Several reasons:
- ZIRP causes stock market volatility to drop => it demotivates to actively trade
- Пенсионные фонды под давлением из-за низких доходностей облигаций
- ETFы забрали в себя немало ликвидности — они пассивно взяли акции и держат их, не торгуя
- Brokerage businesses mutate into asset management. Management turnovers are small, infrequent operations, они берут себе с клиента management fee и спокойно живут на эти деньги
- Ordinary people are fed up with stock market divorces over the past 15 years. That's dot-coms, the credit crisis. Day trading among private clients in the US has practically ceased to exist.
author:
Original translation: http://smart-lab.ru/blog/190710.php#comments
