金融学2025年考研金融英语2025年考研专项训练模拟试卷（含答案）.docxVIP

金融学2025年考研金融英语2025年考研专项训练模拟试卷（含答案）

考试时间：______分钟总分：______分姓名：______

注意事项：

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第一部分阅读理解（共20小题，每小题2分，满分40分）

阅读下面的文章，回答问题。

Theadventofalgorithmictradinghasprofoundlyreshapedthelandscapeofmodernfinancialmarkets.Theseautomatedsystems,executingtradesbasedonpredefinedalgorithms,operatewithspeedsandfrequenciesfarbeyondhumancapacity.Whileofferingpotentialbenefitssuchasincreasedmarketefficiencyandreducedtransactioncosts,algorithmictradingalsointroducesnovelchallenges,particularlyconcerningmarketstabilityandfairness.

Oneoftheprimaryconcernsisthepotentialforalgorithmictradingtoexacerbatemarketvolatility.High-frequencytrading(HFT),asubsetofalgorithmictrading,involvesplacingalargenumberofordersinfractionsofasecond.Theserapidtransactionscanamplifypriceswings,especiallyduringperiodsofmarketstress.Whenmultiplealgorithmsreactsimilarlytomarketsignalswithoutsufficientoversight,itcanleadtoflashcrashesorliquiditycrises,asseeninseveralhigh-profileincidentsinrecentyears.Theinterconnectednessofthesesystemsmeansthatamalfunctionoracascadingfailureinonealgorithmcanquicklypropagatethroughthemarket,causingwidespreaddisruption.

Anothersignificantissueisthepotentialforalgorithmictradingtocreateorexacerbatemarketinequalities.Algorithmsdevelopedandimplementedbylargefinancialinstitutionsoftenhaveaccesstosuperiorcomputingpower,advancedanalytics,andreal-timemarketdata.Thistechnologicaladvantagecangivetheseinstitutionsanedgeoversmallerplayers,leadingtoconcernsaboutunfaircompetition.Furthermore,thecomplexityofmanyalgorithmsmakesitdifficultforregulatorstofullyunderstandtheiroperations,raisingquestionsabou