This is the VOA Special English Economics Report.
这里是美国之音慢速英语经济报道。
Big stock exchanges in the United States are linked in what is known as the national market system plan. The idea is to process deals and report the best available prices to the public as quickly as possible.
美国大型证券交易所都和全美市场系统方案关联，其目的是为了尽快处理交易并向公众公布最优价格。
But there are other ways of investing that operate outside the national market system.
但也有一些投资方式在全美市场系统之外运作。
In the late nineteen nineties, the Securities and Exchange Commission wanted to make room for new ideas in financial trading. The commission developed new rules for exchanges and for what are known as alternative trading systems.
20世纪90年代末，美国证券交易委员会希望为新的金融交易方式留出空间，于是制定了新的证券交易和替代交易系统（alternative trading systems，简称“ATS”）规则。
Alternative trading systems are operated by brokers or dealers. They mainly serve big investors like retirement funds, universities and financial companies.
替代交易系统由经纪人或证券商运营，主要服务于大型投资者，例如退休基金、大学和金融公司。
These systems trade the same public stocks as other market players do. But they do not publicly report their trades. This secrecy explains why they also have another name: "dark pools."
这种替代交易系统与其他市场参与者交易同样的公众股票。但他们不会公布他们的交易。这种机密性解释了为什么他们还有另一个名字：“暗池（dark pools）”。
As of October, there were eighty-six alternative trading systems registered with the Securities and Exchange Commission.
截至10月，共有86个暗池交易系统在证券交易委员会进行了登记。
A buy or sell order for a large amount of stock can move markets. It can influence other investors to try to buy or sell shares of that same stock. Supporters of alternative trading systems say the secrecy reduces the risk of a disorderly market.
大宗股票的买入或卖出会对市场造成波动，会影响其他投资者试图买入或卖出同一只股票。替代交易系统的支持者称，替代交易系统的机密性降低了无序市场的风险。
But the International Monetary Fund has concerns about alternative trading systems. It says they limit the ability of the investing public to price a security effectively. Also, the IMF says the activity of these trading systems is largely outside the reach of market regulators.
但是，国际货币基金组织对替代交易系统存在一些担忧。该组织表示，替代交易系统限制了公众投资者（对股票进行）安全有效比价的能力。国际货币基金组织还表示，这类
暗池交易活动基本不受市场监管者控制。。
Another alternative to the investing methods that most people know is the work of so-called angel investors. These are individuals who invest in new projects -- and not just Internet startups that hope to become the next Google or Facebook. They could also be small, local businesses.
多数人熟知的另一种替代投资方式就是所谓的天使投资人的投资活动。天使投资人对新项目进行投资，其投资对象不一定是有望成为下一个Google或Facebook的互联网新贵，也可能是小型的本土企业。
Steve Moore made a lot of money in the software business. After he retired he made an interest-free loan to Crystie and Keith Kisler. The couple operate a small organic farm in Washington state. They could not get a bank loan to build their business.
史蒂夫·穆尔（Steve Moore）在软件行业赚了不少钱，他退休后向Crystie and Keith Kisler提供了一笔无息贷款。这对夫妻在华盛顿州经营着一个小型有机农场，他们无法获得银行贷款来拓展生意。
CRYSTIE KISLER: "This notion of an angel investor seemed just that to us. It seemed miraculous."
Crystie Kisler：“天使投资的概念对我们来说的确是天使，非常了不起。”
In return, Mr. Moore received a minority share of their business.
作为回报，摩尔获得了他们农场的少数股份。
STEVE MOORE: "I started thinking about where else can I get some kind of reasonable rate of return where return can actually be defined more fully than just how much money did I make."
穆尔：“我开始考虑我可以在其他什么地方得到这种合理的投资回报率，这种回报不一定是用赚多少钱来衡量。”
The Center for Venture Research at the University of New Hampshire says angel investing fell more than six percent nationwide in the first half of last year. Still, angel investments during that period totaled eight and a half billion dollars.
新罕布什尔大学创业研究中心表示，去年上半年全国天使投资项目数量下降了6%以上。然而，在此期间的天使投资总额仍然高达85亿美元。