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高频交易有什么 (如果有的话) 错?高频交易有什么 (如果有的话)?
1Department of Philosophy, University of Zurich, Zollikerstrasse 117, 8008 Zurich, Switzerland.
概括
本文批评高频交易 (HFT),特别是低延迟交易,通过检查诸如套利,信息不对称和系统风险等道德问题. 它认为,金融市场的速度在道德上不是中立的,影响潜在的伤害和对浪费的防御.
科学领域:
- 金融道德 金融道德
- 市场微观结构 市场微观结构
背景情况:
- 高频交易 (HFT) 涉及使用强大的计算机和复杂的算法以极高的速度交易证券.
- 低延迟交易是HFT的一个子集,优先考虑尽量减少收到市场数据和执行交易之间的时间延迟.
- 人们担心HFT的伦理影响和市场稳定影响,特别是其速度驱动的性质.
研究的目的:
- 检查反对高频交易的论点,重点关注低延迟交易.
- 挑战金融市场中的速度在道德上是中立的假设.
- 分析速度对潜在危害 (如闪电撞车) 和低延迟交易中对浪费的防御作用.
主要方法:
- 对有关套利,信息不对称和系统风险的伦理论点进行定性分析.
- 检查速度在与低延迟交易相关的伤害和防御中所扮演的必要角色.
- 讨论有关HFT策略的影响,如期货套利和延迟套利以及"报价填充".
主要成果:
- 速度是低延迟交易可能导致市场中断的关键因素,例如闪电崩.
- 速度在洛克辩护中也起着至关重要的作用,反对低延迟交易是浪费的论点.
- 关于金融市场速度的道德中立性假设受到挑战.
结论:
- 提供了对高频交易,特别是低延迟交易的有条件的批评.
- 这篇文章为那些声称高速交易本质上是不道德的说法提供了平衡.
- 这些发现对理解现代金融市场的伦理格局和相关的交易策略有影响.
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