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Max is editor-at-large at WatersTechnology.  Max is editor of Inside Market Data and Inside Data Management. Max joined then-Risk Waters Group (prior to its acquisition by Incisive Media) in 2000, and has worked as a reporter on Risk Magazine, FX Week, Trading Technology Week (now Sell-Side Technology) and Buy-Side IT (now Buy-Side Technology), before joining IMD as European reporter in 2003. He moved to New York as US reporter in 2005, and became editor in 2006.

Max lives in Astoria, New York with his wife and twin girls, and enjoys playing rock music, wine tastings, and market data.

Max Bowie

Editor-at-large

WatersTechnology

Max is editor-at-large at WatersTechnology, based in Infopro-Digital's New York office.

Max joined then-Risk Waters Group (prior to its acquisition by Incisive Media) in 2000, and has worked as a reporter on Risk Magazine, FX Week, Trading Technology Week (now Sell-Side Technology) and Buy-Side IT (now Buy-Side Technology), before joining Inside Market Data as European reporter in 2003. He moved to New York as US reporter in 2005, and became editor in 2006. He was a contributor to sibling Inside Reference Data, and was founding editor of Inside Data Management, which merged the IMD and IRD newsletters into a monthly glossy magazine.

Wei-Shen Wong joined Waters Technology in June 2016. She heads the publication's Asia coverage. She covers both the buy side and sell side, overseeing issues related to advancements in technology, new regulations and how firms are managing their data.

Wei-Shen Wong

Asia Editor

WatersTechnology

Wei-Shen joined WatersTechnology in June 2016, becoming the publication’s first full-time Asia-based reporter. Based in Hong-Kong, she writes for both Waters and Inside Data Management magazines, as well as the four subsites of WatersTechnology— Sell-Side Technology, Buy-Side Technology, Inside Reference Data and Inside Market Data. Prior to joining WatersTechnology, she was a journalist at Star Media Group in Malaysia. She has a Bachelor of Commerce degree in Accounting and Finance from the University of Auckland.

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It’s important to be clear, though, about what the data shows – and what it doesn’t. The filings are required every month for all mutual funds regulated by the US Securities and Exchange Commission – about 20,000, in total – but the data is only released publicly 60 days after the end of each quarter.

The filings collects basic information about each trade that is on the books of each fund at the reporting date. Trades that start and end between these dates will not show up in the public record – and trades with a longer lifespan will be captured repeatedly, when adding up the figures for multiple quarters.

So, the quarterly snapshots don’t capture all trades within that quarter; and adding up the quarterly figures means grossing up some of the same trades.

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We think the best way to use the data is as a gauge of quarterly activity, and to look at each quarter as part of a time-series, revealing trends, patterns and anomalies. Summing the quarters gives an all-in measure of the biggest managers and dealers, but with double- or triple-counting of some trades.

There are other things to be wary of. Although the filings we take the data from contain the same set of fields, funds do not always interpret them in quite the same way. As one example, they do not all use the same conventions when identifying the dealer counterparty – in the case of at least one manager, prime brokers are listed as the counterparty instead of the executing broker. Flaws of this kind mean a small proportion of trades cannot be tied to a specific dealer. The trades have still been included in the dataset, grouping them with the ‘counterparty not specified’ label. (Other decisions we make when collecting and cleaning the data are described in the more detailed Methodology document).