Too Fast, Too Frequent? High-Frequency Trading and Securities Class Actions
Too Fast, Too Frequent? High-Frequency Trading and Securities Class Actions
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太快、太频繁？
DOI：
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发表时间：
2015
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影响因子：
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通讯作者：
T. E. Levens
中科院分区：
文献类型：
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作者：
T. E. Levens
20 世纪 70 年代和 80 年代计算机化交易的出现改变了证券诉讼的格局。现在，高频交易（HFT）再次威胁要做出同样的事情。通过使用先进的技术工具和计算机算法在几分之一秒内执行交易并大量进出短期头寸，交易者的目标有时只是在每笔交易中获取一小部分利润。然而，随着速度提高的优势，对于仍在使用较慢、更传统的电子交易策略的投资者来说，也带来了许多负面影响。这些投资者受到利润损失和价格上涨的刺痛，已经开始寻求联邦证券法的保护和救济——但他们的主张成功的可能性有多大？而且，如果高频交易成为投资者的标准做法，证券集体诉讼的当事人应该如何应对这项新技术？本评论探讨了与高频交易和市场欺诈信赖推定相关的这些问题和其他问题，并就法院应如何处理这些问题提出了解决方案和建议。
The advent of computerized trading in the 1970s and 1980s changed the landscape of securities litigation. Now, high-frequency trading (HFT) again threatens to do the same. By using sophisticated technological tools and computer algorithms to execute trades in fractions of a second and moving in and out of short-term positions at high volume, traders aim to capture sometimes just a fraction of a cent in profit on every trade. Along with the advantages of increased speed, however, come many negative effects for investors still utilizing slower, more conventional electronic trading strategies. Such investors, stung by lost profits and increased prices, have begun to seek protection and relief from the federal securities laws — but how likely are their claims to succeed? And, in the event that HFT becomes a standard practice among investors, how should litigants in securities class actions react to this new technology? This Comment explores these and other questions related to HFT and the fraud-on-the-market presumption of reliance, and proposes solutions and suggestions for how courts should treat these issues.