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直接市场接入(DMA)是一种允许交易者和投资者直接在金融交易所下达订单的交易方式。通过绕过传统的经纪交易台,DMA为订单执行提供了更高的速度、透明度和控制力,这对于高频和算法交易策略至关重要。本质上,这是一种直接接入市场核心的途径。

直接市场接入中的关键术语

算法交易— 指基于预设规则,通过计算机程序自动执行交易的方式。DMA是算法交易的基础技术,为实现依赖速度和精度的复杂策略提供了所需的超低延迟。

中央限价订单簿(CLOB)— 交易所中某一证券所有买卖订单的电子清单。DMA提供对CLOB的直接访问,使交易者能够实时查看市场深度和流动性,观察所有报价和挂单情况。

服务器托管— 交易公司将其服务器放置在交易所撮合引擎所在同一数据中心的实践。这种物理上的接近是DMA用户减少延迟、获取关键速度优势的重要方式,订单传输时间因此缩短至微秒级别。

金融信息交换协议(FIX)— 一种广泛使用的电子通信协议,用于国际证券交易信息的交换。FIX通过标准化订单、交易和市场数据的传输流程,确保不同系统间无缝通信,是实现DMA的标准语言。

延迟— 事件(如价格变动)发生与交易执行之间的时间差。最小化延迟是DMA的主要目标,使交易者能够比竞争对手更快地对市场事件作出反应,在波动市场中占据优势。

订单管理系统(OMS)— 一种用于管理交易订单全生命周期的软件应用,涵盖订单创建、执行及交易后分配等环节。先进的OMS是管理DMA复杂工作流程的重要工具,帮助交易者高效处理大量订单。

滑点— 交易预期价格与实际执行价格之间的差异。DMA通过最小化延迟并以最优价格执行订单,有助于减少滑点,直接连接交易所的方式也降低了订单成交前价格波动的风险。

流动性— 衡量资产在不影响其价格的情况下被买卖的难易程度。DMA交易者利用直接接入评估市场流动性并与之互动,直接根据供需情况挂单,确保平稳高效的执行。

抢先交易— 一种非法且不道德的行为,指经纪商或交易者在客户大额订单之前为自己的账户下单,以利用预期的价格变动。DMA通过消除订单输入过程中的人工干预,确保客户订单直接发送至市场,有助于降低抢先交易风险。

订单路由系统— 订单从交易者计算机发送至交易所的电子网络。在DMA模式下,订单直接路由至交易所,无需经过经纪商的手动或自动交易台,使整个过程更快速、透明。

总之,DMA通过赋予参与者直接市场接入的能力,从根本上改变了现代交易模式。它借助技术实现前所未有的速度和透明度,使成熟交易者能够执行复杂策略、更精准地管理风险,并按照自身需求与市场流动性互动。作为当今电子金融市场速度和效率的核心机制,DMA已成为专业交易者不可或缺的工具。

东证期货国际(新加坡)简介

东证期货国际(新加坡)私人有限公司是上海东证期货有限公司的直属全资子公司,也是东方证券股份有限公司的间接控股子公司。

作为持有新加坡金融管理局(MAS)颁发的《资本市场服务许可证》的机构,我司提供全方位资本市场服务,涵盖证券、场内衍生品、场外衍生品及杠杆外汇等多类产品。

东证期货新加坡是亚太交易所、新加坡衍生品交易所以及洲际新加坡交易所的交易和清算会员,为客户提供覆盖国际市场的综合交易服务。

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