今年夏天有大量大惊小怪，关于高频交易。投诉范围从HFT创造了一个不公平的系统，其中一些交易者可以通过群众弥补群众来赚钱，因为它可以用于操纵市场和肆虐我们的金融体系的灾难。大部分批评都是被误导的民粹主义的言论而不是事实。HFT的客观分析可能有助于将事实与硫醇分开。市场由于高频交易的好处e it adds considerable liquidity. For example, in U.S. stock exchanges, HFT participants account for a significant portion of all volumes (50 to 70 percent, according to many experts), which keeps bid-offer spreads a penny wide in most stocks. This benefits every level of market participants — from mom-and-pop investors to pension funds — because narrower spreads mean lower trading costs.
此外，没有什么可以阻止任何人在高频空间中竞争，并且没有给予HFT操作的特殊处理。争辩说，HFT是不公平的，就像声称沃伦巴菲特应该被赋予洛越教，因为他在挑选股票上有更好的技能和资源。承担投资大量资源和人才的努力，努力为所有人开放的努力，没有保证成功，不应该被诽谤，因为他已经成功了。值得注意的是，HFT通过几乎每个人都可以了解，包括跑步交流和共同基金的人们对市场非常有价值。
There are two major classes of HFT strategies: those that provide liquidity and those that speculate. Liquidity providers seek to profit by earning the bid-offer spread and the liquidity-provision rebates market centers pay (exchanges or Electronic Communication Networks, for example). When they provide liquidity, HFT players are taking the opposite side of other market participants’ trades, and this implies taking risk. This also explains why HFT players depend on lightning-fast executions. They are reacting to other traders’ desires to buy and sell, so they need to know about these events extremely — and process them — quickly in order to produce a timely response.
Additionally, liquidity providers compete with each other for the same orders. Market centers determine which order at a given price gets the first priority, usually based on the time orders were received, so speed matters explicitly in this sense.
Finally, liquidity providers are eager to get rid of the positions they acquire — preferably by providing liquidity on the opposite side — before the market moves too much, and this also necessitates speed.
一些HFT公司是投机者。在他们试图在各种文书中从短期运动中获利的程度，他们需要在他们期望发生的举动之前进入和退出他们的交易。对于在实施其战略的实施中，还试图捕捉流动性拨款的投机者，速度很重要，因为他们正在与市场制造商竞争。
现在让我们转向关于高频交易的具体投诉。一些批评者声称它创造了一个双层的市场，一些参与者受到他人的青睐。他们专门指出flash trading。他们是关于Flash Trading的权利。它允许在别人可见之前通过交换内部人员（成员）来看待一些订单。理论上，这将允许交换的内部人员前运行闪存的订单。但闪存交易与HFT没什么关系。实际上，Flash Trading大大预测HFT。即使是名称“闪光顺序”来自旧时光，当专家在现代闪光订单中恰好啮合的正常运行中的那种正常运行时。
Other opponents claim that HFT allows dangerous market manipulations. Earlier this month, news emerged of a Dutch HFT firm that is alleged to be manipulating the crude oil markets. Some in the media are insinuating that such practices may be widespread. But market manipulation is unrelated to HFT. TheHunt Brothers manipulated the silver market在70年代后期，和Enron manipulated the California electricity market从2000年到2001年，他们都没有使用HFT。
市场操纵器通常累积大的位置以影响操纵，这通常与HFT的方法相反。使用高速计算的坚固操纵市场存在这种示例几乎没有一般是HFT的有效谴责。
鉴于高频交易周围的所有争议，秒和其他监管机构是“仔细检查”这个利基，以砍掉任何不法行为或不均匀的播种领域。这很好。我只希望监管机构寻求事实和客观的现实，而不是屈服于一种疯狂的恐惧，让思想像终结者或矩阵这样的胶片。没有机器人革命迫在眉睫，机器仍然有开关。
rishi k narang.是Telesis Capital LLC的创始校长和投资组合经理，该公司是在加利福尼亚州滨海德利码头的基础。自1996年以来，拿冈队一直参与了对冲基金，重点是定量对冲基金。他是黑匣子里面的作者：关于定量交易的简单真相（Wiley Finance，2009），并广泛讲述量级交易的主题。有关Narang或他的书的更多信息，请访问http://www.thequantbook.com。