高频交易除了能为美国证券市场带来约70%的交易量，更让人难以想象的是，其中单一高频交易程序竟然能够通过数量巨大的虚拟报价动作，占用纳斯达克交易系统10%的网络带宽。

High-frequency trading besides can be American stock market bring about 70% of the volume of trade,More let a person hard to imagine,In which a single high-frequency trading program could even through the enormous quantity of virtual price action,Take the nasdaq trading system 10% of network bandwidth.

　　按照市场数据公司Nanex发布的消息，在10月第一周，一个来源不明的交易程序在25毫秒内，集中对约500只股票进行虚拟报价，并在几毫秒内删除这些虚假报价，同时给出新的虚假报价，然后再删除；如此往复，但始终没有真正完成任何一个交易。

According to market data company Nanex news releases,In the first week of October,A source unknown trading program in 25 milliseconds,Focused on the 500 stock for virtual quotation,And in a few milliseconds delete these false quotation,At the same time, given the new false quotation,And then delete;So reciprocating,But always not really complete any a trading.

　　籍此，这一程序给出的报价占到了当周美国股市全部报价数量的4%。不止于此，在10月5日上午十点半，这一程序突然又从市场上神秘消失，从而令这一程序的幕后使用者和运行目的至少在短时间内成为难以破解的谜团。

Record this,This program offers are accounted for all week the U.S. stock market quotation number of 4%.More than that,On October 5, at half past ten,This program suddenly and from market prosperities,To make this a program of the users and operation purpose at least in the short time become hard to crack the mystery.

　　不过在高频交易的批评者们看来，这一神秘交易程序的出现，预示着高频交易者能够通过功能更为强大的交易程序，增加交易系统的数据“塞车”状况，延迟其他投资者交易指令的执行，从而为高频交易者自己增加套利空间。

But in high-frequency trading critics looks,The mysterious appearance of transaction procedures,Indicates the high-frequency traders can through the function more powerful trading program,Increase the trading system of data"Traffic jam"condition,Delay other investors trade instruction execution,Thus for high-frequency traders oneself increment arbitrage space.

　　“如果这个交易程序真的是一个试验品，是高频交易者故意拿来检测他们能在多大程度上延迟纳斯达克系统的数据传输和处理速度，那么，这样的高频交易就不再是单纯的市场行为，而是扭曲公平的evils（邪恶）。”一位对高频交易持反对态度的匿名交易员表示。

"If the transaction procedure is really a test article,High-frequency traders is intentionally for testing them how much can delay the nasdaq system of data transmission and processing speed,so,Such a high-frequency trading will no longer be pure market behavior,But distortion fair evils(evil)."A high frequency trading disapprove anonymous traders said.

　　不过，一位在国内从事量化交易的人士认为，“高频交易的反对者这次有过度解读之嫌。这次可能只是某一高频交易团队在空转状态下，测试新交易软件的稳定性。”

but,A domestic engaged in quantitative trade people think,"High-frequency trading opponents of the excessive reading too.This may be a high-frequency trading team in the idle state,Test new trading software stability."

　　然而，一个不争的事实是，高频交易的自动化程度已经达到匪夷所思的程度，而这一交易形式对传统证券投资理论的颠覆也越发明显。“传统的投资行为必须依赖对财务数据、宏观环境以及偶发因素的综合分析。但由计算机自动执行的高频交易却越来越不需要这些了。”高频交易行为研究者卡索特就曾指出，“它们只需要利用操作速度上的优势，如同一群没有自主思考力的僵尸，去狩猎一切行动比自己迟缓的猎物。”

however,An indisputable fact is,High-frequency trading automation level has reached the extent of the unthinkable,And this one transaction form to the traditional securities investment theory overturn was all the more obvious."Traditional investment behavior must rely on financial data/The macro environment and accidental factors of comprehensive analysis.But by a computer automatic execution of high-frequency trading has more and more don't need it."High-frequency trading behaviour researchers card sauter has pointed out,"They only need to use operating speed advantage,As a group of no independent contemplative faculties of zombies,Go hunting all actions slow than their prey."

　　“给市场活血” "Activating blood circulation to the market"

　　“美国证券市场交易的真正中心，其实不在纽交所那个嘈杂的大厅，而在华尔街附近几个街区那些安静而且永远开着空调的地下室。那些是各家从事高频交易的机构租用的机房。”现供职于国内一家投资基金的前华尔街交易员李山（化名）回忆称，“为了实现更短的数据传输时间，大家会选择离交易所的计算机服务器尽可能近的机房安置自己的服务器。”

"American stock market trading real center,Is not the nyse the noisy hall,And in Wall Street near several blocks those quiet and never open air conditioning's basement.Those who are engaged in their high frequency trading institutions rented room."We worked for a domestic investment fund former Wall Street traders li(alias)Recall says,"In order to achieve shorter data transmission time,You can choose from exchange computer server as close as possible room set their own server."

　　由于目前的高频交易时间早已精确至毫秒级，因此物理空间距离对高频交易的快慢，产生明显影响。“从北京向位于纽约和上海的服务器分别发电子信息，你可能会觉得信息是同时到达的。但如果把一毫秒当作一天，其实上海收到信息几个月之后，纽约才会收到。”李山表示，而从诞生之日起，交易的高速度就一直是高频交易支持者们为高频交易辩护的基本前提。

Because of the high frequency trading time was already accurate to millisecond level,So the physical space distance on high-frequency trading speed,Produce significantly affect the."From Beijing to New York and Shanghai is located in the server to send electronic information respectively,You may find the information is at the same time to arrive.But if a millisecond as one day,Actually Shanghai received information a few months later,New York will receive."Li said,From the date of its birth,Trading high speed have been high-frequency trading supporters for high-frequency trading to defend the basic premise.

　　多数高频交易的支持者均提出，正是借助高速的交易行为，高频交易为市场提供更强的流动性，并迅速抹平因非市场因素而导致的跨市场价差。

Most of the high-frequency trading supporters are put forward,It is with high speed transactions,High-frequency trading for the market to provide more strong liquidity,And quickly trowelling for non-market factors which cause cross market spread.

　　全球最大外汇交易商之一的Oanda公司CEO奥尔森认为，如果把证券市场比作人的躯体，那么高频交易如同人体内始终处于循环状态的血液。一旦人遭遇伤害，那么血液系统也会迅速反应，帮助人冲洗伤口，运送氧气，使人的身体状态回归稳定。与此类同，高频交易也能帮助市场在受到冲击后短时间内重新稳定下来。相反，交易所需时间相对较长的低频交易很难及时作出反应。

One of the world's largest foreign exchange dealers of Oanda company CEO olsen think,If the securities market compared to people's body,So high-frequency trading as the body is always in the state of blood circulation.Once people have hurt,So the blood system also can rapid reaction,Help wash the wound,Transport oxygen,Make the human body the return of the state of stability.And with such,High-frequency trading can also help the market in a short time after the impact to stabilize.instead,Exchange need time is relatively long low frequency trading is difficult to respond in time.

　　当然，资本市场上从来就不会有无私奉献的善男信女，在“为资本市场活血”这一崇高的自我标榜之外，各家高频交易团队对交易速度的执着，最根本的还是源于对于盈利的执着。

Of course,The capital market will never have selfless dedication of the devout men and women,in"For promoting capital market"The lofty outside scant,Each high frequency trading team on the transaction speed persistence,The most fundamental or to profit from the persistent.

　　“在投资者递交交易指令给经纪商后会发生什么？投资者的交易指令去向何方，如何执行，指令的优先级如何确定。高频交易者是这方面的专家，但很少有个人投资者理解这些原理。”市场系统和高频交易专家盖瑞特表示。而将这种理解转化为现实的收益，高频交易者所依赖的仍然是交易指令传输速度上的优势——在每一个环节都能先人一步、张网以待。

"In the investors submit trading instructions to broker will happen?Investors trade where instruction,How to implement,How to determine the priority of instruction.High-frequency traders is an expert on the subject,But there are few individual investors understand these principles."Market system and high-frequency trading experts cover rhett said.But will this kind of understanding is transformed into real income,High-frequency traders depend on is still trading instruction transmission speed advantage - in every link to a step ahead/Web for.

　　“噪音”也会致命 "noise"Also can be deadly

　　一位曾供职于高盛量化交易团队的交易员曾表示，人为的虚假报价和闪电撤单，是令高频交易本身受到越来越多批评的核心诱因。

A worked for the Goldman sachs quantitative trading team traders said,Man-made false quotations and lightning from single,It is to make high frequency trading is receiving more and more criticism core incentive.

　　“高频交易是由设计好的计算机程序自动进行，在交易时间内，如果发现关键变量出现变化，比如程序监测到其他交易账户有大量反向操作的指令，那么在交易尚未完成时，计算机就会撤回订单，这样造成的无意义报价，本是计算机对市场行为的反应。”一位在国内从事量化交易的人士解释称，“但人为的虚假报价就不一样了，这是在高频交易团队设计程序时，就故意让程序去报出大量背离基本面的价格，或者让程序报价后就立即撤单再重新报价，完全是人为设计的结果。”

"High-frequency trading is by design good computer program automatically,In the trading time,If it is found that the key variables appear change,Such as program monitoring to other trading account with a lot of reverse operation instruction,So in trade is not completed,The computer will withdraw order,This caused by nonsense quotation,This is a computer on the market behavior of the reaction."A domestic engaged in quantitative trade personage explains said,"But human false quotation is not the same,This is the high-frequency trading team to design programs,Is deliberately let procedures to quote us a lot of deviate from the basic price,Or let the program immediately after quote from single price again,Completely is the result of human design."

　　而令普通投资者难以想象的是，大量的虚假报价并非是一堆毫无意义的数据指令，相反这样的虚假报价可以在短时间内迅速压低或抬高个股价格，从而为高频交易者创造出瞬时套利的空间。

And make ordinary investors is hard to imagine,A large number of false quotation is not a pile of meaningless data instruction,Instead this false offer can be inside short time quickly down or up stocks price,Thus for high-frequency traders create instantaneous arbitrage space.

　　“例如，在一个非常短的时间内用一系列巨大的卖单，将股价打落，再在低位大幅买进。等到股价回归基本面时，高频交易者即可套利。”盖瑞特表示。

"For example,In a very short period of time with a series of huge sell sheet,Shares will strike,In the low post again buy sharply.Wait until the share price regression fundamentals,High-frequency traders can arbitrage."Cover rhett said.

　　即便是最能言善辩的高频交易支持者，也难以对上述指控进行反驳。不过，高频交易的支持阵营也会强调，这些虚假报价最多制造一些“市场噪音”，从长期趋势看，股价还是能够回到基本面的。“因此，普通投资者如果进行长期投资，就不会受到影响。”

Even the most articulate high-frequency trading supporters,Also is difficult to these charges to be refuted.but,High-frequency trading support camp will also emphasize,These false offer the most manufacturing some"Market noise",From the perspective of the trend for a long time,Share price was able to return to the fundamentals."therefore,Ordinary investors if long-term investment,It will not be affected."

　　然而问题在于，如果噪音已经大到致命的程度，那么高频交易对普通投资者的影响，就绝不仅仅如上述解释那般轻描淡写。“你要知道，高频交易已经占到了整个美国股市交易量的三分之二以上，对于普通投资者而言，如果高频交易制造的噪音让市场变得不可理解，那么他们就不会有长期投资的动力了。”前述匿名交易员表示。

But the problem is,If the noise has been to the extent of the deadly,So high-frequency trading for ordinary investors influence,It's not just as the above explanation that kind of understatement."Do you want to know,High-frequency trading has accounted for the entire American stock market two-thirds or more of the volume,For ordinary investors,If high frequency trading manufacturing noise let the market become do not understand,So they won't have long-term investment motive for."The anonymous traders said.

　　2012年6月底，德国方面已经开始着手出台对高频交易的限制措施。这一措施也可能成为欧元区限制计算机驱动的高频交易的先声。

At the end of June 2012,Germany has begun to high frequency on trade restrictions.The measures may also become the eurozone restricting computer driven high-frequency trading first sound.

　　显然，当高频交易越来越和投资无关，而仅仅和技术与贪婪有关时，它的挽歌也会随之奏响。

obviously,When high frequency trading and investment become more and more independent,But only and technology and greed when relevant,Its elegy will then plays.