NO.PZ202110140100000205
问题如下：
tructural 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.
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