2017 考博英语 阅读题源经济学人文章每日精析（七十七）
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导读
自经济全球化以来，市场在不断地朝着新的一个方面发展。公开喊价的交易池数量在不断缩减，电子合同活动在蓬勃发展，期权和期货交易慢慢变成商人们的新宠儿。
Out of the pits
“走出交易池”
“Open outcry” is in retreat but futures and options trading-volumes surge
“公开喊价”形式的交易量在退却，但期货和期权交易量激增
The market is now mainly electronic—but is still booming
市场现在主要形式是电子市场，但其仍在蓬勃发展
Jan 7th 2017 | CHICAGO
2017年1月7日|芝加哥
Nothing to outcry about
没什么可以公开叫价了
AS A new trading year began this week in the art-deco tower that houses the Chicago Board of Trade, big men were clustered around pits dealing in futures and options tied to various commodities. Their approach dates back to the building’s opening in 1930, and was once familiar in cities throughout America. But after decades of attrition, on December 30th the CME Group (named after the Chicago Mercantile Exchange) closed the “open outcry” trading pits that it operated in New York. In America, Chicago’s hue and cry has become unique.
作为一种新的交易年开始，在本周的艺术装饰塔—房屋芝加哥贸易委员会上，大男人都密切关注着期货交易和期权挂钩的各种商品池。他们的方法可以追溯到1930年该建筑的开幕式，一度风行于美国的很多城市.。但经过几十年的削弱，CME集团(芝加哥商业交易所交所之后的命名)于12月30日，关闭了在纽约操作的“公开喊价交易池”。在美国，芝加哥的色调和叫喊已独一无二。
Even this exchange is a shadow of its former self. There are now nine pits, down from 32 in 2007. A once teeming trading floor was closed in 2015. Most activity in the contracts still traded in the pits is electronic. No one in the surviving CME pits in Chicago seems worried by the New York closures. But they have a symbolic impact. The markets have long been a colourful, fractious component of America’s financial architecture.
这个新的交易所是它之前的缩影。从2007的32个交易池下降到现在的9个。2015年，一个拥挤的交易大厅关闭了。交易池中进行的合同活动如今都是电子形式的。看上去CME现存于芝加哥的交易池不会担心像纽约的交易池一样被关闭。但他们也象征性地受到了影响。市场一直是美国金融体系中丰富多彩的且难以驾驭的的组份。
Fractious：难以对待的
They have always lured the ambitious. Two alumni of New York’s commodity markets have joined the Trump administration. Gary Cohn parlayed a cab ride into a job as a silver trader, into a position at Goldman Sachs, and, eventually, that bank’s presidency. His new post is as Mr Trump’s chief economic adviser. Vincent Viola swapped a job at an exchange for Virtu Financial, the electronic-trading firm he founded that made him a fortune. He will be nominated as army secretary.
他们总是吸引雄心勃勃的人。纽约商品市场的两位校友加入了特朗普政府。Gary Cohn成功搭便车在 高盛得到了一个类似银商的工作，并最终，成为该银行的总裁。他的新职位是特朗普的首席经济顾问。Vincent Viola辞掉了他在自己创立并令其富有的，Virtu Financial公司所属交易所的一个职务，该公司主要进行电子交易。他将被任命为陆军部长。
Lure：吸引
Parlay：使增值，成功的利用
Tales of failure as well as of success abound. A scandalous default in the potato market in the 1970s wiped out several firms. A failure to corner the silver market in the 1980s led to the spectacular bankruptcy of one of America’s richest families. The destruction of the World Trade Centre in 2001 obliterated the floor used by four of New York’s commodity exchanges but even before the flames were extinguished they were back to business, some in small temporary facilities like technological junk shops, knit together by familiar cries.
失败与成功的故事比比皆是。在上世纪70年代马铃薯市场可耻的拖欠下搞垮了几个公司。上世纪80年代银市场的失败导致了美国最富有的家族之一破产。世界贸易中心在2001的破坏摧毁了四家纽约商品交易所，但又在破坏的火焰熄灭前它们又回到了市场，一些在临时设施中像就像旧货店一样，只是哭声四起。
Obliterate ：消灭;冲刷
Extinguished ：熄灭的;灭绝的
Knit : 编织;结合
In the end it was not scandal or terrorism that undermined open outcry; it was efficiency. Computers turned out to be quicker, cheaper and more precise than humans. Almost all the important contracts ended up in the hands of the CME Group, which was first to realise that the most dynamic business was not in traditional commodities but in interest rates, stock indices and currencies. The strong volume these products provided enabled the CME to create economies of scale in clearing and trading systems, and to scoop up other exchanges as they faltered.
最后，不是丑闻或恐怖主义打破了公开叫价方式;是效率打败了它。计算机比人类更快、更便宜、更精确。几乎所有的重要合同 最终都到了CME集团的手中，这是第一次意识到，最有活力的企业不是传统商品，而是利率、股票指数和货币。这些产品的巨大规模使CME清算和交易系统形成规模经济，并且当衰退时使用其他交易。
Scandal : 丑闻
Precise : 精确的
Dynamic : 动态
Enabled : 激活的;可行的
Falter : 衰退;支吾;蹒跚地走
Bit by bit, the exchange has shed its real-estate assets. The Board of Trade building was sold in 2012 and the equivalent New York facility in 2013. This contraction, however, is far from reflecting the health of overall business—which is booming. In 2016 Brexit, the American election and India’s monetary experimentation, to cite just three examples, each created demand for futures and options tied to interest rates, precious metals and currency. Transaction volume on the CME grew by 12% to reach a new record. The markets are more important than ever, even if, increasingly, they can be neither seen nor heard.
一点一点地，交易所已经放弃了他们的房产。贸易大厦在2012被出售，纽约的设施在2013被出售。然而，这种收缩远远不能反映它们生意兴隆。拿2016年英国脱欧，美国大选，印度货币政策的试行三个例子来说，会发现他们都创造了对于期权和期货的需求，而这些都和利率、贵金属及货币联系密切。在CME的交易量增长了12%，达到一个新的记录。市场比以往任何时候都更重要，即使它们不可能被人们看见和听见。
real-estate assets : 房地产