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2011年10月,国际证券监管委员会(IOSCO)技术委员会发布了《技术变革对市场完整性和效率的影响及相关监管建议》,分析了当前证券交易技术的发展及对市场完整性和效率的影响,重点介绍了高频交易的影响,并提出相应的监管建议。一、技术、市场发展及引发的风险市场发展,尤其是技术在市场交易中的运用和推广给证券市场交易带来了深远影响。新技术助推了全球性竞争市场的形成,使交易时间缩短到几分之一秒,为市场参与者提供诸多便利,然而,技术进步也为市场完整性和效率所带来了风险,主要体现以下六个方面:(一)算法交易(Algorithmic trading)简单的算法交易只使用基本算法,如一套运算法则或指令来执行部分市场指令,而复杂
In October 2011, the IOSCO Technical Committee released “The Impact of Technological Change on Market Integrity and Efficiency and Related Regulatory Proposals”, analyzing the current developments in securities exchange technology and its impact on market integrity and efficiency , Highlighting the impact of high-frequency trading, and put forward the corresponding regulatory recommendations. I. Technology, Market Development and Risks The market development, especially the application and promotion of technology in the market trading, has had a profound impact on the securities market. New technologies have helped shape the global competitive market, reducing transaction times to a fraction of a second, providing market participants with many conveniences. However, technological advances also pose risks to market integrity and efficiency, mainly reflected in The following six aspects: (A) algorithmic trading (Algorithmic trading) Simple algorithmic trading using only basic algorithms, such as a set of algorithms or instructions to execute part of the market order, and complex