蒂姆·林德, 存 Managing Director, 数据服务, 解释了公司如何能够访问比以往更多的数据，并描述了买方公司的理想数据集.
在这样一个投资环境下，通过指数基金和etf进行的被动管理继续占据越来越大的美国投资份额, 是否有新的数据来源可以帮助主动管理超越市场基准? 随着新的替代数据vnsr威尼斯城官网登入的出现，为市场活动提供了不同的视角, will asset managers embrace these new opportunities?
Essential to buy-side firms’ management strategies is having the best, 最全面和创新的市场和参考数据可能喂养他们的专有情绪模型. New data sources that can help give active managers an edge, 再加上先进的技术和分析，旨在提供更有洞察力的分析, are poised to boost the capabilities of hedge funds and other buy-side firms.
美银美林(Bank of America Merrill Lynch)表示，过去10年，散户股票投资的热门话题是被动型管理的急剧崛起, 截至2018年5月, 45% of US equity assets were in passive investments, up from around 25% ten years ago.
晨星经理研究公司(Morningstar Manager Research)的数据显示，“被动投资工具获利190亿英镑(合28美元).而在这一年里，从现役车辆中赎回了320亿英镑.”
同时, 机构投资经理代表高净值个人客户群的表现也不佳, large pension funds, sovereign wealth and other large funds. Bursts of market volatility may give actively managed funds a boost, since such periods have often been times for such funds to shine. During spans of relative calm, by contrast – January through November 2018, 例如 – the average hedge fund lost 2%, according to research firm HFR.
While passive investing looks to remain popular for retail investors, 考虑到它大幅降低了费用，而注重成本的千禧一代在投资大众中所占的比例越来越大, 面向机构投资者的主动管理策略的方向是，用能够阐明重要交易趋势的数据来增强其定量和算法模型的力量.
数据提供
据《vns6060威尼斯城官网》(Wall Street Journal)报道，目前31%的投资是由量化驱动的.
Firms can now access aggregated market data on trading activity in key markets, by security type and at delineated time periods. 它们可以追踪部分市场参与者(在特定证券领域最活跃的经纪商)的证券交易量, 例如. 它们可以深入研究商业票据和机构存款结算凭证，并追踪全球信贷衍生品交易的头寸数据.
This data can enable traders, 投资组合经理和研究分析师，以识别突出的交易趋势和市场风险指标，这在过去可能很难发现.
The ability to achieve peak performance depends in no small part on the depth, 资产管理公司可以在其内部交易模型中访问和利用的数据的广度和质量. With algorithms analysing data at millisecond speed, the inputs to these models are where firms can find their advantage.
The two primary sources of such data are the in-house investment book of record, known commonly as IBOR, showing the manager’s consolidated cash and securities positions, 以及对外贸易和参考数据，这些数据提供了对市场势头的洞察, liquidity and sentiment. Given the fragmentation of US equity trading venues, 到目前为止，市场信息的综合来源很难获得，编纂起来也很有挑战性, 但一些新的数据vnsr威尼斯城官网登入和工具正在出现，可能有助于克服这些障碍.
对于买方资产管理公司和交易员来说，一个理想的数据vns6060威尼斯城官网是美国股市的地震仪，可以揭示流动性模式等因素, trends in short sales of securities, and trading concentrations across the leading broker dealers.
这种vns6060威尼斯城官网将提供的信息清单可包括以下内容:
- 综合股票市场摘要-综合美国所有交易所的交易数据的市场活动概览, 替代交易系统和暗池——节省用户手动收集和组织大量信息的时间. To present the data in a single, standardised format would be an extra benefit.
- 市场情绪-对证券的买入、卖出、卖空和免卖空交易的看法. 看到交易类型随时间的变化有助于用户了解市场对股票的情绪，以及这种情绪是积极的还是消极的.
- 流动性-成交量统计和子类别数据，表明有多少经纪人在交易大量的特定股票.
这一数据为那些希望大举投资某只股票的机构投资者提供了信息, or conversely to exit an existing position, 有多少经纪商的交易量大到足以满足他们的需求.
The Return of Active Management
低成本被动投资策略在长达十年的牛市周期中蓬勃发展, but with a rockier investment climate potentially looming, the demand for actively managed products may start to rise.
通过将这些技术应用于数据处理和分析，可以进一步放大这些模型的功能, multi-perspective trading data like that described above. In an environment where every basis point of return is important, 公司还需要优化他们对流动性的理解，限制买卖头寸对市场的影响.
Advancements in data science and AI increasingly have created sophisticated trading models that will become more pervasive; the availability of accurate and consolidated sources of data will ultimately determine if they are effective in driving new insight on the kinetics of equity markets.
掌握新的市场数据来源以及挖掘和打包数据的技术可以成为买方公司的独特价值主张，并帮助数据驱动型主动策略卷土重来. 客户端s will notice and ask for more.
This article was first published in Funds Europe.