（咱们这个讨论偏离帖子标题有些远了，我更改一下帖子的原标题吧） 这是问你用程序，还是非程序来进行指数套利交易呢？ 想全面理解这个问题，需要搞明白何为“指数套利交易”。 我提供相关的网络资料来供你学习研究： 根据MBA智库百科的中文解释： 指数套利（Index arbitrage） http://wiki.mbalib.com/wiki/指数套利 中间有句话，提到“指数套利经常采用程序交易方法进行，即通过一个计算机系统进行交易。” 英文文献请参考： http://en.wikipedia.org/wiki/Index_arbitrage http://www.investorwords.com/5617/index_arbitrage.html http://www.investopedia.com/terms/i/indexarbitrage.asp 英文维基词典上关于这个定义的解释为： Index arbitrage is a subset of statistical arbitrage focusing on index components. The idea is that an index (such as S&P 500 or Russell 2000) is made up of several components (in the example, the Top 500 US biggest firms by market capitalization) that influence the index price in a different manner. For instance, there are leaders (components that react first to market impact) and laggers (the opposite). As the index is the weighted sum of all components, identifying leaders and laggers can provide a proprietary trader with the opportunity to take positions in these and make money if he believes the laggers will eventually rally on the leaders. The challenge being of course to correctly identify these, and to have the technology to act in the marketplace before the price correction takes place. Other types of index arbitrage include basis trading, the arbitrage between a current index value (synthetically replicated) and that of its future. Investopedia对此的解释为： Index Arbitrage What Does Index Arbitrage Mean? An investment strategy that attempts to profit from the differences between actual and theoretical futures prices of the same stock index. This is done by simultaneously buying (or selling) a stock index future while selling (or buying) the stocks in that index. Investopedia explains Index Arbitrage This is done with program trading. Using software that monitors both a stock index and futures contracts on the index, traders can be notified when there is a larger than normal gap.
首先感谢weijian的详细解释！ 不过，我主要想知道的是：不同的选项:程序/非程序--对于我们交易者有何具体影响？比如在”拥金“等方面。 另：这个贴子我一开始就进行了说明，是为了整洁版面，把零星的问题都归在这里；如果有什么不妥（跑题之类），敬请赐教！
佣金方面以下面的IB网页关于程序（API）与非程序（非API)为准，并不以是否篮子交易为准： http://www.interactivebrokers.com.hk/cn/p.php?f=commission 其他的可继续探讨交流。