????2003年，當(dāng)現(xiàn)年57歲的羅伯特?格雷菲爾德出任納斯達(dá)克公司（Nasdaq）CEO時(shí)，它只在美國(guó)經(jīng)營(yíng)一個(gè)股票市場(chǎng)。如今，該公司已在全球擁有并經(jīng)營(yíng)26個(gè)市場(chǎng)，交易品種覆蓋股票、債券、衍生品和大宗商品；其技術(shù)為六大洲的70個(gè)交易市場(chǎng)提供支持。在這個(gè)被信息科技和全球化嚴(yán)重顛覆的行業(yè)中，格雷?菲爾德的激進(jìn)擴(kuò)張已經(jīng)成為保持納斯達(dá)克OMX集團(tuán)（Nasdaq OMX）立于不敗之地的關(guān)鍵。最近，格雷菲爾德與《財(cái)富》雜志(Fortune)探討了高頻交易、美國(guó)在全球資本市場(chǎng)的競(jìng)爭(zhēng)力等話題。以下為經(jīng)過(guò)編輯的采訪節(jié)選：

????《財(cái)富》：高頻交易已經(jīng)引發(fā)了很多爭(zhēng)議，尤其是在邁克爾?劉易斯的新著《快閃小子》（Flash Boys）出版之后。歸根結(jié)底，劉易斯認(rèn)為，市場(chǎng)被非法操縱了。他說(shuō)得對(duì)嗎？

????羅伯特?格雷菲爾德：他完全錯(cuò)了。他所采訪的只是這個(gè)行業(yè)的少數(shù)從業(yè)者，少到有點(diǎn)奇怪。我覺(jué)得他就像是走馬觀花。這不是一部嚴(yán)肅的作品。當(dāng)前市場(chǎng)的運(yùn)行比以往任何時(shí)候都好。它們還可以繼續(xù)改善嗎？當(dāng)然可以。我們每天都在為此努力。務(wù)必要指出的是，我們的市場(chǎng)交易成本在過(guò)去20年中已經(jīng)降低了90%。這是非常了不起的。

????讀過(guò)或聽(tīng)說(shuō)過(guò)這本書的個(gè)人投資者會(huì)有點(diǎn)擔(dān)心。對(duì)于這個(gè)話題，他們需要知道的最重要的一點(diǎn)是什么？

????他們應(yīng)當(dāng)明白，我們的市場(chǎng)運(yùn)行得非常好。市場(chǎng)深度和流動(dòng)性都很好，如果一位投資者想以屏幕上看到的價(jià)格買入或賣出，他們能以最快速的方式獲得這個(gè)獨(dú)一無(wú)二的機(jī)會(huì)。可能與你想象的正好相反，2012年以來(lái)，散戶的市場(chǎng)參與度一直在上升，進(jìn)入2014年之后，這一趨勢(shì)仍在持續(xù)。因此，你看到了市場(chǎng)中有越來(lái)越多的散戶參與。

????過(guò)去美國(guó)經(jīng)濟(jì)的成功部分得益于這個(gè)國(guó)家擁有堪稱全球資本配置效率最優(yōu)的資本市場(chǎng)。如今美國(guó)還有這一優(yōu)勢(shì)嗎？

????毫無(wú)疑問(wèn)。從某些方面而言，美國(guó)在全球資本市場(chǎng)的領(lǐng)先優(yōu)勢(shì)還進(jìn)一步擴(kuò)大了。2012年以來(lái)，有80家海外公司赴美上市。單單是今年，我們就吸引了不少備受關(guān)注的IPO交易。比如，來(lái)自中國(guó)的京東商城（JD.com）和英國(guó)的Markit公司均選擇在這里上市。我們對(duì)當(dāng)前的美國(guó)資本市場(chǎng)很有信心。

????有意思的是，通過(guò)現(xiàn)有的數(shù)據(jù)，人們可以比照美國(guó)市場(chǎng)和其他市場(chǎng)的交易成本，而美國(guó)顯然處于領(lǐng)先地位。這是一件好事。

????4年前我們聽(tīng)到，有人預(yù)言美國(guó)監(jiān)管升級(jí)[特別是推行《多德-弗蘭克法案》（Dodd-Frank）之后]會(huì)嚇跑許多本來(lái)打算赴美IPO的公司，美國(guó)的優(yōu)勢(shì)將喪失。后來(lái)發(fā)生了什么事情？

????大家必須要關(guān)注的是《創(chuàng)業(yè)企業(yè)融資法案》（Jobs Act）。這是過(guò)去十年我看到的第一部放松管制的兩黨法案?！秳?chuàng)業(yè)企業(yè)融資法案》對(duì)于美國(guó)IPO市場(chǎng)影響巨大，特別是生物科技類公司。它顯示了明智的政府行動(dòng)確實(shí)能推動(dòng)商業(yè)發(fā)展。

????最近《彭博商業(yè)周刊》（Businessweek）有一篇文章詳細(xì)報(bào)道了2010年納斯達(dá)克遭到的一次網(wǎng)絡(luò)入侵。您怎么看這篇文章？

????When Robert Greifeld, 57, became Nasdaq’s chief in 2003, it ran one equity market in the U.S. Today, it owns and operates 26 markets globally for trading stocks, bonds, derivatives, and commodities; its technology runs 70 markets on six continents. Greifeld’s aggressive expansion has been necessary to keep Nasdaq OMX relevant in an industry being heavily disrupted by infotech and globalization. He talked recently with Fortune about high-frequency trading, U.S. competitiveness in capital markets, and more. Edited excerpts:

????Fortune: There’s been a lot of controversy about high frequency trading, especially since Michael Lewis’s book Flash Boys was published. Bottom line, Lewis says the market is rigged. Is he right?

????Robert Greifeld: He’s completely wrong. He spoke to very few people in the industry—it was remarkable how few people he spoke to. I characterize it as a drive-by. It was not a serious piece of work. The markets are working better than they ever have. Can they be improved? Of course they can. We work on that every day. But it’s important to note that the cost to transact in our market has declined by 90% over the last 20 years. That’s pretty impressive.

????Individual investors read the book or hear about it, and they’re a little scared. What’s the most important thing for them to know about this topic?

????The thing they should know is that our markets function incredibly well. They’re very deep and very liquid, and if an investor wants to buy or sell at the price they see on their screen, they have a unique opportunity to do that in a most rapid fashion. Contrary to what you might think, retail participation in the market has been on the increase since 2012 and that increase has continued into 2014. So you see increased engagement from retail investors in the markets.

????America’s economic success was in part due to having capital markets that were arguably the world’s best at allocating capital to its best use. Do we still have that edge?

????Beyond a doubt. In certain ways, our lead in capital markets has extended. Since 2012, we’ve had 80 companies from outside the U.S. come to the U.S. marketplace [to list]. Just this year, we had a number of high-profile wins. We had JD.com come to us from China and Markit come from the U.K. to list here. So we feel very good about the state of our capital markets.

????It’s interesting how, with the data available, you can see the transaction costs in our market relative to other markets, developed and developing, and we lead. That’s a good thing.

????Four years ago, we heard predictions that increased regulation, Dodd-Frank in particular, would discourage companies from doing IPOs and listing in the U.S., and that the advantage was going to shift. What has happened since then?

????What you have to focus on is the Jobs Act. That was the first bipartisan deregulatory action that I’ve seen in the past decade. The Jobs Act has had a tremendous impact on the IPO market in the U.S., in particular with biotech companies. It shows that informed government action can really make a difference in commercial endeavors.

????A recent Businessweek article detailed a cyberattack on Nasdaq in 2010. What was your reaction to the article?