2. 考研
  3. In October 2002, Goldman Sachs and Deutsche Bank (1)_____ a new electronic market (www.gs.com/econderivs) for economic indices t

In October 2002, Goldman Sachs and Deutsche Bank (1)_____ a new electronic market (www.gs.com/econderivs) for economic indices t

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问题     In October 2002, Goldman Sachs and Deutsche Bank (1)_____ a new electronic market (www.gs.com/econderivs) for economic indices that (2)_____ substantial economic risks, such as nonfarm payroll (a measure of job availability) and retail sales. This new market was made possible by a (3)_____ trading technology, developed by Longitude, a New York company providing software for financial markets, (4)_____ the Parimutuel Digital Call Auction. This is "digital" (5)_____ 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 (6)_____ the specified index falls in a specified range. By creating horses for every possible (7)_____ of the index, and allowing people to bet (8)_____ 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 (9)_____ 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 (10)_____ the risk in their portfolios. This has led to a proliferation of types of home loan, some of (11)_____ have improved risk-management characteristics.
    We are also beginning to see new kinds of (12)_____ for homes, which will make it possible to protect the value of (13)_____, for most people, is the single most important (14)_____ of their wealth. The Yale University-Neighbourhood Reinvestment Corporation programme, (15)_____ last year in the city of Syracuse, in New York State, may be a model for home-equity insurance policies that (16)_____ sophisticated economic indices of house prices to define the (17)_____ 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 (18)_____ 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 (19)_____ as early precursors of a technology that should one day help us to deal with the massive risks of inequality that (20)_____ will beset us in coming years.

选项 A、secured
B、sponsored
C、released
D、launched
答案D
解析 这是一道词汇题。launched(使开始，推出)带入后做后置定语，修饰前面的 program，意为"…所推出的计划"，应为最佳选项。released意为"公布，发行"，予以排除。
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