corise007 发表于 2013-7-15 09:49
非常感谢版主的回复!
不过,只是想把问题讨论清楚一些,因为在高频交易中,高杠杆几乎每天都频繁使用!
Ok, I see.
Actually I am not very familiar with those regulation laws. If you are not those financial institutions, your behavior will be just restricted by the law.
While,
If you are those big names, actually you can do anything as you want.
For example, if you are only an individual investor opens an account at Merrill Lynch when ML plays a role as a broker, your margin or leverage ratio will be restricted. But if ML is doing his own business when it plays as a dealer who trades for its own account, he can be unregulated. Actually, this is what happens on the street.
If you look the example of the Long term capital, they are big guys that has such a big fame that makes them can ask for very good trading conditions such as very low margin for short selling or no collateral for borrowing money.
best,