Algorithmic Trading: 演算法交易,不經過交易員手,由電腦執行買賣下單任務.


High-Touch Trading: 經交易員人工交易.
Low-Touch Trading: 電腦直接執行交易 如Algorithmic Trading.
Zero-Touch Trading: 不透過Broker, 直接下單給交易所.


執行下單方法:

Institutional Trading:
-Agency Trading: Client給Broker指令下單
-Principal Trading: 主要由Broker透過 Dealer議價 亦稱 OTC(over the counter) Trading
-Portfolio trading: 又稱basket Trading 或 Program Trading. 需要平衡或調整Portfolio時的交易.
-Systematic Trading: 跟隨一個系統方法節決定交易點 執行下單 如Bollinger Bands
-Quantitative Trading: 亦稱Black-Box Trading. 採用私有的 Quantitative Model決定交易, 由Algorithmic Trading 執行.
-High frenquency Trading: 當日交易期間尋找交易機會.　可能是秒以下的下單區間.
-Statistical Arbitrage: 融合歷史與即時資料分析.


Algorithmic Trading演算法交易
-TWAP(Time Weighted Average Price)
-VWAP(Volume Weighted Averaged Price)
-POV(Percentage Of Volume)
-IS(Implementation Shortfal)
-Pairs/Spread
-Price Inline
-MOC(Market On Close)
-Liquidity-based algorithms
-Smart Order Routing

Direct Access Trading:
-Direct Market Access: Client 用Broker的設備直接下單給交易所
-Sponsored Access: Client 直接使用High-frequency Trading至交易所
-Crossing: 下單至ATS(Alternative Trading System) (Dark Pools)
-Direct Liquidity Access
-Direct Strategy Access

教科書:

1. Algorithmic Trading and DMA: An introduction to ... - Amazon.com

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   Algorithmic Trading and DMA: An introduction to direct access trading strategies [Barry Johnson] on Amazon.com. *FREE* super saver shipping on qualifying ...
   
2. [PDF] 

   Barry Johnson - Algorithmic Trading & DMA.pdf

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   檔案類型: PDF/Adobe Acrobat - HTML 版
   ... access trading strategies. By Barry Johnson .... Adoption of electronic and algorithmic trading. Su m m ary. Algorithmic trading and DMA strategies. Orders ...