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Warning: INSERT command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_watchdog'
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(0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:12:\"user warning\";s:8:\"%message\";s:1023:\"UPDATE command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_cache_filter'\nquery: UPDATE mafeco_cache_filter SET data = '<p>Un commentaire très tardif (nouveau lecteur, je découvre avec grand intérêt les archives) : parallèlement aux marchés \\"alternatifs\\" ont émergé les \\"dark pools\\". Or il semble qu\\'une grande partie de la liquidité ait fui des premiers (+ le marché principal) vers les seconds. En effet, les acheteurs/vendeurs de gros blo in /homez.40/mafeco/www/includes/database.mysql.inc on line 128
Warning: INSERT command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_watchdog'
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Warning: INSERT command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_watchdog'
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(0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:12:\"user warning\";s:8:\"%message\";s:1023:\"UPDATE command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_cache_menu'\nquery: UPDATE mafeco_cache_menu SET data = 'a:2:{s:4:\\"tree\\";a:7:{i:134;a:2:{s:4:\\"link\\";a:37:{s:14:\\"load_functions\\";s:0:\\"\\";s:16:\\"to_arg_functions\\";s:0:\\"\\";s:15:\\"access_callback\\";s:11:\\"user_access\\";s:16:\\"access_arguments\\";s:32:\\"a:1:{i:0;s:14: in /homez.40/mafeco/www/includes/database.mysql.inc on line 128
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(0, 'php', '%message in %file on line %line.', 'a:4:{s:6:\"%error\";s:12:\"user warning\";s:8:\"%message\";s:384:\"UPDATE command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_cache_menu'\nquery: UPDATE mafeco_cache_menu SET data = 'a:2:{s:4:\\"tree\\";a:0:{}s:10:\\"node_links\\";a:0:{}}', created = 1317637453, expire = 0, headers = '', serialized = 1 WHERE cid = 'links:secondary-links:page:comment/reply/230:1'\";s:5:\"%file\";s:39:\"/homez.40/mafeco/www/includes/cache.inc\";s:5:\"%line\";i:109;}', 3, ' in /homez.40/mafeco/www/includes/database.mysql.inc on line 128 Répondre au commentaire | Mafeco
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user warning: UPDATE command denied to user 'mafeco'@'10.0.75.161' for table 'mafeco_cache_filter'
query: UPDATE mafeco_cache_filter SET data = '<p>Un commentaire très tardif (nouveau lecteur, je découvre avec grand intérêt les archives) : parallèlement aux marchés \"alternatifs\" ont émergé les \"dark pools\". Or il semble qu\'une grande partie de la liquidité ait fui des premiers (+ le marché principal) vers les seconds. En effet, les acheteurs/vendeurs de gros blocs en particulier finissent pas se lasser que leurs exécutions leur coûtent cher (au sens où elles sont sous-optimales) car la détection et l\'arbitrage de ces ordres de grande taille constitue effectivement une partie non-négligeable des stratégie de HFT (les fameux \"algorithmes\").</p>\n<p>Ceci semble expliquer en grande partie (je n\'ai plus les références des études quantifiées sur le sujet, désolé) la perte de liquidité des marchés : in /homez.40/mafeco/www/includes/cache.inc on line 109.
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Un commentaire très tardif (nouveau lecteur, je découvre avec grand intérêt les archives) : parallèlement aux marchés "alternatifs" ont émergé les "dark pools". Or il semble qu'une grande partie de la liquidité ait fui des premiers (+ le marché principal) vers les seconds. En effet, les acheteurs/vendeurs de gros blocs en particulier finissent pas se lasser que leurs exécutions leur coûtent cher (au sens où elles sont sous-optimales) car la détection et l'arbitrage de ces ordres de grande taille constitue effectivement une partie non-négligeable des stratégie de HFT (les fameux "algorithmes").
Ceci semble expliquer en grande partie (je n'ai plus les références des études quantifiées sur le sujet, désolé) la perte de liquidité des marchés : in fine, en voulant augmenter la transparence et la liquidité, la directive MiFiD a favorisé l'émergence des HFT, ce qui a eu l'effet contraire (car les dark pools sont, comme leur nom l'indique, l'antithèse d'un marché transparent).
Sans compter qu'effectivement, les stratégies de HFT impliquent un grand nombre d'ordres annulés (notamment en pré-ouverture, ce qui est complètement illégal ...) : la rapport est fréquemment de 1 à 100 entre ordres traités et ordres passés. Mais le régulateur (français, tout du moins) semble avoir complètement baissé les bras car il ne dispose pas des moyens pour se doter de la technologie nécessaire à une véritable supervision. Néanmoins, les solutions de régulation existent : il suffirait d'imposer une limitation du ratio ordres annulés/ordres passés, voire une taxe (même minime) sur les annulations, voire d'obliger les acteurs à transmettre au marché une quantité coûteuse en temps de calcul quelconque (VaR, etc) à chaque opération, ce qui diminuerait leru capacité à opérer à la micro- (bientôt nano- ?) seconde.
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Réaction (très) tardive
Pierre — 14/06/2011 - 16:48