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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.
对潜在股东来说，不利的一面是Robinhood不太可能逃脱监管机构的审查。在这家券商长达300页的招股说明书中，有很大一部分讨论了其业务面临的主要风险。其中包括可能引入的金融交易税，这可能会破坏其提供自由交易的能力，并阻止客户每天交易。这也使得占Robinhood收入80%的订单流支付有可能被监管机构限制或禁止。
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.
事实上，美国证券交易委员会(SEC)主席加里·詹斯勒(Gary Gensler)已表示，SEC正在密切关注当前的市场结构是否会造成利益冲突。主持GameStop听证会的众议院金融服务委员会起草了一项法案，禁止对订单流进行支付。
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，散户投资者对Robinhood的热情仍远高于监管机构，这为潜在投资者提供了一个上行空间。预计GameStop发生的事情可能成为Robinhood毁灭的原因，这种想法很常见（包括《经济学人》中的内容）；Robinhood暂停GameStop的交易并放弃这款应用，这可能会让最初的用户感到被背叛了。但该公司的用户数据表明，“所有的宣传都是好的宣传”这句格言仍然成立。仅在2021年上半年，Robinhood就开设了超过1000万个融资交易账户，账户总数增加了80%。如果说零售狂热有什么不变之处，那就是它的不可预测性。这可能就是为什么你的记者对她的一份份额感到很满意，单在场外观看她就很满足了。
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