The GameStop mania is back. Is Wall Street ready this time?


2021年时，美国金融体系的问题令投资者付出了高昂的代价，目前一项计划的系统升级还没有完成。



美国股市上的模因股卷土重来了。华尔街准备好了吗？ 6park.com
Meme stocks are back. Is Wall Street ready? 6park.com
围绕GameStop的狂热在本周突然复苏，正值美国金融业正在争分夺秒地解决美国股市系统中的一个大问题。这一问题曾在2021年最初的模因股票热潮中引发投资者愤怒。 6park.com
The sudden revival of GameStop mania this week comes just as the U.S. financial industry is racing to fix a big problem with the market’s plumbing that roiled investors during the original meme-stock craze in 2021. 6park.com
  
5月28日，美国金融业将开始在一个工作日内完成股票交易的结算，而不是现行标准的两个工作日，这一改革将满足监管机构的一项关键要求。股票交易的结算是将股票交付给买方、将现金交付给卖方的后台程序。 6park.com
On May 28, the industry is set to begin settling stock trades in one business day, rather than two, the current standard—an overhaul that would fill a key demand from regulators. Settlement is the behind-the-scenes process in which shares are delivered to buyers, and cash to sellers. 6park.com
 
这一系统升级的目的是防止2021年1月28日臭名昭着的事件重演，当时包括Robinhood Markets在内的经纪公司阻止投资者增持GameStop和AMC Entertainment的股票。这一事件当时引发投资者的强烈抗议、美国国会的听证会以及诉讼，也成为索尼影视娱乐有限公司(Sony Pictures)电影《傻钱》(Dumb Money)中的一个关键情节点。 6park.com
The upgrade is intended to prevent a repeat of the notorious episode of Jan. 28, 2021, when brokerages including Robinhood Markets prevented investors from buying additional shares of GameStop and AMC Entertainment. The shut-off sparked an investor outcry, congressional hearings and lawsuits, and was a key plot point in the Sony Pictures film “Dumb Money." 6park.com
  
由于无法满足Depository Trust & Clearing Corp. (简称DTCC)追加30亿美元保证金的要求，Robinhood当天阻止了对模因股票的购买；DTCC运营美国股票交易的结算中心。其他经纪商在收到DTCC的巨额保证金追加要求后也实施了类似的限制。 6park.com
Robinhood blocked purchases of meme stocks that day after being unable to meet a $3 billion margin call from the Depository Trust & Clearing Corp., which runs the clearinghouse for U.S. stock trades. Other brokers imposed similar restrictions after getting hefty DTCC margin calls. 6park.com
 
DTCC要求经纪商在市场出现剧烈波动时提供更多现金。导致这一问题在2021年1月更加复杂的是，许多经纪商遇到了资金单边流入模因股票的问题，也就是出现了买入量大、卖出量小的情况，而根据DTCC的计算公式，这进一步增加了这些经纪商需要缴纳的保证金数额。 6park.com
The DTCC requires brokers to pony up more cash when markets become volatile. Compounding the problem in January 2021, many brokerages were experiencing one-directional flow into meme stocks—heavy buying and not much selling—which further increased their margin requirements, according to DTCC’s formulas. 6park.com
   
加快结算过程的目的是减少经纪商必须向DTCC缴纳的资金。DTCC持有现金是为了防范股票交易的买方或卖方在交易结算前违约的风险。缩短交易结算时间将降低这种风险，从而使DTCC减少数以十亿美元计的现金缓冲规模。 6park.com
Speeding up the settlement process is intended to reduce the amount of money that brokers must post to the DTCC. The clearinghouse holds cash to protect against the risk that either the buyer or seller in a stock trade will default before the trade is settled. Slashing the time to settle trades will reduce that risk, allowing the DTCC to reduce the size of its cash cushion by billions of dollars. 6park.com
  
美国证券交易委员会(Securities and Exchange Commission)主席根斯勒(Gary Gensler)通过该委员会的一名发言人表示：“这将使我们的市场系统更具韧性、更及时、更有序。” 6park.com
“It will make our market plumbing more resilient, timely, and orderly," Securities and Exchange Commission Chair Gary Gensler said through an agency spokesman. 6park.com
   
Apex Fintech Solutions的首席执行官Bill Capuzzi表示，普通投资者将因能在出售股票后更快获得现金而受益；该公司为Webull和SoFi等投资应用提供交易清算服务。 6park.com
Ordinary investors will benefit by receiving cash from their stock sales more quickly, said Bill Capuzzi, chief executive of Apex Fintech Solutions, which clears trades for investing apps including Webull and SoFi. 6park.com
  
Capuzzi说：“你今天卖出股票，现金明天就会到账。你可以去买艘船或其他任何东西。这让散户投资者少等一天。” 6park.com
“You sell it today, the cash should be in your account tomorrow. You can go buy a boat or whatever. It’s one less day that a retail investor has to wait," Capuzzi said.


SEC主席根斯勒说，加快结算过程“将使我们的市场系统更具韧性、更及时、更有序。”

GameStop、AMC Entertainment和其他一些模因股票本周飙升，此前，在沉寂近三年后，被称为“咆哮的凯蒂猫”(Roaring Kitty)的、戴着头巾的投资者基思·吉尔(Keith Gill)再次出现在社交媒体上。 6park.com
GameStop, AMC Entertainment and a handful of other meme stocks soared this week after Keith Gill, the headband-wearing investor known as “Roaring Kitty," resurfaced on social media after a nearly three-year hiatus. 6park.com
  
SEC去年下令经纪商改为次日结算，行业术语称为“T+1结算”。该机构将2024年5月28日定为开始改用T+1结算的日期，这一决定引起了华尔街团体的不满。这些行业组织曾游说推迟几个月，即在劳动节周末进行转换，以便给业界更多的准备时间。 6park.com
The SEC ordered brokers last year to move to next-day settlement—known as T+1 settlement in industry jargon. The agency set May 28, 2024, as the date of the transition, a decision that prompted some grumbling among Wall Street groups. The trade groups had lobbied for the switch to take place several months later, over Labor Day weekend, to give the industry more time to prepare. 6park.com
 
改用T+1可能是2021年GameStop交易狂潮带来的最重大的政策变化。 6park.com
Switching to T+1 may end up being the most significant policy change to result from the 2021 GameStop trading frenzy. 6park.com
  
SEC的其他几项提案尚未最终敲定，其中包括一项改变经纪商处理小投资者订单方式的提案。经纪商管理条例修订提案面临金融业的强烈反对，如果特朗普(Donald Trump)在11月的总统大选中获胜，SEC可能将该提案从议程中删除。 6park.com
Several other SEC proposals, including one that would shake up the way that brokers handle small investors’ orders, have yet to be finalized. The proposed revamp of regulations governing brokers faces intense opposition from the financial industry and would likely drop off the SEC’s agenda if Donald Trump wins the November presidential election. 6park.com
 
距离改用T+1的最后期限还有不到两周的时间，银行、经纪商和资产管理公司都在抓紧时间确保自己的系统做好了准备。他们面临的困难之一是技术过时。许多华尔街银行的后端系统仍依赖于上世纪六七十年代盛极一时的Cobol编程语言。 6park.com
With the T+1 deadline less than two weeks away, banks, brokers and asset managers have been hustling to ensure their systems are ready. Among the difficulties they face is outdated technology. Many Wall Street banks still rely on Cobol, a programming language whose heyday was in the 1960s and 1970s, in their back-end systems. 6park.com
 
改用T+1带来的一些最棘手的问题正开始在海外显现。 6park.com
Some of the trickiest complications resulting from the T+1 transition are being felt overseas. 6park.com
 
即使美国改用T+1后，欧洲和英国市场仍将继续在两个工作日内结算交易。这可能会给持有美股的欧洲基金经理带来问题，因为时间上不匹配。当当地投资者购买欧洲基金的股票时，这些基金需要两天时间才能收到投资者的现金。但如果资金流入促使基金买入美股，则基金需要在一天后就将现金交付给美国。 6park.com
European and U.K. markets will continue to settle trades in two business days, even after the U.S. moves to T+1. That could cause problems for European fund managers that hold U.S. stocks, because of a timing mismatch. When local investors buy shares of the funds in Europe, it will take two days for the funds to receive the investors’ cash. But if the inflows prompt the funds to buy U.S. stocks, they will need to deliver cash to the U.S. after just one day. 6park.com
  
欧洲监管机构已经开始讨论改用T+1的问题，但这种转换在几年内都不太可能实现。 6park.com
European regulators have begun discussions about moving to T+1, but such a switch is unlikely to happen for several years. 6park.com
  
英国资产管理公司Baillie Gifford交易主管Adam Conn说：“如果所有市场都同时改用T+1，那就简单多了。” 6park.com
“It would have been so much easier if all markets had gone at once," said Adam Conn, head of trading at U.K.-based asset manager Baillie Gifford.