简明英汉词典》

9 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

10 gut   

n.[pl.]胆量；内脏；adj.本能的；vt.取出内脏

参考例句：

• It is not always necessary to gut the fish prior to freezing.冷冻鱼之前并不总是需要先把内脏掏空。
• My immediate gut feeling was to refuse.我本能的直接反应是拒绝。

11 technically   

adv.专门地，技术上地

参考例句：

• Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。
• The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。

12 retired   

adj.隐退的，退休的，退役的

参考例句：

• The old man retired to the country for rest.这位老人下乡休息去了。
• Many retired people take up gardening as a hobby.许多退休的人都以从事园艺为嗜好。

13 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

14 treasurer   

n.司库，财务主管

参考例句：

• Mr. Smith was succeeded by Mrs.Jones as treasurer.琼斯夫人继史密斯先生任会计。
• The treasurer was arrested for trying to manipulate the company's financial records.财务主管由于试图窜改公司财政帐目而被拘留。

15 prospered   

成功，兴旺( prosper的过去式和过去分词 )

参考例句：

• The organization certainly prospered under his stewardship. 不可否认，这个组织在他的管理下兴旺了起来。
• Mr. Black prospered from his wise investments. 布莱克先生由于巧妙的投资赚了不少钱。

16 tangible   

adj.有形的，可触摸的，确凿的，实际的

参考例句：

• The policy has not yet brought any tangible benefits.这项政策还没有带来任何实质性的好处。
• There is no tangible proof.没有确凿的证据。

17 ramifications   

n.结果，后果( ramification的名词复数 )

参考例句：

• These changes are bound to have widespread social ramifications. 这些变化注定会造成许多难以预料的社会后果。
• What are the ramifications of our decision to join the union? 我们决定加入工会会引起哪些后果呢？ 来自《简明英汉词典》