什么是熔断机制？
这两天频繁出镜的一个词「熔断机制」，英文叫：Circuit Breaker，具体什么含义呢？我们一起来了解一下。
How Stock Market Circuit Breakers Work
NPR
Six minutes after trading began on the New York Stock Exchange on Monday, it was suddenly halted. That's when the S&P 500 index had plummeted 7% and marketwide circuit breakers kicked in. Trading resumed about 15 minutes later.
halt
1）表示“使停住；停住”，英文解释为“When a person or a vehicle halts or when something halts them, they stop moving in the direction they were going and stand still.”举个🌰：
They halted at a short distance from the house.
他们停在离房子不远处。
2）表示“使完全停止；完全停止”，英文解释为“When something such as growth, development, or activity halts or when you halt it, it stops completely.”举个🌰：
Workers halted production at the auto plant yesterday.
昨天，汽车厂的工人完全停止了生产。
plummet
plummet /ˈplʌmɪt/ 表示“（数量、比率、价格）暴跌”，英文解释为“If an amount, rate, or price plummets, it decreases quickly by a large amount.”举个🌰：
Her spirits plummeted at the thought of meeting him again.
一想到又要见到他，她的心情便直往下沉。
circuit breaker
circuit breaker在电子电路领域，指的是“断电器”，英文解释为“A circuit breaker is a device which can stop the flow of electricity around a circuit by switching itself off if anything goes wrong.”举个🌰：
There is always an internal circuit breaker to protect the instrument from overload.
总有一个断电器以防止仪器超负荷运转。
kick in
表示“开始”，英文解释为“to start or become activated.”
resume
1）表示“重新开始”，英文解释为“If you resume an activity or if it resumes, it begins again.”举个🌰：
Normal services will be resumed in the spring.
春天将恢复正常服务。
2）表示“重返”，英文解释为“If you resume your seat or position, you return to the seat or position you were in before you moved.”举个🌰：
"I changed my mind," She said, resuming her seat.
“我改主意了，”她说，返回到她的座位上。
The marketwide halt was the first since the stock market crash of Oct. 27, 1997, when the Dow Jones Industrial Average fell 554 points, or 7.2%.
crash
昨天在沙特石油公司让印度员工装扮成洗手液一文中就出现过，表示“暴跌；倒闭；破产；失败”，英文解释为“a sudden serious fall in the price or value of sth; the occasion when a business, etc. fails”举个🌰：
They lost a lot of money in the crash.
暴跌让他们损失了很多钱。
DJIA
道琼斯工业平均指数（Dow Jones Industrial Average，DJIA，简称“道指”）是由《华尔街日报》和道琼斯公司创建者查尔斯·道创造的几种股票市场指数之一。他把这个指数作为测量美国股票市场上工业构成的发展。「道指」是最悠久的美国市场指数之一。时至今日，平均指数包括美国30间最大和最知名的上市公司。名称中的“工业”更多的是来自历史，现在的30间构成企业里大部分与重工业无关。由于补偿股票分割和其它的调整的效果，它当前只是加权平均数，并不代表成分股价值的平均数。（百度百科）
A US stock market index that is based on an average of share prices from 30 US companies including important manufacturing, finance, technology, and entertainment businesses.
Under market rules, circuit breakers kick in at three thresholds:
threshold
表示“界限; 临界点”，英文解释为“A threshold is an amount, level, or limit on a scale. When the threshold is reached, something else happens or changes.”举个🌰：
He has a high threshold for pain and a history of fast healing.
他的忍痛力很强，而且有迅速愈合的经历。
Level 1: A drop of 7% from the prior day's closing price of the S&P 500 triggers a 15-minute trading halt. Trading is not halted if the drop occurs at or after 3:25 p.m. ET.
trigger
1）表示“发动；引起；触发”，英文解释为“to make sth happen suddenly”举个🌰：
Nuts can trigger off a violent allergic reaction.
坚果可以引起严重的过敏反应。
2）表示“开动；起动”，英文解释为“to cause a device to start functioning”，如：to trigger an alarm 触发警报器。
Level 2: A drop of 13% triggers a 15-minute halt. Trading is not halted if the drop occurs at or after 3:25 p.m. ET.
Level 3: A drop of 20% triggers a halt for the rest of the trading day, and trading resumes the following day.
These automatic trading halts are aimed at preventing the market from entering a free fall, and Monday's halt did its job, with the major indexes coming off their lows once trading resumed. However, the indexes fell again later in the day, with the Dow Jones Industrial Average down more than 2,000 points, or nearly 8%.
come off
1）表示“成功；奏效”，英文解释为“If something comes off, it is successful or effective.”举个🌰：
It was a good try but it didn't really come off.
这是一次好的尝试但未真正奏效。
2）表示“结果（最差、最好）”，英文解释为“If someone comes off worst in a contest or conflict, they are in the worst position after it. If they come off best, they are in the best position.”举个🌰：
They still have bitter memories of how they came off worst during the investigation.
他们仍留有在调查中如何惨败的痛苦记忆。
The circuit breakers "are designed to slow trading down for a few minutes, to give investors the ability to understand what's happening in the market, consume the information and make decisions based on market conditions," New York Stock Exchange President Stacey Cunningham told CNBC.
"It's really a precautionary measure that we put in place so that the market can slow down for a minute," she said.
precautionary
表示“预防的”，英文解释为“Precautionary actions are taken in order to prevent something dangerous or unpleasant from happening.”举个🌰：
The curfew is a precautionary measure.
宵禁只是一项预防措施。
The circuit breakers were adopted in the wake of the Black Monday crash of Oct. 19, 1987, when the Dow plunged 508 points, or 22%.
plunge
1）表示“纵身跳向；猛冲向”，英文解释为“If something or someone plunges in a particular direction, especially into water, they fall, rush, or throw themselves in that direction.”举个🌰：
At least 50 people died when a bus plunged into a river.
一辆公共汽车冲进了河里，至少有50人死亡。
2）表示“骤降”，英文解释为“If an amount or rate plunges, it decreases quickly and suddenly.”举个🌰：
The Peso plunged to a new low on the foreign exchange markets yesterday.
昨天，比索在外汇市场上暴跌到了历史新低。
3）表示“（猛地）将…推入”，英文解释为“If you plunge an object into something, you push it quickly or violently into it. ”举个🌰：
A soldier plunged a bayonet into his body.
一名士兵猛地将刺刀刺入了他的身体。
"There was this idea that if you stopped trading and gave a pause, then people would calm down and it might stabilize the markets," said Mason Gerety, professor emeritus at Northern Arizona University and a former research economist at the Securities and Exchange Commission.
emeritus
emeritus /ɪˈmɛrɪtəs/ 表示“（常指大学教师）退休后保留头衔的，荣誉退休的”，英文解释为“(often Emeritus) used with a title to show that a person, usually a university teacher, keeps the title as an honour, although he or she has stopped working”，如：the Emeritus Professor of Biology 荣誉退休的生物学教授。
His research in the early 1990s found a trade-off to the temporary halt. Traders might sell off more quickly if they anticipate a circuit breaker kicking in.
trade-off
表示“（在需要而又相互对立的两者间的）权衡，协调”，英文解释为“the act of balancing two things that you need or want but which are opposed to each other”举个🌰：
There is a trade-off between the benefits of the drug and the risk of side effects.
在这种药的疗效和副作用之间有个权衡利弊的问题。
sell off
表示“甩卖；变卖”，英文解释为“If you sell something off, you sell it because you need the money.”举个🌰：
The company is selling off some sites and concentrating on cutting debts.
该公司正在变卖一些地皮，全力削减债务。
"The fact that there's a circuit breaker might actually be more likely to get you to the circuit breaker. It's kind of almost like a gravitational pull," Gerety said.
gravitational
表示“与引力有关的；引力所致的”，英文解释为“Gravitational means relating to or resulting from the force of gravity.”举个🌰：
If a spacecraft travels faster than 11 km a second, it escapes the Earth's gravitational pull.
如果一架宇宙飞船飞行超过每秒11公里，它就能摆脱地球引力。
"People who do this for a living — I've never met one who felt like they needed to catch their breath," he said. "They have good lungs. They are used to stress."
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