VOA常速英语2014--High Frequency Traders Under Scrutiny 美司法部调查高频交易

 

High Frequency Traders Under Scrutiny¹ 美司法部调查高频交易

The U. S. Justice Department is investigating the relationship between high frequency trading firms and major exchanges -- and regulators in Washington and the state of New York are taking aim at them as well. At issue is the integrity of the worldwide marketplace and the appropriate use of advanced technology.

美国司法部正在调查公司和各大交易所之间的关系，华盛顿和纽约州的监管机构也正在展开调查，调查的问题是全球交易市场的职业操守，以及先进技术的合理使用。

Technology has made stock trading easier, enabling worldwide participation² in U.S. financial markets. Now -- with advanced super computers and agreements with trading exchanges - some companies are able to trade stocks in fractions of a second. The practice -- known as high-speed trading -- is controversial. But as St. John’s University professor Michael Perino points out, traders have been trying to speed up the process as long as there have been securities markets.

科技进步使得股市交易更加方便，让全世界的交易者都可以参与美国的金融市场。现在通过超级高速电脑，并且跟交易所达成协议，一些公司可以在瞬间完成股票交易。这种被称作为快速交易的做法引起了争议，可是圣约翰大学的迈克尔·佩里诺指出，只要证券市场存在，交易者就会争分夺秒。

“There is a great old story, it may not be true or not, but apparently³ the Rothschilds used carrier pigeons to get word of Napoleon’s defeat at Waterloo before anyone else and made money in the London Stock Exchange that way," he said. "And through telegraphs and fiber-optic cables throughout the years, everybody is trying to get faster and faster to the information because it gives them a competitive advantage. High frequency traders just take that to the next degree.”

他说：“有一个很老的故事，也许不一定真实，不过，罗斯柴尔德家族用信鸽，先人一步得知拿破仑在滑铁卢战败的消息，在伦敦证券交易所大赚了一笔。多年来，人们通过电报和光纤电缆，争取越来越快地获得信息，因为信息给了他们竞争优势，而高频交易不过是又向前迈进了一步。”

Still, these high frequency trading practices have come under the scrutiny of both the U.S. Justice Department and officials in New York State. Attorney General Eric Holder⁴ confirmed an investigation⁵ is underway.

不过，高频交易的做法受到美国司法部和纽约州官员的审查。司法部长霍尔德证实，调查正在进行中。

“We at the Justice Department are investigating this practice to determine whether it violates insider trading laws." he said. "The Department is committed to ensuring the integrity of our financial markets -- and we are determined⁶ to follow this investigation wherever the facts and law may lead.”

霍尔德说：“司法部正在调查，以确定这种做法是否触犯了禁止内线交易的法律。司法部要努力确保我们金融市场的操守，我们将根据事实和法律进行彻底调查。”

For a fee, some of the exchanges and financial information services have supplied the high speed traders with extra bandwidth, special high speed switches and ultra-fast connection cables. With that arrangement, HFT (High Frequency Trading) companies can receive information faster and gain an advantage over others in the market.

一些交易所和金融信息服务机构收取费用，为高频交易者提供额外宽带，特殊的高速切换和超快电缆联线，通过这种方法，公司可以更快地获得信息，在市场上占有优势。

A new and controversial book, “Flash Boys,” has whipped up a storm about such trading practices, and cites BATS Global as one company it says is rigging the markets. On a business network program on CNBC, BATS CEO William O’Brien defended his company’s activities.

一本有争议的新书“闪光男孩”引发了风暴，这本书以BATS全球市场公司为例，说它垄断市场。BATS公司总裁威廉姆·奥布莱恩在商业电视网CNBC节目上为公司辩护。

“BATS Direct Edge didn’t exist 10 years ago," he said. "And we became the biggest stock market on any given day in the United States by going to our customers, proving we had a value proposition and winning their business. We didn’t do anything by trying to scare people. And, I don’t think it’s true and I don’t think it’s right. “

他说：“10年前，BATS Direct Edge公司根本不存在。现在我们靠发展客户，成为美国股市每天最大的交易者，这证明我们的提议是有价值的，为他们在交易中获胜。我们没有做任何威胁别人的事。这不是事实，这是不对的。”

Drexel Hamilton is a typical full-service institutional broker-dealer. Like many other broker-dealers, it believes high frequency trading could kill the market place and turn away customers. Ian Burgess, a managing director at Drexel Hamilton, says it makes the market less efficient.

德雷克塞尔·汉密尔顿是一个典型的全方位服务经纪商和交易商，和很多同行一样，这家公司相信，高频交易可能扼杀市场，赶走顾客。伊恩·伯吉斯说，这种做法降低了市场效率。

“We see bids all of a sudden disappearing while we try to go in there and sell stock," he said. "We see offers also vaporizing when we’re trying to buy stock. It makes it much more difficult and much more costly⁷, I think.”

他说：“我们正在出售股票时，买家的出价突然消失，当我们想买进的时候，卖家又突然蒸发，使得交易更加困难，耗资更多。

The Wall Street Bull is still one of New York’s major attractions. But, the question is whether it will continue to be an attraction if the investing public loses confidence in the stock market.

 

华尔街上的铜牛仍然是纽约市最吸引人的景观，不过问题是，如果投资人对股市失去信心，这架铜牛还会继续吸引人吗？

1 scrutiny   

n.详细检查，仔细观察

参考例句：

• His work looks all right,but it will not bear scrutiny.他的工作似乎很好，但是经不起仔细检查。
• Few wives in their forties can weather such a scrutiny.很少年过四十的妻子经得起这么仔细的观察。

2 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

3 apparently   

adv.显然地；表面上，似乎

参考例句：

• An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
• He was apparently much surprised at the news.他对那个消息显然感到十分惊异。

4 holder   

n.持有者，占有者；(台，架等)支持物

参考例句：

• The holder of the office of chairman is reponsible for arranging meetings.担任主席职位的人负责安排会议。
• That runner is the holder of the world record for the hundred-yard dash.那位运动员是一百码赛跑世界纪录的保持者。

5 investigation   

n.调查，调查研究

参考例句：

• In an investigation,a new fact became known, which told against him.在调查中新发现了一件对他不利的事实。
• He drew the conclusion by building on his own investigation.他根据自己的调查研究作出结论。

6 determined   

adj.坚定的；有决心的

参考例句：

• I have determined on going to Tibet after graduation.我已决定毕业后去西藏。
• He determined to view the rooms behind the office.他决定查看一下办公室后面的房间。

7 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。