At today’s exchange rate, every US dollar is equivalent （)8:30 yuan RMB.

A、What’s the exchange rate today

B、What kind of currency do you want to exchange for

C、What’s the amount you’d like to exchange

听力原文：W: What is the rate of exchange for pound sterling into yen today？

M: For cash it is seven hundred and ninety four yen to the pound and for traveler's cheques it is eight hundred and eighteen yen to the pound.

Q: What's the exchange rate for cash？

(12)

A．880 yen.

B．794 yen.

C．719 yen.

D．888 yen.

FLOOR BROKERS, when a commission broker has (56) that he cannot execute personally because of their number or because of the activity of the market, he engages the services of a floor broker. These floor brokers were once referred to as $ 2 brokers, because at one time they charged a fee of $2 per (57) ; today this fee is (58) higher. Commissions are shared on these orders. It is easy to see that smaller commission brokers are especially prone to (59) by an influx of orders. The floor broker, as a freelance operator, provides a (60) function in ensuring that the exchange's business is conducted rapidly and efficiently.

(41)

A．commands

B．instructions

C．arrangements

D．orders

根据文章内容进行判断，正确写“T”错误写“F”。

Beads, stones, seashells, paper, precious metals such as gold and silver, base metals such as iron have all been used as money. Today, money is printed on paper. A lot of countries use their own currency, with names such as dollar, pound, franc, ruble, Yuan and so on. Since 2002, 18 of the EU members have replaced their national currencies by Euro notes and coins.

If you want to pay for something in another currency, you have to change your money into the other money. If you want to travel outside your native country,you need to change your own country's money for the money of the country you are visiting. Most large banks sell foreign currencies. You can exchange money at a bank or at an office of a tourist agency.

Wherever you go, exchanging money puts you in touch with international finance, which is concerned with exchange rates between different currencies. Deciding the rate for the international exchange of money is one of the most complex aspects of international banking.

()26. This best title for this passage is “The history of money”

()27. Euro is available in all EU member countries.

()28. Foreign exchange rates have significant impact on the economy of a country.

()29. Currency means money in the form. of paper.

()30. Banks are a good option to get your money exchanged.

听力原文：M: Hello, I'd like to buy 2, 500 shares of MFST. What's the market？

W: Let me check it for you. Just a moment, please. NYSE is presently 32. 65 bid, 32. 72 asked, last trade at 32. 68 up a nickel. Volume is 12, 500. The Dow is down 33 points. 1, 000 are offered at 32. 72 and another 500 at 32. 75.

M: Please buy 2, 500 D&M at 32. 70 with 10 cents discretion good for today only.

W: OK, I have got it. I will call you as soon as we have a fill.

Where does this conversation take place？

A．In a supermarket

B．In a bank

C．At a stock exchange

D．At a trade fair

The ARPANET(66)(the rules of syntax that enable computers to communicate on a network)were originally designed for openness and flexibility, not for(67)The ARPA researchers needed to share information easily, so everyone needed to be an unrestricted "insider" on the network. Although the approach was appropriate at the time, it is not one that lends itself to today's commercial and government use.

As more locations with computers(known as(68)in Internet parlance)joined the ARPANET, the usefulness of the network grew. The ARPANET consisted primarily of university and government computers, and the applications supported on this network were simple: electronic mail(E - mail), electronic news groups, and(69)connection to other computers. By 1971, the Internet linked about two dozen research and government sites, and researchers had begun to use it to exchange(70)not directly related to the ARPANET itself. The network was becoming an important tool for collaborative research.

A．protocols

B．statute

C．law

D．enactment

A.今天的汇率是多少

B.今天的客房出租率是多少

C.今天的天气多好

D.早晨的工作效率很高

A futures market is basically an organized forum for the trading of futures contracts under highly standardized terms. The basic elements that form this market are discussed below :

Future Exchange[1]

Future exchanges have existed in many countries since the mid-nineteenth century. Today, many futures exchanges all over the world are active in trading futures contracts on vanous commodities and financial instruments, such as stock index futures, agricultural commodities futures, metal futures, energy futures. A futures exchange is usually a membership organization whose purpose is to facilitate the trading of futures contracts. It provides the physical facilities and organizational framework make possible the execution and processing of futures transactions.

Every futures exchange may have its own unique structure. But usually, there is a board of directors , elected by exchange members. The rules, regulations and policies set by the board are implemented by an executive committee, control committee, and new products committee, etc.

Each exchange has a fixed number of memberships. Once all the authorized memberships have been sold, prospective new members must purchase a membership from a current member. Only exchange members must enjoy the privileges: access to the trading area and reduce transaction costs. Non-membership must trade by entering orders through members.

The general responsibilities of a futures exchange include providing:

·An adequate physical location for the trading areas in which members execute transactions ;

·Communications capabilities between the exchange floor and the outside world;

·Procedures that ensure the swift and accurate processing of transactions that take place on the trading floor;

·Effective margining and clearing systems to requirements guarantee the financial integrity of the exchange's contracts ;

·Rules and regulations that meet the requirements of regulatory authorities and that ensure the fair treatment of all market participants;

·Viable futures contracts.

Broker

Broker is an agent as a person or a firm that deals with the futures buying and selling in the futures market for and on the behalf of the customers. The broker must be the member of the futures exchange, if not, he cannot enter the floor for such dealings. The non-membership enterprises or persons that have such dealing desires and needs cannot enter the floor for the transaction either, except that they authorize the qualified broker to enter into a futures contract for them. The broker's remuneration consists of a brokerage, usually calculated as a percentage of the sum involved in the contract but sometimes fixed by a tariff. Brokers are used because they have specialized knowledge of certain markets.

The Clearing House[2]

Clearing house is a centralized system for settling indebtedness between members. Every futures exchange has a clearing house, in which sales and purchases are registered with the clearing house for settlement at the end of the accounting period. The structure of a clearing house varies from exchange to exchange. A clearing house may be a distinct entity with its own staffs and boards that do not overlap with its related exchange. For instance, the London International Financial Futures and Options uses the London Clearing House. Some clearing houses are part of the exchanges. For example, the clearing entity is a department within Chicago Mercantile Exchange and New York Mercantile Exchange.

Membership in a clearing house is available only to members of the related exchange and only to those who can meet strict financial requirements. These stringent financial requirements are necessary because it is the collective strength of the clearing house members that ultimately guarantees the financial integrity of all the trades carried out on the affiliated exchange. A member of exchange may transact business on the floor of that exchange for himself and for others. However, if the exchange member is not a member of the clearing house, all transactions must be cleared through a clearing member by paying certain fee. That is to say, the non-clearing member maintains an account with the clearing member and all trades of non-clearing member are held in that account. The clearing member should be responsible for the performance of these trades. The clearing house interposes itself between the buyer and the seller: the buyer has a contract with the clearing house and not directly with the seller, and the seller now has a contract with the clearing house and not with the buyer. The clearing house is not only the buyer of all the contracts, but also the seller of all the contracts. In consequence, futures traders do not need to worry about the credit risk of the other party with whom they are dealing. This greatly simplifies the administration of futures contracts, as every contract is with the clearing house. It also has the major benefit of standardizing and reducing the default risk of a futures contract.

The function of the clearing house is realized only by the guarantee of the margin system. Futures margin is a faith deposit regulated by the clearing house. It is intended to protect the seller against the buyer's default if prices fall and the buyer against the seller's default if prices rise.

Two kinds of margin are commonly used by clearing houses:

·Original Margin or Initial Margin.[3] Original margin is the deposit that must be made when a futures position is initiated. It generally ranged from about 2o-/o to lOu/o of the value of the futures contract.

·Variation Margin or Call Margin.[4] To minimize the losses from any default, changes in the price of futures contracts are settled on a daily basis. This is called marking to the market. Each day, at the close of trading, the change in price of a futures contract during that day is calculated. If the price changes should be adverse to the trader's position, then his original margin will be reduced. A1l exchanges require that once a trader's original margin is reduced to a certain level, known as the maintenance margin, additional funds must be paid to the clearing house to keep his original margin at the normal level. This payment is called variation margin.

Participants

According to their location, participants can be divided into those who trade on the floor of the exchange and those who do not. Floor traders can be f'urther divided into those who trade on their own account and those who trade on behalf of others. In the United States, brokers are also called futures commission merchants or FCMs. Some brokers may also trade for their own accounts. According to their motive for futures trading, participants may be split into two kinds: those who use futures market to reduce his exposure to price changes and those who attempts to profit by correctly anticipating price movements and trading accordingly.

[1]期货交易所

[2]清算所

[3]初始保证金

[4]追加保证金

Questions for reading :

阅读材料，回答题。

Today anyone will accept money in exchange for goods and services.. People use money tobuy food, furniture, books, bicycles and hundreds of others they need or want. When they work,they usually get paid in money.

Most of the money today is made of metal or paper. But people used to use all kinds of things as money. One of the first kinds of money was shells.

Shells were not the only things used as money. In China, cloth and knives were used. In thePhilippine Islands, rice was used as money. In some parts of Africa, cattle were one of the earliestkinds of money. Other animals were used as money, too.

The f&39;irst metal coins were made in China. They were round and had a square hole in the cen-tre. People strung them together and carried them from place to place.

Different countries have used different metals and designs for their money. The first coins inEngland were made of tin. Sweden and Russia used copper to make their money. Later, othercountries began to make coins of gold and silver.

But even gold and silver were inconvenient if you had to buy something expensive. Again the &39;Chinese thought of a way to improve money. They began to use paper money. The first papermoney looked more like a note from one person to another than paper money used today.

Money has had an interesting history from the days of sh~ll money until today.

Which of the following can be cited as an example of the use of money in exchange for services？ 查看材料

A.To sell a bicycle for $ 20

B.To get some money for old books at a garage sale

C.To buy things you need or want

D.To get paid for your work