| As a new trading technology,high-frequency trading is very popular in foreign stock market.For the moment,almost the investors are inclined to short-term,medium and long-term investment opportunities for the unit of “Day” in A-share market.There are few researches about intra-day trading opportunities or high-frequency trading.As A-share market connecting with the international market,it is very necessary to research on the positive effect of highfrequency trading in price finding and market efficiency improving in A-share market.This paper researches A-share market situation from the point of investor,find that,with high-frequency stock trading could be achieved through reasonable technique measures,and then creatively put forward the concept of “secondary high-frequency trading”.Secondary high-frequency trading is a package of related quantitative trading technology in order to achieve the intraday high-frequency trading through pre-configured stock,building the bottom implementation mechanism of “T+0”,computer-aided high speed decision and accelerating orders in A-share market.In addition,this paper researchs the feasibility of secondary highfrequency trading according to the institution,technology and profitability of A-shaire market.The result shows that in terms of system,secondary high-frequency trading is feasible through avoiding system risk reasonably.Comparing with traditional manual operation,secondary highfrequency trading has a great advantage in trading speed using Level-2 real time quotes,software technology and other ways.Thus,secondary high-frequency trading is also feasible in terms of technology.At the same time,the empirical research shows that the secondary highfrequency trading program could create considerable economic benefits.As a result,at the aspect of profitability,it is also feasible.Finally,a complete set of practical solution is put forward to improve to the development of secondary high-frequency trading for A-share market. |
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