{"id":7218,"date":"2022-02-14T20:26:22","date_gmt":"2022-02-14T20:26:22","guid":{"rendered":"https:\/\/bjftradinggroup.com\/?p=7218"},"modified":"2026-09-25T18:44:27","modified_gmt":"2026-09-25T18:44:27","slug":"latency-arbitrage-2","status":"publish","type":"post","link":"https:\/\/bjftradinggroup.com\/vi\/latency-arbitrage-2\/","title":{"rendered":"Latency Arbitrage"},"content":{"rendered":"

Vi\u1ec7c c\u00f3 r\u1ea5t nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng tr\u00ean th\u1ebf gi\u1edbi \u0111\u00e3 khi\u1ebfn c\u00f9ng m\u1ed9t lo\u1ea1i h\u00e0ng h\u00f3a\/ti\u1ec1n t\u1ec7\/kim lo\u1ea1i\/ti\u1ec1n m\u00e3 h\u00f3a \u0111\u01b0\u1ee3c giao d\u1ecbch \u0111\u1ed3ng th\u1eddi \u1edf nhi\u1ec1u n\u01a1i. Vi\u1ec7c giao d\u1ecbch ph\u00e2n t\u00e1n l\u00e0 do, v\u00ed d\u1ee5, v\u1ecb tr\u00ed \u0111\u1ecba l\u00fd v\u00e0 ch\u00eanh l\u1ec7ch m\u00fai gi\u1edd, ho\u1eb7c do kh\u00e1c bi\u1ec7t v\u1ec1 \u0111\u1ecba \u0111i\u1ec3m s\u1ea3n xu\u1ea5t. Trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p, do s\u1ef1 ph\u00e2n t\u00e1n giao d\u1ecbch n\u00e0y, gi\u00e1 c\u1ee7a c\u00f9ng m\u1ed9t c\u00f4ng c\u1ee5 kh\u00e1c nhau gi\u1eefa c\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch. N\u1ebfu b\u1ea1n mua m\u1ed9t s\u1ea3n ph\u1ea9m tr\u00ean m\u1ed9t s\u00e0n v\u1edbi m\u1ed9t m\u1ee9c gi\u00e1 v\u00e0 b\u00e1n n\u00f3 tr\u00ean s\u00e0n kh\u00e1c \u0111\u1eaft h\u01a1n m\u1ed9t ch\u00fat – giao d\u1ecbch n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Latency arbitrage. L\u00fd t\u01b0\u1edfng nh\u1ea5t l\u00e0 vi\u1ec7c mua v\u00e0 b\u00e1n di\u1ec5n ra r\u1ea5t nhanh. C\u00e1c t\u00ean g\u1ecdi kh\u00e1c l\u00e0 arbitrage \u0111\u1ed9 tr\u1ec5 v\u00e0 giao d\u1ecbch t\u1ea7n su\u1ea5t cao.<\/p>\n

Giao d\u1ecbch t\u1ea7n su\u1ea5t cao<\/a> \u0111\u01b0\u1ee3c coi l\u00e0 b\u1eaft \u0111\u1ea7u khi SEC cho ph\u00e9p ho\u1ea1t \u0111\u1ed9ng c\u1ee7a c\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch \u0111i\u1ec7n t\u1eed v\u00e0o n\u0103m 1998. Ban \u0111\u1ea7u, c\u00e1c giao d\u1ecbch t\u1ea7n su\u1ea5t cao \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n trong kho\u1ea3ng v\u00e0i gi\u00e2y, nh\u01b0ng \u0111\u1ebfn n\u0103m 2010 th\u1eddi gian n\u00e0y \u0111\u00e3 gi\u1ea3m xu\u1ed1ng c\u00f2n mili gi\u00e2y, v\u00e0 \u0111\u00f4i khi h\u00e0ng tr\u0103m ho\u1eb7c h\u00e0ng ch\u1ee5c micro gi\u00e2y. V\u00e0o \u0111\u1ea7u nh\u1eefng n\u0103m 2000, giao d\u1ecbch t\u1ea7n su\u1ea5t cao chi\u1ebfm ch\u01b0a \u0111\u1ebfn 10% giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng, nh\u01b0ng t\u1ef7 tr\u1ecdng c\u1ee7a n\u00f3 \u0111\u00e3 t\u0103ng d\u1ea7n theo th\u1eddi gian. Theo NYSE, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch \u0111\u00e3 t\u0103ng 2.6 l\u1ea7n trong giai \u0111o\u1ea1n 2005 – 2009, v\u00e0 m\u1ed9t ph\u1ea7n m\u1ee9c t\u0103ng tr\u01b0\u1edfng n\u00e0y \u0111\u1ebfn t\u1eeb c\u00e1c nh\u00e0 giao d\u1ecbch t\u1ea7n su\u1ea5t cao. Hi\u1ec7n nay, Latency arbitrage chi\u1ebfm h\u01a1n 80 ph\u1ea7n tr\u0103m to\u00e0n b\u1ed9 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Nhi\u1ec1u kh\u1ea3 n\u0103ng c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn v\u00e0 c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh kh\u00e1c c\u0169ng tham gia giao d\u1ecbch t\u1ea7n su\u1ea5t cao b\u00ean c\u1ea1nh giao d\u1ecbch truy\u1ec1n th\u1ed1ng. Khi c\u00e1c chi\u1ebfn l\u01b0\u1ee3c giao d\u1ecbch t\u1ea7n su\u1ea5t cao \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i h\u01a1n, vi\u1ec7c ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb ch\u00fang tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n. Frederi Viens (\u0110\u1ea1i h\u1ecdc Purdue) \u01b0\u1edbc t\u00ednh l\u1ee3i nhu\u1eadn t\u1eeb to\u00e0n b\u1ed9 giao d\u1ecbch HFT t\u1ea1i Hoa K\u1ef3 \u0111\u00e3 gi\u1ea3m t\u1eeb $5 t\u1ef7 n\u0103m 2009 xu\u1ed1ng c\u00f2n $1.25 t\u1ef7 n\u0103m 2012. Tuy nhi\u00ean, b\u1ea5t ch\u1ea5p c\u1ea1nh tranh ng\u00e0y c\u00e0ng gay g\u1eaft, Latency arbitrage<\/a> v\u1eabn l\u00e0 m\u1ed9t trong nh\u1eefng h\u00ecnh th\u1ee9c ki\u1ebfm ti\u1ec1n sinh l\u1eddi nh\u1ea5t tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. C\u00f3 nh\u1eefng tr\u01b0\u1eddng h\u1ee3p c\u00e1c thu\u1eadt to\u00e1n giao d\u1ecbch trong l\u0129nh v\u1ef1c n\u00e0y kh\u00f4ng c\u00f3 m\u1ed9t ng\u00e0y thua l\u1ed7 n\u00e0o trong nhi\u1ec1u n\u0103m.<\/p>\n

\u0110\u1ecbnh ngh\u0129a<\/strong><\/h2>\n

Latency arbitrage l\u00e0 h\u00ecnh th\u1ee9c giao d\u1ecbch trong \u0111\u00f3 m\u1ed9t ng\u01b0\u1eddi ch\u01a1i c\u00f3 l\u1ee3i th\u1ebf so v\u1edbi nh\u1eefng ng\u01b0\u1eddi ch\u01a1i kh\u00e1c nh\u1edd k\u1ebft n\u1ed1i nhanh h\u01a1n \u0111\u1ebfn ngu\u1ed3n b\u00e1o gi\u00e1. Ngh\u0129a l\u00e0, \u0111i\u1ec3m g\u1eedi l\u1ec7nh c\u1ee7a h\u1ecd \u1edf g\u1ea7n v\u1ec1 m\u1eb7t v\u1eadt l\u00fd h\u01a1n so v\u1edbi c\u00e1c \u0111i\u1ec3m t\u01b0\u01a1ng t\u1ef1 c\u1ee7a nh\u1eefng ng\u01b0\u1eddi ch\u01a1i kh\u00e1c.<\/p>\n

Gi\u1ea3i th\u00edch \u0111\u01a1n gi\u1ea3n<\/strong><\/h3>\n

Gi\u1ea3 s\u1eed hai ng\u01b0\u1eddi \u0111\u1ebfn ch\u1ee3 tr\u00e1i c\u00e2y v\u00e0 th\u1ea5y hai ng\u01b0\u1eddi b\u00e1n \u0111\u00e0o. Gi\u1ea3 s\u1eed gi\u00e1 \u0111\u00e0o \u1edf ng\u01b0\u1eddi b\u00e1n th\u1ee9 nh\u1ea5t l\u00e0 20 r\u00fap, \u1edf ng\u01b0\u1eddi th\u1ee9 hai l\u00e0 22 r\u00fap. Gi\u1ea3 s\u1eed \u0111\u00e0o ho\u00e0n to\u00e0n gi\u1ed1ng nhau \u0111\u1ec3 lo\u1ea1i tr\u1eeb vi\u1ec7c ch\u1ecdn h\u00e0ng theo ch\u1ea5t l\u01b0\u1ee3ng, ngh\u0129a l\u00e0 ng\u01b0\u1eddi mua th\u01b0\u1eddng s\u1ebd mua \u0111\u00e0o gi\u00e1 20 r\u00fap tr\u01b0\u1edbc cho \u0111\u1ebfn khi h\u1ebft v\u00e0 ch\u1ec9 sau \u0111\u00f3 m\u1edbi \u0111\u1ebfn ng\u01b0\u1eddi b\u00e1n c\u00f3 gi\u00e1 \u0111\u00e0o 22 r\u00fap. Ng\u01b0\u1eddi mua th\u1ee9 nh\u1ea5t \u0111i \u0111\u1ebfn v\u1edbi \u00fd \u0111\u1ecbnh mua \u0111\u00e0o gi\u00e1 20 r\u00fap. V\u00e0 \u0111\u1ed9t nhi\u00ean, ng\u01b0\u1eddi mua th\u1ee9 hai ch\u1ea1y t\u1eeb ph\u00eda b\u00ean kia v\u01b0\u1ee3t l\u00ean tr\u01b0\u1edbc, nhanh ch\u00f3ng mua h\u1ebft \u0111\u00e0o gi\u00e1 20 r\u00fap v\u00e0 ngay t\u1ea1i ch\u1ed7 b\u00e0y b\u00e1n l\u1ea1i v\u1edbi gi\u00e1, v\u00ed d\u1ee5, 21 r\u00fap. \u0110i\u1ec1u quan tr\u1ecdng \u1edf \u0111\u00e2y l\u00e0 gi\u00e1 b\u00e1n ph\u1ea3i cao h\u01a1n gi\u00e1 mua, nh\u01b0ng kh\u00f4ng cao h\u01a1n gi\u00e1 c\u1ee7a ng\u01b0\u1eddi b\u00e1n ti\u1ebfp theo. N\u1ebfu cao h\u01a1n – ng\u01b0\u1eddi mua s\u1ebd mua \u0111\u00e0o 22 r\u00fap, n\u1ebfu th\u1ea5p h\u01a1n – th\u00ec l\u1ee3i nhu\u1eadn \u1edf \u0111\u00e2u?<\/p>\n

C\u01a1 ch\u1ebf ho\u1ea1t \u0111\u1ed9ng v\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt<\/strong><\/h3>\n

C\u01a1 ch\u1ebf v\u1eabn nh\u01b0 v\u1eady – n\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f3 gi\u00e1 t\u1ed1t, b\u1ea1n c\u1ea7n mua c\u00e0ng nhanh c\u00e0ng t\u1ed1t \u0111\u1ec3 l\u1eadp t\u1ee9c b\u00e1n l\u1ea1i v\u1edbi gi\u00e1 cao h\u01a1n. \u0110i\u1ec1u n\u00e0y \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1edd nhi\u1ec1u gi\u1ea3i ph\u00e1p k\u1ef9 thu\u1eadt v\u00e0 \u0111\u1ecba l\u00fd kh\u00e1c nhau. Ph\u1ea7n m\u1ec1m v\u00e0 thi\u1ebft b\u1ecb chuy\u00ean d\u1ee5ng \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 c\u00f3 \u0111\u01b0\u1ee3c l\u1ee3i th\u1ebf ng\u1eafn h\u1ea1n nh\u01b0ng g\u1ea7n nh\u01b0 \u0111\u00e1ng tin c\u1eady 100% n\u00e0y. C\u00e1c y\u00eau c\u1ea7u cao \u0111\u1ed1i v\u1edbi m\u1ea1ng truy\u1ec1n th\u00f4ng c\u0169ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng. Ch\u1ec9 nh\u1eefng c\u00f4ng ngh\u1ec7 ti\u00ean ti\u1ebfn nh\u1ea5t trong l\u0129nh v\u1ef1c c\u00e1p quang \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng. V\u00e0 t\u1ea5t nhi\u00ean, y\u1ebfu t\u1ed1 quy\u1ebft \u0111\u1ecbnh l\u00e0 v\u1ecb tr\u00ed \u0111\u1eb7t thi\u1ebft b\u1ecb giao d\u1ecbch. D\u00f9 thi\u1ebft b\u1ecb c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng v\u00e0 c\u00f4ng ngh\u1ec7 cao \u0111\u1ebfn \u0111\u00e2u, c\u0169ng kh\u00f4ng th\u1ec3 v\u01b0\u1ee3t qua t\u1ed1c \u0111\u1ed9 \u00e1nh s\u00e1ng, ch\u00ednh l\u00e0 t\u1ed1c \u0111\u1ed9 d\u1eef li\u1ec7u \u0111\u01b0\u1ee3c truy\u1ec1n qua c\u00e1p. \u0110\u1ec3 theo \u0111u\u1ed5i l\u1ee3i nhu\u1eadn, c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u00f3 t\u00ean trong danh s\u00e1ch Forbes k\u00fd nh\u1eefng h\u1ee3p \u0111\u1ed3ng \u0111\u1eaft \u0111\u1ecf v\u1edbi c\u00e1c s\u00e0n giao d\u1ecbch \u0111\u1ec3 \u0111\u1eb7t m\u00e1y ch\u1ee7 c\u1ee7a m\u00ecnh trong c\u00f9ng t\u00f2a nh\u00e0 v\u1edbi m\u00e1y ch\u1ee7 c\u1ee7a s\u00e0n. Nguy\u00ean t\u1eafc b\u1ed1 tr\u00ed thi\u1ebft b\u1ecb giao d\u1ecbch n\u00e0y \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 colocation. V\u00ec d\u1ecbch v\u1ee5 n\u00e0y c\u00f3 th\u1ec3 d\u00e0nh cho b\u1ea5t k\u1ef3 ai k\u00fd h\u1ee3p \u0111\u1ed3ng, kh\u00f4ng hi\u1ebfm khi n\u00f3 d\u1eabn \u0111\u1ebfn tranh ch\u1ea5p v\u1ec1 s\u1ef1 b\u00ecnh \u0111\u1eb3ng \u0111i\u1ec1u ki\u1ec7n cho t\u1ea5t c\u1ea3 b\u00ean thu\u00ea. V\u00ed d\u1ee5, chi\u1ec1u d\u00e0i c\u00e1p t\u1eeb thi\u1ebft b\u1ecb c\u1ee7a m\u1ed7i b\u00ean tham gia \u0111\u1ebfn m\u00e1y ch\u1ee7 c\u1ee7a s\u00e0n ph\u1ea3i gi\u1ed1ng h\u1ec7t nhau \u0111\u1ed1i v\u1edbi t\u1ea5t c\u1ea3. B\u1ea5t k\u1ec3 thi\u1ebft b\u1ecb \u0111\u1eb7t c\u00e1ch m\u00e1y ch\u1ee7 5 m\u00e9t hay 100 m\u00e9t.<\/p>\n

Thi\u1ebft b\u1ecb d\u00f9ng cho c\u00e1c thu\u1eadt to\u00e1n giao d\u1ecbch l\u00e0 lo\u1ea1i chuy\u00ean d\u1ee5ng cao, r\u1ea5t \u0111\u1eaft ti\u1ec1n, kh\u00f4ng hi\u1ebfm khi \u0111\u01b0\u1ee3c \u0111\u1eb7t l\u00e0m ri\u00eang. C\u00e1c chip n\u00e0y th\u01b0\u1eddng l\u00e0 chip DMA (truy c\u1eadp b\u1ed9 nh\u1edb tr\u1ef1c ti\u1ebfp) v\u00e0 chip t\u1ea7n s\u1ed1 cao. Ch\u1ec9 c\u00e1c ng\u00f4n ng\u1eef l\u1eadp tr\u00ecnh c\u1ea5p th\u1ea5p nh\u01b0 h\u1ee3p ng\u1eef (assembly) \u0111\u01b0\u1ee3c d\u00f9ng \u0111\u1ec3 vi\u1ebft thu\u1eadt to\u00e1n.<\/p>\n

Ngo\u00e0i ph\u01b0\u01a1ng th\u1ee9c k\u1ebft n\u1ed1i b\u1eb1ng c\u00e1p, c\u00f2n c\u00f3 c\u00e1c ph\u01b0\u01a1ng th\u1ee9c truy\u1ec1n d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng qua kh\u00f4ng kh\u00ed. \u0110\u00f3 th\u01b0\u1eddng l\u00e0 c\u00e1c tuy\u1ebfn vi ba tr\u1ee5c ch\u00ednh \u0111\u1eb7c bi\u1ec7t trong l\u0129nh v\u1ef1c vi\u1ec5n th\u00f4ng. C\u00e1c m\u1ea1ng v\u00f4 tuy\u1ebfn vi ba t\u01b0 nh\u00e2n n\u00e0y tr\u1ea3i d\u00e0i h\u00e0ng tr\u0103m kil\u00f4m\u00e9t v\u00e0 ti\u00eau t\u1ed1n h\u00e0ng ch\u1ee5c tri\u1ec7u \u0111\u00f4 la. Ch\u00fang \u0111\u01b0\u1ee3c d\u00f9ng khi s\u00e0n giao d\u1ecbch – ngu\u1ed3n b\u00e1o gi\u00e1 – \u1edf c\u00e1ch xa trung t\u00e2m giao d\u1ecbch m\u1ed9t kho\u1ea3ng \u0111\u00e1ng k\u1ec3. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, vi\u1ec7c k\u00e9o c\u00e1p \u0111\u1ebfn \u0111\u00f3 kh\u00f4ng hi\u1ec7u qu\u1ea3 v\u1ec1 chi ph\u00ed v\u00e0 r\u1ed1t cu\u1ed9c c\u0169ng kh\u00f4ng hi\u1ec7u qu\u1ea3. C\u00e1p ch\u1eafc ch\u1eafn s\u1ebd ph\u1ea3i \u0111i theo \u0111\u1ecba h\u00ecnh c\u1ee7a gi\u1ebfng, \u0111\u01b0\u1eddng h\u1ea7m, c\u1ea7u, \u0111\u01b0\u1eddng cao t\u1ed1c, \u0111\u01b0\u1eddng s\u1eaft, v.v. Trong khi \u0111\u00f3, c\u00e1c tuy\u1ebfn vi ba c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng g\u1ea7n nh\u01b0 theo \u0111\u01b0\u1eddng th\u1eb3ng gi\u1eefa c\u00e1c \u0111i\u1ec3m \u0111\u1ebfn, \u0111\u1eb7t c\u00e1c n\u00fat c\u1ee7a tuy\u1ebfn tr\u00ean \u0111\u1ed3i ho\u1eb7c m\u00e1i nh\u00e0. K\u1ebft qu\u1ea3 l\u00e0, qu\u00e3ng \u0111\u01b0\u1eddng t\u00edn hi\u1ec7u \u0111i qua c\u00e1p ch\u1eafc ch\u1eafn s\u1ebd d\u00e0i g\u1ea5p nhi\u1ec1u l\u1ea7n qu\u00e3ng \u0111\u01b0\u1eddng qua tuy\u1ebfn vi ba, \u0111\u01a1n gi\u1ea3n l\u00e0 do \u0111\u1ecba h\u00ecnh. Ngo\u00e0i ra, tr\u00ean \u0111\u01b0\u1eddng c\u00e1p c\u00f2n c\u00f3 nhi\u1ec1u b\u1ed9 \u0111\u1ecbnh tuy\u1ebfn h\u01a1n so v\u1edbi \u0111\u01b0\u1eddng v\u00f4 tuy\u1ebfn, v\u00e0 m\u1ed7i b\u1ed9 \u0111\u1ecbnh tuy\u1ebfn l\u1ea1i g\u00e2y th\u00eam \u0111\u1ed9 tr\u1ec5.<\/p>\n

C\u00e1c m\u1ea1ng v\u00f4 tuy\u1ebfn vi ba n\u00e0y s\u1eed d\u1ee5ng thi\u1ebft b\u1ecb vi ba chuy\u00ean d\u1ee5ng \u0111\u01b0\u1ee3c thi\u1ebft k\u1ebf \u0111\u1ec3 truy\u1ec1n t\u00edn hi\u1ec7u v\u1edbi \u0111\u1ed9 tr\u1ec5 t\u1ed1i thi\u1ec3u. V\u00ed d\u1ee5, m\u1ed9t c\u1ea7u v\u00f4 tuy\u1ebfn Low Latency \u0111i\u1ec3n h\u00ecnh c\u00f3 \u0111\u1ed9 tr\u1ec5 50 ns (50 nano gi\u00e2y), trong khi m\u1ed9t c\u1ea7u v\u00f4 tuy\u1ebfn th\u01b0\u01a1ng m\u1ea1i th\u00f4ng th\u01b0\u1eddng c\u00f3 \u0111\u1ed9 tr\u1ec5 l\u1edbn h\u01a1n 1,000 l\u1ea7n, kho\u1ea3ng 50 \u03bcs (micro gi\u00e2y). B\u0103ng th\u00f4ng c\u1ee7a c\u00e1c m\u1ea1ng n\u00e0y \u0111\u1ea1t \u0111\u1ebfn Gigabit m\u1ed7i gi\u00e2y.<\/p>\n

N\u1ebfu trong tr\u01b0\u1eddng h\u1ee3p colocation t\u1ea1i t\u00f2a nh\u00e0 s\u00e0n giao d\u1ecbch, m\u1ee5c ti\u00eau l\u00e0 v\u01b0\u1ee3t qua nh\u1eefng ng\u01b0\u1eddi ch\u01a1i giao d\u1ecbch tr\u00ean c\u00f9ng m\u1ed9t n\u1ec1n t\u1ea3ng s\u1eed d\u1ee5ng c\u00f9ng ngu\u1ed3n b\u00e1o gi\u00e1, th\u00ec k\u1ebft n\u1ed1i t\u1ed1c \u0111\u1ed9 cao \u0111\u1ebfn m\u1ed9t s\u00e0n \u1edf xa c\u00f3 m\u1ee5c ti\u00eau h\u01a1i kh\u00e1c. Kh\u00f4ng hi\u1ebfm khi th\u1ecb tr\u01b0\u1eddng x\u1ea3y ra nh\u1eefng s\u1ef1 ki\u1ec7n b\u1ea5t ng\u1edd, nh\u01b0 quy\u1ebft \u0111\u1ecbnh ngo\u00e0i d\u1ef1 ki\u1ebfn c\u1ee7a Fed ho\u1eb7c ECB, m\u1ed9t c\u00fa s\u1eadp th\u1ecb tr\u01b0\u1eddng, ho\u1eb7c ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch cao b\u1ea5t th\u01b0\u1eddng \u1edf c\u00e1c th\u00e0nh ph\u1ed1 v\u00e0 qu\u1ed1c gia kh\u00e1c. Nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u1edf tr\u00ean, kh\u00f4ng hi\u1ebfm khi c\u00f9ng m\u1ed9t c\u00f4ng c\u1ee5 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean nhi\u1ec1u s\u00e0n kh\u00e1c nhau. C\u0169ng kh\u00f4ng hi\u1ebfm khi m\u1ed9t c\u00f4ng c\u1ee5 l\u00e0 s\u1ea3n ph\u1ea9m c\u1ee7a m\u1ed9t s\u00e0n, \u0111\u1ed3ng th\u1eddi \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean s\u00e0n kh\u00e1c. Gi\u1ea3 s\u1eed ch\u1ec9 s\u1ed1 ch\u1ee9ng kho\u00e1n quan tr\u1ecdng nh\u1ea5t c\u1ee7a \u0110\u1ee9c, DAX, \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n Frankfurt. S\u1edf giao d\u1ecbch ch\u1ee9ng kho\u00e1n London c\u0169ng l\u00e0 m\u1ed9t n\u1ec1n t\u1ea3ng giao d\u1ecbch ch\u1ec9 s\u1ed1 n\u00e0y. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, khi c\u00f3 colocation t\u1ea1i S\u1edf giao d\u1ecbch London v\u00e0 m\u1ed9t m\u1ea1ng vi ba tr\u1ef1c ti\u1ebfp \u0111\u1ebfn S\u1edf giao d\u1ecbch Frankfurt, c\u00f3 th\u1ec3 ph\u1ea3n \u1ee9ng nhanh h\u01a1n tr\u01b0\u1edbc nh\u1eefng s\u1ef1 ki\u1ec7n n\u00f3ng trong n\u1ec1n kinh t\u1ebf \u0110\u1ee9c.<\/p>\n

Latency arbitrage cho ng\u01b0\u1eddi b\u00ecnh th\u01b0\u1eddng<\/strong><\/h2>\n

B\u1ea1n c\u00f3 th\u1ec3 th\u1eed ki\u1ebfm l\u1ee3i t\u1eeb s\u1ef1 k\u00e9m hi\u1ec7u qu\u1ea3 n\u00e0y c\u1ee7a th\u1ecb tr\u01b0\u1eddng m\u00e0 kh\u00f4ng c\u1ea7n c\u00f3 v\u00e0i tri\u1ec7u \u0111\u00f4 trong t\u00fai. V\u1ec1 m\u1eb7t k\u1ef9 thu\u1eadt, kh\u1ea3 n\u0103ng n\u00e0y l\u00e0 nh\u01b0 nhau. C\u1ea7n ch\u1ec9nh s\u1eeda hai terminal. Ch\u1ecdn hai broker, m\u1ed9t broker ch\u00ednh – ngu\u1ed3n b\u00e1o gi\u00e1, broker th\u1ee9 hai l\u00e0 broker ph\u1ee5 thu\u1ed9c – n\u01a1i c\u00e1c l\u1ec7nh giao d\u1ecbch s\u1ebd \u0111\u01b0\u1ee3c g\u1eedi \u0111\u1ebfn. \u0110\u1ec3 vi\u1ec7c ki\u1ec3m tra b\u00e1o gi\u00e1 v\u00e0 m\u1edf l\u1ec7nh di\u1ec5n ra t\u1ee9c th\u00ec m\u00e0 kh\u00f4ng m\u1ea5t nh\u1eefng mili gi\u00e2y qu\u00fd gi\u00e1, to\u00e0n b\u1ed9 h\u1ec7 th\u1ed1ng ph\u1ea3i \u0111\u01b0\u1ee3c tri\u1ec3n khai b\u1eb1ng m\u1ed9t trong nh\u1eefng ng\u00f4n ng\u1eef l\u1eadp tr\u00ecnh nhanh h\u01a1n, c\u00f3 ki\u1ec3u t\u0129nh v\u00e0 \u0111\u01b0\u1ee3c bi\u00ean d\u1ecbch. Cho m\u1ee5c \u0111\u00edch n\u00e0y, c\u00e1c ng\u00f4n ng\u1eef nh\u01b0 C\/C++, Java, C# l\u00e0 ph\u00f9 h\u1ee3p. Nh\u01b0 v\u1eady, ta c\u00f3 m\u1ed9t h\u1ec7 th\u1ed1ng ho\u1ea1t \u0111\u1ed9ng g\u1ed3m hai terminal ch\u1ec9 v\u1edbi hai broker v\u00e0 c\u00e1c t\u00e0i kho\u1ea3n kh\u00e1c nhau. R\u00f5 r\u00e0ng \u1edf \u0111\u00e2y s\u1ebd kh\u00f4ng th\u1ec3 c\u1ea1nh tranh v\u1edbi nh\u1eefng ng\u01b0\u1eddi c\u00f3 colocation t\u1ea1i c\u00e1c s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n l\u1edbn nh\u1ea5t, ho\u1eb7c v\u1edbi nh\u1eefng ng\u01b0\u1eddi th\u1ef1c hi\u1ec7n arbitrage gi\u1eefa c\u00e1c s\u00e0n \u0111\u00f3. Tr\u00ean c\u00e1c th\u1ecb tr\u01b0\u1eddng n\u00e0y, c\u00e1c nh\u00e0 giao d\u1ecbch t\u1ea7n su\u1ea5t cao \u0111\u00e3 ho\u1ea1t \u0111\u1ed9ng h\u01a1n hai m\u01b0\u01a1i n\u0103m v\u00e0 \u0111\u00e3 \u0111\u1ea7u t\u01b0 h\u00e0ng ch\u1ee5c, th\u1eadm ch\u00ed h\u00e0ng tr\u0103m tri\u1ec7u \u0111\u00f4 la v\u00e0o h\u1ec7 th\u1ed1ng v\u00e0 thu\u1eadt to\u00e1n c\u1ee7a h\u1ecd. B\u1ea1n kh\u00f4ng th\u1ec3 \u0111\u00e1nh b\u1ea1i h\u1ecd. B\u1ea1n c\u00f3 th\u1ec3 th\u1eed s\u1ee9c \u1edf c\u00e1c s\u00e0n nh\u1ecf, n\u01a1i c\u00e1c qu\u1ef9 t\u1ed5 ch\u1ee9c \u00edt khi ch\u00fa \u00fd, c\u00e1c broker forex v\u00e0 c\u00e1c s\u00e0n ti\u1ec1n m\u00e3 h\u00f3a. Hai \u0111i\u1ec3m ch\u00ednh sau \u0111\u00e2y l\u00e0 quan tr\u1ecdng nh\u1ea5t:<\/p>\n

V\u1ecb tr\u00ed c\u1ee7a b\u1ea1n v\u00e0 \u0111\u1ed9 tr\u1ec5 ping t\u1eeb b\u1ea1n \u0111\u1ebfn broker<\/strong><\/h3>\n

B\u1ea1n c\u00f3 thi\u1ebft b\u1ecb g\u00ec? N\u1ebfu cho giao d\u1ecbch th\u1ee7 c\u00f4ng th\u00ec ngay c\u1ea3 m\u1ed9t m\u00e1y t\u00ednh gia \u0111\u00ecnh c\u1ea5u h\u00ecnh trung b\u00ecnh c\u0169ng ph\u00f9 h\u1ee3p, c\u00f2n v\u1edbi c\u00e1c h\u00ecnh th\u1ee9c kh\u00e1c, b\u1ea1n c\u1ea7n mua thi\u1ebft b\u1ecb t\u1ed1t h\u01a1n.<\/p>\n

Khi t\u1ed1i \u01b0u h\u00f3a \u0111i\u1ec3m th\u1ee9 nh\u1ea5t, b\u1ea1n c\u1ea7n t\u00ecm hi\u1ec3u m\u00e1y ch\u1ee7 c\u1ee7a broker, n\u01a1i ch\u00fang ta s\u1ebd g\u1eedi l\u1ec7nh, \u0111\u1eb7t \u1edf \u0111\u00e2u v\u00e0 thu\u00ea m\u00e1y ch\u1ee7 c\u00e0ng g\u1ea7n n\u00f3 c\u00e0ng t\u1ed1t. T\u1ed1t h\u01a1n n\u00ean thu\u00ea m\u00e1y ch\u1ee7 chuy\u00ean d\u1ee5ng (dedicated server), v\u00ec \u0111i\u1ec1u n\u00e0y \u0111\u1ea3m b\u1ea3o b\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng to\u00e0n b\u1ed9 c\u00f4ng su\u1ea5t t\u00e0i nguy\u00ean \u0111\u01b0\u1ee3c c\u1ea5p. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa m\u00e1y ch\u1ee7 chuy\u00ean d\u1ee5ng v\u00e0 m\u00e1y ch\u1ee7 \u1ea3o l\u00e0 trong tr\u01b0\u1eddng h\u1ee3p th\u1ee9 nh\u1ea5t b\u1ea1n c\u00f3 quy\u1ec1n truy c\u1eadp tr\u1ef1c ti\u1ebfp v\u00e0o ph\u1ea7n c\u1ee9ng, c\u00f2n trong tr\u01b0\u1eddng h\u1ee3p th\u1ee9 hai, truy c\u1eadp th\u00f4ng qua c\u00e1i g\u1ecdi l\u00e0 m\u00e1y \u1ea3o. Trong tr\u01b0\u1eddng h\u1ee3p th\u1ee9 hai, h\u1ea7u h\u1ebft ch\u1ee7 s\u1edf h\u1eefu m\u00e1y ch\u1ee7 \u0111\u1ec1u b\u00e1n v\u01b0\u1ee3t c\u00f4ng su\u1ea5t (overselling). Ngh\u0129a l\u00e0, gi\u1ea3 s\u1eed h\u1ecd l\u1eafp m\u1ed9t m\u00e1y ch\u1ee7 c\u00f3 b\u1ed9 x\u1eed l\u00fd 50 nh\u00e2n v\u00e0 100 GB RAM. V\u1edbi ph\u1ea7n m\u1ec1m \u1ea3o h\u00f3a, h\u1ecd chia c\u00e1c t\u00e0i nguy\u00ean n\u00e0y th\u00e0nh 30 m\u00e1y ch\u1ee7 \u1ea3o, m\u1ed7i m\u00e1y \u0111\u01b0\u1ee3c ph\u00e9p c\u00f3 2 nh\u00e2n v\u00e0 4 GB RAM. Nh\u01b0ng \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 x\u1ea3y ra b\u1eb1ng c\u00e1ch n\u00e0o, b\u1ea1n h\u1ecfi? V\u00ec nh\u01b0 v\u1eady s\u1ebd th\u00e0nh 60 nh\u00e2n v\u00e0 120 GB RAM? Ph\u1ea7n m\u1ec1m \u1ea3o h\u00f3a cho ph\u00e9p l\u00e0m \u0111i\u1ec1u n\u00e0y v\u00e0 t\u1ea1o bao nhi\u00eau m\u00e1y ch\u1ee7 \u1ea3o t\u00f9y th\u00edch. C\u00e1c nh\u00e0 cung c\u1ea5p d\u1ecbch v\u1ee5 ki\u1ec3u n\u00e0y t\u1eadn d\u1ee5ng th\u1ef1c t\u1ebf r\u1eb1ng, theo quy lu\u1eadt, h\u1ea7u h\u1ebft kh\u00e1ch h\u00e0ng kh\u00f4ng s\u1eed d\u1ee5ng 100% c\u00f4ng su\u1ea5t \u0111\u00e3 thu\u00ea, \u00edt nh\u1ea5t l\u00e0 t\u00ednh \u0111\u1ebfn vi\u1ec7c \u0111i\u1ec1u \u0111\u00f3 kh\u00f4ng th\u01b0\u1eddng xuy\u00ean x\u1ea3y ra. V\u00e0 khi ai \u0111\u00f3 s\u1eed d\u1ee5ng m\u00e1y ch\u1ee7 ch\u01b0a h\u1ebft c\u00f4ng su\u1ea5t, ng\u01b0\u1eddi kh\u00e1c s\u1ebd c\u00f3 th\u00eam m\u1ed9t \u00edt t\u00e0i nguy\u00ean \u0111\u1ec3 ch\u1ea1y m\u00e1y ch\u1ee7 \u1ea3o b\u1ed5 sung c\u1ee7a m\u00ecnh. Trong tr\u01b0\u1eddng h\u1ee3p n\u00e0y, n\u1ebfu t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m n\u00e0o \u0111\u00f3 ph\u1ea7n m\u1ec1m c\u1ee7a b\u1ea1n c\u1ea7n to\u00e0n b\u1ed9 c\u00f4ng su\u1ea5t t\u00e0i nguy\u00ean \u0111\u01b0\u1ee3c ph\u00e2n b\u1ed5, ch\u00fang c\u00f3 th\u1ec3 \u0111\u01a1n gi\u1ea3n l\u00e0 kh\u00f4ng \u0111\u1ee7, v\u00ec c\u00f4ng su\u1ea5t \u0111\u00e3 b\u00e1n tr\u00ean th\u1ef1c t\u1ebf l\u1edbn h\u01a1n c\u00f4ng su\u1ea5t v\u1eadt l\u00fd hi\u1ec7n c\u00f3. Ch\u01b0\u01a1ng tr\u00ecnh s\u1ebd kh\u00f4ng b\u1ecb treo v\u00ec \u0111i\u1ec1u n\u00e0y v\u00e0 d\u00f9 sao v\u1eabn s\u1ebd th\u1ef1c hi\u1ec7n t\u00ednh to\u00e1n, nh\u01b0ng s\u1ebd nh\u1eadn \u0111\u01b0\u1ee3c t\u00e0i nguy\u00ean mu\u1ed9n h\u01a1n m\u1ed9t ch\u00fat, sau khi t\u00e0i nguy\u00ean \u0111\u01b0\u1ee3c gi\u1ea3i ph\u00f3ng t\u1eeb ng\u01b0\u1eddi kh\u00e1c \u00edt b\u1eadn h\u01a1n. B\u1eb1ng c\u00e1ch n\u00e0y, thu\u1eadt to\u00e1n c\u1ee7a b\u1ea1n c\u00f3 th\u1ec3 m\u1ea5t th\u1eddi gian qu\u00fd gi\u00e1 cho vi\u1ec7c t\u00ednh to\u00e1n v\u00e0 ra quy\u1ebft \u0111\u1ecbnh k\u1ecbp th\u1eddi.<\/p>\n

Ti\u1ebfp theo, n\u00ean c\u00f3 quy\u1ec1n truy c\u1eadp tr\u1ef1c ti\u1ebfp v\u00e0o s\u00e0n ho\u1eb7c API, v\u00e0o c\u1ea3 hai s\u00e0n trong tr\u01b0\u1eddng h\u1ee3p arbitrage gi\u1eefa ch\u00fang. Th\u00f4ng th\u01b0\u1eddng \u0111\u00f3 l\u00e0 giao th\u1ee9c FIX ho\u1eb7c PLAZA2. N\u1ebfu kh\u00f4ng c\u00f3 k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp nh\u01b0 v\u1eady, b\u1ea1n s\u1ebd ph\u1ea3i s\u1eed d\u1ee5ng terminal giao d\u1ecbch c\u1ee7a m\u1ed9t s\u00e0n c\u1ee5 th\u1ec3, ho\u1eb7c k\u1ebft h\u1ee3p m\u1ed9t k\u1ebft n\u1ed1i tr\u1ef1c ti\u1ebfp v\u00e0 m\u1ed9t terminal. Kh\u00f4ng hi\u1ebfm khi broker kh\u00f4ng c\u00f3 k\u1ebft n\u1ed1i API nh\u01b0ng c\u00f3 API cho terminal giao d\u1ecbch c\u1ee7a h\u1ecd. M\u1ed7i tr\u01b0\u1eddng h\u1ee3p l\u00e0 ri\u00eang bi\u1ec7t. Tr\u01b0\u1eddng h\u1ee3p kh\u00f3 nh\u1ea5t l\u00e0 khi s\u00e0n kh\u00f4ng c\u00f3 c\u1ea3 terminal l\u1eabn API m\u00e0 ch\u1ec9 c\u00f3 giao di\u1ec7n web \u0111\u1ec3 giao d\u1ecbch. Vi\u1ec7c t\u1ef1 \u0111\u1ed9ng h\u00f3a giao d\u1ecbch nh\u01b0 v\u1eady kh\u00f3 h\u01a1n, s\u1ebd c\u1ea7n ph\u00e2n t\u00edch c\u00fa ph\u00e1p (parse) v\u00e0 t\u1ef1 \u0111\u1ed9ng h\u00f3a c\u00e1c thao t\u00e1c tr\u00ean trang web. V\u00e0 \u0111i\u1ec1u n\u00e0y ch\u1ec9 c\u00f3 \u00fd ngh\u0129a khi \u0111\u1ed9 tr\u1ec5 b\u00e1o gi\u00e1 kh\u00e1 \u0111\u00e1ng k\u1ec3. N\u1ebfu broker kh\u00f4ng c\u00f3 API k\u1ebft n\u1ed1i, kh\u00f4ng c\u00f3 API cho terminal, c\u0169ng kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 c\u00e1ch t\u01b0\u01a1ng t\u00e1c giao d\u1ecbch n\u00e0o qua giao di\u1ec7n web – nhi\u1ec1u kh\u1ea3 n\u0103ng vi\u1ec7c t\u1ef1 \u0111\u1ed9ng h\u00f3a giao d\u1ecbch nh\u01b0 v\u1eady s\u1ebd kh\u00f4ng th\u00e0nh c\u00f4ng, v\u00e0 t\u1ed1t h\u01a1n n\u00ean ti\u1ebfp t\u1ee5c t\u00ecm m\u1ed9t broker ph\u00f9 h\u1ee3p h\u01a1n.<\/p>\n

Chi\u1ebfn l\u01b0\u1ee3c Latency tr\u00ean m\u1ed9t s\u00e0n<\/strong><\/h3>\n

M\u1ee5c \u0111\u00edch l\u00e0 \u0111\u1eb7t m\u00e1y ch\u1ee7 c\u1ee7a b\u1ea1n c\u00e0ng g\u1ea7n m\u00e1y ch\u1ee7 c\u1ee7a s\u00e0n c\u00e0ng t\u1ed1t. Sau \u0111\u00f3, t\u1eadn d\u1ee5ng t\u1ed1c \u0111\u1ed9, mua c\u00e1c l\u1ec7nh ch\u00e0o v\u1edbi gi\u00e1 t\u1ed1t nh\u1ea5t nhanh h\u01a1n ng\u01b0\u1eddi kh\u00e1c v\u00e0 b\u00e1n l\u1ea1i v\u1edbi l\u1ee3i nhu\u1eadn nh\u1ecf. \u0110\u1ec3 nh\u1eadn d\u1eef li\u1ec7u v\u00e0 g\u1eedi l\u1ec7nh giao d\u1ecbch, b\u1ea1n c\u00f3 th\u1ec3 s\u1eed d\u1ee5ng:<\/p>\n

– Terminal giao d\u1ecbch n\u1ebfu n\u00f3 h\u1ed7 tr\u1ee3 giao d\u1ecbch b\u1eb1ng thu\u1eadt to\u00e1n t\u1ef1 \u0111\u1ed9ng. Nhi\u1ec1u nh\u00e0 cung c\u1ea5p ph\u1ea7n m\u1ec1m giao d\u1ecbch c\u00f3 h\u1ed7 tr\u1ee3 ng\u00f4n ng\u1eef ri\u00eang \u0111\u1ec3 vi\u1ebft script v\u00e0 h\u1ec7 th\u1ed1ng t\u1ef1 \u0111\u1ed9ng. V\u00ed d\u1ee5:<\/p>\n

 <\/p>\n