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2021-08-31
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Robinhood Stock Drops After SEC Chairman Warns on Payment for Order Flow<blockquote>SEC 主席警告订单流付款后 Robinhood 股价下跌</blockquote>
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Shares ofVirtu FinancialInc.,an electronic trading firm that handles orders from retail brokerages such as Robinhood and <a href=\"https://laohu8.com/S/AMTD\">TD Ameritrade</a>, also fell on the remarks. <a href=\"https://laohu8.com/S/VIRT\">Virtu</a> stock declined 3.8% for the day.</p><p><blockquote>周一下午，Robinhood 的股价短暂下跌超过 9%，随后收复了部分失地。Virtu FinancialInc. 的股票，这是一家电子交易公司，处理 Robinhood 等零售经纪公司的订单<a href=\"https://laohu8.com/S/AMTD\">德美利证券</a>，也落在了言论上。<a href=\"https://laohu8.com/S/VIRT\">美德</a>该股当天下跌 3.8%。</blockquote></p><p> In payment for order flow, or PFOF, online brokerages take payments from high-speed trading firms in exchange for sending them their customers’ stock and options orders for execution. The trading firms profit from trading against investors’ orders by collecting a small difference between the buying and selling prices of stocks.</p><p><blockquote>在订单流付款（PFOF）中，在线经纪商从高速交易公司收取款项，以换取将客户的股票和期权订单发送给他们执行。交易公司通过收取股票买入价和卖出价之间的微小差价，从投资者指令交易中获利。</blockquote></p><p> PFOF is legal and has been common in the U.S. brokerage industry for decades. But it drew renewed attention this year after the trading frenzy in<a href=\"https://laohu8.com/S/GME\">GameStop</a>Corp.GME2.07%and other meme stocks spurred scrutiny of the handling of small investors’ trades.</p><p><blockquote>PFOF是合法的，几十年来在美国经纪行业一直很常见。但在今年的交易狂潮之后，它再次引起了人们的关注<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>Corp.GME2.07% 和其他备忘录股票引发了对小投资者交易处理方式的审查。</blockquote></p><p> Mr. Gensler said in June that theSEC was reviewing payment for order flowand other related aspects of the structure of U.S. equities markets. In the Barron’s interview, he articulated more clearly than in previous comments that the review could result in a ban of PFOF.</p><p><blockquote>Gensler 先生在 6 月份表示，theSEC 正在审查订单流的支付以及美国股市结构的其他相关方面。在接受《巴伦周刊》采访时，他比之前的评论更清楚地表明，审查可能会导致 PFOF 被禁。</blockquote></p><p> Robinhoodrelies more heavily on payment for order flowthan other brokerages, which makes its stock especially sensitive to the outcome of the SEC’s review. In the second quarter, nearly 80% of the company’s total net revenues came from payments it received for routing investors’ orders for stocks, options and cryptocurrencies.</p><p><blockquote>与其他经纪公司相比，Robinhood 更依赖订单流付款，这使得其股票对美国证券交易委员会的审查结果尤为敏感。第二季度，该公司近 80% 的净收入来自投资者的股票、期权和加密货币订单。</blockquote></p><p> Brokers and traders say investors benefit from having their orders routed to high-speed traders because they get better prices on their trades than they would from stock exchanges. Payment for order flow has also made it possible for brokers like Robinhood to allow zero-commission trading.</p><p><blockquote>经纪人和交易员表示，投资者受益于将订单发送给高速交易员，因为他们的交易价格比从证券交易所获得的价格更好。订单流付费也使得像Robinhood这样的经纪商允许零佣金交易成为可能。</blockquote></p><p> Critics say PFOF presents a conflict of interest for brokerages, which can either collect more money from the trading firms to increase revenues, or pass that savings on to their customers.</p><p><blockquote>批评人士表示，PFOF 给经纪公司带来了利益冲突，经纪公司要么可以从贸易公司收取更多资金以增加收入，要么将节省下来的资金转嫁给客户。</blockquote></p><p> Representatives of Robinhood and Virtu declined to comment on Mr. Gensler’s remarks.</p><p><blockquote>Robinhood 和 Virtu 的代表拒绝对 Gensler 先生的言论发表评论。</blockquote></p><p> In remarks prior to Robinhood’s initial public offering in July, Robinhood Chief Financial Officer Jason Warnick said PFOF benefited investors by allowing zero-commission trades.</p><p><blockquote>在 Robinhood 今年 7 月首次公开募股之前，Robinhood 首席财务官杰森-沃尼克（Jason Warnick）表示，PFOF 允许零佣金交易，使投资者受益。</blockquote></p><p> “We think payment for order flow is a better deal for our customers versus the old commission structure,” he said. “It allows investors to invest smaller amounts without having to worry about the cost of commissions.”</p><p><blockquote>“他说：”我们认为，与旧的佣金结构相比，订单流付费对我们的客户来说更划算。“它允许投资者进行较小的投资，而不必担心佣金成本”。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Robinhood Stock Drops After SEC Chairman Warns on Payment for Order Flow<blockquote>SEC 主席警告订单流付款后 Robinhood 股价下跌</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRobinhood Stock Drops After SEC Chairman Warns on Payment for Order Flow<blockquote>SEC 主席警告订单流付款后 Robinhood 股价下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-08-31 07:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p> <b>Shares of the retail brokerage fell nearly 7% after Gary Gensler signaled he was open to banning the practice.</b> Shares of <a href=\"https://laohu8.com/S/HOOD\">Robinhood Markets, Inc.</a> tumbled on Monday after the head of the Securities and Exchange Commission signaled that he was open to banning payment for order flow, a practice that accounts for most of the online brokerage’s revenues.</p><p><blockquote><b>在加里·詹斯勒 (Gary Gensler) 表示愿意禁止这种做法后，这家零售经纪公司的股价下跌了近 7%。</b>股份<a href=\"https://laohu8.com/S/HOOD\">罗宾汉市场公司。</a>周一，美国证券交易委员会（Securities and Exchange Commission）负责人表示，他对禁止订单流付款持开放态度。</blockquote></p><p> Robinhood shares closed 6.9% lower afterBarron’s published an interviewwith SEC Chairman Gary Gensler in which he said a full prohibition of payment for order flow was “on the table” as part of a broader agency review.</p><p><blockquote>Robinhood 股价收盘下跌 6.9%，此前《巴伦周刊》发表了对美国证券交易委员会主席加里-詹斯勒（Gary Gensler）的采访，他在采访中表示，作为更广泛的机构审查的一部分，全面禁止为订单流付款 “已摆在桌面上”。</blockquote></p><p> Robinhood’s stock was briefly down more than 9% on Monday afternoon before recouping some of its losses. Shares ofVirtu FinancialInc.,an electronic trading firm that handles orders from retail brokerages such as Robinhood and <a href=\"https://laohu8.com/S/AMTD\">TD Ameritrade</a>, also fell on the remarks. <a href=\"https://laohu8.com/S/VIRT\">Virtu</a> stock declined 3.8% for the day.</p><p><blockquote>周一下午，Robinhood 的股价短暂下跌超过 9%，随后收复了部分失地。Virtu FinancialInc. 的股票，这是一家电子交易公司，处理 Robinhood 等零售经纪公司的订单<a href=\"https://laohu8.com/S/AMTD\">德美利证券</a>，也落在了言论上。<a href=\"https://laohu8.com/S/VIRT\">美德</a>该股当天下跌 3.8%。</blockquote></p><p> In payment for order flow, or PFOF, online brokerages take payments from high-speed trading firms in exchange for sending them their customers’ stock and options orders for execution. The trading firms profit from trading against investors’ orders by collecting a small difference between the buying and selling prices of stocks.</p><p><blockquote>在订单流付款（PFOF）中，在线经纪商从高速交易公司收取款项，以换取将客户的股票和期权订单发送给他们执行。交易公司通过收取股票买入价和卖出价之间的微小差价，从投资者指令交易中获利。</blockquote></p><p> PFOF is legal and has been common in the U.S. brokerage industry for decades. But it drew renewed attention this year after the trading frenzy in<a href=\"https://laohu8.com/S/GME\">GameStop</a>Corp.GME2.07%and other meme stocks spurred scrutiny of the handling of small investors’ trades.</p><p><blockquote>PFOF是合法的，几十年来在美国经纪行业一直很常见。但在今年的交易狂潮之后，它再次引起了人们的关注<a href=\"https://laohu8.com/S/GME\">游戏驿站</a>Corp.GME2.07% 和其他备忘录股票引发了对小投资者交易处理方式的审查。</blockquote></p><p> Mr. Gensler said in June that theSEC was reviewing payment for order flowand other related aspects of the structure of U.S. equities markets. In the Barron’s interview, he articulated more clearly than in previous comments that the review could result in a ban of PFOF.</p><p><blockquote>Gensler 先生在 6 月份表示，theSEC 正在审查订单流的支付以及美国股市结构的其他相关方面。在接受《巴伦周刊》采访时，他比之前的评论更清楚地表明，审查可能会导致 PFOF 被禁。</blockquote></p><p> Robinhoodrelies more heavily on payment for order flowthan other brokerages, which makes its stock especially sensitive to the outcome of the SEC’s review. In the second quarter, nearly 80% of the company’s total net revenues came from payments it received for routing investors’ orders for stocks, options and cryptocurrencies.</p><p><blockquote>与其他经纪公司相比，Robinhood 更依赖订单流付款，这使得其股票对美国证券交易委员会的审查结果尤为敏感。第二季度，该公司近 80% 的净收入来自投资者的股票、期权和加密货币订单。</blockquote></p><p> Brokers and traders say investors benefit from having their orders routed to high-speed traders because they get better prices on their trades than they would from stock exchanges. Payment for order flow has also made it possible for brokers like Robinhood to allow zero-commission trading.</p><p><blockquote>经纪人和交易员表示，投资者受益于将订单发送给高速交易员，因为他们的交易价格比从证券交易所获得的价格更好。订单流付费也使得像Robinhood这样的经纪商允许零佣金交易成为可能。</blockquote></p><p> Critics say PFOF presents a conflict of interest for brokerages, which can either collect more money from the trading firms to increase revenues, or pass that savings on to their customers.</p><p><blockquote>批评人士表示，PFOF 给经纪公司带来了利益冲突，经纪公司要么可以从贸易公司收取更多资金以增加收入，要么将节省下来的资金转嫁给客户。</blockquote></p><p> Representatives of Robinhood and Virtu declined to comment on Mr. Gensler’s remarks.</p><p><blockquote>Robinhood 和 Virtu 的代表拒绝对 Gensler 先生的言论发表评论。</blockquote></p><p> In remarks prior to Robinhood’s initial public offering in July, Robinhood Chief Financial Officer Jason Warnick said PFOF benefited investors by allowing zero-commission trades.</p><p><blockquote>在 Robinhood 今年 7 月首次公开募股之前，Robinhood 首席财务官杰森-沃尼克（Jason Warnick）表示，PFOF 允许零佣金交易，使投资者受益。</blockquote></p><p> “We think payment for order flow is a better deal for our customers versus the old commission structure,” he said. “It allows investors to invest smaller amounts without having to worry about the cost of commissions.”</p><p><blockquote>“他说：”我们认为，与旧的佣金结构相比，订单流付费对我们的客户来说更划算。“它允许投资者进行较小的投资，而不必担心佣金成本”。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/robinhood-stock-drops-after-sec-chairman-warns-on-payment-for-order-flow-11630361869?mod=markets_lead_pos2\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"HOOD":"Robinhood"},"source_url":"https://www.wsj.com/articles/robinhood-stock-drops-after-sec-chairman-warns-on-payment-for-order-flow-11630361869?mod=markets_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144700975","content_text":"Shares of the retail brokerage fell nearly 7% after Gary Gensler signaled he was open to banning the practice.\n\nShares of Robinhood Markets, Inc. tumbled on Monday after the head of the Securities and Exchange Commission signaled that he was open to banning payment for order flow, a practice that accounts for most of the online brokerage’s revenues.\nRobinhood shares closed 6.9% lower afterBarron’s published an interviewwith SEC Chairman Gary Gensler in which he said a full prohibition of payment for order flow was “on the table” as part of a broader agency review.\nRobinhood’s stock was briefly down more than 9% on Monday afternoon before recouping some of its losses. Shares ofVirtu FinancialInc.,an electronic trading firm that handles orders from retail brokerages such as Robinhood and TD Ameritrade, also fell on the remarks. Virtu stock declined 3.8% for the day.\nIn payment for order flow, or PFOF, online brokerages take payments from high-speed trading firms in exchange for sending them their customers’ stock and options orders for execution. The trading firms profit from trading against investors’ orders by collecting a small difference between the buying and selling prices of stocks.\nPFOF is legal and has been common in the U.S. brokerage industry for decades. But it drew renewed attention this year after the trading frenzy inGameStopCorp.GME2.07%and other meme stocks spurred scrutiny of the handling of small investors’ trades.\nMr. Gensler said in June that theSEC was reviewing payment for order flowand other related aspects of the structure of U.S. equities markets. In the Barron’s interview, he articulated more clearly than in previous comments that the review could result in a ban of PFOF.\nRobinhoodrelies more heavily on payment for order flowthan other brokerages, which makes its stock especially sensitive to the outcome of the SEC’s review. In the second quarter, nearly 80% of the company’s total net revenues came from payments it received for routing investors’ orders for stocks, options and cryptocurrencies.\nBrokers and traders say investors benefit from having their orders routed to high-speed traders because they get better prices on their trades than they would from stock exchanges. Payment for order flow has also made it possible for brokers like Robinhood to allow zero-commission trading.\nCritics say PFOF presents a conflict of interest for brokerages, which can either collect more money from the trading firms to increase revenues, or pass that savings on to their customers.\nRepresentatives of Robinhood and Virtu declined to comment on Mr. Gensler’s remarks.\nIn remarks prior to Robinhood’s initial public offering in July, Robinhood Chief Financial Officer Jason Warnick said PFOF benefited investors by allowing zero-commission trades.\n“We think payment for order flow is a better deal for our customers versus the old commission structure,” he said. “It allows investors to invest smaller amounts without having to worry about the cost of commissions.”","news_type":1,"symbols_score_info":{"HOOD":0.9}},"isVote":1,"tweetType":1,"viewCount":3979,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/818985392"}
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