窝在被子里的你看着外面的呼啸大风是否不禁打了个寒颤呢?澳际小编就在这寒冬中为大家吹来一股GMAT机经的暖风，为大家分享关于17世纪S.Scott的作品的机经，希望大家能感受到这股暖意，并把它化为能量，在GMAT考试的道路上勇往直前。

　　【本月原始】

　　Paragraph 1：S。Scott的作品常常被误读，这可能也和人们对17世纪女性生活存在误解有关。但是SS的姐妹Montague的信证明，即使在SS婚后，两人仍然有密切来往，经常一同参加各种社会政治生活，公用secretary啥啥的。

　　paragraph 2： 主要再说17世纪女性，尤其是有良好背景的女性，经常参加社会政治文艺生活。提到feminist historians表示女性参加了很多政治活动;literacy historian表示XXX(失忆了)注意这一段中这两种历史学家分别观察到了什么。有这个细节题。

　　6. Deregulation of commissions

　　deregulation of the commission of broker 是啥

　　原先预言认为实施deregulation会对Full-Service firms产生很大影响 而且影响是unbundle

　　事实上这种预言没有成真

　　在实施deregulation之后，两种公司(full service 和discount XXX)分别怎样应对了，一些改变和趋向(长…)

　　总体总结了一下Deregulation带来的影响等等，不长。

　　总之discount broker的出现影响了整个market。正态度

　　二：题目

　　Q1：问专家预测会出现什么情况?/ full-service company怎么unbuld

　　Q2: full-service firms还是采取跟以前差不多的strategies 这里有题 (P3)/ discount 跟 full-service 的主要区别是什么

　　Q3：deregulation和discount broker的出现对个人投资者有什么影响，

　　Q4:高亮了 free service 后面的解释，很简单，问括号里面解释的作用，

　　Q5：individual investor 从中获利(有题问为啥)

　　【以往考古版本】

　　V1.就说说大意，首先是Deregulation in broker industry 的影响 ，楼主broker居然不认识，但是不影响做题。第一段说 deregulation of the commission of broker 是啥 就是好像原来美国政府对broker的报酬有规定，后来取消了。第二段说 人们本来以为后果是 原来捆绑的service 会debundle (解体)怎么样,后来发现其实没这样，前两年没明显变化(有题，很简单，错误选项都有began，正确的是一个延续的收费模式)然后就变化了 因为一大堆(忘了)discounted broker service company(类似于批发零经纪业务的经纪公司) 和前面的所说的broker industry(就是打包经纪业务)两者界限越来越模糊。。。。最后说individual investor 从中获利(有题问为啥，我选的broker company make forts to compete with discounted broker company for individual services)

　　V2. 证券市场出现的什么broker(好像是掮客这种东西)，大的券商和小券商的表现。一开始人们推测会怎样怎样，但是，事实上，头两年怎样怎样，后来，怎样怎样，最后老百姓投资者捞到了实惠。By bonniechou

　　V3讲什么discount broker什么的，说一开始deregulation实行之前，大家是怎么期望这个计划的，后来就说，嘿，真是好用啊。

　　V4.比较全的是discount breaker，就这里帮我省了一点verbal 的时间。问题有after initial regulation ，discount 跟 full-service 的主要区别是什么。我选的是，full-service 仍然提供固定的commission rate。还有 高亮了 free service 后面的解释，很简单，问括号里面解释的作用，很简单，答案就是改写的。free service 其实不是免费的. by fish0111

　　V5.就说说大意，首先是Deregulation in broker industry 的影响 ，楼主broker居然不认识，但是不影响做题。第一段说 deregulation of the commission of broker 是啥 就是好像原来美国政府对broker的报酬有规定，后来取消了。第二段说 人们本来以为后果是 原来捆绑的service 会debundle (解体)怎么样,后来发现其实没这样，前两年没明显变化(有题，很简单，错误选项都有began，正确的是一个延续的收费模式)然后就变化了 因为一大堆(忘了)discounted broker service company(类似于批发零经纪业务的经纪公司) 和前面的所说的broker industry(就是打包经纪业务)两者界限越来越模糊。。。。最后说individual investor 从中获利(有题问为啥，我选的broker company make forts to compete with discounted broker company for individual services)

　　V6. 证券市场出现的什么broker(好像是掮客这种东西)，大的券商和小券商的表现。一开始人们推测会怎样怎样，但是，事实上，头两年怎样怎样，后来，怎样怎样，最后老百姓投资者捞到了实惠。By bonniechou

　　V7讲什么discount broker什么的，说一开始deregulation实行之前，大家是怎么期望这个计划的，后来就说，嘿，真是好用啊。

　　V8.比较全的是discount breaker，就这里帮我省了一点verbal 的时间。问题有after initial regulation ，discount 跟 full-service 的主要区别是什么。我选的是，full-service 仍然提供固定的commission rate。还有 高亮了 free service 后面的解释，很简单，问括号里面解释的作用，很简单，答案就是改写的。free service 其实不是免费的. by fish0111

　　Wall Street brokerage firms have been enjoying a robust business climate in recent years. Braced by a seemingly inexhaustible bull market and heavy trading volumes, full-service firms -- the traditional Wall Street powerhouses -- are, by and large, consistently reporting increased profits. Assets in mutual funds have soared as well, as more baby boomers have become concerned about the financial needs of retirement.

　　But these heady market conditions, while seemingly a recipe for continued success, mask looming problems for the full-service firms. That is because they are losing a significant portion of their business to discount brokers, mutual fund companies and other specialized providers, a group that has already captured 25 percent of the retail market with its generally lower prices and more enterprising use of technology. In particular, new entrants have been quick to capitalize on the growth of direct channels, e.g., discounters now moving to the Internet.

　　All of which has lt the full-service firms with a bottom line that is bigger but is also under siege. To fight back, the firms need to play to their strengths and shore up their weaknesses. On the strength side, they need to aggressively market their product breadth, personalized service and "one-stop shopping" convenience. As for their weaknesses, they need to focus on costs and operating ficiency, and pass on as much of the savings as possible to their customers. And they need to proactively manage their key client relationships through superior service and attractive customer loyalty programs.

　　These firms unbundled the offerings of the full-service providers and concentrated on specific sources of value to investors. (See Exhibit I.) They also developed direct channels to circumvent the physical footprint advantage of the established players at a time when consumer adoption of electronic and other forms of direct access was increasingly replacing the need for face-to-face dealings. Paced by technological advances that made "self-service" a reality, as well as by a rising level of investor sophistication, the trend toward specialization gained momentum.

　　At the same time, the ranks of individual investors swelled, sparking tremendous growth in mutual funds and employer-sponsored 401(k) plans. Recognizing that growth, the specialized firms focused more and more on specific sources of value to address targeted customer needs, fostering the perception that their services are "cheaper" (although, given fair comparison, that is not always the case).

　　These specialized providers have enjoyed significant growth at the expense of the full-service firms. In the 10 years since 1985, the discounters&apos share of retail equity trading commissions nearly tripled. Clearly, investors perceive significant value from the discounters&apos price and convenience advantages.

　　The competitive environment has changed dramatically for full-service brokerage firms. Until the mid-1980&aposs, these firms dominated the landscape. Their product offerings were primarily stocks and bonds, and their customers were usually affluent. Securities regulations mandated a level playing field that gave firms little beyond their image and reputation to differentiate themselves. As a result, customer turnover was typically low.

　　But price deregulation and technological advances dramatically changed that paradigm. A new breed of specialized firms and discount brokers appeared on the scene, offering services at vastly lower costs

　　以上就是关于GMAT机经的全部内容，考生朋友可以有选择的看看，最后需要提醒各位的是，GMAT机经虽然会对我们解题有所帮助，但是在考场中即使题目很像也要避免秒选，最后祝大家都能考出好成绩。

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