BEC中级真题阅读精讲:第4辑T3P4 在线交易

Online exchanges?

Online exchanges have emerged as some of the internets best businesses - but also as some of the worst

So the internet hasnt revolutionised the (0).....A.... most of us buy petrol, or watch movies. But there is one thing the internet does very well. It can bring together (19) ............ dispersed buyers and sellers to create active, efficient markets where none(20)............before. This facility has (21) ............to the emergence of online exchanges: retail businesses with none of the usual traders risks - no merchandise, no storefronts - and with nothing to do but take a (22)............of each transaction that takes place on the site.

This may sound straightforward, but some high-profile online exchanges have(23)..........out to be major embarrassments. One company, which tried to establish a central marketplace on the internet for auto parts, has invested, in (24).............a massive $250m and is (25)............to stay in business. Another businessman, who facilitated online trading in business equipment and supplies, (26)............after he had lost $280m.

So what does a company need in order to be successful? You could call it goodmarket architecture - a structure that (27)............the right business plan and top technology with good timing and the (28)............of both buyers and sellers.

Mike Phams company, eStream, is an excellent example of one business that met these (29).............Back in 1996, when Pham was looking for a loan, he didnt like filling in the same form every time he (30)............to a new lender.That got him thinking. Why not (31)............prospective borrowers to complete a standard form and circulate that to a number of lenders, who would then make an offer to the borrower, in (32)............with each other?

Phams company is doing well. Last year, eStream (33)............more than 1.5 million loans on behalf of 170 lenders.