自動暫緩交易機制
circuit breakers
對程控交易中為防止市場降得太快太遠而採取的措施的別稱。1987年10月的市場暴跌以后,已採取了許多措施來協調股票市場和期貨市場的關系,並在不穩定性升高時,有時故意切斷股票市場和期貨市場之間的聯繫。在紐約股票交易所,當S&P期貨合同上升或下降12點時,此機制便開始起作用,把程控交易轉入一個特殊的計算機檔案庫來掃描買賣訂單(指令)中的不協調。這種改革允許紐約股票交易所在道瓊工業股票平均指數下跌250點時停止營業1小時;如果同一天該指數再次下跌150點時,可再停止兩小時。在芝加哥商品交易所,不允許史坦普500期貨指數半小時內從前一天的收盤(價)下降超過12點。
On measures to prevent the programmed trading market fall too far too fast and take another name. After the October 1987 market crash, we have taken many measures to coordinate the relationship between the stock market and the futures market, and at the time of the instability increases, sometimes deliberately breaking the link between the stock market and the futures market. New York Stock Exchange, when the rising or falling 12:00 S & P futures contract, this mechanism came into play, the programmed trading into a special computer to scan the archives buy and sell orders (instructions) in disharmony. This reform allows the New York Stock Exchange stocks in the Dow Jones Industrial Average fell 250 points to stop the operation when one hour; if the same day the index fell 150 points again, can then stop for two hours. Chicago Mercantile Exchange, the S & P 500 futures are not allowed within half an hour the previous day's closing (price) declined by more than 12 points.