高频交易——为了3.2纳秒的斗争！

Core Viewpoint - A significant dispute has arisen in the global high-frequency trading sector regarding speed advantages, with allegations against the German Eurex exchange for allowing certain trading firms to exploit a strategy known as "Corrupted Speculative Triggering" (CST), reportedly generating profits of up to €600 million (approximately $700 million) over three years [1][2]. Group 1: Allegations and Complaints - Mosaic Finance, a French high-frequency trading firm, has filed a complaint with the European Commission, accusing Eurex of facilitating unfair practices that benefit a small group of companies, including Optiver, by sending large amounts of invalid data to maintain active connections and gain a speed advantage of approximately 3.2 nanoseconds [1][2]. - The CST strategy allegedly allows traders to send "corrupted" data packets to Eurex, enabling them to react faster to market information and execute trades ahead of competitors [3]. Group 2: Eurex's Response and Industry Implications - Eurex, part of the Deutsche Börse Group, has firmly denied the allegations, asserting that it has thoroughly reviewed concerns and has tools in place to detect abnormal data [2]. - Despite the denial, Eurex announced a system monitoring upgrade set to take effect in April, which is perceived as a response to the ongoing controversy surrounding the CST strategy [2][5]. Group 3: Impact on Market Participants - The controversy has had severe consequences for firms unable to utilize the CST strategy, with Mosaic Finance experiencing a 90% drop in profits in 2022, which they attribute to competitors gaining a speed advantage through the alleged tactics [4]. - Other firms, such as Emergent Trading, have acknowledged using similar techniques to gain speed advantages, indicating a broader acceptance of such practices within the industry [4]. Group 4: Future of High-Frequency Trading - The ongoing race for speed in high-frequency trading has evolved from milliseconds to nanoseconds, with firms continuously seeking optimization techniques to maintain competitive advantages [2][5]. - The anticipated system reforms by Eurex are expected to significantly diminish the effectiveness of the CST strategy, but industry insiders believe that traders will quickly adapt and find new methods to gain speed advantages in the future [5].