英文标题：
《Liquid Speed: On-Demand Fast Trading at Distributed Exchanges》
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作者：
Michael Brolley, Marius Zoican
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最新提交年份：
2019
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英文摘要：
Exchanges acquire excess processing capacity to accommodate trading activity surges associated with zero-sum high-frequency trader (HFT) \"duels.\" The idle capacity\'s opportunity cost is an externality of low-latency trading. We build a model of decentralized exchanges (DEX) with flexible capacity. On DEX, HFTs acquire speed in real-time from peer-to-peer networks. The price of speed surges during activity bursts, as HFTs simultaneously race to market. Relative to centralized exchanges, HFTs acquire more speed on DEX, but for shorter timespans. Low-latency \"sprints\" speed up price discovery without harming liquidity. Overall, speed rents decrease and fewer resources are locked-in to support zero-sum HFT trades.
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中文摘要：
交易所获得了过剩的处理能力，以适应与零和高频交易员（HFT）“决斗”相关的交易活动激增闲置容量的机会成本是低延迟交易的外部性。我们建立了一个具有灵活容量的分散交换（DEX）模型。在DEX上，HFT从对等网络实时获取速度。随着HFT同时抢占市场，在活动爆发期间，速度的价格飙升。相对于集中式交换机，HFT在DEX上获得了更快的速度，但时间跨度更短。低延迟的“冲刺”加速了价格发现，而不会损害流动性。总体而言，速度租金下降，用于支持零和HFT交易的资源减少。
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分类信息：

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
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一级分类：Economics 经济学
二级分类：Theoretical Economics 理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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