Stealth socialism

“Passive” investment vehicles, like those low-fee index funds, now soak up enormous amounts of cash. In America, since 2008, about $600 billion in holdings of actively managed mutual funds (which pick investments strategically) have been sold off, while $1 trillion has flowed into passive funds. So the passive funds now hold gargantuan ownership stakes in large, public firms. That makes for some awkward economics. Research by Jan Fichtner, Eelke Heemskerk and Javier Garcia-Bernardo from the University of Amsterdam tracks the holdings of the “Big Three” asset managers: BlackRock, Vanguard and State Street. Treated as a single entity, they would now be the largest shareholder in just over 40% of listed American firms, which, adjusting for market capitalisation, account for nearly 80% of the market (see chart).

SECによる市場の構造に関するサイト

SECによる新しい試みです。

The Securities and Exchange Commission created this website to promote better understanding of our equity markets and equity market structure through the use of data and analytics.

例えば,平均的なquoteについて,次のようなグラフがあります。このグラフは,quoteがどの程度の長さ(lifetime)を持っているかを累積度数で示しています。

The chart below presents such a summary of quote lifetimes … Each bar represents the cumulative percentages of full cancellations, partial cancellations, full trades and partial trades for specific periods of time.

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via SEC