It was, in fact, the authorities’ clampdown on margin borrowing, together with a loss in confidence as global markets declined, that is thought to have triggered the market meltdown. And that, too, is a feature of a market dominated by small traders: the “herding” behavior that fuels major booms and busts becomes more prevalent, because individuals assume that others have better information.
事实上，人们认为当局对保证金借贷的严打——以及全球市场下跌导致的信心损失——才是引发市场崩溃的罪魁。这也是小交易者主导的市场的一大特征：助长大规模枯荣循环的“羊群”行为更加普遍，因为个体认为其他个体拥有更好的信息。