" trade one of science
- - the shallow trade
AmericanInteractive BrokersCompany
Organization Wang
2007Year7Month30Day
In one8Month1Japan, Chicago futures tradingSide by SideShoulderCry outOut CryRealization at the same time runs. The time of one year has passed , development present situation how to? If put field of vision on global financial market , current each minute market goes up the focus point of trade science and technology how?
ShoulderCBOTElectronic
We may know throughCBOTThe development
Agricultural
( pickCBOTWebsite)
07/28/07 12: 05AM
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Type
Futures
Option
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Electronic
236,707
96
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Cry out
113,879
83,905
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Sale
20,646
0
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Think
371,232
84,001
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Agricultural
455,233
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Basis07/28The settlement of day mayCBOTShoulder to shoulder electronic platform has occupied date goods to conclude the most of quantity , becoming Chicago futures trading to expect the mainstream of goods contract conclude way. At the same time, option conclude share still control firmly when cry out the player of price platform is on hand. Returning see , is puting out former frequently annual timeCBOTHaveACEElectronic platform put in"Coil"Is directly"It is". Taking soybean as representative, the fund that comes from Asia in that few years becomes the main force of electronic plate frequently especially fried the daily life of China. At that time conclude quantity with 1000 to 3000 hand is relatively common, it is amount only to close the business3%-5%.
When2004In annualCBOTTime, see that trade pool major minute is two pieces of big place: One is the financial product trade pools such as lonely national debt, make city representative to break up fall before every terminal, very light free time is leisurely; Another is noisy and noisy for head to flee to move agricultural product trade pool, vests are nearly men completely, since shouting for a long time loudly, they have hoarse sound mostly. The working environment of high voltage makes a lot of vests become heavy smoker, one goes to rest is taking out root smoke outside. Other this kind of professions of environment in America that smoke generally are and see seldom. Trade pool the place of periphery each company takes the local some Mses of outside telephone. Allegedly when before financial product electron melts , financial contract there pool also have voice is noisy and confused. I at that time see nearly is person goes appearance with empty building. What may affirm is that2004Year the financial pool seen is lonely, the future will inevitably occur when the pool of agricultural product. Not only is backward to close the business and repayment speed can promote this one to be inevitable, and data cost will also take greater promotion role. For example, the pure net in profit thorough company goes to trade platform, if orderCBOTPlace the datagram price55The cost of U.S. dollar gives third party( data business or exchange); And if subscribe to the datagram that electron concludes , price may be whole and free. Electron melts have advantage more is speed, place quotation is that traditional habit keeps only , is so slow that is hard to nearly bear. Imagine , half second clock inner net finishes to deliver - conclude the lightning of - repayment to conclude speed how can is not liked by trade person? ( this speed of all processes of round trip that are the leap optical cable of back and forth of Pacific Ocean, if discuss American local transmission speed only, its speed meeting make person first tongue, count millisecond! Refering to this angle, the time of half second nearly grows as half a year! )
Have person perhaps when love site the tradition of quotation, doubt net , is safe as trading as well as after single quantity increase for the influence of market cost. We may introduce next subject to know the new situation of international financial trade platform:
The times Algorithm
The most fiery trade
Algorithmic TradingAbbreviateAlgoTranslating"Algorithm". This noun already is far not computer trade the simple concept of or form trade can representative. Though the concept of the 10 former algorithm trades of some years had been put forward , but its genuine development is passing20Many month insides
BasisDavid LeinweberPublish in2The articleAlgo vs. Algo", now, America90% as rush fund has adopted algorithm trade. Another according to report, knob delivers the computer of place to trade to measure is enlarging constantly, electronic trade has now taken day to trade to measure60%70%, in which, the proportion of algorithmAlgoAlgorithm trade system each second of may produce thousands of trade instructions, between a lot of instructions instantly had been canceled probably or quilt new instruction replaces. Algorithm trade may entrust big volume to melt , is zero, so that will not influence entire market, may still seek the best to conclude conducted route , lower trade cost. So as profit thorough companyIBAlgo(Pour:" IBDo not"IntroduceIntroducing Brokers ", and it is the firstInteractive Brokers, "Intercourse"Meaning) is regular, a trade
OneChoice1%-50The scope of % sets systematic25% for every instruction"So as", market is hard to
2 ,Choose 4"Immediately". The more the instruction
Now,IBAlgoThe three big thatNYSE, AMEX and NasdaqStock trade
According to estimate, for ordinary manage company, in trade application, possess as soon as the advantage of millisecond can bring the income of annual 100 million dollars. Shorten the space distance between server and server, overcome the data postponement that is transmited and is concluded , a lot of algorithm trade businesses of high frequency move one after another system, it is minimum to make great effort to reach with the physical distance of the exchange of Wall Street.
In the past, in site, trade business quotes mainly with comprehensive data source, for example Peng Bo and the real time that road thorough etc. offer. Issue these quotations , need to be as long as the time of half second , the automatic trade of this for today is too slow really , they need0.1SecondWithin transmission speed. According7Millisecond,35Millisecond.
Wall Street5Year ago, what all pay attention5Year afterwards, we may come with
LME-Millisecond times
The source power of above trade technical revolution comes from electronic science and technology on the one hand, on the other hand coming the guide of the government regulation that turn over a new leaf. This year3Month the AmericaRegulation National Market System), in which, one stipulates , customer next entrustment order, need to send stock exchange customer order according to the best price at that time. This rule carry out result necessity is to promote knob to deliver the stock of , consuming city, Boston and other regions that insists to adopt artificial trade way and futures trading last realization electron melts. This year2In month, the stock exchange of New York is
Since American law is for the futures product some restrictions on American resident trade homeland and world , so, the development of merchandise and the trade science and technology of option market looks relatively slow. Some European merchandise market developments look conservative more.LMEExchange has been thought generally that more game more regular comparison is not fair , but succeed comparatively since it controls the sale duty factor in stock of whole world and for China, therefore though trade means are backward, still pay attention to and participate for Asian trade person. Early when2001Year hasLMEElectronicSelect "Select"Through counting5The share of %( the dataSelectThough, platform daily run time grows ,TOCOMMarketLMEHave become this When a sportsman of
Chinese merchandise option market since is inborn to have electronic medium, so, it is swift to develop. The however national protective original intention of decision-making layer for profession the fund flow and international market that makes Chinese futures profession are one-sided to isolate , when policy promise takes off , Chinese some funds may trade international market, and the fund of international market is more difficult to participate in Chinese option market. Banking industry is opening step by step , but this aspect wide open very long road will be gone to. In frequently total etc. field, personage has long put forward to want"Fight for the"And"Language"Train of thought,One-sided isolate to let this train of thought look some is distant. Under the participation that lacks international fund, it is recognized that our one-sided Chinese price decided is hard to still get international trade circle still for example soybean or metal. Certain day Shanghai copper conclude value to catchLMECopper conclude"Chinese price"This sentence words. It is unidirectional that intercourse can not be confined only to , it should be two-way. Wait domestic manages to develop to the time that stage and power strengthen certain degree surely , policy open become water to canal, those tentative ideas will get realization.
ECN-The new revolution
The trade of foreign exchange also is profit thorough
More new news,FX WeekReport holdsFX WeekA speach of American meeting showsClaim accordingAlgorithm Fair further increase the trade quantityECN(Electronic Communication Network) electronic communication network. Algorithm trade profession is that entire market has offered without the mobility of seam. Because of the superintendency structure with strict lack, manage the fund safe problem of trade person of company that fund strength brings is a important factor that investor need to consider.
Backward trade science and technology make this foreign exchange manage business the operation that maintains tradition pattern, become the competitor of customer, with customer legal as rush. It is been that they solicit the major advertising slogan of business"Zero commission". Is as3Arrive6Some point is bad and have been managed company eats list tradition trade pattern the electronic times that let this kind of trade science and technology be developing with high speed become backward. The viability of customer is very low, loss money are normalities, it is little probability incident to make money. Such manage business can only develop new customer resource constantly, for example go as China so still has no new place of strict legal standard , quest new customer resource. This pass for some years China becomes international foreign exchange suddenly to manage the perfume of business Bo Bo a important reason. So, it is manyForeignManage business is fiery like bamboo after a spring rain, it is international, Hong Kong, or local package becomes international, son has come , considerable part has not established office in China yet, can also set Chinese webpage to make publicity , leave the contact telephone of Europe or America. European foreign exchange that a branch sets up in Chicago manages business has shown , between last year suddenly have gushed from China considerable fund, active trade foreign exchange.
President ofSteve KelseyJudgment says , zero commission and rely on returning servant some difference to maintain the foreign exchange of operation manage business will is the next trade times of foreign exchange abandon son. Than new trade science and technology, bringing is unified to match trade , may avoid trade business use means with customer as gamble.ECNIt is this kind of means: Between every bank and the trade platform of foreign exchange, choice is most helpful for the price of customer money to come to close the business , manage company earns the commission of proper low proportion. ECNAdvantage still lie in the way that it has the trade of customer genuine fairness for having brought , have embodied the fair principle of financial market. Say, as rush fund participates in the trade of foreign exchange together with private investor, the commission that private investor passes through tradition business next sheet,HouseHong Kong's Taiwan has to translate , make "work song",( the translation edition that sees the former Hainan transfer of publishing house of some years the contents such as " stock makes hand memoir ". ); As rush fund etc. trade for rushing Yuan trade only through bank. What private investor see quote trade with special field Yuan see have great difference, not only embody on price bad and transmission speed , still embody in the execution of price and repay. This kind of difference has decided when traditional foreign exchange manages the survival rate of private investor that trades in business is very low. HoweverECNPrivate investor tradesThe profitHave brought up " little mutiny hero"
ECNPlatformThe set breath trade under lever brings5The state around % takes off50Under the lever states of 12003.8%.3.8%The difference of annual interest rate180Time lever)50Time lever)3.8%. The difference of science and technology will bring different service level. We may use , is clear figure, for example, domestic traditional bank offers to paste brand service , manage through international foreign exchange business, may offer20Time lever20It is many and some to differ20Time, or very high, leverECNMay as well50Time or higher lever can again offer great breath difference. Catch up with the development of the trade science and technology of current trend, manage businesses bring the development given self powerful competitiveness.
In a word, when the financial profession of international market, it will decide its future life and death to live or die if the development of trade technical layer surface of a company has the most important location.
Refer
" message2007Year7Month TheRichard Martin, InformationWeek
"LME SelecAssessment and2006, Shanghai issue In Qi Hair
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