21书评丨光速交易：流动与风险

Core Insights - The book "High-Speed Trading: How Ultra-Fast Algorithms are Transforming Financial Markets" by Donald Mackenzie discusses the evolution and current state of high-frequency trading (HFT) and related regulatory changes [2][4] Group 1: High-Frequency Trading Overview - HFT was recognized as a legitimate trading method in 1998 when the SEC approved ECNs as exchanges, leading to the rise of algorithm-driven trading systems [2] - The term "high-frequency trading" was first introduced by Citadel hedge fund in the early 2000s, emphasizing automated trading that surpasses human capabilities [3] - HFT accounts for approximately half of the trading volume in major global markets, with significant operations in 36 countries and over 235 exchanges [4] Group 2: Market Impact and Regulation - HFT has been linked to increased market liquidity but also poses risks, as evidenced by the 2010 "flash crash" where the U.S. stock market dropped nearly 1000 points in minutes [4] - Following the flash crash, the SEC implemented reforms such as individual stock circuit breakers and increased transparency for HFT algorithms [4][5] - Companies like Virtu Financial are actively promoting industry standards and enhancing their technological capabilities in response to tightening regulations and competition from AI [5] Group 3: Social and Economic Implications - The book also explores the social implications of HFT, including its impact on compensation for financial professionals and potential income inequality [6] - It highlights the interdisciplinary nature of financial research, incorporating elements from sociology, anthropology, political science, and technology studies [6]