Knight公司首席执行官托马斯·乔伊斯(Thomas Joyce)上周四对彭博(Bloomberg)表示,发生技术问题是由于公司新安装的软件存在缺陷,向市场发出了错误的交易指令。他说:“结果我们持有规模庞大的错误头寸,被迫在当日余下的时间进行整理。
Traders said they believed a large order for a number of stocks was executed in five minutes rather than a longer period of either one or up to five days. The scale of orders pushed prices sharply higher or lower and overwhelmed the liquidity of the market.
交易员们认为,涉及多只股票的大额交易指令在5分钟内就执行完毕,而没有在一整个交易日甚至五个交易日的更长时段内分批进行。这些指令的庞大规模导致股价剧烈波动,超出市场流动性的承受能力。
It also sparked wild trading in exchange traded funds; the Vanguard Utility ETF experienced volumes of 4m, well beyond its usual 128,000 trades a day.
该指令还导致交易所交易基金(ETF)的交易量暴增,先锋(Vanguard)公用事业类ETF的交易量达到400万笔,远远超过每日12.8万笔的正常水平。
Since the flash crash, the market has put in place circuit breakers, designed to limit wild swings in the price of stocks beyond a rise or fall of 10 per cent during a five minute period.
闪电暴跌事件后,市场引入了“断路开关机制,以扼制股价剧烈波动,使股价在5分钟内的涨跌幅度不超过10%。
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