1、标题：voa慢速英语附字幕:资本市场的暗池交易和天使投资对应音频：0114a.mp3听力内容：Finding Capital in Dark Poolsand Angel InvestorsThis is the VOA Special English Economics Report.Big stock exchanges in the United States are linked in what is known as the national market system plan. The idea is to process deals and report the best av
2、ailable prices to the public as quickly as possible.But there are other ways of investing that operate outside the national market system.In the late nineteen nineties, the Securities and Exchange Commission wanted to make room for new ideas in financial trading. The commission developed new rules f
3、or exchanges and for what are known as alternative trading systems.Alternative trading systems are operated by brokers or dealers. They mainly serve big investors like retirement funds, universities and financial companies.These systems trade the same public stocks as other market players do. But th
4、ey do not publicly report their trades. This secrecy explains why they also have another name: dark pools.As of October, there were eighty-six alternative trading systems registered with the Securities and Exchange Commission.A buy or sell order for a large amount of stock can move markets. It can i
5、nfluence other investors to try to buy or sell shares of that same stock. Supporters of alternative trading systems say the secrecy reduces the risk of a disorderly market.But the International Monetary Fund has concerns about alternative trading systems. It says they limit the ability of the invest
6、ing public to price a security effectively. Also, the IMF says the activity of these trading systems is largely outside the reach of market regulators.Another alternative to the investing methods that most people know is the work of so-called angel investors. These are individuals who invest in new
7、projects - and not just Internet startups that hope to become the next Google or Facebook. They could also be small, local businesses.Steve Moore made a lot of money in the software business. After he retired he made an interest-free loan to Crystie and Keith Kisler. The couple operate a small organ
8、ic farm in Washington state. They could not get a bank loan to build their business.CRYSTIE KISLER: “This notion of an angel investor seemed just that to us. It seemed miraculous.”In return, Mr. Moore received a minority share of their business.STEVE MOORE: “I started thinking about where else can I
9、 get some kind of reasonable rate of return where return can actually be defined more fully than just how much money did I make.”The Center for Venture Research at the University of New Hampshire says angel investing fell more than six percent nationwide in the first half of last year. Still, angel
10、investments during that period totaled eight and a half billion dollars.And that’s the VOA Special English Economics Report. I’m Steve Ember.这里是VOA特别英语经济报道。美国的大宗股票交易与所谓的全国市场系统计划有关。该想法是为了尽快处理交易，并以最快的速度向公众报告最好的价格。但是在全国市场系统以外还有其他的投资方式。九十年代末，美国证券交易委员会希望为新的金融交易方式让出空间。该委员会为证券交易和另类交易系统制定了新的规则。另
11、类交易系统由经纪人或经销商运营，主要服务于大的投资者，比如退休基金，大学和金融公司。这些另类交易系统像其他市场操作者一样对同样的股票进行交易。但是他们不会对自己的交易进行公开报告。这种机密性也就解释了他们为什么还有另外一个名字：暗池交易。截止到10月份，共有86个另类交易系统在证券交易委员会注册。大宗股票的买入或售出会对市场产生波动，会影响其他投资者试图买入或售出他们持有的相同的股票。另类交易系统的支持者表示，这种机密性降低了无序市场的风险。但是国际货币基金组织对另类交易系统存在一些担忧。他们表示，另类交易系统限制了投资公众对一种证券进行有效评估的能力。IMF还表示，这些交易系统的活动几乎是不
12、受市场调控者的控制的。大部分人知道的另外一种投资方式就是所谓的天使投资者的活动。天使投资者指的是对新项目进行投资的个人——不一定都是希望成为下一个谷歌或Facebook的新启动互联网公司，可能是非常小的当地企业。Steve Moore在互联网行业赚了很多钱。退休后他向Crystie和Keith Kisler提供了无息贷款。这对夫妇在华盛顿州经营着一个小型的有机农场。他们不能从银行获得贷款来拓展自己的事业。Crystie Kisler：“天使投资的概念对我们来说确实是天使，非常不可思议。”作为回报，Moore获得了他们的农场的一小部分所有权。Steve Moore：“我开始考虑我可以从其他什么地方得到合理的投资回报率，这种回报不一定是用赚多少钱来衡量的。”新罕布什尔大学创业研究中心表示，去年的上半年，全国天使投资的数量下降了60%以上。然而，这一时期的天使投资总额仍然高达85亿美元。
