[20210225]IN11615_游戏停止相关市场波动：发生了什么事？.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i GameStop-Related Market Volatility: What Happened? February 25, 2021 This Insight examines recent developments surrounding GameStop stock, online brokers (including Robinhood), stock market volatility, SEC inquiries, and trading restrictions. It is meant to complement CRS Insight IN11591, GameStop-Related Market Volatility: Policy Issues, by Eva Su. Background The past few years have witnessed a surge in securities trading by retail investors. Bloomberg Intelligence reportedly estimated that in the first half of 2020, retail investors constituted 19.5% of total domestic order flow, 50% higher than the 14.9% in 2019. (It should be noted, however, that even with retail investors at nearly 20% of the market, institutional investors such as mutual funds and pension funds dominate overall securities trading.) The surge appears to have been buoyed by a combination of factors, including pandemic-based lockdowns and accessible online trading platforms charging zero commissions for certain trades. Robinhood, the seven-year-old securities broker-dealer firm, is arguably the “poster child” for phone-app-based tradin