面对一系列技术毛刺，从闪光灯撞击到上个月花费4.4亿美元的软件错误，证券交易委员会持有“技术圆桌会议”，看看可以做些什么阻止未来的交易灾害。
尚未披露谁将参加的机构表示，会议将重点关注“预防错误”，特别是在用于生成交易的系统中，确认交易和传播数据。圆桌会议将于10月4日在SEC总部举行。
The meeting will also discuss how the market might use “crisis management procedures” to detect, limit and possibly terminate erroneous market activities.
The series of trading glitches, which began with the “Flash Crash” in 2010, has driven many small investors from the stock market because they believe they are at a disadvantage to high frequency traders, who now account for more than 70 percent of all equity turnover.
The situation may be worse than small investors fear. According to a new book, even institutional investors now have to take a back seat to high frequency firms, which are accorded special trading status by many exchanges in return for their business.
SEC自2009年以来拟议的拟议监管，这将限制授予高频交易员的一些优势，但该规则从未实施过。
这本书有权黑暗游泳池那by华尔街日报记者斯科特帕特森。标题是一个不可思议的人，因为这本书与黑暗游泳池相对较少 - 允许投资者在没有发布价格的情况下匿名贸易的交易交易场所。帕特森坚持认为整个市场已成为一个黑暗的种类，因为高频交易员的行为几乎每个人都不可见。
Patterson的大部分的论点是基于Haim Bodek的信息，他创立了一家称为贸易机器的高速贸易公司，以便在股票期权交易。由于持续的损失，德克最终被迫关闭坚定。帕特森表示，他还采访了关于交易实践的交易所的高管。
作者认为，高频交易员享有股票市场其他投资者的两个优势。一个是通过称为集声系数的系统 - 其中它们将计算机放在交换机旁边 - 它们连接到数据流，该数据流警告其计算机算法在其他人的计算机之前交易。
尽管主机托管一直争论的问题d for some time, Bodek told Patterson that an exchange official admitted to giving the high frequency traders another, unknown advantage. The traders have been made aware of specific types of trading orders that will jump to the head of the trading queues.
如宾馆和帕特森概述的，当富达等大型共同基金想要放置大型集团贸易时，例如购买一百万股IBM，该公司将贸易分为许多较小的交易，并努力将它们传播伪装他们的意图从网络上通过网络上的交易进行搜索。
But according to Patterson, high frequency traders’ algorithms are now so sophisticated they are able to deduce from a small trade order that a bigger transaction is in progress. “A classic short-term strategy is to sniff out an elephant and trade ahead of it,” he writes.
The computer then knows to place a buy order of a special type that leapfrogs over the mutual fund’s transaction to the front of the trading queue. When the mutual fund order is finally processed, it is at a slightly higher price because the high frequency trader’s order has already minutely driven up the price. The high frequency trader then sells the stock at that higher price, and the value of the shares declines.
“帕德克相信市场被操纵，”帕特森写道。当我向帕特森问帕特森在这本书上工作了三年时，如果他同意这项评估，他就会谨慎。“看起来很可疑，”他说。“我们必须依靠监管机构进入并查看记录。”
帕特森描述的是基本上是正常运行的一种形式。据他介绍，大多数大型机构仍然使用限价订单，该票据在买方将支付股票的价格上设定了一个上限。其他替代方案是市场秩序，它将在执行时购买股票。
According to information in the book, high frequency traders have been told to use a specialized hybrid trade that is neither a limit nor a market order. That particular kind of trade, which most traders have never heard of, jumps the order to the front of the trading queue ahead of limit orders, Patterson says.
“No big institution would ever use this type of order,” Patterson says. “The high frequency traders use them to get priority and a rebate [for their trading costs].”
Patterson says regulators are investigating whether this type of order is giving the high frequency traders an unfair advantage. So many firms now use these orders, he says, that they are constantly jamming up against each other at the top of the trading queue. Its the big institutional firms that are stuck behind them and suffer a price disadvantage when their trades eventually clear, he says.
One of the arguments in favor of high-speed trading firms has always been that they help narrow the spreads between the bid and ask price, making stock purchases cheaper for everyone in the market. But if indeed institutional investors' trades are being forced behind the high frequency trades, they are paying a premium that would not otherwise exist.
Patterson审议该算法现在占股票市场所有交易的约三分之二。
允许高频公司的另一个优点是他们的交易对所有其他交易者都不可见，因此大型机构监测市场无法判断他们的策略是否已被发现，其他机构是否已被发现，而其他机构则会对其进行竞标。
为什么高频交易员通过交易所提供了如此多的优势？根据帕特森的说法，该公司为他们实际获得的高频公司获得的交易所产生了如此多的业务，而不是其他方式。