Liquidity Cockpit provides an independent, consolidated view of trading activity to reflect the ongoing changes of market structure.
Our technology normalises trade conditions of all venues allowing consistent aggregations of various measures including spreads, market depth, price movements, and trading volumes.
Liquidity Cockpit is designed to give global trading and investment firms enhanced visibility over dark and lit liquidity, and the ability to navigate across a fragmented and dynamic market landscape.
Liquidity Cockpit provides exchanges, buy-side and sell-side firms and market commentators with an overview of market share across all developed European markets, including LIS categorised trades in line with ESMA thresholds, and the ability to act on changing market dynamics.
As a result of MiFID II, dark volume caps came into force, and the rise in LIS trading activity continues to evolve with changing regulations. As such equity market participants need to recognise LIS classified trades, track market share, and navigate interactions across different liquidity pools.
Find relevant insights in the fragmented market landscape
Use Cases
Optimise Trading and Execution
Liquidity Cockpit delivers actionable insights by delivering transparency on market structure changes.
Venue Comparison
Market quality measures provide an indication for expected transaction costs. The normalised indicators enable users to compare venues.
Traded Volumes
Normalised traded volumes and market share provides an accurate history of trading activity across venues and can help as a pre trade guide for expected liquidity across venues, indices or trade categories.
Product Features
Systematic Internalisers
Evaluate the market share of trades reported under this mechanism. Drill down into the detail, filtering out non-addressable volume to create a more realistic view of comparable market volumes.
Large In Scale (LIS)
Understand the dynamics of market structure (pre and post MiFID II and Brexit), e.g. the impact on Large In Scale trading and dark pools.
Spreads and Market Depth
Compare market quality across venues using various spread measures (spreads on BBO, effective spreads for a given trade size).
Price Movement
Investigate the market move for trades across block trading venues, lit markets and dark pools.
Alternative Closing Mechanisms
Monitor the evolution of new mechanisms looking to disrupt traditional exchange auctions as passive trading increasingly drives volumes to benchmark end of day pricing.
Volume Profiles
Leverage the available security stats and metrics to observe intra day volume profiles, and a range of other pre-trade indicators to drive algorithmic and router research and development.
Differentiating Factors
Independence
As a privately owned company, our clients see big xyt as an unbiased and objective provider of data analysis.
Flexibility
Data can be provided via a variety of delivery mechanisms and analysis via our unique browser based visualisation tool allows optimal flexibility when filtering different venues and comparing date ranges.
Transparent Methodology
All measures are fully documented and can be verified with the underlying tick data.
Global Coverage
Our security statistics deliver metrics across 120 global markets, providing international visibity to users.
Trend Analysis
Looking at analysis over time rather than snapshot allows the user to perform bespoke trend analysis, filtered custom studies or general market overview.
Cost Management
We reduce the Total Cost of Ownership. Our technology team is focussed on collecting, curating and delivering analysis that each of our clients would require a team of people to support, in addition to the cost of raw data and infrastructure. We also have a subscription pricing model.
Access to big xyt’s Liquidity Cockpit for Equities solution is available via a number of established engagement mechanisms:
Web-based Dashboards
Our dynamic dashboards provide simple, flexible views for dynamic interactive use, data download, custom design and white-labelled solutions.
Reports
Pre-defined / bespoke reports managed directly via our dashboard or configured as scheduled reports, distributed via email and/or secure file transfer protocol (SFTP).
Data Streaming and APIs
Data extract via scheduled file delivery. Transfer batch files using secure file transfer protocol (SFTP), or utilise our API connectivity
