英文标题：
《Communication Strategies for Low-Latency Trading》
---
作者：
Mina Karzand and Lav R. Varshney
---
最新提交年份：
2015
---
英文摘要：
The possibility of latency arbitrage in financial markets has led to the deployment of high-speed communication links between distant financial centers. These links are noisy and so there is a need for coding. In this paper, we develop a gametheoretic model of trading behavior where two traders compete to capture latency arbitrage opportunities using binary signalling. Different coding schemes are strategies that trade off between reliability and latency. When one trader has a better channel, the second trader should not compete. With statistically identical channels, we find there are two different regimes of channel noise for which: there is a unique Nash equilibrium yielding ties; and there are two Nash equilibria with different winners.
---
中文摘要：
金融市场中潜在套利的可能性导致在遥远的金融中心之间部署高速通信链路。这些链接很嘈杂，因此需要进行编码。在本文中，我们建立了一个交易行为的博弈论模型，其中两个交易者使用二进制信号竞争捕捉潜在套利机会。不同的编码方案是在可靠性和延迟之间进行权衡的策略。当一个交易者有更好的渠道时，第二个交易者不应该竞争。对于统计上相同的信道，我们发现存在两种不同的信道噪声状态：存在唯一的纳什均衡；有两种不同赢家的纳什均衡。
---
分类信息：

一级分类：Computer Science 计算机科学
二级分类：Information Theory 信息论
分类描述：Covers theoretical and experimental aspects of information theory and coding. Includes material in ACM Subject Class E.4 and intersects with H.1.1.
涵盖信息论和编码的理论和实验方面。包括ACM学科类E.4中的材料，并与H.1.1有交集。
--
一级分类：Mathematics 数学
二级分类：Information Theory 信息论
分类描述：math.IT is an alias for cs.IT. Covers theoretical and experimental aspects of information theory and coding.
它是cs.it的别名。涵盖信息论和编码的理论和实验方面。
--
一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
--

---
PDF下载：
-->