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The downside for potential shareholders is that Robinhood is unlikely to escape the scrutiny of regulators. Much of the broker’s 300-page prospectus discusses the main risks to its business. These include the possible introduction of a financial-transaction tax, which might scupper its ability to offer free trading and deter customers from trading every day. It also allows for the possibility that payment for order flow, which accounts for 80% of Robinhood’s revenues, might be restricted or banned by regulators.
對潛在股東來說，不利的一面是Robinhood不太可能逃脫監管機構的審查。在這家券商長達300頁的招股說明書中，有很大一部分討論了其業務面臨的主要風險。其中包括可能引入的金融交易稅，這可能會破壞其提供自由交易的能力，并阻止客戶每天交易。這也使得占Robinhood收入80%的訂單流支付有可能被監管機構限制或禁止。
Indeed, Gary Gensler, the head of the Securities and Exchange Commission, has said his agency is looking closely into whether the current market structure creates conflicts of interest. The financial-services committee of the House of Representatives, which hosted the GameStop hearing, has drafted a bill that bans payment for order flow.
事實上，美國證券交易委員會(SEC)主席加里·詹斯勒(Gary Gensler)已表示，SEC正在密切關注當前的市場結構是否會造成利益沖突。主持GameStop聽證會的眾議院金融服務委員會起草了一項法案，禁止對訂單流進行支付。
Retail punters, however, remain far more enthusiastic about Robinhood than regulators, which provides potential investors with an upside. It was common (including in the pages of The Economist) to expect that the GameStop episode could be the undoing of Robinhood; that its original adopters might feel betrayed by the firm’s suspension of trading in GameStop and junk the app. But the company’s user numbers suggest that the adage “all publicity is good publicity” still holds. In the first half of 2021 alone more than 10m funded trading accounts were opened on Robinhood, boosting the total number of accounts by 80%. If there is one constant about the retail mania, it is its sheer unpredictability. That might be why your correspondent feels comfortable with her single share, content mainly to watch from the sidelines.
然而，散戶投資者對Robinhood的熱情仍遠高于監管機構，這為潛在投資者提供了一個上行空間。預計GameStop發生的事情可能成為Robinhood毀滅的原因，這種想法很常見（包括《經濟學人》中的內容）；Robinhood暫停GameStop的交易并放棄這款應用，這可能會讓最初的用戶感到被背叛了。但該公司的用戶數據表明，“所有的宣傳都是好的宣傳”這句格言仍然成立。僅在2021年上半年，Robinhood就開設了超過1000萬個融資交易賬戶，賬戶總數增加了80%。如果說零售狂熱有什么不變之處，那就是它的不可預測性。這可能就是為什么你的記者對她的一份份額感到很滿意，單在場外觀看她就很滿足了。
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