最有看点的互联网金融门户

最有看点的互联网金融门户
国际资讯监管与政策

整顿高频交易,日本政府有新政

近日,日本金融监管机构推出新政,要求高频交易公司必须在监管机构进行注册,同时表明企业具有完备的风险管理机制。

据悉,日本的本次监管政策最早应该会在2018年早些时候正式推出。除了进行上述注册和报备流程外,相关企业还必须在日本设立办公室或办事处。

近年来,高频交易在东京证券交易所出现的频率越来越多,已经占到了东京证券交易所交易总量的70%左右,交易价值也将近半数达到2.9万亿美元。这样的规模和速度也不免逐渐引起了日本证券法律制定者的关注。

对高频交易的担忧其实在全球都存在。去年,欧洲中央银行决定对高频交易采取渐进监管措施,而美国的几大交易所则决定对高频交易公司采取“减速带”政策,一定程度上“压制”高频交易公司在散户和主流投资者面前的优势。

监管者表示,高频交易不仅会影响交易公平性,这种超高速交易服务和软件同样也会对市场稳定性带来威胁。但是,也有人认为,不能就此对高频交易完全否定,毕竟其交易的高效性对市场流动性来说依然具有不小的价值。

Japan's financial services watchdog is to introduce new rules that will require high frequency trading firms to register with the regulator and demonstrate that they have proper risk management processes in place.

High frequency trading (HFT) has become a growing presence on the Tokyo Stock Exchange (TSE) and a source of concern for securities lawmakers in Japan, as it has elsewhere.

Last year the European Central Bank called for a gradual approach to HFT while in the US a number of exchanges have looked to introduce so-called speed bumps to counter the trading advantages enjoyed by HFT firms at the expense of retail and mainstream investors.

it is not just the sense of unfair competition that bothers market supervisors but also the threat to market stability posed by ultra-fast trading services and software. However, it continues to be a divisive subject with others arguing that HFT provides valuable liquidity to the market and adds to its efficiency.

Japan's new law will possibly come into effect in early 2018. It will require any HFT participants to register with the FSA and to provide evidence of proper risk management systems. They will also have to either establish an office in Japan or a representative agent.

According to FSA figures, HFT accounted for almost 70% of orders on the TSE and just less than half of the traded value, just less than $2.9 trillion.


用微信扫描可以分享至好友和朋友圈

发表评论

发表评论

您的评论提交后会进行审核,审核通过的留言会展示在下方留言区域,请耐心等待。

评论

您的个人信息不会被公开,请放心填写! 标记为的是必填项

取消

迪拜金融监管机构警告称,ICO产品属于高风险投资

Stan Higgi... 09-15

英国金融市场行为监管局就ICO发布警告

常笑 09-14

香港证监会:有关首次代币发行的声明

高旭 09-07

加拿大监管机构批准首例合法ICO项目,这是玩的哪出?

Aaron Stan... 09-07

韩国处罚ICO,加强加密货币管理

吕林倩 09-06

版权所有 © 清华大学五道口金融学院互联网金融实验室 | 京ICP备17044750号-1