Here is what we know about US equity markets. First, they are large — the S&P 500 alone has a capitalisation of $20tn. Second, they are — meant to be — extremely liquid. Billions of shares trade every day. The spread between the best bid and offer ought to be slender, and behind these prices will cluster a shoal of others that closely compete. The indices also support an array of futures contracts for those needing exposure to the broader market.
以下是我們對美國股市的認識。首先，這些市場很大——僅標普500指數(S&P 500)成分股的總市值就達20萬億美元。其次，它們的流動性極高，這是很自然的。每天成交的股票有數十億股。最高買價與最低賣價之間的價差應該很小，而且在這些價格的背后，肯定聚集著大量其他相差無幾的報價。股指還支撐著一系列期貨合約，供那些需要對大盤建立敞口的人使用。
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