本帖最后由 Brad 于 2019-12-11 16:30 编辑
【高频交易】
What is High-Frequency Trading (HFT)?
High-frequency trading, also known as HFT, is a method of trading that uses powerful computer programs to transact a large number of orders in fractions of a second. It uses complex algorithms to analyze multiple markets and execute orders based on market conditions. Typically, the traders with the fastest execution speeds are more profitable than traders with slower execution speeds.
什么是高频交易? 高频交易，也被称为HFT，是一种利用强大的计算机程序在N分之一秒内处理大量订单的交易方式。它使用复杂的算法来分析多个市场，并根据市场条件执行订单。通常，执行速度最快的交易员比执行速度较慢的交易员更有利可图。
In addition to the high speed of orders, high-frequency trading is also characterized by high turnover rates and order-to-trade ratios. Some of the best-known high-frequency trading firms include Tower Research, Citadel LLC and Virtu Financial.
除了订单的高速度，高频交易的另一个特点是高周转率和订单对交易的比率。一些最知名的高频交易公司包括Tower Research、Citadel LLC和Virtu Financial。
Understanding High-Frequency Trading
High-frequency trading became popular when exchanges started to offer incentives for companies to add liquidity to the market. For instance, the New York 股票 Exchange (NYSE) has a group of liquidity providers called Supplemental Liquidity Providers (SLPs) that attempts to add competition and liquidity for existing quotes on the exchange. As an incentive to companies, the NYSE pays a fee or rebate for providing said liquidity. In July 2016, the average SLP rebate was $0.0019 for NYSE- and NYSE MKT-listed securities on NYSE. With millions of transactions per day, this results in a large amount of profits. The SLP was introduced following the collapse of Lehman Brothers in 2008, when liquidity was a major concern for investors.
理解高频交易 当交易所开始鼓励企业向市场注入流动性时，高频交易开始流行起来了。例如，纽约证券交易所(NYSE)有一群流动性提供者，称为补充流动性提供者(SLPs)，他们试图为交易所现有的报价增加竞争和流动性。作为对公司的激励，纽交所为提供上述流动性支付费用或回扣。2016年7月，纽约证券交易所和纽约证券交易所MKT上市证券的平均SLP回扣为0.0019美元。考虑到每天数以百万计的交易，他们的利润是十分丰厚的。SLP是在2008年雷曼兄弟(Lehman Brothers)破产后推出的，当时流动性是投资者的主要担忧。 | 
