关于算法交易在国内外金融市场应用及管理情况的研究

Research on Application and Management of Algorithmic Trading in Global Financial Markets

上世纪70年代以水来,随着金融科技平的快速提升,借助计算机进行交易决策和执行的算法交易蓬勃发展,被广泛应用于股票、外汇、期货和期权等国际金融市场,并且呈现出智能化的发展趋势。为规范算法交易开展, 防范可能带来的市场风险,各国监管机构及行业准则均制定了相应的管理规定。从国内来看,算法交易主要应用于股票和期货市场,外汇市场尚处于起步阶段。本文研究了国际及国内市场算法交易发展情况及管理经验,并就国内外汇市场算法交易的应用提出相关建议。

With the rapid development of fintech,algorithmic trading with the help of computers for trading decisions and executions has been flourishing since the 1970 s.It is now widely used in global financial markets of stocks,FX,futures and options,and tends to be intelligentized.To standardize algorithmic trading and prevent potential market risks,regulatory authorities and industry codes of various countries have introduced relevant administrative measures.In China,trying its first steps in the FX market,algorithmic trading is mainly used in the stock and futures markets.The article studies the development of algorithmic trading and management experiences at home and abroad,and puts forward recommendations on the application of algorithmic trading in the domestic FX market.