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.
With his circumnavigation complete, Father Christmas has earned some rest and recuperation, as have all of you after a year of challenges and surprises. Looking back over the last five years of this campaign, we thought it would be fun and perhaps of interest to reintroduce an old favourite - the big xy Tree.
Tolkien had them as tall, fast runners and excellent archers. The Grimm brothers portrayed them as short but benevolent shoemakers, and the Christmas tradition as hard working folk, who with the reindeer, form a magical team of the Fast and the Fairy-ous.
Father Christmas has continued his journey west and is now on the final leg of his deliveries. Like Vespucci, Columbus et. al. (Jolson, Capone, Pacino?) he is keen to learn more about this great continent before him.
Very few people have actually seen Santa’s sleigh but there are unverified reports that it is a highly customised vintage Porsche. At big xyt we are betting that the number plate must be FC 1 (second favourite is DA 05 HER), carefully adapted to avoid those pesky but ever-present speed cameras.
RFQs - Ready for Quality Street…… Roses, Celebrations or whatever the contents might be in the festive family bowl of chocolates? One thing is for sure, there’ll be some variety at the bottom which lie there having left a bad taste in the mouth.
