{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"e613fff5-9eda-4e8d-b348-903e6d630253","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"e613fff5-9eda-4e8d-b348-903e6d630253","id":"e613fff5-9eda-4e8d-b348-903e6d630253","uuid":"e613fff5-9eda-4e8d-b348-903e6d630253","title":"黑箱社会 控制金钱和信息的数据法则＝THE BLACK BOX SOCIETY","normalized_title":"黑箱社会控制金钱和信息的数据法则theblackboxsociety","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787508655208","isbns":["9787508655208"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":318,"navigation_url":"https://workshop.closeclaw.top/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253","title_url":"https://workshop.closeclaw.top/ai/title/%E9%BB%91%E7%AE%B1%E7%A4%BE%E4%BC%9A%20%E6%8E%A7%E5%88%B6%E9%87%91%E9%92%B1%E5%92%8C%E4%BF%A1%E6%81%AF%E7%9A%84%E6%95%B0%E6%8D%AE%E6%B3%95%E5%88%99%EF%BC%9DTHE%20BLACK%20BOX%20SOCIETY","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/e613fff5-9eda-4e8d-b348-903e6d630253/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/e613fff5-9eda-4e8d-b348-903e6d630253","page_url":"https://workshop.closeclaw.top/api/ai/books/e613fff5-9eda-4e8d-b348-903e6d630253/page","search_url":"https://workshop.closeclaw.top/api/ai/books/e613fff5-9eda-4e8d-b348-903e6d630253/search"},"page":{"printed_page":184,"pdf_page":203,"physical_index":203,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"93248a06c84bfc11b1efec07445a108e2b64aa38cac41ae401743cc8714caa26"},"chapter":"第三章","content":"当瞬时交易策略意外发生碰撞时，算法交易就会导致市场的极端动荡与凝滞。以2010年5月6日的闪电崩盘为例，当时的股票市场在几分钟内就大跌了几百点。在一份关于闪电崩盘的报告中，美国商品期货交易委员会和证券交易委员会指出，“当流动资产彻底蒸发后”，交易“价格变得非常离奇，有时会低至1美分，有时则高达10万美元”。交易员设计出瞬时算法策略来获取优势，但却很快发现自己道行尚浅，根本无法控制这项技术。虽然当天价格恢复了正常，但不能保证以后的股票市场也如此幸运。\n\n电脑化的市场\n\n高频交易是金融行业中的终极自我参照活动。在自我参照活动中，对于价值的认知完全来自交易终端的编码信号。近来，光纤电缆的传输速度成为快速交易中的限制因素。因此，很多公司都在出资建设各个金融中心之间的超速连接电缆。SpreadNetworks公司花费了2亿多美元，用于在芝加哥和纽约交易所之间铺设电缆，而其利用两个城市间的价格差（持续时间不到一秒）获取的利益则每年高达200亿美元。建模人员已经设计出解决时间延迟问题的极端方案。“最佳方案”将“推动交易公司建立新的计算机系统，让两个市场间的计算机系统不存在时差，达到精确的一致”，不管交易发生在何时何地。\n\n黑箱社会The Black BoxSociety\n\n184","previous_page":183,"next_page":185}