Exclude marketmakers, who stand in the middle of most trades, and retail traders made up about half of volumes, with institutional investors accounting for the rest.

除去参与大多数交易的做市商，散户投资者参与的交易约占总成交量的一半，其余的是机构投资者。

In the 2000s fast cables gave rise to high-frequency marketmakers, including Citadel Securities and Virtu, which were able to trade shares by the nanosecond.

在 2000 年代， 快速电缆催生了高频做市商，包括 Citadel 证券和 Virtu，它们能够以纳秒级进行股票交易。

In 2013 Baiju Bhatt and Vlad Tenev, Robinhood's founders and former employees of marketmakers, saw that it might be possible for a retail broker to make money by offering consumers commission-free stock trading.

2013年，Robinhood的创始人拜菊·巴特(Baiju Bhatt)和弗拉德·特涅夫(Vlad Tenev)发现，零售经纪商或许可以通过向消费者提供免佣金的股票交易来赚钱。

Even if retail's share of trading is not at its peak, it remains elevated compared with before 2019. Retail trades now make up a third of trading volumes in stocks (excluding marketmakers).

即使散户的交易份额没有达到顶峰，但与 2019 年之前相比仍处于高位。 散户交易现在占股票交易量的三分之一（不包括做市商）。