By replicating the way human traders ascertain where other investors want to buy and sell stocks, the algos spit out a torrent of orders, many of which are quickly cancelled before a trade is executed, all within fractions of a second.
通过复制真人交易员判断其他投资者买卖意向的方式,算法程序发出一连串交易指令(其中很大一部分在执行前被取消),整个过程耗时不足几分之一秒。
Since the advent of such trading in the past decade, the average trade size has dropped from 1,000 to 200 shares. Some market participants and observers worry about the risks of an “algo running out of control.
自从过去10年里算法交易诞生以来,单笔交易的平均规模已从1000股下降至200股。一些市场参与者和观察人士担心算法交易存在失控风险。
“We are still vulnerable to all kinds of glitches, no matter what changes and precautions we make, there will always be an unanticipated scenario, says James Angel, associate professor at Georgetown University.
乔治敦大学(Georgetown University)副教授詹姆斯·安吉尔(James Angel)指出:“我们在各种技术故障面前仍然十分脆弱。无论我们采取什么改革或防范措施,总会有意想不到的情形出现。
In the case of Knight, which suffered a loss of $440m, Tom Joyce, chief executive, told Bloomberg yesterday the implementation of new software contained a bug that sent erroneous orders into the market. “So we ended up with a large error position which we had to sort through the balance of the day, he said.
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2020-09-15
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