身边的经济学·社会常识英语30篇（5）
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How Algorithmic Trading Reshapes Market Liquidity and Risk
算法交易如何重塑市场流动性与风险
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Algorithmic trading now executes over 60% of U.S. equity orders each day.
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These computer programs buy and sell stocks based on preset mathematical rules.
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They increase market liquidity by providing constant two-way price quotes.
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Yet they also amplify volatility when many algorithms react identically to news.
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Regulators require circuit breakers to pause trading during extreme price swings.
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Firms must disclose their algorithm design to financial authorities for oversight.
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Unlike human traders, algorithms do not tire or hesitate before executing trades.
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This speed improves efficiency but reduces time for human judgment in crises.
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Market makers now rely heavily on automated systems to manage inventory risk.
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Still, regulators continue updating rules to match evolving algorithmic capabilities.