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becky li · 2023年11月16日

请问老师,front running 和quote matching 最明显的区别是什么呢

NO.PZ2021101401000038

问题如下:

Johnson explains to Martin that the number of venues trading the same instruments has proliferated in recent years, and trading in any given instrument has now been distributed across these multiple venues. As a result, the available liquidity on any one of those exchanges represents just a small portion of the aggregate liquidity for that security. As a result, Star Asset Management (SAMN) has had to adapt its trading strategies, particularly for large trades.

The reason for SAMN having to adapt its trading strategies is a result of:

选项:

A.

latency

B.

market fragmentation.

C.

high frequency trading.

解释:

B is correct. According to Johnson, markets have become increasingly fragmented as the number of venues trading the same instruments has proliferated and trading in any given instrument has been split (or fragmented) across these multiple venues. As a result, the available liquidity on any one exchange represents just a small portion of the aggregate liquidity for that instrument. This phenomenon is known as market fragmentation and creates the potential for price and liquidity disparities across venues. As a result, SAMN has had to adapt its trading strategies to this fragmented liquidity to avoid intensifying the market impact of a large trade.

请问老师,front running 和quote matching 最明显的区别是什么呢

1 个答案

星星_品职助教 · 2023年11月16日

同学你好,

front running是知道别的交易员要做一个大单,例如大量购买,这个大单可能市场上还没有显示,但被预测到了。所以自己就提前买入。这样当对方的大单执行时价格上涨就可以卖出获利。

quote matching是靠市场上的standing order来退出自己的仓位。例如市场上有buy的standing order,就可以和这个standing order去成交,把自己的股票卖掉退出。