News & Views

12 Days of Trading 2024 Day 10: A festive twist in the ETF market – change is in the air

12 Days of Trading 2024 Views

Mark Montgomery

05/06/2024

Last year we observed how mid spread executions at the time of an RFQ execution did not tell the whole story about best price during a longer ‘execution window’. Using the xyt lab we applied the same logic to other mechanisms to establish if there are other questions traders should be asking when performing execution analysis to optimise their transaction costs.

Impact of large passive events on price discovery

News

Mark Montgomery

03/06/2024

Friday saw a significant increase in stock market activity as a result of the MSCI rebalance. A quarterly event when certain stocks are promoted or relegated between index groups.

Has the market become more addressable?

Views

Mark Montgomery

30/05/2024

OTC reported equity volumes have been growing steadily since MiFID II. The result was less transparency for a larger portion of the market. Our measure of non addressable volumes grew from less than 10% of reported pan European equity turnover before 2018 to around 33% in February this year.

Vote for big xyt in the Waters Rankings 2024

News

Melanie Carpenter

23/05/2024

Please vote for big xyt in the Best Transaction Cost Analysis Provider (for Open TCA) and Best Data Analytics Provider (for Liquidity Cockpit) categories.

big xyt wins ‘Best Data Analytics Provider’ at the Waters Technology Inside Market Data and Inside Reference Data Awards 2024

Melanie Carpenter

09/11/2020

New York, London, Frankfurt, November 9th 2020 – big xyt, the independent provider of market data analytics and smart data solutions, is pleased to announce Jenny Chen has joined their executive team as Managing Director, Head of Sales in the Americas. Jenny will be responsible for accelerating growth in the US and supporting clients in leveraging big xyt solutions to transform their trading performance and analysis. Based in New York, Jenny joins big xyt from Société Générale where she spent eight years as MD, Head of Global Execution Services, overseeing program trading, electronic trading, cash equities, ETF, and futures. Prior to Société Générale she spent seven years at Goldman Sachs and previously UBS.

European Equities – Market Microstructure Survey Q3 2020

Views European Equities Microstructure Survey

Richard Hills

08/10/2020

It hasn’t been a good quarter for the European Equity Market. In nearly every country, we’ve seen record lows for volumes throughout the summer. August delivered the slowest month for trading since the MiFID2 era began in January 2018 and the pattern persisted into September. Although 2020 remains ahead of 2019 in terms of daily turnover, the lead has diminished substantially from 34% in Q1 to 11% in Q3 and may evaporate completely in Q4. You can download the full report by clicking on the icons or clicking here.

Liquidity Intelligence: Ranking venues for larger trades

Views

Mark Montgomery

28/09/2020

Having a good understanding of how to select a venue when executing a large trade is essential for successful performance. There are many venues to consider and each venue has its own “sweet spot”, depending on the names and size traded and that varies according to your level of urgency. Using objective criteria, such as expected time to execution and likely price impact, we can rank venues into an order of priority for routing. Furthermore, when we look at how this changes over time, we get a sense of the importance of regular monitoring and updating of the smart order routing process.

European Equities Market Microstructure – September 2020 Snapshot

Melanie Carpenter

17/04/2020

Following a bumper month for European Equity trading volumes during the Great Sell Off it seems that we may be reverting to type. Daily traded value broke through the four year record high of 148 B€ on no less than 7 days, peaking at a little under 180 B€. Then the March ADV of 120 B€ fell to just 77 B€ ADV in April, slightly above the average of 73 B€ for the full year of 2018 (67 B€ for 2019). This rally is based on much lower volumes than the crash, which are rapidly approaching the ever-decreasing long term average. Perhaps investors are not as convinced as prices imply, or maybe there is more cash to come back into the market to sustain its ascent. It would be more comforting to see a rally with some decent volumes behind it. Buyer beware.

x Days of Isolation – Day 06: How to Trade on The Stop Market

Melanie Carpenter

02/03/2020

Having a large international financial institution going live with our API for advanced execution analytics at the beginning of the year was a great way to start. Throughout 2019 we have on-boarded a record number of new clients and have been very pleased to be nominated and more importantly win a number of industry awards in recognition of our reputation for delivering independent analytic solutions. Becoming the de-facto reference for all major European exchanges has been the icing on the cake. What does 2020 hold in store for the business? We already see a growing trend for outsourcing data analytics. By delivering our solutions as a trusted and independent partner we are able to facilitate the business transformation our clients need by allowing them to concentrate on their own proprietary needs.

Kepler Cheuvreux implements big xyt analytics

Melanie Carpenter

25/11/2019

London, Frankfurt, 25th November 2019 – big xyt, the independent provider of market data analytics is pleased to announce that it has been named as ‘Editors Choice – Outstanding TCA provider’ at The TRADE Leaders in Trading 2019 Awards. Robin Mess, CEO at big xyt, who collected the award with Mark Montgomery, Head of Strategy and Business Development, at a ceremony in London last week commented, “We are delighted to have received this recognition as Outstanding TCA provider from the Editors at The TRADE and thank our clients and XYTView users for their support this year.” John Brazier, Editor of The TRADE said, “Throughout the year we have heard a lot from the buy-side about the value of TCA to their trading processes, and big xyt was one of the names that was continuously raised in this discourse.” He added, “The TRADE editorial team were impressed with big xyt’s quality of service and high level of dedication to providing the buy-side community with tools they need to achieve best execution and deliver the best returns to clients as possible.”

LIQUIDITY LANDSCAPE IN EUROPE POST MIFID II

Views

Mark Montgomery

30/10/2019

big xyt shares independent insights on European trading derived from a consolidated view on cash equity markets. The measures covered below are used as a reference by exchanges, brokers and buyside firms, reflecting answers to relevant questions occuring in the post-MiFID II era. The methodology is fully transparent and applied to tick data captured from all major venues and APAs (Approved Publication Arrangements). During the first half of 2018, market participants and observers are continuing to evaluate the changing liquidity landscape of European equities. One of the key questions this year is around the introduction of a ban on Broker Crossing Networks (BCNs), thereby outlawing the matching of a bank or broker’s internal client orders without pre-trade transparency for the rest of the market. Would this ban effectively force BCN activity onto the lit markets (public exchanges), as intended by the regulator with its desire to maximise the transparency of all orders, both pre- and post-trade,

XYT View launched in response to market demand for independent overview of fragmented European equity market

News

Melanie Carpenter

03/10/2019

ondon, Frankfurt, 3rd October 2019 – big xyt, the independent provider of market data analytics, today launched XYT View, a specialist aggregated view of fragmented market information that participants need to ensure that they are achieving the best possible outcomes for themselves and their clients. The company is also pleased to announce that Steve Grob, CEO at Vision 57 and “long time” market commentator will be working with the Strategy team to provide market consultancy and additional thought leadership. XYT View provides a meaningful range of market overview metrics and has been developed to fill the information gap caused by the withdrawal of previous alternatives. Delivered via interactive dashboards, users can observe changes in displayed liquidity, periodic auctions, opening and closing auctions across the entire equity and ETF trading landscape in Europe.

Beyond the Consolidated Tape: Finding a Better View of the European Equities Markets

Views

Mark Montgomery

22/07/2019

Over the past five years, the pace of change in the European equities and ETF markets has been almost unparalleled. This in turn is fuelling demand from the buyside community for greater transparency in the form of data and metrics in order to achieve best execution, optimise their trading activities and ultimately make better informed decisions. Yet obtaining the quality of detailed, reliable and completely independent data required to analyse market structure changes has created its own set of additional challenges, not only for the buy-side and sell-side, but also for exchanges, trading venues and even policy makers and regulatory bodies. For many, the idea of a ‘consolidated tape’ is often the first solution that springs to mind. But would it be the panacea that firms seem to expect?

big xyt responds to the market’s need for a Consolidated View

News

Melanie Carpenter

21/06/2019

London, Frankfurt, 21 June 2019. big xyt, an independent provider of high-volume market data analytics, is pleased to announce the launch of Consolidated View, an extension of the market analysis metrics available to all members of the investment community from the Liquidity Cockpit platform and 250days website dashboard. The new views allow access to a standardised independent view of the trading activity across the equity and ETF trading landscape in Europe. big xyt clients, including multiple global exchanges and investment banks, have increasingly been using detailed information and analytics from the Liquidity Cockpit as a reference to validate their trading performance to their clients. By allowing complimentary access via 250days.com to the aggregated data for single stocks, regions and indices, this new initiative delivers independent aggregated information, adding a much-needed layer of efficiency and transparency to the market.

big xyt provides Liquidity Cockpit to Liquidnet for Execution Analysis

News

Melanie Carpenter

03/06/2019

London, Frankfurt, 3 June 2019. big xyt, an independent provider of high-volume smart data and data analytics, is pleased to announce that, Liquidnet Europe Limited, have extended their use of the big xyt analytics Liquidity Cockpit platform to monitor execution quality of its products along with cross-checking market volumes. big xyt are providing Liquidnet execution analysts with an interactive application to monitor market information via the Liquidity Cockpit dashboard. By using data science big xyt solutions capture, normalise, collate, and store trade data at a granularity that has not previously been available in the market.

How price movement measures can inform execution decisions

14/09/2017

London, 14 September 2017: big xyt, the independent provider of high-volume, smart data and analytics capabilities, today announced the launch of big xyt hub to enable the global trading community to integrate tick data and analytics in a more convenient and cost-effective way, via a single API. The xyt hub allows trading firms to consume, analyse and visualise all the data they require through cloud-based technologies, featuring Data-as-a-Service and Analytics-as-a-Service functionalities. Advances in algo development, testing and optimisation, transaction cost analysis (TCA) and regulatory reporting are increasing the demand for robust, independent data and analytics. With the big xyt hub, trading firms and exchanges can immediately access tick data and analytics, without costly investment into in-house data infrastructure and storage, technology capable of managing tick data with nanosecond precision and market-by-order granularity, or indeed additional staff.

big xyt adds Market Impact Analysis to Liquidity Cockpit allowing trading firms to optimize trading and execution

News

Melanie Carpenter

25/08/2017

The market impact dashboard offers various measures to estimate expected transaction costs. It allows to investigate the price change before and after a trade. The measures are calculated on every single trade for all securities across venues and trading days. The interactive dashboard provides essential insight for trading firms as it helps to understand average market impact in dark pools. This information allows firms to reduce transaction costs by optimizing their trading and execution algos. The market impact analysis consists of the following two measures: Price Impact (prior and after the trade): the difference between the mid price (as-of-trade) and the mid prices preceding or following the trade during given time distances from the trade time. Ratio of Market Moves in % (number of trades with an observed price change>0 at a particular time point – prior and after each trade): the ratio of price changes>0 observed during given time distances from the trade time.

big xyt launches Liquidity Cockpit to provide trading firms with enhanced visibility over liquidity across asset classes

News

Melanie Carpenter

27/07/2017

London, 27 July 2017: big xyt, the independent provider of high-volume, smart data and analytics capabilities, today announced the launch of its Liquidity Cockpit, designed to give global trading and investment firms enhanced visibility over dark and lit liquidity, and the ability to navigate and analyse European market share across a fragmented and dynamic market landscape. With the anticipated MiFID II dark volumes caps coming into force and the rise in Large in Scale (LIS) trading activity, equity market participants need to recognise LIS classified trades, track market share and navigate interactions across different liquidity pools.

Tick Data API available for Quants, Traders and IT – Free Trials

News

Melanie Carpenter

06/06/2017

Tick Data API available for Quants, Traders and IT – Free Trials Update: big xyt extends the ACTIV X-ray platform to support tick data for more than 80 markets globally. ACTIV X-ray now offers seamless access to petabytes of historical tick data. Key features are Access to high-quality tick data for more than 80 markets with a single interface. Global coverage with trades, top-of-the-book and market depth (for selected markets). Attractive pricing with flexible models, e.g. per instrument, per market, pay-per-use. API access for Python, R, Java, C# and other programming environments. CSV download for normalized data including market depth. Customizable snapshots for tick data, e.g. n-minute bins. Unrivalled API performance to support back testing of algos or the development of advanced models like artificial intelligence.

High-Performance Computing in Finance

News

Melanie Carpenter

16/05/2017

Technology enables firms to leverage artificial intelligence and machine learning in many new areas. These new applications require cost-effective compute platforms and seamless access to large datasets. Learn how the Banking, Finance and Insurance sector is managing these challenges in the new issue of Financial Markets Insights: Powering Up – Handling high-performance computing to boost alpha and risk management The complexities surrounding the Banking, Finance and Insurance sector today have led to a significant growth in the use of grid computing and high-performance computing (HPC) for computationally-intensive tasks. These are many and varied, and include areas such as derivative pricing, risk analytics, quantitative modelling, portfolio optimisation, and bank stress testing.

Sensor Analytics and Predictive Maintenance for Wind Turbines

News

Melanie Carpenter

15/05/2017

Hamburg, 16th & 17th May 2017, big-xyt’s partner WKA Blade Service (Robur Group) will present at the German conference for Wind Turbine Maintenance. Learn how the big xyt Cloud Platform enabled WKA Blade Service to analyze sensor data and maintenance events for thousands of wind turbines over a period of 10 years. The initiative demonstrates the value of the big xyt Cloud Platform in new industries. Designed and optimized for use cases in capital markets, today the big xyt Cloud Platform offers capabilities that allow clients in various industries to mitigate challenges of big data analytics and to seize new business opportunities.

QuanTech 2017 – Meet big xyt, Stream “Machine Learning, Big Data, IoT & HPC Stream”

News

Melanie Carpenter

28/03/2017

London, 26th, 27th & 28th April 2017, big-xyt’s Dr. Ulrich Nögel speaking at the QuanTech Conference about Challenges in Big Data Analysis (Thursday, 27th at 2:15pm), Stream “Machine Learning, Big Data, IoT & HPC Stream”. About QuanTech: These events have been built in collaboration with some of the world’s leading banks, financial institutions and technology companies to ensure that the most pressing and pertinent issues are covered. Topics ranging across trading, fixed income, derivatives, syndicated loans and trade finance, identity and payments. Discussion for leading figures on both the business and technology sides of the global banking industry. London Topics:

Meet big xyt at the Artificial Intelligence and Data Science Conference

News

Melanie Carpenter

24/02/2017

London, 1st & 2nd March 2017, big-xyt’s Dr. Ulrich Nögel speaking at the Artificial Intelligence and Data Science Conference. Learn how big xyt enables the growing AI community with analytics on very large datasets. Join our speaker slot about “Challenges for Big Data Analysis in the Post-Crisis Regulatory Environment”. About the event: Artificial intelligence and machine learning algorithms offer us a revolution in the way value can be derived from the vast amounts of data we produce every moment. As more of the financial world embraces AI and machine learning, questions arise about how best to implement this technology, and more broadly the impact it will have on existing market structure.

big xyt’s Data & Analytics Services now available via Colt PrizmNet

News

Melanie Carpenter

21/02/2017

big xyt’s Data & Analytics Services now available via Colt PrizmNet The global trading community can now access all big xyt Services via Colt PrizmNet. Trading firms can immediately reduce complexity, TCO and time-to-market by leveraging big xyt’s smart data & analytics solutions in more than 28 countries around the globe. Selected services are Capture Tick Data (raw and normalized from any exchange or data vendor) Store Tick Data supporting all asset classes Data Cleansing and Gap Filling Real-time Analytics TCA Liquidity Analytics Find out more at

big xyt launches the big xyt Store, an ecommerce platform for tick data

News

Melanie Carpenter

14/02/2017

big xyt’s new ecommerce platform helps exchanges, brokers and data vendors to monetize their data assets. The new big xyt Store offers an unrivalled user experience with access to petabytes of historical data. Key features are a flexible pricing model supporting all asset classes including derivatives web-based user interface to access all feeds with smart search algorithms access to any data volumes including market depth convenient payment options like Paypal and Credit Cards Read how we enable ACTIV Financial to distribute historical data from more than 100 venues via API and web downloads to the trading community. The ACTIV X-ray Store is engineered and operated by big xyt. The joint product is featured in an article by Max Bowie from waterstechnology.

big xyt sponsors the Open Day 2016

News

Melanie Carpenter

04/10/2016

[featured-video-plus] Wednesday 4th October 2016, Frankfurt, Germany: As a sponsor of Deutsche Börse’s Open Day 2016, we have received broad interest in our solutions for convenient tick data analytics. Trading firms see great value in the big xyt Cloud Platform for cost effectively managing any number of data sources as well as in products offered by big xyt partners like ACTIV Financial. At the conference we have presented ACTIV X-ray, engineered and operated by big xyt, a tick data cloud that enables trading firms to instantaneously access historical tick data from 120+ feeds and 80+ trading venues. See the featured video for selected use cases introduced at the conference (video only, silent).

big xyt helps ACTIV Financial to attract new customers

News

Melanie Carpenter

01/08/2016

London — 13 July 2016 — ACTIV Financial announced today that RSJ has selected ACTIV X-ray to help identify trading opportunities as they expand their trading activity in new asset classes and trading venues. To successfully launch trading models on new trading venues, trading firms must perform a broad range of analytics and tests. In addition, trading firms need the ability to access in-depth market information allowing them to understand specific market mechanics of each venue. High quality data, coupled with big xyt’s ultra-fast cloud platform, helps trading firms to gain relevant insight in a convenient way. By subscribing to ACTIV X-ray, RSJ is able to test models accurately and to reduce project risks.

big xyt enables ACTIV Financial to launch ACTIV X-ray, an innovative tick data cloud

News

Melanie Carpenter

17/07/2016

big xyt enables ACTIV Financial to launch ACTIV X-ray, an innovative tick data cloud ACTIV Financial leverages big xyt’s Cloud Platform to enable immediate access to high-quality tick data and scalable testing of trading models. FRANKFURT — 17 July 2016 — ACTIV Financial, a global provider of real-time, multi-asset financial market data and solutions, and big xyt, the leading provider for data and analytics solutions on large datasets, today announced the launch of ACTIV X-ray, a cloud-based tick data repository which will enhance the way trading firms discover and test new venues or meet ever growing regulatory requirements.

big xyt Research Hub Focusing on Market Liquidity, Kick-off on 26th May 2016

News

Melanie Carpenter

03/06/2016

Thursday 26th May 2016, Tampere, Finnland: As the first event of the research collaboration between the Technical University of Tampere, Fraunhofer ITWM Kaiserslautern and big xyt, Dr. Ulrich Nögel (Co-Founder, Analytics big xyt) was presenting on “Challenges for Big Data Analysis and TCA in the Post Crisis Regulatory Environment” in Tampere, Finland. The audience included members of the Big Data Research Cluster as well as members of Prof. Dr. Juho Kanniainen’s group. In June this research collaboration will conduct a stay of guest researcher Mrs. Milla Siikanen at the Fraunhofer ITWM in Kaiserslautern where she will intensify her research on liquidity measures derived from order book data across asset classes (including cash equities and FX spot).

big xyt Launches the big xyt Cloud Platform

News

Melanie Carpenter

24/05/2016

FRANKFURT — 18 May 2016 — To enable companies to discover value in data effectively, big xyt today announced the big xyt Cloud Platform for high-volume analytics. This new offering from big xyt intends to reduce the complexity of accessing data and executing analytics across all data-centric industries. The big xyt Cloud Platform lets end users access all their data sources through a single interface, quickly and easily, enabling them to seamlessly execute analytics from their existing environments. As a result, corporations and users need not worry about things like infrastructure investments, such as hardware or software – they can simply focus on data analytics, dramatically speeding up the discovery of valuable insight.

Join big xyt at QuanTech 2016

News

Melanie Carpenter

01/03/2016

London, 21 & 22 April 2016, big-xyt’s Dr. Ulrich Nögel speaking at the QuanTech Conference about Challenges for Big Data Analysis and TCA in the Post-Crisis Regulatory Environment (Friday, 22nd at 1:50pm). The growing interest in distributed ledgers should be of considerable interest to traders, quants and structurers, as it has the potential to change the trajectory of the post-crisis response to the

Mifid II Transparency & Reporting

News

Melanie Carpenter

10/02/2016

London, 16 & 17 March 2016, big-xyt’s Dr. Ulrich Nögel speaking at the Risk Training about MiFID II. This course will present the latest developments on MIFID II whilst offering the initial buildings blocks in order to adapt operations for adhering to the upcoming regulation. Find out more and register at

Financial Markets Insight

News

Melanie Carpenter

02/02/2016

Industry experts share thoughts on the benefits of the Financial Applications Hub, designed to offer data, software, tools and other content in one place. Find out how big xyt contributes to Digital Realty’s Financial Applications Hub through its innovative and cost-effective solutions for tick data analytics