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订单流支付——“零佣金”表象下隐藏的套路丨财经科普高频交易
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<div class="post-meta"><span title='2022-06-17 18:35:04 +0800 CST'>六月 17, 2022</span> · 2 分钟 · 17Cats
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<div class="post-content"><p>__ ](javascript:;)</p>
<p>“在美国,”;<a href="/newblog/post/0f8ce5f5">订单</a>流支付“;(pfof)是有大约10年历史的商业<a href="/newblog/post/aeab8be5">模式</a>。这是零<a href="/newblog/post/4896ac23">佣金</a><a href="/newblog/post/4896ac23">证券公司</a>的核心运营<a href="/newblog/post/aeab8be5">模式</a>。然而,这引起了越来越多的激烈争议。批评人士认为,这种做法损害了投资者的利益。近年来,美国证券<a href="/newblog/post/1e17c92d">交易</a>委员会(SEC)开始考虑修改股票市场规则,从而颠覆<a href="/newblog/post/0f8ce5f5">订单</a>流支付的商业<a href="/newblog/post/aeab8be5">模式</a></p>
<p>在<a href="/newblog/post/0f8ce5f5">订单</a>流支付<a href="/newblog/post/aeab8be5">模式</a>下,罗宾汉和其他零<a href="/newblog/post/4896ac23">佣金</a><a href="/newblog/post/4896ac23">证券公司</a>的散户投资者的<a href="/newblog/post/1e17c92d">交易</a>不会直接发送到纽约证券<a href="/newblog/post/1e17c92d">交易</a>所或纳斯达克<a href="/newblog/post/1e17c92d">交易</a>所执行,而是由<a href="/newblog/post/4896ac23">证券公司</a>打包并发送给高频做市商。高频<a href="/newblog/post/1e17c92d">交易</a>者通过算法、时差等多种<a href="/newblog/post/1e17c92d">交易</a>策略,通过散户投资者的价差进行套利,也就是说,<a href="/newblog/post/4896ac23">证券公司</a>接受客户的<a href="/newblog/post/0f8ce5f5">订单</a>,而不是直接去<a href="/newblog/post/1e17c92d">交易</a>所寻找国内最好的价格。相反,他们转向市场上的高频<a href="/newblog/post/1e17c92d">交易</a>公司,让这些高频<a href="/newblog/post/1e17c92d">交易</a>公司进行匹配<a href="/newblog/post/1e17c92d">交易</a>,这叫做&quote;“暗池”;市场的透明度很低。SEC多年来一直默许这一点,只要求这些<a href="/newblog/post/4896ac23">证券公司</a>披露某些信息,如零售<a href="/newblog/post/0f8ce5f5">订单</a>的流量和公司的利润额,但从2021开始,“;持有一组股份的个人投资者;由于Gamestop造成的波动,越来越多的官员呼吁对<a href="/newblog/post/0f8ce5f5">订单</a>流支付<a href="/newblog/post/aeab8be5">模式</a>进行更严格的审查。未来,由<a href="/newblog/post/0f8ce5f5">订单</a>流支付<a href="/newblog/post/aeab8be5">模式</a>支持的金融机构争夺<a href="/newblog/post/0f8ce5f5">订单</a>和散户投资者的时代可能最终结束</p>
<p>责任编辑:李思扬</p>
<h2 id="相关推荐">相关推荐<a hidden class="anchor" aria-hidden="true" href="#相关推荐">#</a></h2>
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<p><a href="/newblog/post/050d3c9c">“动静”之间,上海再出发上海上海市恢复</a></p>
<p><a href="/newblog/post/4896ac23">订单流支付——“零佣金”表象下隐藏的套路丨财经科普高频交易</a></p>
<p><a href="/newblog/post/039551d2">ST东海A:6月8日进入退市整理期</a></p>
<p><a href="/newblog/post/4896ac23">订单流支付——“零佣金”表象下隐藏的套路丨财经科普高频交易</a></p>
<p><a href="/newblog/post/d9bcefce">ST东海A4月18日主力资金净卖出240.10万元</a></p>
</blockquote>
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