華爾街高科技交易員令人擔(dān)憂
????《暗池交易》介紹了股票交易的新世界,,是一本頗具娛樂(lè)性,、簡(jiǎn)單易懂的書(shū),盡管帕特森的標(biāo)題有些誤導(dǎo),。他用了概括性術(shù)語(yǔ)描述了整個(gè)美國(guó)市場(chǎng),,而暗池從技術(shù)上講只是一個(gè)細(xì)分市場(chǎng),在其中進(jìn)行的買(mǎi)賣(mài)交易都避開(kāi)了公眾視線,。 ????更棘手的問(wèn)題是,,帕特森沒(méi)有解釋如何防范高頻機(jī)器人和具有學(xué)習(xí)能力的先進(jìn)算法,避免它們引發(fā)新的股市崩潰,。揭露了我們所面臨的可怕現(xiàn)實(shí),,詳細(xì)闡述了推動(dòng)股市的各種力量是一回事。但要找到解決方案則是另外一回事,。 ????因?yàn)?,這個(gè)問(wèn)題根本就沒(méi)有簡(jiǎn)單的解決辦法。不幸的是,,證券交易管理委員會(huì)(SEC)在管控方面已經(jīng)滯后,,但個(gè)別的高頻交易員是不會(huì)興風(fēng)作浪的,,這就像一家銀行的倒閉不會(huì)使整個(gè)系統(tǒng)陷入癱瘓??磥?lái),,要想了解如何監(jiān)管美國(guó)股市——這個(gè)新興的狂野西部,我們或許不得不等待作者的下一本書(shū)了,。 ????譯者:杜偉華 |
????Dark Pools is easily the most entertaining and accessible book to cover the new world of stock trading, even though Patterson's title is misleading. He uses the umbrella term to describe the entire U.S. market, although dark pools are technically sub-markets that mask buy and sell orders from public view. ????A bigger problem is that Patterson doesn't explain what will prevent high-frequency robots and advanced-learning algorithms from causing the next market collapse. It's one thing to detail the scary new reality in which these forces drive our stock market. It's another to offer solutions. ????That's because there are no easy fixes. The SEC is woefully behind in regulating, and individual high-frequency traders aren't problematic, just as one bad bank won't cripple the system. We may have to wait until his next book to learn how you police the new Wild West, more commonly known as the U.S. stock market. |
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