VOA慢速英语2011--A Stock Market Big Enough to Stretch Acr

This is the VOA Special English Economics Report.

这里是美国之音慢速英语经济报道。

A ten-billion-dollar deal aims to create the world's largest exchange company. The plan would combine the operators of the New York Stock Exchange and Germany's Frankfurt Stock Exchange.

一项百亿规模的交易旨在创建全球最大的证券交易所。这项计划将合并纽约证券交易所和德国法兰克福证券交易所的运营商。

注：纽约泛欧交易所和德意志交易所分别是纽约证券交易所和德国法兰克福证券交易所的运营商。

The two companies, NYSE Euronext and Deutsche Borse, announced the agreement Tuesday. Deutsche Borse shareholders 1 would own about sixty percent of the combined group. One thing it still needs is a name. The new company would have headquarters in Frankfurt and New York.

纽约泛欧交易所和德意志交易所周二宣布了这项协议。德意志交易所的股东将拥有新集团约60%股份。现在只缺一个新集团的名字。合并后的新公司将分别在法兰克福和纽约设立总部。

The New York Stock Exchange is the world's most famous stock market and a symbol of American capitalism 2. Treasury 3 Secretary Tim Geithner says New York will remain at the heart of the world's financial system for a long time to come.

纽约证券交易所是全球最著名的证券市场，同时也是美国资本主义的象征。美国财政部长盖特纳表示，纽约在接下来的很长一段时间里，仍将是全球金融体系的核心。

But the exchange business has changed in these days of high-speed trading by computers in a globally connected economy. The Big Board now has to compete with smaller exchanges. Where stocks are traded has become less important than how much those trades cost.

但是，证券交易在全球化经济计算机高速交易的背景下已发生改变，纽约证券交易所现在面临一些小交易所的竞争。股票在哪上市与上市成本相比，已变得不那么重要。

NYSE Euronext and Deutsche Borse had profits of almost four and a half billion dollars last year. They expect to save four hundred million dollars a year by combining their operations.

纽约泛欧交易所和德意志交易所去年利润近45亿美元。他们希望通过合并每年节省4亿美元。

These savings 4 could lower the cost of stock orders. But the size of the company could raise concerns about competition in the exchange industry. The new company would also have trading operations in Britain, France and other European countries.

节省下来的钱可以降低股票交易的成本。但新公司的规模可以提高人们对其在证券行业竞争中的关注。合并后的新公司还将在英国、法国和其他欧洲国家开办业务。

Stock trading and other financial services would remain important to the combined company. But much of its income is expected to come from trading complex financial products called derivatives 5.

股票交易和其他金融服务仍将在合并后的新公司中保持重要地位。但预计新公司收入的大部分将来自被称为衍生工具的复杂金融产品的交易。

The deal requires approval by American and European officials and by shareholders. Other exchange operators, like the CME Group, could try to offer a higher price for NYSE Euronext. The CME Group, operator of the Chicago Mercantile Exchange, is one of the world's largest traders of derivatives.

这项交易还需得到美、欧监管部门及双方股东的批准。其他交易所运营商，例如CME集团可能会竞购纽约泛欧交易所。芝加哥商品交易所的运营商CME集团是全球最大的衍生品交易商之一。

Duncan Niederauer, chief executive of NYSE Euronext, is expected to keep that job in the new company. He says combining with Deutsche Borse will make the company more competitive.

纽约泛欧交易所首席执行官邓肯·尼德奥尔（Duncan Niederauer）预计将继续掌管新公司。他表示，和德意志交易所的合并将使公司更具竞争力。

DUNCAN NIEDERAUER: "This not only creates the world's premier 6 exchange group, but there's a word we all want you to focus on today, and that is diversified 7. This will position us to compete on what is increasing a global landscape in a very competitive industry."

尼德奥尔：“这次合并不仅创造了全球最大的交易所集团，我们今天还希望大家关注一个词，这个词就是‘多样化经营’。这将促使我们在一个竞争激烈的行业中，拓展全球格局。”

Last week the operators of the London and Toronto stock exchanges announced a deal to combine their companies. And the Singapore Exchange offered in October to merge 8 with Australia's exchange.

上周，伦敦证券交易所和多伦多证券交易所的运营商宣布合并。而去年十月份，新加坡交易所收购了澳大利亚交易所。