爱思英语编者按:在佣金比率固定不变的情况下,媒介刊播费用越高,广告公司所得就越多,而其所付出的劳务却不因媒介费用的增加而增加多少。因而广告主的不满也逐渐增长,尤其是一些媒介费用支出较大的广告主,对广告公司因此所得超出其劳务付出的报酬,常抱抵触情绪。与此同时,广告公司在为广告主所作的广告计划中,出于自身的利益,也倾向于增大刊播费用,倾向于使用比较昂贵的媒介。这样,广告主与广告公司为佣金的事常起纷争。
Discount brokerages
折让经纪
Free trade
自由贸易
 
Share-trading joins the list of ostensibly free online services
股票交易列入免费在线服务名单
 
BACK in the 1970s, after American regulators abolished fixed commissions for brokers who helped their clients trade shares, the likes of Charles Schwab and Fidelity were the insurgents. They dispensed with the expensive frills that most rivals offered, such as research and investment advice. That, in turn, allowed them to offer share trading to the masses at bargain prices. Twenty years later, the internet spurred the growth of a new wave of discount brokers, including E*Trade and TD Ameritrade. Now for the next challenger。
 
回顾20世纪70年代,在美国监管部门废除代客户交易股票的经纪人其固定佣金后,像嘉信理财与富达这样的理财公司便表示出强烈的不满并以低价向民众提供股票交易类服务。20年后,互联网刺激了像美国电子商务与宏达这样的折让经纪新一轮的增加。现在,则是面向新一轮的挑战者。
 
Whereas full-service brokers demand a percentage of the value of the assets in their clients’ accounts (typically 1-1.75% a year), the discount firms charge around $9 a trade. That is highway robbery, however, by the standards of a new online brokerage, Robinhood, which enables clients to trade shares free of charge, via a new mobile app.
 
尽管全业务经纪人收取其客户账户金额的1%的费用(通常为每年1-1.75%),折让经纪仍每单收取9美元。然而,按照通过手机软件来向客户提供免费在线交易的经纪Robinhood所制定的标准来讲,这简直就是在“敲竹杠”!
 
Instead of taking commissions from customers, Robinhood receives them from the trading venues to which it steers their orders, a controversial but common practice. It also earns returns from the cash clients leave in their accounts, and plans soon to offer margin trading—the buying of stock with borrowed money—for which it will charge a fee.
 
Robinhood 借助从交易地点到处理订单这样备受争议的“常规”中盈利,也从现金客户的账户中赚得利润,同样计划用贷款购买股票来提供保证金交易从而获取收益。
 
Whether this is enough to cover Robinhood’s costs is unclear (the firm does not disclose its financial results). But it provides an even leaner service than its rivals. It does not yet offer trading on its website, for example, catering to clients, whose average age is 28, exclusively via its app.
 
Robinhood能否承担其费用尚不明确(该公司并未透露其财务业绩)。但是较其竞争对手,Robinhood提供了非常精简的服务。它仍未能在其官网上提供交易服务,例如,仅通过其软件来满足平均年龄在28岁的客户的需要。
 
Robinhood is also easy to use. Setting up an account can take as little as four minutes. To confirm customers’ identity, the firm asks them to take a picture of an ID with a smartphone. That has helped it to attract almost 1m customers since it started operations a year ago. It says it continued to recruit new clients during the recent market turmoil, even as activity declined at other firms. To bring in even more custom, it has begun integrating its service with apps such as Stocktwits, a social-media platform for retail investors. Increased turnover should boost its income more than its costs. In time, it may make life difficult for the disruptors of yore.
 
Robinhood也十分便于使用。建立一个新账户最多只需要4分钟。公司通过要求客户使用手机拍下证件号码来确定其身份。自一年前实施这一方式,有约1百万的用户被其吸引。公司称,即便其他公司不断减少活动,Robinhood将在当前动荡的市场走势中继续招募新客户。为了获得更多的客户,Robinhood已经开始将其业务与例如Stocktwits这样的零售投资商的社交平台软件紧密结合起来。增加的成交量将使其收益额超过投入的成本。一段时间后,昔日的困扰将不足为惧。