But Haldane’s main concern is with the stability of markets, particularly the threats posed by high-frequency trading (HFT). He points out that HFT already accounts for half of total turnover in some debt and foreign-exchange markets, and that it is dominant in US equity markets, accounting for more than one-third of daily trading, up from less than one-fifth in 2005.
平均持股的时间日益下降与所谓的“无控股企业”现象似乎有联系，因而股东没有什么动力迫使管理层遵守纪律。问责制的缺失反过来导致高管的补偿迅速上升，导致在金融公司，从股东的回报向内部人士获得大量回报转移。