Listen to the following passage. Altogether the passage will be read to you four times. During the first reading, which will b

Stock Exchange
    Another key financial institution in the money market is the stock exchange. / The stock exchange makes a market through stockbrokers. / In the United States the market is made by specialists / who are wholesalers of stocks and shares. / They hold a "float" of shares at any time. / and daily prices are set as they mark prices down /and as they balance shares offered with shares demanded. / Stock exchange transactions occur within a complex network of law, / government regulations, / and the internal rules of the individual governing bodies. / Stock markets throughout the world have become increasingly institutionalized in the last 30 years. / Although small savings have expanded greatly, / they have in general been used to boost the great growth in personal insurance and pensions. /Hence the main supply of funds to the stock market is now / through insurance companies, pension funds, private universities, and other institutional fund sources. /