Computerised trading agents may help humans build better markets
THANKS to declining markets, investment banks are getting rid of many of their highly-paid traders. When markets recover, the banks might be tempted to replace them with rather cheaper talent. One alternative has been around for a while but has yet to catch on: autonomous trading agents-computers programmed to act like the human version without such annoying costs as holidays, lunch breaks or bonuses. Program trading has, of course, been done before; some blamed the 1987 stock market crash on computers instructed with simple decision-making rules. But robots can be smarter than that.
Dave Cliff, a researcher at Hewlett-Packard Laboratories in Bristol, England, has been creating trading robots for seven years. In computer simulations he lets them evolve "genetically", and so allows them to adapt and fit models of real-world financial markets. His experiments have suggested that a redesign of some markets could lead to greater efficiency. Last year, a research group at IBM showed that Mr Cliff's artificial traders could consistently beat the human variety, in various kinds of market. Nearly all take the shape of an auction(拍卖). One well-known type is the English auction, familiar to customers of the salesrooms(拍卖场)of Christie's and Sotheby's, where sellers keep mum on their offer price, and buyers increase their bids by stages until only one remains.
At the other extreme is the Dutch auction, familiar to 17th-century tulip-traders in the Netherlands as well as to bidders for American Treasury bonds. Here, buyers remain silent, and a seller reduces his price until it is accepted. Most markets for shares, commodities, foreign exchange and derivatives are a mixture of these two types: buyers and sellers can announce their bid or offer prices at any time, and deals are constantly being closed, a so-called "continuous double auction".
Mr Cliff's novel idea was to apply his evolutionary computer programs to marketplaces themselves. Why not, he thought, try and see what types of auction would let traders converge(趋同) most quickly towards a balance price? The results were surprising. In his models, auctions that let buyers and sellers bid at any time like most of today's financial exchanges were less efficient than ones that required relatively more bids from either buyers or sellers. These "evolved auctions" also withstood big market shocks, such as crashes and panics, better than today's real-world versions. Mr Cliff's most recent results, which will be presented in Sydney, Australia, on December 10th, show that the best type of auction for any market depends crucially on even slight differences in the number of buyers and sellers.
Bank of America has been investigating these new auctions, along with robotic traders, for possible use in electronic exchanges. The hope is that today's financial auctions and online marketplaces might work better by becoming more like their English and Dutch ancestors.
1.What is the passage mainly about?
A. A review of two kinds of auctions. B. An introduction of trading robots.
C. A survey of the trading market. D. About trading alternatives.
2.Which of the following is true according to the text?
A. Mr Cliff’s robot traders have now been used in real-world markets.
B. Robot traders can evolve like creatures.
C. There is room for improvement in efficiency in trading markets.
D. The English auction is the most popular trading form.
3.What can we infer from the text?
A. Existing auctions cannot withstand market shocks
B. The Dutch auction is better than the continuous double auction
C. It’s hard for traders to reach a balanced price
D. The best type of auction takes place when the number of the buyers is equal to that of sellers
4.What’s the author’s attitude toward robot traders?
A. Prejudiced B. Objective C. Critical D. Optimistic
Thousands of taxi drivers in Shenyang, Liaoning province, reportedly blocked streets with their vehicles on Sunday in protest against unlicensed vehicles using taxi-hiring apps(打车软件) and apps-based car rental companies providing passenger services, including high-end cars. Although the drivers also complained about the withdrawal of the fuel subsidy by the government, their main complaint was the loss of business because of the rising number of Internet-based car services companies.
On Wednesday, news reports came that Beijing transport authorities will take measures to stop the illegal “taxi business” of private cars through the newly rising Internet apps, following the footsteps of Shenyang and Nanjing.
It is not yet clear how the Shenyang city government will handle the issue and whether it will declare the services offered by market leaders such as Didi Dache, a taxi-hiring app provider backed by Tencent Holdings, and Kuaidi Dache illegal. But Shanghai transport regulators have set a rule, by banning Didi Zhuanche, or car services offered by Didi Dache in December.
Such regulations will cause a setback to the car-hiring companies and investors that are waiting to cash in on the potentially booming business. Just last month, Didi Dache got $700 million in funding from global investors, including Singapore state investment company Temasek Holdings, Russian investment company DST Global and Tencent. Besides, the market is uncertain that Kuaidi Dache is about to finalize its latest round of funding after getting $800 million from global investors.
Regulatory uncertainties, however, could cast a shadow on the future of the Internet-based car-hiring services, which have become popular in most of China’s big cities. To be fair, these companies’ business model is anything but bad. For example, Didi Zhuanche works side by side with established car rental companies to provide high-end car service mainly for businesspeople through the Internet and mobile phone apps.
Every link in this business model chain has legal companies and services. Hence, it is hard to define it as illegal and ban it.Why did taxi drivers in Shenyang block the streets with their vehicles?
| A．Because they wanted the government to increase their driving allowances. |
| B．Because they wanted to be educated how to use the taxi-hiring apps. |
| C．Because they wanted to make their main complaints known to the government. |
| D．Because they wanted to call on passengers not to hire the private cars. |
The author’s attitude to banning internet car-hiring service is______.
| A．positive | B．negative |
| C．neutral | D．unclear |
Which of the following statements is NOT true according to the passage?
| A．The problem mentioned in the passage exists in all cities |
| B．App-based car rental is helpful in some sense |
| C．The government should regulate the app-based car rental market |
| D．Didi Dache is a China-foreign joint company |
From the passage we learn ___________.
| A．Shenyang banned apps-based car rental companies |
| B．Shanghai is the second city banning Didi Zhuanche |
| C．some international investment companies have faith in the future of apps-based car rental companies |
| D．it is easy to describe the apps-based car rental companies illegal |
Comfort is comforting, but it might narrow our experience at work — and beyond.
In our modern world, discomfort is considered a terrible thing. If not terrible, at least a thing of the past. Dishwashers, washing machines, computers, remote controls—yes, they add convenience, but also a level of comfort our forefathers did not enjoy.
As pain of any kind discourages happiness, we tend to reason, anything that compromises our ability to feel good must be bad. And that’s also particularly true for our careers. Success makes us feel great, not terrible. Such a view, however, is a matter of personal opinion. And it may blind us to hidden opportunities.
Artists throughout history have tried to experience suffering, instinctively if not consciously, to produce works that explore the darker hidden sides of the human condition. This was done, in part, because pain is a reality of life for everybody in some form at some time. Pain is something everybody can relate to. And pain makes a person very present. For such artists, to relieve or to deny pain would be to block the creative thinking, which drives them to explore and express. In fact, Germans have a term for this melancholia, “Weltschmerz”, which means “suffering from the world.” Writers, from Lord Byron to Kurt Vonnegut, have used the term to describe the psychological pain encountered along life’s roller-coaster journey. It was not to be avoided; it was to be understood, investigated and employed.
So I propose that discomfort is good for us. Or, put another way, it tells us that something needs to be addressed. It stretches us by forcing us to view our circumstances through a wholly different lens. Because we’re drawn to safety and security, we do our best to create pleasant comfort zones for ourselves and our loved ones through the cars we drive, the homes we live in, and the places we work. But by resisting discomfort, we deny ourselves an important opportunity: the chance to shake ourselves out of our predictable perspectives and allow ourselves to make knowledgeable observations we could not possibly have made before. Discomfort gives us fresh eyes.Which of the following is NOT a reason why artists throughout history have been exploring sufferings?
| A．Pain is a mirror that can reflect the life of everybody. |
| B．Pain is something that no one can escape from. |
| C．Pain can help them to avoid the creative thinking. |
| D．Pain can strengthen the feeling of existence of a person. |
The term “Weltschmerz” couldn’t be used to describe something like __________.
| A．social inequality | B．mass killings |
| C．racial discrimination | D．great achievements |
The author believes that by challenging discomfort, one may _________.
| A．lose an important chance to make a big fortune |
| B．feel upset and fail to think calmly |
| C．judge and think about the world in a new particular way |
| D．control the situation properly when things go unsteady |
By writing this passage, the author tries to __________.
| A．criticize a world full of comfort |
| B．explain why discomfort is good for us |
| C．persuade people to lead a life full of discomfort |
| D．blame those who enjoy an easy life |
If you need glasses to read this, you are among the majority of Chinese students. That’s because most students in China are short-sighted which means they can only see things close up and distant things will be blurry. Four-fifths of high school students wear glasses and now more and more children in primary school need glasses, too.
This epidemic of poor eyesight has two very simple causes: too much time spent indoors studying and too little time spent outdoors playing. Reading and writing for hours and hours, sometimes in poorly lighted rooms, causes eyesight to weaken. But students have to do this because there is so much pressure on them to succeed in school. And because they spend so much time indoors at school and at home, they have less time to spend outdoors enjoying the sun.
The sun, as a consequence, is important in developing good eyesight. Exposure to daylight releases a chemical in the eyes that prevents, or at least delays, short-sightedness. According to a study by Ian Morgan of Australian National University, Australian children and Chinese children have the same level of eyesight before they start school, but once they enter primary school, Chinese children only spend about an hour a day outside, while Australian children spend three to four hours each day in the sunshine. The result is that while about 40 percent of Chinese primary school students need glasses, only three percent of Australian children do.
Wearing glasses may not seem like a big deal. For some, wearing glasses can even be an opportunity to make a fashion statement. But poor eyesight at a young age can have serious long term consequences. As you get older, your eyesight can worsen and lead to things like macular degeneration(黄斑变性), a condition of the eyes for which there is no cure and which can eventually lead to blindness.
With all that in mind, don’t you think it’s time to give your eyes a break? Try spending a little less time inside and go for a walk in the park, instead. It’s the healthy thing to do and your eyes will thank you for it.What does the underlined word “blurry” mean?
| A．unpopular. | B．unpleasant. |
| C．unclear. | D．unconscious. |
How should the students protect their eyesight according to the passage?
| A．They should study less and less. |
| B．They should stay longer outdoors. |
| C．They should wear sun-glasses. |
| D．They should have a longer rest in bed. |
It can be inferred from the passage that __________ is to blame for the poor eyesight of Chinese children.
| A．the ever-worsening bad weather |
| B．the ever-increasing burden of study |
| C．the ever-decreasing sunny days |
| D．the ever-decreasing period of study time |
What is the purpose of this article?
| A．To explain why Chinese students are poor-sighted. |
| B．To admire Australian children’s good eyesight. |
| C．To criticize the present education system. |
| D．To call on people to protect Chinese children’s eyesight |
Alice’s mother died when Alice was five years old. Alice, who grew up to be my mother, told me that after her mother’s death her family was too poor to even afford to give her a doll.
In December 2012, I had a job at a local bank. One afternoon, we were decorating the tree in the bank lobby(大厅). One of my customers approached me with her beautiful handmade dolls. I decided to get one for my daughter, Katie, who was almost five years old. Then I had an idea. I asked my customer if she could make me a special doll for my mother—one with gray hair and spectacles(眼镜): a grandmother doll. And she gladly agreed.
A friend had told me that his dad who played Santa Claus would be willing to make a visit on Christmas morning to our home to deliver my Katie her presents, so I made some special arrangements.
Christmas Day arrived and at the planned time; so did Santa Claus. Katie was surprised that Santa had come to see her at her own house. As Santa turned to leave, he looked once more into his bag and found one more gift. As he asked who Alice was, my mother, surprised at her name being called, indicated that she in fact was Alice. Santa handed her the gift, with a message card that read:
For Alice:
I was cleaning out my sleigh(雪橇) before my trip this year and came across this package that was supposed to be delivered on December 25,1953. The present inside has aged, but I felt that you might still wish to have it. Many apologies for the lateness of the gift.
Love,
Santa Claus
My mother’s reaction was one of the most deeply emotional scenes I have ever seen. She couldn’t speak but only held the doll she had waited fifty-nine years to receive as tears of joy ran down her cheeks. That doll, given by “Santa”, made my mother the happiest “child” that Christmas.The reason why the writer’s mother couldn’t have a doll when young was that_________.
| A．Santa Clause forgot to deliver the doll to her |
| B．her daughter couldn’t make a doll by herself |
| C．her parents left the doll in the Santa Clause’s sleigh |
| D．her family was badly off when she was a child |
It can be inferred from the passage that __________.
| A．the writer’s father played the Father Christmas |
| B．the writer’s mother was already in her sixties when she received the doll |
| C．the writer asked one of her friends to make the doll for her mother |
| D．the Santa Clause was too careless to deliver the doll on time |
When the writer’s mother received the doll that she had waited so long, she was __________.
| A．pleased and inspired | B．puzzled and angry |
| C．happy and excited | D．curious and grateful |
The best title for this passage could be __________.
| A．A Doll from Santa | B．An unforgettable Christmas |
| C．A considerate daughter | D．A help from Santa Claus |
Migrants to the UK are to be quizzed about their English skills before being able to claim income-related benefits, the government has announced.
In a move to "protect the integrity（完整性）of the benefits system", people will also be asked what efforts they have made to find work before coming to Britain. Work and Pensions Secretary Duncan Smith said people should not be able to "take advantage" of British benefits. Job centres in England, Scotland and Wales will use the "more mighty" test. The Department for Work and Pensions (DWP) said the test would ensure "only migrants who have a legal right to be in Britain and plan to contribute to this country can make a claim for benefits".
"For the first time, migrants will be quizzed about what efforts they have made to find work before coming to the UK and whether their English language skills will be a barrier to them finding employment," the DWP said in a statement.
Income-related benefits include council tax benefit, housing benefit, income-based jobseeker's allowance and pension credit.
Mr. Duncan Smith said British people were "rightly concerned" that migrants should contribute to the economy and should not be "drawn here by the attractiveness of our benefits system".
"It is vitally important that we have strict rules in place to protect the integrity of our benefits system," he said. He said the new test would help create a fair system which provided for "genuine" workers and jobseekers but "does not allow people to come to our country and take advantage".
To claim the benefits, migrants will have to pass a "habitual residence test" including more than 100 extra questions compared to now. This will be overseen by an "intelligent IT system" which will ensure questions are "tailored to each individual claimant".
Migrants will be allowed to claim benefits if they can prove they are legally allowed to be in Britain and are "habitually resident" of the country. As part of this they might be questioned about what measures they have taken to "establish" themselves in Britain and what ties they still have abroad.
"They will also have to provide more evidence that they are doing everything they can to find a job," the DWP said.What does the British government use the test for?
| A．promoting the English skills of migrants. |
| B．making efforts to help migrants find work. |
| C．protecting the rights of migrants. |
| D．ensuring the British benefit claimed legally by migrants . |
What do we know about the test?
| A．All British residents must be quizzed about their English skills. |
| B．The test will ask migrants whether they are willing to work in Britain. |
| C．The test is an act to protect British benefits system. |
| D．The test will help the government dismiss jobseekers. |
What does the underlined word “claimant “(in para.7) probably mean in the text?
| A．a person who applies | B．a person who is badly off |
| C．a person who migrates | D．a person who is quizzed |
What does the passage mainly want to inform us?
| A．All migrants can claim benefits from the UK. |
| B．Income-related benefits can be a great help to migrants. |
| C．All migrants come to the UK only to claim benefits. |
| D．Migrants are to pass a test to get the benefits from the UK. |