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IanZQ · 2022年10月19日

不太理解QUOTE MATCHING和FRONT RUNNING的核心区别

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NO.PZ202110140100000202

问题如下:

Bloomfield’s strategy to purchase BYYP shares is best classified as electronic:

选项:

A.arbitrage. B.front running.
C.quote matching.

解释:

B is correct.

Bloomfield noticed a pattern of trading in BYYP and decided to front run shares on the assumption that a trader is in the market filling a large buy order by breaking it into pieces. Electronic front runners trade in front of traders who demand liquidity. They identify when large traders or many small traders are trying to fill orders on the same side of the market. The order anticipation strategies of electronic front runners try to identify predictable patterns in order submission. They may search for patterns in order submissions, trades, or the relations between trades and other events.

A is incorrect because electronic arbitrageurs look across markets for arbitrage opportunities in which they can buy an undervalued instrument and sell a similar overvalued one. His decision to purchase BYYP shares is based on the pattern of trading that Bloomfield observed.

C is incorrect because quote matchers trade in front of traders who supply (not demand) liquidity. Bloomfield decides to purchase BYYP shares on the assumption that a trader is in the market seeking (not supplying) liquidity, which is consistent with front running (not quote matching). Quote matchers trade in front of traders who supply liquidity and try to exploit the option values of standing orders. Quote matchers buy when they believe they can rely on standing buy orders to get out of their positions, and they sell when they can do the same with standing sell orders.

不太理解QUOTE MATCHING和FRONT RUNNING的核心区别,不都是去交易么。

1 个答案

星星_品职助教 · 2022年10月19日

同学你好,

这是两种不同的交易方式。

front running是知道别的交易员要做一个大单,例如大量购买,这个大单可能市场上还没有显示,但被预测到了。所以自己就提前买入。这样当对方的大单执行时价格上涨就可以卖出获利。

quote matching是靠市场上的standing order来退出自己的仓位。例如市场上有buy的standing order,就可以和这个standing order去成交,把自己的股票卖掉退出。

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