点击经济学人/经济学人杂志查看全部经济学人文章

一、经济学人杂志双语文章摘要

既有数据供应商希望通过这类大型合并收获规模经济,并打造吸引客户的数据包。和消费科技巨头一样,金融数据公司也在寻求创建客户永远不必离开的“生态系统”,布拉特说。对标普和埃信华迈而言,这样的规模经济似乎确实存在。两家公司预期每年将节省约4.8亿美元,但投资银行杰富瑞的哈姆扎·马扎里(Hamzah Mazari)认为这个数字最终可能接近6亿美元。这一合并应该还会产生让收入增长的协同效应,两家公司估计可以每年增收3.5亿美元。这是因为它们的业务互补,而且服务相同的客户群。例如,标普提供股票指数信息,而埃信华迈在债券定价信息方面举足轻重。两者合并后可以通过企业合同销售一系列产品,向客户收取一个全包费用,提供他们所需的全部数据。

二、经济学人杂志双语文章中英对照翻译

Go figure 算不到

2020.12


Financial-market data 金融市场数据
A crowd of data firms are cashing in on the quant-investing boom
一批数据公司正从量化投资热潮中获利 

通信工程翻译

A numbers game TRADERS AND their Bloomberg terminals are seldom parted. Some 330,000 people fork out around $25,000 annually to access Bloomberg’s suite of services: financial-market data; graphing and pricing tools; the ability to chat with other market participants. These functions are so vital for bond traders, hedge-fund managers and pension-fund investors that, when the pandemic closed offices worldwide, many lugged their terminals home in taxi cabs.
交易员和他们的彭博终端总是形影不离。约有33万人每年花费约2.5万美元使用彭博的服务套件:金融市场数据、图表和定价工具,以及和其他市场参与者聊天的功能。这些功能对于债券交易员、对冲基金经理和养老基金投资者至关重要,在疫情导致全球各地的办公室关闭时,许多人索性把自己的彭博终端搬上出租车运回了家里。
As quantitative investing swells and algorithms dominate financial markets, though, the demand for data is changing. A human stock-picker might prefer a single slick platform through which they can build charts and chat to their broker, but quantitative firms want to be plugged into vast data sets that they can sift for signals. One of the quickest-growing slices of the market-data industry for the past five years has been direct selling to investment managers, rather than traders. And a motley, fragmented bunch of providers are having enormous success selling proprietary data directly to quantitative managers. A reminder of this came on November 30th when S&P, a rating agency and financial-information firm, said it would buy IHS Markit, a credit-data provider, for $44bn. The tie-up is the second-largest acquisition announced this year, behind only a $56bn Chinese oil-pipeline deal in July.
但是,随着量化投资扩大、算法主导金融市场,对数据的需求正在改变。人类选股者可能更喜欢能让他们构建图表并和经纪人聊天的单一的精巧平台,但量化投资公司希望接入庞大的数据集,从中找寻信号。过去五年里,市场数据行业发展最快的部分之一是直接对投资经理而非对交易员的销售。而一群五花八门的分散的供应商因为把自家专有数据直接出售给量化投资经理而大获成功。看看近期宣布的一宗交易:评级机构及金融信息公司标普11月30日表示将以440亿美元收购信贷数据供应商埃信华迈(IHS Markit)。这是今年宣布的第二大收购案,仅次于7月一宗价值560亿美元的中国油气管道并购交易。
The providers that are winning from the quant boom are doing so almost by historical accident. Some—such as Nasdaq and Intercontinental Exchange (ICE), which run exchanges—were once merely financial-market plumbers, clearing transactions and matching trades. Other niche players, like IHS Markit, started off by providing pricing for the opaque market in credit-default swaps, hoping to tap investors’ growing appetite for derivatives. The transaction data these firms accumulated used to be a by-product. Now they are “the lifeblood of finance”, says Audrey Blater of Aite Group, a research firm. Market-data revenues have grown by around 5-8% per year for the past five years and margins are fat. S&P has an operating margin of 56%, 16 percentage points more than five years ago.
在量化热潮中胜出的这批供应商几乎都是缘于历史偶然而取得佳绩。纳斯达克和美国洲际交易所(ICE)这类交易所曾经只是金融市场的管道工,负责清算业务和匹配交易。而其他利基玩家,如埃信华迈,最开始是为信用违约掉期的不透明市场提供定价信息,希望从投资者对衍生品日益增长的需求中分一杯羹。这些公司积累的交易数据本来只是副产品,但现在它们成了“金融的命脉”,研究公司Aite Group的奥黛丽·布拉特(Audrey Blater)说。过去五年里,市场数据业的营收以每年5%到8%的速度增长,而且利润丰厚。标普的营业利润率为56%,比五年前高出16个百分点。
Now these once entirely disparate firms are teaming up. The S&P and IHS Markit merger follows a slew of similar deals. In 2019 the London Stock Exchange (LSE) agreed to buy Refinitiv, a financial-data service once owned by Thomson Reuters, for $27bn. In September this year ICE bought Ellie Mae, a mortgage-information provider, for $11bn.
如今,这些以往完全不相关的公司开始联合起来。在标普并购埃信华迈之前已有一系列类似的交易。2019年,伦敦证券交易所(LSE)同意以270亿美元的价格收购曾属于汤森路透的金融数据服务商路孚特。今年9月,洲际交易所以110亿美元收购了抵押信息供应商Ellie Mae。
Incumbents hope these mega-mergers will allow providers to reap economies of scale and create data bundles that appeal to clients. Like the giants of consumer technology, financial-data firms are seeking to create “ecosystems” that clients never have to leave, says Ms Blater. Such scale economies certainly seem to exist for S&P and IHS Markit. The companies expect around $480m in annual savings, but Hamzah Mazari of Jefferies, an investment bank, thinks they could end up closer to $600m. The transaction should also create revenue-generating synergies, which the pair estimates at an annual $350m. That is because they have complementary businesses and serve the same pool of clients. S&P provides equities indices, for instance, whereas IHS Markit looms large in the pricing of bonds. The combined entity could sell its array of products through enterprise-wide contracts, charging clients a fee for all-you-can-consume data.
既有数据供应商希望通过这类大型合并收获规模经济,并打造吸引客户的数据包。和消费科技巨头一样,金融数据公司也在寻求创建客户永远不必离开的“生态系统”,布拉特说。对标普和埃信华迈而言,这样的规模经济似乎确实存在。两家公司预期每年将节省约4.8亿美元,但投资银行杰富瑞的哈姆扎·马扎里(Hamzah Mazari)认为这个数字最终可能接近6亿美元。这一合并应该还会产生让收入增长的协同效应,两家公司估计可以每年增收3.5亿美元。这是因为它们的业务互补,而且服务相同的客户群。例如,标普提供股票指数信息,而埃信华迈在债券定价信息方面举足轻重。两者合并后可以通过企业合同销售一系列产品,向客户收取一个全包费用,提供他们所需的全部数据。
All this makes regulators worry about the growing market power of a shrinking group of data providers. European watchdogs are due to make a decision on LSE’S purchase of Refinitiv by mid-January. But they may not do much to block the union between S&P and IHS Markit. Mr Mazari says overlaps between the firms’ businesses do not amount to more than 10-12% of their revenues, so concentration in their various segments will not rise by much. But whether the deals are pulled off or not, their size shows how the industry is being recast. For decades rivals attempted to usurp Bloomberg by offering similar but cheaper platforms. Traders may still clutch at their terminals, but the market for data is being transformed.
所有这些都令监管机构担心整合后数量减少的数据供应商会有更强的市场支配力。欧洲监管机构将于明年1月中旬前决定是否批准伦敦证券交易所对路孚特的收购。但它们可能不会对标普和埃信华迈的合并设置多少障碍。马扎里说,这两家公司之间重叠的业务不到它们收入的10%到12%,因此各个业务领域的集中度不会提高太多。然而,无论这些交易最终是否达成,其规模都表明这个行业正在重塑。几十年来,竞争对手试图提供类似但更便宜的平台来抢夺彭博的老大哥地位。交易员也许还是会彭博终端不离手,但数据市场正在经历大转型。

三、翻译园地-量化金融投资翻译 

量化投资是指以量化的方式发出交易指令,并由计算机编程,以获取稳定收益为目的的交易模式。在国外发展了30多年。其投资业绩稳定,市场规模和份额不断扩大,得到越来越多投资者的认可。从全球市场参与者的角度来看,按照管理的资产规模来看,世界前四、前六的五家资产管理机构都是依靠计算机技术进行投资决策,量化、程序化交易所管理的资金规模在不断扩大。事实上,随着互联网的发展,新概念在世界上传播得非常快。量化投资作为一个概念并不新鲜,国内投资者也听说过。然而,真正的量化基金在中国很少见。同时,机器学习的发展也促进了量化投资。
量化投资具有四大特点:
1、纪律性
2、系统性
3、套利思想
4、概率取胜
以上就是“量化金融投资翻译”的全部内容有关量化金融投资翻译流程和翻译价格,可咨询全球博译金融翻译部 010-80757526 或 直接点击下方的“立即咨询”联系在线客服。