Liquidity Cockpit – Navigating fragmented markets

Our flagship product, the 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. 

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Exchanges
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Metrics

The 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.

The Liquidity Cockpit provides exchanges, buy-side and sell-side firms and market commentators with an overview of market share across 120 venues globally, including LIS categorised trades in line with ESMA thresholds, and the ability to act on changing market dynamics.

As a result of the MiFID2 dark volume caps coming into force and the rise in LIS trading activity, equity market participants need to recognise LIS classified trades, track market share, and navigate interactions across different liquidity pools.

ETF Liquidity Cockpit presents a unique view on the ETF market place.


Find relevant insights in the fragmented market landscape

navigate-fragmented-market

Use Cases

Optimise Trading and Execution

Liquidity Cockpit delivers actionable insight 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.

Liquidity for ETFs

Still mainly traded OTC the ETF trading is expected to move on exchange. Liquidity Cockpit provides liquidity indicators for all ETFs across all venues.


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 MiFID2), 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.


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.

Resilience

All our products are distributed across regions, servers and data centres, i.e. our products are delivered through a reliable setup.

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 our clients would require a team of 2 or 3 people to support in addition to the cost of raw data and infrastructure. We have a subscription pricing model.

International exchange groups, as well as global brokers, rely on big xyt as an independent reference for Equity market structure.

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