嗨,爱思考的PZer你好:
同学你好,
1.Trading for market impact involves trading to raise or lower prices deliberately.A market manipulator often is willing to incur substantial transaction costs toraise or lower the price of a security to influence other traders’ perceptions of value. 比如庄家可以通过不断的购买某股票,造成股票价格节节攀升,慢慢让散户相信这个是个好公司(重点是庄家本质就是故意利用手中资源抬高或压低股价,误导投资者)
Wash trading consists of trades arranged among commonly controlled accounts to create the impression of market activity at a particular price。几个庄家之间进行相互交易甚至是伪造交易,从而误导市场上的散户投资者或者说是信息不对称投资者,从而卖出获利
Spoofing, also known as layering, is a trading practice in which traders place exposed standing limit orders to convey an impression to other traders that the market is more liquid than it is or to suggest to other traders that the security is under- or overvalued。发出虚假的反向交易,误导市场上消费者的投资方向,价格减少(或升高),然后立刻撤单,从而使得自己以更低(高)的价格买入或卖出的行为。
2.spoofing应该不是,因为他值得是相反的交易。bluffing一般是基于momentum trading ,更常用的是Rumormongering 和 Wash trading。(课件有强调)
3.原版书有写:In most jurisdictions, market manipulation strategies are illegal. 因为market manipulation 的赢家往往是所谓的庄家或者大卖家不利于市场的公平,所以一般市场会禁止,但确实也有电子交易进行套利的,所以是否“法不禁止即可为”,还是建议同学具体国家具体情况进行分析。
-------------------------------努力的时光都是限量版,加油!