Dienstag, 8. April 2014

Hochfrequenztrading wieder im Blickfeld

Michael Lewis (ja, der von "The Big Short") neues Buch "Flash Boys" hat den Hochfrequenzhandel (High Frequency Trading oder kurz HFT) wieder in die Schlagzeilen gebracht. Ganz neu ist das Thema nicht. Mein kleiner Blog war vor Jahren mal der einzige Google-Treffer zum Suchbegriff "Hochfrequenztrading".
Zerohedge erinnert an die Rede von Börsenlegende Thomas Peterffy vor dem Weltverband der Börsen im Oktober 2010:

"It is not so much anymore that the public does not trust their brokers. They do not trust the markets, the exchanges, or the regulators either. And why should they, given our showing the past few years? To the public the financial markets may increasingly seem like a casino, except that the casino is more transparent and simpler to understand."

"I must confess to you that I was an ardent proponent of bringing technology to trading and brokerage. Unfortunately, I only saw the good sides. I saw how electronic trading and record-keeping could be used to force people to be more honest, to make the process more efficient, to lower transaction costs and to bring liquidity to the markets. I did not see the forces of fragmentation and the opportunity for people to use technology to keep to the letter but avoid the spirit of the rules -- creating the current crisis."

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