High-Frequency Trading: The Faster, the Better?
High-Frequency Trading: The Faster, the Better?
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高频交易：越快越好？
DOI：
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发表时间：
2012
影响因子：
6.4
通讯作者：
Rahul Savani
中科院分区：
文献类型：
--
作者：
Rahul Savani
纽约证券交易所的大厅里，挤满了交易员，他们都在疯狂地交易，这也许是金融市场的标志性形象。但今天，我们看到的交易大厅的电视画面在很大程度上是象征性的。相反，狂热的交易发生在服务器机房，人类做市商被高频交易公司的算法所取代。他们以微薄的利润和巨大的交易量赚钱。要想发展壮大，他们必须掌握技术和战略。现在，关于它们对市场有多大好处以及应该如何监管它们的辩论非常激烈。
The floor of the New York Stock Exchange, filled with traders in a frenzy of activity, is perhaps the iconic image of financial markets. But today, the TV pictures we see of the trading floor are largely symbolic. The frenzy of activity instead takes place in server rooms, with human market makers replaced by the algorithms of high-frequency trading firms. They make their money with razor-thin margins and huge volumes. To thrive, they must master both technology and strategy. The debate now rages as to how beneficial they are to markets and how they should be regulated.