股價沉浮背后“看不見的手”露出原形
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????不少蘋果投資者認為這也許能解釋蘋果股價自2007年以來的諸多奇怪現(xiàn)象。iPhone的上市時間和美國證交會全國市場體系的公布時間驚人的一致，而高頻電腦交易者恰好可以利用該體系大發(fā)橫財。蘋果股價呈現(xiàn)冰火兩重天——要么高得嚇人，要么低得絕望——但股票成交量又遠低于理論預測值。無形的零散交易或許能解釋這種現(xiàn)象。 ????新的報告制度會對普通蘋果投資者造成怎樣的影響？ ????高頻交易批評人士，Nanex的亨賽德說：“以后會出現(xiàn)下面這些情況：首先，那樣原本依靠信息不對稱的投資將無以為繼。這本身是件好事，也不會讓投資者難辦。其次，通過了解零散交易的走向，零售應用程序將能夠更好的地掌握供需的全局面貌?！?/p> ????亨賽德總結說：“信息不對稱向來對市場不利，因為它會導致一些市場參與者的退出。而市場參與者越具有多樣性，市場的彈性就越大?！保ㄘ敻恢形木W(wǎng)） ????譯者：項航?? |
????Some Apple investors believe this might explain a lot of the strange behavior they've observed in Apple since 2007 -- when the launch of the iPhone coincided with the promulgation of the SEC's Regulation NMS, which created the national electronic market system that high-frequency traders exploit. Apple's share price has moved both ways -- to extraordinary highs and confidence-shattering lows -- at volumes much lower than theory would predict. Invisible odd lot trades could explain the discrepancy. ????How will the new reporting regime affect the average Apple investor? ????"Several things will happen," says Nanex's Hunsader, a critic of high-frequency trading. "First, games that used to rely on that asymmetric information will no longer work. That in itself is good, with no effort on the part of the investor. Second, it will allow retail applications to better detect the supply/demand picture, etc. By knowing where these odd-lot trades are executing for example." ????"Asymmetric information is always bad for the market," Hunsader concludes, "because it drives away some participants from the market. The most resilient market is one with the widest diversity of participants."?? |
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