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.
以下是我们对美国股市的认识。首先，这些市场很大——仅标普500指数(S&P 500)成分股的总市值就达20万亿美元。其次，它们的流动性极高，这是很自然的。每天成交的股票有数十亿股。最高买价与最低卖价之间的价差应该很小，而且在这些价格的背后，肯定聚集着大量其他相差无几的报价。股指还支撑着一系列期货合约，供那些需要对大盘建立敞口的人使用。
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