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Aimee🌸 · 2022年07月24日

如题

NO.PZ2021101401000032

问题如下:

Bloomfield then assesses the risks that 2Fast’s electronic trading strategies introduce into the market. He is concerned that these risks may bring on more regulation.

Bloomfield claims that the risks can be reduced by changing the structure of the market, and those structural changes can maintain 2Fast’s primary competitive advantage, which is trading faster than competitors.

Which structural change for the market associated with electronic trading systems is most consistent with Bloomfield’s claim?

选项:

A.

Delaying order processing by random intervals

B.

Exchanges using trade halts when prices move too quickly

C.

Slowing markets by running call markets once a second or more often instead of trading continuously

解释:

B is correct.

To reduce the systemic risks associated with fast trading, some exchanges have adopted trade halts when prices move too quickly. These rules stop trading when excess demand for liquidity occurs. They also prevent the extreme price changes that can occur in electronic markets when market orders arrive and no liquidity is present. 2Fast Trading’s competitive advantage will be maintained despite exchange trading halts because the company will be free to trade faster than its competitors once trading resumes. Therefore, exchanges using trade halts to stop trading is the risk reduction strategy that most likely maintains 2Fast Trading’s competitive advantage and is consistent with Bloomfield’s claim that risks can be reduced by changing the structure of the market.

A is incorrect because delaying order processing by random intervals reduces the benefits of high-frequency traders being faster than their competitors and investing in speed. Therefore, delaying order processing by random order intervals does not maintain 2Fast Trading’s primary competitive advantage, which is trading faster than competitors, because that advantage will be reduced.

C is incorrect because slowing markets by running call markets once a second or more often instead of trading continuously diminishes the benefits of highfrequency traders being faster than their competitors and investing with speed. Therefore, slowing markets once a second or more often instead of trading continuously does not maintain 2Fast Trading’s primary competitive advantage, which is trading faster than competitors, because that advantage will be reduced.

这个题目虽然做对了,但其实整个题干都没有理解,能讲解一下吗?

1 个答案

星星_品职助教 · 2022年07月24日

同学你好,

如果是整道题都没有理解,可以参考习题课的R44,Q15的讲解。

如果对于讲解仍有问题,可以就具体问题继续提问。

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NO.PZ2021101401000032 如题,谢谢

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