技术问题致美股异常波动 部分交易暂停

U.S. stock markets were struck Wednesday by the latest in a series of technical problems that have undermined investor confidence, as high order volume triggered unusual price swings in about 150 stocks.

周三，美国股市再次因技术问题受到影响。这是近来出现的一系列技术问题中最新的一起，这些问题削弱了投资者信心。大约有150只股票因大批下达的交易指令而出现价格异常波动现象。

Knight Capital Group Inc., one of the market's largest brokerages, said it was probing software problems and told clients to send their orders to other firms as a wave of orders shook the market and prompted exchanges to halt trading in some securities.

市场上最大的券商之一Knight Capital Group Inc.说它正在调查软件问题，并告知客户将交易指令发送到其它经纪商。一波集中涌来的交易指令让市场无法消化，并促使交易所暂停了某些证券的交易。

With some securities seen changing hands at 20 times their normal rate, the problems drew scrutiny from regulators already examining whether some other high-profile stock-market disruptions such as the initial public offering of Facebook Inc. and the 2010 flash crash have been driven by glitches in electronic-trading systems or by more-fundamental problems with the plumbing of financial markets.

由于某些证券的换手率是正常水平的20倍，这些问题引发了监管机构的审查。监管机构此前已经在针对Facebook Inc.的首次公开募股(IPO)以及2010年的股市闪电崩盘等导致股市交易中断的备受瞩目事件展开调查，看它们究竟是由电子交易系统的小故障造成的，还是由金融市场交易管道的一些更为根本性的问题所引发。

Officials at NYSE Euronext said they were examining potentially erroneous trading in dozens of securities, including members of the benchmark Dow Jones Industrial Average. Officials told traders that the exchange was reviewing trades in 148 symbols that experienced big price swings or unusually high volume, executed between 9:30 a.m. and 10:15 a.m. New York time Wednesday.

纽约泛欧交易所集团(NYSE Euronext)的管理人士说，他们正在检查数十只证券的交易中可能存在的问题，这些证券包括道琼斯工业股票平均价格指数的成分股。这些管理人士告诉交易员，纽约泛欧交易所正在调查148只出现价格大幅波动或交易量异常放大的股票的交易情况。这些股票的交易指令是在纽约时间周三上午0930至1015之间被执行的。

NYSE said ahead of the market close that it would cancel trades in six small-cap stocks most affected by the volatility. Those stocks are Wizzard Software Corp., China Cord Blood Corp., Reaves Utility Income Fund, E-House (China) Holdings Ltd., American Reprographics Co. and Quicksilver Resources Inc.

纽约证交所在收盘前表示，它将取消六只受市场波动影响最严重的小型股的交易。这六只股票分别是：Wizzard Software Corp.、中国脐带血库企业集团(China Cord Blood Corp.)、Reaves Utility Income Fund、易居（中国）控股有限公司(E-House (China) Holdings Ltd.)、阿科公司(American Reprographics Co.)和Quicksilver Resources Inc.。

The episode struck on the same day NYSE Euronext introduced a program designed to produce more competitive prices for individual investors. The so-called retail-liquidity program enables market-makers to offer improvements on stock prices in fractions of a cent, a new function for stock exchanges.

周三这天，纽约泛欧交易所集团推出了一个旨在为个人投资者创造更多竞争性价格的机制。这个名为retail-liquidity的项目允许做市商以不到一美分的幅度提高股价。这是股票交易所提供的一项新功能。

A NYSE spokesman said all of the exchange operator's systems and volatility controls operated normally throughout the period.

纽约证交所发言人说，在上述技术问题出现期间，纽约证交所的系统和波动控制机制全都运行正常。

The exchange operator said it is investigating unusual trading activity in stocks on its Big Board and NYSE MKT venues, for companies from Alcoa Inc. to Yingli Green Energy Holding Co. Trading volumes surged during the first 45 minutes of trading in blue chips including Bank of America Corp., Berkshire Hathaway Inc., General Motors Co., General Electric Co. and Pfizer Inc. Shares of DuPont Co. shot as much as 4.8% higher, serving as the biggest percentage gainer on the DJIA before settling back down.

纽约泛欧交易所称，它正在调查在纽约证交所和NYSE MKT交易所上市的一些股票出现的异常交易情况，调查对象包括美国铝业公司(Alcoa Inc.)和英利绿色能源控股有限公司(Yingli Green Energy Holding Co.)等。开盘后头45分钟交易量激增的蓝筹股包括美国银行(Bank of America Corp.)、伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)、通用汽车公司(General Motors Co.)、通用电气公司(General Electric Co.)以及辉瑞公司(Pfizer Inc.)。杜邦公司(DuPont Co.)的股价涨幅曾一度高达4.8%，创下道琼斯工业股票平均价格指数成分股周三的最大涨幅，该股涨幅在收盘前出现回落。

Trades also are being reviewed by exchange operators Nasdaq OMX Group Inc., BATS Global Markets Inc. and Direct Edge Holdings LLC.

Nasdaq OMX Group Inc.、BATS Global Markets Inc.以及Direct Edge Holdings LLC.这三家交易所运营商也在对各自市场的股票交易情况进行检查。

Traders described unusual price swings in some stocks early in the trading session as a large number of buy and sell orders blasted across electronic-trading platforms.

交易员们说，部分股票在早盘交易时段出现了价格的非正常大幅波动，这种现象就像是电子交易平台在同时处理大量的股票买卖指令。

'We're panicked,' said Phil Orlando, chief equity strategist for Federated Investors in New York, which manages $370 billion and was flustered by a sudden downdraft in shares of Herbalife Ltd., which the firm holds. 'This stock should be going up because they just blew the quarter out two days ago,' Mr. Orlando said.

金融服务公司Federated Investors驻纽约的首席股票策略师奥兰多(Phil Orlando)说，我们感到惊慌失措。Federated Investors管理的资产达3,700亿美元，该公司所持康宝莱公司(Herbalife Ltd.)的股票突然出现价格下跌，这令其非常紧张。奥兰多说，这只股票的价格本应上涨，因为两天前它们刚刚公布了耀眼的第二财季业绩。

Jonathan Corpina, senior managing partner with Meridian Equity Partners and a floor governor at the New York Stock Exchange, said: 'Down here we're continuing to trade and use all the powers and rules and regulations we have to make sure trades are executed in the proper manner.'

经纪公司Meridian Equity Partners的高级执行合伙人、在纽约证交所交易大厅具体负责该公司交易活动的柯皮纳(Jonathan Corpina)说，我们在交易大厅的交易活动还在继续，我们尽一切办法确保交易能够以恰当的方式执行。

Knight's admission of problems and the irregular trading patterns stoked speculation that trades had been accidentally duplicated via computer algorithms, rather than a problem limited to single computer server, according to market participants.

据市场参与者说，Knight Capital Group承认存在问题以及股市交易中出现的那些反常现象导致人们纷纷猜测，可能是由于计算机算法方面的问题致使交易指令被重复执行，问题并不仅仅局限于某台电脑服务器。

A spokesman for the U.S. Securities and Exchange Commission said the agency is 'closely monitoring the situation and in continuous contact with the NYSE and other market participants.' The self-regulatory Financial Industry Regulatory Authority, or Finra, was also examining the episode, according to a person familiar with the matter.

美国证券交易委员会(SEC)的一位发言人说，该机构正密切监视着事态发展，并同纽约证交所和其它市场参与者保持着持续接触。据一位知情人士透露，行业自律组织美国金融业监管局(Financial Industry Regulatory Authority)也在调查此次事故。