Page 25 - CCFA Journal - Sixth Issue

加中金融 金融论坛 Forum2022

Bruce: We talked a little bit about institutions just now want to come back to the topic of retail investors. Steve, you talked about
retail earlier, I wish to come back to that. People that watch China know that retail investors in China have been probably the biggest
component of the equity markets in China. In North America, institutional investors tend to dominate. But now you get new firms like
Robin Hood, coming into the marketplace, attracting a lot of first time investors, you know, absolute first time investors investing in
futures and options, etc. And those types of things becoming easier to do as a market participant, and I got to get this out and starting
with you, but I'll throw out to everybody. what are your thoughts on the increased participation of retail investors? Primarily, here in
North America.

Bruce: 刚才我们谈到了一些机构现在我们想回到散户投资者的话题上来。Steve 你之前谈到过零售，现在想回到这个话
题。关注中国的人知道，中国的散户投资者可能一直是中国股市的最大组成部分。在北美，机构投资者往往占主导地位。
但现在像罗宾汉这样的新公司进入市场，吸引了很多绝对是第一次投资者投资期货和期权等等。作为一个市场参与者，这
些事情变得更容易做了，大家来说说对散户参与的增加有何看法? 主要是在北美。
Steve: We have a lot of individual investors, and we are still primarily a firm that caters to smaller institutions, more trading-oriented
ones, but, as someone who was options market maker and a specialist, both in both in the US and Canada for over 20 years. what
we're seeing the amount of activity and growth that we see in the option market, this was this was beyond our wildest dreams. we've
always wanted to see this and it's exploded, just the growth in customers. It's not easy to hire people anywhere right now, but
certainly one of the toughest places, things like onboarding help desks or operate, that kind of stuff, those fields are exploding because
of the amount of activity. My hope here is that we keep these people engaged. And the problem is when you get these periods of
euphoria, they're also followed by a period of disillusionment. And that is what I hope we avoid. I think it's irrational to think that we
wont have markets down cycles. And so hopefully, we get through this down cycle, hopefully. We've educated the individual investors
to be investors, not speculators to understand that markets move in both directions. And so that, if there are situations that cause
draw downs to individual portfolios, that doesn't leave them angry. Hopefully, this means this is the beginning of a partnership, where
investors and the individuals learn to work within the framework of the markets and understand risk and reward.

Steve: IB 有很多个人散户投资者，我们仍然是一家主要服务于小型机构，更注重交易的公司，但作为一个期权做市商和
专家，我在美国和加拿大都做了 20 多年。我们所看到的期权市场的活跃程度和增长，超出了我们的想象。我们一直想看
到这一点，现在它爆炸式增长，就是客户的增长。现在在任何地方雇人都不是件容易的事，但最困难的地方之一，像开户
帮助或交易操作，诸如此类的事情，这些领域因有大量的活动而引爆。我希望散户参与进来。你知道当你得到快欣愉快的
时候，也会有一段幻灭期。而这正是我希望我们避免的。我认为永远不会看到市场下跌周期是不理智的。所以希望通过这
个下行循环，我们把个人散户投资者教育成投资者，而不是投机者，让他们明白市场是双向的，即便个人投资组合缩水，
这不会让不理性。希望这意味着一种合作关系的开始，在这里投资者和个人学会在市场框架内工作，理解风险和回报。

Bruce: There's been a lot of news around Robinhood, all these financial influencers that are out there. Now, I want to get Dr. Wong
to get in. China Evergrande in the news a lot, just defaulted on its debt obligations recently. Markets and even ratings agencies didn't
seem to react as forcefully as you might think. How do you think the Evergrande case is going to affect real estate investing and
competence in real estate investing in China?

Bruce: 有很多关于罗宾汉的新闻，所有这些金融影响者都在那里。现在我想请教王博士。中国恒大上了很多新闻，最近
刚刚出现债务违约。市场甚至评级机构的反应似乎都没有想象的那么强烈。您认为恒大事件对房地产投资和中国房地产投
资能力有何影响?

Wang: I'm not expert in this area. But I think Evergrande obviously is overleveraged. And over indebted company. And the real estate
cycle in China turns with the very tight end to a full name policy imposed on the real estate sector，Evergrande as the weakest link
in the sector, it claps making entire makes sense to us. I think because of this, it's a default and the potential impact on the sector and
on the system. That's why Chinese authorities are taking actions to try to contain the spread of the of the impact to the rest of the
economy. I think we have seen the worst moment of Chinese in the sector with the collapse of Evergrande. But I don't believe he will
lead to some kind of systematic financial type of crisis, as commented by some observers.

Wang: 我不是这方面的专家。但我认为恒大显然过度杠杆化了, 以及过度负债的。随着中国房地产周期的临近，恒大地产
作为该行业最薄弱环节发生违约，这是完全有理由的。正因为如此，这种信贷违约对该行业和整个体系的潜在影响，这就
是为什么中国当局正在采取行动，试图遏制副作用向其他经济领域的蔓延。随着恒大问题暴露，我们已经见证了这一领域
最糟糕的时刻。但我不认为会像一些观察人士所说引发某种系统性的金融危机。

CCFA JOURNAL OF FINANCE February 2022
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