VOA慢速英语2011-Finding Capital in 'Dark Pools' and Angel

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 available 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 for exchanges and for what are known as alternative trading systems.

Alternative trading systems are operated by brokers¹ or dealers². They mainly serve big investors⁴ like retirement⁵ funds, universities and financial companies.

These systems trade the same public stocks as other market players do. But they do not publicly report their trades. This secrecy⁶ 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.

Traders work at the New York Stock Exchange on the last trading day of the year in New York. Registered exchanges, like NYSE Euronext, have seen electronic and alternative exchanges steadily⁷ grow

A buy or sell order for a large amount of stock can move markets. It can influence 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 Monetary⁸ Fund has concerns about alternative trading systems. It says they limit the ability of the investing 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 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 retired⁹ he made an interest-free loan to Crystie and Keith Kisler. The couple operate a small organic farm in Washington state. They could not get a bank loan to build their business.

CRYSTIE KISLER: “This notion of an angel investor³ seemed just that to us. It seemed miraculous¹⁰.”

In return, Mr. Moore received a minority share of their business.

STEVE MOORE: “I started thinking about where else can I get some kind of reasonable rate of return where return can actually be defined more fully¹¹ 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 investments during that period totaled eight and a half billion dollars.

And that’s the VOA Special English Economics Report. I’m Steve Ember.

1 brokers   

n.（股票、外币等）经纪人( broker的名词复数 )；中间人；代理商；（订合同的）中人v.做掮客（或中人等）( broker的第三人称单数 )；作为权力经纪人进行谈判；以中间人等身份安排…

参考例句：

• The firm in question was Alsbery & Co., whiskey brokers. 那家公司叫阿尔斯伯里公司，经销威士忌。 来自英汉文学 - 嘉莉妹妹
• From time to time a telephone would ring in the brokers' offices. 那两排经纪人房间里不时响着叮令的电话。 来自子夜部分

2 dealers   

n.商人( dealer的名词复数 )；贩毒者；毒品贩子；发牌者

参考例句：

• There was fast bidding between private collectors and dealers. 私人收藏家和交易商急速竞相喊价。
• The police were corrupt and were operating in collusion with the drug dealers. 警察腐败，与那伙毒品贩子内外勾结。

3 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

4 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

5 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。

6 secrecy   

n.秘密，保密，隐蔽

参考例句：

• All the researchers on the project are sworn to secrecy.该项目的所有研究人员都按要求起誓保守秘密。
• Complete secrecy surrounded the meeting.会议在绝对机密的环境中进行。

7 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

8 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

9 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。

10 miraculous   

adj.像奇迹一样的，不可思议的

参考例句：

• The wounded man made a miraculous recovery.伤员奇迹般地痊愈了。
• They won a miraculous victory over much stronger enemy.他们战胜了远比自己强大的敌人，赢得了非凡的胜利。

11 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。