New York. SEC намерена ограничить "спонсируемый" access to exchanges
14.12.2009
According to Aite Group report, Boston Consulting Company, about 38% объемов торгов на фондовом рынке США совершается сейчас с помощью так называемого "спонсируемого доступа" to exchanges.
Previously, traders were required to send every request to registered broker-dealers, who either forwarded it to the exchange, or performed by themselves. Sponsored Access allows traders to submit orders directly to exchanges. This is of concern to those, who counts, that lack of control over traders could lead to the same disaster, what has already happened in the derivatives market during the current financial crisis.
The risk is increased by the fact, что большинство трейдерских компаний занимается "высокочастотной" Trade. This strategy allows you to make millions of transactions in the shortest possible period of time.. For classic traders, not armed with computers and trading robots, such speeds are not available. In the USA there are already about 60% players use similar systems. Cumulative profits of traders, used high-performance computers in trade at several sites in the United States in 2008 G., Amounted $21 billion.
The problem is, что некоторые "высокочастотные" traders send by 1000 applications per second. If suddenly the trading system fails, then in those two minutes, which usually go to fix the situation, inattentive trader can send 120 thousand. erroneous applications.
According to Aite Group, in 2005 G. sponsored access accounted for only 9% on the volume of trade operations. Due to the increase in the number of such transactions, US Securities and Exchange Commission plans to issue special regulation next month, limiting the use of such strategies and establishing uniform rules of action for brokers. Earlier, the SEC has already announced its readiness to ban flash orders (the ability to see information about stock offers a split second before, how other market participants will receive it) и увеличить прозрачность "темных пулов" (non-public trading of large packages of securities).
That's it….
