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China's securities market program trading

Author: PengLei
Tutor: ChenYeHua
School: Southwestern University of Finance and Economics
Course: Finance
Keywords: Program Trading Portfolio management Non–system risk ETFs
CLC: F832.51
Type: Master's thesis
Year: 2005
Downloads: 948
Quote: 6
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Abstract


The history of finance’s development is the history of financialinnovation’s development. Financial innovation includes financialoperation’s innovation, financial system’s innovation, and financialtechnology’s innovation. Financial technology’s innovation denotes, thatthe appearance of new technical revolution brings the innovation offinancial field, especially the appliance of computer andtelecommunications industry in financial field. Program Trading that thispaper will study belongs to the category of financial technology’sinnovation. Program Trading, also called as Basket Trading, means that investorscan complete the trading of many stocks at the same time. Under thetraditional way of stock trading, investors can only buy or sell the samestock in one time; but, investors may complete the trading of a stockcombination through Program Trading, and when buying some stocksinvestors may still sell other stocks. By contrasting, we may know thatunder the help of computer technology, Program Trading make the way ofstock trading occur transform, investors enter the times of trading stockcombination from the times of trading stock. Since the production in 1975, Program Trading has gotten mostinvestors ’s affirmation. Program Trading can be carried out at NYSE,NASDAQ, CBOE, CME and AMEX. But looking back the condition ofour country’s security market, we may find that most investors trade stockby traditional way, Program Trading is very strange to them. According tothis condition, this paper researches the development of Program Tradingon our security market. So far, there is nobody else to research thisquestion in our country. The main key of the paper is that whether Program Trading can becarried out on our country’s security market. First, the paper summarizesProgram Trading. In this chapter, the paper introduces the fundamental,development history and trading strategies of Program Trading. Second,the paper researches the necessary of the development of ProgramTrading that is fit for our country’s security market. According theinvestigation of our country’s security trading way, it can be funded thatProgram Trading is just on the initiatory phase in our country. To reducenon-system risk and develop ETFs, it is necessary to develop ourcountry’s Program Trading. Thirst, the paper chooses the mode ofProgram Trading that is fit for our country security market. Because thecondition of our country is very special, we can’t copy the mode ofAmerican Program Trading. Under the enlighten of electro-business’sauction system’s design, we establish our county’s Program Trading mode,that is the great contribution of this paper. Last, we discuss correlativequestions, including the postulate of development of Program Trading,the main body offering Program Trading, the operation’s range andproperty of Program Trading. Although the mode established in this paper has gap to realizeProgram Trading in true life, it is profitable exploration to realizeProgram Trading system and gives the theory basement to developProgram Trading on our country’s security market.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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