评级机构本来应该是为市场服务的，但实际上却优先效忠于付给它们评级费用的债券发行者。
Rating agencies were supposed to serve the market, but their first loyalty seems to have been to the issuers who were paying their fees.
就球赛转播而言，现金为上的原则显然是有损英超联盟的市场地位的。
The money-up-front principle has undoubtedly damaged the Premier League's market position as far as broadcasting is concerned.
另一方面，这种市场实质上为资本形成提供了补贴。
On the other hand, such a market essentially subsidises capital formation.
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