The suit alleges that seven specialist firms profited by abusing and overusing a series of trading tactics. The tactics, which are not currently illegal, include "penny jumping," where a firm positions itself between two orders to capture a piece of the price differential, "front running," which involves trading in advance of customers based on confidential information obtained by their orders, and "freezing" the firm's order book so that the firm can make trades on its own account first.

    Many of the suit's allegations are based on a previously disclosed investigation of the exchange conducted by the Securities & Exchange Commission. According to the suit, the October SEC report found "serious deficiencies in the NYSE's surveillance and investigative procedures, including a habit of ignoring repeat violations by specialist firms."

    The suit highlights the growing frustration that institutional investors have expressed with what they perceive as a system that needs to be revamped -- if not eliminated. According to California State Comptroller Steve Westley, a CalPERS board member who participated in the Dec. 16 press conference, he has repeatedly called on the NYSE to end its use of specialist firms to facilitate trades and move to a system of openly matching of buyers and sellers. BLIND EYE? "There's no reason not to move to a fully automated exchange," Westley says. "Every exchange in the world is using such a system. The time is now for the NYSE to move into the 21st century and remove the cloud that there's self-dealing working against investors."

21. What does the word “ a fish” (Para. 1) probably refer to ?
A. CalPERS. B.pension fund. C. Wall Street. D. NYSE.

22. The CalPERS lawsuit indicates that ____.
A. the NYSE did ignore its regulatory duties
B. John Reed should resign like his predecessor
C. the investors were dissatisfied with the NYSE
D. the exchange should have its board reelected

23. Which of the following statements is Not true ?
A. Investors were not sufficiently represented on NYSE’s board.
B. The seven specialist firms made profits by illegal procedures.
C. CalPERS’ suit against the NYSE resulted largely from a SEC’s report.
D. NYSE had ignored the firms’ improper operations for a long time.

24. According to Westley, NYSE’s problem results from ____.
A. its reliance on specialist firms
B. its system of matching traders
C. its automated exchange
D. its violation of investors’ interests

25. The best title for the text may be ____.
A．Champion of investor rights
B．Seven specialist firms
C．CalPERS speaks out to Wall Street
D．Lawsuits against NYSE

Text 2
    Multifunction superpills aren't nearly as farfetched as they may sound. And reducing such serious risks to heart health as soaring cholesterol, diabetes, and high blood pressure potentially could save many lives and be highly lucrative for drug companies. A combo pill from Pfizer (PFE ) of its hypertension drug Norvasc and cholesterol-lowering agent Lipitor "could have huge potential," says Shaojing Tong, analyst at Mehta Partners. "Offering two functions in one pill itself is a huge convenience."