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12 Days of Trading – Day 4 of 12: Periodic Auctions

Just as market share and trade size give us measures of market quality for lit markets, similar metrics can be applied to periodic auctions. The overall share of periodic auctions as a mechanism has been remarkably stable over the last year but the share and average size amongst the...

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12 Days of Trading – Day 3 of 12: Liquidity vs Turnover

We have demonstrated in previous posts that there is a correlation between spreads and market share. The venue with the highest turnover tends to have the best prices. However, as the regulators keep reminding us, best execution should factor in liquidity as well as price. In the chart today...

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12 Days of Trading – Day 2 of 12: Alternative Closing Mechanisms

MiFID I opened the door to exchange competition in Europe. Whilst the central limit order books of the exchanges have seen their monopolies challenged, one area has remained the domain of the primary exchanges. However, with increasing focus on closing auctions driven by passive investing and ETFs, it is...

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12 Days of Trading – Day 1 of 12: Impact on Liquidity for the LSE Stock

Liquidity on lit order books is driven by pre-trade transparency. Therefore, tighter spreads or deeper visible liquidity can lead to market share growth on one venue at the expense of another. Alternative mechanisms also play their part in particular circumstances. Take the example here where major news on two occasions throughout the year caused...

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big xyt wins Outstanding TCA provider

big xyt named Outstanding TCA provider at Leaders in Trading 2019 Awards

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...

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LIQUIDITY LANDSCAPE IN EUROPE POST MIFID II

Best Execution , July 3, 2018 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....

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

New collaboration with Steve Grob brings additional market structure expertise to the team London, 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...

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