????2003年，當現年57歲的羅伯特?格雷菲爾德出任納斯達克公司（Nasdaq）CEO時，它只在美國經營一個股票市場。如今，該公司已在全球擁有并經營26個市場，交易品種覆蓋股票、債券、衍生品和大宗商品；其技術為六大洲的70個交易市場提供支持。在這個被信息科技和全球化嚴重顛覆的行業中，格雷?菲爾德的激進擴張已經成為保持納斯達克OMX集團（Nasdaq OMX）立于不敗之地的關鍵。最近，格雷菲爾德與《財富》雜志(Fortune)探討了高頻交易、美國在全球資本市場的競爭力等話題。以下為經過編輯的采訪節選：

????《財富》：高頻交易已經引發了很多爭議，尤其是在邁克爾?劉易斯的新著《快閃小子》（Flash Boys）出版之后。歸根結底，劉易斯認為，市場被非法操縱了。他說得對嗎？

????羅伯特?格雷菲爾德：他完全錯了。他所采訪的只是這個行業的少數從業者，少到有點奇怪。我覺得他就像是走馬觀花。這不是一部嚴肅的作品。當前市場的運行比以往任何時候都好。它們還可以繼續改善嗎？當然可以。我們每天都在為此努力。務必要指出的是，我們的市場交易成本在過去20年中已經降低了90%。這是非常了不起的。

????讀過或聽說過這本書的個人投資者會有點擔心。對于這個話題，他們需要知道的最重要的一點是什么？

????他們應當明白，我們的市場運行得非常好。市場深度和流動性都很好，如果一位投資者想以屏幕上看到的價格買入或賣出，他們能以最快速的方式獲得這個獨一無二的機會。可能與你想象的正好相反，2012年以來，散戶的市場參與度一直在上升，進入2014年之后，這一趨勢仍在持續。因此，你看到了市場中有越來越多的散戶參與。

????過去美國經濟的成功部分得益于這個國家擁有堪稱全球資本配置效率最優的資本市場。如今美國還有這一優勢嗎？

????毫無疑問。從某些方面而言，美國在全球資本市場的領先優勢還進一步擴大了。2012年以來，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注的IPO交易。比如，來自中國的京東商城（JD.com）和英國的Markit公司均選擇在這里上市。我們對當前的美國資本市場很有信心。

????有意思的是，通過現有的數據，人們可以比照美國市場和其他市場的交易成本，而美國顯然處于領先地位。這是一件好事。

????4年前我們聽到，有人預言美國監管升級[特別是推行《多德-弗蘭克法案》（Dodd-Frank）之后]會嚇跑許多本來打算赴美IPO的公司，美國的優勢將喪失。后來發生了什么事情？

????大家必須要關注的是《創業企業融資法案》（Jobs Act）。這是過去十年我看到的第一部放松管制的兩黨法案。《創業企業融資法案》對于美國IPO市場影響巨大，特別是生物科技類公司。它顯示了明智的政府行動確實能推動商業發展。

????最近《彭博商業周刊》（Businessweek）有一篇文章詳細報道了2010年納斯達克遭到的一次網絡入侵。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?