The presents have been unwrapped, the Bellini glasses have been drained, the kids have gone back to their rooms and the out-laws are about to arrive. After a relentless pre-Christmas week at work, it’s hard to concentrate on the tasks at hand.
'Tis the season to be jolly, especially in the ever-evolving world of European ETFs! Did you know that more than 50% of the holiday cheer - we mean, trading volume - is now groovin' through RFQ platforms?
About this time of year, the old family argument kicks off over which colour lights to put on the Christmas tree. At big xyt we believe that pink and purple is the answer.
At this indulgent time of the year we’re all hungry (and thirsty) for market structure knowledge as well as a festive tipple. So here’s our guide to merry market mechanisms.
Here at big xyt, we believe that Christmas is about both the liquid and the illiquid. A mulled wine is nothing without a mince pie, the turkey needs its gravy, and of course the Christmas pudding won’t flame without a drop of brandy.
Lit Continuous market share draining away in Q2. Intra-day trading in the Lit order books for equities has reached a new quarterly record low, as seen in our first graph.
Imagine, after many years of demand, someone creates the concept of an airline price comparison site to help the population find the cheapest flight more easily. It would include prices for the best flights between cities on the map. That would be a welcome introduction. However, what if the national governments insisted that the site would only be allowed if the names of the airlines were not disclosed?
If you are trading €10m per day, one basis point of slippage against any benchmark adds up to €250k in cost per year. One such benchmark is the EBBO, which is the key measure available for evaluating whether you are obtaining the best prevailing market price.
Level fhive data discovery creates buzz in the market, providing new trading insights. One benefit of lockdownand the recent trend towards reestablishing conditions to encourage bio diversity has been the resurgent bee population to the delight of environmentalists and honey lovers alike.
Welcome to our annual survey of European trading volumes and market fragmentation at the end of yet another highly eventful year of trading. We aim to provide a brief overview of the key trends and patterns in the market microstructure in 2022 by comparison with the previous five years. The survey is based on a vast amount of data. Since the beginning of the new MiFID2 regime in Europe, we have collected over 2.5 trillion data points from the European equity markets. Back in Q1 2020 it felt like we were watching a truly exceptional event but despite lower volatility, the markets managed to deliver something even more unpredictable. Please have a read of our latest European market microstructure and let us know your thoughts or ideas for any further investigations.
