Liquidity Cockpit
for Equities

Liquidity Cockpit for Equities provides an independent, consolidated view of trading activity to reflect the ongoing changes of market structure.

Liquidity Cockpit for equities 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 for equities provides exchanges, buy-side and sell-side firms and market commentators with an overview of market share across all developed markets, and the ability to act on changing market dynamics.

As a result of MiFID II in Europe, dark volume caps came into force, and the rise in LIS trading activity (in line with ESMA thresholds) 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.

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Distinct Symbols
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Unique ISINs
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Exchanges
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Unique Trade Conditions
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Metrics

Trading data analytics have until now been available only to the most sophisticated firms with substantial capital investments.  big xyt is breaking the mould by making the capability available to all firms whether their main focus is on trading (or not), and regardless of the size of their budgets.

By mutualising this capability on behalf of the industry, we provide flexible and tailor-made solutions at a fraction of the cost of in-house builds.

Find actionable insights
in the fragmented market landscape

Use Cases

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OPTIMISE TRADING & EXECUTION

Liquidity Cockpit for Equities delivers actionable insights by delivering transparency on market structure changes.

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VENUE COMPARISON

Market quality measures provide an indication for expected transaction costs. The normalised indicators enable users to compare venues.

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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

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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.

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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.

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SPREADS AND
MARKET DEPTH

Compare market quality across venues using various spread measures (spreads on BBO, effective spreads for a given trade size).

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PRICE
MOVEMENT

Investigate the market move for trades across block trading venues, lit markets and dark pools.

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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.

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VOLUME
PROFILES

Leverage the available security stats and metrics to observe intraday volume profiles, and a range of other pre-trade indicators to drive algorithmic and router research and development.

Differentiating Factors

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INDEPENDENCE

As a privately owned company, our clients see big xyt as an unbiased and objective provider of data analysis.

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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.

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TRANSPARENT METHODOLOGY

All measures are fully documented and can be verified with the underlying tick data.

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GLOBAL COVERAGE

Our security statistics deliver metrics across 120 global markets, providing international visibility to users.

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COST MANAGEMENT

big xyt reduces the Total Cost of Ownership. Our technology team is focussed on collecting, curating and delivering analysis that 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.

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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.

Access to big xyt’s Liquidity Cockpit for Equities solution is available via a number of established engagement mechanisms:

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Web-based Dashboards

Our dynamic dashboards provide simple, flexible views for dynamic interactive use, data download, custom design and white-label solutions.

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Reports

Pre-defined / bespoke reports managed directly via our dashboard or configured as scheduled reports, distributed via email and/or SFTP.

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Data Streaming and APIs

Data extract via scheduled file delivery. Transfer batch files using SFTP, or utilise our API connectivity.

Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure, providing clarity for decision makers and flexibility for data scientists.