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10 Feb, 2021
trong cuốn 'flash boys', tác giả michael lewis nói về giao dịch tần suất cao, các trader (máy tính) ping thị trường với lệnh bán để kéo người mua thật vào, rồi xóa lệnh, mua cổ phiếu đó, đẩy giá cao lên vài cent rồi bán cho người mua thật; trong bối cảnh khác, thì vừa là giao dịch nội gián vừa là giao dịch chạy trước, cả hai đều trái luật...
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...He teams up with Ronan Ryan, an awkward young Irish immigrant with a
knack for high-speed telecommunications technology, who joins RBC as head of high-frequency trading strategies, even though he has no idea what he’s supposed to do. Thanks to their combined expertise, the answer to the mystery of the vanishing sell offers soon becomes clear: High-frequency traders are merely “pinging” the market with bids to tease out genuine buy orders. Then, at blazing speed, they cancel the offers, buy the shares, drive up the price by a few cents and resell them to a real buyer. This seems an amalgam of insider trading (giao dịch nội gián) and front-running (giao dịch chạy trước), both illegal (bất hợp pháp, trái luật) in other contexts but, evidently, perfectly lawful here.
knack for high-speed telecommunications technology, who joins RBC as head of high-frequency trading strategies, even though he has no idea what he’s supposed to do. Thanks to their combined expertise, the answer to the mystery of the vanishing sell offers soon becomes clear: High-frequency traders are merely “pinging” the market with bids to tease out genuine buy orders. Then, at blazing speed, they cancel the offers, buy the shares, drive up the price by a few cents and resell them to a real buyer. This seems an amalgam of insider trading (giao dịch nội gián) and front-running (giao dịch chạy trước), both illegal (bất hợp pháp, trái luật) in other contexts but, evidently, perfectly lawful here.
High-frequency traders have plenty of accomplices (tòng phạm), as Katsuyama and Ryan discovered. Foremost among them seem to be the exchanges — the New York Stock Exchange, Nasdaq and BATS, to name some — which are happy to sell their order flow to high-frequency traders and thus have a financial stake in perpetuating their practices. So, too, do the big banks that run so-called dark pools, matching buyer and seller, and that sell their trading information (thông tin giao dịch). Armed with knowledge of large buy and sell orders, high-frequency traders dart in ahead of the trades, capturing a tiny spread between bid and ask prices that may last for a millisecond or two.
Lewis singles out Goldman Sachs as among the most egregious offenders.
Bài trước: Rủi ro thứ 5
Tags: book
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