23. discount broker
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 efforts to compete with discounted broker company for individual services)
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 left 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 efficiency, 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' share of retail equity trading commissions nearly tripled. Clearly, investors perceive significant value from the discounters' price and convenience advantages.
The competitive environment has changed dramatically for full-service brokerage firms. Until the mid-1980's, 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. by sawayisa
V1还有一篇就是说新建的DISCOUNT BROKER机制，问了这个第一个好处什么?一开始预测的后果是什么?人们要求这些新的公司做什么事?文章非常长。by csillia
V2中间第三篇阅读好像是讲discount 之类的，文章巨长，有5段， 两屏长，特恐怖，花了好久时间，当时很崩溃........ by echoxg (730 v38)
V3还有一篇是BROKER的，就是说在DEREGULATION之前，是没有DISCOUNT 什么什么BROKER的，之后又了，让个人也可以享受更低的服务费。之后讲了在DISCOUNT BROKER之前存在的一种BROKER(暂且称之为OLD ONE)，对管制降低之后可能面临的问题，第三段说OLD ONE开始没有改变，第四段说两种都做出了相应的调整，一共三小点。小长，一屏半。by dishcai (700+)
V4大家再多看看那个discount broker, 第一段除了说引进这个新方法，还说以前的方法(standard rate)的一个什么缺点(有考题) by patrickgh (700)
V5后面的阅读记得做到了那个 discount broker的题。大致说的是几十年前监管部门的某次改革，允许成立discount broker，专家预测会出现什么什么情况，其中包括大经纪公司可以对以前免费的项目收费之类的(有题，问专家预测会出现什么情况)。第二段写改革之后一两年的情况，第三段写再后来的情况，大致说专家的预测是对的。还有一提问的是文章的写作方法，我选的是先给出预测，然后列举真实情况验证这个预测是对的。。。by twobomilk (700)
V6一篇是JJ49 discount broker，三段还是四段来的。有了Deregulation之后，才有discount broker，他们的出现能让个人投资者也能享受一些投资之类的服务，而且价格降低。然后说deregulation之前人们担心有了discount broker以后，以前那些non-discount broker为了竞争，要改变一些什么价格策略。但是事实不是这样的。discount brokers以后出现了以下这些变化：1,2,3,4等等，有些是对non-discount broker的影响，然后discount broker自己也有改变，总之discount broker的出现影响了整个market。正态度。
1. deregulation和discount broker的出现对个人投资者有什么影响，定位第一段末或者第二段头(记不太清了><)，因为第二段还是后面那里说discount brokers出现以后产生的影响没有提到personal investor。
2. 细节题，问关于人们之前对discount broker的担心的，定位原文那里就成了by graceyangm(740)
问题1 full-service company怎么unbuld 应该是charge seperate service fees which originally are fixed cost(就是各类服务分开收钱而非一开始一样一个固定收费) by yorkxian
V8长篇说的是在deregulation以后，discount brokage的成立填补了原先full-service的产品空缺，然后学者们原先预测deregulation后对full-service的影响是unbundle,事实上一开始full-service依然按照原先方式运作，discount brokage则提供了更丰富和更廉价的产品;之后两者发展逐渐模糊了界限;最后总结这种发展对消费者的有利影响。by irenefu (750+)