翻译练习：Global Finance: The Real Revolution On Wall Street（3）

金融新时代

Yet the excitement also reflects a fundamental shift in finance. In recent decades trading coasts for shares have collapsed to roughly zero. The first to benefit were quantitative funds and big asset managers such as BlackRock. Now retail investors are included, which is why they accounted for a quarter of all trading in January. Meanwhile, information flows, the lifeblood of markets, are being disaggregated. News about firms and the economy used to come from reports and meetings governed by insider-trading and market-manipulation laws. Now a vast pool of instant data from scraping websites, tracking industrial sensors and monitoring social-media chatter is available to those with a screen and the time to spare. Last, new business models are passing Wall Street by. SPACS are a Silicon Valley rebellion against the cost and rigidity of IPOs. Robinhood, a techplatform from California, executes trades through Citadel, a broker in Chicago. In return for free trading, users trades are directed to brokers who, as on Facebook, pay to harvest the data from them.

然而兴奋还表现在金融的根本转变。最近几十年来股票的交易成本几乎萎缩到零。首先受益的就是量化基金和贴心莱德之类大型资产管理公司。现在散户投资者也成了受益对象，所以他们在1月份的交易量占了四分之一。与此同时，作为市场命脉的信息流，正在变得越来越容易被获取。关于公司的新闻和来自报告与会议中有经济利用价值的消息受政府关于内部交易与市场操纵法的管辖。现在只要有一个屏幕，有闲余的时间，就可以通过抓取网站信息，跟踪工业传感器和监控社交媒体的聊天内容来获得大量即时数据。最后，新商业模式正在与华尔街擦肩而过。空壳公司是硅谷对IPO僵化制度与高昂成本的一种对抗与反叛。罗宾侠，一个来自加州的科技平台，通过芝加哥的经纪公司城堡进行交易。对免费交易的回报是，用户的交易直接发给了经纪公司，就像脸书那样，付费从他们那里获得数据。

空壳公司正在打破新规则，建立新规则

Far from being a passing fad, the disruption of markets will intensify. Computers can aggregate baskets of illiquid assets and deploy algorithms to price similar but not identical assets, expanding the universe of assets that can be traded easily. A sharply rising proportion of bonds is being traded through liquid exchange-traded funds, intermediated by a new breed of marketmakers, such as Jane Street. Contenders such as Zillow are trying to make housing sales quick and cheap, and in time commercial-property and private-equity stakes may follow.

这一情况远非短暂的狂热，市场的破坏将会愈演愈烈。计算机可以将一堆非流动性资产聚合起来，并用算法对相似但不相同的资产进行定价，扩大便于交易的资产范围。在如简街这类新一代做市商的斡旋下，通过流动性强的指数交易基金（ETF）让债券的交易比例明显变大。象齐洛房地产数据库公司这样的竞争者正试图让房子卖得又快又便宜，假以时日，商业地产和私募股权也许会跟进。