2. 考研
  3. In October 2002, Goldman Sachs and Deutsche Bank 【C1】______ a new electronic market for economic indices that 【C2】______ substan

In October 2002, Goldman Sachs and Deutsche Bank 【C1】______ a new electronic market for economic indices that 【C2】______ substan

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问题     In October 2002, Goldman Sachs and Deutsche Bank 【C1】______ a new electronic market for economic indices that 【C2】______ substantial economic risks, such as nonfarm payroll (a measure of job availability) and retail sales. This new market was made possible by a【C3】______rating technology, developed by Longitude, a New York company providing software for financial markets, 【C4】______the Parimutuel Digital Call Auction. This is "digital"【C5】______of a digital option: i.e., it pays out only if an underlying index lies in a narrow, discrete range. In effect, Longitude has created a horse race, where each "horse" wins if and 【C6】______the specified index falls in a specified range. By creating horses for every possible【C7】______of the index, and allowing people to bet 【C8】______any number of runners, the company has produced a liquid integrated electronic market for a wide array of options on economic indices.
    Ten years ago it was【C9】______ impossible to make use of electronic information about home values. Now, mortgage lenders have online automated valuation models that allow them to estimate values and to 【C10】______the risk in their portfolios. This has led to a proliferation of types of home loan, some of 【C11】______ have improved risk-management characteristics.
    We are also beginning to see new kinds of【C12】______for homes, which will make it possible to protect the value of 【C13】______, for most people, is the single most important 【C14】______of their wealth. The Yale University-Neighbourhood Reinvestment Corporation programme, 【C15】______ last year in the city of Syracuse, in New York state, may be a model for home-equity insurance policies that【C16】______ sophisticated economic indices of house prices to define the 【C17】______of the policy. Electronic futures markets that are based on econometric indices of house prices by city, already begun by City Index and IG Index in Britain and now【C18】______ developed in the United States, will enable home-equity insurers to hedge the risks that they acquire by writing these policies.
    These examples are not impressive successes yet. But they【C19】______as early precursors of a technology that should one day help us to deal with the massive risks of inequality that【C20】______will beset us in coming years.
【C17】
选项 A、terms
B、specifications
C、concepts
D、consequences
答案A
解析 考查名词辨析。此处the______ ofthe policy，能与policy搭配的只有A．terms“条款”，指政策的内容，为正确答案。specifications意为“规格”，concepts意为“概念”，consequences意为“后果”，均不符合题意。
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