Piece willful
[High frequency trade the company uses powerful computer system to undertake trading quickly, hold a time to often be less than a second. Go up to be compared relative to backward investor photograph with the technology, this kind of company uses the sheet below the time advantage go ahead of the rest that relies on technical advantage to obtain]
Make from a that of May 2010 after the US stock of investor one's heart still fluttering with fear steeps fall at 1000 o'clock, the 3rd big stock of 5 United States trades last week operation business BATS Global Markets Inc. (Say below " BATS " ) because computer system makes mistake,bring about a stock to trade the situation is unusual, force price of malic company stock to spark " fusing mechanism " , make its oneself cancels IPO the happening of incident of this one extreme makes again wall street astounded.
For a short while, trade about American stock the sys free brooch pins tem is unreliable, the program is changed trade for only then the argument such as the person that make tomb figure again cause a temporary clamor.
BATS get enmeshed in a web of one's own spinning
Last week 5, it is the day that BATS company stock appears on the market first days. Be in the United States time of the eastpart part in the morning 11 when 14 minutes, after this company undertakes IPO with the price of 16 dollars, stock price immediately drops considerably, short 900 small seconds (second of =1/1000000 of 1 small second) in, share price drops to 4 cent all the way.
norton internet antivirusAnd it is in a few minutes before all these happening, the malic company stock that trades through BATS also appears trade transaction. That day morning 10 when 57 minutes, brushstroke passes BATS only 100 be aimed at malic company buying sheet is the price with every 551.66 dollars appears first, after counting small second, fall to 542.8 dollars. Later, because share price drops,panel height is amounted to 9.4% , sparked so called " fusing mechanism " , its stock trades in 10 when arrive 57 minutes 11 when 02 be made stop temporarily between cent.
After incident happening, BATS undertook updating to its website, say its trade the problem already was solved, ambiguous ground points out the cause that causes this incident happening is software mistake, and the wrong stock that is aimed at an apple trades to also be cancelled, but the serious result that this one mistake creates cannot have avoided.
That day afternoon, BATS presiding apparitor Joe Lateman (Joe Ratterman) makes a statement say: "Happen today technical after the problem, we think to cancel IPO is appropriate action to company and partner. " the news spokesman of BATS still says through email, the company will be sought no longer appear on the market. BATS cancels to appear on the market.
Analytic personage says, cancel IPO to plan to be in at present the fact in the market is belonged to infrequent, and this company or a bourse.
An administer wears the manager of new York fund of 5 billion dollar says when accepting Peng rich news agency to collect: "Profess when a bourse very active, with bourse of other whole world photograph comparing has competition ability, but cannot keep normal however run daily, this is a thing that lose face really. " return somebody to oppugn additionally, if this bourse connects him to appear on the market,can appear problem, so if why handle other stock to if why handle other stock,trade again?
Tall of no less than controls city college (Georgetown University) finance learns to teach Zhanmusi Angeer (James Angel) points out in that way: "This resembles the crash when the plane is taking off, and happen in its in maiden boat. You can imagine after this someone else is right take the interest of this airliner. You can imagine after this someone else is right take the interest of this airliner..
High frequency trading fault
This the happening of incident makes market personage raise doubt to bourse dependability, begin to examine American negotiable sec most popular selling brooch pins urities to trade afresh the structural issue of the market.
Major person knows the United States is put in two big stock exchanges -- bu memory card digital cameras tton hands in place and Nasidake (small gain) . Really, only these two bourse offer complete beauty " appear on the market " the stock trades, but be in early 1990, american government controls control right with respect to what legislation broke the biggest exchange, the existence that allows other exchange competes with afore-mentioned two big exchange. At this late hour, completely beautiful stock exchange already expanded reach more than 50. These bourse communicate information to allow in order to be in when to nod any pair of stocks to find countrywide optimal buying and selling to quote each other. And BATS is instantly is divided afore-mentioned two big besides the most authoritative bourse, one of the most influential force trades platform.
The can Sa Sicheng that BATS established at Kansan in August 2005, its name originates better diversification trades system (the English abbreviate of Better Alternative Trading System) , establishing initial stage is stock of cash of a 2 class trades merely center. memory laptop toshiba
Through 6 years of much progress, rely on technical development, it has had the United States the stock of 10.8% trades portion trades with an usance authority of 2.1% portion, the market share that holds in American place is next to button to hand in place and Na Sida to overcome bourse.
BATS why with compare of two big exchange? No less than this company deals to American negotiable securities character of the place in the document that committee offers: "We and traditional bourse are different, we come up from essence saying is company of a science and technology. " be American electron network trades system (Electronic Communication Network, say below " ECN " ) the spring that appeared to welcome development for BATS.
ECN is to be below fair value the electron that can have pair automatically to business sheet trades system, the user of the ECN such as the orgnaization investor, business that become city can be directly after register in the system trade. Trade through ECN in the United States, can reduce investor not only trade cost, also can make the price information that investor obtains negotiable securities quickly to trade.
In trade in the process, defer time is the main index that measures an exchange competition ability, and the dominant position with the largest BATS is to have the ECN of an own intellectual property to trade system, the ENC of its research and development trades the quote de the most popular memory laptop toshiba fer time of platform reduced current 0.13 millisecond from the 0.93 millisecond 2007, this approachs the quote reaction time of velocity of light to having tremendous appeal to investor.
Besides, BATS still is maintaining first-rate liquidity. Data shows, BATS is average every second can handle 22000 order.
Meanwhile, wall street is high frequency those who trade is arisen the development that also promoted BATS. As the ceaseless development of ECN, trade become rapidder and rapidder, investor trades means also forward taller and taller frequency change.
The data shows, high frequency trade to already was occupied in the United States the best selling canon ef 15mm 50% to 70% between. Occupy not complete count additionally, pair of strong fund that are in the United States are medium, the capital fund that has about 10% is to be used do form to trade. To investor, reaction time is faster than others 0.01 seconds, perhaps meant you to earn 100 million yuan more than others.
Be based on this kind of demand of investor just about, BATS just is able to become dare cry with authoritative bourse board trade operation business. However unfortunate is, BATS is in last week 5 it is the foot that moves a stone to break his it seems that however.
Analytic personage thinks, the market that looks future foreword changes bourse to cause glides quickly and rise to already reached the level that makes a person adv unimaginably the best selling t mobile prepaid cards quickly. These electrons trade once platform appears problem, can produce special dread feeling, investor of no less than dies in the lightning that ever saw in May 2010 dish of episode is same.
Recently, according to " wall street daily " report, american card inspect can have spread out a few righter high frequency trade the investigation that the close connection that the company uses the electron that includes BATS inside to change exchange gains unfair advantage.
Superintendency orgnaization thinks, high frequency trade the company uses powerful computer system to undertake trading quickly, hold a time to often be less than a second. Go up to be compared relative to backward investor photograph with the technology, this kind of company uses the sheet below the time advantage go ahead of the rest that relies on technical advantage to obtain. And investigation makes clear, to high frequency trade the domain that waits for security market to lack diaphaneity, the United States superintends an orgnaization to increasing superintendency strength.
Is the stock market already troubled?
After incident happening, " new York Times " also published comment sex article. The article says, be similar to what the frequency that t the most popular canon ef 15mm he confused phenomenon of 5 stock market appears last week can have imagined than investor to want tall.
Na Sida overcomes data to show, go one year in time, in 13 stock exchanges inside completely beautiful limits, be similar to BATS bourse trade the communication breakdown that the activity is forced to pause produced 110 at least. And since 2007, this one word can grow every year somewhat. Be in this year January, in the time that BATS weighs to its are in near 30 minutes cannot with new York stock exchange (small gain) (NYSE) does business.
Meanwhile, the market studies the data that company Tabb Group analyses shows, go one year in time, in bourse, happened at least 265 times like the example that 5 apples stock trades to company share price rises suddenly or drop to trade to be made stop temporarily next in that way last week.
Above data showed an issue: Greatly small market disorder state can happen everyday almost actually. But participator of a few markets points out, these problems can weaken stock market on a lot of levels, your certain most popular selling scooby costume investor and the company confidence be thwarted that pass electronic market finance.
The expert inside a few course of study points out, present stock trades time is unit of measurement with millisecond, because of such trade quickly speed, the dependability of infrastructure had become victim.
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