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使用令牌化股票和区块链能避免GameStop Robinhood传奇

2021-1-30 14:47

 

昨天,罗宾汉股票交易应用程序暂停购买GameStop (GME)和其他一些股票引发了愤怒。由于Reddit上的WallStreetBets消息板的活跃,GME价格从两周前的18美元涨到了今天的330美元。


罗宾汉和其他经纪商停止交易的原因并不是与对冲基金串通一气。罗宾汉解释说,驱动因素是“SEC净资本义务和清算所存款”。“股票交易需要两天时间结算,这就是这些规则背后的原因。因此,收购数量的激增要求罗宾汉增加资本金,该公司昨日已筹集到更多资金。此外,虽然零售交易员可能会立即付款,但罗宾汉不会立即收到钱。


如果通过区块链以数字货币进行支付,以换取通证化股票,则可以进行即时结算或交付,从而使这个问题消失。

卖空和股票借贷


散户投资者对对冲基金和卖空者的敌意,一直是这起事件的一个特点。但事实证明罗宾汉从卖空者那里获利。虽然罗宾汉的基本账户是免费的,但它有一个盈利的商业模式,而且相当透明。它的主要收入来源是做市商提供的回扣,但它也从股票借贷中获得收入。


它还把客户的股票借给卖空者,以获得可观的回报。正如马克•库班(Mark Cuban)所指出的,目前借出GME股票的利率是每年30%。


让我们来谈谈$GME shorts和De-Fi。当有人做空一只已经被大量做空的股票时,他们必须支付一定的费用来借入那只股票。以$GME为例,该费用本周徘徊在30%左右。短裤必须每天支付(价格x .30)/360。事实上,这是每年30%的工资。

-马克·库班(@mcuban) 2021年1月29日


有了区块链,投资者有可能对他们所拥有的股票有更大的控制权。他们可以选择不借股票做空。或者自己赚取股票借贷的收益。

 

Yesterday there was outrage over the Robinhood stock trading app temporarily halting purchases of GameStop (GME) and a few other stocks. The GME price went from $18 two weeks ago to $330 today following activity on the WallStreetBets message board on Reddit. 

The reason why Robinhood and other brokers stopped allowing trades wasn’t some conspiracy collusion with hedge funds. Robinhood explained that the driver was “SEC net capital obligations and clearinghouse deposits.” Stock trades take two days to settle, which is the reason behind these rules. So a spike in purchase volume requires Robinhood to put up more capital, which it raised yesterday. Also, while the retail trader might make instant payments, Robinhood doesn’t receive the money immediately.

If payments were in digital currency via a blockchain in exchange for tokenized stocks, there could be instant settlement or delivery versus payment, which could make this issue disappear. 

Short selling and stock lending

Retail investor animosity towards hedge funds and short sellers has been a feature of this saga. But it turns out that Robinhood profits from short sellers. While a basic Robinhood account is free, it has a profitable business model that is quite transparent. A major income source is rebates from market makers, but it also earns money from stock lending.

And it lends its customer’s stock to short-sellers for a significant return. As Mark Cuban pointed out, the current rate for lending GME stock is 30% per year.

With blockchain, the investor has the potential to have greater control over the stock they own. They could choose not to enable shorts by not lending the stock. Or potentially earn the stock lending income themselves.

 

来自: Ledger Insights