对 高质量的数据 是飙升. From interest rate movements on money market instruments to equity trading volumes by security, 全球信用衍生品合约的交易量, precise monitoring of market activity enables improvements in trading outcomes, 风险管理和整体绩效.
Related: 利用数据的力量来改进 Trading Outcomes
Increased demand for greater market transparency is even more prevalent in volatile and shock prone markets. High-volume days have become increasingly common over the last year, as uncertainties around Covid-19 and the pandemic’s economic repercussions continue.
This upheaval in activity has underscored the importance of reliable, empirically based market data. Quality data can help explain how forces like greater retail participation in equity and equity-linked securities trading impact markets and, 最终, 导致市场结构发生根本性变化.
增加零售活动的影响
散户投资者群体的显著增长, 以及相关的meme股票交易的增长, 改变了股票市场的行为方式吗, 鼓励增加波动性和, 反过来, 影响对数据的总体需求.
Access to 每天 transactional data has become increasingly important to buy- and sell-side firms looking to mine the details of this retail trading activity to improve their 风险 models.
当前的零售活动也对流动性产生了影响. Does retail represent a source of liquidity for institutions to tap into, or will it create conflicts of inaccessible liquidity in unlit markets and questionable best execution for retail investors? 答案必须以事实为基础，并得到市场数据的支持.
技术在股票交易中的作用
Technology innovations and increased computing power are evolving the markets at breakneck speed. In trading, we see faster speeds, more precise decision making and unprecedented scalability.
Alphacution, a research firm focused on modeling and benchmarking impacts of technology on global financial markets, describes the latest wave as the fourth generation of the quantitative revolution in trading technology. The first generation brought options and data feeds; the second generation added pairs trading and exchange models; the third generation was high-frequency trading and smart order routing. 现在我们有了无佣金的平台效应:无摩擦, 目录, 游戏化——主要基于“移动优先”的策略.”
The dissemination of market information through social media and an exploding alternative data industry are providing non-traditional insights into market sentiment and consumer behavior. 分析师, 交易员, and portfolio managers who anticipate and act on this turbulent mix of news, 谣言, and trading activity are more likely to perform strongly – and they’re looking to authoritative market data to help them do so.
将数据转化为价值
最大化市场数据价值, a robust and efficient data management program that feeds relevant, 高质量的数据 into analytics and decision-making engines is essential. Normalizing data including through standard security identifiers mapping, 将数据置于历史上下文中, and developing innovative sentiment models are integral to any data management program.
考虑到当前环境中对高质量数据的需求, firms are looking to acquire their most critical datasets from verified trading or clearing activity across key asset categories -- equities, 固定收益, 和衍生品. It is important to obtain data from a reliable source with a strong data collection and delivery track record. One of the primary benefits of automating and digitizing back-office processes is that every event that occurs in the trading and 结算 process leaves an electronic footprint. The benefits of this automation are now accruing to the front and middle office as trading, 风险, and price discovery are relying on the empirical trade observations originally captured by the back office.
The time value of data is becoming increasingly relevant as investors deploy technology to identify fleeting price differences at a massive scale. Data needs to be delivered in formats that allows easy input into proprietary models and at frequencies (intraday, 每天, 或每周, depending on the asset class) that enable users make timely trading and 风险 management decisions.
一流的贸易后基础设施
As the largest depository in the world and the primary infrastructure in the U.S. 清算, 结算, 资产服务, 存 has more than 45 years of experience processing transactions across multiple asset classes. 2020年，存处理了2美元.33 quadrillion of securities and approximately half of capital markets activity globally flow through 存, including OTC derivative reporting and institutional trade confirmation between buy side and sell side.
一套可信的数据vnsr威尼斯城官网登入
的主要目标 存提供的数据 is to provide greater market transparency for investors and institutional financial services participants. 存’s trade observation products are branded “Kinetics” to depict the forces of energy, 运动, 以及资本市场的机制. 适合亚太地区老练的投资者和交易员, trade observations captured in the Kinetics portfolio provide new insights into the market in terms of liquidity, 估值, 风险, 动力, 相关, 危机蔓延, and concentration - to enhance users’ understanding of current and historical market activity.
我们的 运动vnsr威尼斯城官网登入 包括你.S. 全球股票, 短期固定收益交易，如商业票据, 信用违约掉期交易活动. 动力学vnsr威尼斯城官网登入可以帮助企业获得新的市场信号, 细化风险因素, 更有效地编制市场总量, and enhance price discovery across asset classes to support 风险 and investment strategy decisions.
本文原载于 基金环球亚洲 2021年11月25日.