身边的经济学·社会常识英语30篇（5）

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算法交易如何重塑市场流动性与风险

Algorithmic trading now executes over 60% of U.S. equity orders each day.
These computer programs buy and sell stocks based on preset mathematical rules.
They increase market liquidity by providing constant two-way price quotes.
Yet they also amplify volatility when many algorithms react identically to news.
Regulators require circuit breakers to pause trading during extreme price swings.
Firms must disclose their algorithm design to financial authorities for oversight.
Unlike human traders, algorithms do not tire or hesitate before executing trades.
This speed improves efficiency but reduces time for human judgment in crises.
Market makers now rely heavily on automated systems to manage inventory risk.
Still, regulators continue updating rules to match evolving algorithmic capabilities.