Most importantly, a Tobin tax would be a poor way to address finance’s biggest sins, because trading volume is a poor guide to the size, risk-taking or complexity of banks.
更重要的是，托宾税并非处理金融之恶的解决之道。 因为交易量并不能很好的反映银行的规模、风险程度或是复杂程度 。
Before theage of electronic trading, large institutional investors used their size andconnections to wrangle better terms from the human middlemen that executed buyand sell orders.
在电子交易出现之前，大型机构投资者一般通过自身的实力和广泛的人脉网络，寻找提供最优条件的交易中间人。
As its trading businesses have mushroomed-to well beyond the size of its investment bank-clients have become increasingly confused about whether the firm is an agent or a competitor.
当它的交易额快速增长远远超出了投资银行的范围时，客户们开始越来越搞不清楚，它到底是一家代理商还是一个竞争对手。
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