在148只受影响股票中,纽约证交所只中断了其中6只股票的交易。这使Knight可能面临重大损失,并带出更广泛的问题。一位华尔街分析师表示:“这不是Knight的个体问题,而是监管当局应该仔细研究的新领域,也让投资者有新的理由对市场失去信任。
For some, the notion of breaking trades underlines the problem of using and relying heavily on high-speed computer technology. Once a trade is executed it soon triggers a chain of positions that becomes very expensive to break.
在某些人看来,停止交易的概念,凸显出使用并过分依赖高速电脑交易技术的问题。一旦一条交易指令被执行,将迅速触发一连串新头寸,这导致停止交易的成本非常高。
“There is no kill switch; the minute you hit the send button on an algo it’s running and you can’t stop it, says Ken Polcari, managing director at ICAP Equities. “Maybe we do need to reflect on where the line is between humans and computers.
英国毅联汇业(ICAP)股票交易部董事经理肯·波尔卡里(Ken Polcari)表示:“不存在彻底停止交易的总闸开关,算法程序一旦启动,你就无法阻止它。也许我们确实需要认真思考真人与电脑之间的界线在哪里。
Advocates of electronic trading say it has enhanced transparency and provides investors with more competitive and fairer prices.
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