The Double Regulatory Dilemma of High-Frequency Trading in Futures Market and Its Solution
The deep integration of finance and technology has spawned the application of fintech represented by high-frequency trading that has the functions of improving market liquidity,reducing transaction costs and enhancing market stability.It is an important symbol of the digital transformation in China's futures market.The application of high-frequency trading is often accompanied by the technical risk of program algorithm error,the legal risk of inducing market manipulation and the systemic risk of market volatility.Under the cur-rent legal framework of futures market,high-frequency trading supervision of futures market faces two dilem-mas.Theoretically,it is difficult to quantify the impact of high-frequency trading on market fairness,market efficiency and market security.Actually,the lag of legal system and the lack of supervision technology lead to the failure of traditional regulation means.Therefore,it is necessary to clarify the instrumental value attributes of high-frequency trading,optimize its market resource allocation function,take market fairness and efficiency into account as the goal,and reshape the regulatory principles and concepts,so as to construct a full chain regulatory system with technology-driven regulation as the core.
万方数据
维普
