翻译练习：Global Finance: The Real Revolution On Wall Street（4）

科技让炒股更容易

On paper this digitisation holds huge promise. More people will be able to gain access to markets cheaply, participate directly in the ownership of a broader range of assets and vote over how they are run. The cost of capital for today's illiquid assets will fall. It will be easier to match your exposure to your appetite for risk.

理论上这种数字化有巨大的前景。更多的人可以便宜地访问市场，直接参与更广范围的资产投资并决定这些资产如何运营。如今非流动性资产的成本会下降。能更容易匹配你的风险偏好。

金融的发展往往引发混乱

But financial progress is often chaotic. First time around, innovations can cause crises, as the structured-credit boom did in 2007-09. The capacity of social media to spread misinformation and contagion is a worry. It is hard to see how some underlying assets justify the price rises of the past few weeks. Some fear that powerful firms hoarding the data of inpidual investors will exploit them. Already the Robinhood saga has led politicians on the right and the left to fret about losses for retail investors, mispriced assets and the threat to financial stability if market infrastructure should be overwhelmed as investors stampede from on asset to the next. Tellingly, the only big stockmarket dominated by technologically sophisticated retail investors is China's. Its government employs censorship and an array of price and behavioural controls to try to keep a lid on it.

不过金融的发展往往是混乱的。起初，创新会导致危机，像2007年到2009年的结构性信贷繁荣所导致的那样。社交媒体的流量有太多的错误信息传播和蔓延，令人担忧。令人很难看清一些基础资产为何在过去几周价格上涨。有人害怕，大公司会囤积个人投资者的数据并利用它们。罗宾侠事件已经让左派和右派的政客们烦恼于散户的失败，错误定价的资产与威胁到金融的稳定性。如果投资者频繁转换资产，金融基础设施将会被推翻。值得注意的是，唯一被技术熟练的散户主宰的大股市是中国的股市。中国政府采用审查制度以及一系列价格和行为管制措施对市场进行管控。