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2019年12月14日 15:25:05

Crashing exchanges交易所崩溃Code blue蓝色警报A new type of market crash proliferates新一类的市场崩溃频发Aug 31st 2013 | NEW YORK |From the print editionTIME was it took a war to close a financial exchange. Now all it needs is a glitch in technology. On August 26th trading on Eurex, the main German derivatives exchange, opened as usual; 20 minutes later it shut down for about an hour. Four days earlier the shares of every company listed on NASDAQ, an American stock exchange, ceased trading for three hours. The direct impact of these computer crashes was small. But, given that global markets and financial firms are all hooked up through complex trading programs, the indirect impact could be significant.曾几何时,发生战争时金融交易才会中止;但现在,技术上的一点故障就能导致相同的结果。8月26日,德国衍生品交易的主要场所——欧洲期货交易所,照常开市;但在20分钟后却临时关停1个小时。四天前,在美国股票交易所——纳斯达克上市的公司股票全部暂停交易两小时。这些计算机故障导致的直接影响很小,但考虑到全球市场和金融公司都通过复杂的交易程序联系在一起,间接的影响简直不可估量。In these two cases there was no news of big losses. So there was no panic. All concerned also appear to be making a genuine effort to understand and disclose what went wrong. NASDAQ’s reputation and revenues are still suffering from the disastrous public offering of Facebook in May of 2012, when computer glitches produced an estimated 0m-worth of errant trades. Knight Capital, a securities firm, never recovered from a 0m trading glitch last year. On August 20th a flurry of misdirected trades by Goldman Sachs, a bank, caused embarrassment and as yet unspecified losses. Even the most robust seem vulnerable.在两次关停事件中,都未出现重大损失的报道,因而也没有恐慌。所有关心此事的人都发挥着自己的聪明才智理解、揭示出错的原因。2012年5月脸书的灾难性公开发行对纳斯达克的名誉和交易额影响尚未褪去,彼时计算机的小错误引发了一笔价值近5亿美元错误交易。券公司——游侠资本也尚未从去年价值4.6亿美元的错误中恢复过来。在8月20日,高盛的误操作同样导致一系列错误交易并引发恐慌,相关损失的数额时至今日依然未能确定。即使最为稳健的公司也如此不堪一击。But the frequency of such failures may actually make them less disturbing. Amazon and Google, generally reckoned to be capable and resilient operators on the web, each had blackouts in recent weeks. Systems were reset, business resumed, small losses were absorbed. Zero tolerance of failure, which applies to airlines, bridges and tunnels is not so vital for electronic operators and financial firms.但这类错误出现的如此频繁也可能导致人们对其的不安程度降低。亚马逊和谷歌,两家被认为有能力有余地的互联网运营商都在近几周出现了业务突然中断。系统很快被重设,业务恢复,重大程度较小的损失被化解。空乘、路桥和隧道领域应用的失误零容忍原则对于电子操作和财务公司来说反而不是那么重要。Especially if the problems are laid bare and addressed. The Securities and Exchange Commission (SEC) has ordered a post-mortem from the New York Stock Exchange’s Arca division, which electronically trades non-NYSE stocks and where the problems tied to the NASDAQ outage began. And it has asked for an account of what unfolded in a system operated by NASDAQ which consolidates trading at America’s 17 exchanges. The system was overwhelmed while trying to reconnect with Arca, triggering a “code blue” alert (a term used in hospital emergencies) and the cessation of trading.尤其是,如果问题直接暴露出来而且能够得到解决。券交易委员会已经要求纽约券交易所对Arca系统进行事后调查,该系统以电子方式完成纳斯达克以外的股票交易,并与导致纳斯达克交易中止的问题相关。委员会还要求了解由纳斯达克运营、用于整合全美17家交易所的系统下还隐藏了什么。该系统在尝试重连到Arca时发生了宕机,进而导致“蓝色警报”(医院急诊中使用的术语),以及交易的中止。Oddly, nowhere near as much attention is being applied to Goldman, which has been secretive about what went wrong. It has said only that “immaterial losses” occurred from trading problems during a system upgrade and that a review is under way.奇怪的是,高盛对错误表现出遮遮掩掩的态度后获得了前所未有的关注。它只表示此次“微不足道的错误”是由系统升级后导致的交易错误引发的,相关调查正在进行中。It is widely believed that Goldman’s losses stemmed from a “dark pool”—designed to gather and match trading interest unobtrusively—which inadvertently spat out prices onto public exchanges. Reports put the losses anywhere between tens and hundreds of millions of dollars.普遍的观点是,高盛的损失来自于“暗池”——设计用于谨慎的获得、匹配交易利益的系统——无意中将价格信息发布到了公开交易市场上。报告认为损失的程度在100亿到1000亿美元之间。Even before the glitches, the SEC was taking increased interest in potential trading problems and how they might be disclosed. In March it published a proposal known as Regulation SCI (systems compliance and integrity). Exchanges and banks are resisting one of its requirements, which is to report blackouts even if they do not lead to anything as severe as trading halts.即使在故障之前,券交易委员会也对潜在存在的交易问题和如何发现它们投以越来越大的兴趣。在三月份,它发布了被称为SCI(系统法规遵从性和完整性)监管条例的提议。券和对其中一条要求持抵制态度——对每次宕机进行报告,即使并未引发类似于交易终止这样严重的后果。America’s regulators are often accused of being heavy-handed. But forcing more transparency on the black boxes that have replaced screaming humans on Wall Street must be a good thing.美国的监管者常被指责为手段粗暴。但是华尔街那些尖声喊叫的人被黑箱替换掉后,强迫让这黑箱拥有更多的透明度,一定是件不错的事。 /201309/255451黑龙江第三医院官方网站Science and technology科学技术Crowdfunding science集资科技Many a mickle makes a muckle积跬步致千里These days, anyone can be a scientific philanthropist眼下人人都是科技慈善家NECESSITY, so the proverb has it, is the mother of invention.有句谚语说得好:没有需求,就没有发明。And science is nothing if not inventive.科技失去了创新,就变得一文不值了。So, as conventional sources of money get harder to tap, some of sciences more creative minds are turning elsewhere.所以,当无法轻易获得传统的经济持时,一些有创造力的科研人员便开始寻求新的资金来源。Philanthropic sponsorship of science, particularly in the form of expensive pieces of kit such as large telescopes, or sponsorship for expeditions to far-off places, has been around for centuries.科技慈善资助已有几个世纪的历史,资助形式多为捐赠大型光学望远镜之类的昂贵仪器,或者是为偏远地区的探险提供赞助。But the internet now permits what might be thought of as microphilanthropy.不过在网络的帮助下,如今微慈善也成为可能。Through a technique called crowdfunding, in which members of the public donate small sums to projects they like the look of, the possibility of scientific philanthropy has been extended to those of more slender means.基于一种名为众基金的技术,公众可以给他们看重的项目捐赠小额资金,科技慈善事业已扩大到微薄资金来源。On October 4th, for example, Ethan Perlstein, a pharmacologist at Princeton University, launched a bid on a site called RocketHub to collect 25,000 to study the effect of drugs such as methamphetamine on the brain.例如,普林斯顿大学的药理学家伊桑?浦斯汀,10月4日就在一家名为火箭中心的网站公开招标,募集25000美元的资金用于研究甲基苯丙胺等药物对大脑疾病的疗效,He has until November 18th to raise the money.招标将截止于11月8日。Kristina Killgrove, an anthropologist at the University of West Florida, has aly raised over 12,000 on RocketHub to examine the DNA of Roman skeletons.克里斯蒂娜科尔戈薇是西佛罗里达大学的一名人类学家,她就通过火箭中心网站募集了12000美元用于自己对罗马骸骨的DNA检验。And on another crowdfunding site, Petridish, the California Academy of Sciences offered to name any new species of ant discovered during a conservation project in Madagascar after those who donate more than 5,000 to the enterprise.培养皿网是另一个融资网站,加州科学院就因为通过该网站获得了5000多美元的项目基金,他们完成了为马达加斯加保护项目中发现的蚂蚁新物种命名的工作。Although the crowdfunding of science is not raising the sorts of sums sometimes attracted by those with ideas for things like games, it has aly spawned a couple of specialised platforms of its own.尽管科技融资不再是只有类似的项目才能拿得到资金,但融资过程还是形成了自己的专业平台。Petridish is one.培养皿网就是一例。Another is called Microryza.Microyza也是一个代表网站。And academic institutions are starting to follow the lead taken by the CAS.学术机构都开始模仿加州科学院,募集资金。The University of California, San Francisco, has made a deal with a site called Indiegogo that will allow the universitys charitable status to make money donated via Indiegogo tax deductible.加利福尼亚大学旧金山分校与Indiegogo网站达成协议,提高了他们的会员慈善等级,可以使经网站募集的资金免税。It will launch the first such project later this month.这个月晚些时候将启动他们的第一个项目。Donors can expect no revenue if a crowdfunded science project is successful, of course.捐赠人肯定没想着融资的科学项目成功后他们会获得任何收入。But they can expect to be kept up to date with progress.但他们可以获悉实验的进度。Dr Perlstein has promised to upload all data from his experiments onto a website, for his sponsors to look at.浦斯汀士就承诺会把实验中的所有数据上传到网站,供捐赠人查阅。And even those who are not immortalised in the myrmicine literature, as the CAS proposed, may still get a warm glow from the feeling that they are making a contribution to the advancement of knowledge in a way which was previously open only to philanthropists with rather fatter wallets.在加州科学院的项目里,即使这些捐赠人不会因切叶蚁属文献而流芳千古,但能让他们看到自己为知识进步做出了贡献感到欣慰,因为之前,这种方式只属于那些钱包更鼓的捐赠人。 /201401/271442哈尔滨医科大学附属第四医院是公立还是私立Business商业报道British law firms英国律师事务所Taking the magic abroad进军梦幻般的国外市场Londons big law firms are expanding their global footprints伦敦的大型律师事务所正在进行全球扩张LAWYERS are cautious folk.律师是十分谨慎的人群。So the recent collapse of Dewey amp; Leboeuf, a big American law firm, has scared them.因此,最近美国大型律师事务所Dewey amp; Leboeuf的倒闭已经吓坏了他们。Dewey failed because it tried to grow too fast, by borrowing too much money.Dewey律师事务所之所以倒闭,是因为急切扩张,借贷了大量贷款。Other firms still want to grow, but they are doing so slowly and carefully.其他事务所仍然寻求发展,但他们做的比较缓慢和小心。Consider Londons top five law firms, known as the magic circle.以伦敦最大的五家律师事务所为例,他们被称为梦幻集团。Allen amp; Overy and Clifford Chance released results early this week, and Freshfields Bruckhaus Deringer and Linklaters were expected to do so later.Allen amp; Overy和Clifford Chance在周初发布了他们的业绩报告,Freshfields Bruckhaus Deringer 和 Linklaters随后也将发布业绩报告。Allen amp; Overy had a good year, with its revenues growing by 6% and its profits by 7%. Clifford Chance, the biggest, did even better, with revenues up by 7% and profits up by 13%.Allen amp; Overy事务所的收益不错,总收入增长6%,利润增长7%。最大的Clifford Chance事务所表现的更好,总收入增长7%,利润增长13%。Emerging markets are where the growth is.这种增长来自于新兴市场。Allen amp; Overy now gets 22% of its revenue from such places, up from 15% a few years ago.Allen amp; Overy事务所来自于新兴市场的收入从几年前的15%增长到22%。It opened an office in Vietnam a month ago and another in Jakarta 17 months previously.它一个月前在越南开了一个营业处,17个月前在雅加达同样开了另一个。As for China, so many Western firms have piled in that they have competed each others fees down,对于中国,涌入了如此多的事务所以至于他们相互低价竞争。but Wim Dejonghe, Allen amp; Overys boss, is still optimistic:但Allen amp; Overy的比利时老板Wim Dejonghe仍然很乐观,他表示:the centre of gravity has moved from Shanghai to Beijing, he says, as the focus has shifted from inbound mergers and investment to Chinese money flowing out.市场的中心已经从上海转移到北京,因为焦点已经从入境兼并和投资转移到中国资金的外流。David Childs, the boss of Clifford Chance, is also bullish on China.Clifford Chance的老板David Childs同样看好中国市场。His firm cut partners during the recession,在经济萧条期间他的公司削减了合作伙伴,but not in Asia, the Middle East or Brazil.但不是在亚洲,中东和巴西。As for downward pressure on fees, Mr Childs says, slowly, They are very careful buyers…in Asia, before insisting that his firm has no trouble with pricing there.就收费走低的压力的问题,Childs先生缓缓地说:亚洲人是很谨慎的买家。随后他坚持,在亚洲他的公司没有定价方面的困扰。The firms revenues grew by 28% in Asia this year, thanks in part to a push into Australia.transaction flows.今年公司在亚洲地区的收入增长了28%,部分是得益于进入澳大利亚市场。Next year will be tougher: though bank regulatory work and dispute resolution are providing steady fees, Id much rather have healthy明年的形式可能会困难一些:尽管监管工作和调解纠纷在提供稳定的酬金,我更希望拥有可观的交易佣金收入。The magic circle may be getting a new competitor.梦幻集团可能会有一个新的竞争者。Herbert Smith, a second-tier firm, announced a merger with Freehills, one of Australias biggest, on June 28th.6月28日,位于行业第二集团的Herbert Smith事务所宣布与Freehills事务所进行合并,后者是澳大利亚最大的律师事务所之一。With revenues of over billion, the merged firm will be bigger than Slaughter and May.合并后的事务所将以10亿美元的收入超过Slaughter and May事务所。It will push for work related to Austrialias commodity boom and Asian capital markets.它将推进与澳大利亚商品市场和亚洲资本市场等相关的工作的发展。But David Willis, Herbert Smiths boss, is keen to stress the firms un-Dewey-like gradualism:但Herbert Smith的老板David Willis着重强调公司不同于Dewey的增长模式:Were not expecting a huge increase in earnings in year one.我们不期望在一年之内实现收入的大幅增长。Thats not why were doing this.这不是我们进行合并的原因。 /201307/249195哈尔滨市三院医生排名

哈尔滨道里区中心医院新地址依兰县做体检多少钱That’s what it wants to hear, because that sound is gonna mean that’s where lunch is. 这才是它们想听到的声音,因为听到这种声音意味着它们的午餐有着落了。A battle with Triceratops is more often than not a fight to the death. This herbivore has evolved into a tank.雷克斯霸王龙与三角龙的争斗通常是不死不休。三角龙这种食草动物已经进化成了一种拥有巨大体型的动物,犹如坦克。Now, as a Tyrannosaur specialist, I don’t like to admit this, but in that situation, a Triceratops probably won, and it probably won on a regular basis. 现在,作为一个霸王龙的专家,我不想承认,但是在那种情况下,一只三角龙可能获得胜利,而且可能经常胜利。It looks as if this battle will end in a draw. The barbarian of the Cretaceous walks away empty-handed. Because T-Rex are warm-blooded, they need to maintain their body temperature. This means consuming huge amounts of energy, over a million calories every week. That’s nearly 700 kilograms of raw meat needed from a good number of kills. But there could be another way for T-Rex to get his meals, probably by stealing a kill from a rival carnivore.看起来,这场战斗双方打了个平局。白垩纪野蛮的霸王龙空手离开。因为雷克斯霸王龙属于热血动物,它们需要保持身体温度。这意味着它们要消耗大量能量,每周就要一百多万卡路里、这几乎是相当于700千克的生肉,且这些需要从大量的猎杀中获得。但是对于雷克斯霸王龙来说,其他的方式也能帮助它们获得食物,可能是通过从其他食肉动物口中抢走猎物。The reality is this has got all the tools of a predator, and those tools of a predator serve a scavenger equally well. 事实上,这就是一个猎手的所有工具,这些工具也对于食肉动物帮助巨大。One of those tools is its nose, the most sensitive found on any carnivorous dinosaur. 其中的一项工具就是它的鼻子,雷克斯霸王龙的鼻子是在所有食肉恐龙中最敏感的。I can tell you that that good sense of smell was awesome for finding carcasses. And when it did, it ate those carcasses. 我可以告诉你,这种灵敏的嗅觉对于寻找尸体来说就是“神器”。当它们发现尸体后,便可以享受大餐了。A dead Triceratops. For Tyrannosaurus Rex, scavenging comes with substantial risk. Muscling in on another creature’s kill is not for the faint-hearted. But a T-Rex can take on almost any other meat eater, even another T-Rex. And when it’s Tyrannosaur versus Tyrannosaur, the winner takes all. 这是一只死亡的三角龙,对于雷克斯霸王龙来说,偷盗食物具有很大的风险。偷取其他生物的食物不是胆小者的专利。但是雷克斯霸王龙可以偷取任何动物的猎物,包括它们同类。而如果两只雷克斯霸王龙开战,那么赢家的战利品中就又多了一具尸体。Cannibalism in nature doesn’t seem to be a matter of pleasure. It’s a matter of business. 在自然界中,嗜食同类似乎十分可怕,但是的却存在。T-Rex meat is T-Rex food as well, you know. It’s protein.雷克斯霸王龙的肉也同样是雷克斯霸王龙的食物,你懂得,它含有大量蛋白质。英文文本来自普特英语,译文属未经许可不得转载。201402/277687泰来县做人流价格哈尔滨九州剖腹产需多少钱

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