Online exchanges?
Online exchanges have emerged as some of the internet's best businesses - but also as some of the worst
So the internet hasn't 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 good'market architecture' - a structure that (27)............the right business plan and top technology with good timing and the (28)............of both buyers and sellers.
Mike Pham's company, eStream, is an excellent example of one business that met these (29).............Back in 1996, when Pham was looking for a loan, he didn't 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?
Pham's company is doing well. Last year, eStream (33)............more than 1.5 million loans on behalf of 170 lenders.
19 A largely B deeply C mainly D widely
20 A existed B occurred C happened D developed
21 A led B brought C caused D resulted
22 A number B percentage C division D quantity
23 A pulled B made C turned D carried
24 A sum B total C amount D figure
25 A applying B exerting C struggling D forcing
26 A left out B gave up C drew back D ran down
27 A adds B connects C combines D links
28 A confidence B security C certainty D promise
29 A necessities B propositions C measures D criteria
30 A requested B asked C applied D demanded
31 A attract B invite C suggest D recommend
32 A contrast B conflict C challenge D competition
33 A performed B dealt C handled D treated
