FT商学院

The repo market is the ‘dark matter’ of finance: powerful and perilous

How worried should we be about the multitrillion-dollar market’s influence over the cosmos of central banks, bonds, pension plans and private credit firms?

Nearly a century ago, a Swiss physicist at the California Institute of Technology named Fritz Zwicky was studying a cluster of galaxies 300 million light years away, and spotted something curious.

Through the giant 100in Hooker Telescope, Zwicky saw how the galaxies were moving so quickly that they should have been flung into the wider universe like giant cosmic snowballs. Yet, something mysterious, unseen and evidently powerful somehow kept the cluster magically glued together.

The physicist suggested that the only thing that could explain this phenomenon was the existence of some kind of vast, invisible mass that exerted a gravitational pull strong enough to bind the galaxies. In a 1933 paper, Zwicky called this unseen substance Dunkle Materie — dark matter.

您已阅读3%(768字),剩余97%(22915字)包含更多重要信息,订阅以继续探索完整内容,并享受更多专属服务。
版权声明:本文版权归manbetx20客户端下载 所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。
设置字号×
最小
较小
默认
较大
最大
分享×