美国审查涉及闪电暴跌的经纪商

英国《金融时报》 吉恩•伊格尔沙姆 纽约报导

Brokers who allowed high- frequency traders to have access to the markets without undertaking proper checks on them face potential fines as part of a clampdown following the “flash crash”, the head of a US watchdog said yesterday.

美国某监管机构负责人昨日表示,作为“闪电暴跌”后整治行动的一部分,未进行适当核查就允许高频交易者进入市场的经纪商将面临潜在罚款。

The Financial Industry Regulatory Association is undertaking a “sweep” of broker-dealers that offer market access to high-frequency traders to find out if they allowed these firms to run computerised trading programs – algorithms – without undertaking proper risk-management controls.

金融业监管局(FINRA)正对允许高频交易者进入市场的经纪自营商展开“扫荡”,以找出它们是否在没有实施适当风险管理控制的情况下,就允许高频交易者运行计算机化交易程序(即算法交易)。

Regulators have yet to pinpoint the causes of the May 6 turmoil, when the US stock market plunged almost 1,000 points in minutes. A report due out next month by the Securities and Exchange Commission and the Commodity Futures Trading Commission might offer no definitive answers.

监管机构尚未准确找出5月6日暴跌的原因,美国股市当天在几分钟内暴跌近1000点。美国证交会(SEC)和商品期货交易委员会(CFTC)定于下月发布一份报告,但可能不会给出确定性的答案。

But the incident has intensified the spotlight on high- frequency traders, who account for about 60 per cent of US trading volumes, and their use of programs to execute hundreds of thousands of trades each day.

但该事件让高频交易者以及他们使用程序每天执行数十万次交易的行为得到了更多的关注。高频交易者的交易量占美国总交易量的60%左右。

Brokers also face scrutiny of their checks on the ownership of the firms they allow – directly or through sponsorship arrangements – to access the markets.

允许高频交易机构直接或通过资助安排进入市场的经纪商,其对这些机构所有权进行的核查也将面临监管机构的详细审查。

“The brokers should be satisfied they know who’s really operating these systems,” Richard Ketchum, chairman and chief executive of Finra, told the Financial Times.

“经纪商应证明,自己清楚到底是谁在运行那些系统,”金融业监管局主席兼首席执行官理查德•凯彻姆(Richard Ketchum)告诉《金融时报》。

The probe will at the very least lead to tougher guidelines. “You can expect something to come out of it,” Mr Ketchum said. “Certainly, there may be enforcement actions if we find serious cases where brokers have failed to even try to exercise their obligations.”

这一调查至少将导致更严厉的准则出台。“你能预计到,调查后会有某些措施出台,”凯彻姆表示。“如果我们发现有经纪商未能尽力履行其职责的重大案件,那么无疑,我们可能会出台执法行动。”

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