Robinhoodが連邦議会に召喚される

今回は「Robinhoodが連邦議会に召喚される」についてご紹介します。

関連ワード （Robinhood等） についても参考にしながら、ぜひ本記事について議論していってくださいね。

本記事は、TechCrunch様で掲載されている内容を参考にしておりますので、より詳しく内容を知りたい方は、ページ下の元記事リンクより参照ください。

米国時間2月18日、下院金融サービス委員会は議場にRedditのCEO、Cato wonk、ソーシャルメディアの象徴であるDeepFuckingValue、およびRobinhood CEOのVlad Tenev（ウラジミール・テネフ）氏を（バーチャル）で呼び出した。テネフ氏は、個人投資家たちがDeepFuckingValueのヘッジファンドつぶしに乗っかった結果、彼の会社の資産要件が増大し、市場の混沌を引き起こした。

あまり役にたたない質疑だった。Zoomの度重なるトラブル（ミュート、誤ったミュート解除、無効だったグリーンスクリーン、さらにはダウン）に関して、議員たちは5分間の割当時間を使って自らの恥をさらしただけで、本質をつくことができなかった。

聴聞は本格的な質問形式にはならならず、ほとんどの質問は長すぎて、たとえストライクゾーンに入っても、正確すぎて意図が伝わらないか、不正確すぎるかのどちらかだった。私は今ここで、そこから得たことを1つ思い出そうとしている。RobinhoodのCEOは、自分の会社がユーザーと結んでいる調停同意書の詳細をよくわかっていなかったと私は思う。あとおそらく、数あるユーザー取引オプションについて少々わかった。あとRedditのCEOがすてきスーツを着ていた。

一部の議員はこの成り行きをあざ笑い、政治劇場だと評した。その発言は下院金融サービス委員会議長、Maxine Waters（マクシーン・ウォーターズ）氏の叱責を買った。

もう少しで、意味のあることを聞けそうだった議員もいた。しかし、ほとんどの場合、質問の仕方が稚拙で、用意されていた答えが返ってくるだけで何も暴露されなかった。

どうすればよかったのか？私が思うに、議会は本物のエキスパートを何人か呼び、ゲストの人数を減らし、PFOF（Payment for order flow）の倫理性、Robinhoodアプリの仕組み、そして目新しい証券ツールをいかに簡単に提供しているかなどに関する質問を浴びせることもできただろう。

代わりにこんなすばらしい結果を手に入れた。

"I believe that investing is investing" – Steve Huffman

— alex (@alex) February 18, 2021

私は、投資は投資だと信じています。

あまり役に立ちそうにない。とはいえ、ちょっといいミームやジョークなので、我らの選んだ代議士に腹を立てるより、こちらを楽しむことにしよう。

"Did you buy GameStock because you were not aware of payment for order flow" is an incredible series of words to put one after the other

— Myles Udland (@MylesUdland) February 18, 2021

「GameStockを買ったのはPFOFを知らなかったから？」というのは驚くべき単語の連続だ。

Really? An actual green screen? pic.twitter.com/goFNv3PtkP

— Lisa Fleisher (@lisafleisher) February 18, 2021

ほんとに？　本物のグリーンスクリーン？

Just waiting for “why doesn’t Robinhood take responsibility for customers losses?” from these incompetent boomers

— litquidity (@litcapital) February 18, 2021

「なぜRobinhoodは顧客の損の責任を取らないんだ？」という無能なブーム投資家の声を待っています。

こんなところだ。時間の無駄だった。真の問題はまだまだ残っている。そのほとんどが質問されることなく、もちろん答えられてもいない。

【更新】これから第2部が始まるのだろうか？ああ。

【更新2】聴聞会は延々と続いた。本稿執筆中も。しかし、報告すべきことが出てきた！議会はRobinhood CEOのウラジミール・テネフ氏に、彼の会社が売上の50％以上が 「payment for order flow（PFOF）」すなわち顧客の注文データの売却によるものであることを認めさせた。RobinhoodのPFOF売上が前四半期に約2億2000万ドル（約232億3000万円）だったことを踏まえると、会社の2020年第4四半期の最大売上は4億4000万ドル（約464億6000万円）になるはずだが、実際には3億ドル（約316億8000万円）台くらいと推測しておこう。

画像クレジット：https://techcrunch.com/2021/02/18/robinhood-goes-to-congress/

【原文】

Update: There’s an entire second session of this? My lord.

Update two: The hearing went on and on — it continues as I write to you! — but something did come out that was worth sharing. Namely that Congress got Robinhood CEO Vlad Tenev to report that his company generates at least 50% of its revenue from payment for order flow, or PFOF. Given that Robinhood’s PFOF incomes were around $220 million last quarter, we can place a max cap of the company’s Q4 2020 revenue at $440 million, though I would hazard a guess that it was more in the $3xx million range. 

Today the House Financial Services Committee dragged before them (virtually) for questioning the CEO of Reddit, a Cato wonk, the social media icon DeepFuckingValue, the CEO of Citadel Kenneth Griffin, a hedge fund bro who got whomped by DeepFuckingValue and the CEO of Robinhood Vlad Tenev, who got womped when individual investors joined DeepFuckingValue in his womping of the hedge fund and thus womped his capital requirements leading to general market chaos.

It was not very useful. Between a cascade of Zoom failures — mutings, incorrect unmutings, a green screen that was not actually in use and an actual gavel — members of Congress largely took five-minute slots to embarrass themselves, and not make material points.

The format was not conducive to real questioning, and most questions were both too long and either too precise and misguided in their direction, or too imprecise, even if they landed in the strike zone. Sitting here I am trying to recall a single thing that I learned. I suppose that Robinhood’s CEO was not sure on the details of his company’s arbitration agreement with users. And perhaps a little bit about how many of its users trade options. And that Reddit’s CEO has a nice suit.

Some members of Congress mocked the proceedings, calling them political theater. That earned a rebuke by Maxine Waters, chair of the House Financial Services Committee.

Some members of Congress nearly got around to asking something useful. But largely the method of asking questions was bilge, the responses canned and nothing much uncovered.

What would have worked? I suppose Congress could have brought in a few actual experts and a more limited number of guests, and then hammered them with questions about the ethical reality of payment for order flow, Robinhood’s app mechanics and how easily it offers access to exotic trading tools, and the like. That would have helped.

Instead, we got great stuff like this:

Which was not very helpful. That said, there were some good memes and jokes, so, let’s have some fun instead of being annoyed with our elected representatives:

The rest of it was a waste of time. As I write this sentence to you, a member of Congress just asked how Robinhood got its name. Which is dumb, as the name is so obvious it nearly makes your head hurt with how earnest it is.

So there’s that. This was a waste. Real questions remain. They largely didn’t get asked, and certainly didn’t get answered.

（文：Alex Wilhelm、翻訳：Nob Takahashi / facebook ）

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