Dienstag, 5. Oktober 2010

"Hot Potatoes" am US-Aktienmarkt

In den USA sind die diversen Regulierungsbehörden noch auf der Suche nach den Ursachen für den "Flash-Crash". Der Chef der CFTC, Gary Gensler (Ex-Goldman) wie folgt von Themis Trading zitiert:

"Just as there is a difference in tennis or ping pong between the rally before the point and the point itself, in markets, there is a difference between a position going back and forth between market makers and a position actually being bought by a fundamental buyer who will hold it overnight. Much of the volume on May 6 was just positions being moved back and forth over a matter of seconds between high-frequency traders and other market makers. This is what our economists refer to as “hot potato volume.” For the large trader’s order to actually be absorbed by the market, it had to find fundamental or opportunistic buyers who were willing to hold the position at least for more than a few seconds…The events of May 6 demonstrate that, in volatile markets, high trading volume is not necessarily a reliable indicator of market liquidity."

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