Harmonised data to enhance alpha generation Submitted 01/09/2020 - 8:00am Using order book data to drive investment decisions was historically the domain of high frequency trading hedge funds. However, as these datasets are being aggregated, harmonised and made searchable, a whole host of hedge funds and investment managers can seek to benefit from insights drawn from order book data to improve their back-testing techniques and enhance their alpha generation capabilities. “In the past, certain types of high frequency trading firms would have gathered order book data and may have been able to use that in some ways.