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How fast is the market? Do some traders have an advantage over others... and does it matter?

How fast is the market?

Do some traders have an advantage over others... and does it matter? How fast are equity markets? Or how much of the market operates at high speed? big xyt took an electron microscope to our normalised market data to find out.   We analysed UK lit markets to measure the time between...

ESG ETF trends

Greenwashing disinformation disseminated by an organisation so as to present an environmentally responsible public image. "while they can be useful, these sorts of standards are sometimes used quite cynically—as corporate greenwash" There is a difference between what people say and what they do. Companies are realising the importance of actions speaking...

European Equities Market Microstructure Survey Q2 2021

European Equities Market Microstructure Survey Q2 2021

Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. If you are unfamiliar with the topic, we encourage you to visit our website to read our Microbites series for an explanation of European market microstructure.  With the major European indexes enjoying substantial price gains in...

Is anyone else worried about this?

Is anyone else worried about this?

As a trailer for our forthcoming Q2 2021 survey of European equity market microstructure, we thought you might like a sneak peek at what’s been happening to fragmentation.   Following Brexit and the divergence of dark trading rules, we have been monitoring the trend in the UK. The graph below shows...

When is a Block not a Block

When is a Block not a Block?

In the search for liquidity, particularly whilst minimising market impact, a means to identify large trades and where they take place is key for the investing community. The regulatory changes in MiFIDII introduced the concept of Large In Scale (LIS). No, not not a post-Brexit way to limit fishing quotas,...

New dark matter map reveals cosmic mystery

New dark pools map reveals cosmic mystery

We’re not too sure what all the excitement is about... at big xyt we have been researching the changing shape of the dark landscape for years. In fact, rather like long established theories, on the face of it European dark trading volumes have remained relatively steady. Our team of curious...

European Equities Market Microstructure Survey Q1 2021

Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. Following a desolate second half in 2020 and despite ongoing Covid-19 and Brexit-related uncertainty, the first quarter of 2021 saw a return to some kind of normality in market volumes. View the complete report here. ***** All the...

Wales Stock Exchange

Wales to introduce independent stock exchange

Academics from Brains Trust predict market launch will quench investors’ thirst for trading to stay local. (Special note: this was an April Fool's Day post) Flushed with success from the Six Nations Championship a new stock market is being proposed for Welsh investment in Welsh companies.  Behind the initiative is the recently...

Microbites #3 – Dark Trading in Europe

The big xyt Microbites series is for those who are unfamiliar with the European market structure or need a refresher. In this third episode we look at dark trading in Europe and the unique rules that limit the activity. We recommend that you read the previous episodes if you are unfamiliar...

Swiss movement – the pendulum swings

Those of you who keep a close eye on market microstructure will be well aware of a dress rehearsal for “non equivalence” in July 2018 when all Swiss trading was banned on competing venues. Overnight the primary SIX exchange was responsible for 98.8% of turnover in the top 20...

Microbites #2 – What and Who Are MTFs?

In our second episode on the European market structure landscape, we describe the grandly named “Multilateral Trading Facilities” (MTFs) and compare them to the better known national stock exchanges. View the article here.

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