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【FAJ】高频交易对市场的影响

作者:     日期:2018-06-11    来源:

Financial Analyst Journal, Volume 70, Issue3, 2014

高频交易对市场的影响

作者:Maureen O’Hara (Cornell University)

 

 

摘要:7月22-25号在芝加哥举行的2013届CFA协会金融分析师研讨会中,莫林讨论了一种新的市场模式——现在交易变得更快,市场结构也发生了根本性的改变。当今市场,高频交易者(HFTs)采取行动处理低频交易者所揭示的信息(LFTs)。 为了生存,低频交易者必须避免被高频交易者的掠夺算法所检测到。通过采用适合高频交易世界的交易策略,低频交易可以蓬勃发展。

 

High-Frequency Trading and Its Impact on Markets

Maureen O’Hara (Cornell University)

ABSTRACT

At the 2013 CFA Institute Financial Analysts Seminar, held in Chicago on 22–25 July, Maureen O’Hara discussed a new market paradigm: Trading has become faster, and market structure has fundamentally changed. In today’s market, high-frequency traders (HFTs) act on information revealed by low-frequency traders (LFTs). To survive, LFTs must avoid being detected by predatory algorithms of HFTs. LFTs can thrive by adopting trading strategies appropriate to the high-frequency trading world.

 

原文链接:

https://www.cfapubs.org/doi/abs/10.2469/faj.v70.n3.6

翻译:秦秀婷