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[翻译字幕]Economics Report - A Closer Look at High-Frequency Trading

来源:慢速英语   时间:2011-10-01 08:48:02

经济报道 - 近距离审视股票市场高频交易

This is the VOA Special English Economics Report.

这里是美国之音慢速英语经济报道。

Once, stocks were traded through the open outcry system, with men shouting share prices on the floors of stock exchanges.

股票曾经是通过公开喊价系统交易,证券交易所的交易员直接报出股价。

But the sights and sounds of stock traders furiously exchanging securities has mostly disappeared. They have been replaced by fast, interconnected computers.

但证券交易商交易证券时的这种疯狂情景和声音已几近消失。它们已被高速互联计算机所取代。

Joe Saluzzi is a head of equity trading at Themis Trading in New Jersey.

乔·萨鲁茨(Joe Saluzzi)是新泽西Themis Trading证券交易部门负责人。

JOE SALUZZI: “The equity market has changed. It’s no longer what you see on TV, it’s no longer guys with colored jackets running around the floor anymore. That’s the show, that’s the TV studio. The equity market is a bunch of co-located computers strung together by a bunch of wires, everyone trying to race to zero. The speed of light is the goal—t he speed of light! That’s what we’re looking at now.”

萨鲁茨:“股市早已改变,不再是你在电视上看到的那样,不再是穿着红马甲的家伙在交易所跑来跑去,那是电视节目和电视演播室的情景。股市是一堆通过电缆连接到一起相互协作的计算机,每台计算机都高速运转,光速才是我们的目标,才是我们现在关注的。”

Computers can process stock trades in thousandths of a second. Andrew Haines of Gain Capital is an online broker.

计算机处理股票交易只用千分之一秒。美国嘉盛集团(Gain Capital)的安德鲁·海恩斯(Andrew Haines)是一名网上经纪人。
 

Trader John Santiago works on the floor of the New York Stock Exchange earlier this month.

ANDREW HAINES: “A millisecond can mean millions of dollars to the success of your strategy. Having a one, two, three-millisecond advantage over other traders may mean that you get into a trade at a preferable price.”

海恩斯:“一毫秒可能意味着你战略成功的数百万美元。比其他交易者领先1到3毫秒可能意味着你以更好的价格交易。”

Andrew Haines says an estimated seventy percent of all stock trades are high-frequency trades made with computers. Stocks may be held for only seconds. But fast trades are also blamed for big moves in stock prices.

海恩斯表示,预计70%的股票是通过计算机高频交易,股票可能只持有几秒钟。但高速交易也导致了股价的剧烈波动。

On May sixth two thousand ten, the leading measure of American stocks briefly fell nearly one thousand points, or about nine percent. The Dow Jones Industrial Average then recovered much of those losses by the end of trading that day.

2010年5月6日,美国股市主要指数一度下跌了近1000点,接近9%的跌幅。随后道琼斯工业指数在当天交易日结束前收复了大部分失地。

The Securities and Exchange Commission ordered steps to prevent future “flash crashes” like that one. Joel Hasbrouck of New York University says those steps are working.

美国证券交易委员会下令采取措施防止未来发生类似的“闪跌”。纽约大学的乔尔·哈斯布鲁克(Joel Hasbrouck)表示,这些措施已经实行。

JOEL HASBROUCK: “They’re called circuit-breakers, and basically what they mean is that when a stock has moved by a large amount in a short period of time, there’s a trading halt.”

哈斯布鲁克:“这被称为熔断机制,它的大概意思是,当一只股票在短时间内价格大幅波动时就暂停交易。”

Joe Saluzzi of Themis Trading says the main problem with high-speed trading is an unbalanced market.

Themis Trading的萨鲁茨表示,高速交易的主要问题是市场不平衡。

JOE SALUZZI: “The stock market used to be a predictor of the future economy. Now I think the stock market is a backwards predictor. It doesn’t tell you, it’s not forecasting. It’s forecasting the next microsecond move.”

萨鲁茨:“股市曾是未来经济的风向标。现在我认为股市是一个反向的风向标。它不会告诉你这不是预测。它预测下一个微秒的波动。”

But Joel Hasbrouck says high-speed trading can, in fact, reduce sharp rises or drops in stock prices.

但哈斯布鲁克表示,高速交易事实上减少了股价的大幅涨跌。

JOEL HASBROUCK: “In normal circumstances, high-frequency traders act as market-makers. That means, they stand by passively waiting to buy or sell from whoever comes into the market needing to trade. In that capacity, they actually help stabilize the market.”

哈斯布鲁克:“在正常情况下,高频交易商是股市庄家。这就意味着,他们被动等待与任何需要进入股市交易的人进行买卖交易。在这种身份下,他们实际上有助于稳定市场。”

High-frequency traders use computers to follow stock price movements, buy shares and then sell them to another buyer, all within seconds. This is the opposite of long-term investing. American and European officials are considering ways to limit high-frequency trading. They say this may help protect against extreme market volatility in the future.

高频交易商使用计算机跟踪股价波动,在几秒内购入股票随后卖给另一个买家。这是长期投资的对立面。美国和欧洲官员正考虑限制高频交易的途径。他们表示,这可能有助于防止未来市场极端波动。

And that’s the VOA Special English Economics Report. I’m Mario Ritter.
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Based on a story by Carolyn Weaver.

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