Posted at 2014.03.30 Category : WSJ
思わせぶりなタイトルを付けましたが、マイケルルイスの新作についての続きです。
マイケルルイスの著作でどんなことを語っているのかについては下記のCNBCの記事が分かりやすかったです。
Michael Lewis targets high frequency trading
Eamon Javers | @EamonJavers
Friday, 28 Mar 2014
自分はHigh Frequency Trading？ってレベルなので、調べました（汗）知恵蔵miniの解説です。
HFT
コンピューターのプログラムにより株の自動取引を行う「アルゴリズム取引」の一種。「ハイ・フリークエンシー・トレーディング」の頭文字をとったもので、日本では「超高速取引」「高頻度売買」「超高速売買」などと表現される。高速処理のコンピューターを駆使してミリ(1000分の1)秒単位で膨大な売買小口売買を行い、わずかな価格差を利用して利益を得ようとするもの。対象は株式だけでなく、外国為替や各種先物取引など多伎にわたる。2008年には、大手ヘッジファンドが、HFTを行う関連会社を通じて約10億ドルの利益をあげていたことが判明。11年には、HFT投資家が欧米を中心に200社を超えたとされ、米国ではHFTが原因とされる株式急落が度々発生している。13年5月に始まった日本の株価の乱高下の一因とも分析されている。
( 2013-5-30 )
HFTは問題視されているようで、CNBCの記事でゴールドマンサックスのPresidentもWSJに対策を提案していたようです。
The Responsible Way to Rein in Super-Fast Trading
At Goldman Sachs, we would back these measures to limit the risk and instability that technology gains brought.
By GARY COHN
2014 年 3 月 20 日 20:05 JST 更新
In the past year alone, multiple technology failures have occurred in the equities markets, with a severe impact on the markets' ability to operate. Even though industry groups have met after the market disruptions to discuss responses, there has not been enough progress. Execution venues are decentralized and unable to agree on common rules. While an industry-based solution is preferable, some issues cannot be addressed by market forces alone and require a regulatory response. Innovation is critical to a healthy and competitive market structure, but not at the cost of introducing substantial risk.
Regulators and industry participants, including asset managers, broker-dealers, exchanges and trading firms, have all put forth ideas and reforms. We agree with a number of their concerns and propose the following four principles:
抜粋した四つが以下です。
• First, the equity market needs a stronger safety net of controls to reduce the magnitude and frequency of disruptions.
• Second: Create incentives to reduce excessive market instability.
• Third: Public market data should be disseminated to all market participants simultaneously.
• Fourth: Give clearing members more tools to limit risk.
マイケルルイスの著作に関する裏話などはNew Yorkマガジンの下記の記事が面白かったです。
Michael Lewis Is Betting His New Book About High-Speed Trading Shakes Up Wall Street
By Boris Kachka
今回の著作はVanity Fairの2013年9月号の記事のためのリサーチをしている時に取り組み始めたようです。
While Norton refused to comment on their cloak-and-dagger publication strategy, Michael Lewis himself was happy to chat yesterday by phone, even though the Berkeleian was busy visiting spring training in Arizona with his 7-year-old son. The only thing he wouldn’t talk about was the actual book. “It has a lot of news in it,” he said, while his son vied for his attention by making fart noises with a balloon. “It’s scoopier than most of my narratives.” He started working on the book early in 2013, while researching a story for Vanity Fair about a programmer who was jailed for stealing code from Goldman Sachs. When that piece ran in September, Lewis told Businessweek he was working on a book about what the magazine headlined “the next crisis.”
ちなみにVanity Fairの記事は以下です。
FINANCE CRIME
September 2013
Michael Lewis: Did Goldman Sachs Overstep in Criminally Charging Its Ex-Programmer?
A month after ace programmer Sergey Aleynikov left Goldman Sachs, he was arrested. Exactly what he’d done neither the F.B.I., which interrogated him, nor the jury, which convicted him a year later, seemed to understand. But Goldman had accused him of stealing computer code, and the 41-year-old father of three was sentenced to eight years in federal prison. Investigating Aleynikov’s case, Michael Lewis holds a second trial.
By Michael Lewis
New Yorkマガジンの最後が以下ですが、それなりの覚悟があって問題提起をしているようです。
Lewis is feeling pretty confident. “I think that in this case, I have lighting in a bottle,” he says. The Big Short, his last big exposé of disastrous financial folly, didn’t change the world. Will Flash Boys? “It’s naïve to say yes, but if this doesn’t, I’m done. If this doesn’t actually provoke some interesting behavioral changes, then what’s the point of writing these books? This is my best shot yet.” The same goes for Norton’s strategic reticence, he thinks. “If the book isn’t interesting I think it’ll only work once.”
そうそう、Kindle版を日本のAmazonで買うメリットでしたね。時差があるので、日本のAmazonの方が早く購入できるということです。今さらかもしれませんでしたが。。。3月31日に発売ですから、明日を楽しみにしたいと思います。
マイケルルイスの著作でどんなことを語っているのかについては下記のCNBCの記事が分かりやすかったです。
Michael Lewis targets high frequency trading
Eamon Javers | @EamonJavers
Friday, 28 Mar 2014
自分はHigh Frequency Trading？ってレベルなので、調べました（汗）知恵蔵miniの解説です。
HFT
コンピューターのプログラムにより株の自動取引を行う「アルゴリズム取引」の一種。「ハイ・フリークエンシー・トレーディング」の頭文字をとったもので、日本では「超高速取引」「高頻度売買」「超高速売買」などと表現される。高速処理のコンピューターを駆使してミリ(1000分の1)秒単位で膨大な売買小口売買を行い、わずかな価格差を利用して利益を得ようとするもの。対象は株式だけでなく、外国為替や各種先物取引など多伎にわたる。2008年には、大手ヘッジファンドが、HFTを行う関連会社を通じて約10億ドルの利益をあげていたことが判明。11年には、HFT投資家が欧米を中心に200社を超えたとされ、米国ではHFTが原因とされる株式急落が度々発生している。13年5月に始まった日本の株価の乱高下の一因とも分析されている。
( 2013-5-30 )
HFTは問題視されているようで、CNBCの記事でゴールドマンサックスのPresidentもWSJに対策を提案していたようです。
The Responsible Way to Rein in Super-Fast Trading
At Goldman Sachs, we would back these measures to limit the risk and instability that technology gains brought.
By GARY COHN
2014 年 3 月 20 日 20:05 JST 更新
In the past year alone, multiple technology failures have occurred in the equities markets, with a severe impact on the markets' ability to operate. Even though industry groups have met after the market disruptions to discuss responses, there has not been enough progress. Execution venues are decentralized and unable to agree on common rules. While an industry-based solution is preferable, some issues cannot be addressed by market forces alone and require a regulatory response. Innovation is critical to a healthy and competitive market structure, but not at the cost of introducing substantial risk.
Regulators and industry participants, including asset managers, broker-dealers, exchanges and trading firms, have all put forth ideas and reforms. We agree with a number of their concerns and propose the following four principles:
抜粋した四つが以下です。
• First, the equity market needs a stronger safety net of controls to reduce the magnitude and frequency of disruptions.
• Second: Create incentives to reduce excessive market instability.
• Third: Public market data should be disseminated to all market participants simultaneously.
• Fourth: Give clearing members more tools to limit risk.
マイケルルイスの著作に関する裏話などはNew Yorkマガジンの下記の記事が面白かったです。
Michael Lewis Is Betting His New Book About High-Speed Trading Shakes Up Wall Street
By Boris Kachka
今回の著作はVanity Fairの2013年9月号の記事のためのリサーチをしている時に取り組み始めたようです。
While Norton refused to comment on their cloak-and-dagger publication strategy, Michael Lewis himself was happy to chat yesterday by phone, even though the Berkeleian was busy visiting spring training in Arizona with his 7-year-old son. The only thing he wouldn’t talk about was the actual book. “It has a lot of news in it,” he said, while his son vied for his attention by making fart noises with a balloon. “It’s scoopier than most of my narratives.” He started working on the book early in 2013, while researching a story for Vanity Fair about a programmer who was jailed for stealing code from Goldman Sachs. When that piece ran in September, Lewis told Businessweek he was working on a book about what the magazine headlined “the next crisis.”
ちなみにVanity Fairの記事は以下です。
FINANCE CRIME
September 2013
Michael Lewis: Did Goldman Sachs Overstep in Criminally Charging Its Ex-Programmer?
A month after ace programmer Sergey Aleynikov left Goldman Sachs, he was arrested. Exactly what he’d done neither the F.B.I., which interrogated him, nor the jury, which convicted him a year later, seemed to understand. But Goldman had accused him of stealing computer code, and the 41-year-old father of three was sentenced to eight years in federal prison. Investigating Aleynikov’s case, Michael Lewis holds a second trial.
By Michael Lewis
New Yorkマガジンの最後が以下ですが、それなりの覚悟があって問題提起をしているようです。
Lewis is feeling pretty confident. “I think that in this case, I have lighting in a bottle,” he says. The Big Short, his last big exposé of disastrous financial folly, didn’t change the world. Will Flash Boys? “It’s naïve to say yes, but if this doesn’t, I’m done. If this doesn’t actually provoke some interesting behavioral changes, then what’s the point of writing these books? This is my best shot yet.” The same goes for Norton’s strategic reticence, he thinks. “If the book isn’t interesting I think it’ll only work once.”
そうそう、Kindle版を日本のAmazonで買うメリットでしたね。時差があるので、日本のAmazonの方が早く購入できるということです。今さらかもしれませんでしたが。。。3月31日に発売ですから、明日を楽しみにしたいと思います。
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