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- yak72yak72
  ·2021-02-10
  Like 🔄
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- yak72yak72
  ·2021-02-07
  [财迷]
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- yak72yak72
  ·2021-02-05
  Nice
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- yak72yak72
  ·2021-02-04
  [呆住]
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- yak72yak72
  ·2021-02-03
  Hmm
  Market News: Ants reach overhaul agreement with regulators<blockquote>市场消息：蚂蚁与监管机构达成检修协议</blockquote>
  (Bloomberg) -- Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will tu
  Market News: Ants reach overhaul agreement with regulators<blockquote>市场消息：蚂蚁与监管机构达成检修协议</blockquote>
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- yak72yak72
  ·2021-02-03
  Northbound?
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- yak72yak72
  ·2021-02-02
  [得意]
  Singapore to grow manufacturing base, attract top industry players: Chan Chun Sing<blockquote>陈振声：新加坡将发展制造基地，吸引顶级行业参与者</blockquote>
  SINGAPORE - Singapore is working to grow its strong manufacturing base and seeks to attract the top
  Singapore to grow manufacturing base, attract top industry players: Chan Chun Sing<blockquote>陈振声：新加坡将发展制造基地，吸引顶级行业参与者</blockquote>
  1,515 评论
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- yak72yak72
  ·2021-02-01
  [龇牙]
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- yak72yak72
  ·2021-02-01
  Ttm
  Why regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania<blockquote>为什么监管机构不应该急于遏制游戏驿站的股票狂热</blockquote>
  The meteoric rise in videogame-retailer GameStop’s stock price from a few dollars to more than $300
  Why regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania<blockquote>为什么监管机构不应该急于遏制游戏驿站的股票狂热</blockquote>
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- yak72yak72
  ·2021-01-30
  🚀
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17:22","market":"us","language":"en","title":"Market News: Ants reach overhaul agreement with regulators<blockquote>市场消息：蚂蚁与监管机构达成检修协议</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2108570747","media":"Bloomberg","summary":"(Bloomberg) -- Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will tu","content":"<p>(Bloomberg) -- Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.</p><p><blockquote>（彭博社）——蚂蚁集团公司和中国监管机构已就一项重组计划达成一致，该计划将把马云的金融科技巨头转变为一家金融控股公司，使其受到类似于银行的资本要求的约束。</blockquote></p><p> The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said. One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.</p><p><blockquote>知情人士称，评级计划将蚂蚁金服的所有业务纳入控股公司，包括区块链和食品配送等领域的技术产品。蚂蚁金服向监管机构提出的早期提案之一曾设想仅将金融业务纳入新结构。</blockquote></p><p> An official announcement on the overhaul could come before the start of China’s Lunar New Year holiday next week, the people said, asking not to be identified discussing private information. Alibaba Group Holding Ltd., which owns about a third of Ant, erased losses in Hong Kong trading on Wednesday after Bloomberg reported the agreement. The stock closed with a 0.4% gain.</p><p><blockquote>知情人士称，有关此次改革的官方公告可能会在下周中国农历新年假期开始前发布。因讨论私人信息而要求匿名。在彭博社报道该协议后，拥有蚂蚁金服约三分之一股份的阿里巴巴-SW集团控股有限公司周三在香港交易中抹去了跌幅。该股收盘上涨0.4%。</blockquote></p><p> Ant’s restructuring plan marks the first big step in what’s expected to be a lengthy overhaul process, as regulators draw up detailed capital requirements and other guidelines for companies that span multiple financial business lines.</p><p><blockquote>蚂蚁金服的重组计划标志着预计将是漫长改革过程的第一大步，监管机构为跨越多个金融业务线的公司制定了详细的资本要求和其他指导方针。</blockquote></p><p> China only introduced its framework for financial holding companies in September and many of the specifics are still being ironed out. While the rules will eventually provide more regulatory clarity for Ant, they’ll almost certainly force the company to slow the torrid pace of expansion that has made it China’s dominant fintech player and <a href=\"https://laohu8.com/S/AONE\">one</a> of the world’s most valuable startups.</p><p><blockquote>中国在9月份才推出了金融控股公司框架，许多细节仍在敲定中。虽然这些规则最终将为蚂蚁金服提供更加明确的监管，但几乎肯定会迫使该公司放慢快速的扩张步伐，正是这种扩张使其成为中国占主导地位的金融科技公司<a href=\"https://laohu8.com/S/AONE\">一</a>世界上最有价值的创业公司之一。</blockquote></p><p> Ant is still exploring possibilities to revive its initial public offering, which was abruptly halted by regulators in November, <a href=\"https://laohu8.com/S/AONE.U\">one</a> person familiar with the matter said. But given the financial holding company framework is so new, it’s unclear how long it might take for authorities to sign off a listing.</p><p><blockquote>蚂蚁金服仍在探索恢复首次公开募股的可能性，该IPO于11月被监管机构突然叫停，<a href=\"https://laohu8.com/S/AONE.U\">一</a>知情人士表示。但鉴于金融控股公司框架如此之新，尚不清楚当局需要多长时间才能批准上市。</blockquote></p><p> Ant declined to comment. The People’s Bank of China, which oversees financial holding companies, didn’t immediately respond to a faxed request for comment.</p><p><blockquote>蚂蚁拒绝置评。负责监管金融控股公司的中国人民银行没有立即回应传真的置评请求。</blockquote></p><p> Ant’s restructuring is part of a broader government campaign to increase supervision of the financial and technology sectors. Regulators have in recent months targeted everything from health-care crowdfunding to consumer lending. In January, they proposed measures to curb market concentration in online payments, where Ant and Tencent Holdings Ltd. are the biggest players.</p><p><blockquote>蚂蚁金服的重组是政府加强对金融和科技行业监管的更广泛行动的一部分。近几个月来，监管机构瞄准了从医疗保健众筹到消费贷款的各个领域。一月份，他们提出了遏制在线支付市场集中度的措施，蚂蚁金服和腾讯控股控股有限公司是该领域最大的参与者。</blockquote></p><p> The clampdown has fueled intense speculation over the status of Ma, who co-founded both Ant and Alibaba. The e-commerce giant has also faced increased government scrutiny in recent months, becoming the target of an antitrust investigation in December.</p><p><blockquote>此次打压引发了人们对马云地位的强烈猜测，马云是蚂蚁金服和阿里巴巴-SW的联合创始人。近几个月来，这家电子商务巨头还面临着越来越多的政府审查，并在12月成为反垄断调查的目标。</blockquote></p><p> Ma’s appearance in a live-streamed video conference in January -- after several months out of public view -- has helped quell talk of worst-case scenarios for his business empire. Still, plenty of uncertainty remains: even after Wednesday’s gain, Alibaba’s Hong Kong shares are trading about 15% below their record high in October.</p><p><blockquote>马云在离开公众视野几个月后，一月份出现在一次视频直播会议上，这有助于平息有关他的商业帝国最坏情况的讨论。尽管如此，仍存在大量不确定性：即使在周三上涨之后，阿里巴巴-SW港股的交易价格仍比10月份的历史高点低约15%。</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>Market News: Ants reach overhaul agreement with regulators<blockquote>市场消息：蚂蚁与监管机构达成检修协议</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\">\nMarket News: Ants reach overhaul agreement with regulators<blockquote>市场消息：蚂蚁与监管机构达成检修协议</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Bloomberg</strong><span class=\"h-time small\">2021-02-03 17:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>(Bloomberg) -- Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.</p><p><blockquote>（彭博社）——蚂蚁集团公司和中国监管机构已就一项重组计划达成一致，该计划将把马云的金融科技巨头转变为一家金融控股公司，使其受到类似于银行的资本要求的约束。</blockquote></p><p> The plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said. One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.</p><p><blockquote>知情人士称，评级计划将蚂蚁金服的所有业务纳入控股公司，包括区块链和食品配送等领域的技术产品。蚂蚁金服向监管机构提出的早期提案之一曾设想仅将金融业务纳入新结构。</blockquote></p><p> An official announcement on the overhaul could come before the start of China’s Lunar New Year holiday next week, the people said, asking not to be identified discussing private information. Alibaba Group Holding Ltd., which owns about a third of Ant, erased losses in Hong Kong trading on Wednesday after Bloomberg reported the agreement. The stock closed with a 0.4% gain.</p><p><blockquote>知情人士称，有关此次改革的官方公告可能会在下周中国农历新年假期开始前发布。因讨论私人信息而要求匿名。在彭博社报道该协议后，拥有蚂蚁金服约三分之一股份的阿里巴巴-SW集团控股有限公司周三在香港交易中抹去了跌幅。该股收盘上涨0.4%。</blockquote></p><p> Ant’s restructuring plan marks the first big step in what’s expected to be a lengthy overhaul process, as regulators draw up detailed capital requirements and other guidelines for companies that span multiple financial business lines.</p><p><blockquote>蚂蚁金服的重组计划标志着预计将是漫长改革过程的第一大步，监管机构为跨越多个金融业务线的公司制定了详细的资本要求和其他指导方针。</blockquote></p><p> China only introduced its framework for financial holding companies in September and many of the specifics are still being ironed out. While the rules will eventually provide more regulatory clarity for Ant, they’ll almost certainly force the company to slow the torrid pace of expansion that has made it China’s dominant fintech player and <a href=\"https://laohu8.com/S/AONE\">one</a> of the world’s most valuable startups.</p><p><blockquote>中国在9月份才推出了金融控股公司框架，许多细节仍在敲定中。虽然这些规则最终将为蚂蚁金服提供更加明确的监管，但几乎肯定会迫使该公司放慢快速的扩张步伐，正是这种扩张使其成为中国占主导地位的金融科技公司<a href=\"https://laohu8.com/S/AONE\">一</a>世界上最有价值的创业公司之一。</blockquote></p><p> Ant is still exploring possibilities to revive its initial public offering, which was abruptly halted by regulators in November, <a href=\"https://laohu8.com/S/AONE.U\">one</a> person familiar with the matter said. But given the financial holding company framework is so new, it’s unclear how long it might take for authorities to sign off a listing.</p><p><blockquote>蚂蚁金服仍在探索恢复首次公开募股的可能性，该IPO于11月被监管机构突然叫停，<a href=\"https://laohu8.com/S/AONE.U\">一</a>知情人士表示。但鉴于金融控股公司框架如此之新，尚不清楚当局需要多长时间才能批准上市。</blockquote></p><p> Ant declined to comment. The People’s Bank of China, which oversees financial holding companies, didn’t immediately respond to a faxed request for comment.</p><p><blockquote>蚂蚁拒绝置评。负责监管金融控股公司的中国人民银行没有立即回应传真的置评请求。</blockquote></p><p> Ant’s restructuring is part of a broader government campaign to increase supervision of the financial and technology sectors. Regulators have in recent months targeted everything from health-care crowdfunding to consumer lending. In January, they proposed measures to curb market concentration in online payments, where Ant and Tencent Holdings Ltd. are the biggest players.</p><p><blockquote>蚂蚁金服的重组是政府加强对金融和科技行业监管的更广泛行动的一部分。近几个月来，监管机构瞄准了从医疗保健众筹到消费贷款的各个领域。一月份，他们提出了遏制在线支付市场集中度的措施，蚂蚁金服和腾讯控股控股有限公司是该领域最大的参与者。</blockquote></p><p> The clampdown has fueled intense speculation over the status of Ma, who co-founded both Ant and Alibaba. The e-commerce giant has also faced increased government scrutiny in recent months, becoming the target of an antitrust investigation in December.</p><p><blockquote>此次打压引发了人们对马云地位的强烈猜测，马云是蚂蚁金服和阿里巴巴-SW的联合创始人。近几个月来，这家电子商务巨头还面临着越来越多的政府审查，并在12月成为反垄断调查的目标。</blockquote></p><p> Ma’s appearance in a live-streamed video conference in January -- after several months out of public view -- has helped quell talk of worst-case scenarios for his business empire. Still, plenty of uncertainty remains: even after Wednesday’s gain, Alibaba’s Hong Kong shares are trading about 15% below their record high in October.</p><p><blockquote>马云在离开公众视野几个月后，一月份出现在一次视频直播会议上，这有助于平息有关他的商业帝国最坏情况的讨论。尽管如此，仍存在大量不确定性：即使在周三上涨之后，阿里巴巴-SW港股的交易价格仍比10月份的历史高点低约15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/ant-reaches-agreement-china-regulators-083830972.html\">Bloomberg</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":"https://static.tigerbbs.com/9a353fd7027b404fd0462b771be77661","relate_stocks":{"BABA":"阿里巴巴","09988":"阿里巴巴-W"},"source_url":"https://finance.yahoo.com/news/ant-reaches-agreement-china-regulators-083830972.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2108570747","content_text":"(Bloomberg) -- Ant Group Co. and Chinese regulators have agreed on a restructuring plan that will turn Jack Ma’s fintech giant into a financial holding company, making it subject to capital requirements similar to those for banks.\nThe plan calls for putting all of Ant’s businesses into the holding company, including its technology offerings in areas like blockchain and food delivery, people familiar with the matter said. One of Ant’s early proposals to regulators had envisioned putting only financial operations into the new structure.\nAn official announcement on the overhaul could come before the start of China’s Lunar New Year holiday next week, the people said, asking not to be identified discussing private information. Alibaba Group Holding Ltd., which owns about a third of Ant, erased losses in Hong Kong trading on Wednesday after Bloomberg reported the agreement. The stock closed with a 0.4% gain.\nAnt’s restructuring plan marks the first big step in what’s expected to be a lengthy overhaul process, as regulators draw up detailed capital requirements and other guidelines for companies that span multiple financial business lines.\nChina only introduced its framework for financial holding companies in September and many of the specifics are still being ironed out. While the rules will eventually provide more regulatory clarity for Ant, they’ll almost certainly force the company to slow the torrid pace of expansion that has made it China’s dominant fintech player and one of the world’s most valuable startups.\nAnt is still exploring possibilities to revive its initial public offering, which was abruptly halted by regulators in November, one person familiar with the matter said. But given the financial holding company framework is so new, it’s unclear how long it might take for authorities to sign off a listing.\nAnt declined to comment. The People’s Bank of China, which oversees financial holding companies, didn’t immediately respond to a faxed request for comment.\nAnt’s restructuring is part of a broader government campaign to increase supervision of the financial and technology sectors. Regulators have in recent months targeted everything from health-care crowdfunding to consumer lending. In January, they proposed measures to curb market concentration in online payments, where Ant and Tencent Holdings Ltd. are the biggest players.\nThe clampdown has fueled intense speculation over the status of Ma, who co-founded both Ant and Alibaba. The e-commerce giant has also faced increased government scrutiny in recent months, becoming the target of an antitrust investigation in December.\nMa’s appearance in a live-streamed video conference in January -- after several months out of public view -- has helped quell talk of worst-case scenarios for his business empire. Still, plenty of uncertainty remains: even after Wednesday’s gain, Alibaba’s Hong Kong shares are trading about 15% below their record high in October.","news_type":1,"symbols_score_info":{"09988":0.9,"BABA":0.9}},"isVote":1,"tweetType":1,"viewCount":1430,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314119153,"gmtCreate":1612317983172,"gmtModify":1703760290333,"author":{"id":"3574935717212940","authorId":"3574935717212940","name":"yak72","avatar":"https://static.tigerbbs.com/17a87ff9ca11712b778937c22f667b41","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935717212940","authorIdStr":"3574935717212940"},"themes":[],"htmlText":"Northbound?&nbsp;","listText":"Northbound?&nbsp;","text":"Northbound?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/314119153","repostId":"1109079107","repostType":4,"isVote":1,"tweetType":1,"viewCount":1247,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315267805,"gmtCreate":1612257699807,"gmtModify":1703759370384,"author":{"id":"3574935717212940","authorId":"3574935717212940","name":"yak72","avatar":"https://static.tigerbbs.com/17a87ff9ca11712b778937c22f667b41","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935717212940","authorIdStr":"3574935717212940"},"themes":[],"htmlText":"[得意]&nbsp;","listText":"[得意]&nbsp;","text":"[得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/315267805","repostId":"1196891088","repostType":4,"repost":{"id":"1196891088","kind":"news","pubTimestamp":1612247473,"share":"https://www.laohu8.com/m/news/1196891088?lang=zh_CN&edition=full","pubTime":"2021-02-02 14:31","market":"sg","language":"en","title":"Singapore to grow manufacturing base, attract top industry players: Chan Chun Sing<blockquote>陈振声：新加坡将发展制造基地，吸引顶级行业参与者</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1196891088","media":"straitstimes","summary":"SINGAPORE - Singapore is working to grow its strong manufacturing base and seeks to attract the top ","content":"<p>SINGAPORE - Singapore is working to grow its strong manufacturing base and seeks to attract the top players to anchor their operations here, said Trade and Industry Minister Chan Chun Sing on Monday (Feb 1).</p><p><blockquote>新加坡——新加坡贸易和工业部长陈振声周一（2月1日）表示，新加坡正在努力发展其强大的制造业基础，并寻求吸引顶级企业在这里开展业务。</blockquote></p><p>The manufacturing industry remains a key pillar of Singapore's economy and the Republic wants to build on its existing manufacturing strengths, expanding its capacity and capabilities in emerging areas of growth such as biomedical science, agri-tech, urban mobility and sustainability.</p><p><blockquote>制造业仍然是新加坡经济的重要支柱，新加坡希望在现有制造业优势的基础上，扩大其在生物医学科学、农业技术、城市交通和可持续发展等新兴增长领域的产能和能力。</blockquote></p><p>Speaking to the media after a visit to biotech firm Illumina, Mr Chan said that more good job opportunities will be available for Singaporeans as more leading companies in these segments set up and grow here.</p><p><blockquote>陈先生在参观生物科技公司Illumina后对媒体表示，随着更多这些领域的领先公司在新加坡成立和发展，新加坡人将获得更多好的就业机会。</blockquote></p><p>Since it&nbsp;set up in Singapore in 2008, the company has not only increased its production capacity here but also helped to grow the ecosystem of supporting SMEs, he added.</p><p><blockquote>他补充说，自2008年在新加坡成立以来，该公司不仅提高了在新加坡的产能，还帮助发展了支持中小企业的生态系统。</blockquote></p><p>Mr Chan said that Illumina represents the type of leading manufacturing firms that Singapore wants to attract, with its 1,300-strong team here producing specialised products such as about 95 per cent of the global demand for microarray bead chips and 85 per cent of global core sequencing consumables, equipment used for disease diagnoses.</p><p><blockquote>陈先生表示，Illumina代表了新加坡希望吸引的领先制造公司类型，其1300人的团队生产专业产品，例如全球约95%的微阵列珠芯片需求和85%的全球核心测序消耗品、用于疾病诊断的设备。</blockquote></p><p>\"This is what we mean by having the sort of companies in Singapore that will make us harder to be displaced from the global production and supply chain. We are not in the mass market whereby we are competing on price.</p><p><blockquote>“这就是我们所说的在新加坡拥有这样的公司，这将使我们更难从全球生产和供应链中被取代。我们不在以价格竞争的大众市场中。</blockquote></p><p>\"They are competing on the quality of their ideas, the quality of their research, the quality of their production,\" he said, noting how Illumina plans to continue growing their operations and research teams here.</p><p><blockquote>“他们在创意质量、研究质量、生产质量上展开竞争，”他说，并指出Illumina计划如何继续发展他们在这里的运营和研究团队。</blockquote></p><p>The minister highlighted that next-generation manufacturing plants are no longer about working in a dirty, dangerous or repetitive environment.</p><p><blockquote>部长强调，下一代制造工厂不再是在肮脏、危险或重复的环境中工作。</blockquote></p><p>\"What we are seeing now are people who are working at the cutting edge of technology in clean rooms, and each and every (one) of the machines is so high-tech that many people will be very impressed with what we are able to do in Singapore.\"</p><p><blockquote>“我们现在看到的是在洁净室中从事尖端技术工作的人们，每一台（一台）机器都是如此高科技，以至于许多人都会对我们所能做的事情印象深刻在新加坡。”</blockquote></p><p>Mr Chan also outlined on Monday Singapore's three key strategies to position itself as an advanced manufacturing hub - investing in infrastructure, building a strong research ecosystem, and supporting firms in Industry 4.0 transformation projects.</p><p><blockquote>陈先生周一还概述了新加坡将自己定位为先进制造中心的三项关键战略——投资基础设施、建立强大的研究生态系统以及支持企业开展工业4.0转型项目。</blockquote></p><p>This comes on the back ofSingapore's new 10-year plan to grow its manufacturing sector 50 per cent by 2030, which was announced in January.</p><p><blockquote>这是在新加坡1月份宣布的到2030年将制造业增长50%的新10年计划之后做出的。</blockquote></p><p>The sector contributes about 21 per cent of Singapore's total gross domestic product and 12 per cent of its workforce.</p><p><blockquote>该行业贡献了新加坡约21%的国内生产总值和12%的劳动力。</blockquote></p><p>In particular, the development of the Jurong Innovation District advanced manufacturing hub will help provide opportunities for collaboration among industry players and strengthen the links between research, economic activity and skills development.</p><p><blockquote>特别是，句容创新区先进制造中心的发展将有助于为行业参与者之间的合作提供机会，并加强研究、经济活动和技能发展之间的联系。</blockquote></p><p>The district, the first phase of which is expected to be completed around 2022,attracted about $420 million of investments in 2020from the likes of South Korean carmaker Hyundai Motor Group, Japanese automation firm Fanuc and German machines manufacturer DMG Mori.</p><p><blockquote>该地区一期预计将于2022年左右完工，2020年吸引了韩国汽车制造商现代汽车集团、日本自动化公司发那科和德国机器制造商DMG Mori等公司约4.2亿美元的投资。</blockquote></p><p>Mr Chan also noted how Singapore has established Centres of Innovation to develop new Industry 4.0 technologies and solutions across advanced manufacturing and new growth areas such as agri-food.</p><p><blockquote>陈先生亦提到新加坡如何建立创新中心，在先进制造业和农业食品等新增长领域开发新的工业4.0技术和解决方案。</blockquote></p><p>MORE ON THIS TOPIC10-year plan for Singapore manufacturing to grow 50% by 2030: Chan Chun SingMicron Technology on track to hire 1,500 'high-skilled' staff</p><p><blockquote>有关此主题的更多信息新加坡制造业到2030年增长50%的10年计划：Chan Chun SingMicron Technology有望雇用1,500名“高技能”员工</blockquote></p><p>It is also working with the industry to ensure that Singapore's workforce keeps pace with the industry's transformation, such as through the Advanced Manufacturing Training Academy to identify skills needed and to coordinate training efforts in collaboration with institutes of higher learning and training providers.</p><p><blockquote>它还与行业合作，确保新加坡的劳动力跟上行业转型的步伐，例如通过先进制造培训学院来确定所需的技能，并与高等教育机构和培训提供商合作协调培训工作。</blockquote></p><p>Also, Singapore continues to support firms in their transformation efforts, such as through the Smart Industry Readiness Index (Siri), which it is proliferating globally through the WEF-EDB Siri Internationalisation Collaboration.</p><p><blockquote>此外，新加坡继续支持企业的转型努力，例如通过智能行业准备指数（Siri），该指数正在通过WEF-EDB Siri国际化合作在全球范围内推广。</blockquote></p><p>This standard can be used by companies to assess and motivate the transformation of large enterprises and small and medium-sized enterprises alike, Mr Chan said.</p><p><blockquote>陈方安生说，公司可以利用这一标准来评估和激励大型企业和中小型企业的转型。</blockquote></p><p>\"We have to keep advancing our work, to make sure that we keep pace with the latest demands for the industry in the future.\"</p><p><blockquote>“我们必须不断推进我们的工作，以确保我们跟上未来行业的最新需求。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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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\">\nSingapore to grow manufacturing base, attract top industry players: Chan Chun Sing<blockquote>陈振声：新加坡将发展制造基地，吸引顶级行业参与者</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">straitstimes</strong><span class=\"h-time small\">2021-02-02 14:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p>SINGAPORE - Singapore is working to grow its strong manufacturing base and seeks to attract the top players to anchor their operations here, said Trade and Industry Minister Chan Chun Sing on Monday (Feb 1).</p><p><blockquote>新加坡——新加坡贸易和工业部长陈振声周一（2月1日）表示，新加坡正在努力发展其强大的制造业基础，并寻求吸引顶级企业在这里开展业务。</blockquote></p><p>The manufacturing industry remains a key pillar of Singapore's economy and the Republic wants to build on its existing manufacturing strengths, expanding its capacity and capabilities in emerging areas of growth such as biomedical science, agri-tech, urban mobility and sustainability.</p><p><blockquote>制造业仍然是新加坡经济的重要支柱，新加坡希望在现有制造业优势的基础上，扩大其在生物医学科学、农业技术、城市交通和可持续发展等新兴增长领域的产能和能力。</blockquote></p><p>Speaking to the media after a visit to biotech firm Illumina, Mr Chan said that more good job opportunities will be available for Singaporeans as more leading companies in these segments set up and grow here.</p><p><blockquote>陈先生在参观生物科技公司Illumina后对媒体表示，随着更多这些领域的领先公司在新加坡成立和发展，新加坡人将获得更多好的就业机会。</blockquote></p><p>Since it&nbsp;set up in Singapore in 2008, the company has not only increased its production capacity here but also helped to grow the ecosystem of supporting SMEs, he added.</p><p><blockquote>他补充说，自2008年在新加坡成立以来，该公司不仅提高了在新加坡的产能，还帮助发展了支持中小企业的生态系统。</blockquote></p><p>Mr Chan said that Illumina represents the type of leading manufacturing firms that Singapore wants to attract, with its 1,300-strong team here producing specialised products such as about 95 per cent of the global demand for microarray bead chips and 85 per cent of global core sequencing consumables, equipment used for disease diagnoses.</p><p><blockquote>陈先生表示，Illumina代表了新加坡希望吸引的领先制造公司类型，其1300人的团队生产专业产品，例如全球约95%的微阵列珠芯片需求和85%的全球核心测序消耗品、用于疾病诊断的设备。</blockquote></p><p>\"This is what we mean by having the sort of companies in Singapore that will make us harder to be displaced from the global production and supply chain. We are not in the mass market whereby we are competing on price.</p><p><blockquote>“这就是我们所说的在新加坡拥有这样的公司，这将使我们更难从全球生产和供应链中被取代。我们不在以价格竞争的大众市场中。</blockquote></p><p>\"They are competing on the quality of their ideas, the quality of their research, the quality of their production,\" he said, noting how Illumina plans to continue growing their operations and research teams here.</p><p><blockquote>“他们在创意质量、研究质量、生产质量上展开竞争，”他说，并指出Illumina计划如何继续发展他们在这里的运营和研究团队。</blockquote></p><p>The minister highlighted that next-generation manufacturing plants are no longer about working in a dirty, dangerous or repetitive environment.</p><p><blockquote>部长强调，下一代制造工厂不再是在肮脏、危险或重复的环境中工作。</blockquote></p><p>\"What we are seeing now are people who are working at the cutting edge of technology in clean rooms, and each and every (one) of the machines is so high-tech that many people will be very impressed with what we are able to do in Singapore.\"</p><p><blockquote>“我们现在看到的是在洁净室中从事尖端技术工作的人们，每一台（一台）机器都是如此高科技，以至于许多人都会对我们所能做的事情印象深刻在新加坡。”</blockquote></p><p>Mr Chan also outlined on Monday Singapore's three key strategies to position itself as an advanced manufacturing hub - investing in infrastructure, building a strong research ecosystem, and supporting firms in Industry 4.0 transformation projects.</p><p><blockquote>陈先生周一还概述了新加坡将自己定位为先进制造中心的三项关键战略——投资基础设施、建立强大的研究生态系统以及支持企业开展工业4.0转型项目。</blockquote></p><p>This comes on the back ofSingapore's new 10-year plan to grow its manufacturing sector 50 per cent by 2030, which was announced in January.</p><p><blockquote>这是在新加坡1月份宣布的到2030年将制造业增长50%的新10年计划之后做出的。</blockquote></p><p>The sector contributes about 21 per cent of Singapore's total gross domestic product and 12 per cent of its workforce.</p><p><blockquote>该行业贡献了新加坡约21%的国内生产总值和12%的劳动力。</blockquote></p><p>In particular, the development of the Jurong Innovation District advanced manufacturing hub will help provide opportunities for collaboration among industry players and strengthen the links between research, economic activity and skills development.</p><p><blockquote>特别是，句容创新区先进制造中心的发展将有助于为行业参与者之间的合作提供机会，并加强研究、经济活动和技能发展之间的联系。</blockquote></p><p>The district, the first phase of which is expected to be completed around 2022,attracted about $420 million of investments in 2020from the likes of South Korean carmaker Hyundai Motor Group, Japanese automation firm Fanuc and German machines manufacturer DMG Mori.</p><p><blockquote>该地区一期预计将于2022年左右完工，2020年吸引了韩国汽车制造商现代汽车集团、日本自动化公司发那科和德国机器制造商DMG Mori等公司约4.2亿美元的投资。</blockquote></p><p>Mr Chan also noted how Singapore has established Centres of Innovation to develop new Industry 4.0 technologies and solutions across advanced manufacturing and new growth areas such as agri-food.</p><p><blockquote>陈先生亦提到新加坡如何建立创新中心，在先进制造业和农业食品等新增长领域开发新的工业4.0技术和解决方案。</blockquote></p><p>MORE ON THIS TOPIC10-year plan for Singapore manufacturing to grow 50% by 2030: Chan Chun SingMicron Technology on track to hire 1,500 'high-skilled' staff</p><p><blockquote>有关此主题的更多信息新加坡制造业到2030年增长50%的10年计划：Chan Chun SingMicron Technology有望雇用1,500名“高技能”员工</blockquote></p><p>It is also working with the industry to ensure that Singapore's workforce keeps pace with the industry's transformation, such as through the Advanced Manufacturing Training Academy to identify skills needed and to coordinate training efforts in collaboration with institutes of higher learning and training providers.</p><p><blockquote>它还与行业合作，确保新加坡的劳动力跟上行业转型的步伐，例如通过先进制造培训学院来确定所需的技能，并与高等教育机构和培训提供商合作协调培训工作。</blockquote></p><p>Also, Singapore continues to support firms in their transformation efforts, such as through the Smart Industry Readiness Index (Siri), which it is proliferating globally through the WEF-EDB Siri Internationalisation Collaboration.</p><p><blockquote>此外，新加坡继续支持企业的转型努力，例如通过智能行业准备指数（Siri），该指数正在通过WEF-EDB Siri国际化合作在全球范围内推广。</blockquote></p><p>This standard can be used by companies to assess and motivate the transformation of large enterprises and small and medium-sized enterprises alike, Mr Chan said.</p><p><blockquote>陈方安生说，公司可以利用这一标准来评估和激励大型企业和中小型企业的转型。</blockquote></p><p>\"We have to keep advancing our work, to make sure that we keep pace with the latest demands for the industry in the future.\"</p><p><blockquote>“我们必须不断推进我们的工作，以确保我们跟上未来行业的最新需求。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.straitstimes.com/business/economy/singapore-to-grow-manufacturing-base-attract-top-industry-players-chan-chun-sing\">straitstimes</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":"https://static.tigerbbs.com/39a199af535042dfebd27ef56f398707","relate_stocks":{},"source_url":"https://www.straitstimes.com/business/economy/singapore-to-grow-manufacturing-base-attract-top-industry-players-chan-chun-sing","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196891088","content_text":"SINGAPORE - Singapore is working to grow its strong manufacturing base and seeks to attract the top players to anchor their operations here, said Trade and Industry Minister Chan Chun Sing on Monday (Feb 1).The manufacturing industry remains a key pillar of Singapore's economy and the Republic wants to build on its existing manufacturing strengths, expanding its capacity and capabilities in emerging areas of growth such as biomedical science, agri-tech, urban mobility and sustainability.Speaking to the media after a visit to biotech firm Illumina, Mr Chan said that more good job opportunities will be available for Singaporeans as more leading companies in these segments set up and grow here.Since it set up in Singapore in 2008, the company has not only increased its production capacity here but also helped to grow the ecosystem of supporting SMEs, he added.Mr Chan said that Illumina represents the type of leading manufacturing firms that Singapore wants to attract, with its 1,300-strong team here producing specialised products such as about 95 per cent of the global demand for microarray bead chips and 85 per cent of global core sequencing consumables, equipment used for disease diagnoses.\"This is what we mean by having the sort of companies in Singapore that will make us harder to be displaced from the global production and supply chain. We are not in the mass market whereby we are competing on price.\"They are competing on the quality of their ideas, the quality of their research, the quality of their production,\" he said, noting how Illumina plans to continue growing their operations and research teams here.The minister highlighted that next-generation manufacturing plants are no longer about working in a dirty, dangerous or repetitive environment.\"What we are seeing now are people who are working at the cutting edge of technology in clean rooms, and each and every (one) of the machines is so high-tech that many people will be very impressed with what we are able to do in Singapore.\"Mr Chan also outlined on Monday Singapore's three key strategies to position itself as an advanced manufacturing hub - investing in infrastructure, building a strong research ecosystem, and supporting firms in Industry 4.0 transformation projects.This comes on the back ofSingapore's new 10-year plan to grow its manufacturing sector 50 per cent by 2030, which was announced in January.The sector contributes about 21 per cent of Singapore's total gross domestic product and 12 per cent of its workforce.In particular, the development of the Jurong Innovation District advanced manufacturing hub will help provide opportunities for collaboration among industry players and strengthen the links between research, economic activity and skills development.The district, the first phase of which is expected to be completed around 2022,attracted about $420 million of investments in 2020from the likes of South Korean carmaker Hyundai Motor Group, Japanese automation firm Fanuc and German machines manufacturer DMG Mori.Mr Chan also noted how Singapore has established Centres of Innovation to develop new Industry 4.0 technologies and solutions across advanced manufacturing and new growth areas such as agri-food.MORE ON THIS TOPIC10-year plan for Singapore manufacturing to grow 50% by 2030: Chan Chun SingMicron Technology on track to hire 1,500 'high-skilled' staffIt is also working with the industry to ensure that Singapore's workforce keeps pace with the industry's transformation, such as through the Advanced Manufacturing Training Academy to identify skills needed and to coordinate training efforts in collaboration with institutes of higher learning and training providers.Also, Singapore continues to support firms in their transformation efforts, such as through the Smart Industry Readiness Index (Siri), which it is proliferating globally through the WEF-EDB Siri Internationalisation Collaboration.This standard can be used by companies to assess and motivate the transformation of large enterprises and small and medium-sized enterprises alike, Mr Chan said.\"We have to keep advancing our work, to make sure that we keep pace with the latest demands for the industry in the future.\"","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":312766208,"gmtCreate":1612183946204,"gmtModify":1703758424227,"author":{"id":"3574935717212940","authorId":"3574935717212940","name":"yak72","avatar":"https://static.tigerbbs.com/17a87ff9ca11712b778937c22f667b41","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935717212940","authorIdStr":"3574935717212940"},"themes":[],"htmlText":"[龇牙]&nbsp;","listText":"[龇牙]&nbsp;","text":"[龇牙]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312766208","repostId":"2108271388","repostType":4,"isVote":1,"tweetType":1,"viewCount":2202,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":312589577,"gmtCreate":1612167304699,"gmtModify":1703758134256,"author":{"id":"3574935717212940","authorId":"3574935717212940","name":"yak72","avatar":"https://static.tigerbbs.com/17a87ff9ca11712b778937c22f667b41","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935717212940","authorIdStr":"3574935717212940"},"themes":[],"htmlText":"Ttm","listText":"Ttm","text":"Ttm","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/312589577","repostId":"1183625716","repostType":4,"repost":{"id":"1183625716","kind":"news","pubTimestamp":1612163292,"share":"https://www.laohu8.com/m/news/1183625716?lang=zh_CN&edition=full","pubTime":"2021-02-01 15:08","market":"us","language":"en","title":"Why regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania<blockquote>为什么监管机构不应该急于遏制游戏驿站的股票狂热</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1183625716","media":"marketwatch","summary":"The meteoric rise in videogame-retailer GameStop’s stock price from a few dollars to more than $300 ","content":"<p>The meteoric rise in videogame-retailer GameStop’s stock price from a few dollars to more than $300 in a couple of weeks, swelling its market value to about $25 billion, has made the company and mania surrounding it a household name.</p><p><blockquote>视频游戏零售商游戏驿站的股价在几周内从几美元飙升至300多美元，市值飙升至约250亿美元，使该公司及其周围的狂热成为家喻户晓的名字。</blockquote></p><p> Trading in shares of the beleaguered retailer has gone through the roof.&nbsp; Short interest — bets against the company — exceeds the total shares outstanding, and call and put option volume has been in the tens of millions. Those statistics are an order of magnitude greater than for similar stocks.</p><p><blockquote>这家陷入困境的零售商的股票交易已经飙升。空头利息——做空该公司的赌注——超过了已发行股票总数，看涨期权和看跌期权交易量已达数千万。这些统计数据比类似股票高一个数量级。</blockquote></p><p> Investors, including those on Reddit’s WallStreetBets forum and other social media, have been buying GameStopGME,+67.87%shares, causing a short squeeze for those betting against the company, in turn forcing the short sellers to cover their positions. As a result, that’s driving the shares higher. While the saga is still unfolding, we wouldn’t be surprised that when the music stops, GameStop’s share price would return to terrestrial levels.</p><p><blockquote>投资者，包括Reddit的WallStreetBets论坛和其他社交媒体上的投资者，一直在购买GameStopGME，+67.87%的股票，导致那些做空该公司的人出现轧空，进而迫使卖空者回补头寸。因此，这推动股价走高。虽然传奇仍在展开，但当音乐停止时，游戏驿站的股价将回到地球水平，我们不会感到惊讶。</blockquote></p><p> The dramatic turn of events has led many to speculate the underlying causes and proffer regulatory remedies. Some draw a parallel to pump-and-dump schemes that seek to manipulate share prices. However, pump-and-dump schemes are already illegal, which might shift attention toward other regulatory avenues.</p><p><blockquote>事件的戏剧性转变导致许多人猜测根本原因并提出监管补救措施。一些人将其与试图操纵股价的拉高抛售计划相提并论。然而，抽水和转储计划已经是非法的，这可能会将注意力转移到其他监管途径上。</blockquote></p><p> Three come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.</p><p><blockquote>我想到了三个：订单流支付、交易税和增强的金融知识教育。</blockquote></p><p> Payment for order flow</p><p><blockquote>订单流支付</blockquote></p><p> Payment for order flow (here’s an SEC study) transfers “some of the trading profits from market making to the brokers that route customer orders to specialists for execution.”</p><p><blockquote>订单流支付（这是美国证券交易委员会的一项研究）将“部分做市交易利润转移给经纪人，经纪人将客户订单发送给专家执行。”</blockquote></p><p> This practice has experienced renewed scrutiny as a central source of revenue for retail brokerage platforms such as Robinhood, Charles SchwabSCHW,-4.09%and E*Trade. The brokers’ business model offers zero-cost trades to attract business from individual and institutional clients in exchange for the order flow payments they receive from market makers such as Citadel.</p><p><blockquote>作为Robinhood、Charles SchwabSCHW,-4.09%和E*Trade等零售经纪平台的主要收入来源，这种做法受到了新的审查。该经纪商的商业模式提供零成本交易，以吸引个人和机构客户的业务，以换取他们从Citadel等做市商那里收到的订单流付款。</blockquote></p><p> Detractors argue that zero-cost trades induce excessive trading. While that might be true, it’s naïve to believe that it remotely explains the price movement witnessed in GameStop. Moreover, the lower cost of trading in all stocks and better execution have democratized investors’ access to securities markets without adverse effects on securities market. In fact, greater investor participation and trading enhance price transparency and liquidity — both desirable tenets of securities markets. Making order flow payments verboten will deprive markets of these benefits.</p><p><blockquote>批评者认为零成本交易会导致过度交易。虽然这可能是真的，但认为它可以远程解释游戏驿站目睹的价格变动是天真的。此外，所有股票的较低交易成本和更好的执行使投资者进入证券市场的途径民主化，而不会对证券市场产生不利影响。事实上，更多的投资者参与和交易提高了价格透明度和流动性——这两者都是证券市场的理想原则。禁止订单流支付将剥夺市场的这些好处。</blockquote></p><p> Transaction tax</p><p><blockquote>交易税</blockquote></p><p> Clearly, trading volume in GameStop shares is many times its historical average. This anecdotal evidence of high trading volume and high volatility might revive the financial transaction tax proposal.</p><p><blockquote>显然，游戏驿站股票的交易量是其历史平均水平的许多倍。这种高交易量和高波动性的轶事证据可能会重振金融交易税提案。</blockquote></p><p> A financial transaction tax is typically premised on notions that trading fuels volatility, and trading, especially high-frequency trading, does not serve a useful social purpose.&nbsp;An alternative explanation is that economic news and uncertainty contribute to trading and price volatility.</p><p><blockquote>金融交易税通常基于这样一种观念，即交易会加剧波动，交易，尤其是高频交易，不会服务于有用的社会目的。另一种解释是，经济新闻和不确定性会导致交易和价格波动。</blockquote></p><p> As the COVID-19 pandemic hit the U.S. in March 2020, the adverse news and high degree of uncertainty about U.S. economic prospects manifested in a sharp fall in asset prices and the VIX rising almost instantaneously to a historic high. Simultaneously, trading volume doubled. From April 2020, asset prices rose and VIX dropped rapidly with federal stimulus, accommodative monetary policies and Treasury fiscal support to businesses.</p><p><blockquote>随着COVID-19疫情于2020年3月袭击美国，美国经济前景的不利消息和高度不确定性表现为资产价格大幅下跌，VIX几乎瞬间升至历史高位。与此同时，交易量翻了一番。从2020年4月开始，随着联邦刺激、宽松的货币政策和财政部对企业的财政支持，资产价格上涨，VIX迅速下降。</blockquote></p><p> However, trading volume has remained elevated, which contradicts the notion that trading fuels market volatility. A financial transaction tax would discourage trading, for sure, but it is unlikely to attenuate volatility.&nbsp;More importantly, price discovery might be sacrificed as a result of less trading, which would adversely affect efficient capital allocation.</p><p><blockquote>然而，交易量仍然很高，这与交易加剧市场波动的观点相矛盾。金融交易税肯定会抑制交易，但不太可能降低波动性。更重要的是，交易减少可能会牺牲价格发现，从而对有效的资本配置产生不利影响。</blockquote></p><p> Finally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.</p><p><blockquote>最后，金融交易税也不太可能有效遏制游戏驿站突然崛起等事件。</blockquote></p><p> Financial literacy</p><p><blockquote>金融知识</blockquote></p><p> A baseline level of education is a prerequisite for an individual investor to trade in options. Enhanced financial literacy education might be a promising approach to discipline investor exuberance. Still, more information is needed to determine its efficacy. This may come in the form of research on the links between education and investor behavior.</p><p><blockquote>基本教育水平是个人投资者进行期权交易的先决条件。加强金融知识教育可能是约束投资者繁荣的一种有前途的方法。尽管如此，还需要更多的信息来确定其疗效。这可能以研究教育和投资者行为之间的联系的形式出现。</blockquote></p><p> Rather than regulation directly designed to curb trading, experimentation in financial markets might hold greater promise in calibrating the form of effective financial literacy education.</p><p><blockquote>与直接旨在抑制交易的监管相比，金融市场的实验在校准有效的金融知识教育形式方面可能更有希望。</blockquote></p><p> The limits of arbitrage capital</p><p><blockquote>套利资本的限度</blockquote></p><p> The sudden, sharp rise in GameStop highlights the clout of individual investors acting in concert. Their collective buying power has propelled the stock to loftier levels, which virtually everyone believes to be unhinged from underlying economic fundamentals.</p><p><blockquote>游戏驿站的突然大幅上涨凸显了个人投资者一致行动的影响力。他们的集体购买力将该股推至更高水平，几乎每个人都认为这与潜在的经济基本面脱节。</blockquote></p><p></p><p> Typically, active investors, including short sellers, correct the price by selling the stock.&nbsp;However, the GameStop episode has exposed the limits of arbitrage capital that might otherwise counter the tsunami of buying pressure as a result of coordinated buying by a huge number of investors.&nbsp;A few hundred million to a few billion dollars of capital from short sellers has been too little so far.</p><p><blockquote>通常情况下，包括卖空者在内的活跃投资者会通过卖出股票来修正价格。然而，游戏驿站事件暴露了套利资本的局限性，否则套利资本可能会抵消大量投资者协调买入带来的购买压力海啸。到目前为止，来自卖空者的几亿至几十亿美元的资本太少了。</blockquote></p><p> Moreover, they could not marshal additional capital to meet margin calls as the stock price rose. Worse yet, buying to close out their loss positions only resulted in additional buying pressure or the short-squeeze effect.</p><p><blockquote>此外，随着股价上涨，他们无法筹集额外资金来满足保证金评级。更糟糕的是，买入以平仓亏损头寸只会导致额外的买入压力或轧空效应。</blockquote></p><p> The bottom line is, the efficient functioning of the stock market requires substantial arbitrage capital to correct mispricing that might result from coordinated buying motivated to exact a revenge of what individual investors perceive as a market rigged by short sellers. Unfortunately, in this environment of demonization of short sellers, it’s hard to imagine additional capital will flow to stem what seems like an irrational stock price rise in GameStop.</p><p><blockquote>最重要的是，股票市场的有效运作需要大量的套利资本来纠正错误定价，这种错误定价可能是由协调购买造成的，这些购买动机是对个人投资者认为被卖空者操纵的市场进行报复。不幸的是，在这种妖魔化卖空者的环境下，很难想象会有额外的资本流入来阻止游戏驿站看似非理性的股价上涨。</blockquote></p><p> Of course, only time will tell whether the price rise is rational or that it exposes the lack of adequate arbitrage capital.&nbsp;In the meantime, it behooves to resist being trigger-happy with regulation.</p><p><blockquote>当然，只有时间才能证明价格上涨是理性的，还是暴露了缺乏足够的套利资本。与此同时，它应该抵制对监管的一触即发。</blockquote></p><p> <i>SP Kothari&nbsp;is a professor at MIT Sloan School of Management and former chief economist at the Securities and Exchange Commission from 2019-2021.&nbsp;Eric So&nbsp;is a professor at MIT Sloan School of Management.</i></p><p><blockquote><i>SP Kothari是麻省理工学院斯隆管理学院教授，2019-2021年曾任美国证券交易委员会首席经济学家。Eric So是麻省理工学院斯隆管理学院教授。</i></blockquote></p><p></p>","source":"lsy1603348471595","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>Why regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania<blockquote>为什么监管机构不应该急于遏制游戏驿站的股票狂热</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\">\nWhy regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania<blockquote>为什么监管机构不应该急于遏制游戏驿站的股票狂热</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-02-01 15:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The meteoric rise in videogame-retailer GameStop’s stock price from a few dollars to more than $300 in a couple of weeks, swelling its market value to about $25 billion, has made the company and mania surrounding it a household name.</p><p><blockquote>视频游戏零售商游戏驿站的股价在几周内从几美元飙升至300多美元，市值飙升至约250亿美元，使该公司及其周围的狂热成为家喻户晓的名字。</blockquote></p><p> Trading in shares of the beleaguered retailer has gone through the roof.&nbsp; Short interest — bets against the company — exceeds the total shares outstanding, and call and put option volume has been in the tens of millions. Those statistics are an order of magnitude greater than for similar stocks.</p><p><blockquote>这家陷入困境的零售商的股票交易已经飙升。空头利息——做空该公司的赌注——超过了已发行股票总数，看涨期权和看跌期权交易量已达数千万。这些统计数据比类似股票高一个数量级。</blockquote></p><p> Investors, including those on Reddit’s WallStreetBets forum and other social media, have been buying GameStopGME,+67.87%shares, causing a short squeeze for those betting against the company, in turn forcing the short sellers to cover their positions. As a result, that’s driving the shares higher. While the saga is still unfolding, we wouldn’t be surprised that when the music stops, GameStop’s share price would return to terrestrial levels.</p><p><blockquote>投资者，包括Reddit的WallStreetBets论坛和其他社交媒体上的投资者，一直在购买GameStopGME，+67.87%的股票，导致那些做空该公司的人出现轧空，进而迫使卖空者回补头寸。因此，这推动股价走高。虽然传奇仍在展开，但当音乐停止时，游戏驿站的股价将回到地球水平，我们不会感到惊讶。</blockquote></p><p> The dramatic turn of events has led many to speculate the underlying causes and proffer regulatory remedies. Some draw a parallel to pump-and-dump schemes that seek to manipulate share prices. However, pump-and-dump schemes are already illegal, which might shift attention toward other regulatory avenues.</p><p><blockquote>事件的戏剧性转变导致许多人猜测根本原因并提出监管补救措施。一些人将其与试图操纵股价的拉高抛售计划相提并论。然而，抽水和转储计划已经是非法的，这可能会将注意力转移到其他监管途径上。</blockquote></p><p> Three come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.</p><p><blockquote>我想到了三个：订单流支付、交易税和增强的金融知识教育。</blockquote></p><p> Payment for order flow</p><p><blockquote>订单流支付</blockquote></p><p> Payment for order flow (here’s an SEC study) transfers “some of the trading profits from market making to the brokers that route customer orders to specialists for execution.”</p><p><blockquote>订单流支付（这是美国证券交易委员会的一项研究）将“部分做市交易利润转移给经纪人，经纪人将客户订单发送给专家执行。”</blockquote></p><p> This practice has experienced renewed scrutiny as a central source of revenue for retail brokerage platforms such as Robinhood, Charles SchwabSCHW,-4.09%and E*Trade. The brokers’ business model offers zero-cost trades to attract business from individual and institutional clients in exchange for the order flow payments they receive from market makers such as Citadel.</p><p><blockquote>作为Robinhood、Charles SchwabSCHW,-4.09%和E*Trade等零售经纪平台的主要收入来源，这种做法受到了新的审查。该经纪商的商业模式提供零成本交易，以吸引个人和机构客户的业务，以换取他们从Citadel等做市商那里收到的订单流付款。</blockquote></p><p> Detractors argue that zero-cost trades induce excessive trading. While that might be true, it’s naïve to believe that it remotely explains the price movement witnessed in GameStop. Moreover, the lower cost of trading in all stocks and better execution have democratized investors’ access to securities markets without adverse effects on securities market. In fact, greater investor participation and trading enhance price transparency and liquidity — both desirable tenets of securities markets. Making order flow payments verboten will deprive markets of these benefits.</p><p><blockquote>批评者认为零成本交易会导致过度交易。虽然这可能是真的，但认为它可以远程解释游戏驿站目睹的价格变动是天真的。此外，所有股票的较低交易成本和更好的执行使投资者进入证券市场的途径民主化，而不会对证券市场产生不利影响。事实上，更多的投资者参与和交易提高了价格透明度和流动性——这两者都是证券市场的理想原则。禁止订单流支付将剥夺市场的这些好处。</blockquote></p><p> Transaction tax</p><p><blockquote>交易税</blockquote></p><p> Clearly, trading volume in GameStop shares is many times its historical average. This anecdotal evidence of high trading volume and high volatility might revive the financial transaction tax proposal.</p><p><blockquote>显然，游戏驿站股票的交易量是其历史平均水平的许多倍。这种高交易量和高波动性的轶事证据可能会重振金融交易税提案。</blockquote></p><p> A financial transaction tax is typically premised on notions that trading fuels volatility, and trading, especially high-frequency trading, does not serve a useful social purpose.&nbsp;An alternative explanation is that economic news and uncertainty contribute to trading and price volatility.</p><p><blockquote>金融交易税通常基于这样一种观念，即交易会加剧波动，交易，尤其是高频交易，不会服务于有用的社会目的。另一种解释是，经济新闻和不确定性会导致交易和价格波动。</blockquote></p><p> As the COVID-19 pandemic hit the U.S. in March 2020, the adverse news and high degree of uncertainty about U.S. economic prospects manifested in a sharp fall in asset prices and the VIX rising almost instantaneously to a historic high. Simultaneously, trading volume doubled. From April 2020, asset prices rose and VIX dropped rapidly with federal stimulus, accommodative monetary policies and Treasury fiscal support to businesses.</p><p><blockquote>随着COVID-19疫情于2020年3月袭击美国，美国经济前景的不利消息和高度不确定性表现为资产价格大幅下跌，VIX几乎瞬间升至历史高位。与此同时，交易量翻了一番。从2020年4月开始，随着联邦刺激、宽松的货币政策和财政部对企业的财政支持，资产价格上涨，VIX迅速下降。</blockquote></p><p> However, trading volume has remained elevated, which contradicts the notion that trading fuels market volatility. A financial transaction tax would discourage trading, for sure, but it is unlikely to attenuate volatility.&nbsp;More importantly, price discovery might be sacrificed as a result of less trading, which would adversely affect efficient capital allocation.</p><p><blockquote>然而，交易量仍然很高，这与交易加剧市场波动的观点相矛盾。金融交易税肯定会抑制交易，但不太可能降低波动性。更重要的是，交易减少可能会牺牲价格发现，从而对有效的资本配置产生不利影响。</blockquote></p><p> Finally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.</p><p><blockquote>最后，金融交易税也不太可能有效遏制游戏驿站突然崛起等事件。</blockquote></p><p> Financial literacy</p><p><blockquote>金融知识</blockquote></p><p> A baseline level of education is a prerequisite for an individual investor to trade in options. Enhanced financial literacy education might be a promising approach to discipline investor exuberance. Still, more information is needed to determine its efficacy. This may come in the form of research on the links between education and investor behavior.</p><p><blockquote>基本教育水平是个人投资者进行期权交易的先决条件。加强金融知识教育可能是约束投资者繁荣的一种有前途的方法。尽管如此，还需要更多的信息来确定其疗效。这可能以研究教育和投资者行为之间的联系的形式出现。</blockquote></p><p> Rather than regulation directly designed to curb trading, experimentation in financial markets might hold greater promise in calibrating the form of effective financial literacy education.</p><p><blockquote>与直接旨在抑制交易的监管相比，金融市场的实验在校准有效的金融知识教育形式方面可能更有希望。</blockquote></p><p> The limits of arbitrage capital</p><p><blockquote>套利资本的限度</blockquote></p><p> The sudden, sharp rise in GameStop highlights the clout of individual investors acting in concert. Their collective buying power has propelled the stock to loftier levels, which virtually everyone believes to be unhinged from underlying economic fundamentals.</p><p><blockquote>游戏驿站的突然大幅上涨凸显了个人投资者一致行动的影响力。他们的集体购买力将该股推至更高水平，几乎每个人都认为这与潜在的经济基本面脱节。</blockquote></p><p></p><p> Typically, active investors, including short sellers, correct the price by selling the stock.&nbsp;However, the GameStop episode has exposed the limits of arbitrage capital that might otherwise counter the tsunami of buying pressure as a result of coordinated buying by a huge number of investors.&nbsp;A few hundred million to a few billion dollars of capital from short sellers has been too little so far.</p><p><blockquote>通常情况下，包括卖空者在内的活跃投资者会通过卖出股票来修正价格。然而，游戏驿站事件暴露了套利资本的局限性，否则套利资本可能会抵消大量投资者协调买入带来的购买压力海啸。到目前为止，来自卖空者的几亿至几十亿美元的资本太少了。</blockquote></p><p> Moreover, they could not marshal additional capital to meet margin calls as the stock price rose. Worse yet, buying to close out their loss positions only resulted in additional buying pressure or the short-squeeze effect.</p><p><blockquote>此外，随着股价上涨，他们无法筹集额外资金来满足保证金评级。更糟糕的是，买入以平仓亏损头寸只会导致额外的买入压力或轧空效应。</blockquote></p><p> The bottom line is, the efficient functioning of the stock market requires substantial arbitrage capital to correct mispricing that might result from coordinated buying motivated to exact a revenge of what individual investors perceive as a market rigged by short sellers. Unfortunately, in this environment of demonization of short sellers, it’s hard to imagine additional capital will flow to stem what seems like an irrational stock price rise in GameStop.</p><p><blockquote>最重要的是，股票市场的有效运作需要大量的套利资本来纠正错误定价，这种错误定价可能是由协调购买造成的，这些购买动机是对个人投资者认为被卖空者操纵的市场进行报复。不幸的是，在这种妖魔化卖空者的环境下，很难想象会有额外的资本流入来阻止游戏驿站看似非理性的股价上涨。</blockquote></p><p> Of course, only time will tell whether the price rise is rational or that it exposes the lack of adequate arbitrage capital.&nbsp;In the meantime, it behooves to resist being trigger-happy with regulation.</p><p><blockquote>当然，只有时间才能证明价格上涨是理性的，还是暴露了缺乏足够的套利资本。与此同时，它应该抵制对监管的一触即发。</blockquote></p><p> <i>SP Kothari&nbsp;is a professor at MIT Sloan School of Management and former chief economist at the Securities and Exchange Commission from 2019-2021.&nbsp;Eric So&nbsp;is a professor at MIT Sloan School of Management.</i></p><p><blockquote><i>SP Kothari是麻省理工学院斯隆管理学院教授，2019-2021年曾任美国证券交易委员会首席经济学家。Eric So是麻省理工学院斯隆管理学院教授。</i></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/why-regulators-shouldnt-get-trigger-happy-in-trying-to-rein-in-gamestops-stock-mania-11611939882?mod=home-page\">marketwatch</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":"https://static.tigerbbs.com/b1fdaab121d904fee30d8fe32e39819a","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.marketwatch.com/story/why-regulators-shouldnt-get-trigger-happy-in-trying-to-rein-in-gamestops-stock-mania-11611939882?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1183625716","content_text":"The meteoric rise in videogame-retailer GameStop’s stock price from a few dollars to more than $300 in a couple of weeks, swelling its market value to about $25 billion, has made the company and mania surrounding it a household name.\nTrading in shares of the beleaguered retailer has gone through the roof.  Short interest — bets against the company — exceeds the total shares outstanding, and call and put option volume has been in the tens of millions. Those statistics are an order of magnitude greater than for similar stocks.\nInvestors, including those on Reddit’s WallStreetBets forum and other social media, have been buying GameStopGME,+67.87%shares, causing a short squeeze for those betting against the company, in turn forcing the short sellers to cover their positions. As a result, that’s driving the shares higher. While the saga is still unfolding, we wouldn’t be surprised that when the music stops, GameStop’s share price would return to terrestrial levels.\nThe dramatic turn of events has led many to speculate the underlying causes and proffer regulatory remedies. Some draw a parallel to pump-and-dump schemes that seek to manipulate share prices. However, pump-and-dump schemes are already illegal, which might shift attention toward other regulatory avenues.\nThree come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.\nPayment for order flow\nPayment for order flow (here’s an SEC study) transfers “some of the trading profits from market making to the brokers that route customer orders to specialists for execution.”\nThis practice has experienced renewed scrutiny as a central source of revenue for retail brokerage platforms such as Robinhood, Charles SchwabSCHW,-4.09%and E*Trade. The brokers’ business model offers zero-cost trades to attract business from individual and institutional clients in exchange for the order flow payments they receive from market makers such as Citadel.\nDetractors argue that zero-cost trades induce excessive trading. While that might be true, it’s naïve to believe that it remotely explains the price movement witnessed in GameStop. Moreover, the lower cost of trading in all stocks and better execution have democratized investors’ access to securities markets without adverse effects on securities market. In fact, greater investor participation and trading enhance price transparency and liquidity — both desirable tenets of securities markets. Making order flow payments verboten will deprive markets of these benefits.\nTransaction tax\nClearly, trading volume in GameStop shares is many times its historical average. This anecdotal evidence of high trading volume and high volatility might revive the financial transaction tax proposal.\nA financial transaction tax is typically premised on notions that trading fuels volatility, and trading, especially high-frequency trading, does not serve a useful social purpose. An alternative explanation is that economic news and uncertainty contribute to trading and price volatility.\nAs the COVID-19 pandemic hit the U.S. in March 2020, the adverse news and high degree of uncertainty about U.S. economic prospects manifested in a sharp fall in asset prices and the VIX rising almost instantaneously to a historic high. Simultaneously, trading volume doubled. From April 2020, asset prices rose and VIX dropped rapidly with federal stimulus, accommodative monetary policies and Treasury fiscal support to businesses.\nHowever, trading volume has remained elevated, which contradicts the notion that trading fuels market volatility. A financial transaction tax would discourage trading, for sure, but it is unlikely to attenuate volatility. More importantly, price discovery might be sacrificed as a result of less trading, which would adversely affect efficient capital allocation.\nFinally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.\nFinancial literacy\nA baseline level of education is a prerequisite for an individual investor to trade in options. Enhanced financial literacy education might be a promising approach to discipline investor exuberance. Still, more information is needed to determine its efficacy. This may come in the form of research on the links between education and investor behavior.\nRather than regulation directly designed to curb trading, experimentation in financial markets might hold greater promise in calibrating the form of effective financial literacy education.\nThe limits of arbitrage capital\nThe sudden, sharp rise in GameStop highlights the clout of individual investors acting in concert. Their collective buying power has propelled the stock to loftier levels, which virtually everyone believes to be unhinged from underlying economic fundamentals.\nTypically, active investors, including short sellers, correct the price by selling the stock. However, the GameStop episode has exposed the limits of arbitrage capital that might otherwise counter the tsunami of buying pressure as a result of coordinated buying by a huge number of investors. A few hundred million to a few billion dollars of capital from short sellers has been too little so far.\nMoreover, they could not marshal additional capital to meet margin calls as the stock price rose. Worse yet, buying to close out their loss positions only resulted in additional buying pressure or the short-squeeze effect.\nThe bottom line is, the efficient functioning of the stock market requires substantial arbitrage capital to correct mispricing that might result from coordinated buying motivated to exact a revenge of what individual investors perceive as a market rigged by short sellers. Unfortunately, in this environment of demonization of short sellers, it’s hard to imagine additional capital will flow to stem what seems like an irrational stock price rise in GameStop.\nOf course, only time will tell whether the price rise is rational or that it exposes the lack of adequate arbitrage capital. In the meantime, it behooves to resist being trigger-happy with regulation.\nSP Kothari is a professor at MIT Sloan School of Management and former chief economist at the Securities and Exchange Commission from 2019-2021. Eric So is a professor at MIT Sloan School of Management.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1029,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312933451,"gmtCreate":1611987877373,"gmtModify":1703757314850,"author":{"id":"3574935717212940","authorId":"3574935717212940","name":"yak72","avatar":"https://static.tigerbbs.com/17a87ff9ca11712b778937c22f667b41","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3574935717212940","authorIdStr":"3574935717212940"},"themes":[],"htmlText":"🚀","listText":"🚀","text":"🚀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/312933451","repostId":"2107290824","repostType":4,"isVote":1,"tweetType":1,"viewCount":1773,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","text":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引","html":"终于等到了您的初发帖[比心][比心]发帖时关联相关股票或者相关话题，可以获得更多曝光哦～如果您想创作优质文章，请查看老虎社区创作指引"}],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}