Three’s a crowd — at least, it should be when it comes to stock markets in the same country doing the same thing. Fragmentation divides investor attention and liquidity. And when new entrants steal all the limelight, it can lead to a predictable cycle of booms and busts.
三个就太拥挤了——至少对在同一国家做同样事的股票市场而言如此。碎片化会分散投资者注意力和流动性。而当新进入者抢尽风头时，往往会引发可预见的牛市与熊市循环。
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