For the past 20 years，The capital market has experienced a fierce change。After the global financial crisis broke out，Walter Mattli, a professor of international political and economic professor at Oxford University in the United Kingdom, began to regulate the banking industry、Market distortion、Market abuse and other issues are interested and gradually focus on a theme: the structure and governance of the capital market。April 2019，Mitter's book "Resident Dark: Hidden Power in the Global Capital Market" came out。Recent，The reporter interviewed Mattley on the content of the book。

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Metley reviewed the writing background of this work。After interviewing many market participants and conducting preliminary investigations，Mitter noticed，Global capital market shifted from centralized to fragmentation。In the past 10 years，The market share of the New York Stock Exchange in the US domestic securities trading activity has been reduced from 80%to 24%; the US securities market is now split into 12 public exchanges and many off-site transactions (OFF-EXCHANGE) platforms。Germany、UK、Australia and other countries also have the same trend。

The role of high -tech is increasing daily。For bet365 Play online games nearly 20 years，From New York、Chicago、London to Frankfurt、Sydney、Tokyo，The busy traders in the major stock exchanges in the world are giving up supercomputers located in a large data center away from the urban area。The transaction speed has increased significantly -no longer is divided、second is unit，but in milliseconds、microseconds and even nanoseconds; trading tools are more advanced，Including high -speed private communication and trading lines，Computers with powerful computing power，Precision trading algorithm，Can be stored、Management、Equipment and system of analyzing massive historical data and real -time data。

Fragmentation and technology make transaction activities more opaque，Trading volume is also increasing，increased from millions of orders per day 10 years ago to billions of billions of bills per day。When ordinary investors click on the mouse to send buy or sell instructions，The order may pass through multiple trading platforms at a lightning speed。How to ensure that the order is implemented fairly and complete it at the optimal price，It is difficult for ordinary investors to solve the mystery。

　The market is also a "political organization"

Some people think，These changes in the capital market have enhanced market competitiveness，Improving efficiency，I brought a difference to investors、The benefits of decreased commission，Some people also doubt this。What's more worrying is the "Lightning Crash" incident，Bet365 app download If May 6, 2010，American Dow Jones Industrial Average plunged 9%in just over 30 minutes; October 7, 2016，During the early morning of Asia, the British pound fell more than 6%in a few minutes in a few minutes。According to statistics，2006-2010 An only US stock market only occurred in the US stock market for 18500 times "Lightning Crash"。

Mitter said this，Traditionally，Economists only regard the market as a coordinate system that promotes the effective exchange between buyers and sellers。As far as the market is concerned,，This view is a useful starting point，But it cannot fully explain why the market changes、Who will benefit or damage due to changes。

Metley thinks，The market is not a simple coordinate system or no physical supply and demand meeting.，Organization controlled by certain rules and regulations，It is highly political -subjects with different interests often "fight" for shaping market rules and structures in accordance with their preferences。The source of the power of these subjects may change quietly over time，Then change the bargaining ability。So，From the two levels,，Power plays a core role in understanding how the market is running and changing: the power theory involving "winners" and "losers" is suitable for market scenarios; the market itself is also a political organization that is controlled by power relationships。Like any other political system，The market exists in governance。Good governance takes the long -term interests bet365 Play online games of the whole society，Conflict of management interests，Ensure that the market is fair、Order、Efficient; bad govern，Wealth is secretly transferred to the power group，If the idea is exquisite，This kind of exploitation conspiracy can last for many years。A major challenge in the capital market is not the cost and risk of a combination of buyers and sellers.，Instead, the opportunity of the key market entity is the opportunity to do the city merchants。The advantage location of the market business in the market center，Make it can get orders、Price、Market trend and other confidential information，And may use this to make a profit for yourself，harm customer interests。

　Capital market governance backward

Mitter proposed，Fragmented capital market has many characteristics of adverse governance。Because there is no longer a dominant trading platform，Today's platform supplier faces a requirement higher than all: strengthen liquidity to survive。New liquidity provider，That is, the new business business is mainly a large private high -frequency trading company and a bank mid -high -frequency trading department engaged in the self -employed business，They have sufficient platform selection and strong bargaining ability，The order stream will be sent to a trading platform that provides the best conditions。This prompted platform suppliers to give up good governance，Instead of using resources to meet the technical needs and transaction preferences of high -frequency bet365 best casino games traders，ordinary investors become victims。Traditional trading platform will designate the official as a city merchant，The latter fulfills two basic obligations。First is the "righteous obligation" that is metaphorized by "going against the wind"，is to be a buyer when the market is downward，as a seller when going up the market; selling their own inventory when the seller lacks sellers，When the buyer lacks buyers in the market, buy it with its own funds。The second is "negative obligation"，That is, do not use your own account for transaction，Unless it is to reduce the impact of temporary supply and demand imbalance。Traditionally Making Molying Affairs to bear these responsibilities，Because they know from the long term，Fair and orderly market is beneficial to the entire industry。

Different from this，Emerging market businessmen are external liquidity providers，Lack of loyalty to the customer base of the transaction platform and its investor，Its goal is to maximize short -term transaction profits; if a platform does not meet its needs，They will quickly turn to another platform。2008 New York Stock Exchange announced the cancellation of "negative obligations"，And was exposed to sell data to important customers in advance before publishing market data in order to enable the latter to obtain transaction advantages。The real reason for the cancellation of "negative obligations" on the New York Stock Exchange，It is the high -frequency trader who is trying to Bet365 lotto review attract。and，Emerging businessmen retain only the minimum securities inventory and capital reserves，When a large -scale shock occurs in the market，Unable to guarantee the stability of the market order。So，Someone described them "to do the market when the market is calm，Reice when the market is turbulent "。

Mitter said，All problems in the current capital market are not doomed，You can start from several basic principles，Take a series of measures to improve，If setting strict information disclosure requirements，Strengthen market intelligence collection and analysis，Disrupting the market、Responsibilities for governance，Restore market integration and centralization。In a highly fragmented market，Many subjects are facing the temptation of "approaching the road"，If speculation, you can make a profit，Why bother to provide high -quality public items。When this idea and practice become the default practice，People will lack the driving force for implementing strong governance。The government's supervision intervention in the capital market is indispensable，But often encounters difficulties during actual operation，The beneficiaries spared no effort to defend the existing advantages。So，The government must also combine the idea of ​​"solving market problems with market channels"，Let the regulatory agency play a boost。

Metley hopes that his books can promote readers to be vigilant about today's capital markets，Expand bet365 Play online games critical thinking，in order to better protect your own interests。

　(Newspaper Washington, July 17th)