市场的透明越透明，证券越复杂，大华尔街公司的交易桌就越能从该论点中赚钱。关于某些主要公开交易公司股票价值的不断论证的价值很小，因为买卖双方都可以在股票上看到该股票的公平价格，并且经纪人委员会被竞争所推动。信用违约价值对次级抵押债券的价值的论点 - 一个复杂的安全性，其价值源自另一个复杂的安全款项的价值。
(The less transparent the market and the more complicated the securities, the more money the trading desks at big Wall Street firms can make from the argument. The constant argument over the value of the shares of some major publicly traded company has very little value, as both buyer and seller can see the fair price of the stock on the ticker, and the broker's commission has been driven down by competition. The argument over the value of credit default swaps on subprime mortgage bonds-a complex security whose value was derived from that of another complex security-could be a gold mine.)
(The less transparent the market and the more complicated the securities, the more money the trading desks at big Wall Street firms can make from the argument. The constant argument over the value of the shares of some major publicly traded company has very little value, as both buyer and seller can see the fair price of the stock on the ticker, and the broker's commission has been driven down by competition. The argument over the value of credit default swaps on subprime mortgage bonds-a complex security whose value was derived from that of another complex security-could be a gold mine.)
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金融市场的复杂性和不透明性可以显着提高华尔街主要公司的交易桌的盈利能力。在直接的交易中，像涉及公开交易公司股票的交易一样，买卖双方通常可以轻松访问实时价格信息，从而导致经纪人委员会降低，因为竞争的增强。这种透明度最大程度地减少了交易者可以赚取的潜在利润。
相比之下，当处理复杂的金融产品（例如次级抵押债券上的信用违约掉期）时，情况发生了巨大变化。这些复杂的证券从其他复杂的工具中获得了价值，为交易者创造了利用不确定性和估值差异以赚取大量利润的机会。这种环境不仅有利可图，而且还强调了这种不透明的市场细分市场所固有的风险和挑战。
