{"id":5104,"date":"2023-03-23T16:45:27","date_gmt":"2023-03-23T08:45:27","guid":{"rendered":"https:\/\/www.kungfu-trader.com\/?p=5104"},"modified":"2023-12-20T15:37:05","modified_gmt":"2023-12-20T07:37:05","slug":"article9","status":"publish","type":"post","link":"https:\/\/www.kungfu-trader.com\/index.php\/2023\/03\/23\/article9\/","title":{"rendered":"\u3010\u6838\u5fc3\u6280\u672f\u3011\u4ea4\u6613\u6240\u98ce\u4e91"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"5104\" class=\"elementor elementor-5104\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1cddacf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1cddacf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element 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style=\"color: #000000;\">\u7b2c\u4e8c\uff0c\u66f4\u73b0\u5b9e\u7684\u95ee\u9898\u662f\uff0c\u6b27\u7f8e\u5e02\u573a\u53d1\u5c55\u5230\u4eca\u5929\uff0c\u5448\u73b0\u51fa\u4e00\u79cd\u5b8c\u5168\u788e\u7247\u5316\u7684\u8d8b\u52bf\u3002\u4e0d\u8bba\u662f\u6b27\u6d32\u8fd8\u662f\u7f8e\u56fd\uff0c\u4f5c\u4e3a\u6574\u4f53\u90fd\u53ef\u7528\u5730\u57df\u5bbd\u5e7f\u6765\u5f62\u5bb9\uff0c\u5176\u5883\u5185\u7684\u4ea4\u6613\u6240\u5206\u6563\u5728\u5404\u4e2a\u5730\u533a\uff0c\u5e76\u4e14\u59cb\u7ec8\u5904\u4e8e\u4e00\u79cd\u52a8\u6001\u535a\u5f08\u548c\u5e73\u8861\u4e4b\u4e2d\u3002<\/span><\/p><p data-pid=\"VO0lPs-r\"><span style=\"color: #000000;\">\u5728\u6b27\u6d32\uff0c\u4ee5\u80a1\u7968\u4ea4\u6613\u4e3a\u4f8b\uff0c\u4e3b\u6d41\u7684\u4ea4\u6613\u6240\uff08\u96c6\u56e2\uff09\u6709\u8fd9\u51e0\u5bb6\uff1a<\/span><\/p><ul><li style=\"list-style-type: none;\"><ul><li data-pid=\"Z_YlNyp6\"><span style=\"color: #000000;\">London Stock Exchange Group\u00a0\uff08\u65d7\u4e0b\u5305\u62ec\u00a0London Stock Exchange\uff0cBorsa Italiana\uff0cTurquoise\uff09<\/span><\/li><li data-pid=\"t_-a47ka\"><span style=\"color: #000000;\">Euronext\u00a0\uff08\u88ab\u6d32\u9645\u4ea4\u6613\u6240ICE\u5e76\u8d2d\uff09<\/span><\/li><li data-pid=\"YiJ6lMAa\"><span style=\"color: #000000;\">NASDAQ OMX<\/span><\/li><li data-pid=\"QleKgBNH\"><span style=\"color: #000000;\">BATS Chi-X Europe<\/span><\/li><li data-pid=\"9_rwhWmg\"><span style=\"color: #000000;\">Deutsche Borse Group<\/span><\/li><\/ul><\/li><\/ul><p data-pid=\"IbPMX7CF\"><span style=\"color: #000000;\">\u8fd9\u4e9b\u4ea4\u6613\u6240\u65d7\u4e0b\u7684\u5e73\u53f0\uff08Trading Venue\uff09\u904d\u5e03\u6b27\u6d32\uff0c\u63d0\u4f9b\u76f8\u4f3c\u7684\u4ea4\u6613\u670d\u52a1\u7684\u540c\u65f6\uff0c\u53c8\u5206\u522b\u53d7\u6240\u5728\u56fd\u5bb6\u7684\u653f\u7b56\u5f71\u54cd\u3002<\/span><\/p><p data-pid=\"3NcRf7cq\"><span style=\"color: #000000;\">\u5728\u7f8e\u56fd\uff0c\u4e09\u5927\u4e3b\u6d41\u80a1\u7968\u4ea4\u6613\u6240\u6709\uff1a<\/span><\/p><ul><li style=\"list-style-type: none;\"><ul><li data-pid=\"dLv0SAG5\"><span style=\"color: #000000;\">The New York Stock Exchange<\/span><\/li><li data-pid=\"4dySjbEN\"><span style=\"color: #000000;\">NASDAQ Stock Market<\/span><\/li><li data-pid=\"rvutRlTM\"><span style=\"color: #000000;\">BATS Exchange<\/span><\/li><\/ul><\/li><\/ul><p data-pid=\"TWWtH-N1\"><span style=\"color: #000000;\">\u867d\u7136\u7f8e\u56fd\u672c\u8eab\u662f\u4e00\u4e2a\u56fd\u5bb6\uff0c\u4f46\u662f\u5883\u5185\u4ecd\u7136\u51fa\u73b0\u591a\u5bb6\u4ea4\u6613\u6240\u5e76\u5b58\u7684\u73b0\u72b6\uff0c\u540c\u4e00\u652f\u516c\u53f8\u7684\u80a1\u7968\u53ef\u80fd\u5728\u591a\u5bb6\u4ea4\u6613\u6240\u540c\u65f6\u6302\u724c\u4ea4\u6613\u3002\u8fd9\u610f\u5473\u7740\u5728\u540c\u4e00\u65f6\u95f4\uff0c\u4e0d\u540c\u4ea4\u6613\u6240\u5185\u7684\u80a1\u7968\u4ef7\u683c\u9700\u8981\u540c\u6b65\u3002\u7f8e\u56fd\u4eba\u4f7f\u7528\u4e00\u79cd\u53eb Tape \uff08\u89c1\u00a0National market system plan\uff09\u7684\u4e1c\u897f\u6765\u53d1\u5e03\u540c\u6b65\u540e\u7684\u4ef7\u683c\u3002\u4f46\u8fd9\u79cd\u65b9\u6848\u672c\u8eab\u5b58\u5728\u82e5\u5e72\u6280\u672f\u9690\u60a3\uff0c\u4e4b\u524d\u5c31\u51fa\u73b0\u8fc7\u9ad8\u54c1\u4ea4\u6613\u8005\u4f9d\u9760\u6280\u672f\u624b\u6bb5\u548c\u9ad8\u901f\u8fde\u63a5\uff0c\u5229\u7528\u4e0d\u540c\u4ea4\u6613\u6240\u540c Tape \u4e0a\u4ef7\u683c\u53d1\u5e03\u7684\u65f6\u95f4\u5dee\u6765\u63a2\u6d4b\u5176\u4ed6\u4f4e\u901f\u4ea4\u6613\u8005\u7684\u4ea4\u6613\u610f\u56fe\uff0c\u62a2\u5728\u4ed6\u4eec\u4e4b\u524d\u8fdb\u884c\u4ea4\u6613\u6765\u76c8\u5229\u7684\u6076\u52a3\u4e8b\u4ef6\u3002<\/span><\/p><p data-pid=\"-EohKY53\"><span style=\"color: #000000;\">\u8fd9\u4e9b\u4ea4\u6613\u6240\u5f7c\u6b64\u4e4b\u95f4\u5f80\u5f80\u5904\u4e8e\u7ade\u4e89\u6a21\u5f0f\u3002\u5176\u4e2d\u6700\u4e3a\u57fa\u672c\u7684\u65b9\u5f0f\u662f\u4ea4\u6613\u6240\u95f4\u7684\u5e76\u8d2d\uff0c\u8fd9\u65b9\u9762\u7684\u65b0\u95fb\u548c\u8d44\u6599\u968f\u624b\u4e00\u641c\u5c31\u6709\u5f88\u591a\uff1a<\/span><\/p><ul><li data-pid=\"dsXKmqV3\"><span style=\"color: #000000;\">\u5168\u7403\u4ea4\u6613\u6240\u6380\u8d77\u5e76\u8d2d\u6f6e<\/span><\/li><li data-pid=\"x6qJa4dU\"><span style=\"color: #000000;\">\u5f3a\u8005\u6052\u5f3a\uff0c\u5927\u8005\u6052\u5927<\/span><\/li><li data-pid=\"fQW82HkU\"><span style=\"color: #000000;\">\u6d32\u9645\u4ea4\u6613\u6240\u4ee582\u4ebf\u7f8e\u5143\u5e76\u8d2d\u7ebd\u7ea6-\u6cdb\u6b27\u4ea4\u6613\u6240\u96c6\u56e2<\/span><\/li><li data-pid=\"Dj7LebAg\"><span style=\"color: #000000;\">\u5168\u7403\u4ea4\u6613\u6240\u8de8\u56fd\u5e76\u8d2d\u8d8b\u52bf\u53ca\u6211\u56fd\u7684\u5bf9\u7b56\u601d\u8003<\/span><\/li><\/ul><p data-pid=\"B894k0rd\"><span style=\"color: #000000;\">\u5e76\u8d2d\u53ef\u4ee5\u4f7f\u4e24\u5bb6\u4ea4\u6613\u6240\u8fdb\u884c\u8d44\u6e90\u6574\u5408\u4ece\u800c\u51cf\u5c11\u7ade\u4e89\u6210\u672c\uff0c\u4f46\u8fd9\u79cd\u5927\u624b\u7b14\u6bd5\u7adf\u6d88\u8017\u5de8\u5927\uff0c\u4e0d\u80fd\u968f\u610f\u4e3a\u6b62\u3002\u800c\u5728\u65e5\u5e38\u4e1a\u52a1\u4e2d\u7684\u77ed\u5175\u76f8\u63a5\u5219\u66f4\u4e3a\u5e38\u89c1\u3002\u56e0\u4e3a\u4ea4\u6613\u6240\u7684\u4e3b\u8981\u6536\u5165\u6765\u6e90\u662f\u624b\u7eed\u8d39\uff0c\u800c\u5e02\u573a\u603b\u7684\u4ea4\u6613\u91cf\u6709\u9650\uff0c\u5728\u6b64\u95f4\u4ea4\u6613\u6240\u4ea4\u6613\u7684\u91cf\u591a\u4e86\uff0c\u5f7c\u95f4\u4ea4\u6613\u6240\u7684\u5229\u6da6\u5c31\u4f1a\u53d7\u635f\u3002\u56e0\u6b64\uff0c\u4e3a\u4e86\u4e89\u593a\u4ea4\u6613\u91cf\uff0c\u4ea4\u6613\u6240\u5c31\u9700\u8981\u5404\u5c3d\u6240\u80fd\u63d0\u9ad8\u81ea\u8eab\u7684\u7ade\u4e89\u529b\u3002\u9996\u5148\u53ef\u4ee5\u8fdb\u884c\u7684\u81ea\u8eab\u6539\u9020\u662f\u4ea4\u6613\u673a\u5236\u548c\u6280\u672f\u3002\u6bd4\u5982\u8bf4\u8bbe\u7f6e\u4e0d\u540c\u7684 tick size\uff08\u6700\u5c0f\u62a5\u4ef7\u5355\u4f4d\uff0c\u6bd4\u5982\u82e5\u8bbe tick size \u4e3a\u4e00\u5206\uff0c\u90a3\u4e48\u62a5\u4ef7\u53ea\u80fd\u53d6 100.1\uff0c100.2\uff0c\u800c\u4e0d\u80fd\u53d6\u5230 100.15 \u8fd9\u6837\u7684\u503c\uff09\uff0c\u63d0\u4f9b\u66f4\u4e30\u5bcc\u7684\u59d4\u6258\u5355\u7c7b\u578b\uff08\u9664\u6807\u51c6\u7684\u9650\u4ef7\u5355\uff0c\u5e02\u4ef7\u5355\u5916\uff0c\u5f80\u5f80\u8fd8\u9700\u9690\u85cf\u5355 Hidden\/Iceberg Order\uff0c\u5373\u65f6\u9650\u4ef7\u5355 Immediate Or Cancel Order\u7b49\uff09\uff0c\u8bbe\u7f6e\u5f00\u76d8\u65f6\u7ade\u4ef7\u96c6\u5408\u7684\u89c4\u5219\u548c\u65f6\u957f\u7b49\u3002\u8fd9\u4e9b\u90fd\u4f1a\u5bf9\u4ea4\u6613\u8fc7\u7a0b\u9020\u6210\u5f71\u54cd\uff0c\u6539\u53d8\u4ea4\u6613\u8005\u4eec\u7684\u884c\u4e3a\u6a21\u5f0f\uff0c\u4ece\u800c\u5f71\u54cd\u5230\u4ea4\u6613\u6240\u5bf9\u4ea4\u6613\u8005\u4eec\u7684\u5438\u5f15\u529b\u3002<\/span><\/p><p data-pid=\"SYJIpK6X\"><span style=\"color: #000000;\">\u53e6\u4e00\u65b9\u9762\uff0c\u4e3a\u4e86\u6539\u5584\u6d41\u52a8\u6027\u8d28\u91cf\uff0c\u8fd8\u5fc5\u987b\u5f15\u5165\u9ad8\u6c34\u5e73\u7684\u505a\u5e02\u5546\u3002\u505a\u5e02\u5546\u7684\u4f5c\u7528\u6709\u591a\u91cd\u8981\uff1f\u300aMarket Microstructure in Practice\u300b\u4e00\u4e66\u4e2d\u7ed9\u51fa\u8fc7\u4e00\u4e2a\u5177\u4f53\u7684\u4f8b\u5b50\uff08\u89c1\u4e66\u4e2d2.1.3\uff09\u3002Turquoise\u00a0\u662f\u6b27\u6d32\u4e00\u5bb6\u53e6\u7c7b\u4ea4\u6613\u5e73\u53f0\uff08MTF\uff0c\u57fa\u672c\u4e0a\u4f60\u53ef\u4ee5\u8ba4\u4e3a\u5c31\u662f\u4e00\u79cd\u4ea4\u6613\u6240\uff09\uff0c\u5728\u5b83\u7684\u8fd0\u4f5c\u65e9\u671f\uff0c\u540c\u4e3a\u5b83\u6ce8\u8d44\u7684\u91d1\u878d\u673a\u6784\u7b7e\u8ba2\u4e86\u505a\u5e02\u534f\u8bae\uff0c\u7531\u8fd9\u51e0\u5bb6\u673a\u6784\u6765\u8fdb\u884c\u505a\u5e02\u63d0\u4f9b\u6d41\u52a8\u6027\u3002\u4f46\u662f\u9057\u61be\u7684\u662f\u8fd9\u4e9b\u673a\u6784\u5e76\u975e\u4e13\u4e1a\u505a\u5e02\u5546\uff0c\u4ec5\u4ec5\u4e3a\u5c65\u884c\u534f\u8bae\u800c\u523b\u677f\u884c\u4e8b\uff0c\u5bfc\u81f4 Turquoise \u7684\u65e5\u5185\u6210\u4ea4\u91cf\u5206\u5e03\u51e0\u4e4e\u4fdd\u6301\u5728\u4e00\u6761\u6c34\u5e73\u7ebf\u4e0a\u3002\u8fd9\u610f\u5473\u7740\u5728\u8be5\u4ea4\u6613\u6240\u5185\u53d1\u751f\u7684\u4ea4\u6613\u4e3b\u8981\u662f\u7531\u505a\u5e02\u5546\u4eba\u4e3a\u586b\u7b51\uff0c\u7f3a\u4e4f\u5916\u754c\u53c2\u4e0e\u8005\u3002\u56e0\u6b64\uff0c\u5f53\u534f\u8bae\u671f\u6ee1\u8fd9\u4e9b\u505a\u5e02\u673a\u6784\u79bb\u573a\u540e\uff0cTurquoise \u7684\u4ea4\u6613\u91cf\u5728\u4e00\u5468\u4e4b\u5185\u8170\u65a9\uff0c\u5e76\u4e14\u81f3\u4eca\u4e5f\u672a\u6062\u590d\u3002<\/span><\/p><p data-pid=\"XEbJmLCb\"><span style=\"color: #000000;\">\u4ee5\u4e0a\u4e24\u4e2a\u65b9\u9762\u662f\u4ea4\u6613\u6240\u81ea\u8eab\u53ef\u4ee5\u51b3\u5b9a\u7684\u56e0\u7d20\uff0c\u4f46\u95ee\u9898\u8fd8\u8fdc\u4e0d\u53ea\u8fd9\u4e48\u7b80\u5355\u3002\u5728\u4ea4\u6613\u6240\u641e\u4e16\u754c\u5927\u6218\u7684\u540c\u65f6\uff0c\u4f5c\u4e3a\u4ea4\u6613\u7684\u53d1\u52a8\u4e3b\u4f53\uff0c\u5404\u5bb6\u94f6\u884c\u3001\u57fa\u91d1\u4e5f\u9700\u8981\u81ea\u4e3b\u8bc4\u4f30\u4e0d\u540c\u4ea4\u6613\u6240\u7684\u60c5\u51b5\uff0c\u4ece\u800c\u4f18\u5316\u6bcf\u4e00\u7b14\u5177\u4f53\u4ea4\u6613\u7684\u53bb\u5411\u3002\u6709\u65f6\u4ea4\u6613\u6240A\u6bd4B\u63d0\u4f9b\u66f4\u597d\u7684\u6700\u4f18\u4ef7\u683c\uff0c\u6216\u662fB\u6bd4C\u63d0\u4f9b\u66f4\u591a\u7684\u53ef\u7528\u6d41\u91cf\uff0c\u4ea4\u6613\u5458\u5f53\u7136\u5e0c\u671b\u80fd\u591f\u52a8\u6001\u7684\u5bfb\u627e\u6700\u4f73\u4ea4\u6613\u6240\u6765\u5b8c\u6210\u4ea4\u6613\u3002\u7531\u6b64\u9996\u5148\u50ac\u751f\u51fa\u4e00\u79cd\u53eb\u505a\u667a\u80fd\u59d4\u6258\u5355\u8def\u7531\uff08Smart Order Routing\uff0cSOR\uff09\u7684\u6280\u672f\uff0c\u5229\u7528\u8ba1\u7b97\u673a\u81ea\u52a8\u641c\u5bfb\u5f53\u524d\u60c5\u51b5\u4e0b\u7684\u6700\u4f73\u4ea4\u6613\u6240\u3002<\/span><\/p><p data-pid=\"VgaZkAkr\"><span style=\"color: #000000;\">\u968f\u7740\u5404\u5bb6\u94f6\u884c\u3001\u57fa\u91d1\u5927\u91cf\u90e8\u7f72 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