Detail Wait a Second; High-frequency Trading   Oleh:  [s.n] Jenis: Article from Bulletin/Magazine Dalam koleksi: The Economist (http://search.proquest.com/) vol. 404 no. 8797 (Aug. 2012), page 10. Topik: High Frequency Trading; Electronic Trading Systems; Problems Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.73 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Every computer-user knows the feeling of dread when a brand new piece of software causes the entire system to crash. Shareholders in Knight Capital, an American equity broker, now realise how expensive such glitches can be. Most trades these days are conducted by computer and are completed without fuss. As in other fields, technology has reduced costs, in particular the spread between the bid and offer prices. If lower trading costs encourage more investors to own shares, then the cost of capital for companies will fall, which is good news for the whole economy. But there are drawbacks. The Knight glitch was just the latest in a series of cock-ups that have been linked to computerised trading. This newspaper seldom finds itself on the side of restraining either technology or markets. But in this case there is a doubt whether the returns justify the risk. Society needs a stockmarket to allocate capital efficiently, rewarding the best companies with higher share prices. But high-frequency traders are not making decisions based on a company's future prospects; they are seeking to profit from tiny changes in price. They might as well be trading baseball cards. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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