英文标题：
《When Finance Meets Physics: The Impact of the Speed of Light on
  Financial Markets and their Regulation》
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作者：
James J. Angel
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最新提交年份：
2014
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英文摘要：
  Modern physics has demonstrated that matter behaves very differently as it approaches the speed of light. This paper explores the implications of modern physics to the operation and regulation of financial markets. Information cannot move faster than the speed of light. The geographic separation of market centers means that relativistic considerations need to be taken into account in the regulation of markets. Observers in different locations may simultaneously observe different best prices. Regulators may not be able to determine which transactions occurred first, leading to problems with best execution and trade-through rules. Catastrophic software glitches can quantum tunnel through seemingly impregnable quality control procedures.
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中文摘要：
现代物理学已经证明，当物质接近光速时，其行为会非常不同。本文探讨了现代物理学对金融市场运行和监管的影响。信息的移动速度不能超过光速。市场中心的地理分离意味着在市场监管中需要考虑相对论因素。不同地点的观察者可能同时观察不同的最佳价格。监管机构可能无法确定哪些交易首先发生，从而导致最佳执行和通过规则交易的问题。灾难性的软件故障可以通过看似牢不可破的质量控制程序进行量子隧道。
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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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