受惠於上周GameStop（GME）的炒股熱潮，專門為羅賓漢等網路券商執行訂單的Citadel證券公司意外成為贏家之一。不過放空GameStop的對沖基金梅爾文（Melvin Capital Management）則是不敵散戶對尬，1月慘賠逾五成，堪稱是最大輸家。
citadel證券 在 呂翊榮的財經讀書會 Facebook 的最讚貼文
citadel證券 在 許文昌 Man-cheong Facebook 的精選貼文
罰的是舊事，不影響大堆散戶堅持用免佣戶口買賣最火熱的股票。
美國網上零佣金證券商羅賓漢（Robinhood Markets）因早期未有充分披露其向高頻交易商出售客戶訂單的做法，正面臨美國證交會（SEC）的民事欺詐調查。將可能面臨超過1000萬美元的罰款。今年上半年，羅賓漢從Citadel Securities等高頻交易商所賺取的回佣達2.71億美元。
citadel證券 在 Eric's English Lounge Facebook 的最佳解答
[時事英文] 散戶牛市 🐂💰
Is it investing or just gambling?
這到底是投資還是賭博呢?
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It’s one of the year’s biggest market stories: Mom-and-pop investors have fallen back in love with stocks, lured by free trading apps, a resurgent bull market led by technology companies and a pandemic that has left millions of Americans at home with little to do.
New data show a number of ways in which the individual-trading boom has reshaped the U.S. stock market. Here are five takeaways:
1. mom-and-pop investors 散戶、小型投資者
2. fall in love with 愛上
3. free trading apps 免費交易應用程式
4. resurgent 復興的；再次增長的；再度流行的
5. a bull market 牛市 (當某一市場、行業或金融工具呈上升趨勢時，通常稱之為牛市。)
6. little to do 無事可做
7. reshape 重塑
這是今年最大的市場熱點之一：在免費交易應用程式和科技公司引領的牛市重新抬頭的誘惑下，加上數以百萬計美國人因新冠大流行而在家無所事事，散戶重新愛上了股市。新的數據顯示散戶交易熱潮在多個方面重塑了美國股市。以下是五個要點:
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🐂 1. Individual stock trading is at a decade high 💰
個人股票交易達到了十年來的最高點
Trading by individuals accounts for a greater chunk of market activity than at any time during the past 10 years, according to Larry Tabb, head of market-structure research at Bloomberg Intelligence. During the first six months of this year, individual investors accounted for 19.5% of the shares traded in the U.S stock market, up from 14.9% last year and nearly double the level from 2010, Mr. Tabb estimates.
8. account for (sth) （在數量上）佔 ; 解釋、說明 ; 對...負有責任
9. a chunk of 一部分；（尤指）大部分，一大塊
10. market activity 市場活動
Bloomberg Intelligence市場結構研究主管Larry Tabb表示，個人交易在市場活動中的佔比超過了過去10年的任何時候。Tabb估計，今年前六個月，散戶投資者在美國股市交易量中的佔比為19.5%，高於去年的14.9%，是2010年水平的近兩倍。他的數據沒有進一步向前追溯。
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🐂 2. Small investors are powering big moves in some stocks 💰
小型投資者正在推動一些股票的大幅波動
It has been called the Robinhood effect, the idea that stampedes of investors using the popular app are driving irrational stock moves.
In fact, such activity doesn’t matter much for most stocks, according to Nick Maggiulli, chief operating officer of Ritholtz Wealth Management. But there is evidence of a Robinhood effect in some smaller stocks, he said.
11. power (v.) 為…提供動力，驅動
12. big moves 大幅波動
13. stampede （尤指獸群或人群因恐懼引發的）狂奔；奔逃，蜂擁
(這裡指散戶湧入股市)
14. drive irrational stock moves 驅動非理性股市走勢
這被稱為羅賓漢效應，這種觀點認為，使用這種廣受歡迎的應用程式的投資者紛紛湧入市場，正在推動非理性的股票走勢。
資產管理機構Ritholtz Wealth Management首席營運官Nick Maggiulli表示，事實上，對於大多數股票來說這些活動無關緊要。但他表示，有證據表明，一些較小型股票存在羅賓漢效應。
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🐂 3. Asia is where individual investors truly dominate 💰
在亞洲股市，散戶是真正的主力軍
Many Asian stock markets have traditionally been dominated by individual investors, unlike the institution-heavy U.S. market. In places such as mainland China, frenzied trading by individuals can create a casino-like feel, with exuberant bull runs followed by spectacular crashes.
Individuals often account for more than 80% of volume on the Shanghai Stock Exchange, while on the Korea Exchange’s main Kospi market, nearly 84% of shares traded so far this year were on behalf of individual investors, according to data compiled by Hee-Joon Ahn, a finance professor at Sungkyunkwan University in Seoul.
15. be dominated by 由…所主導
16. individual investors 個人投資者
17. frenzied trading 狂熱交易
18. bull runs 行情
19. on behalf of 代表
20. data that is compiled by 由…整理的數據
不同於以機構投資者為主的美國股市，許多亞洲股市向來由個人投資者所主導。在中國A股等亞洲股市，散戶的狂熱交易會營造出賭場般的感覺，有時股市會牛氣沖天，隨後大幅跳水。
首爾成均館大學(Sungkyunkwan University)金融學教授Hee-Joon Ahn整理的數據顯示，在上海證券交易所，散戶的股票交易量通常佔到80%以上；在韓國證券交易所主要的Kospi市場，今年以來，有近84%的股票交易是代表個人投資者進行的。
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🐂 4. More of the U.S. stock market is going dark 💰
美股暗盤交易量上升
The individual-investing boom has led to historically high levels of “dark” trading, in which stocks are bought and sold on opaque private venues, rather than public exchanges. That is because online brokers typically funnel small investors’ trades to electronic-trading firms that execute the incoming orders.
In July, 43.2% of U.S. stock-trading volume took place off-exchange, according to Rosenblatt Securities, a brokerage firm. That is the highest level that the firm has recorded since it started tracking such data in 2008.
21. investing boom 投資熱潮
22. historically high levels of 歷史高位
23. “dark” trading 暗盤 (暗盤是指大利市機以外的股份交易買賣。 由於當中的買賣並不曝露於大眾之前，不會經證交所披露其中內容，所以這些買賣被稱之為暗盤。)
24. opaque 不透明的；不透光的
25. private venues 非公開場所
26. public exchanges 公開的交投
27. brokerage firm 證券商
個人投資熱潮已經導致股票暗盤交易量達到歷史高位，這種交易指的是股票在不透明的非公開場所買賣，而不是在公開的交易所進行交投。出現這種現象的原因是，在線經紀商通常會將小型投資者的交易單交給執行指令的電子交易公司。
據券商Rosenblatt Securities提供的數據，7月份，美國有43.2%的股票交易量發生在交易所外。這是該公司自2008年開始跟蹤此類數據以來所記錄到的最高水平。
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🐂 5. Big winners may be electronic traders 💰
大贏家可能是電子交易公司
The firms that execute individual investors’ orders have enjoyed surging volumes. The three biggest players in that business—Citadel Securities, Virtu Financial Inc. and Susquehanna International Group LLP—traded a combined 69.4 billion shares over the counter in June, more than triple the level from November, according to Bloomberg Intelligence. The vast majority of the firms’ over-the-counter trades come from individual investors. OTC trading is a type of off-exchange trading.
Electronic-trading firms profit from individuals’ trades by collecting a small difference between the buying and selling prices of a stock. It’s hard to know how much money they are making, though, because most are private and don’t report financials.
28. big winners 大贏家
29. surging volumes 交易量大幅上升
30. the biggest players 巨頭 ; 主要參與者；主力
31. according to 根據
32. the vast majority of 絕大多數
33. over-the-counter trades 場外交易 (場外交易是指證券投資機構之間不通過股票交易所，而以電話、電傳等方式相互進行的股票交易。)
為散戶執行交易指令的公司交易量大幅上升。據Bloomberg Intelligence的數據，這一領域的三巨頭是Citadel Securities、Virtu Financial Inc.和海納國際集團(Susquehanna International Group) ，6月份的場外交易總量為694億股，是去年11月的三倍多。這些公司的絕大多數場外交易來自散戶投資者。
電子交易公司通過收取股票買賣之間的微小差價從個人交易中獲利。不過，很難知道這些公司到底賺了多少錢，因為大多數公司都未上市，也不披露財務報告。
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What are some problems this phenomenon might cause? Benefits?
本現象將帶來什麼樣的問題？其利益呢?
《華爾街日報》完整內容：https://on.wsj.com/34TiE5V
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📰 華爾街日報訂閱方案: https://bit.ly/39ULVh1
🎓 華爾街日報獎助學金計畫 (A20): https://bit.ly/2C2tUAI
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時事英文講義：https://bit.ly/2XmRYXc
Text to speech reader (文字轉音檔):
https://www.naturalreaders.com/online/
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