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1、 考研英语文章阅读 Crude awakeningOPEN-OUTCRY trading is supposed to be a quaint， outdated practice， rapidly being replaced by sleeker， cheaper electronic systems. Try telling that to the New York Mercantile Exchange （NYMEX）， the world”s largest commodities exchange. On November 1st the NYMEX opened an open-
2、outcry pit in Dublin to handle Brent crude futures， the benchmark contract for pricing two-thirds of the world”s oil.The NYMEX is trying to snatch liquidity from London”s International Petroleum Exchange （IPE）， which trades the most Brent contracts； the New York exchange has hitherto concentrated on
3、 West Texas Intermediate， an American benchmark grade. 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 in the pit
4、after lunch.The New York exchange claims that customers， such as hedge funds or energy companies， prefer open-outcry because it allows for more liquidity. Although most other exchanges are heading in the opposite direction， in commodity markets such as the NYMEX， pressure from “locals“self-employed
5、tradersis helping to prop up open-outcry， although some reckon that customers pay up to five times as much as with electronic systems. Even the IPE has no plans to abolish its floor. Only last month it signed a lease， lasting until 2022， for its trading floor in London.Dublin”s new pit is “showing p
6、romise“， says Rob Laughlin， a trader with Man Financial， despite a few technical glitches. 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 new morning electronic session. By the year”s end， predicts Mr Laughlin， it sh
7、ould be clear whether the venture will be viable. It would stand a better chance if it moved to London. It may yet： it started in Ireland because regulatory approval could be obtained faster there than in Britain.Ultimately， having both exchanges offering similar contracts will be unsustainable. Ste
8、aling liquidity from an established market 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 little headway. And the NYMEX h
9、as 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 been merger talks before， and something might yet happen. Some say that the freewheeling NYMEX and the more staid IPE could never mix. For
10、now， in any case， the two exchanges will slug it outacross the Irish Sea as well as across the Atlantic.注（1）：本文选自Economist；11/6/2022， p78-78， 1/2p， 1c；注（2）：本文习题命题仿照2022年真题text 2第1题（1），text 4第2题（2），text 1第2题（4），2022年真题text 2第2题（3），text 3第4题（5）；1.The NYMEX and IPE are_.A both using open outcry trading
11、 as a major trading formB partners that are reciprocal in their business activitiesC rivals that are competing in the oil trading marketD both taking efforts to modernize their trading practice2. According to the author， one of the reasons that the NYMEX takes open-outcry tradingis_.A the preference
12、 of its customersB the standard practice of energy exchangeC the long tradition of this trading practiceD the nostalgic feeling it arouses3.The word “glitches” （Line 2， Paragraph 4） most probably means_.A backwardnessB disappointmentsC engineersD problems4.From Paragraph 4 we can infer that_.A tradi
13、ng volume in the IPE”s new morning electronic session is fallingB London is a better business location for energy exchanges than DublinC Britains regulators are less efficient than those of IrelandD the Dublin pit of the NYMEX will be more prosperous next year5.We can draw a conclusion from the text
14、 that_.A its very unlikely that the NYMEX and the IPE could combine their businessesB the NYMEX will fail in Ireland as many precedents have shownC the two energy exchanges will figure out a way to cooperate with each otherD the market environment for both energy exchanges is getting better答案：C A D
15、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纳公开叫价的交易形式。其次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纳公开叫价交易方式的缘由。第四段介绍了目前都柏林这个交易所的经营状况。第五段对这种能源交易所之间的竞争前景进展了简洁的分析。最终一段总结全文，两个交易所都会在这张商战中放手一搏。词汇解释open-outcry： n. 公开叫价quaint： kweint adj. 奇怪好玩的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；可依照做出衡量和推断的标准liquidity： li5kwiditi n. 流淌资金；资产折现力West Texas Intermediate： 西德州轻质原油hedge fund： 对冲基金prop u
