高频交易监管最近发现再次进入新闻,与美国联邦调查局加入美国市场监管机构,包括美国证券交易委员会(SEC)、商品期货交易委员会和运作,在调查高频交易在美国市场的影响。此举是有所预期,考虑到高水平的电子市场交易量和辩论已发生。回忆2010年的闪电崩盘仍然徘徊在监管机构和国会议员,和迈克尔·刘易斯的贡献辩论——Flash男孩——火上浇油。而过早地说任何确定性的发现这些调查将发现,他们将有影响,不可否认的重要作用电子交易在市场带来流动性和降低交易的成本,特别是在美国和欧洲。同时在亚太地区,越来越多的电子交易市场,监管机构似乎选择了电子交易平衡的方法。香港证券及期货事务监察委员会(证监会)最近推出了新规定交易算法的使用,强调算法测试的重要性,风险管理和内部市场控制。今年2月,新加坡交易所增加断路器市场降低结构性风险因自己的“迷你闪电崩盘”在2013年。监管机构在日本,最有前途的电子市场交易员、特别适应。在2012年,它被所谓的“5%规则”限制交易量在该国的另类交易场所,方便交易者套利。目前JPX也减少蜱虫大小,这将影响高频交易。这些方法形成鲜明对比的方法监管机构在欧洲的一些地区,有金融交易实施税收包含高频交易卷。一些亚洲监管机构决定更注重控制风险,而不是限制卷,是有针对性的。 Numerous reviews have concluded that disruptive events such as the U.S. flash crash and last year’s Everbright Securities trading error in Shanghai were caused by a failure of internal testing and risk management, rather than the practice of HFT itself.Their emphasis on risk control is having the desired effect: many brokers and traders in Asia are starting to invest in and upgrade their compliance and testing systems, as well as their trading technology, to bring them in-line with global best practice. Much of the required technology is already available on the market, although cost has become an important consideration. This has encouraged many to outsource in order to access the best risk management technology, often as part of a package of managed services. Vendors in turn are responding to this demand by entering into partnerships with other providers to offer integrated infrastructure, data and risk management solutions, customised for Asian markets, which unlike the U.S. lacks a common regulatory framework. Companies must often navigate multiple compliance and regulatory jurisdictions, often in languages other than English. For them, integrated solutions are extremely valuable and greatly lower the cost of accessing multiple markets in the region.The regulatory environment in Asia will continue to evolve as more and more HFT firms turn their attention to the region. However, as risk management standards rise, the signs are already positive that their entry need not result in excessive costs, and may perhaps be beneficial for the development of the region’s markets. This article was previously published onTABBForum。
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2014年5月12日
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