????上周四，在華爾街投資會(huì)議上，美國(guó)證券交易委員會(huì)（SEC）主席瑪麗?喬?懷特宣布將展開(kāi)一系列調(diào)查，改變相關(guān)潛規(guī)則，同時(shí)采取監(jiān)控措施，目的是為了重點(diǎn)打擊高頻交易（HFT）。

????這項(xiàng)調(diào)查的清單十分冗長(zhǎng)。懷特說(shuō)，SEC將調(diào)查高頻交易公司是否獲得交易所的允許，借助比其他交易商更為有利的方式來(lái)提交買(mǎi)賣(mài)訂單。SEC還將調(diào)查是否應(yīng)強(qiáng)制所謂的“暗池”交易參與者上報(bào)更多的交易數(shù)據(jù)，因?yàn)椴糠滞顿Y者通過(guò)“暗池”交易掩蓋自己真正的交易活動(dòng)。懷特還提到，SEC將調(diào)查交易所是否應(yīng)該將交易數(shù)據(jù)提前透漏給高頻交易公司。此外，SEC也將調(diào)查交易所是否應(yīng)嘗試遏制快速交易。

????懷特表示，她也會(huì)關(guān)注證券交易市場(chǎng)是否過(guò)于分散。SEC的一個(gè)委員會(huì)將負(fù)責(zé)對(duì)此事進(jìn)行調(diào)查，同時(shí)也將對(duì)整個(gè)市場(chǎng)結(jié)構(gòu)進(jìn)行評(píng)估。

????因此，涉及高頻交易的方方面面基本上都將受到調(diào)查。

????人們可能會(huì)據(jù)此認(rèn)為，在關(guān)注高頻交易多年之后，SEC終于得出了結(jié)論——高頻交易不是好事，但也有例外：在懷特所做的聲明中，與打擊高頻交易公司直接相關(guān)的內(nèi)容似乎寥寥無(wú)幾。懷特所提到的大部分潛在的變化都與交易所有關(guān)。

????高頻交易面臨的一個(gè)重大變化就是，它們必須通過(guò)注冊(cè)成為SEC麾下的經(jīng)紀(jì)商。長(zhǎng)期以來(lái)，高頻交易公司一直都聲稱(chēng)自己只是做市商，幫助他人（間接地）開(kāi)展交易。一旦這些公司注冊(cè)成為經(jīng)紀(jì)商之后，哪怕它們所從事的唯一交易是在花自己的錢(qián)，SEC基本上也就證實(shí)了這些公司是在為市場(chǎng)和其他交易商提供服務(wù)。因此，盡管此舉能讓SEC更為密切地監(jiān)控高頻交易公司，但是它也會(huì)讓這些公司的舉動(dòng)稍微具有一些合法性。

????就在邁克?路易斯《快閃小子》（Flash Boys）一書(shū)出版不到一個(gè)月，SEC就提出了這一動(dòng)議。這本書(shū)對(duì)高頻交易進(jìn)行了介紹，還把所有的高頻交易公司稱(chēng)之為一幫惡棍。因此，SEC做出這個(gè)聲明也在情理之中，因?yàn)樗穆氊?zé)就是讓市場(chǎng)看起來(lái)更為公平。當(dāng)然，如果你不知道到底應(yīng)該怎么做的話，宣布一個(gè)面面俱到的調(diào)查方案也不失為一個(gè)可行的策略。但是，它也意味著，SEC最終可能決定撤銷(xiāo)的內(nèi)容也少不了。（財(cái)富中文網(wǎng)）

????譯者：翔

????On Thursday, SEC Chair Mary Jo White, speaking at a Wall Street investment conference, announced a slew of investigations, potential rule changes, and monitoring methods that could lead to a significant crackdown of high-frequency trading (HFT).

????The list of investigations was lengthy. White said the SEC is looking into whether exchanges allow HFT firms to place their buy and sell orders in ways that give them an advantage over other traders. The SEC is looking into whether so-called dark pools, where some investors try to mask their trading activity, should be forced to report more of their transaction data. White also noted that the SEC is looking at whether exchanges should be giving trading data to some HFT firms faster than everyone else. On top of that, the SEC is going to look at whether exchanges should try to de-emphasize speedy trading.

????White said that she is also examining whether the market is too fragmented. There’s an SEC committee looking into that, and market structure in general, as well.

????So, pretty much everything you can think of about high frequency trading is under review.

????That might lead you to believe that the SEC, after years of looking at HFT, has finally came to the conclusion that it is bad, except for this: There is very little in what White announced that directly seems like a crackdown of high frequency trading firms. Most of the potential changes White announced had to do with the exchanges.

????The one major change for HFT firms is that they have to register as brokers with the SEC. HFT firms have long made the argument that they are basically market making firms, helping others, albeit indirectly, trade. By having them register as brokers, the SEC basically validates the argument that these firms service the market and other traders, even if the only trading they do is with their own cash. So, while the SEC will get to monitor HFT a little more closely, its moves will also make HFT a little more legit.

????The SEC’s initiatives come roughly a month after the publication of Michael Lewis’ Flash Boys, an account of HFT that basically calls all HFT firms a bunch of crooks. So you can’t fault the SEC for announcing something. Its job is to make the market look fair. And if you don’t know what to do, announcing that you are reviewing everything you can think of isn’t the worst approach. But it’s also a sign that in the end the SEC might end up deciding not to do a heck of a lot.