{"id":5477,"date":"2022-03-01T23:56:00","date_gmt":"2022-03-01T15:56:00","guid":{"rendered":"https:\/\/www.granitefirm.com\/blog\/?p=5477"},"modified":"2024-07-12T12:04:31","modified_gmt":"2024-07-12T04:04:31","slug":"%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/","title":{"rendered":"\u7f8e\u570b\u5238\u5546\u70ba\u4f55\u53ef\u4ee5\u96f6\u624b\u7e8c\u8cbb\uff1f"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"\u986f\u793a\/\u96b1\u85cf\u5167\u5bb9\u76ee\u9304\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E8%A8%82%E5%96%AE%E6%B5%81%E4%BB%98%E6%AC%BE%EF%BC%88PFOF%EF%BC%89\" >\u8a02\u55ae\u6d41\u4ed8\u6b3e\uff08PFOF\uff09<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E7%88%AD%E8%AD%B0\" >\u722d\u8b70<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E6%B3%95%E8%A6%8F\" >\u6cd5\u898f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E5%BD%B1%E9%9F%BF\" >\u5f71\u97ff<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E5%88%A9%E7%9B%8A%E5%A4%9A%E9%BE%90%E5%A4%A7%EF%BC%9F\" >\u5229\u76ca\u591a\u9f90\u5927\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E7%9C%9F%E7%9A%84%E9%9B%B6%E6%89%8B%E7%BA%8C%E8%B2%BB%E5%97%8E%EF%BC%9F\" >\u771f\u7684\u96f6\u624b\u7e8c\u8cbb\u55ce\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E7%B7%9A%E4%B8%8A%E5%88%B8%E5%95%86%E9%82%84%E6%9C%89%E9%82%A3%E4%BA%9B%E8%B2%BB%E7%94%A8%EF%BC%9F\" >\u7dda\u4e0a\u5238\u5546\u9084\u6709\u90a3\u4e9b\u8cbb\u7528\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2022\/03\/01\/%e7%be%8e%e5%9c%8b%e5%88%b8%e5%95%86%e7%82%ba%e4%bd%95%e5%8f%af%e4%bb%a5%e9%9b%b6%e6%89%8b%e7%ba%8c%e8%b2%bb%ef%bc%9f\/#%E7%9B%B8%E9%97%9C%E6%9B%B8%E7%B1%8D\" >\u76f8\u95dc\u66f8\u7c4d<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%A8%82%E5%96%AE%E6%B5%81%E4%BB%98%E6%AC%BE%EF%BC%88PFOF%EF%BC%89\"><\/span><strong>\u8a02\u55ae\u6d41\u4ed8\u6b3e\uff08PFOF\uff09<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u8a02\u55ae\u6d41\u4ed8\u6b3e\uff08Payment for order flow\uff1a PFOF \uff09\u6d89\u53ca\u96f6\u552e\u7d93\u7d00\u5238\u5546\uff0c\u4f8b\u5982<span style=\"font-size: revert;\">\u7f85\u8cd3\u6f22<\/span>\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aHOOD\uff09\u548c\u5fb7\u7f8e\u5229\u8b49\u5238 \uff08\u5df2\u88ab\u5609\u4fe1\u7406\u8ca1\u4f9b\u8cfc\uff0c\u7f8e\u80a1\u4ee3\u78bc\uff1aSCHW\uff09\u5c07\u5176\u5ba2\u6236\u7684\u5e02\u5834\u8a02\u55ae\u51fa\u552e\u7d66\u7b2c\u4e09\u65b9\uff08\u4ee5Citadel Securities\u548cVirtu Financial\u70ba\u4ee3\u8868\uff09\uff0c\u7b2c\u4e09\u65b9\u57f7\u884c\u9019\u4e9b\u8a02\u55ae\u4e26\u5f9e\u4e2d\u8cfa\u53d6\u8cbb\u7528\uff0c\u4e26\u5c07\u4e00\u90e8\u5206\u652f\u4ed8\u7d66<span style=\"font-size: revert;\">\u7f85\u8cd3\u6f22<\/span>\u6216\u5fb7\u7f8e\u5229\u8b49\u5238\uff0c\u4f5c\u70ba\u5c07\u5ba2\u6236\u8a02\u55ae\u8def\u7531\u5230\u8a72\u7279\u5b9a\u7b2c\u4e09\u65b9\u7684\u4ed8\u6b3e\u3002<\/p>\n\n\n\n<p>Citadel Securities\u70ba\u9019\u500b\u8a02\u55ae\u6d41\u652f\u4ed8\u4e86\u6578\u5343\u842c\u7f8e\u5143\uff0c\u4f46\u901a\u904e\u81ea\u52d5\u63a5\u53d7\u8a02\u55ae\u7684\u53e6\u4e00\u65b9\uff0c\u7136\u5f8c\u8fd4\u56de\u5e02\u5834\u7ffb\u8f49\u4ea4\u6613\u4f86\u8cfa\u9322\u3002 \u5b83\u5c07\u8cb7\u8ce3\u50f9\u683c\u4e4b\u9593\u7684\u5dee\u50f9\u6536\u5165\u56ca\u4e2d\uff0c\u7a31\u70ba\u50f9\u5dee\uff08Spread\uff09 \u3002\u5149Citadel Securities\u4e00\u5bb6\u5c31\u8655\u7406\u4e8627%\u7684\u7f8e\u80a1\u4ea4\u6613\uff0c\u7d93\u624b\u7f8e\u80a1\u6563\u6236\u4ea4\u6613\u91cf\u768440\uff05\u3002 <\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%88%AD%E8%AD%B0\"><\/span><strong>\u722d\u8b70<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u96f6\u552e\u7d93\u7d00\u5238\u5546\u70ba\u81ea\u5df1\u7684\u5229\u76ca\u51fa\u8ce3\u5ba2\u6236\u7684\u4ea4\u6613\u9690\u79c1\uff0c\u6bcf\u500b\u5ba2\u6236\u7684\u4ea4\u6613\u7d30\u7bc0\u90fd\u88ab\u51fa\u8ce3\u7d66\u7b2c\u4e09\u65b9\uff0c\u6709\u53ef\u80fd\u56e0\u6b64\u4f7f\u7b2c\u4e09\u65b9\u6839\u64da \u5ba2\u6236\u7684\u4ea4\u6613\u7d30\u7bc0\u5c0d\u505a\uff0c\u5f9e\u4e2d\u8f15\u6613\u8b00\u5229\uff0c\u9020\u6210\u5ba2\u6236\u640d\u5931\u3002 <\/p>\n\n\n\n<p>\u8a02\u55ae\u6d41\u4ed8\u6b3e\u662f\u96f6\u552e\u7d93\u7d00\u5238\u5546\u628a\u8a02\u55ae\u50b3\u9001\u7d66\u505a\u5e02\u5546\u57f7\u884c\u4e26\u5f9e\u4e2d\u5206\u6f64\uff0c\u662f\u7f85\u8cd3\u6f22\u4e3b\u8981\u7684\u6536\u5165\u4f86\u6e90\uff0c\u4e5f\u662f\u9019\u5bb6\u53d7\u5e74\u8f15\u4eba\u6b61\u8fce\u7684\u7db2\u8def\u5238\u5546\u5f97\u4ee5\u63d0\u4f9b\u514d\u4f63\u91d1\u4ea4\u6613\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n<p>\u9019\u9805\u696d\u52d9\u5b58\u5728\u5229\u76ca\u885d\u7a81\uff0c\u505a\u5e02\u5546\u96d6\u7136\u53ef\u4ee5\u5f9e\u6bcf\u7b46\u4ea4\u6613\u8cfa\u5230\u90e8\u5206\u6536\u5165\uff0c\u4e5f\u4f7f\u4e0d\u76f8\u5e72\u4eba\u58eb\u638c\u63e1\u5230\u7b2c\u4e00\u624b\u8cc7\u8a0a\u3001\u6578\u64da\u7b49\uff0c\u9020\u6210\u4ea4\u6613\u5e02\u5834\u4e0d\u516c\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%B3%95%E8%A6%8F\"><\/span><strong>\u6cd5\u898f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u82f1\u570b\u3001\u6fb3\u6d32\u3001\u548c\u52a0\u62ff\u5927\u90fd\u660e\u4ee4\u7981\u6b62\u8a02\u55ae\u6d41\u4ed8\u3002<\/p>\n\n\n\n<p>\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u59d4\u54e1\u6703\uff08SEC\uff09\u4e3b\u5e2d\u8a79\u65af\u52d2\u5df2\u7d93\u8868\u793a\uff0c\u5c07\u5c0d\u5e6b\u5238\u5546\u548c\u9ad8\u983b\u4ea4\u6613\u516c\u53f8\u5e36\u9032\u53ef\u89c0\u71df\u6536\u7684\u722d\u8b70\u6027\u696d\u52d9\uff0c\u53ef\u80fd\u88ab\u5168\u9762\u7981\u6b62\u3002\u5168\u9762\u7981\u6b62\u8a02\u55ae\u6d41\u4ed8\u6b3e\u7684\u9078\u9805\u5df2\u7d93\u4e0d\u53ef\u907f\u514d\u3002\u8a79\u65af\u52d2\u7372\u62dc\u767b\u7e3d\u7d71\u4efb\u547d\u51fa\u4efbSEC\u4e3b\u5e2d\u5f8c\uff0c\u5916\u50b3\u4ed6\u7684\u76e3\u7ba1\u77db\u982d\u7684\u9996\u8981\u76ee\u6a19\u5c31\u662f\u6307\u5411\u8a02\u55ae\u6d41\u652f\u4ed8\uff08payment for order flow\uff09\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%BD%B1%E9%9F%BF\"><\/span><strong>\u5f71\u97ff<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u96f6\u552e\u7d93\u7d00\u5238\u5546\u5238\u5546\u7f85\u8cd3\u6f22\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aHOOD\uff09\u3001\u5609\u4fe1\u7406\u8ca1\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aSCHW\uff09 \u90fd\u6703\u53d7\u5230\u5f71\u97ff\u3002 \u7f85\u8cd3\u6f22\u5c24\u5176\u662f\u5176\u4e2d\u7684\u4ee3\u8868\u5546\uff0c\u8a02\u55ae\u6d41\u4ed8\u6b3e\u662f\u96f6\u552e\u7d93\u7d00\u5238\u5546\u628a\u8a02\u55ae\u50b3\u9001\u7d66\u505a\u5e02\u5546\u57f7\u884c\u4e26\u5f9e\u4e2d\u5206\u6f64\uff0c\u662f\u7f85\u8cd3\u6f22\u4e3b\u8981\u7684\u6536\u5165\u4f86\u6e90\uff0c\u4e5f\u662f\u9019\u5bb6\u53d7\u5e74\u8f15\u4eba\u6b61\u8fce\u7684\u7db2\u8def\u5238\u5546\u5f97\u4ee5\u63d0\u4f9b\u514d\u4f63\u91d1\u4ea4\u6613\u7684\u539f\u56e0\u3002 <\/p>\n\n\n\n<p>\u5609\u4fe1\u7406\u8ca1\u4ecd\u820a\u662f\u7f8e\u570b\u6700\u5927\u7684\u6563\u6236<span style=\"font-size: revert;\">\u96f6\u552e\u7d93\u7d00\u5238\u5546<\/span>\uff08\u82e5\u8a08\u5165\u9000\u4f11\u5e33\u6236\uff0c\u5bcc\u9054\u6295\u8cc7\u4f7f\u7528\u8005\u898f\u6a21\u6703\u8d85\u904e\u5609\u4fe1\uff09\uff0c\u4f46\u5c0d\u5609\u4fe1\u7406\u8ca1\u7684\u5f71\u97ff\u5c31\u6bd4\u8f03\u5c0f\uff0c \u56e0\u70ba\u5609\u4fe1\u7406\u8ca1\u7684\u71df\u6536\u4f86\u6e90\u5206\u4f48\u5982\u4e0b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u96f6\u552e\u7d93\u7d00\u5238\u5546\uff1a14%<\/li>\n\n\n\n<li>\u8ca1\u5bcc\u7ba1\u7406\uff1a41%<\/li>\n\n\n\n<li>\u9280\u884c\u696d\u52d9\uff1a40%<\/li>\n<\/ul>\n\n\n\n<p>\u81f3\u65bc\u53e6\u4e00\u5bb6\u8457\u540d\u7684\u76c8\u900f\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aIBKR\uff09\u5247\u5f71\u97ff\u8f15\u5fae\uff0c\u56e0\u70ba\u5b83\u5927\u90e8\u4efd\u7684\u696d\u52d9\u81f3\u4eca\u4ecd\u7136\u90fd\u662f\u9700\u8981\u4f63\u91d1\u7684 \u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E5%88%A9%E7%9B%8A%E5%A4%9A%E9%BE%90%E5%A4%A7%EF%BC%9F\"><\/span><strong>\u5229\u76ca\u591a\u9f90\u5927\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5609\u4fe1\u7406\u8ca1\u57282005\u5e74\u548c\u745e\u9280\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aUBS\uff09\u7c3d\u4e868\u5e74\u7684\u5408\u7d04\uff0c\u300c\u53ea\u300d\u4ee5\u5169\u5104\u516b\u5343\u842c\u7f8e\u91d1\u628a\u5b83\u7684\u5ba2\u6236\u4e0b\u55ae\u4ea4\u6613\u8cc7\u6599\u8ce3\u7d66\u4e86\u745e\u9280\uff0c\u4f46\u696d\u754c\u666e\u904d\u8a8d\u70ba\u5609\u4fe1\u7406\u8ca1\u5403\u4e86\u5927\u8667\uff0c\u56e0\u70ba\u5b83\u662f\u6700\u5927\u7684\u6563\u6236\u4ea4\u6613\u5546\uff0c\u5ba2\u6236\u6700\u591a\uff0c\u9019\u4e9b\u8cc7\u6599\u4e0d\u53ea\u9019\u500b\u50f9\u78bc\uff0c\u745e\u9280\u81f3\u5c11\u8981\u518d\u52a0\u4e0a\u5341\u5104\u7f8e\u91d1\u4ee5\u4e0a\u624d\u5408\u7406\u3002\u8acb\u6ce8\u610f\u9019\u662f2005\u5e74\uff0c\u73fe\u5728\u50f9\u78bc\u66f4\u9ad8\u4e86\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9C%9F%E7%9A%84%E9%9B%B6%E6%89%8B%E7%BA%8C%E8%B2%BB%E5%97%8E%EF%BC%9F\"><\/span><strong>\u771f\u7684\u96f6\u624b\u7e8c\u8cbb\u55ce\uff1f<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4ee5\u6211\u81ea\u5df1\u4f7f\u7528\u7684\u7d93\u9a57\uff0c\u8cb7\u5165\u662f\u96f6\u5143\u6c92\u932f\uff0c\u4f46\u662f\u8ce3\u51fa\u6642\u53ef\u80fd\u662f\u56e0\u70ba\u5e33\u6236\u6e05\u7b97\u6216\u8a18\u9304\u7684\u8cbb\u7528\uff0c\u56e0\u6b64\u4ecd\u6703\u88ab\u6536\u53d6\u5e7e\u7f8e\u5206\u5e7e\u4e4e\u53ef\u4ee5\u5ffd\u7565\u7684\u5fae\u5c0f\u8cbb\u7528\uff0c\u82e5\u4e0d\u8a08\u9019\u5e7e\u7f8e\u5206\uff0c\u78ba\u5be6\u5f9e\u4ea4\u6613\u5e33\u6236\u7684\u8a18\u9304\u800c\u8a00\u662f\u514d\u8cbb\u6c92\u932f\u3002<\/p>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%B7%9A%E4%B8%8A%E5%88%B8%E5%95%86%E9%82%84%E6%9C%89%E9%82%A3%E4%BA%9B%E8%B2%BB%E7%94%A8%EF%BC%9F\"><\/span><strong>\u7dda\u4e0a<span style=\"font-size: revert;\">\u5238\u5546<\/span>\u9084\u6709\u90a3\u4e9b\u8cbb\u7528<\/strong>\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u5f9e\u4e00\u822c\u8cb7\u8ce3\u7f8e\u80a1\u800c\u8a00\uff0c\u7684\u78ba\u73fe\u5728\u7dda\u4e0a<span style=\"font-size: revert;\">\u5238\u5546<\/span>\u90fd\u662f\u96f6\u624b\u7e8c\u8cbb\u3002\u4f46\u662f\u6211\u5011\u9084\u5fc5\u9808\u8003\u91cf\u4ee5\u4e0b\u7684\u76f8\u95dc\u5fc5\u9700\u8cbb\u7528 \uff1a<\/p>\n\n\n\n<ul 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href=\"https:\/\/www.granitefirm.com\/blog\/blog\/2021\/05\/08\/%e5%a6%82%e4%bd%95%e6%8a%95%e8%b3%87%e7%be%8e%e8%82%a1%e8%a4%87%e5%a7%94%e8%a8%97%e7%b6%b2%e8%b7%af%e5%88%b8%e5%95%86%e5%92%8c%e9%87%91%e8%9e%8d%e7%a7%91%e6%8a%80%e5%95%86\/\">\u5982\u4f55\u6295\u8cc7\u7f8e\u80a1\uff1f\u8907\u59d4\u8a17\uff0c\u7db2\u8def\u5238\u5546\uff0c\u548c\u91d1\u878d\u79d1\u6280\u5546<\/a>\u300b\u7684\u8aaa\u660e\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"145\" height=\"110\" src=\"https:\/\/www.granitefirm.com\/blog\/wp-content\/uploads\/2022\/09\/z-1600x1200-1.jpg\" alt=\"\u624b\u7e8c\u8cbb\" class=\"wp-image-25124\"\/><figcaption class=\"wp-element-caption\">Credit: Adobe<\/figcaption><\/figure>\n\n\n\n<h2 class=\"has-medium-font-size wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%9B%B8%E9%97%9C%E6%9B%B8%E7%B1%8D\"><\/span><strong>\u76f8\u95dc\u66f8\u7c4d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u6709\u4e00\u672c\u66f8\u662f\u9ea5\u53ef\uff0e\u5289\u6613\u65af\uff08Michael Lewis\uff09\u5beb\u7684\uff0c\u66fe\u69ae\u7372\u5e74\u5ea6\u7f8e\u570b\u6700\u4f73\u5546\u696d\u66f8\u7c4d\u300a<a href=\"https:\/\/www.amazon.com\/Flash-Boys-Wall-Street-Revolt\/dp\/0393351599\" target=\"_blank\" rel=\"noreferrer noopener\">\u5feb\u9583\u5927\u5c0d\u6c7a\uff1a\u4e00\u5834\u83ef\u723e\u8857\u8d77\u7fa9\uff08Flash Boys:A Wall Street Revolt\uff09<\/a>\u300b\uff0c\u5c31\u662f\u5728\u8a0e\u8ad6\u672c\u6587\u7684\u4e3b\u984c\uff0c\u6709\u8208\u8da3\u7684\u4eba\u53ef\u4ee5\u53c3\u8003\u3002<\/p>\n\n\n\n<p><strong><em>\u91cd\u8981\u8072\u660e<\/em> <\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><em>\u672c\u7ad9\u5167\u5bb9\u70ba\u4f5c\u8005\u500b\u4eba\u610f\u898b\uff0c\u50c5\u4f9b\u53c3\u8003\uff0c\u672c\u4eba\u4e0d\u5c0d\u6587\u7ae0\u5167\u5bb9\u3001\u8cc7\u6599\u4e4b\u6b63\u78ba\u6027\u3001\u770b\u6cd5\u3001\u8207\u5373\u6642\u6027\u8ca0\u4efb\u4f55\u8cac\u4efb\uff0c\u8b80\u8005\u8acb\u52d9\u5fc5\u81ea\u884c\u5224\u65b7\u3002<\/em><\/li>\n\n\n\n<li><em>\u5c0d\u65bc\u8b80\u8005\u76f4\u63a5\u6216\u9593\u63a5\u4f9d\u8cf4\u4e26\u53c3\u8003\u672c\u7ad9\u8cc7\u8a0a\u5f8c\uff0c\u63a1\u53d6\u4efb\u4f55\u6295\u8cc7\u884c\u70ba\u6240\u5c0e\u81f4\u4e4b\u76f4\u63a5\u6216\u9593\u63a5\u640d\u5931\uff0c\u6216\u56e0\u6b64\u7522\u751f\u4e4b\u4e00\u5207\u8cac\u4efb\uff0c\u672c\u4eba\u5747\u4e0d\u8ca0\u4efb\u4f55\u640d\u5bb3\u8ce0\u511f\u53ca\u5176\u4ed6\u6cd5\u5f8b\u4e0a\u4e4b\u8cac\u4efb\u3002<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u7f8e\u570b\u5238\u5546\u70ba\u4f55\u53ef\u4ee5\u96f6\u624b\u7e8c\u8cbb\uff1f\u8a02\u55ae\u6d41\u4ed8\u6b3e\uff08Payment for order flow\uff1a PFOF \uff09\u6d89\u53ca\u96f6\u552e\u7d93\u7d00\u5238\u5546\uff0c\u4f8b\u5982\u7f85\u8cd3\u6f22\uff08\u7f8e\u80a1\u4ee3\u78bc\uff1aHOOD\uff09\u548c\u5fb7\u7f8e\u5229\u8b49\u5238 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