字幕列表 影片播放 列印所有字幕 列印翻譯字幕 列印英文字幕 Market regulators are accusing a British national of almost single-handedly causing a "Flash Crash" to American stock markets in 2010. 市場監管機構指責一名英國人幾乎一手造成了2010年美國股市的“閃電崩盤”。 During the incident, the Dow Jones Industrial average dropped about 6%, and lost more than $1 trillion dollars in mere minutes. 事件發生時，道瓊斯工業平均指數下跌約6%，幾分鐘內損失超過1兆美元。 Fortunately, stocks rebounded relatively fast after the shock, but we wanted to know, what does it take to crash a stock market? 幸運的是，股市在震盪後反彈的較快，但我們想知道，什麼會讓股市崩盤？ Well, there have been countless financial "crashes" throughout history. 歷史上發生過無數次金融「崩盤」。 They even go back to the 1600s when modern stock exchanges were first evolving among the trade economies of Europe. 它們甚至可回溯至17世紀 ，當時現代證券交易所首次在歐洲貿易經濟體中發展起來。 A crash represents a steep, sudden decline in the value of market prices, and they can often lead to an economic depression. 崩盤是指股市市值急遽下跌，往往會導致經濟蕭條。 The most devastating crashes are usually the result of an overly-inflated market, also known as a "bubble". 最具破壞性的的市場崩盤通常是市場過度膨脹的結果，也被稱為「泡沫」。 Investment bubbles occur when prices of market shares are driven upwards past their real value. 當股價被推高至超過其實際價值，就會出現投資泡沫。 According to some market theorists, a bubble is encouraged by a "herd mentality" , 根據一些市場理論家的說法，泡沫是由一種“從眾心理”催生的， where people first jump on the bandwagon of a profitable stock, and then, when the bubble bursts, they engage in panic-selling. 即人們首先跟隨有利可圖的股票的潮流，然後當泡沫破裂時，他們進行恐慌性拋售。 The most famous example of this was during the 1929 American Stock Market Crash. 最有名的例子便是1929年的美國股市崩盤。 Before then, post World War I America experienced an economic boom, 在此之前，第一次世界大戰後的美國經歷了經濟繁榮， optimism in the economy inspired many take on risky loans, and invest in stocks. 對經濟的樂觀情緒激發了許多人接受高風險貸款，並投資於股票。 But when the economy slowed down people began to sell their shares - at first slowly, and then in droves. 但當經濟放緩時，人們開始出售股票——起初緩慢，然後是成群結隊。 Market prices went into freefall, and there were no fail-safe rules to stop the inevitable crash. 市場價格直線下降，當時並沒有防止不可避免的事故發生的安全措施。 Stock markets can also be "spooked" into a decline or a crash following catastrophic events. 災難性事件發生後，股票市場也會受到驚嚇而下跌或崩盤。 For example, San Francisco’s massive 1906 earthquake is thought to have played an integral role in the financial panic of 1907. 例如，1906年舊金山大地震被認為在1907年的金融恐慌中扮演了不可或缺的角色。 During that time, the market sank to about 50% of the previous year’s valuation. 那時股市市值下跌至去年估值的 50% 左右。 Additionally, In 2001, after the September 11th terrorist attacks, the stock markets were closed for almost a week. 此外，2001年9 / 11恐怖襲擊後，股票市場關閉了近一周。 In the first five days back, the markets faced a loss of about $1.4 trillion dollars. 前五天，市場面臨約 1.4 兆美元的損失。 The digital era has also introduced new threats to the stock market in the form of "high frequency trading". 數位時代也以“高頻交易”的形式給股市帶來了新的威脅。 HFT is when thousands of trades are carried out by computers in fractions of a second. 高頻交易是指電腦在不到一秒的時間內完成數千筆交易。 The swiftness of computer programs at buying and selling puts traditional traders at a disadvantage. 電腦程式在買賣方面的迅速性使傳統交易者處於不利地位。 Also, the use of HFT creates a lot of potential volatility in the stock market. 此外，高頻交易的使用在股票市場造成了很多潛在的波動。 Computer programs that are designed to automatically respond to price points can trigger mass selling before anyone can notice. 被設計成自動對價格點作出反應的電腦程式，可能會在任何人注意到之前觸發大規模拋售。 This contributed to the 2010 Flash Crash, after a large enough downtick in stocks caused many HFT programs to further withdraw, leading to a drastic crash. 這導致了2010年的「閃電崩盤」，由於低價交易（ downtick）大量湧現令許多「高頻交易」程式賣出股票，導致了劇烈的崩盤。 After that particular event, government regulators imposed new laws, called "circuit breakers", 在這一特定事件之後，政府監管機構實施了新的法律，稱為“熔斷機制”， that temporarily "pause" trading if a stock falls 10% or more within a 5-min period. 如果股票在5分鐘內下跌10%或以上， 所有交易便暫時「停止」。 These safeguards give traders breathing room to reexamine their options instead of panicking and selling everything before the stock bottoms out. 這些保障措施讓交易者有喘息的空間來重新審視他們的選擇，而不是在股市觸底前驚慌失措地拋售所有股票。 The Securities and Exchange Commission works hard to regulate the wild swings of the stock market. 美國證券交易委員會努力監管股市的劇烈波動。 But for the modern era, stock markets remain more volatile, and susceptible to crashes than anyone might ever think. 但就現代而言，股市仍然比任何人想像的更不穩定，更容易受到崩盤的影響。 Investing is a pretty risky thing to do, but sometimes big risks can have even bigger rewards. 投資是一件相當冒險的事情，但有時大的風險可能會帶來更大的回報。 To learn why Africa is such a hotspot for foreign investment right now, check out our video here. 要了解為什麼非洲現在是外國投資的熱點，請點擊這裡查看我們的視頻。 Don’t forget to subscribe, and thanks as always for hanging out with us here on TestTube! 不要忘記訂閱我們的頻道，一如既往地感謝你在TestTube上與我們相聚!