炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：华尔街见闻 在全球高频交易领域，一场关于速度的极限竞赛正从毫秒级迈向更为微观的纳秒级，并引发了全球主要 期货交易所之一的激烈争端。德国Eurex交易所正面临指控，被指允许部分交易公司利用一种特定的技 术手段获取微弱但关键的速度优势，这一被称为"损坏的投机触发"（Corrupted Speculative Triggering， 简称CST）的策略，据称已帮助少数公司在三年内攫取了数亿美元的利润。 据《华尔街日报》16日报道，法国高频交易公司Mosaic Finance已向欧盟委员会提起投诉，指控Eurex纵 容这种"不公平"的行为。Mosaic Finance在文件中声称，包括Optiver等在内的一小部分公司组成了寡头 垄断，通过向交易所发送大量无效数据来保持连接活跃，从而获得约3.2纳秒的领先优势。据估算，这 一策略在过去三年中为使用者带来了高达6亿欧元（约合7亿美元）的收益，而Eurex则通过向这些公司 出售快速数据连接服务增加了收入。 面对指控，隶属于Deutsche Börse集团的Eurex坚决予以否认。交易所发言人表 ...

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].

Group 1 - European Stoxx 50 futures declined by 0.6% [1] - German DAX futures fell by 0.5% [1] - UK FTSE futures decreased by 0.4% [1]

Group 1 - European Stoxx 50 futures rose nearly 1.2% [1] - German DAX futures increased by over 1% [1] - French CAC 40 index gained 1.1% [1] - UK FTSE 100 futures climbed 0.7% [1]