现代生活工作都离不开电脑，错别字、错误标点，甚至数字输入错误，时常发生，在股票、期货等交易时，这种现象统称为“胖手指”或“乌龙指”，实际上，这种事件屡见不鲜，往往会产生比较大的影响，当然，人们也在考量应该如何有效降低错误风险。下面一起来了解Fat Finger：

“A fat finger error is a human error caused by pressing the wrong key when using a computer to input data.

胖手指错误指的是通过电脑输入数据时按错键而造成的人为错误。

Fat finger errors are often harmless but can sometimes have a significant market impact. For example, if a trader receives an order to sell 1,000 shares of Apple Inc. (AAPL) at the market price and incorrectly enters 1,000,000 shares to sell at market, the sell order has the potential to transact with every buy order at the bid price until it gets filled.

胖手指错误通常无害，但有时也会对市场造成巨大的冲击。比如，交易员接收到的指令是按市场价格出售Apple Inc.的1,000股股份，但是输入的却是1,000,000股，这时可能会发出按买价买入的指令，直至卖盘获得执行。

In practice, most brokerage firms, investment banks, and hedge funds set up filters in their trading platforms that alert traders to inputs outside typical market parameters or to prevent erroneous orders from getting placed. Most U.S. exchanges, such as the New York Stock Exchange (NYSE), NASDAQ, and the American Stock Exchange (AMEX), require erroneous trades to be reported within 30 minutes of execution.

实际上，大多数证券经纪公司、投资银行和对冲基金会在交易平台设置筛选器，提醒交易员输入的信息超过典型的市场参数，或者提醒交易员避免下错指令。在美国，大多数证券交易所，比如纽约证券交易所、纳斯达克和美国证券交易所，要求在错误交易执行后的30分钟内进行报告。

In the aftermath of the May 6, 2010, “flash crash” that caused a significant, rapid, and unexpected drop in U.S. stock indexes, one early explanation was a fat finger error. The idea was that a trader had entered an order incorrectly, placing the order in the billions rather than the millions.

2010年5月6日，美国股市指数无预警瞬间暴跌（“闪电崩盘”），对此最早提出的一种解释就是胖手指错误，即交易员将百万这一计数单位错误地输入为十亿。

However, after further investigation, the Federal Bureau of Investigation (FBI) and Commodity Futures Trading Commission (CFTC) determined that the flash crash was in fact caused by false sell orders being placed by a high-frequency trading algorithm.

但是，经过深入调查，美国联邦调查局和美国商品期货交易委员会认定，闪电崩盘实际上是因为高频交易算法下达了错误的卖盘指令。

A few examples of fat finger trading errors include the following:

下面介绍一些胖手指交易错误：

A fat finger error was blamed for causing a 6% plunge in the British pound in 2016.

2016年，胖手指错误导致英镑下跌6%。

A junior Deutsche Bank employee mistakenly sent $6 billion to a hedge fund in 2015 after incorrectly entering the “gross figure” instead of net value. Deutsche Bank retrieved the funds the following day.

2015年，德意志银行的一名初级职员因错误操作（本应处理“净值”，却处理成了“总额”）向某一对冲基金支付了60亿美元，第二天德意志银行予以追回。

In 2014, a trader at Mizuho Securities accidentally placed orders for more than $600 billion in leading Japanese stocks; the price and data volume were entered in the same column. Fortunately, the majority of orders were canceled before they were executed.

2014年，瑞穗证券公司的一名交易员无意间针对日本龙头股下达了6000多亿美元的指令；价格和数据量写在了同一列。所幸，大部分指令在执行前已经取消。

The following processes and procedures may reduce fat finger errors:

下列程序和步骤可能有助于降低胖手指错误：

Set limits: Firms can minimize fat-finger trading errors by setting up filters on their trading platforms. A filter could be established to prevent a trade from getting placed if it's above a specific dollar or volume amount—for example, if an order is over $2 million or 500,000 shares.

设置限额：在交易平台设置筛选器能够尽可能地减少胖手指错误，一旦某一指令超过特定金额或交易量，比如200万美元或500,000股，筛选器能够阻止交易。

Authorization: Requiring authorization for trades that are over a specified amount can reduce fat finger errors. For instance, a securities firm might require that the head trader has to authorize and release trades that exceed $500,000.

授权：交易一旦超过特定金额或交易量，须获得相关授权。这一做法也能够减少胖手指错误。举例来说，某家证券公司可能要求，超过500,000美元的交易须获得首席交易员的授权和解禁。

Automation: Using trading algorithms and straight-through processing to enter orders minimizes the risk of fat-finger errors. Manually placing a large number of orders over a trading day can be tedious, increasing the likelihood of mistakes. Orders that feed directly into the firm’s trading system reduce the risk of human error.

自动化：使用交易算法和直通式交易程序输入指令能够尽可能地降低胖手指错误风险。交易员在同一交易日手动输入大量指令会增加错误风险。将指令直接输入交易系统能够减少出现人为错误的风险。”

来源：

Investopedia