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com

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5.

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Marcos Otero









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1.
1998 (U.S. Securities
and Exchange Commission)




1.
1970 ~



Program Trading
1980 ~




1990 ~

ECN Electronic Communication Networks
1997 2000 8
2001



2.


Fragmentation







3.
Aite group

3.


3.

Anonymity 22%
Cost 20%
Trader productivity 14%
Reduced market impact 13%
Speed 11%
Ease of use 7%
Execution consistency 6%
Customization 4%
Other 3%

3.

48%
Independent Proprietary Firms
46%
Broker-Dealer Proprietary Desks
6%
Hedge Funds

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5.





5.

M5



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5.

Tick

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ETF
ADR
ETF





5.



5.

( Structural Strategy)

Co-Location

(Directional Strategy)


;



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6.

2010 5 6 (Flash
Crash)
(DowJones)
600




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50%







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