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高频交易阴谋论
Lex 2009-07-30 章晴译

The suspicious thing about financial conspiracy theories is that they are all alike. A “sophisticated” or “shadowy” investor makes pots of money in ways nobody quite understands. The indignant theorist casts aspersions on their methods, inserts a non sequitur regarding its effects and explains how this is frightfully unfair for the “little guy”. Cue political outrage. The latest involveshigh frequency trading (HFT) and so-called flash orders.

金融阴谋理论的可疑之处在于，所有这些理论都很相似。一个“老练”或“影子般”的投资者，以没人真正明白的方式赚得盆满钵满。义愤填膺的理论家对这些方式大肆抨击，就其效果给出不合逻辑的推论，并指出这对“小人物”是多么地不公平。政治愤慨随之出现。新近出现的阴谋论涉及高频交易(HFT)和所谓的闪电指令(flash orders)。

金融阴谋理论的可疑之处在于，所有这些理论都很相似。一个“老练”或“影子般”的投资者，以没人真正明白的方式赚得盆满钵满。义愤填膺的理论家对这些方式大肆抨击，就其效果给出不合逻辑的推论，并指出这对“小人物”是多么地不公平。政治愤慨随之出现。新近出现的阴谋论涉及高频交易(HFT)和所谓的闪电指令(flash orders)。

HFT is high-volume trading used by banks' proprietary traders and a new breed of electronic trading outfits. It relies on synthesising information faster than others using powerful computers, often co-located within exchanges. Flash orders are sent to certain traders in a market fractionally before being routed more widely. Its speed of execution can save traders money, if only a sliver of a basis point.

高频交易是银行自营交易员和新一代电子交易设备采用的大额交易。它依赖于使用性能强大的电脑——往往设在同个交易所内——来实现信息整合的先人一步。闪电指令会先发送给市场上特定的交易员，略晚一点点再进行更广泛的发送。它的执行速度能够为交易者节省资金，哪怕只相差零点几个基点。

The effects of HFT, which perhaps accounts for 70 per cent of US trading volumes, are ill-understood. There are concerns that its users, as well as providing liquidity, probe the market to extract early information, meaning others lose out. Flash orders may increase that informational advantage.