big xyt announces Cboe Europe Equities as Liquidity Cockpit customer to provide enhanced visibility over liquidity
Cboe is using Liquidity Cockpit to track execution quality and LIS trading activity in line with ESMA thresholds
London, 29 Nov 2017: big xyt, the independent provider of high-volume, smart data and analytics capabilities, today announced that Cboe Europe Equities (Cboe), the largest stock exchange in Europe by value traded, is using its Liquidity Cockpit, designed to give global trading and investment firms enhanced visibility over dark and lit liquidity, and the ability to navigate and analyse European market share across a market landscape in transition.
On 3 January 2018 MiFID II regulations come into force and the major impacts on European market structure will include the imposition of caps on the amount of trading that can take place on dark venues. The market has already started to adapt to these changes as exchanges like Cboe introduce new trading services, such as Cboe LIS and its Periodic Auctions book in order for market participants to continue to trade in larger size with lower market impact. Large in Scale (LIS) trading activity has accelerated in recent months, as has the use of new auction types like periodic auctions. Against this changing trading landscape, market participants now need to recognise LIS classified trades, track market share and navigate interactions across existing and new liquidity pools – both dark and lit.
The big xyt Liquidity Cockpit provides Cboe and its participants with a normalised view of granular tick data and overview of market share across all major European venues and the ability to act on changing market dynamics. It keeps track of changes in trade conditions or execution venues, and applies custom measures such as LIS classified trades. Crucially the Liquidity Cockpit can predict the impact of dark volume caps.
Alex Dalley, Co-Head of Sales, Cboe Europe Equities said: “MiFID II will bring significant changes to European market structure and, consequently, the European liquidity landscape. By utilising big xyt’s Liquidity Cockpit, we are able to analyse the market quality of the new liquidity venues that have developed in response to MiFID II. We welcome the innovation that big xyt brings to the market and look forward to working with them.”
Robin Mess, CEO at big xyt, said: “We are delighted that Cboe has chosen Liquidity Cockpit to provide them with an independent, consolidated view of pan-European trading activity reflecting essential changes in market structure like the growth of block trading or new auction types. We continue to work closely with the trading community to deliver solutions to optimise trading and execution performance through January 2018 and beyond.”
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About big xyt
big xyt provides independent smart data and analytics solutions to the global trading and investment community, enabling firms to process and normalise large data sets on demand and in real time, in order to comply with regulatory requirements and reduce the complexity of their operations.
The seamless and highly scalable integration of big xyt data aggregation and consolidation capabilities allows buyside and sellside firms to transform into a data-driven business while the innovative analytics capabilities enable them to gain actionable insights, discover alpha and maintain a competitive advantage.
Connecting quickly and easily to our cloud-based platform via APIs, trading firms, ISVs and trading venues can use their own business logic and data sets on our platform to leverage analytics for their business, including liquidity measures such as market share or depth of order book, as well as analytics around market impact. New logic can be incorporated in as little as 24 hours.
big xyt has created an ecosystem for tick data analytics covering more than 120 trading venues globally. Its technology normalizes trade conditions of all venues allowing consistent aggregations of trading volumes. big xyt’s analytics solutions are relevant for a broad range of use cases including strategy development, back testing and regulatory changes like MiFID II. The platform offers a convenient and interactive user interface that allows users to discover relevant information quickly. Delivered as a web service, the big xyt solution requires no technical integration.
big xyt was founded by a team of experts combining more than five decades of experience in risk management, regulatory and financial reporting, analytics solutions arising from regulatory requirements, e.g. MiFID II, and engineering for data management and analytics. The team of seven founders has been working together since 2005 and in 2014 they formally formed big xyt to continue and expand this work. For more information visit big-xyt.com
About Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE) is one of the world’s largest exchange holding companies, offering cutting-edge trading and investment solutions to investors around the world. The company is committed to relentless innovation, connecting global markets with world-class technology, and providing seamless solutions that enhance the customer experience.
Cboe offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded products (ETPs), global foreign exchange (FX) and multi-asset volatility products based on the Cboe Volatility Index (VIX Index), the world’s barometer for equity market volatility.
Cboe’s trading venues include the largest options exchange in the U.S. and the largest stock exchange by value traded in Europe. In addition, the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETP trading.
The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore, Hong Kong and Quito, Ecuador. For more information, visit www.cboe.com.