摘要
高频交易在欧美发达证券市场已经非常活跃,并促进了市场的有效性,但对其仍然褒贬不一。高频交易固然存在一些风险,但是市场的需求推动其不断获得交易商的青睐。虽然我国目前证券市场状况限制了高频交易的发展,但是,未来的市场竞争必然要求监管部门改革证券市场交易制度,放开对高频交易的管制。因此,借鉴欧美发达国家的监管经验,制定监管的法律标准,引导高频交易对证券市场发挥积极作用。
While active in the Europe and the United States securities market and promoting the effectiveness of markets,High-frequency trading has been controversial.Despite risks,high-frequency trading is still one of dealers' top choices.The current securities market conditions in China restrain the development of high-frequency trading.However,in the future,the regulatory authority will be driven by market to reform the trading system of securities market,and loosen the regulation of high-frequency trading.Meanwhile,the regulatory authority should refer to the ex perience of Europe and the United States,enact legal standards,and leas high-frequency trading to have positive effect on the securities market.
出处
《上海金融》
CSSCI
北大核心
2012年第9期48-52,117,共5页
Shanghai Finance
关键词
高频交易
流动性
市场风险
程序化交易
High-frequency Trading
Liquidity
Market Risk
Program Trading
