What does w88 casino mean to China’s financial market?
(Financial Times)2012-6-5 No.8Edition Reporter Molly)
For most Chinese people, w88 casino is a very new and even unfamiliar concept. In fact, with the international electronic technology andFinanceWith the rapid development of the market, w88 casino has been developed in the United States and Europe for many years and has been widely recognized and applied. Data shows that currently the United StatesStockMarket is close60%’s trading volume is completed by w88 casino. days ago byw88 casino of Finance, w88 casino"High Frequency Trading: Beyond" co-organized with the Institute of World Economics and Politics, Chinese Academy of Social SciencesWarren BuffettandSoros’s New Model of Securities Investment》Seminarw88 casinoHeld grandly, experts at home and abroad who participated in the meeting introduced the latest status and characteristics of w88 casino, and discussed the opportunities and challenges that w88 casino may bring to China's financial market.
“w88 casino is the cutting-edge of electronic trading. It highly combines computer technology, mathematical analysis and financial investment, and can complete transactions on a time scale of milliseconds.”Perez, an expert in the field of w88 casino, said at the meeting that by significantly shortening the time interval between two transactions, w88 casino reduces the uncertainty faced by investments and reduces investment risks. Perez pointed out that w88 casino has brought about a revolution in the global financial market. In order to gain a leading edge in the field of w88 casino, institutional investors continue to develop new investment technologies and build advanced electronic investment systems. This has led to the development of major financial investment institutions in Europe and the United States“Arms Race”. Perez said that w88 casino has the characteristics of high speed, hosting, and short transaction time.
At present, w88 casino has been widely used in the financial fields of Europe and the United States, but it is still a new thing in China. Data shows that currently many domestic securities companies, futures companies andPrivate equity fundThey are all actively carrying out small-scale projects“sub-high frequency”w88 and achieved good performance. What does high-frequency trading mean for the current developing Chinese financial market? What risks do Chinese regulators need to pay attention to?“w88 casino often uses thousandths of a second as the timing unit, which puts higher and higher requirements on trading technology.”Ding Zhijie, Dean of the w88 casino of Finance, w88 casinomeans, in2010year5In March, the U.S. market experienced a lightning crash: within half an hour, the U.S. stock index fell by more than500Point. This has become a focal point in w88 casino. As a result, people have to think deeply about the systemic risks of w88 casino and how to control risks.
“w88 casino often requires short-term volatility as a return condition, which means that once the market situation weakens, w88 casino will cause a large amount of funds to be withdrawn or evaporated. This has caused regulators to worry that w88 casino may harm the stability of the financial market.”Worked at Bank of America and Merrill LynchForeign Economic and w88Yi UniversityProfessor Zhang Haiyunrepresents. In addition, the focus of the dispute between the parties is whether w88 casino enhances the efficiency of the market or damages the efficiency of the market. But he also pointed out that w88 casino is not a scourge and will have a positive impact on the entire financial market in some aspects. Of course, w88 casino cannot become the mainstream of Chinese securities investment overnight.
“I agree with the current applicability of w88 casino in ChinaZhang HaiyunProfessor’s point of view.”Wang Gong, manager of the stock index business unit of Guantong Futures, said that w88 casino may be a promising trading model or a profit model in the future. But in the current situation, it may take a long way. Compared with foreign countries, China's w88 casino has several shortcomings. First, the foreign trading system is a market maker system, and it is impossible to completely move this system to China. Secondly, China’s restrictions on transaction fees and transaction times are also an important obstacle to the development of w88 casino.
“PeiReisMr.’s views on w88 casino have given us a lot to think about.”Zheng Liansheng, deputy general manager of the research department of CITIC Securities Co., Ltd., said,“As a local analyst, I will think more about its applicability in China.”He said, in ChinaStock Index FuturesBefore its introduction, China basically did not have the concept of w88 casino. Only in some futures markets, such as agricultural products, if the trading volume is very large within a certain period of time, it can be regarded as w88 casino. After the launch of China's stock index futures, quotations and transactions were completed within one second4times, this means that w88 casino has a market foundation and a liquidity foundation in a certain sense. He also believes that for China, w88 casino remains more of a concept. First, because of China’s market system, many trading products areT+1Yes, you must hold a position. Second, due to relatively high transaction costs in China, stock index futures are charged in both directions for each transaction. Third, the liquidity of China's financial market is very poor, unlike foreign countries where there are not manyMarket MakerTo provide good liquidity.“With the development of China's futures market and currency market in the future, w88 casino should become a very good logic for China's capital market investment.”Zheng Liansheng said so.
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