The first risk is the risk of execution delay. Try to trade all advanced electronic auction routing systems in new york. It's called a super dot. However, the execution of the order still takes time, and the price may change between the arrival of the stock index arbitrage order and the execution of the spot and futures orders it contains. When the market volatility increases, the difference between the expected position and the actual position of the spread naturally increases. For the same reason, spot and futures orders cannot be executed at the same time. The delay in the sale procedure may also be due to a regulation of the stock exchange that short selling can only be carried out when the price rises. If the market is crowded or the circuit breaker of the stock exchange takes effect, the execution of the instruction will also be delayed or suspended. The more stocks the index contains, the more people are at risk. The greater the liquidity of index stocks, the smaller the risk.

The second risk is the uncertainty risk of interest rate. Futures are subject to the settlement system of "marking the market day by day", and arbitrage trading requires futures positions of 61; Adjust with the change of interest rate. If the future interest rate is uncertain. Then such adjustment is not feasible, and programmed trading arbitrage is not without risk.

In addition, computer system program transaction is a transaction module verified by long-term historical data. In the process of trading, it is impossible to guarantee that all Id times will be profitable. Therefore, it takes a long time to continue to operate when using programmed trading, and it is possible to have relative performance. Secondly, the purpose of submitting the computer system program to M is to let us know that this operation is in line with the investment benefit when the expected future income exceeds the possible loss. In other words, investors also need to pay attention to whether the risks that may be brought by the procedure are within the tolerance range. Thirdly, computer program trading can test the past historical data to verify the trading performance, but the past performance cannot represent the possible future performance. Finally, in practice, investors will also have different computer test results because of different capital utilization strategies. Computer system program transaction is the result of far-reaching computer testing and should not be regarded as profit guarantee. Computer program trading cannot predict that prices may jump up or down. If the market fluctuates greatly, programmed trading may have a negative impact on the formation of market prices, and many exchanges will restrict or even prohibit programmed traders.