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Odysseus--成长方而不割,廉而不刿,直而不肆,光而不耀 9月19日 Re: 中国现状和未来的思考80后将会是见证历史的一代。 =========================================================== 发信人: Shotgun1984 (喷子), 信区: Returnee 7月28日 Senator Wants Restrictions on High-Speed Tradinghttp://www.nytimes.com/2009/07/25/business/25trading.html?_r=2&ref=business http://news.yahoo.com/s/ap/20090725/ap_on_bi_ge/us_schumer_flash_orders ======================================================================= Senator Wants Restrictions on High-Speed TradingPublished: July 24, 2009
A high-ranking lawmaker has asked the Securities and Exchange Commission to prohibit a trading technique that enables some large banks and hedge funds to peek at investors’ stock orders before they are sent to the broader marketplace. Jay Mallin/Bloomberg News
Senator Charles E. Schumer wrote to the S.E.C. saying he intended to introduce legislation barring flash orders.  The technique, known as flash orders, gives high-frequency traders using lightning-fast computers an unfair advantage, Senator Charles E. Schumer, the New York Democrat who is chairman of the Senate rules and administration committee, said in a letter to the S.E.C. Mr. Schumer wrote that he intended to introduce legislation barring the technique, if the agency failed to act. “The hallmark of our markets are that they are open and above board and the little guy has as much of a chance as the big guy,” Mr. Schumer said in an interview. “This takes a dagger to the heart of that concept.” The S.E.C. declined to comment on Mr. Schumer’s letter, though some officials acknowledged they were investigating the technique and expected new regulations to be issued by this fall. When buy or sell orders are submitted to marketplaces like Nasdaq, they are sometimes flashed to a collection of high-frequency traders for just 30 milliseconds — 0.03 seconds — before they are routed to everyone else. In that half-second, fast-moving computer software can gain valuable insights regarding growing or declining demand in certain stocks, and can trade ahead of other market participants, pushing prices up or down. Although anyone can gain access to flash orders by paying a fee, they are useful only to traders who have computers powerful enough to act on the data within milliseconds. In recent years, some of the largest financial companies, including Goldman Sachs, have earned enormous profits with such computers, which are very expensive and often housed right next to the machines that power the marketplaces themselves. While markets are supposed to ensure transparency by showing orders to everyone simultaneously, flash orders are currently allowed because of a loophole in securities regulations that allows for immediate trades. “I’m against anything that advantages anybody over the rest of the market, and this clearly does, even though it’s momentary,” said Arthur Levitt, who headed the S.E.C. from 1993 to 2001, and today works as an adviser to Goldman Sachs and Getco L.L.C., one of the largest high-frequency trading firms. The exchanges that offer flash orders — Nasdaq, Direct Edge and BATS — all declined to comment on Mr. Schumer’s letter. In the past, Nasdaq has defended flash orders. A company spokesman, Wayne Lee, wrote that the market’s “hope is that by having the ability to Flash participants, this functionality will make our customers more competitive.” This debate comes amid growing concern over high-frequency trading, which has helped push the average daily volume on the nation’s stock exchanges up by 164 percent since 2005. Although precise figures are elusive, stock exchanges say that a handful of high-frequency traders now account for more than half of all trades and collected about $21 billion in profits last year, according to the research firm the Tabb Group. =======================================================================发信人: niubee, 信区: Quant 标 题: 美股市惊现“0.03秒”黑幕 发信站: BBS 未名空间站 (Mon Jul 27 08:21:27 2009, 美东) 美股市惊现“0.03秒”黑幕大投行用高速计算机比一般人早0.03秒获取市场信息，再通 过高频交易赚取暴利...... 美国政策制定者们希望证券交易委员会(SEC)能够修改股市交易规则，禁止包括高盛在 内大型投资银行以及对冲基金在投资者在交易委托单公开之前偷看交易信息。 据悉，美国大型投行利用的高速计算机要比一般投资者早0.03秒获得市场交易的信息， 通过这个优势他们可以在股市里赚取巨额利润。纽约州民主党参议员、参议院金融委员 会的资深成员查尔斯・舒莫在一封写给SEC的信中这样表示，如果SEC不采纳他提 出的禁止大投行利用高速计算机的建议，他打算直接撰写法案禁止该项操作策略。查尔 斯・舒莫在采访中称：“我们的市场必须确保一切操作都是光明正大的，无论投 资者规模大小，都应该一律平等。现有的交易规则犹如一把利剑将这个理念击破。” 尽管SEC的一些官员承认已经对交易规则展开调查，并有望于今年秋出台新的立法规范 ，但对于查尔斯・舒莫所写的这封信，SEC拒绝置评。 据悉，现有这种交易规则被称为闪电命令，以纳斯达克股票交易市场为例，投资者的买 卖交易信息往往一闪而过便进入计算机的这些高频买卖集合中，这比在市场上向每个人 公开要早0.03秒。在半秒的时间内，大型投行所使用的高速计算机软件就能洞察出有价 值的信息，如某些股票需求的增加或减少。因此，大型投行可以利用这一优势，先于市 场上的其他投资者参与股票交易，从而将股价推高或打压。 尽管每个人都可以在支付一定的费用后进入到闪电命令的集合中，但是只有那些拥有足 够强大的计算机的投资者才能在这0.03秒的时间中对数据进行分析。最近几年，一些包 括高盛在内的大型金融机构利用这些功能强大的计算机赚取了巨额的利润。随着市场透 明化的要求呼声越来越高，因此要求将每个人的交易信息都公开，闪电命令随即被SEC 采纳，但这也为大型投行赢利先机创造了条件。美国证券监管委员会(SEC)前任主席、 现高盛和Getco L.L.C.高级顾问阿瑟・列维特表示：“我反对任何人利用任何特 有的优势参与市场交易。而这种交易规则正是给予了他们这样一种优势。尽管时间十分 短暂。 ” 纳斯达克、美国股票交易平台提供商 Direct Edge以及BATS交易所均采用了闪电命令的 交易规则。对于查尔斯・舒莫的这封信，他们也拒绝做出任何评论。据悉，在过 去，纳斯达克股票交易市场是拒绝采用闪电命令的交易规则的。某金融公司发言人韦恩 表示：“市场希望在启用这一规则下，能够让我们的客户更具有竞争力。” 当前市场对高频交易的关注日益强烈，有关争论也渐起。证券交易所表示，当前高频交 易单的数量占交易总量的比例已经超过一半。金融服务研究公司Tabb Group的数据显示 ，去年高频交易为交易所创造了210亿美元的利润。 -- ※ 来源:·WWW 未名空间站 海外: mitbbs.com 中国: mitbbs.cn·[FROM: 38.97.] 7月13日 Blue Angels--蓝色使徒还有不少照片在http://www.flickr.com/photos/lihengphy/上。 http://forum.cornellcssa.org/viewtopic.php?f=18&t=1360&start=0&st=0&sk=t&sd=a&sid=486028b3cd4e00fa3cad7ee63f4e752d =========================================================================================== Blue Angles隶属于美国海军，用的F/A-18，也就是航母的舰载战斗/攻击机，从83年开始服役至今已经近30年，以战斗/攻击机的标准算是一元老将了。在快3点到达Binghamton后总算没有错过Blue Angles的表演。comodo已经发过不少图片了，这里算是补充吧。 5号机起飞，  4机编队  6机礼花，   4机编队  4机横滚  擦肩而过，   高难度的对冲  航展结束，飞机陆陆续续的离开了机场，C-5还在跑道上。  整个表演很精彩，赏心悦目，也可以了解到F/A-18优异的机动性能。表演对于飞机有极高的要求，Blue Angels的飞行员们一定非常信任他们的座驾。我期待在不久的将来能够看到祖国同样优秀的飞行表演，能有同样优秀或者更好的战斗/攻击机。 5月12日 纪念汶川大地震1周年水木的帖子，哀悼和纪念。 “中国人死都不怕，还怕活吗？” ====================================================== 标 题: [五一二]逝者安息，生者坚强，汶川雄起，多难兴邦！ 发信站: 水木社区 (Mon May 11 23:59:56 2009), 站内 纪念汶川大地震1周年！ （2008－2009） 转眼噩梦已一年，每一思及泪潸然。六万同胞卓然去，悲风飒飒袭九泉。 如今灾区序井然，重新收拾旧河山。瓦砾之中再崛起，没有真情不动天。 今年的5月12日，一个让中国人泣血的日子又悄然到来了。 血我们流过了，泪我们滂沱了，痛定思痛让我们思念逝者，再续渊源。 中国人死都不怕，还怕活吗？ 一字一文只为念，一花一朵只为奠，一血一泪汇成海，一人一心龙再现。 -- |
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