On one hand, top-down factors – regulatory change, unusual pricing, and what Nouriel Roubini has cleverly termed the “liquidity paradox” – are at work. Then there are disruptive influences that percolate up from below: changing customer preferences and, even more important, outside visionaries seeking to transform and modernize the industry.
一方面，至上而下因素——监管变化、反常定价和努里埃尔·鲁比尼（Nouriel Roubini）巧妙提出的“流动性悖论”——在起作用。还有自上而下的破坏性影响：客户偏好的变化，以及更重要的，寻求改变和现代化金融业的外部远见者。