中国走近算法交易

The adoption of algorithmic trading in China has taken another step forward after Guangfa Securities (GF Securities), a Chinese broker, has agreed to use a platform to develop algorithms provided by StreamBase, a US technology company, in partnership with Thomson Reuters.

中国经纪商广发证券(GF Securities)已同意使用由美国技术公司StreamBase和汤森路透(Thomson Reuters)合作提供的一个平台来开发算法。这标志着中国朝着采纳算法交易迈出新的一步。

The move comes two months after China’s largest broker, Citic Securities, bought algorithmic trading technology from Progress Software, a Nasdaq-listed company.

广发证券做出此项决定两个月前，中国最大的经纪商中信证券(Citic Securities)向纳斯达克上市公司Progress Software购买了算法交易技术。

While much of the attention in algorithmic trading is focused on Europe and the US – where a software bug involving an algorithm used by broker Knight Capital caused chaos in equity markets last week – the use of algorithms in China has gone almost unnoticed.

在人们对算法交易的关注主要局限在欧洲和美国之际，中国采用算法交易几乎没有引起注意。上周，与Knight Capital所用的某种算法相关的一个软件缺陷在美国股市造成了混乱。

Yet unlike in the west, the adoption of algorithms appears to be proceeding more carefully, according to Mark Palmer, chief executive of StreamBase.

但StreamBase首席执行官马克·帕尔默(Mark Palmer)表示，中国不像西方，在采纳算法交易方面似乎更为谨慎。

Firms are interested in systems where the ability to “back-test what happens with an algorithm in certain scenarios – and learn from it – are built into the package being sold.

各公司感兴趣的是这样的系统——出售的套装软件已内置了“回测某种算法在某些情景下表现如何并从中汲取教训的能力。

“Algo-style trading is quite new in China, but we’ve seen a big uptick in interest. If you look at the trading that’s being done it’s not sub-millisecond or sub-second, it’s actually progressing at a more methodical pace, Mr Palmer said.

马克表示，“算法交易在中国是相当新鲜的事物，但我们已看到中国对它的兴趣有了很大的提高。如果你考察一下目前进行的交易，那不是亚毫秒级或次秒级的，而是以更有条理的方式进行的。

“Some of the firms are starting with some of these more comprehensive platforms that allow them to build, test and debug so they can figure out what’s happening when something goes wrong – and fix systems more quickly.

“有些公司已开始应用某些更全面的平台，这使得它们能够构建、测试和调试，从而判断故障发生时的情况，并更快修复系统。