HFT관심이 높아가지만….

1.
중국 선전증권거래소 (심천)에서 고빈도매매(Highe Frequency Trading)과 관련한 행사를 개최하였습니다.

The SZSE held the “High Frequency Trading and Contemporary Trading Tech Forum” in Shenzhen on April 29, 2010. The Forum aimed at exchanging the development trend of the contemporary trading technology represented by the high-frequency? trading, gathering the responding thoughts of main stock exchanges, discussing the development of trading technology and application strategy. Dai Wenhua, the SZSE deputy general manager, and Zou Sheng, the general manager assistant presided over the discussion.

At the forum, Song Liping, the SZSE general manager introduced multi-functions of the SZSE under the current market environment and the practices of serving small-medium enterprises and supporting the material economy. Ms Song pointed out that the future development of the SZSE includes the forging of financial supermarket, the development of floor trading, the emphasis of exerting the fundamental function of the SZSE.

Mr Dai, the SZSE deputy general manager delivered the speck with the theme of New Trend in Development of Securities Trading Technology”. The discussion over the application strategies of contemporary trading technology currently shall be regarded as the hot topic drawing the common attention of all stock exchanges.

Finally, the delegates from stock exchanges unanimously think the forum will provide the helpful dialogue platform for deepening the regional technology cooperation of the stock exchanges.

포럼이 어떻게 진행되었는지는 영어로 기사가 없네요…다만 중국어로 된 기사는 있습니다.(^^;)

高?交易??代交易技????在深?召?

High Frequency Trading을 高?交易라고 쓰는데 고빈도매매라고 번역한 사람과 같은 생각인듯 합니다.
참석자를 보니까 ?券交易所、??交易所、香港交易所、台??券交易所에서 왔다고 합니다. KRX가 참가를 했으면 보고서라도 냈으면 좋을텐데….

2.
5월 11일 미국에서 ‘Microseconds And the future of Low latency trading‘이라는 행사가 열립니다. Wallstreet And Technology에서 매년 여는 Accelating Wall Street라는 행사의 주제입니다.

아래가 이번에 다뤄지는 주제들입니다.

1)The Future of High Frequency Trading: Regulation, Collocation and Technology

Low latency technology has helped to power some of the fastest trading systems in the world. The trading systems and trading strategy is viewed by many as just the evolution of the marketplace and as a benefit to investors. However high frequency trading, as well as collocation and dark pool access, has been swept up in a wave of possible new regulations that is aimed to protect investors following economic crisis and the Bernard Madoff Ponzi scheme. What is the future of HFT and one of the most popular ways to reduce latency: collocation?

2)Silicon: The Next Tool for Low Latency?

For the past few years, financial firms have relied on the newest, fastest processors to power cutting-edge trading architectures. Today, having the fastest processor is still a prerequisite, but some of the most innovative low latency work is taking place in silicon: FPGAs, GPUs and other hardware that is helping to reduce latency. What works, what’s hype and what silicon-based technology should firms use in the low latency race?

3)Using High-Performance Databases & CEP in an Automated Trading Strategy

As firms look to analyze more data from disparate sources, many have realized that standard database technology can no longer meet the latency demands of many trading strategies. As a result, many are using high-performance databases and CEP technology to manage the growing volume and types of data required by some systems, including analyzing unstructured real-time data. Is analyzing unstructured real-time data, such as news feeds, in an automated trading system worthwhile and how can CEP and other real-time data analysis techniques help Wall Street accomplish these goals with reliable results?

4)Analyzing Real-Time Information

How can complex event processing and technologies that can handle increasing data volumes help firms improve their automated trading strategies. Talk with other financial technologists and learn how other firms are handling unstructured real-time information, along with traditional market data, to improve trading results.

5)The State of U.S. Equities Technology

With technology innovation helping to lower latency almost on a daily basis, how can firms compete with low latency trading strategies. Tabb Group will share some of its research and insights into the technology, strategy and trends that will shape the technology that drives trading strategy for 2010 and beyond.

6)What’s in Your Low-Latency Toolbox?

Having a complete latency sensitive environment doesn’t just start with data feeds and end with fast software. There are other tools and hardware that firms can use to accelerate communication for applications that demand the lowest possible latency. In addition to FPGAs and GPUs, what tools can firms use to lower latency throughout the trade cycle. This session will look at hardware solutions, such as latency monitoring devices and other technologies, that can lower latency on the most sensitive systems.

7)Solving the Latency Challenge

Latency comes in many forms and can come from a number of different parts of the trading infrastructure. As the saying goes: you can’t manage what you don’t measure. Hear how some firms are monitoring for latency in every step of the trading cycle, how they are reducing latency and what they expect the next challenge ? technological or other ? will be in the low latency race.

한번 참석하고 싶은데….너무 멀어서 자전거 타고 갈 수도 없고.^^

3.
그동안 HFT나 알고리즘트레이딩에 대해 별달리 소개하지 않았던 자본시장연구원이 간단한 자료를 내었습니다.

최근 미국의 HFT 확대추이와 그에 대응하기 위한 거래소들의 트레이딩플랫폼 개선 노력
알고리즘매매(algorithmic trading)의 현황과 전망

물론 뒷북일 수도 있지만 증권선물사들이 회원사이기때문에 관심정도의 반영이 아닐까 합니다. 반면 한국금융연구원은 주간금융브리프에서 자주 고빈도매매에 대해 언급했는데? 얼마전 아래와 같은 글을 실었습니다.

미국의 초고속 주식거래시스템 개선대책(이 자료는 한국금융연구원에 계정이 있어야 받을 수 있습니다.)

4.
반면 SEC뿐 아니라 EU집행위원회도 HFT(고빈도매매)에 대한 조사를 시작했다고 합니다.

EU,헤지펀드 ‘고주파 거래’ 단속 나서
High-Frequency Trading Faces EU Market Abuse Probe

그런데 이를 보도한 블룸버그통신은 재미있는 인용을 하고 있습니다.

“The high-frequency trading case is difficult because no- one is saying it does any harm,” Simon Gleeson, a regulatory specialist at Clifford Chance LLP, said in a telephone interview in London today. “No one has complained about it.”

누구도 불평불만을 하지 않고 있고 위해하지 않다고 말하기 때문에 조사가 너무 힘들다..(^^)

(*)High Frequency Trading의 번역을? 어러가지로 하고 있는데 개인적으로 고빈도매매가 고주파매매라는 말보다는 더 좋네요. 그래서 이 단어를 사용할까 합니다.