{"id":12869,"date":"2013-10-02T09:40:23","date_gmt":"2013-10-02T00:40:23","guid":{"rendered":"http:\/\/www.smallake.kr\/?p=12869"},"modified":"2014-03-07T14:55:21","modified_gmt":"2014-03-07T05:55:21","slug":"high-frequency-trading-an-asset-managers-perspective","status":"publish","type":"post","link":"https:\/\/smallake.kr\/?p=12869","title":{"rendered":"High Frequency Trading \u2013 An Asset Manager&#8217;s Perspective"},"content":{"rendered":"<p>1.<br \/>\n HFT\ub294 \ud55c \uc2dc\ub300\uc758 \uc720\ud589\uc774\uc5c8\uc744\uae4c\uc694? \uc544\ub2c8\uba74 \uc2dc\uc7a5\uc758 \ubcc0\ud654\ub97c \uc54c\ub9ac\ub294 \uc804\uc870(\u524d\u5146)\uc600\uc744\uae4c\uc694? HFT\ub97c \ud2b9\uc815\ud55c \uc804\ub7b5\uc73c\ub85c \uc774\ud574\ud558\ub294 \uc0ac\ub78c\ub4e4\uc740 \uc804\uc790\ub85c \ud310\ub2e8\ud569\ub2c8\ub2e4. HFT\ub97c \uc880\ub354 \ub113\uc740 \uad00\uc810\uc73c\ub85c \uc774\ud574\ud558\uba74 \ud6c4\uc790\ub85c \uc774\ud574\ud569\ub2c8\ub2e4. \uc800\ub294 \ud6c4\uc790\uc758 \uc0dd\uac01\uc744 \uac00\uc9d1\ub2c8\ub2e4. High Frequency + Low Latency + Automatic Strategy + Computor\ub85c \uc774\ub8e8\uc5b4\uc9c4 \ud750\ub984\uc785\ub2c8\ub2e4. \uc694\uc998\uc740 \ube45\ub370\uc774\ud0c0\uac00 \ub354\ud574\uc9c4 \ubaa8\uc591\uc73c\ub85c \ubc1c\uc804\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<p> \ud574\uc678\uc5d0\uc11c \ub098\uc624\ub294 \uae00\uc744 \uc77d\uc5b4\ubcf4\uba74 HFT\ub294 \uc5ec\uc804\ud55c \uc774\uc288\uc785\ub2c8\ub2e4. \uadf8\uc911 \uba87\uac00\uc9c0\ub97c \uc18c\uac1c\ud569\ub2c8\ub2e4. \uba3c\uc800 Norges Bank Investment Management\uac00 \ubc1c\uac04\ud55c \uc790\ub8cc\uc785\ub2c8\ub2e4. <\/p>\n<p><a href=\"http:\/\/www.nbim.no\/en\/press-and-publications\/discussion-notes\/discussion-notes-2013\/high-frequency-trading-an-asset-managers-perspective-\/\" target=\"_blank\">High Frequency Trading \u2013 An Asset Manager&#8217;s Perspective <\/a><\/p>\n<p> \ucd5c\uadfc\uc5d0 \uc774\uc288\uc778 \uac83\uc744 \ub450\ub8e8 \ub2e4\ub8e8\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc544\ub798\ub294 \uc694\uc57d\uc785\ub2c8\ub2e4. \uc694\uc57d\ub9cc \ubcf4\uba74 \uc7ac\ubbf8\uc5c6\uc744 \ub4ef \ud558\uc9c0\ub9cc \ub0b4\uc6a9\uc740 \ubb34\ucc99 \uc88b\uc2b5\ub2c8\ub2e4. \uac1c\ub150\uc744 \uc815\ub9ac\ud560 \uc218 \uc788\ub3c4\ub85d \uadf8\ub9bc\uc73c\ub85c \uc798 \ud45c\ud604\ud574\ub193\uc558\uc2b5\ub2c8\ub2e4. \uc544\uc8fc \uacf5\uc744 \ub9ce\uc774 \ub4e4\uc778 \ubcf4\uace0\uc11c\uc785\ub2c8\ub2e4. \ub354\ubd88\uc5b4 \uc218\ud559\uae30\ud638\uac00 \uc5c6\ub294 \ubcf4\uace0\uc11c\uc785\ub2c8\ub2e4. \ud3b8\ud788 \uc77d\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.<\/p>\n<blockquote><p>\u2022The nature of equity markets has evolved with the advent of computer-based trading (CBT) and high frequency trading (HFT). Some market observers have been critical of HFTs and this topic has become controversial.<\/p>\n<p>\u2022 HFTs do not constitute one coherent entity and their trading strategies can vary. It is therefore important to address their contribution to and impact on market quality and efficiency with such differences in mind.<\/p>\n<p>\u2022 There is little consensus yet on what constitutes an appropriate framework for assessing market quality. More emphasis can be put on time-variation in trade-related measures including market impact across trade horizons that is more typical of large institutional order flow.<\/p>\n<p>\u2022 Regulatory policies should try to take into consideration intended as well as unintended consequences given complexity in market microstructure. Introduction of new policies should consider potential negative impact on liquidity provisioning without robust alternatives in place.<\/p>\n<p>\u2022 In our view, issues of concern to large, long-term investors more deserving of attention include \u2013\u2013 Anticipation of large orders by some HFTs leading to potential adverse market impact \u2013\u2013 Transient liquidity due to high propensity for HFTs to rapidly cancel quotes real-time \u2013\u2013 Un-level playing field amongst market makers from low latency ultra HFT strategies<\/p>\n<p>\u2022 On the broader implications for well-functioning markets, we address three aspects \u2013 implicit transaction costs, market abuse and equality, and endogenous and systemic risk. In our view, more research and debate is needed in these areas.<\/p>\n<p>\u2022 Markets will continue to evolve. The recent emergence of HFTs is an indication that continued research and development of trading strategies, as well as debate on appropriate market structure, are important responsibilities of asset managers and other market participants.\n<\/p><\/blockquote>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/www.smallake.kr\/wp-content\/uploads\/2013\/10\/hft1.png?w=1130\" alt=\"hft1\"  class=\"aligncenter size-full wp-image-15686\" srcset=\"https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2013\/10\/hft1.png?w=1002&amp;ssl=1 1002w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2013\/10\/hft1.png?resize=300%2C124&amp;ssl=1 300w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2013\/10\/hft1.png?resize=200%2C83&amp;ssl=1 200w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2013\/10\/hft1.png?resize=60%2C24&amp;ssl=1 60w, https:\/\/i0.wp.com\/smallake.kr\/wp-content\/uploads\/2013\/10\/hft1.png?resize=900%2C374&amp;ssl=1 900w\" sizes=\"(max-width: 1002px) 100vw, 1002px\" \/><\/p>\n<p><iframe loading=\"lazy\" class=\"scribd_iframe_embed\" src=\"\/\/www.scribd.com\/embeds\/172525993\/content?start_page=1&#038;view_mode=scroll&#038;show_recommendations=true\" data-auto-height=\"false\" data-aspect-ratio=\"undefined\" scrolling=\"no\" id=\"doc_2078\" width=\"100%\" height=\"600\" frameborder=\"0\"><\/iframe><\/p>\n<p>2.<br \/>\n\ub450\ubc88\uc9f8\ub294 <a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2331613\" target=\"_blank\">High Frequency Traders: Taking Advantage of Speed<\/a>\uc785\ub2c8\ub2e4.\uc2e4\uac70\ub798 \ub370\uc774\ud0c0\ub97c \uc774\uc6a9\ud558\uc5ec HFT\uc758 \ud2b9\uc9d5\uc774\ub098 \uad00\uacc4\ub4f1\uc744 \ubd84\uc11d\ud558\uc9c0 \uc54a\uace0 HFT\uc640 \ub2e4\uc218\uc758 LFT\ub85c \uc774\ub8e8\uc5b4\uc9c4 \uc2dc\uc7a5\uc744 \ubaa8\ud615\ud654\ud558\uace0 HFT\uc758 \ubcc0\ud654\uc5d0 \ub530\ub978 \uc601\ud5a5\uc744 \ubd84\uc11d\ud558\uc600\uc2b5\ub2c8\ub2e4. \ud2b9\ud788 \uc18d\ub3c4\uc5d0 \uc8fc\uc548\uc810\uc744 \ub450\uc5c8\uc2b5\ub2c8\ub2e4. \uc800\uc790\ub294 \uc18d\ub3c4\ub97c \uc790\ubcf8\uc2dc\uc7a5\uc758 \ubcf8\uc9c8\uc774\ub77c\uace0 \ud310\ub2e8\ud569\ub2c8\ub2e4.<\/p>\n<blockquote><p>Speed has always been of the essence in \ufb01nancial markets. Traders were among the \ufb01rst to adopt the telegraph and then the telephone. Closer to us, \u201chigh frequency\u201d meant anything intraday; then inute-by-minute transactions became the norm, quickly to be replaced by second-by-second time stamps. The time it now takes for an order to be sent and displayed on an electronic exchange, that the latency associated with the implementation of an order, is currently measured in milliseconds. The latest software and infrastructure developments are making it possible for the most cutting-edge trading \ufb01rms to implement microsecond-based algorithms.<\/p><\/blockquote>\n<p>\ub450\ubc88\uc9f8 \ub17c\ubb38\uc740 \uc55e\uc120 \ubcf4\uace0\uc11c\uc640 \ub2ec\ub9ac \uc218\ud559\uae30\ud638\uac00 \ub118\uccd0\ub098\ub294 \ub17c\ubb38\uc785\ub2c8\ub2e4. \uc77d\uae30\uac00 \uc27d\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4. \ub2a5\ub825\uc774 \ud544\uc694\ud569\ub2c8\ub2e4.(^^)<\/p>\n<p><iframe loading=\"lazy\" class=\"scribd_iframe_embed\" src=\"\/\/www.scribd.com\/embeds\/172527397\/content?start_page=1&#038;view_mode=scroll&#038;show_recommendations=true\" data-auto-height=\"false\" data-aspect-ratio=\"undefined\" scrolling=\"no\" id=\"doc_80212\" width=\"100%\" height=\"600\" frameborder=\"0\"><\/iframe><\/p>\n<p><a href=\"http:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=2326446\" target=\"_blank\">How Aggressive are High-Frequency Traders?<\/a>\ub77c\ub294 \ub17c\ubb38\ub3c4 \uc788\uc2b5\ub2c8\ub2e4. \uc2a4\ud1a1\ud640\ub86c \uc99d\uad8c\uac70\ub798\uc18c\uc758 \ub370\uc774\ud0c0\ub97c \uc774\uc6a9\ud558\uc5ec market-making high-frequency traders (HFTs), opportunistic HFTs, non-HFTs\uc758 \uc8fc\ubb38 \ud2b9\uc131(Aggresiveness)\ub97c \uc5f0\uad6c\ud55c \ub17c\ubb38\uc785\ub2c8\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>1. HFT\ub294 \ud55c \uc2dc\ub300\uc758 \uc720\ud589\uc774\uc5c8\uc744\uae4c\uc694? \uc544\ub2c8\uba74 \uc2dc\uc7a5\uc758 \ubcc0\ud654\ub97c \uc54c\ub9ac\ub294 \uc804\uc870(\u524d\u5146)\uc600\uc744\uae4c\uc694? HFT\ub97c \ud2b9\uc815\ud55c \uc804\ub7b5\uc73c\ub85c \uc774\ud574\ud558\ub294 \uc0ac\ub78c\ub4e4\uc740 \uc804\uc790\ub85c \ud310\ub2e8\ud569\ub2c8\ub2e4. HFT\ub97c \uc880\ub354 \ub113\uc740 \uad00\uc810\uc73c\ub85c \uc774\ud574\ud558\uba74 \ud6c4\uc790\ub85c \uc774\ud574\ud569\ub2c8\ub2e4. \uc800\ub294 \ud6c4\uc790\uc758 \uc0dd\uac01\uc744 \uac00\uc9d1\ub2c8\ub2e4. High Frequency + Low Latency + Automatic Strategy + Computor\ub85c \uc774\ub8e8\uc5b4\uc9c4 \ud750\ub984\uc785\ub2c8\ub2e4. \uc694\uc998\uc740 \ube45\ub370\uc774\ud0c0\uac00 \ub354\ud574\uc9c4 \ubaa8\uc591\uc73c\ub85c \ubc1c\uc804\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ud574\uc678\uc5d0\uc11c \ub098\uc624\ub294 \uae00\uc744 \uc77d\uc5b4\ubcf4\uba74 HFT\ub294 \uc5ec\uc804\ud55c \uc774\uc288\uc785\ub2c8\ub2e4. \uadf8\uc911 \uba87\uac00\uc9c0\ub97c \uc18c\uac1c\ud569\ub2c8\ub2e4. \uba3c\uc800 Norges Bank Investment&#8230;<br \/><a class=\"read-more-button\" href=\"https:\/\/smallake.kr\/?p=12869\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7],"tags":[30,89],"class_list":["post-12869","post","type-post","status-publish","format-standard","hentry","category-7","tag-hft","tag-89"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- 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