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经济学人阅读|扉页文章 The real revolution on Wall

  经济学人The Economist是一份英国的英文新闻周报,分八个版本于每周五向全球发行,编辑部位于伦敦,创办于1843年9月。




经济学人阅读|扉页文章 The real revolution on Wall

  今天羚羊君(公众:aa-acad)给大家分享的是经济学人2021年02月06日期刊中扉页文章的第一篇:The real revolution on Wall Street





经济学人阅读|扉页文章 The real revolution on Wall

  The real revolution on Wall Street


  Events on Wall Street have become so strange that Net?ix is said to be planning a show to immortalise them. But what should be the plot? One story is of an anti-establishment movement causing chaos in high ?nance, just as it has in politics. Another is how volatile shares, strutting online traders and cashcrunches at brokerage ?rms signal that a toppy market is poised to crash. Both gloss over what is really going on. Information technology is being used to make trading free, shift information ?ows and catalyse new business models, transforming how markets work (see Finance section). And, despite the clamour of recent weeks, this promises to bring big long-term bene?ts.




经济学人阅读|扉页文章 The real revolution on Wall

  Don’t expect screenwriters to dwell on that, obviously. Their focus will be the 8m followers of WallStreetBets, an investment forum on Reddit, who have invented a new ?nancial adventurism: call it swarm trading. Together, they bid up the prices of some obscure ?rms in late January. This triggered vast losses at hedge funds that had bet on share prices falling (see Buttonwood). And it led to a cash squeeze at online brokers which must post collateral if volatility rises. Since January 28th the most prominent, Robinhood, has raised $3.4bn to shore itself up.




经济学人阅读|扉页文章 The real revolution on Wall

  The swarm seems to have moved on. This week the price of some favoured shares sank and silver leapt. Meanwhile, in many markets the normal rules of play have been suspended. Almost 300 “spacs” listed last year, raising over $80bn and allowing ?rms to ?oat without the hassle of an initial public o?ering (ipo). Tesla has become America’s ?fth most valuable ?rm. Bitcoin, having gone from the fringe to the mainstream, has a total value of $680bn. Trading volumes for shares are at their highest in at least a decade and those for some derivatives are o? the charts.