[2012.03.31] 一声沉闷的大爆炸

引用 contrary 2012-4-6 20:44

上周的文，晚了交稿，实在惭愧~~

引用 悠悠万事97 2012-4-6 21:12

contrary 发表于 2012-4-6 20:44
上周的文，晚了交稿，实在惭愧~~

惭愧就惭愧呗，咋把俺的沙发都给占去了？

引用 aubreychen 2012-4-6 21:14

The exchange operator quickly decided to pull its own offering, and its credibility as a venue for initial public offerings (IPOs) is hurt. But memories in this business are short and a more salient issue is the attractiveness of any exchange as a venue for raising capital.
该交易所的运营者迅速地作出了撤消BTAS上市的决定，而作为首次上市的交易所其信用也有所下降。不过，这个行业是很健忘的，而且更为突出的一个问题是：一般的证券交易所在筹资方面有多少吸引力。
--------------------------------------------
怎么选这么一篇，作为一个善待自己生命的人来说，我是完全不懂股票的。
its credibility as a venue for initial public offerings (IPOs) is hurt，这句话是不是说作为一个由别的公司IPOs选项的信用受损，而不是自己的IPOs，他自己的不是就干了一天就取消了么。。。

a more salient issue is the attractiveness of any exchange as a venue for raising capital.....
这句话的意思我觉得就是说，更大的问题在于，不仅是这么一家，所有的都会受损...
这个意思你肯定是懂得，但是你觉得“一般的证券交易所在筹资方面有多少吸引力"这么翻译能表达原来的意思么？

对了，还有上面我记得有一个分开计算，这个交易所和纽约什么交易所及其附属的一个公司市场份额相当。。那个分开计算的意思是不是说，这个=纽约的那个=附属的那个？？

引用 悠悠万事97 2012-4-6 21:27

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are on the verge of a profound revision. 即将进行一次全面修订
即将进行一次深刻的修订 [深刻经常并不全面]

A few years ago the temporary collapse of a trading venue in Lenexa, Kansas would not have been much noticed. 若是数年前雷内萨斯和堪萨斯州有股票交易所一时受挫，那是不会引起什么关注的。
1）我觉得这里是真实发生的，而不是“若是”
2）Lenexa, Kansas我认为是“堪萨斯州的雷内萨斯”

in the head of想出来的
这里是不是说还只是他头脑中的构想，根本没成为现实

a coding error一个错误编码
骨头啊骨头：一个编码错误 [编码错误应该就是程序错误，跟错误编码还是有差别的]

导致股票代码为A至于BFZZZ
建议删去“于”

引用 aubreychen 2012-4-6 21:46

本帖最后由 aubreychen 于 2012-4-6 21:52 编辑

In 22 pages—the equivalent of a blog post for a legislative branch with a propensity to expand any idea to Proustian lengths—the JOBS act creates routes for firms to circumvent or modify rules introduced as far back as the 1930s.
长达22页（就像某个立法部门的博客一样长，这些部门倾向于将任何一个概念扩展至普鲁斯特的小说那样的篇幅）的《JOBS法案》为企业提供了途径来规避或修改早在二十世纪三十年代就施行的条例。
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to Proustian lengths,为这么一句话俺读了两篇维基百科。。。。但是我还是不觉得to Proustian lengths这个的意思是扩展到P小说的长度。这个phrase应该是来自gose to great lengths. 这个Proustian据维基百科所说因为自己英语不好，为了翻译一部英语作品，动用各种人，他妈，她妹，各种改最后才完成。。。这个算是great的另一种诠释了吧。。


接着这个说吧。。
the equivalent of a blog post for a legislative branch with a propensity to expand any idea to Proustian lengths
这个的意思，我的理解就是说22页相当于什么呢。相当于你写一篇博文，为legislative解释最繁杂的问题，把这个问题正过来反过来解释说明，也不过22页而已。。。

引用 aubreychen 2012-4-6 22:16

Congress seems to have been moved in part by the appealing title—at a time of high unemployment, no one wants to vote against an act with “jobs” in the title, even if it is actually short for “Jumpstart Our Business Start-ups Act”. But there is also a growing realisation that piling on regulations—from the Sarbanes-Oxley act after Enron to the more recent monstrosity that is the Dodd-Frank act—does nothing to revive the economy’s animal spirits.

国会似乎多少被法案那吸引人的名字所打动了——在一个失业率高企的时期，不会有人想给名字中有“就业”字眼的法案投反对票，即便那实际上只是《全力加快新兴企业发展法案》的缩写。但越来越多人意识到不断出台各种法案——从安然公司丑闻后的《萨班斯-奥克斯利法案》到更近些时候的那份怪异的《多德弗兰克法案》——并无法振兴经济。
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这里你翻译得都挺好，但是却丢掉了一个很重要的词， regulation。。。。
这段的意思其实就是说，国会被打动其实是两个原因，一个是比较戏谑的说一下jobs的，另一个才是作者的观点，因为大家开始意识到，以往的办法，增加regulation的法案都没什么用.
和下面一段一起读一下就很顺利成章了，这个法案遭到regulation派的反对...
不过我觉得你是大意了，为了赶进度吧。。。
anyway这两天我读得少，阅读速度降下来，所以文章读得就仔细多了，谁叫你是第一个邀请我的呢

引用 nayilus 2012-4-7 02:12

circuit-breaker rules　断电条规
这是个条规名称，是比喻，即关键时刻用来切断交易的规则，并不是真正的断电。

That, unfortunately, was enough to capture both the
这儿是说代码为A到BFZZZ就包括了AAPL（苹果代号）和BATS

But memories in this business are short and a more salient issue is the attractiveness of any exchange as a venue for raising capital.
这篇文章前后是讲两个不同的事件，这句是过渡，没有“也会受到影响”
不过，这个行业是很健忘的，现在更重要的一个问题是一般证券交易所在筹资方面的吸引力。
下文转而讨论改进交易所上市的问题，并不是因为BATS事件引起的。

the equivalent of a blog post for a legislative branch with a propensity to expand any idea to Proustian lengths
这句话后半句你原来的理解是对的，是to great lengths的意思，但这里Proust并不是指作家Marcel Proust，而是指Beckett写的长文《Proust》，文章以华丽长句著名，所以后来变成了这个意思。
前半句不是“相当于为立法部门写的一篇博文”，立法部一篇博文也不可能22页，这里是比喻，“对立法部门来说简直和一篇博文一样精简”

“crowdsource” slivers of equity from retail investors online
在网上“众包”零售商零散的股票
为了更清楚，建议
在网上“众包筹集”零散投资者资金　或
在网上向广大小额投资者出售股票集资

provide reports on (and implicitly tout on behalf of) clients
投行分析师（他们总是含蓄地标榜自己代表客户）也能更自由地选择是否提供客户信息
投行分析师也能更自由地选择是否提供客户信息，这样他们可以代表客户间接招揽投资业务。

That will mean more dubious research
这将意味着市场研究结果的准确性会下降。

(in which case the exemptions will expand)
（这样一来减免监管的法律会进一步扩展）

but have since delivered poor returns for investors unable to distinguish between hype and substance.
但也让那些能够分辨大肆吹嘘的宣传与实质的投资者收益惨淡。
注意since, unable
但是长期的结果是那些不能分辨夸大与实质的投资者收益惨淡。

引用 nayilus 2012-4-7 02:23

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关于IPO

BATS是个股票交易所，但是目前它还只提供对已上市的股票进行交易，还不提供新股上市的服务，前句“The glitch could have a more lasting effect on BATS’s plans to become a place where firms can list shares." 就说明它有这方面的雄心，不过被这次的错误搞砸了。这次BATS是在NASDAQ上市的，因为自身的交易问题影响了自己公司的上市，那是很尴尬的，让人不禁怀疑BATS有没有能力在将来处理别的公司的IPO

所以严格说来“作为首次上市的交易所其信用也有所下降”不太准确，因为BATS目前还没有这么做，建议“让人不禁怀疑其是否有能力成为提供首次上市服务的交易所”

分开计算那句你的理解是对的，是指NYSE和Arca假如分开来计算（两者2006年合并），两者都只和BATS差不多。

引用 悠悠万事97 2012-4-7 05:28

本帖最后由 悠悠万事97 于 2012-4-7 05:31 编辑

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before circuit-breaker rules caused trading to be suspended在电路断开、所有交易得以中止前，
这里的circuit-breaker rules应该不是“断电器”（相当于保险丝），而是某种自动保护程序/规则，受到触发后自动中断交易。

of the venerable New York Stock Exchange与历史悠久的纽约股票交易所
感觉这里的venerable更可能是“受人推崇”的，而不是“历史悠久的”

The exchange operator quickly decided to pull its own offering, 该交易所的运营者迅速地作出了撤消BTAS上市的决定，
依我看，交易所取消的不是BTAS上市的决定：它已经上市了，说取消就取消？不但没必要，而且要赔偿股东多少钱、造成多大的混乱？我看取消的更可能的是让新股在这里上市的offer。

to “crowdsource” slivers of equity from retail investors online; 允许企业在网上“众包”零售商零散的股票；
允许企业在网上“众包”个人投资者的股票；

引用 悠悠万事97 2012-4-7 05:34

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还有那个标题：
A muffled big bang
一声沉闷的大爆炸
一次哑了火的大爆炸？
big bang经常是很正面的一个词。这次的big bang成功了没有？我看是没有，连“沉闷”都算不上。

引用 migmig 2012-4-7 09:42

失业率高企的时期？

引用 migmig 2012-4-7 13:38

孤陋寡闻了。百度了下有这个词。

引用 悠悠万事97 2012-4-7 13:40

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contrary  BIG BANG很正面？我咋觉得是负面？求解释  发表于 6 分钟前

天文学上的Big Bang是宇宙的起源，英国金融界的Big Bang是对金融界的大整顿，令金融界面目一新。窃以为Big Bang指的是带有彻底革命性的重大事件。本文的Big Bang说的也是BATS和JOBS的震撼性出场亮相。因此我认为BB不是普通意义上的“大爆炸”，而是带有破旧立新性质的重大事件。

引用 contrary 2012-4-7 14:10

回复 nayilus 的帖子

circuit-breaker rules　断电条规
这是个条规名称，是比喻，即关键时刻用来切断交易的规则，并不是真正的断电。

恩~查了下，地道说法应该是“自动停牌规则”~

引用 contrary 2012-4-7 14:18

回复 悠悠万事97 的帖子

in the head of想出来的
这里是不是说还只是他头脑中的构想，根本没成为现实

我觉得是实现了吧？不然他怎么用电脑打理他的小麦生意？

before circuit-breaker rules caused trading to be suspended在电路断开、所有交易得以中止前，
这里的circuit-breaker rules应该不是“断电器”（相当于保险丝），而是某种自动保护程序/规则，受到触发后自动中断交易

恩 是自动停牌规则

of the venerable New York Stock Exchange与历史悠久的纽约股票交易所
感觉这里的venerable更可能是“受人推崇”的，而不是“历史悠久的”

这点我也一直有疑虑，再思考下

The exchange operator quickly decided to pull its own offering, 该交易所的运营者迅速地作出了撤消BTAS上市的决定，
依我看，交易所取消的不是BTAS上市的决定：它已经上市了，说取消就取消？不但没必要，而且要赔偿股东多少钱、造成多大的混乱？我看取消的更可能的是让新股在这里上市的offer。

貌似BATS还未正式成为新股上市的交易所，所以我觉得说的还是它自己

引用 Dezazer 2012-4-7 20:15

学习来咯~~~

（1）
A muffled big bang
一声沉闷的大爆炸

一声爆炸？总感觉有点怪呢~~“大爆炸发出的一声闷响”？

（2）
苹果公司和BTAS

BATS？

（3）
价值最高的上市公司

市值最高的公司

（4）
“在分开统计时”不知道什么意思，求科普~~

（5）
为BATS成为企业上市的交易所的计划带来更持久的影响

见以将“为...带来”改为“对...产生”

（6）
而人们则更加怀疑

为什么“更加”呢？而不是“....受到质疑”？

（7）
尤其是，如今上市的规模较小的企业比过去少了

尤其是小规模企业选择上市的比过去少了？

（8）
详述所有概念立法部门而言

是不是需要加个“的”呢？

（9）
为企业提供了途径来规避或修改早在二十世纪三十年代就施行的条例

为企业提供途径来修改条例？为什么是企业“修改”呢？没明白哦~~

（10）
been moved in part by the appealing title

be moved in part by意思是不是“国会被打动了，部分原因是因为这部法案的名称”？感觉和lz原译稍微有点点差别~

（11）
notably Eliot Spitzer

notably译为了“如”？

（12）
expressed outrage
lz原译：... ...满腔愤怒

一个是动态，一个是状态呀~~

（13）
The most publicised components of the bill
lz原译：最广为人知的

如果全文是the components of the bill that was most publicised by 法案制定者的话，那么publicise是不是应该理解为“宣扬”呢？

（14）
and enable firms to stay private even as the number of owners expands to 2,000

(the prior limit was 500).
lz原译：并让企业在股份持有者少于2000人的情况下保持私有性质（之前的上限是500人）

我看到“私有”两个字就会想到与之相对的“国有”... ...

原文是不是这个意思：之前的私募股权公司持股人数上限是500，现在的新法案将这个限值提高到了2000？

也就是说：原来相关的法规规定如果公司的持股人超过500的话，就必须上市？

引用 contrary 2012-4-7 20:43

回复 Dezazer 的帖子

（1）
A muffled big bang
一声沉闷的大爆炸

一声爆炸？总感觉有点怪呢~~“大爆炸发出的一声闷响”？

你这个我感觉更怪...

（4）
“在分开统计时”不知道什么意思，求科普~~

恩 这里有误 要改一下

（9）
为企业提供了途径来规避或修改早在二十世纪三十年代就施行的条例

为企业提供途径来修改条例？为什么是企业“修改”呢？没明白哦~~

此处我也疑惑，奈何原文就是这样...

（11）
notably Eliot Spitzer

notably译为了“如”？

（12）
expressed outrage
lz原译：... ...满腔愤怒

一个是动态，一个是状态呀~~

（13）
The most publicised components of the bill
lz原译：最广为人知的

如果全文是the components of the bill that was most publicised by 法案制定者的话，那么publicise是不是应该理解为“宣扬”呢

恩 改之

引用 掘金者xx号 2012-4-7 22:01

真不知道美国颁布的这些法律、法案、政策能有多少得到彻底的实施，会不会多半像中国一样，中途流产了

引用 yannanchen 2012-4-8 00:30

本帖最后由 yannanchen 于 2012-4-8 00:36 编辑

some background information for you:

BATS cancels its IPO following technical glitches
CHRISTINA REXRODE - AP Business Writer (AP)
Published Friday, March 23, 2012

NEW YORK (AP) — It was hardly the stock market debut BATS Global Markets was hoping for.

Since being founded nearly seven years ago, the Kansas-based stock exchange operator has been doing battle with its much larger rivals Nasdaq and the New York Stock Exchange for a piece of the stock exchange market. On Thursday night the initial public offering of its own stock priced at $16 apiece, the low end of what the company had originally predicted. Intended as a symbol of its newfound stature, the IPO would trade on BATS's own exchange.If only the problems stopped there.

The shares immediately plunged to just pennies before being halted. They never reopened. By late afternoon, BATS withdrew its public offering and said it had no plans to refile. All trades made that day would be canceled.

Meanwhile, a problem linked to a faulty trade on a BATS platform in Apple caused that stock to be temporarily halted. BATS also said it temporarily suspended trading of all stocks whose ticker symbols began with A through BF, though it restored that trading by early afternoon.

"We have an electronic mess," said Joe Saluzzi, co-head of equity trading for broker Themis Trading.

The botched IPO was a blow was not only to the exchange, but to a new business for which it had high hopes. In February, BATS offered free listings to companies whose shares traded a certain amount each day. It strove to define itself as a tech-savvy exchange, and said companies would benefit from its "world-class customer support and technology."

To help the business, BATS picked a new listing that would be sure to garner attention: itself.

The irony was hard to miss.

"It was the biggest day of the life of the company, and their own stock melts down," says Larry Tabb, CEO of Tabb Group, a markets research firm. "This doesn't build confidence."

Saluzzi called the glitch a "black eye" for the complicated web of more than 40 electronic trading venues that has largely replaced the open outcry system of human traders yelling numbers at each other. "All it takes is one piece of the puzzle to fall, and they all fall."

The problems brought comparisons to the May 6, 2010, "flash crash," when a crush of electronic trading glitches caused a stomach-churning plunge in the markets. They also raised questions about the safety of the new stock trading platforms such as BATS that have sprung up in recent years.

High-frequency trading driven by powerful computers and complex mathematical formulas has largely elbowed out guys in jackets on the NYSE floor as the main source of trading. The computers comb the markets for securities priced too high or too low for a split-second, then trade on them.

Though computer glitches aren't all that unusual in the fast-paced world of high-frequency trading, the embarrassment couldn't have come at a worse, or more public, time for BATS. Based in Lenexa, Kansas, with about 170 employees, it's trying to position itself as an alternative to the bigger, much older NYSE and Nasdaq. When companies go public, they pick one of the exchanges to list themselves on.

With memories of the flash crash still fresh, regulators have been taking a closer look at high-frequency trading firms. The Wall Street Journal reported Friday that the Securities and Exchange Commission is investigating whether such platforms give some traders an unfair advantage. The Journal, which cited people familiar with the matter, said the investigation includes BATS.

The SEC declined to comment. BATS said in regulatory filing in February that it had received a request for information from the SEC's enforcement division about "our communications with certain market participants ... regarding the development, modification and use of order types; our information technology systems; and trading strategies." BATS said in the filing that it was cooperating with the SEC.

Friday's trouble was exacerbated at 10:57 a.m., when a trade on a BATS platform marked 100 Apple shares as $542.80 for a millisecond, when a split-second earlier Apple had been $598.26.

That triggered a "circuit breaker," which is meant to alert traders when a stock trades at a price that is significantly different from its previous price.

BATS temporarily halted trading of all stocks whose tickers began with A through BF. It said later that a "systems issue" had affected those stocks, and that the issue was corrected by 12:50 p.m.

BATS and the Nasdaq, where Apple is normally traded, both declared "self-help" against each other. Exchanges are normally required to consider other exchanges' prices when accepting order prices. But they can declare "self-help," meaning they do not need to consider another exchange's price, when the other exchange is malfunctioning, said Manoj Narang, chief executive of Tradeworx.

BATS' motto is "Making Markets Better."

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