2009年9月19日星期六

快閃黨

Daniel Tierney 同Stephen Schuler 係一間電子交易證券行Getco老細,你可能未聽過佢個大名,不過如果按市場佔有率計,幾乎拍得住高盛同Fidelity呢啲大行!

佢地靠嘅獨門絕技,當然就係「高頻交易」,即係Flash Trade。

呢檔「快閃黨」99年先成立,最初買番嚟嘅電腦都係二千年、喺一間破產嘅科網公司買返嚟!

發展到而家,佢地嘅電腦一啲都唔簡單,全部係超級電腦同伺服器,進行嘅程式買賣,以30毫秒(千分之30秒)時間搶先尋找買盤或沽盤,閃電咁完成交易賺取中間差價。

有參觀過呢類電腦中心嘅交易員話,單係伺服器就佔滿左四十個架,整個電腦中心佔地十萬方呎,全部擺滿server 同 電腦螢幕。

而為左保持電力供應,需要兩座獨立發電機,單係電池重量就達到十九萬磅!

呢類「快閃交易」04年獲批以嚟,到今年七月佔美國股票交易量2.8%,比上個月再增加一成八。

其中最大兩個參與者分別係BATS同Direct Edge,佔有率分別係一成二同一成四。

特別要留意BATS,成立只有三年,已經係全美第四大證券市場,背後股東正係GETCO。

美國證監會今次出手,DANIEL 同STEPHEN已經率先投降,Nasdaq OMX同 BATS都已經同意自動暫停Flash Trade。而家唯一仲夠膽做,只有高盛背後支持嘅Direct Edge!

表面就話要為現有客戶爭取權益,實際呢佢地嘅快閃交易,市場佔有率喺舊年十一月以來,已經增加一倍,成為第三大證券市場,背後都係利字當頭。

其實程式買賣早喺三十年前已經出現,當年八七股災,其中一個原因正係歸究程式買賣,不過當市場炒到非常熾熱時候,根本就無人care 市場秩序係咪公平公正。

我諗大家都同意,大戶肯定係有優勢,不過唔係無成本,佢地為左租一啲接近交易所地方放server,比嘅租金往往比正常高出一百倍。

而家禁止左快閃交易雖然會平靜一段時間,不過以「高頻交易」而家佔左總交易量七成嚟睇,遲啲肯定又用另一種形式翻生。

4 則留言:

匿名 說...

Several days ago, I watched "交易直播室", 有一位女观众phone in to ask why 胡孟青always scolding or even insulting the phone-in audiences especially for those female watchers. She responded that most women did not do their homework or read relevant books to enhance their investment knowledge and skills. Her argument points, of course, did not hold water. If to scold someone, it should not be based on one's background or from walk of life they are coming from. Moreover, they are just the audiences of a TV station who seek advices from someone they think can trust.
Not only her words were so mean, also her attitude were so bad too that one should feel angry about it. I feel sympathy to those audiences who were scolded by her. I think Miss Wu as the key host as least to know her position and show some minimum respect to the audiences. Mind her that these audiences are assets of Cable TV and not herself. I can understand if her stock advices are so good that help you make good money, you might tolerate a bit of what she said, otherwise why the audiences have to watch her programme. Why not tune to other stations or radios where she is not present.

pakman 說...

The anon above is tireless...

Must love the shows!

Anyhow, Zerohedge is amazing in its single handed way of making High frequency trading an issue AND now seeing results.

Those kids over there are very good.

亞羊 說...

好似過咗來香港....

唔知咩??

咩... 咩... 咩...

亞羊 說...

各位小投資者....

小心... 小心... 小心....

咩... 咩... 咩...