| 闪电指令之争及思考 |
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| 引用本文： | 皮六一,罗毅. 闪电指令之争及思考[J]. 证券市场导报, 2010, 0(5) |
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| 作者姓名： | 皮六一 罗毅 |
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| 作者单位： | 上海证券交易所; |
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| 摘 要： | 本文介绍了闪电指令及与之相关的暗池与高频交易,以及交易技术创新对证券市场的巨大影响,并扼要讨论了闪电交易对市场交易的利弊以及由此而引发的争议。本文从交易信息获取的公平性、证券市场的价格发现机制、交易指令成交的最优执行以及交易信息泄露四个方面,对闪电指令交易对证券市场公平与效率的影响进行了分析和评价。关于闪电指令的争议对我国证券市场的启示,本文指出,国内证券市场在近期不会出现闪电交易之类的交易方式,但是我们不应忽视对此问题的研究,应当根据我国资本市场的特点在风险可测、可控、可承受的前提下积极推进场内市场的创新。
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| 关 键 词： | 闪电指令 交易方式 高频交易 市场创新 |
The debate and thinking of flash orders |
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| Pi Liuyi,Luo Yi. The debate and thinking of flash orders[J]. Securities Market Herald, 2010, 0(5) |
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| Authors: | Pi Liuyi Luo Yi |
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| Abstract: | This article first describes flash orders,the dark pools and the high-frequency trading,and the impact of trading technology innovation on the securities market.The pros and cons of flash trades and the resulting controversy are also briefly discussed.This is followed by the analysis and evaluation of the effects of flash trades on the securities market fairness and efficiency from four aspects:the fairness to obtain trade information,the price discovery mechanism of the securities market,the optimal execut... |
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| Keywords: | Flash Order Trading Mechanism High frequency transaction Market Innovation |
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