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2021-06-27

Pure FUD

GameStop Joined the Russell 1000. The Move Might Hurt the Stock.

2021-06-23

Interesting

SocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets

2021-06-21

Nice

Goldman Sachs expands transaction bank to Britain

2021-02-01

To the moon

Why regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania

2021-02-01

To the moon

Why regulators shouldn’t get trigger-happy in trying to rein in GameStop’s stock mania

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The Move Might Hurt the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1172710941","media":"Barrons","summary":"The Reddit army has succeeded in launching GameStop to a new stratosphere—but it could actually hurt the stock in the short-term.The videogame retailer officially made it into the Russell 1000 index,FTSE Russell announced on Saturday. The Russell 1000 tracks large-capitalization stocks—and in order to be included in the latest index reconstitution, stocks had to have market caps of at least $7.3 billion on May 7.As one of the stocks favored by retail traders this year, GameStop  met that thresho","content":"<p>The Reddit army has succeeded in launching&nbsp;GameStop&nbsp;to a new stratosphere—but it could actually hurt the stock in the short-term.</p>\n<p>The videogame retailer officially made it into the&nbsp;Russell 1000 index,FTSE Russell announced on Saturday. The Russell 1000 tracks large-capitalization stocks—and in order to be included in the latest index reconstitution, stocks had to have market caps of at least $7.3 billion on May 7.</p>\n<p>As one of the&nbsp;stocks favored by retail traders this year, GameStop (ticker: GME) met that threshold because it had an $11.2 billion market cap by the deadline, while&nbsp;AMC Entertainment(AMC) didn’t. That said, AMC has rocketed higher since May 7, multiplying by more than five times and surpassing GameStop’s market value—hitting a recent $27 billion compared to GameStop’s $15 billion.</p>\n<p>It may seem counterintuitive, but the Russell 1000 “promotion” may actually be bad for GameStop’s stock,as&nbsp;Barron’s&nbsp;explained earlier this month.Funds that track the small-capRussell 2000will have to sell GameStop shares on June 28, and funds that track the Russell 1000 will have to buy them. Three times as much money is invested in funds that track the Russell 1000, but GameStop’s overall weight in that index will be much lower than it has been in the Russell 2000. In the Russell 2000, GameStop made up about half a percentage point of the index, while it will be less than 0.1% of the Russell 1000. GameStop will look tiny next to behemoths like&nbsp;Apple(AAPL).</p>\n<p>Experts like Jefferies strategist Steven DeSanctis expect that there will be net selling in GameStop of about 5 million shares, or about half of the stock’s recent average daily volume, after the rebalancing.</p>\n<p>Meanwhile, AMC will be the largest member of the Russell 2000 by far—more than three times as large as its nearest competitor as of last week. See the full post-rebalancing list of Russell 1000 stocks&nbsp;<a href=\"https://content.ftserussell.com/sites/default/files/ru1000_membershiplist_20210628.pdf\" target=\"_blank\">here</a>&nbsp;and Russell 2000 stocks&nbsp;<a href=\"https://content.ftserussell.com/sites/default/files/ru2000_membershiplist_20210628.pdf\" target=\"_blank\">here</a>.</p>","source":"lsy1601382232898","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>GameStop Joined the Russell 1000. The Move Might Hurt the Stock.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nGameStop Joined the Russell 1000. The Move Might Hurt the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/gamestop-stock-russell-1000-51624729113?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Reddit army has succeeded in launching GameStop to a new stratosphere—but it could actually hurt the stock in the short-term.\nThe videogame retailer officially made it into the Russell 1000 index,...</p>\n\n<a href=\"https://www.barrons.com/articles/gamestop-stock-russell-1000-51624729113?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/gamestop-stock-russell-1000-51624729113?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172710941","content_text":"The Reddit army has succeeded in launching GameStop to a new stratosphere—but it could actually hurt the stock in the short-term.\nThe videogame retailer officially made it into the Russell 1000 index,FTSE Russell announced on Saturday. The Russell 1000 tracks large-capitalization stocks—and in order to be included in the latest index reconstitution, stocks had to have market caps of at least $7.3 billion on May 7.\nAs one of the stocks favored by retail traders this year, GameStop (ticker: GME) met that threshold because it had an $11.2 billion market cap by the deadline, while AMC Entertainment(AMC) didn’t. That said, AMC has rocketed higher since May 7, multiplying by more than five times and surpassing GameStop’s market value—hitting a recent $27 billion compared to GameStop’s $15 billion.\nIt may seem counterintuitive, but the Russell 1000 “promotion” may actually be bad for GameStop’s stock,as Barron’s explained earlier this month.Funds that track the small-capRussell 2000will have to sell GameStop shares on June 28, and funds that track the Russell 1000 will have to buy them. Three times as much money is invested in funds that track the Russell 1000, but GameStop’s overall weight in that index will be much lower than it has been in the Russell 2000. In the Russell 2000, GameStop made up about half a percentage point of the index, while it will be less than 0.1% of the Russell 1000. GameStop will look tiny next to behemoths like Apple(AAPL).\nExperts like Jefferies strategist Steven DeSanctis expect that there will be net selling in GameStop of about 5 million shares, or about half of the stock’s recent average daily volume, after the rebalancing.\nMeanwhile, AMC will be the largest member of the Russell 2000 by far—more than three times as large as its nearest competitor as of last week. See the full post-rebalancing list of Russell 1000 stocks here and Russell 2000 stocks here.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123005129,"gmtCreate":1624402138361,"gmtModify":1703835386282,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123005129","repostId":"1118520894","repostType":4,"repost":{"id":"1118520894","kind":"news","pubTimestamp":1624375031,"share":"https://ttm.financial/m/news/1118520894?lang=en_US&edition=fundamental","pubTime":"2021-06-22 23:17","market":"uk","language":"en","title":"SocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1118520894","media":"zerohedge","summary":"As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile","content":"<p>As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile trading business despite the boom in trading revenue seen across the industry over the last year. And it's also not the only major European bank that's seeingtop traders head for the exits.</p>\n<p>Societe Generale just saw its top trading executive quit as CEO Frederic Oudea continues to shift the bank's focus away from the trading business in the wake of steep losses that SocGen booked during last year's market upheaval.</p>\n<p>Global markets head Jean-François Grégoire is leaving the job, to be replacd by Sylvain Cartier and Alexandre Fleury, who will jointly run the unit, SocGen said in a statement on Tuesday. Cartier will keep his current responsibilities overseeing credit, fixed income and currencies trading, while Fleury will continue to run the bank's most important trading franchises: equities and equity derivatives.</p>\n<p>Oudea, one of the longest-serving megabank CEOs in Europe, said last month that he plans to rely less on trading following losses last year from complex derivatives that didn’t perform as expected when the pandemic upended markets. Oudea was a staunch defender of the trading business until recently. This isn't the first executive shakeup in recent months at the bank. Oudea has already reshuffled top management in response to the trading losses, including ousting deputy CEO Severin Cabannes and promoting Slawomir Krupa to run the investment bank.</p>\n<blockquote>\n \"This new management structure of the market division, tighter and under my direct supervision, will allow us to strengthen day-to-day cooperation, alignment and agility within Global Markets,\" Krupa said in the statement.\n</blockquote>\n<p>Like Deutsche Bank, SocGen is being led to focus more on corporate banking and \"transactional\" banking. SocGen’s revenue from the global markets business has steadily declined in recent years, falling from €5.9 billion in 2017 ($7 billion) to €5.2 billion ($6.2 billion) in 2019. Trading losses booked during the first half of last year caused revenue to slump to €4.2 billion in the wake of the trading losses.</p>\n<p>But DB might also have some important lessons for SocGen: Although Deutsche Bank’s CEO Christian Sewing has made transaction banking a key pillar of his four-year turnaround plan, DB remains dependent on fixed-income trading, forcing Sewing to adjust his original plan.</p>\n<p>As for SocGen's new top traders, Cartier joined the bank originally as a trader in 1993 and took the helm of the fixed income business in 2019, just as the unit was undergoing a deep restructuring after a slump in sales.</p>\n<p>Prior to that, he was head of global markets in the Americas and worked across Asia in a variety of roles, including as regional head of the fixed income business in Hong Kong and head of emerging markets trading in Singapore. Fleury spent a decade working for SocGen in the early 2000s, where he was based in Tokyo, New York and Paris. He rejoined the bank back in 2018 to lead its equities trading unit after working at Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch.</p>\n<p>SocGen suffered its first annual loss in more than three decades last year, prompting a cost-cutting drive that will eventually cull 640 positions from its investment bank.</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>SocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/socgens-top-trader-exits-another-european-megabank-shifts-away-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile trading business despite the boom in trading revenue seen across the industry over the last year. ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/socgens-top-trader-exits-another-european-megabank-shifts-away-markets\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"0J6Y.UK":"法国兴业银行"},"source_url":"https://www.zerohedge.com/markets/socgens-top-trader-exits-another-european-megabank-shifts-away-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118520894","content_text":"As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile trading business despite the boom in trading revenue seen across the industry over the last year. And it's also not the only major European bank that's seeingtop traders head for the exits.\nSociete Generale just saw its top trading executive quit as CEO Frederic Oudea continues to shift the bank's focus away from the trading business in the wake of steep losses that SocGen booked during last year's market upheaval.\nGlobal markets head Jean-François Grégoire is leaving the job, to be replacd by Sylvain Cartier and Alexandre Fleury, who will jointly run the unit, SocGen said in a statement on Tuesday. Cartier will keep his current responsibilities overseeing credit, fixed income and currencies trading, while Fleury will continue to run the bank's most important trading franchises: equities and equity derivatives.\nOudea, one of the longest-serving megabank CEOs in Europe, said last month that he plans to rely less on trading following losses last year from complex derivatives that didn’t perform as expected when the pandemic upended markets. Oudea was a staunch defender of the trading business until recently. This isn't the first executive shakeup in recent months at the bank. Oudea has already reshuffled top management in response to the trading losses, including ousting deputy CEO Severin Cabannes and promoting Slawomir Krupa to run the investment bank.\n\n \"This new management structure of the market division, tighter and under my direct supervision, will allow us to strengthen day-to-day cooperation, alignment and agility within Global Markets,\" Krupa said in the statement.\n\nLike Deutsche Bank, SocGen is being led to focus more on corporate banking and \"transactional\" banking. SocGen’s revenue from the global markets business has steadily declined in recent years, falling from €5.9 billion in 2017 ($7 billion) to €5.2 billion ($6.2 billion) in 2019. Trading losses booked during the first half of last year caused revenue to slump to €4.2 billion in the wake of the trading losses.\nBut DB might also have some important lessons for SocGen: Although Deutsche Bank’s CEO Christian Sewing has made transaction banking a key pillar of his four-year turnaround plan, DB remains dependent on fixed-income trading, forcing Sewing to adjust his original plan.\nAs for SocGen's new top traders, Cartier joined the bank originally as a trader in 1993 and took the helm of the fixed income business in 2019, just as the unit was undergoing a deep restructuring after a slump in sales.\nPrior to that, he was head of global markets in the Americas and worked across Asia in a variety of roles, including as regional head of the fixed income business in Hong Kong and head of emerging markets trading in Singapore. Fleury spent a decade working for SocGen in the early 2000s, where he was based in Tokyo, New York and Paris. He rejoined the bank back in 2018 to lead its equities trading unit after working at Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch.\nSocGen suffered its first annual loss in more than three decades last year, prompting a cost-cutting drive that will eventually cull 640 positions from its investment bank.","news_type":1,"symbols_score_info":{"0J6Y.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167179332,"gmtCreate":1624255194226,"gmtModify":1703831708119,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167179332","repostId":"2145083140","repostType":4,"repost":{"id":"2145083140","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624254048,"share":"https://ttm.financial/m/news/2145083140?lang=en_US&edition=fundamental","pubTime":"2021-06-21 13:40","market":"us","language":"en","title":"Goldman Sachs expands transaction bank to Britain","url":"https://stock-news.laohu8.com/highlight/detail?id=2145083140","media":"Reuters","summary":"LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm sai","content":"<p>LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank.</p>\n<p>The bank is to offer companies in Britain cash management services such as payment processing and payroll as it continues to grow in the country having launched its retail brand Marcus there in 2018.</p>\n<p>Goldman Sachs said its transaction banking business in the United States has attracted more than 250 clients since June last year, taking in more than $35 billion in deposits and processing trillions of dollars through its systems</p>\n<p>\"The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,\" said Hari Moorthy, Goldman's transaction banking global head.</p>\n<p>Goldman is trying to compete with rivals such as Citigroup</p>\n<p>and JPMorgan which offer a wider set of services to corporate clients. The bank is hoping its digital cash management platform will attract clients currently using older systems at competing banks.</p>\n<p>Britain is proving a popular place for U.S. banks to expand, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought British roboadvisor Nutmeg which will form the basis of its retail digital wealth management offering internationally.</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>Goldman Sachs expands transaction bank to Britain</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nGoldman Sachs expands transaction bank to Britain\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-21 13:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank.</p>\n<p>The bank is to offer companies in Britain cash management services such as payment processing and payroll as it continues to grow in the country having launched its retail brand Marcus there in 2018.</p>\n<p>Goldman Sachs said its transaction banking business in the United States has attracted more than 250 clients since June last year, taking in more than $35 billion in deposits and processing trillions of dollars through its systems</p>\n<p>\"The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,\" said Hari Moorthy, Goldman's transaction banking global head.</p>\n<p>Goldman is trying to compete with rivals such as Citigroup</p>\n<p>and JPMorgan which offer a wider set of services to corporate clients. The bank is hoping its digital cash management platform will attract clients currently using older systems at competing banks.</p>\n<p>Britain is proving a popular place for U.S. banks to expand, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought British roboadvisor Nutmeg which will form the basis of its retail digital wealth management offering internationally.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145083140","content_text":"LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank.\nThe bank is to offer companies in Britain cash management services such as payment processing and payroll as it continues to grow in the country having launched its retail brand Marcus there in 2018.\nGoldman Sachs said its transaction banking business in the United States has attracted more than 250 clients since June last year, taking in more than $35 billion in deposits and processing trillions of dollars through its systems\n\"The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,\" said Hari Moorthy, Goldman's transaction banking global head.\nGoldman is trying to compete with rivals such as Citigroup\nand JPMorgan which offer a wider set of services to corporate clients. The bank is hoping its digital cash management platform will attract clients currently using older systems at competing banks.\nBritain is proving a popular place for U.S. banks to expand, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought British roboadvisor Nutmeg which will form the basis of its retail digital wealth management offering internationally.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312594573,"gmtCreate":1612164517792,"gmtModify":1704867576092,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312594573","repostId":"1183625716","repostType":4,"repost":{"id":"1183625716","kind":"news","pubTimestamp":1612163292,"share":"https://ttm.financial/m/news/1183625716?lang=en_US&edition=fundamental","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","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>\n<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>\n<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>\n<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>\n<p>Three come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.</p>\n<p>Payment for order flow</p>\n<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>\n<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>\n<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>\n<p>Transaction tax</p>\n<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>\n<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>\n<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>\n<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>\n<p>Finally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.</p>\n<p>Financial literacy</p>\n<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>\n<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>\n<p>The limits of arbitrage capital</p>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-01 15:08 GMT+8&nbsp;&nbsp;&nbsp;<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><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\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...</p>\n\n<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\">Source Link</a>\n\n</div>\n\n\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":1765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312594645,"gmtCreate":1612164491287,"gmtModify":1704867575931,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312594645","repostId":"1183625716","repostType":4,"repost":{"id":"1183625716","kind":"news","pubTimestamp":1612163292,"share":"https://ttm.financial/m/news/1183625716?lang=en_US&edition=fundamental","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","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>\n<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>\n<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>\n<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>\n<p>Three come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.</p>\n<p>Payment for order flow</p>\n<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>\n<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>\n<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>\n<p>Transaction tax</p>\n<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>\n<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>\n<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>\n<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>\n<p>Finally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.</p>\n<p>Financial literacy</p>\n<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>\n<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>\n<p>The limits of arbitrage capital</p>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-01 15:08 GMT+8&nbsp;&nbsp;&nbsp;<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><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\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...</p>\n\n<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\">Source Link</a>\n\n</div>\n\n\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":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":124553335,"gmtCreate":1624774072827,"gmtModify":1703844974553,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"Pure FUD","listText":"Pure FUD","text":"Pure FUD","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124553335","repostId":"1172710941","repostType":4,"repost":{"id":"1172710941","kind":"news","pubTimestamp":1624753126,"share":"https://ttm.financial/m/news/1172710941?lang=en_US&edition=fundamental","pubTime":"2021-06-27 08:18","market":"us","language":"en","title":"GameStop Joined the Russell 1000. The Move Might Hurt the Stock.","url":"https://stock-news.laohu8.com/highlight/detail?id=1172710941","media":"Barrons","summary":"The Reddit army has succeeded in launching GameStop to a new stratosphere—but it could actually hurt the stock in the short-term.The videogame retailer officially made it into the Russell 1000 index,FTSE Russell announced on Saturday. The Russell 1000 tracks large-capitalization stocks—and in order to be included in the latest index reconstitution, stocks had to have market caps of at least $7.3 billion on May 7.As one of the stocks favored by retail traders this year, GameStop  met that thresho","content":"<p>The Reddit army has succeeded in launching&nbsp;GameStop&nbsp;to a new stratosphere—but it could actually hurt the stock in the short-term.</p>\n<p>The videogame retailer officially made it into the&nbsp;Russell 1000 index,FTSE Russell announced on Saturday. The Russell 1000 tracks large-capitalization stocks—and in order to be included in the latest index reconstitution, stocks had to have market caps of at least $7.3 billion on May 7.</p>\n<p>As one of the&nbsp;stocks favored by retail traders this year, GameStop (ticker: GME) met that threshold because it had an $11.2 billion market cap by the deadline, while&nbsp;AMC Entertainment(AMC) didn’t. That said, AMC has rocketed higher since May 7, multiplying by more than five times and surpassing GameStop’s market value—hitting a recent $27 billion compared to GameStop’s $15 billion.</p>\n<p>It may seem counterintuitive, but the Russell 1000 “promotion” may actually be bad for GameStop’s stock,as&nbsp;Barron’s&nbsp;explained earlier this month.Funds that track the small-capRussell 2000will have to sell GameStop shares on June 28, and funds that track the Russell 1000 will have to buy them. Three times as much money is invested in funds that track the Russell 1000, but GameStop’s overall weight in that index will be much lower than it has been in the Russell 2000. In the Russell 2000, GameStop made up about half a percentage point of the index, while it will be less than 0.1% of the Russell 1000. GameStop will look tiny next to behemoths like&nbsp;Apple(AAPL).</p>\n<p>Experts like Jefferies strategist Steven DeSanctis expect that there will be net selling in GameStop of about 5 million shares, or about half of the stock’s recent average daily volume, after the rebalancing.</p>\n<p>Meanwhile, AMC will be the largest member of the Russell 2000 by far—more than three times as large as its nearest competitor as of last week. See the full post-rebalancing list of Russell 1000 stocks&nbsp;<a href=\"https://content.ftserussell.com/sites/default/files/ru1000_membershiplist_20210628.pdf\" target=\"_blank\">here</a>&nbsp;and Russell 2000 stocks&nbsp;<a href=\"https://content.ftserussell.com/sites/default/files/ru2000_membershiplist_20210628.pdf\" target=\"_blank\">here</a>.</p>","source":"lsy1601382232898","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>GameStop Joined the Russell 1000. The Move Might Hurt the Stock.</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nGameStop Joined the Russell 1000. The Move Might Hurt the Stock.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-27 08:18 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/gamestop-stock-russell-1000-51624729113?mod=hp_LATEST><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Reddit army has succeeded in launching GameStop to a new stratosphere—but it could actually hurt the stock in the short-term.\nThe videogame retailer officially made it into the Russell 1000 index,...</p>\n\n<a href=\"https://www.barrons.com/articles/gamestop-stock-russell-1000-51624729113?mod=hp_LATEST\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.barrons.com/articles/gamestop-stock-russell-1000-51624729113?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172710941","content_text":"The Reddit army has succeeded in launching GameStop to a new stratosphere—but it could actually hurt the stock in the short-term.\nThe videogame retailer officially made it into the Russell 1000 index,FTSE Russell announced on Saturday. The Russell 1000 tracks large-capitalization stocks—and in order to be included in the latest index reconstitution, stocks had to have market caps of at least $7.3 billion on May 7.\nAs one of the stocks favored by retail traders this year, GameStop (ticker: GME) met that threshold because it had an $11.2 billion market cap by the deadline, while AMC Entertainment(AMC) didn’t. That said, AMC has rocketed higher since May 7, multiplying by more than five times and surpassing GameStop’s market value—hitting a recent $27 billion compared to GameStop’s $15 billion.\nIt may seem counterintuitive, but the Russell 1000 “promotion” may actually be bad for GameStop’s stock,as Barron’s explained earlier this month.Funds that track the small-capRussell 2000will have to sell GameStop shares on June 28, and funds that track the Russell 1000 will have to buy them. Three times as much money is invested in funds that track the Russell 1000, but GameStop’s overall weight in that index will be much lower than it has been in the Russell 2000. In the Russell 2000, GameStop made up about half a percentage point of the index, while it will be less than 0.1% of the Russell 1000. GameStop will look tiny next to behemoths like Apple(AAPL).\nExperts like Jefferies strategist Steven DeSanctis expect that there will be net selling in GameStop of about 5 million shares, or about half of the stock’s recent average daily volume, after the rebalancing.\nMeanwhile, AMC will be the largest member of the Russell 2000 by far—more than three times as large as its nearest competitor as of last week. See the full post-rebalancing list of Russell 1000 stocks here and Russell 2000 stocks here.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":1426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123005129,"gmtCreate":1624402138361,"gmtModify":1703835386282,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"Interesting","listText":"Interesting","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/123005129","repostId":"1118520894","repostType":4,"repost":{"id":"1118520894","kind":"news","pubTimestamp":1624375031,"share":"https://ttm.financial/m/news/1118520894?lang=en_US&edition=fundamental","pubTime":"2021-06-22 23:17","market":"uk","language":"en","title":"SocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1118520894","media":"zerohedge","summary":"As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile","content":"<p>As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile trading business despite the boom in trading revenue seen across the industry over the last year. And it's also not the only major European bank that's seeingtop traders head for the exits.</p>\n<p>Societe Generale just saw its top trading executive quit as CEO Frederic Oudea continues to shift the bank's focus away from the trading business in the wake of steep losses that SocGen booked during last year's market upheaval.</p>\n<p>Global markets head Jean-François Grégoire is leaving the job, to be replacd by Sylvain Cartier and Alexandre Fleury, who will jointly run the unit, SocGen said in a statement on Tuesday. Cartier will keep his current responsibilities overseeing credit, fixed income and currencies trading, while Fleury will continue to run the bank's most important trading franchises: equities and equity derivatives.</p>\n<p>Oudea, one of the longest-serving megabank CEOs in Europe, said last month that he plans to rely less on trading following losses last year from complex derivatives that didn’t perform as expected when the pandemic upended markets. Oudea was a staunch defender of the trading business until recently. This isn't the first executive shakeup in recent months at the bank. Oudea has already reshuffled top management in response to the trading losses, including ousting deputy CEO Severin Cabannes and promoting Slawomir Krupa to run the investment bank.</p>\n<blockquote>\n \"This new management structure of the market division, tighter and under my direct supervision, will allow us to strengthen day-to-day cooperation, alignment and agility within Global Markets,\" Krupa said in the statement.\n</blockquote>\n<p>Like Deutsche Bank, SocGen is being led to focus more on corporate banking and \"transactional\" banking. SocGen’s revenue from the global markets business has steadily declined in recent years, falling from €5.9 billion in 2017 ($7 billion) to €5.2 billion ($6.2 billion) in 2019. Trading losses booked during the first half of last year caused revenue to slump to €4.2 billion in the wake of the trading losses.</p>\n<p>But DB might also have some important lessons for SocGen: Although Deutsche Bank’s CEO Christian Sewing has made transaction banking a key pillar of his four-year turnaround plan, DB remains dependent on fixed-income trading, forcing Sewing to adjust his original plan.</p>\n<p>As for SocGen's new top traders, Cartier joined the bank originally as a trader in 1993 and took the helm of the fixed income business in 2019, just as the unit was undergoing a deep restructuring after a slump in sales.</p>\n<p>Prior to that, he was head of global markets in the Americas and worked across Asia in a variety of roles, including as regional head of the fixed income business in Hong Kong and head of emerging markets trading in Singapore. Fleury spent a decade working for SocGen in the early 2000s, where he was based in Tokyo, New York and Paris. He rejoined the bank back in 2018 to lead its equities trading unit after working at Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch.</p>\n<p>SocGen suffered its first annual loss in more than three decades last year, prompting a cost-cutting drive that will eventually cull 640 positions from its investment bank.</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>SocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nSocGen's Top Trader Quits As Another European Megabank Shifts Away From Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-22 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/socgens-top-trader-exits-another-european-megabank-shifts-away-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile trading business despite the boom in trading revenue seen across the industry over the last year. ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/socgens-top-trader-exits-another-european-megabank-shifts-away-markets\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"0J6Y.UK":"法国兴业银行"},"source_url":"https://www.zerohedge.com/markets/socgens-top-trader-exits-another-european-megabank-shifts-away-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118520894","content_text":"As a reminder, Credit Suisse isn't the only European megabank that's shifting away from the volatile trading business despite the boom in trading revenue seen across the industry over the last year. And it's also not the only major European bank that's seeingtop traders head for the exits.\nSociete Generale just saw its top trading executive quit as CEO Frederic Oudea continues to shift the bank's focus away from the trading business in the wake of steep losses that SocGen booked during last year's market upheaval.\nGlobal markets head Jean-François Grégoire is leaving the job, to be replacd by Sylvain Cartier and Alexandre Fleury, who will jointly run the unit, SocGen said in a statement on Tuesday. Cartier will keep his current responsibilities overseeing credit, fixed income and currencies trading, while Fleury will continue to run the bank's most important trading franchises: equities and equity derivatives.\nOudea, one of the longest-serving megabank CEOs in Europe, said last month that he plans to rely less on trading following losses last year from complex derivatives that didn’t perform as expected when the pandemic upended markets. Oudea was a staunch defender of the trading business until recently. This isn't the first executive shakeup in recent months at the bank. Oudea has already reshuffled top management in response to the trading losses, including ousting deputy CEO Severin Cabannes and promoting Slawomir Krupa to run the investment bank.\n\n \"This new management structure of the market division, tighter and under my direct supervision, will allow us to strengthen day-to-day cooperation, alignment and agility within Global Markets,\" Krupa said in the statement.\n\nLike Deutsche Bank, SocGen is being led to focus more on corporate banking and \"transactional\" banking. SocGen’s revenue from the global markets business has steadily declined in recent years, falling from €5.9 billion in 2017 ($7 billion) to €5.2 billion ($6.2 billion) in 2019. Trading losses booked during the first half of last year caused revenue to slump to €4.2 billion in the wake of the trading losses.\nBut DB might also have some important lessons for SocGen: Although Deutsche Bank’s CEO Christian Sewing has made transaction banking a key pillar of his four-year turnaround plan, DB remains dependent on fixed-income trading, forcing Sewing to adjust his original plan.\nAs for SocGen's new top traders, Cartier joined the bank originally as a trader in 1993 and took the helm of the fixed income business in 2019, just as the unit was undergoing a deep restructuring after a slump in sales.\nPrior to that, he was head of global markets in the Americas and worked across Asia in a variety of roles, including as regional head of the fixed income business in Hong Kong and head of emerging markets trading in Singapore. Fleury spent a decade working for SocGen in the early 2000s, where he was based in Tokyo, New York and Paris. He rejoined the bank back in 2018 to lead its equities trading unit after working at Credit Suisse, Morgan Stanley and Bank of America Merrill Lynch.\nSocGen suffered its first annual loss in more than three decades last year, prompting a cost-cutting drive that will eventually cull 640 positions from its investment bank.","news_type":1,"symbols_score_info":{"0J6Y.UK":0.9}},"isVote":1,"tweetType":1,"viewCount":1422,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167179332,"gmtCreate":1624255194226,"gmtModify":1703831708119,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/167179332","repostId":"2145083140","repostType":4,"repost":{"id":"2145083140","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1624254048,"share":"https://ttm.financial/m/news/2145083140?lang=en_US&edition=fundamental","pubTime":"2021-06-21 13:40","market":"us","language":"en","title":"Goldman Sachs expands transaction bank to Britain","url":"https://stock-news.laohu8.com/highlight/detail?id=2145083140","media":"Reuters","summary":"LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm sai","content":"<p>LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank.</p>\n<p>The bank is to offer companies in Britain cash management services such as payment processing and payroll as it continues to grow in the country having launched its retail brand Marcus there in 2018.</p>\n<p>Goldman Sachs said its transaction banking business in the United States has attracted more than 250 clients since June last year, taking in more than $35 billion in deposits and processing trillions of dollars through its systems</p>\n<p>\"The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,\" said Hari Moorthy, Goldman's transaction banking global head.</p>\n<p>Goldman is trying to compete with rivals such as Citigroup</p>\n<p>and JPMorgan which offer a wider set of services to corporate clients. The bank is hoping its digital cash management platform will attract clients currently using older systems at competing banks.</p>\n<p>Britain is proving a popular place for U.S. banks to expand, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought British roboadvisor Nutmeg which will form the basis of its retail digital wealth management offering internationally.</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>Goldman Sachs expands transaction bank to Britain</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nGoldman Sachs expands transaction bank to Britain\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-06-21 13:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank.</p>\n<p>The bank is to offer companies in Britain cash management services such as payment processing and payroll as it continues to grow in the country having launched its retail brand Marcus there in 2018.</p>\n<p>Goldman Sachs said its transaction banking business in the United States has attracted more than 250 clients since June last year, taking in more than $35 billion in deposits and processing trillions of dollars through its systems</p>\n<p>\"The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,\" said Hari Moorthy, Goldman's transaction banking global head.</p>\n<p>Goldman is trying to compete with rivals such as Citigroup</p>\n<p>and JPMorgan which offer a wider set of services to corporate clients. The bank is hoping its digital cash management platform will attract clients currently using older systems at competing banks.</p>\n<p>Britain is proving a popular place for U.S. banks to expand, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought British roboadvisor Nutmeg which will form the basis of its retail digital wealth management offering internationally.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GS":"高盛"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2145083140","content_text":"LONDON, June 21 (Reuters) - Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank.\nThe bank is to offer companies in Britain cash management services such as payment processing and payroll as it continues to grow in the country having launched its retail brand Marcus there in 2018.\nGoldman Sachs said its transaction banking business in the United States has attracted more than 250 clients since June last year, taking in more than $35 billion in deposits and processing trillions of dollars through its systems\n\"The growth of this business has exceeded our estimates and we are very excited to bring transaction banking to the UK to expand our client reach and streamline banking for multinational corporations with a presence in the US and the UK,\" said Hari Moorthy, Goldman's transaction banking global head.\nGoldman is trying to compete with rivals such as Citigroup\nand JPMorgan which offer a wider set of services to corporate clients. The bank is hoping its digital cash management platform will attract clients currently using older systems at competing banks.\nBritain is proving a popular place for U.S. banks to expand, with JPMorgan gearing up to launch a digital bank in the country. Last week it bought British roboadvisor Nutmeg which will form the basis of its retail digital wealth management offering internationally.","news_type":1,"symbols_score_info":{"GS":0.9}},"isVote":1,"tweetType":1,"viewCount":1257,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312594573,"gmtCreate":1612164517792,"gmtModify":1704867576092,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312594573","repostId":"1183625716","repostType":4,"repost":{"id":"1183625716","kind":"news","pubTimestamp":1612163292,"share":"https://ttm.financial/m/news/1183625716?lang=en_US&edition=fundamental","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","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>\n<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>\n<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>\n<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>\n<p>Three come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.</p>\n<p>Payment for order flow</p>\n<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>\n<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>\n<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>\n<p>Transaction tax</p>\n<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>\n<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>\n<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>\n<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>\n<p>Finally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.</p>\n<p>Financial literacy</p>\n<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>\n<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>\n<p>The limits of arbitrage capital</p>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-01 15:08 GMT+8&nbsp;&nbsp;&nbsp;<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><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\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...</p>\n\n<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\">Source Link</a>\n\n</div>\n\n\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":1765,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":312594645,"gmtCreate":1612164491287,"gmtModify":1704867575931,"author":{"id":"3572222475060513","authorId":"3572222475060513","name":"Euphorias","avatar":"https://static.tigerbbs.com/93c6afc3d37e7688c6dea5b0001b128c","crmLevel":11,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3572222475060513","idStr":"3572222475060513"},"themes":[],"htmlText":"To the moon","listText":"To the moon","text":"To the moon","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/312594645","repostId":"1183625716","repostType":4,"repost":{"id":"1183625716","kind":"news","pubTimestamp":1612163292,"share":"https://ttm.financial/m/news/1183625716?lang=en_US&edition=fundamental","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","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>\n<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>\n<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>\n<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>\n<p>Three come to mind: payment for order flow, a transaction tax and enhanced financial literacy education.</p>\n<p>Payment for order flow</p>\n<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>\n<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>\n<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>\n<p>Transaction tax</p>\n<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>\n<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>\n<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>\n<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>\n<p>Finally, financial transaction taxes are also unlikely to be effective in curbing episodes such as the sudden rise of GameStop.</p>\n<p>Financial literacy</p>\n<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>\n<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>\n<p>The limits of arbitrage capital</p>\n<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>\n<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>\n<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>\n<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>\n<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>\n<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>","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</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-01 15:08 GMT+8&nbsp;&nbsp;&nbsp;<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><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\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...</p>\n\n<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\">Source Link</a>\n\n</div>\n\n\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":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}