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big xyt wins Outstanding Market Data Provider award at The Trade’s Leaders in Trading Awards

big xyt wins Outstanding Market Data Provider award at The Trade’s Leaders in Trading Awards

News
We’re delighted to announce that big xyt has won The TRADE’s Leaders in Trading award for Outstanding Market Data Provider. The Awards recognise the finest talent at asset managers, hedge funds, banks, brokers, exchanges and trading venues, and other technology vendors – many of those in attendance on the evening were our clients and peers from across the industry.
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big xyt appoints Anthony Huck as Head of the Americas

big xyt appoints Anthony Huck as Head of the Americas

News
New York, September 21, 2022: big xyt, the independent provider of smart data and analytic solutions, has announced Anthony (Tony) Huck has joined their global executive team as Head of the Americas. Mr. Huck brings over three decades of expertise to big xyt as a widely regarded leader in the financial services industry. In previous roles, he was CEO of Score Priority (now Lime Financial), he served as President and COO of Lime Brokerage, and he has held senior executive positions at Royal Bank of Scotland, Citadel Securities, and Investment Technology Group (ITG).
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Product Update – EBBO Regains, Alternative Closing Mechanisms and Volume Profiles by Venue

Product Update – EBBO Regains, Alternative Closing Mechanisms and Volume Profiles by Venue

Blog
We are pleased to inform you about the new dashboards introduced this week for the Liquidity Cockpit Enterprise user interface. These changes are driven by client requests alongside evolving market and regulatory change. We have introduced a further classification filter in our Alternative Closing Mechanisms (ACM) view so the following can be compared:
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big xyt to lead the discussions on data analytics for optimal execution at The Finance Hive Equities London event

big xyt to lead the discussions on data analytics for optimal execution at The Finance Hive Equities London event

Blog News
We’re really looking forward to taking part in The Finance Hive Equities London Members Live Meeting next Wednesday 25 May. We’ll be leading the roundtable discussion ‘Leveraging the latest advancements in data analysis and analytics for optimal execution’.
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Johannesburg Stock Exchange launches innovative new equity market data analytics platform in collaboration with big xyt

Johannesburg Stock Exchange launches innovative new equity market data analytics platform in collaboration with big xyt

News
JSE is first to market with online trading analytics for listed shares and ETFs, ready-made for daily use by traders, sales traders and senior business management London and Johannesburg big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, is pleased to announce that the Johannesburg Stock Exchange (JSE), the largest stock exchange in Africa, has deployed an innovative new information service leveraging big xyt’s Liquidity Cockpit for security analytics.
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big xyt is a proud sponsor of TradeTech Europe 2022

big xyt is a proud sponsor of TradeTech Europe 2022

Blog News
big xyt is a proud sponsor of TradeTech Europe 2022 on 11-12 May. Don’t miss Mark Montgomery’s panel alongside Vanguard Asset Management, Norges Bank Investment Management and Capital Group to learn about the advancements in enhanced execution analytics.
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Cowen Execution Services selects big xyt to support continued growth in European equities trading

Cowen Execution Services selects big xyt to support continued growth in European equities trading

News
Provides independent agency broker with improved market structure visibility and supports clients’ access to unique liquidity opportunities big xyt, the independent provider of smart data and execution analytics solutions to the global trading and investment community, has been selected by Cowen Execution Services Limited (CESL), a wholly owned subsidiary of Cowen Inc. (NASDAQ:COWN), to further strengthen Cowen’s European equities trading platform and help identify unique liquidity opportunities for its clients.
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European Equities Market Microstructure Survey Q1 2022

European Equities Market Microstructure Survey Q1 2022

Blog Microstructure Review News
Trading turnover in European equities posted a new MiFID II era record in Q1, 34% higher than the four year average, as investors reacted to the cocktail of inflationary fears and war. Back in Q1 2020 it felt like we were watching a truly exceptional event but despite lower volatility, the markets managed to deliver something even more unpredictable. Please have a read of our latest European market microstructure and let us know your thoughts or ideas for any further investigations.
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Data deluge warnings

Data deluge warnings

Blog General
The amount of data produced globally continues to grow exponentially. Units such as Tera and Peta are no longer capturing the magnitude. As new terms such as Wispabytes and Crunchiebytes have been necessary, there are fears that the extent of this uncontrolled data production could soon have unintended consequences. Uncleansed data is not being disposed of, capacity levels are already being reached with clouds becoming saturated, and the inevitable precipitation could have irreversible effects. The Journal of Knowledge & Environmental Science (J.O.K.E.S.) has forecast that by 2030 there could be a film of excess data covering the whole of the earth’s surface.
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Volumes alert! European equities reach new records

Volumes alert! European equities reach new records

Blog
Do you remember the optimism of the Santa Claus rally? Only a few months ago we were being entertained by stories of the S&P 500 in the high fives by year end (that would be a 30%+ rally from here) and post pandemic recoveries across the board. Then along comes the spectre of war, sanctions, and a cost of living crunch for households.
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Calling all equity traders and sales traders

Calling all equity traders and sales traders

Blog
Dark trading currently represents 8% of equity turnover across all of Europe, adjusted to exclude clearly non-addressable OTC and SI prints. In UK Blue Chips that is now 11.6%, and for UK mid caps it is 15.2% How often are you looking to identify when a stock has an unexpected surge in turnover? And how often is it beneficial to know that some or all of that increase was on a Dark venue?
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big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2022

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2022

News
We’re delighted to announce that big xyt has won the A-Team TradingTech Insight 2022 Award Europe for the Best Transaction Cost Analysis (TCA) Tool, for the second year running. Independence and accuracy, combined with the transparency we provide on the underlying data, is at the core of our Open TCA offering for execution analytics. This is seen as essential by our clients to improve workflows and optimise trading strategies.
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Sustainable Trading launches non-profit membership network to drive ESG change across financial markets

Sustainable Trading launches non-profit membership network to drive ESG change across financial markets

News
big xyt is delighted to be a founding member of the Sustainable Trading initiative and we look forward to collaborating with its members. 30 founding members from asset management, banking and brokerage, market making, exchanges, technology and service providers have joined the initiative.
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big xyt launches the Global Exchanges Directory

big xyt launches the Global Exchanges Directory

Blog News
big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, today announced the launch of the Global Exchanges Directory, an interactive web portal providing key information on 97 worldwide stock exchanges and alternative trading venues in seven regional categories.
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European Equities Market Microstructure Survey Q4 2021

European Equities Market Microstructure Survey Q4 2021

Blog Microstructure Review News
2021 has ended and all that remains are the tea leaves at the bottom of the cup. In our latest annual survey of market volumes and fragmentation trends in European equities, we gaze at the patterns to see how the story unfolded and what we can learn about the year ahead. Another turbulent year for equities globally played out in the daily ebb and flow of over 250 billion quotes, orders and trades, presented to you here in a short pictorial summary.
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12 Days of Trading 2021 Day 12: Revealed: Your big xyt Christmas gift!

12 Days of Trading 2021 Day 12: Revealed: Your big xyt Christmas gift!

12 Days of Trading 2021 Blog
When Santa visited us for one of our academy sessions, Market Structure for North Pole Inhabitants, we provided an initial introduction to European market structure using the following chart for European Equities by trading mechanism, which may be familiar to many of you: Santa soon understood that, but as a wise man, he remained curious – one of the questions he asked was about ETFs: “If these equity-like instruments are called Exchange Traded Funds,” he asked with a glimmer in his eye, “Why do they trade less than 28% of their volume on exchange compared to 53% for vanilla equities?”
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12 Days of Trading 2021 Day 11: An ELF (oops ETF) lesson for Santa

12 Days of Trading 2021 Day 11: An ELF (oops ETF) lesson for Santa

12 Days of Trading 2021 Blog
Santa may need to consider moving with the times as we navigate the growing wave of social responsibility. On the one hand, reindeer power is about as green as you can get to power a vehicle, and on the other…..all that wrapping paper and packaging! Someone needs to tell him ESG does not stand for Extra Special Gift. One of the recent benefits of the growth of ESG campaigns in financial markets is that the spotlight has moved beyond a focus on the social DNA of companies to invest in. Questions are now being asked about how all the companies who are active in financial markets are behaving. Could there be ways to introduce new practises and infrastructure in order to become more sustainable as an organisation, and as a community?
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12 Days of Trading 2021 Day 10: Sustainable Santa

12 Days of Trading 2021 Day 10: Sustainable Santa

12 Days of Trading 2021 Blog
Santa may need to consider moving with the times as we navigate the growing wave of social responsibility. On the one hand, reindeer power is about as green as you can get to power a vehicle, and on the other…..all that wrapping paper and packaging! Someone needs to tell him ESG does not stand for Extra Special Gift.
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12 Days of Trading 2021 Day 9: Buon Natale

12 Days of Trading 2021 Day 9: Buon Natale

12 Days of Trading 2021 Blog
Whilst the Italians enjoy a good hearty feast on Christmas Day, traditionally they give and receive gifts on January 6th – the 12th Day of Christmas. There was a big Italian gift in the spring of this year too when ownership of Borsa Italiana was transferred (for a small fee) by LSEG to Euronext. Given this change and the implications of Brexit for European exchanges and venues, it occurred to us that it might be interesting to take a look at the Italian market to see if things have settled back to (the new) normal.
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12 Days of Trading 2021 Day 8: Father Christmas… How does he do it?

12 Days of Trading 2021 Day 8: Father Christmas… How does he do it?

12 Days of Trading 2021 Blog
At this time of year the discussion often turns to how Father Christmas is able to get around so many households in just one night. For sure, the sleigh is fitted with the latest technology such as smart routers and machine learning algorithms to plot the optimal course between well behaved children. But the evidence is building that in his day job the big man may be a high frequency trader. The time it takes to get between Madrid and London at light speed is around four milliseconds. Of course, that’s the physical limit and there are plenty of items that cause friction such as chimneys and church steeples, or if you are a high frequency trader, firewalls and trading controls. The parallels are obvious.
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12 Days of Trading 2021 Day 7: Grandpa’s view of Christmas since Brexit

12 Days of Trading 2021 Day 7: Grandpa’s view of Christmas since Brexit

12 Days of Trading 2021 Blog
To some people Christmas feels the same year after year, maybe because the favourite armchair in the corner of the room is comfortable, Grandpa’s view never changes too much and he probably likes it that way – he’s seen enough change over the years. For kids, however, each year brings fresh festive excitement; as they grow older their perspective changes and they remain curious.
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12 Days of Trading 2021 Day 6: Systematic Internalisers… The market’s little helpers

12 Days of Trading 2021 Day 6: Systematic Internalisers… The market’s little helpers

12 Days of Trading 2021 Blog
We should be careful with three letter acronyms (TLAs) especially at this time of year when ELFs should not be confused with ELPs. Along with the bank SIs, ELPs deliver a service not dissimilar to Santa’s little helpers – mysterious, fast moving, hard to spot with the naked eye. Undoubtedly hard working and always available, they often deliver nice surprises of various sizes. Over the last three years, our data scientists have helped us to develop a much better understanding of what is happening in SI land and each year we unwrap a little more.
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12 Days of Trading 2021 Day 5: Dark Pools…. What’s in your Christmas stocking?

12 Days of Trading 2021 Day 5: Dark Pools…. What’s in your Christmas stocking?

12 Days of Trading 2021 Blog
The Christmas stocking is still a major part of any family Christmas. It’s the perfect place to find last minute surprises like satsumas, bottles of gin, or a multi-rotor copter drone. You never know what you might find, sometimes you get lucky and sometimes you don’t, and then of course there is the sweet smell of hessian. In fact, they are a lot like dark pools, apart from the hessian.
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12 Days of Trading 2021 Day 4: Alternative Closing Mechanisms – what’s your festive tipple of choice?

12 Days of Trading 2021 Day 4: Alternative Closing Mechanisms – what’s your festive tipple of choice?

12 Days of Trading 2021 Blog
In the good old days, your Christmas tipple might have been a gin & tonic, of which there were few mainstream choices for the spirit or the mixer. Then, almost overnight, there was a somewhat confusing abundance of choice for both, garnished with the decision of what variety of fruit or vegetable should be sliced into it.
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12 Days of Trading 2021 Day 3: Corporate Actions… delivering the biggest parcels

12 Days of Trading 2021 Day 3: Corporate Actions… delivering the biggest parcels

12 Days of Trading 2021 Blog
At big xyt, we like to think big. At Christmas there’s nothing like a big pile of presents under the tree on Christmas morning and the big parcels are often the least expected and the most surprising. It’s got us thinking about the biggest corporate events of the year. One in particular springs to mind which was the share swap between Naspers Ltd and its sister company, Prosus NV. Naspers was the most traded name on the Johannesburg Stock Exchange (also the home of the Huge Group by the way!) at around €250M per day, with Prosus in second spot with around €100M. Together, they are the top two names in the JSE’s SWIX index with about 20% share of overall market volumes.
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12 Days of Trading 2021 Day 2: Dark Blocks… the nicest presents are best kept secret

12 Days of Trading 2021 Day 2: Dark Blocks… the nicest presents are best kept secret

12 Days of Trading 2021 Blog
Yesterday we commented on closing auction volumes, which are, of course, composed of multiple trades in a stock at the same time and price – perhaps familiar to those of you who like to combine several presents together in one piece of wrapping paper. When it comes to a single large present it is always nicer when it comes as a surprise. Away from the auctions, most institutional traders target dark pools as an efficient way to shift large positions. With no guarantee of trading, most of these dark trading venues bring the advantage of mid-point pricing. Benefits include saving half the spread as well as reducing the information leaked when interacting with a public order book.
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12 Days of Trading 2021 Day 1: Closing Auctions… the desserts of the trading day

12 Days of Trading 2021 Day 1: Closing Auctions… the desserts of the trading day

12 Days of Trading 2021 Blog
Inevitably at this time of year our thoughts turn to the important matter of choosing the right dessert to round off a hearty Christmas lunch. To get us in the mood, for our first 12 Days of Trading 2021 post, we decided to look at the Closing Auctions, the “afters” of the trading day if you like. We discovered that the top four largest ever auctions all occurred in 2021.
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Royal Dutch Shell – is the party over?

Royal Dutch Shell – is the party over?

Blog
Is the fun about to come to an end for those trying to optimise (and capitalise on) their interaction with one of the most heavily traded equities in Europe? It has to be one of our favourite stocks for the complexity it presents for equity exposure to a single organisation. Two different lines of stock, both traded heavily on two primary exchanges. Competition aplenty from the UK and European MTFs and the full spectrum of market mechanisms accessible to trade; lit, dark, auctions, off-book (on-exchange), OTC….the list goes on. It presents a challenge for many investors, banks and brokers and a long standing opportunity for the canny arbitrageur.
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big xyt launches European ETF Launches weekly update

big xyt launches European ETF Launches weekly update

Blog News
On the back of the announcement of our partnership with ETFbook yesterday, we’re pleased to provide investors with our first weekly summary report of transparency in European ETPs, by consolidating all issued products and their liquidity across the fragmented landscape. These updates are for product issuers to monitor the evolving European ETP landscape, for market makers to gain an insight into primary and secondary market liquidity, and for buy-side investors to see new investment opportunities.
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big xyt partners with ETFbook to offer transparency in European ETF/Ps

big xyt partners with ETFbook to offer transparency in European ETF/Ps

News
Partnership will consolidate all issued products and their liquidity across the fragmented landscape 09 November, 2021: London / Zurich – big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, is pleased to announce its partnership with ETFbook, a leading ETF information and analytics platform, to provide daily fund data for their Liquidity Cockpit for ETFs solution.
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European Equities Market Microstructure Survey Q3 2021

European Equities Market Microstructure Survey Q3 2021

Blog Microstructure Review News
The summer saw increased nervousness in the European markets in reaction to a fragile recovery from the pandemic and concerns about the spectre of inflation. However, trading in equities remained quite buoyant, especially in September, and Q3 volumes returned to their seasonal, pre-pandemic average, in contrast to last summer’s record breaking doldrums. Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. If you are unfamiliar with the topic, we encourage you to visit our website to read our Microbites series for an explanation of European market microstructure.
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big xyt hires new head of business development for Continental Europe

big xyt hires new head of business development for Continental Europe

News
Appointment of Gilles Meyruey increases big xyt footprint in the region 23 September, 2021: Paris, London: big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, is pleased to announce Gilles Meyruey has joined their executive team as Head of Business Development (Continental Europe). Gilles’ 35-year career in Europe covers senior positions in equities, derivatives, and bonds trading, execution services management and client management for leading firms including Société Générale Corporate and Investment Banking (SGCIB), Dexia Securities France, Exane and Deutsche Bank.
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Equiduct selects big xyt to provide data analytics

Equiduct selects big xyt to provide data analytics

News
Successful implementation provides exchange with independent data analytics to further enhance market quality and performance reporting 15th September, 2021: London: big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, is pleased to announce that Equiduct, the pan-European equities and ETFs exchange, has implemented big xyt’s Liquidity Cockpit to gain new insights into the pan-European liquidity landscape and the quality of execution achieved via Equiduct’s Apex service.
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How fast is the market?

How fast is the market?

Blog
Do some traders have an advantage over others… and does it matter? How fast are equity markets? Or how much of the market operates at high speed? big xyt took an electron microscope to our normalised market data to find out. We analysed UK lit markets to measure the time between a trade and the last relevant orderbook change. The FCA established 500μs as a speed benchmark in their latency races paper. This is 200x faster than the 1/10 of a second after the gun in which a sprinter can false start.
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ESG ETF trends

ESG ETF trends

Blog
There is a difference between what people say and what they do. Companies are realising the importance of actions speaking louder than words and are beginning to focus on changing behaviours not just the “Values” statement on their website. Investments are no different as can be seen in our analysis today. Investment in companies with strong Environmental, Social and Governance (ESG) mandates are already being grouped together by ETF issuers to facilitate easier investment in ready-made portfolios of socially responsible companies.
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European Equities Market Microstructure Survey Q2 2021

European Equities Market Microstructure Survey Q2 2021

Blog Microstructure Review News
Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. If you are unfamiliar with the topic, we encourage you to visit our website to read our Microbites series for an explanation of European market microstructure. With the major European indexes enjoying substantial price gains in H1 2021, we might have expected a similar boost in market volume. However the quarter just finished was the weakest Q2 in over four years. In this edition of the survey we have added a view of the ETF market, which by contrast has grown in volume terms by 6.5% versus 2020, albeit on a cross-asset basis.
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Is anyone else worried about this?

Is anyone else worried about this?

Blog Microstructure Review
As a trailer for our forthcoming Q2 2021 survey of European equity market microstructure, we thought you might like a sneak peek at what’s been happening to fragmentation. Following Brexit and the divergence of dark trading rules, we have been monitoring the trend in the UK. The graph below shows the UK250 index where on-order book ‘lit continuous’ trading has reached a 5-year low in terms of the daily market share traded in June at just 28.5%, while auction market share is a whisker under the previous record high in December at 22.7%. Meanwhile, dark trading has risen to over 12% from 9% prior to October 2020.
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big xyt launches Market Microstructure in Practice with big xyt’s API

big xyt launches Market Microstructure in Practice with big xyt’s API

Blog News
We have just launched the Market Microstructure in Practice for Equities with big xyt’s API interactive presentation on the big xyt Academy. If you are a quantitative analyst or developer, trader, portfolio manager, or anyone interested in market microstructure for sales and marketing, this could be of interest to you. Explore big xyt’s powerful and flexible API to see how convenient and reliable it is for conducting research and analysing market microstructure, as well as assessing trading performance and algos.
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When is a Block not a Block?

When is a Block not a Block?

Blog
In the search for liquidity, particularly whilst minimising market impact, a means to identify large trades and where they take place is key for the investing community. The regulatory changes in MiFIDII introduced the concept of Large In Scale (LIS). No, not not a post-Brexit way to limit fishing quotas, rather a means to identify large transactions in financial instruments. In the equity landscape this has resulted in some confusion post-Brexit. Depending on the activity in each individual stock, an LIS threshold was set, above which the trade could be classed as a block trade. As Broker Crossing Networks were abolished at the same time, this LIS threshold was applied as one of the permissible justifications of many venues supporting dark trading.
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New dark pools map reveals cosmic mystery

New dark pools map reveals cosmic mystery

Blog
We’re not too sure what all the excitement is about… at big xyt we have been researching the changing shape of the dark landscape for years. In fact, rather like long established theories, on the face of it European dark trading volumes have remained relatively steady. Our team of curious data scientists likes to help the trading community to explore a bit deeper and it’s easy to see that Pan-European dark volumes have been in a fairly tight range with around 8% share of adjusted (our proxy for addressable volumes) for some time, only getting squeezed temporarily with the onset of double volume caps in mid 2018.
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Happy to surf the waves or curious to know what lies beneath?

Happy to surf the waves or curious to know what lies beneath?

General
Navigating the choppy waters of ETF liquidity is challenging and requires visibility of all available trade mechanisms. The chart below...
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Kepler Cheuvreux launches electronic trading platform

Kepler Cheuvreux launches electronic trading platform

News
Great article in The TRADE today on the launch of Kepler Cheuvreux’s new electronic trading platform which integrates with big xyt’s execution analytics, including TCA, which the firm installed last year in a bid to gain more control over its data. The big xyt analytics platform was delivered via our powerful API and allowed Kepler Cheuvreux to add its own proprietary data layer, including trade and order history for compliance and best execution needs.
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Navigating the Post-Brexit Trading Landscape

Navigating the Post-Brexit Trading Landscape

News
It’s now almost four months since the UK exited the EU, and from a trading and market infrastructure perspective, a clearer picture of the post-Brexit landscape is starting to emerge, although there are still many uncertainties that lie ahead. Mark Montgomery was interviewed by Mike O’Hara, A-Team Insight Special Correspondent, to get big xyt’s market structure insight on post-Brexit liquidity.
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European Equities Market Microstructure Survey Q1 2021

European Equities Market Microstructure Survey Q1 2021

Blog Microstructure Review
Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. Following a desolate second half in 2020 and despite ongoing Covid-19 and Brexit-related uncertainty, the first quarter of 2021 saw a return to some kind of normality in market volumes. View the complete report
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Wales to introduce independent stock exchange

Wales to introduce independent stock exchange

Blog
Academics from Brains Trust predict market launch will quench investors’ thirst for trading to stay local. (Special note: this was an April Fool’s Day post) Flushed with success from the Six Nations Championship a new stock market is being proposed for Welsh investment in Welsh companies. Behind the initiative is the recently formed Welsh Industrial National Development group for Under Performance. Passive funds will be able to track the Taff Index made up of Strong Companies Repositioning for Upward Movement following the top 15 constituents from a total squad of 23.
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big xyt featured in The Most Influential FinTech Companies 2021

big xyt featured in The Most Influential FinTech Companies 2021

News
We’re pleased to share that big xyt has been featured in Harrington Starr’s The Most Influential FinTech Companies 2021 list in the latest issue of The Financial Technologist magazine. Our very own Mark Montgomery contributed the article “Data is Becoming More Complex – Are You Keeping Up?” (on Page 38). Featuring the brightest and most dynamic companies in the industry, this listing is particularly poignant as we see and hear from companies that have not only survived the pandemic, but come through stronger, bigger and even better than they were before.
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Microbites #3 – Dark Trading in Europe

Microbites #3 – Dark Trading in Europe

Blog European Market Structure Microbites
The big xyt Microbites series is for those who are unfamiliar with the European market structure or need a refresher. In this third episode we look at dark trading in Europe and the unique rules that limit the activity. We recommend that you read the previous episodes if you are unfamiliar with any of the terms used here. View the article
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big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2021

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2021

News
We are pleased to announce that we have won the Best Transaction Cost Analysis (TCA) Tool in the A-Team’s TradingTech Insight Awards Europe 2021. View the full winners report here. The Liquidity Cockpit put big xyt on the map as an independent reference for equity market structure and has also been a building block for more accurate benchmarking of global execution strategies. Our Open TCA offering for execution analysis is redefining independent analysis with optimal flexibility for the user.
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big xyt increases global footprint with expansion to Asia Pacific

big xyt increases global footprint with expansion to Asia Pacific

News
Singapore, New York, London, Frankfurt, 23rd February 2021 – big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, is pleased to announce Philip Barnes has joined their executive team as Managing Director, Head of Business Development in Asia Pacific. Navigating fragmented markets remains a challenge for participants needing easily digestible information on trading analysis. The big xyt data analytics platform responds to these market challenges, and provides clients access to independent, accurate, and transparent data, transforming their trading performance and analysis, and reducing the complexity and costs of their technology and operational requirements.
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big xyt nominated in The TRADE’s FinTech of the Year 2020 Awards

big xyt nominated in The TRADE’s FinTech of the Year 2020 Awards

News
With the valuable support from our clients, we continue to be nominated for key industry awards, the most recent for The TRADE’s 2020 Leaders in Trading: The Digital Experience (LiTDX) FinTech of the Year award. This nomination is testament to how far we have come over the past year, and the recognition we are now receiving from the financial services community. The winner will be decided by industry vote with results announced during
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Swiss movement – the pendulum swings

Swiss movement – the pendulum swings

Blog
Those of you who keep a close eye on market microstructure will be well aware of a dress rehearsal for “non equivalence” in July 2018 when all Swiss trading was banned on competing venues. Overnight the primary SIX exchange was responsible for 98.8% of turnover in the top 20 Swiss equities (two dual listed stocks ABB Ltd and Lafarge Holcim Ltd were exceptions). Before this the primary had around 70% of market share. This was fairly typical for the primary/MTF split for Lit and Dark volumes as competition evolved post-MiFID regulatory changes.
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Microbites #2 – What and Who Are MTFs?

Microbites #2 – What and Who Are MTFs?

Blog European Market Structure Microbites
In our second episode on the European market structure landscape, we describe the grandly named “Multilateral Trading Facilities” (MTFs) and compare them to the better known national stock exchanges.
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MTF migration to EU venues… what happened after Brexit?

MTF migration to EU venues… what happened after Brexit?

Blog
There was always bound to be some post Brexit ‘fallout’. Unsurprisingly there was plenty of market commentary last week, however we wanted to wait for the dust to settle before we made any of our own observations. You will find it reassuring to know that your suspicions are correct. We can confirm that turnover on Multilateral Trading Facilities (MTFs) shifted to EU venues as investors in EU stocks followed the expected migratory route. If a European alternative existed, the flow migrated there, away from the UK entity (*see the outlier in the footnote below).
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European Equities Market Microstructure Survey 2020

European Equities Market Microstructure Survey 2020

Blog Microstructure Review
In 2020, we took to trading from our bedrooms, garden sheds and conservatories, learned how to download several hundred video conferencing packages, set up a home-school on the kitchen table, and went to work in our pyjamas. As we couldn’t go out on New Year’s Eve to watch the fireworks, we stayed in and prepared our 2020 survey of European equity market volumes and other statistics.
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12 Days of Trading – Day 12 of 12: Santa sees everything… can you?

12 Days of Trading – Day 12 of 12: Santa sees everything… can you?

12 Days of Trading 2020 Blog
As our 12 Days of Trading campaign 2020 draws to a close, we know you like a festive finale. A global view of equity data allows us to zoom in on specific regions or individual markets. So, just like Santa, you can see everything. In another demonstration of how smart analytics can be powered by a global vault of data, we switched on the lights for the top 30 Nasdaq stocks since the beginning of September. This year’s Christmas tree is constructed with Nasdaq analytical branches.
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12 Days of Trading – Day 11 of 12: easyJet shares hit a snowstorm

12 Days of Trading – Day 11 of 12: easyJet shares hit a snowstorm

12 Days of Trading 2020 Blog
It’s been a turbulent year for the airlines, and just as the arrival of vaccines seemed to clear away some of the clouds, they’ve been hit by a blizzard of travel restrictions. In today’s 12 Days of Trading post we look at easyJet, a UK travel sector mid cap stock, as an example of how liquidity analysis can inform trading tactics during times of volatility. easyJet’s shares seemed to be on a smooth climb out just a few weeks ago before suffering a 13% price drop over the weekend, most of which has been recovered at the time of writing.
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12 Days of Trading – Day 10 of 12: I’m always touched by your presence, Elon

12 Days of Trading – Day 10 of 12: I’m always touched by your presence, Elon

12 Days of Trading 2020 Blog
There may be several arguments about inclusion rules and timing and certainly when a stock with a Price /Earnings ratio of 1260 joins an index where the average P/E is 36 it is likely to cause waves rather than ripples. We knew it was going to be big…but this exceeded expectations. For a stock that trades huge volumes anyway the Tesla volumes on Friday were staggering. We can see on our first chart that $200bn traded on that one day. To put that in context, the biggest day in Europe since MiFIDII across ALL stocks was €132bn.
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12 Days of Trading – Day 9 of 12: Everybody’s equal in the market……aren’t they?

12 Days of Trading – Day 9 of 12: Everybody’s equal in the market……aren’t they?

12 Days of Trading 2020 Blog
It would be remiss of us not to comment on some observations on market quality as a result of the macro surprises experienced this year. There was a lovely correlation between volatility/uncertainty and market quality during 2020. “Lovely” to behold, but unfortunately, expensive for many end investors. It would seem that the market is intended to be fair to all participants but some thrive more in choppy seas. We see the first evidence of this in Exhibit A today.
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12 Days of Trading – Day 8 of 12: Well this is a nice surprise… look what we’ve discovered!

12 Days of Trading – Day 8 of 12: Well this is a nice surprise… look what we’ve discovered!

12 Days of Trading 2020 Blog
Having a team of super smart data scientists who use a consistent methodology on a well curated data set can bring enormous benefits when exploring new ideas. The deployment of new business logic to discover fresh insights can be applied historically as well as going forwards. This provides immediate context for those impatient to see if a trend is present.
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12 Days of Trading – Day 7 of 12: Making the right choices… and other tips for passive fund management

12 Days of Trading – Day 7 of 12: Making the right choices… and other tips for passive fund management

12 Days of Trading 2020 Blog
Fund managers and traders following the S&P 500 Index face a challenge when they frantically throw out the junk to make way for the new kid on the block. The company that sells fewer than 1% of total vehicles globally finds itself with a valuation equal to the largest nine car manufacturers worldwide. “How can this be?” you may ask yourselves. Part of the answer in recent weeks is the announcement (on November 16th) that Tesla has at last qualified for inclusion in the S&P 500 from the close of business this Friday 18th December. This has put investors into a spin as passive traders have had to buy the stock to adjust their index weightings whilst reducing many of their other holdings to maintain balance. Meanwhile, active traders don’t know whether to take their profits, buy some more, or close their eyes, cross their fingers, spin around three times and hope the problem goes away when they blink back to life.
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12 Days of Trading – Day 6 of 12: What is Santa’s company vehicle this year?

12 Days of Trading – Day 6 of 12: What is Santa’s company vehicle this year?

12 Days of Trading 2020 Blog
Our image of the 21st Century Santa depicts a carbon neutral delivery of presents from technology-driven sources, prompting the question: Who will be the winner from the festive shopping season this year? With an ever decreasing number of retailers surviving on the high street, everyone is looking online for stocking fillers and we can expect Amazon to continue to surf this wave. Some, like Apple, have built their success through customers’ ability to buy direct and there is plenty of evidence that the brand hasn’t lost any of its appeal.
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12 Days of Trading – Day 5 of 12: Should the trading day start later?

12 Days of Trading – Day 5 of 12: Should the trading day start later?

12 Days of Trading 2020 Blog
A key topic in the market this year has been whether the trading day should begin later in the morning, a move endorsed by many as a way to concentrate liquidity, especially in the earlier part of the day. We can use the daily volume curves to measure whether the profile of available liquidity is changing over time and so as part of our 12 Days of Trading series we thought we would see if the extremes of 2020 have changed the picture.
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AFME relies on big xyt as an independent reference for Equity market structure in quarterly reports

AFME relies on big xyt as an independent reference for Equity market structure in quarterly reports

News
We are delighted that AFME (Association for Financial Markets in Europe) and their clients rely on big xyt as an independent reference for Equity market structure, with our analysis featuring in their quarterly Equity Primary Markets and Trading Report. Please get in touch to find out more about how we can improve data analytics for you and your clients.
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12 Days of Trading – Day 4 of 12: They might be giants

12 Days of Trading – Day 4 of 12: They might be giants

12 Days of Trading 2020 Blog
As it’s nearly Christmas, it will soon be time to wrap up the volumes-related theme we have been following these first few episodes of the 12 Days of Trading. First though, let’s take a look at how the monsters of European trading fared in 2020. The first chart was inspired by looking at my Christmas tree lights, shortly after I hauled them out of the box under the stairs. It shows the ‘Big Five’ of the share trading world in Europe – SAP, Roche, Unilever, Nestle and Shell; between them they make up around 6% of daily traded value of the whole European equity market. With their large index and sector weightings, these blue chips are the mainstays of so many ETFs, passive trackers and mutual funds, and when their prices become volatile, they can deliver some really big days.
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12 Days of Trading – Day 3 of 12: I spy… some patterns in trading

12 Days of Trading – Day 3 of 12: I spy… some patterns in trading

12 Days of Trading 2020 Blog
After our first post of this series where we highlighted three stocks with large price reversion before and after the close on 30th November, we had several enquiries asking if we have an easy way to identify these moves. When using data analytics to support trading decisions, one can try to gain an insight from a snapshot of information to simplify something complex or often, more valuably, to identify a trend or pattern. Either way it is like a game of I Spy.
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12 Days of Trading – Day 2 of 12: The many spikes of 2020

12 Days of Trading – Day 2 of 12: The many spikes of 2020

12 Days of Trading 2020 Blog
After a traumatic 12 months, we thought you might be feeling a little bristly in the lead up to the holidays. What better way to complement the mood than by looking at the impressive volume spikes of 2020. We’ve put together A Hall of Fame for those days over the last four years where traded value has exceeded 100 billion euros. The trophy for the highest number of days – 15 – sits securely on 2020’s mantelpiece, and the overall winner is February 28th, with a traded value of 132 billion euros. In a broader context, that means that 15 out of the 21 days were in 2020, including 10 out of the 17 days between February 28th and March 20th.
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12 Days of Trading – Day 1 of 12: It takes two to tango

12 Days of Trading – Day 1 of 12: It takes two to tango

12 Days of Trading 2020 Blog
In the past we have commented about the dangers of trading at the Close on days when there are significant trading volumes expected. Last week’s MSCI rebalance showed us new examples of the dangers. Taking the official close as a stick in the sand, we calculated the volume weighted average price (VWAP – excluding the Close) as a proxy for an “average price” that might have been achieved by trading in the continuous market. We compared this to the official Closing price to identify large differences representing significant opportunities for profit or loss depending on whether you were on the “right’ or “wrong” side of the trade. For many stocks, these auctions resulted in significantly higher volumes of trading than the average total daily volume, not just the average closing turnover. That extra size traded magnifies the extent of the P&L.
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Microbites #1 – An Introduction to European Equity Market Structure

Microbites #1 – An Introduction to European Equity Market Structure

Blog European Market Structure Microbites
For traders and portfolio managers who are navigating the European market structure landscape or want a refresher, big xyt is introducing a series of briefings to help you get to grips with the market mechanisms, and to help users of our analytics tools.
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We’re familiar with going Dutch, but going English…?

We’re familiar with going Dutch, but going English…?

Blog
Following the theme of Closing Auctions and new Alternative Closing Mechanisms, we can highlight a noteworthy entry to the Closing Auction records books last Friday. In the chart today we see the 5 largest single stock closing auctions in recent (4 years) history. Notably, Linde AG has featured twice (holding the previous record of @4.3bn traded). Unilever plc/NV was the cause of the stir as it collapsed its NV holdings into the plc to consolidate its HQ in the UK whilst maintaining a quoted presence in Amsterdam….all in the interest of simplification, naturally.
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Alternative Closing Auctions update

Alternative Closing Auctions update

Blog
Last month we touched on the growing number of Alternative Closing Mechanisms available to the equity trading community as we added the new Turquoise Plato Trading at Last to our Enterprise menu. Within a few days we saw that Deutsche Bourse were introducing Xetra Trade-at-Close, and last week we added this to the menu. With the MSCI rebalance yesterday, all eyes will have been on the closing prints..….but which Close? To sign up for a free trial of the
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Were you caught like a deer in the headlights?

Were you caught like a deer in the headlights?

Blog
Picture the scene. Lap 20, Hamilton, as usual, has a 15 second lead (almost enough time for a free pit stop), and a little more unexpectedly, Bottas is running a strong second, 10 seconds ahead of the third place car. Then, shock, horror, for the first time in five years, both Mercedes have to return to the pits with a mechanical issue on the same lap. For the rest of the field, the race is on again. The rare opportunity for a podium presented on a plate. But, hold on, what is happening? One by one they all return to the pits and wait patiently until Lewis and Valtteri have their proverbial pipes cleared and are ready to rejoin. The clock counts down and the race resumes as if a virtual safety car was being controlled and temporarily parked by the pit crew of the lead team.
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big xyt takes part in Harrington Starr’s The Fintech Focus TV Debate Series

big xyt takes part in Harrington Starr’s The Fintech Focus TV Debate Series

Blog
Our very own Mark Montgomery took part in Harrington Starr‘s second installment of The Fintech Focus TV Debate Series, alongside Steve Grob of Vision57, Mike Powell of Rapid Addition Limited, Jon Butler of Velox, and Reena Raichura of Glue42, to discuss changes in the FinTech space. “People are concerned with transference of data – at big xyt you don’t need to transfer your data to us; we can independently benchmark your trades by you interrogating the data through our API for the results that you are looking for. If you can independently source the information, and you can create your own reports, we don’t need to tell you what benchmarks to use, or what analysis to do. That’s up to you!”
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You wait for one Closing Auction and then 8 come along at once

You wait for one Closing Auction and then 8 come along at once

Blog
If you are benchmarking against the Official Close, how are you ensuring you have an independent view of which stocks, how much, and if anything is trading at the closing price on another venue? Demand for the official close as a benchmark has led to the introduction of alternative closing mechanisms by MTFs to challenge the predominant position of Exchanges. We began examining this area in more detail last year, and as new players have come to the table, we have been enhancing the scope of our radar.
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Increasing volumes point to favour with investors

Increasing volumes point to favour with investors

Blog
A sudden recovery in trading volumes in the energy sector is just what we would have expected from the news of the vaccine last week, and it’s in line with the broader market. The news may only be a light on the horizon, but a return to normal levels of trading activity will show that investors are returning to the stage. The bubble chart shows the relative difference between each share’s average daily volume per month versus the average daily volume for the whole period, beginning in October 2019. The size of the bubble shows the average daily volume in euros for each month. For example, a normal range for Royal Dutch Shell Plc is around 800M€ to 1050M€ per day.
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Predictive trading in Barclays plc – is there something wrong with my profile?

Predictive trading in Barclays plc – is there something wrong with my profile?

Blog
This year, market sentiment has somewhat overwhelmed long-term business strategy and sound financial management, especially in the energy sector. We looked at six energy majors where prices have fallen 39% – 65% from pre-crisis levels. While grappling with the collapse in oil prices, consumer demand and addressing the climate emergency, companies have also had to find the time to reassure their investors. This year, market sentiment has somewhat overwhelmed long-term business strategy and sound financial management, especially in the energy sector. We looked at six energy majors where prices have fallen 39% – 65% from pre-crisis levels. While grappling with the collapse in oil prices, consumer demand and addressing the climate emergency, companies have also had to find the time to reassure their investors.
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Company management has had a rough time in 2020, especially in the energy sector

Company management has had a rough time in 2020, especially in the energy sector

Blog
Market data can provide valuable context to the narrative by drawing direct, quantifiable sector and index parallels. In this example, daily trading volumes have dropped by an average of 57% since Q1, and in a tightly banded range, it shows how the whole sector has been uniformly impacted. Following the heavy rotation out of equities during the great Q1 sell-off, Q3 volumes reached unprecedentedly low levels in these big names (Equinor, Repsol, Eni, BP, Total and Royal Dutch Shell), as seen in most sectors. Reversal of this trend may be a clear signal that recovery is coming.
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2 shots in the arm for markets, but at what cost to your trading?

2 shots in the arm for markets, but at what cost to your trading?

Blog
The markets responded with the usual enthusiasm for major news yesterday with the announcement of Jenny Chen joining our team to extend our reach in the US market. In other news, we saw a likely result in the US presidential election and word of a vaccine. As with Q1, the stories precipitated dramatic increases in traded volumes, price volatility and sector rotation. But did you allow for the same changes in market conditions when trading?
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Buy-side benefits from big xyt expansion in the US

Buy-side benefits from big xyt expansion in the US

News
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.
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European Equities – Market Microstructure Survey Q3 2020

European Equities – Market Microstructure Survey Q3 2020

Blog Microstructure Review
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.
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Liquidity Intelligence:  Ranking venues for larger trades

Liquidity Intelligence: Ranking venues for larger trades

Blog Liquidity Intelligence
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.
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European Equities Market Microstructure – September 2020 Snapshot

European Equities Market Microstructure – September 2020 Snapshot

Blog Liquidity Intelligence
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.
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European Equities – Market Microstructure Survey Q2 2020

European Equities – Market Microstructure Survey Q2 2020

Blog
The strange times continue. While Q1 broke all the records, Q2 came up with a few surprises. The biggest MSCI rebalance in history pushed the figures up for May, thanks to some major index re-weightings. Volatility returned in June to create the 3rd biggest month since MiFID2 began. In our quarterly review we look at the patterns of volumes and market share and this time we take a closer look inside the box of Systematic Internalisation.
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TRAVIS PERKINS:  THE RIGHT TOOLS FOR THE JOB

TRAVIS PERKINS: THE RIGHT TOOLS FOR THE JOB

Blog Liquidity Intelligence
Checking liquidity data isn’t just something we need to do once a month using a summary report. It is part of the daily routine. Every stock has its own characteristics that can change significantly and surprisingly frequently, and when you are trading in a fragmented world with so many different types of liquidity pool you need to be alert to those changes to obtain the best execution results. Let’s say you’ve been pushing UK mid caps recently and Travis Perkins (TPK) (purveyors of fine building materials to the trades and DIY) has caught your eye. A new branch has opened in your local area and you’ve noticed a long queue outside at the weekends, not to mention Boris’ now regular speeches about building for the future. Several of your clients like the idea and today a nice order for a day’s ADV has landed on your desk like a 100 litre bag of sharp sand. TPK can be illiquid but you’re keen to deliver an execution that’s as smooth as a final skim. You are tempted to follow your instincts and leave a chunk for the Close while putting a few good size orders into the Conditional venues, but before getting the toolbox out you have a quick look in your big-xyt Liquidity Cockpit.
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Liquidity Intelligence – Understanding the nature of liquidity

Liquidity Intelligence – Understanding the nature of liquidity

Blog Liquidity Intelligence
We know that trading behaviour, microstructure and liquidity all vary significantly between venues and across individual stocks. Understanding these differences has become a very important prerequisite to any market participant. Armed with this knowledge, traders can substantially reduce their execution costs, product managers can design better strategies and trading venues can improve their liquidity sourcing. Traders and practitioners are always faced with the question of which venues to pick and how to rank them. The answer to that question is a little more complex than initially thought and the best short answer one can give is: well, it depends. We know that each venue has three important factors that influence the ranking: the speed of execution (or the number of trades per day); the distribution of order sizes and price improvement which measures the implicit costs of trading in the venue. These are all objective measures that can be approximated from public data.
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Final Day of Isolation – Day 12: Rolls-Royce at a discount? Never!

Final Day of Isolation – Day 12: Rolls-Royce at a discount? Never!

Blog X Days of Isolation
It seems like a good time to leave the days of isolation behind us but fear not, our observations will continue this week. Following on from our previous post, we promised to take a closer look at one of the many outliers from the exceptional closing volumes on 29th May. Rolls Royce struck us as an interesting stand-out (main image above). There was heavy trading ( 32% of the daily turnover) at the close, although as far as we are aware, it was not an index addition or deletion on the day, The value traded was five times larger than the twenty day average closing volume (See chart below).
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x Days of Isolation – Day 11: SpaceX for Stocks

x Days of Isolation – Day 11: SpaceX for Stocks

Blog X Days of Isolation
Some of you may have been straining your eyes looking at the night sky during the recent SpaceX launch. The image above isn’t a photographic negative image of heavenly bodies, it is actually a scatterplot of multiple European stocks. The Y-axis measures the difference between lit intra-day VWAP and closing price versus % daily volume traded at the close on the X-axis. An accurate and well maintained granular financial dataset combined with powerful visualisation tools can be like introducing an amateur astronomer to a powerful new telescope. On 29th May, the day of a large index rebalancing trade, we saw significant increases in volumes traded at the close as mentioned in our post last week. Using scatterplots like this we can see the stocks with the largest percentage of their daily volume in the close, combined with another dimension. This measure shows the difference between the closing price and the full day Volume Weighted Average Price (VWAP) excluding the auction print. Stocks that were announced for addition or deletion do not necessarily show the largest price move during the Closing Auction. Many other stocks are more affected both positively & negatively. On average the stocks selected in this pan-European universe saw a closing price deviation of 1%. That means for the €33bn traded in the closing auction that day, there was a total cost or profit of €300mn depending on whether you were on the right or wrong side of the decision to trade in the auction.
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European Equities – Market Microstructure Survey Q2 2020 May Update

European Equities – Market Microstructure Survey Q2 2020 May Update

Blog
May could almost be described as uneventful in that volumes and market share seem to have reverted to business as usual. A quick look at some market quality metrics tells us that this is far from the case as uncertainty and volatility continue. The chart shows the weekly evolution of spreads since September 2019, both in absolute terms (in bps) and the %change since September for each index. For the most liquid, large cap names in Europe, spreads remain well above their pre crisis levels notably for the UK100.
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PRESS RELEASE – Societe Generale Luxembourg goes live with big xyt’s TCA platform for Advanced Execution Analytics

PRESS RELEASE – Societe Generale Luxembourg goes live with big xyt’s TCA platform for Advanced Execution Analytics

News
London, Luxembourg, 9th June 2020 – big xyt, the independent provider of market data analytics, is pleased to announce that Societe Generale Luxembourg, the multi specialist bank, has implemented their award-winning Execution Analytics to provide sophisticated trading performance analytics to their clients, and enhance their ability to act on changing market dynamics. big xyt’s analytics platform, transforming TCA with data science, provides Societe Generale Luxembourg with the latest innovation in smart data analytics in the drive towards continually targeting reduced transaction costs. Leveraging big xyt’s highly granular consolidated view of the marketplace allows Societe Generale Luxembourg to measure and benchmark their executions and positively differentiate from their peers.
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x Days of Isolation – Day 10: Auction Action

x Days of Isolation – Day 10: Auction Action

Blog X Days of Isolation
Turnover of equities including ETFs in closing auctions reached record levels on Friday. The volumes were higher than any other day during the past 12 months (including all expiry dates and rebalancing dates). 40B€ total closing notional (incl. ETFs) was reported including approximately 35B€ cumulatively in the regional indices. The increased closing activity coinciding with the MSCI rebalance also exceeded the most volatile days in Q1 precipitated by the Covid crisis. The attached screenshot was created with the Liquidity Cockpit main Traded Volumes Market Share Analysis view & selecting Closing Auctions only.
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Introducing Enterprise Content

Introducing Enterprise Content

Blog X Days of Isolation
The Liquidity Cockpit has evolved thanks to continuous feedback from our clients and we are delighted to be adding to the content with a brand new Enterprise section to the menu. Our Enterprise Plan allows for unlimited dashboards. Furthermore this plan gives access to the full flexibility of the API with our technical support for its use and for integration with visualisation tools. As an example, these can be used to create custom views & dashboards for your regular or bespoke use.
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x Days of Isolation – Day 09: ETFs – Expect to Trade for Free?

x Days of Isolation – Day 09: ETFs – Expect to Trade for Free?

Blog X Days of Isolation
We saw how volatility during February and March resulted in an unsurprising widening of equity spreads. It sparked our curiosity to see how ETFs were affected during the same period. Market makers in ETFs base their pricing on the underlying instruments. These instruments are not limited to cash equities and may be structured to provide investors with exposure to baskets of Fixed Income instruments or Commodities as well as cash equities. The chart today shows ETF spreads grouped by underlying asset class (Equities, Fixed Income & Commodities) for around 2500 instruments quoted on Euronext Paris, one of the largest & most liquid European venues. We were struck by two notable observations. Firstly, that whilst spreads in Cash Equity, & Commodity based ETFs increased to a peak of around 4 times their normal levels, the Fixed Income based ETFs saw their spreads widened by a factor of 10 at the peak.
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x Days of Isolation – Day 08: Measure for Measure.

x Days of Isolation – Day 08: Measure for Measure.

Blog X Days of Isolation
April market volumes reverted to long term average levels following the record month of March 2020. ADVT traded on the order books in European equities was 47B€, compared with 44 B€ ADVT for the full year 2019. Accompanying this apparent return to normality, the proportion of value traded in each of the three main categories of On Order book trading also resumed to their pre-crisis average. Lit Continuous volumes fell from nearly 71% of On Order Book trading back to 68%, returning market share to the Auctions and Dark Trading. Volumes are perhaps the most discussed measure of the evolution of the market, but we need to go much deeper to get a sense of whether things are returning to normal. For example, looking at trading in the most liquid names on the LSE order book, we see that liquidity available (or ‘book depth’) at up to 10bps from the touch fell over 75% from 80k€ to less than 20K€ and has still only recovered to around 30K€. The picture is similar at all order book depth in most indexes, and it’s a good reminder that volume doesn’t equal liquidity. See the chart below.
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Analytics as a Service on your Desktop – Webinar on May 14th 2020

Analytics as a Service on your Desktop – Webinar on May 14th 2020

News
big xyt is the leading provider of independent analytics in Capital Markets for exchanges, brokers, buy-side clients and analysts. Our products cover market structure, algo development and execution analytics. In the webinar hosted by Tableau you can learn How we enable users in trading, portfolio management and sales to discover information quickly, e.g. understand the dynamics of market structure or changes in execution performance. How business users easily create their own reports without any programming skills (for internal and external use).
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PRESS RELEASE – Aquis Exchange selects big xyt to provide market analytics

PRESS RELEASE – Aquis Exchange selects big xyt to provide market analytics

News
London, Frankfurt, 21st April 2020 – https://big-xyt.com/, the independent provider of market data analytics, is pleased to announce that Aquis Exchange, the subscription-based pan-European equities exchange, is implementing Liquidity Cockpit to support market structure analytics used internally by the exchange and for their clients. Award-winning big xyt solutions capture, normalise, collate and store trade data at a granularity that has not previously been available in the market. By applying data science and advanced techniques to execution analytics, Liquidity Cockpit delivers a unique range of market overviews and individualised comparison reports to the team at Aquis Exchange.
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x Days of Isolation – Day 07: Business As Usual ? (Probably Not).

x Days of Isolation – Day 07: Business As Usual ? (Probably Not).

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

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

Blog X Days of Isolation
For four hours on Tuesday liquidity dried up on the primary market in Germany (plus some other XETRA powered markets) due to a technical outage. Not for the first time we observed the importance of the primary exchange in a fragmented marketplace. The chart shows volume traded on all European venues across 5 minute bins from the opening auction through to the end of continuous trading for German Large Cap Stocks. We can see all trading mechanisms reduced to virtually zero activity when the the primary market is not available. The participants normally active in Dark Pools, Periodic Auctions, competing alternative Lit venues and Systematic Internalisers all lost their appetite for business when their reference prices evaporated.
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European Equities – Market Microstructure Survey Q1 2020

European Equities – Market Microstructure Survey Q1 2020

Blog
Recent market volatility has created a domino effect of changing market behaviours as investors struggle to understand changing liquidity patterns. big xyt has received an increasing number of requests from the community for guidance on market quality as the exceptional trading conditions persist. As a result of these enquiries, additional content is being added to the unique Liquidity Cockpit which provides a consolidated view of the European Equity Market landscape.
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x Days of Isolation – Day 05: Attack of the CLOBs

x Days of Isolation – Day 05: Attack of the CLOBs

Blog X Days of Isolation
Following our first post in this series, a number of people have asked if the trend we observed has continued over subsequent days. The ingredients are consistent – uncertainty, volatile markets, and unpredictable liquidity leading to opportunity cost with other less immediate execution pathways. It is no real surprise to see lit markets continue to maintain market share at the expense of all other mechanisms. At big-xyt we can provide daily volume curves for users and algo developers in 12,000 instruments and all significant venues, as well as many other essential trading metrics. If you are interested in letting us do some of the heavy lifting for your algo infrastructure please get in touch.
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x Days of Isolation – Day 04: Pump Up the Volume

x Days of Isolation – Day 04: Pump Up the Volume

Blog X Days of Isolation
It is not news to anyone that trading volumes have simply exploded this month to record levels. We put some eye watering facts and figures on this in a historical context and look at one surprising finding; the distribution of volumes throughout the trading day has hardly changed at all. Do we detect the cool hand of trading algorithms behind this remarkable observation ? We ask some questions as to why this might be, and reflect on how far we have come with electronic trading. Article We mentioned earlier in the week that volume was returning to the lit order books from other types of trading venue – such as the end of day auctions. Just taking trades executed electronically on lit markets, we find that volumes increased from an
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x Days of Isolation – Day 03: Swiss Watch

x Days of Isolation – Day 03: Swiss Watch

Blog X Days of Isolation
The chart today shows the changing market share of European Equity trading venues during 2020.The highlighted line is the focus of the following observations. Last Summer when Swiss non equivalence was announced, overnight competition from MTFs was outlawed and the SIX Swiss exchange saw a 25% increase in share from 8% to 10% of European equity turnover. Without any legislative announcements, something even more dramatic has transpired since the beginning of February. The same venue has just grown its share by a further 50%. At the beginning of February the Swiss market was the fourth largest European venue by turnover with just under 10% market share.
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x Days of Isolation – Day 02: Mind the Gap

x Days of Isolation – Day 02: Mind the Gap

Blog X Days of Isolation
In this article, we look at the difference in price between two major benchmarks, the Previous Close and the Open – the ‘overnight gap’. The equities market is only open for around 8 hours a day 5 days a week, or just under 24% of the time, leaving 16 hours (more at the weekend) for investors to absorb news from around the world and decide what to do next. The market Open can be thought of as a catch up on price formation. By keeping an eye on the volatility of this gap over time, we get a feel for whether the market is stabilising or destabilising and it can be a useful barometer of whether a consensus is forming. At the moment, there is no sign of that happening.
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big xyt announce executive team strategic hire

big xyt announce executive team strategic hire

News
London, Frankfurt 24th March 2020 – big xyt, the independent provider of market data analytics, is pleased to announce Richard Hills has joined their executive team as Head of Client Engagement. Working alongside Mark Montgomery, Head of Strategy and Business Development, Richard’s appointment will accelerate the implementation of big xyt’s 2020 strategic business plans. Based in London, Richard joins big xyt from Société Générale, where he launched and built the equities electronic trading business, going on to become Global Co-Head of Cash Equities Execution encompassing electronic, program trading and high touch execution.
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x Days of Isolation – Day 01: The Orderbook Strikes Back

x Days of Isolation – Day 01: The Orderbook Strikes Back

Blog X Days of Isolation
During these unprecedented times we do not underestimate the professional and personal challenges that everyone is facing. There are far more important things to be doing in the community than looking at a screen. However, data and data analytics is playing a critical part in providing solutions to the current global crisis. Furthermore, the markets remain open and whilst they do, the trading community needs to be well informed in order to understand the changing market landscape. As a result, big xyt is receiving an increasing number of requests for observations of changing trends and behaviours in the equity markets. We are excited to have recently expanded our London team to enrich our content and support for clients seeking greater market insights from an independent source. Whilst many adjust to the new experience of working from home we plan to share some of these thoughts, observations and questions in the coming days & weeks.
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big xyt named in list of The Most Influential Technology Companies 2020

big xyt named in list of The Most Influential Technology Companies 2020

News XYT Views
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.
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Kepler Cheuvreux implements big xyt analytics

Kepler Cheuvreux implements big xyt analytics

News
Frankfurt, London, 27th February 2020 – big xyt, the independent provider of market data analytics, is pleased to announce that Kepler Cheuvreux, a leading independent European financial services firm specialising in research, execution services and advisory services, is implementing their award-winning Execution Analytics including Transaction Cost Analysis (TCA). big xyt takes execution analytics beyond Transaction Cost Analysis (TCA), transforming the traditional view of TCA with data science; applying advanced techniques to increase quality and deliver consolidated data views for its clients. TCA has transitioned away from being a routine compliance solution to being a critical business function. big xyt solutions capture, normalise, collate and store trade data at a granularity that has not previously been available in the market.
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Our favorite Stories from 2019

News
As we set forth into a new decade with 20:20 vision, we thought it would be appropriate to share some memories and developments from an award winning year for big-xyt in 2019. Most, if not all of these enhancements germinate from client conversations. We value feedback highly and would encourage you to continue to challenge, encourage and share thoughts with us. Looking back at 2019, we can see many ways in which big-xyt has developed, not just as an independent reference for European Equity market structure but as an external source of unbiased analytics, accessible & integratable through a unique proprietary API. Please let us know if you would like to know more about these service
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12 Days of Trading – Day 12 of 12: Merry Christmas

12 Days of Trading – Day 12 of 12: Merry Christmas

12 Days of Trading 2019 Blog
Well, it’s Christmas Eve folks and what better way to see out the old & see in the new year than to reflect on the changes in the last 12 months. We look forward to introducing new content to help provide 2020 vision next year, so watch this space. In the meantime, the chart today, whilst festive in its intent does show some changing trends throughout the year. As a backdrop to these changes, overall volumes declined 12% during the period and the Swiss non-equivalence influenced that particular market from July. If you have found these pieces of analysis useful, you will find there is a lot more you can do with our Liquidity Cockpit. Clients using our Execution Analysis/TCA are able to measure execution performance with the demonstrated precision and flexibility
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12 Days of Trading – Day 11 of 12: Price Movement by Venue and Mechanism

12 Days of Trading – Day 11 of 12: Price Movement by Venue and Mechanism

12 Days of Trading 2019 Blog
The chart today returns to a theme we have covered before but with additional layers uncovered. In the past, we have viewed the movement of the mid point before and after every trade to build up a pattern for each trading mechanism. We have developed this further so that each venue can be singled out whether lit, dark or periodic auction. We have anonymised the venues and excluded blocks and a generic view of Systematic Internalisers from this example. Subscribers to our Liquidity Cockpit API can see this detail in all its glory. Using these new metrics and categorisations is creating new thinking in execution analysis. In addition to comparisons with recognised benchmarks, traders can now see how they compare to a typical profile when they or their brokers route to different venues and market mechanisms.
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12 Days of Trading – Day 10 of 12: Price Movement – Closing Auctions

12 Days of Trading – Day 10 of 12: Price Movement – Closing Auctions

12 Days of Trading 2019 Blog
Following previous observations of the growing significance of the closing auction we felt curious as to whether a benchmark price should be the best driver of liquidity. As we saw yesterday, investors were quick to embrace the opening auction and trade more throughout the day when trader/fund manager conviction is higher such as last Friday 13th. So what happens on days when closing volumes are greater, such as index rebalance and derivative expiry days? As you may have seen, we have examined intraday price movement in the past to compare market mechanisms. Today we are introducing a view of movement around the closing price.
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12 Days of Trading – Day 9 of 12: Opening Auction Activity

12 Days of Trading – Day 9 of 12: Opening Auction Activity

12 Days of Trading 2019 Blog
On the morning after the General Election, the chart shows the 20 stocks with the greatest percentage change in opening auction turnover. This could be taken as a proxy for company sensitivity to the political implications as investors acted with both speed and size. This sample is limited for ease of view and the full universe can be viewed and normalised by block size, for example, or absolute value traded. Let us know if you would like to see similar results for block trades during the rest of the same day as investors scrambled to adjust their exposure. Liquidity Cockpit users are able to look at any stock this way and see the venues broken down. Clients using our
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12 Days of Trading – Day 8 of 12: Total vs Adjusted Volumes Traded

12 Days of Trading – Day 8 of 12: Total vs Adjusted Volumes Traded

12 Days of Trading 2019 Blog
Understanding where the expected liquidity is available is key to any participation strategy. However, if your assumptions relating to expected liquidity include all reported trades, you could find yourself starting from the wrong place. This example looks at Munich Re shares traded on the 12th December (a relatively “normal” day before the UK General Election results were announced). A typical institutional sized order of €10Mn would need to be careful not to impact the market. In view A, on the left, the order represents 2.71% of the days total reported turnover in the stock. But how much of the Systematic Internaliser (SI) volume is unaddressable and gives an over optimistic picture of available liquidity?
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12 Days of Trading – Day 7 of 12: Volume Profiles

12 Days of Trading – Day 7 of 12: Volume Profiles

12 Days of Trading 2019 Blog
There was too much happening on Friday not to revisit how the General Election result shifted traders’ focus from liquidity based benchmarks to urgency of execution. Having seen the increased opening auction activity on Friday 13th, we wondered if it was unlucky for some router configurations as they did their best to navigate a non-standard day of liquidity profiles? Today we have two comparative sets of charts to introduce and examine the intraday volume profile (in this case for UK blue chips). If this was your crystal ball you would have used it on Friday, for example, to target the volume weighted average price (VWAP). In chart one we see how lit volumes, split into five minute buckets, vary through the continuous trading session (i.e. not including the open & closing auctions). The top chart is polling day (12th) the middle chart
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12 Days of Trading – Day 6 of 12: Election Results

12 Days of Trading – Day 6 of 12: Election Results

12 Days of Trading 2019 Blog
The impact of the results of the UK General Election on market volumes was dramatic, with UK volumes more than doubling. We looked more closely at how the underlying venues and mechanisms benefitted in relative terms. The left hand side of the chart shows the volumes traded on Friday by mechanism. The right hand side shows the percentage increase by mechanism compared to the previous day. Market participants needed to react quickly to position themselves. This can be clearly seen with the opening auction having the greatest change relative to the previous day. Second were the Large In Scale and dark venues. Under these conditions, different strategies are necessary for speed of implementation and access to significant blocks of liquidity. The mechanism least affected was the closing auction. This raises interesting questions about what has driven the growing popularity of the Closing Auctions at the expense of the rest of the trading day.
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12 Days of Trading – Day 5 of 12: Price Movement

12 Days of Trading – Day 5 of 12: Price Movement

12 Days of Trading 2019 Blog
Price movement after a trade or reversion can be used as a measure of toxicity, aggression, or stock price sensitivity. Today we are returning to our example of LSEG both as a bidder and a target. The metrics we are using relate to price movement in two key trading mechanisms; lit & dark.The bottom chart shows traded value in the stock and helps us to pinpoint the days when the respective news stories broke. The top chart shows the price movement (absolute change of the mid price within 1ms) for every trade aggregated up as a daily average. This would seem to indicate greater stock sensitivity at times of increased turnover. However, look closer and when comparing lit and dark we see that the summertime Refinitiv announcement resulted in increased dark sensitivity in advance of the lit peak, whereas for the September HKSE approach the peaks are simultaneous.
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12 Days of Trading – Day 4 of 12: Periodic Auctions

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

12 Days of Trading 2019 Blog
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 various operators have been changing. Today we take a snapshot of the most recent monthly picture. Note that in this example we have excluded on-demand auctions, offered by some primary venues. Our Liquidity Cockpit allows the identity of these venues to be revealed to enable you to ask if you are sourcing the best liquidity, at the best price, by market, by venue, by index or at stock level. — Do you want to receive future updates directly via email? Use the following
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12 Days of Trading – Day 3 of 12: Liquidity vs Turnover

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

12 Days of Trading 2019 Blog
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 we take a look at one European market and find that the rankings for turnover do not always match the rankings for available liquidity at the touch across the anonymised venues. Our Liquidity Cockpit allows the identity of these venues to be revealed to enable you to ask if you are sourcing the best liquidity, at the best price, by market, by venue, by index or at stock level. — Do you want to receive future updates directly via email? Use the following
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12 Days of Trading – Day 2 of 12: Alternative Closing Mechanisms

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

12 Days of Trading 2019 Blog
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 not surprising to see innovative attempts to provide alternative means to deliver execution at the closing price. Many exchanges already support a post trade phase (Trading at Last) sweeping up remaining interest once the price has been established. Aquis and Cboe have recently introduced their own twist on the Primary mechanisms. Today’s chart shows that investors looking for liquidity at the closing price need to be aware of the growth of alternative mechanisms (shown in the inset), and taking the example of Total we see growth overall and in the monthly peaks traded
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12 Days of Trading – Day 1 of 12: Impact on Liquidity for the LSE Stock

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

12 Days of Trading 2019 Blog
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 a basis change in the price of the London Stock Exchange Group (ironically the owner of three major European Equity venues). Traders noting a new price level wanted to trade and trade in size. With the news leading, to increased activity, the fragmentation of liquidity changed in a somewhat unexpected way. Market Share in lit books and block volumes increased dramatically compared to other mechanisms. Of further note was that this increase persisted in block venues, not just for the duration of the day of the announcement but for subsequent days until matched block liquidity was exhausted at that price level.
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big xyt named Outstanding TCA provider at Leaders in Trading 2019 Awards

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

News
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.”
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LIQUIDITY LANDSCAPE IN EUROPE POST MIFID II

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

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

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

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

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

News
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.
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big xyt provides Liquidity Cockpit to Liquidnet for Execution Analysis

News
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.
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How price movement measures can inform execution decisions

How price movement measures can inform execution decisions

Blog
For participants in the European equities markets, the use of smart measures around price movements before and after each trade can help to better inform execution decisions, and therefore optimise and improve execution quality. By capturing every tick in the market for each stock across all venues, we can see how a share price moves before and after each trade. In normal circumstances, most liquid stocks can be expected to trade at least once within a five-minute period, certainly it is likely that a movement will occur in the bid or ask and therefore the midpoint. We can measure either the percentage likelihood of a move within the time period or the magnitude of the price change in basis points at a given interval.
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big-xyt integrates client executions with its consolidated view to create flexible TCA solution

News
Changing the way data is interrogated and benchmarks viewed London, Frankfurt, 23 April 2019. big xyt, an independent provider of high-volume smart data and data analytics, is pleased to announce that, following consultation with a number of clients, the big xyt analytics platform has been extended to include Transaction Cost Analysis (TCA). It is recognised that post-trade TCA is transitioning from just a compliance solution to being seen as a crucial business function and big xyt is transforming the traditional view of TCA with data science; applying advanced techniques to increase quality and deliver flexible consolidated data views. Whilst TCA benchmarking calculations have not radically changed over the years firms increasingly demand flexibility to benchmark in-house analytics with an independent market source, in a way that better fits their business requirements.
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Leading financial institution switches TCA provision to big xyt, enables development of next generation execution analysis

Leading financial institution switches TCA provision to big xyt, enables development of next generation execution analysis

News
One of largest financial companies and a major provider of institutional banking, investment management and broker services. Long-standing experience of trading electronically in European equities, offering a market-leading suite of algo execution and analysis tools to its clients. The Challenge Although the client was already using a white-labelled transaction cost analysis (TCA) service from another vendor, as a highly sophisticated user of TCA data and analytics, the client required a more detailed understanding of its execution performance than its existing provider was able to deliver. Critically, the incumbent vendor was unable to provide the required levels of transparency on the underlying data and methodology used to generate its TCA reports.
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big xyt launches new website providing visibility on fragmented European equity trading landscape

big xyt launches new website providing visibility on fragmented European equity trading landscape

News
Analysing trading data from multiple points of view one year on from MiFID II London, Frankfurt, 28th January 2019. big xyt, the independent provider of high-volume, smart data and analytics capabilities is pleased to announce the launch of www.250days.com, a collection of views reflecting the evolving market dynamics over the past year. The new site leverages the Liquidity Cockpit, the industry recognised reference for independent market structure analysis, and has been created in response to multiple client requests. Visitors will have access to annotated visual analysis of the fragmented European equity trading landscape leading up to and during 2018.
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12 Days of Trading – Day 12 of 12: Impact of DVC on the Liquidity Landscape

12 Days of Trading – Day 12 of 12: Impact of DVC on the Liquidity Landscape

12 Days of Trading 2018
In our final view of the series we return to one of the most controversial MiFID II introductions, Double Volume Caps, with a different attempt to assess their impact by examining how UK blue chip volume dispersed before during and after DVC suspensions. As an explanation for the methodology used for this exercise, in slide one we look at market share before during and after the DVC suspensions. The second slide looks at market share change. The baseline for the calculation is market share before suspension. Some observations: By definition, stocks that were not suspended trade less in the dark and possibly are less liquid in general. Therefore they trade more on Central Limit Order Books and less in Auctions and naturally, Dark Pools. Behavioural change may be in evidence as alternative mechanisms (auctions in particular) appear to maintain and grow their share post-suspension vs pre-suspension.
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12 Days of Trading – Day 11 of 12: ETF Spreads by Issuer

12 Days of Trading – Day 11 of 12: ETF Spreads by Issuer

12 Days of Trading 2018
12 Days of Trading – Day 11 of 12: ETF Spreads by Issuer Day 11 of 12: ETF Spreads by Issuer Another comparative way to look at ETF spreads is by issuer. For today’s review the issuer names are anonymised (issuers A to F), but consistent across both charts. In the 2 charts today, we can see the choice facing investors when looking to trade an ETF representing a particular underlying benchmark. Whilst many issuers compete in the same space, there can be quite difference in spreads (& available liquidity) depending on issuer and benchmark.
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12 Days of Trading – Day 10 of 12: ETF Spreads by Venue

12 Days of Trading – Day 10 of 12: ETF Spreads by Venue

12 Days of Trading 2018
12 Days of Trading – Day 10 of 12: ETF Spreads by Venue Day 10 of 12: ETF Spreads by Venue From our consolidated view of lit markets in ETFs, it is not surprising to see that At Touch Spreads vary by venue. However, looking at the second chart, it would seem wise for the end investor to be aware of where the underlying constituents are quoted. In other words liquidity in ETFs can depend on where they are quoted just as much as the constituents of the underlying basket they are representing.
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12 Days of Trading – Day 9 of 12: Average Equity Spreads

12 Days of Trading – Day 9 of 12: Average Equity Spreads

12 Days of Trading 2018
The chart shows at touch time-weighted average spreads for blue chip UK stocks since December 2016 Some observations: There was observed impact of MiFID II with a new tick size regime and an increasingly competitive market. The influence of macro-economic uncertainty on volatility during February 2018 and Q4 2018. It is possible to look at Presence in parallel with spreads to establish how often a given venue has the best price either uniquely or along with other venues – an important measure when considering PBBO or EBBO referencing or other benchmarking. — Do you want to receive future updates directly via email? Use the following
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12 Days of Trading – Day 8 of 12: Average Price Move

12 Days of Trading – Day 8 of 12: Average Price Move

12 Days of Trading 2018
Day 8 of 12: Price movement as a proxy for market impact – A ripple before as well as after the pebble hits the water Measuring the movement of mid point prices before and after the time of every execution allows us to see some interesting patterns emerge. Some observations: Different execution mechanisms exhibit distinct trajectories. The patterns for lit markets, dark pools and blocks have been known for some time. Where do Periodic Auctions fit in? Up to 100 ms ahead of the trade, Periodic Auctions show a similar probability for a market move as Dark Pools. Closer to the execution time as well as after the trade, the probability for a price movement is very low and close to blocks (LIS). — Do you want to receive future updates directly via email? Use the following
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12 Days of Trading – Day 7 of 12: DVC and Systematic Internaliser Volumes

12 Days of Trading – Day 7 of 12: DVC and Systematic Internaliser Volumes

12 Days of Trading 2018
Day 7 of 12: Today we look further at SI volumes to see if the imposition of Double Volume Caps resulted in any observable change in Systematic Internaliser volumes either above or below Large In Scale (LIS) As shown yesterday Pan European average reported volumes by Systematic Internalisers now total around €30bn per day. Of this SI volume, approximately 50{a77189467baebe99d0d59363c4c17c76ac761b303fd809242b1d06b2b931be6c} can be removed by identifying condition codes or trade flags that indicate the transaction was non-price-forming. If we then identify trades reported outside market hours, we are left with a further reduction. Today’s charts provide a further breakdown of adjusted SI volumes, i.e. excluding non-price-forming condition codes and ignoring trades reported outside market hours. Some observations:
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12 Days of Trading – Day 6 of 12: Systematic Internaliser Volumes

12 Days of Trading – Day 6 of 12: Systematic Internaliser Volumes

12 Days of Trading 2018
12 Days of Trading – Day 6 of 12: Systematic Internaliser Volumes Day 6 of 12: Breaking Down Systematic Internaliser Volumes by Condition Codes Some observations: Pan European average reported volumes by Systematic Internalisers now total around €30bn, representing 30% of equity turnover. Of this SI volume, approximately 50% can be removed by identifying condition codes or trade flags that indicate the transaction was non-price-forming ( we can provide a long list of these that we have identified for exclusion). If we then identify trades reported outside market hours, we are left with a further reduction (see chart). Many observers see Large In Scale trades reported by Systematic Internalisers as representative of a bilateral negotiation and therefore not representative of liquidity available to all at that price.
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12 Days of Trading – Day 5 of 12: DVC and LIS

12 Days of Trading – Day 5 of 12: DVC and LIS

12 Days of Trading 2018
Day 5 of 12: As mentioned yesterday, block trading, represented by Large In Scale (LIS) executions, has been growing steadily over the last 2 years. Some observations: Trading behaviour has adapted to seek out blocks and advances in technology have created better tools to identify and match block trading opportunities. This is illustrated by the chart which seems to infer a greater appetite for block trading whilst DVC suspensions were in place and then a continued acceleration when the suspensions ceased. This surprised some observers who expected the jump in block volumes to be temporary as dark pools regained lost ground. In the second slide today we show the top 10 stocks trading LIS in the dark over the course of the year:
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12 Days of Trading – Day 4 of 12: Dark Trading since June 2016

12 Days of Trading – Day 4 of 12: Dark Trading since June 2016

12 Days of Trading 2018
12 Days of Trading – Day 4 of 12: Dark Trading since June 2016 Day 4 of 12: In today’s view we take a look at some evolutionary themes in European Equity dark and block trading over the last 2 years. Some observations: As expected, DVCs had an impact on dark traded volumes particularly in trades below Large In Scale (LIS). In fact this reduction in sub-LIS during the DVCs resulted in average trade sizes temporarily increasing. Block trading represented by Large In Scale trades has continued to grow during the period and is something we look at more closely tomorrow. — Do you want to receive future updates directly via email? Use the following
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12 Days of Trading – Day 2 of 12: Liquidity Trends since June 2016 #2

12 Days of Trading – Day 2 of 12: Liquidity Trends since June 2016 #2

12 Days of Trading 2018
Day 2 of 12: After our initial market overview yesterday, today we take closer look at the development of auctions. Some observations: The two largest gainers appear to be the Closing Auctions and Periodic Auctions. Some have observed that more lit trading has moved to the closing auction as the benchmark drives index & ETF traders. The inference then for Periodic Auctions is that they have seen flow migrate from dark pools as Double Volume Caps took effect. It is difficult to be certain of the reasons for this dispersion from this chart alone so we plan to investigate further in subsequent days. — Do you want to receive future updates directly via email? Use the following form to subscribe. On our 12 Days of Trading As the year draws to a close we have been asked by clients to look and highlight 2018 trends since the introduction of MiFID II. We thought we might make this a festive exercise on the 12 days leading up to the holidays. As a result, you will find a post to a different 2018 big-xyt observation each day.
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12 Days of Trading – Day 1 of 12: Liquidity Trends since June 2016

12 Days of Trading – Day 1 of 12: Liquidity Trends since June 2016

12 Days of Trading 2018
As the year draws to a close we have been asked by clients to look and highlight 2018 trends since the introduction of MiFID II. We thought we might make this a festive exercise on the 12 days leading up to the holidays. As a result, you will receive a link to a different 2018 big-xyt observation each day. With the countdown to the holidays underway, here’s our festive first (of twelve) post MiFID II, pre Brexit reviews of European Equity Markets. We hope you enjoy them. Day 1 of 12: How has European Equity Liquidity fragmented when faced with new trading mechanisms over the last 2.5 years? Some observations: Lit Market Share has seen continuous declines. Dark trading was impacted by DVCs.
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Uncovering a True Picture of Systematic Internaliser Liquidity

Uncovering a True Picture of Systematic Internaliser Liquidity

Blog
When navigating through the complexities of European equity liquidity, one could be forgiven for wondering whether, for many market participants, the changes in regulation brought about since January 2018 through MiFID II have been a help or a hindrance. MiFID II was designed to introduce more transparency. But have aspects of it made the markets more opaque? One example is around the proliferation of Systematic Internalisers (SIs). Although this category of market participant was actually introduced under MiFID I, it has only really seen greater adoption since MiFID II outlawed Broker Crossing Networks (BCNs) and in so doing blocked the systematic matching of client to client orders. The SI regime created an alternative way for investment banks to match proprietary
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big xyt Liquidity Cockpit delivers insight on Systematic Internalisers

big xyt Liquidity Cockpit delivers insight on Systematic Internalisers

News
London, Frankfurt, 15 November 2018 big xyt, the independent provider of high-volume, smart data and analytics capabilities is pleased to announce further client driven enhancements to its Liquidity Cockpit. With the introduction of a dedicated dashboard for analysing SI volumes, eligible users have the option to view and compare the reported SI volumes filtered by adjusted conditions, analysed by time, by region or by symbol. This new dynamic visualisation leverages the recent release extending the adjustment of SI volumes and the range of enquiry options and filters available. Users are now able to better understand the component parts of total SI flow reported. Furthermore, this additional value added functionality introduces comparisons to other market activity such as Large In Scale (LIS) trades and the impact of Double Volume Caps on liquidity dispersion over time.
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Maximising double volume cap data

Maximising double volume cap data

Blog
The introduction of the double volume cap (DVC) mechanism as part of MiFIR has heralded a new era in European equity trading, limiting for the first time the universe of securities that can be traded on dark pools. Nearly eight months on from the first DVC suspensions, we can begin to assess how the new regime is working and how the market is adapting. When it first kicked off the DVC framework in March 2018, the European Securities and Markets Authority (ESMA) acknowledged that data quality and completeness issues had delayed implementation by two months, but since then it has kept its public register regularly updated to give market participants full transparency on instrument suspensions.
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big xyt launches Liquidity Cockpit for ETFs

big xyt launches Liquidity Cockpit for ETFs

News
London, Frankfurt, 25th September 2018. big xyt, the independent provider of high-volume, smart data and analytics capabilities is pleased to announce the launch of the ETF Liquidity Cockpit introducing liquidity metrics for ETFs with new navigation tools enriched with reference data from Ultumus, the specialist distributor of ETF composition data. The new ETF Liquidity Cockpit maintains the flexible access offered with existing Equity dashboards and includes key metrics for market share and market quality. The ETF Liquidity Cockpit further integrates reference data sourced from Ultumus to enable additional data aggregations.
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big xyt adds Double Volume Cap Dashboard to Liquidity Cockpit

big xyt adds Double Volume Cap Dashboard to Liquidity Cockpit

News
Press Release Understanding liquidity shifts triggered by double volume caps London, Frankfurt, 20th September 2018. big xyt, the independent provider...
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Identifying outliers in equity trading – why it matters

Identifying outliers in equity trading – why it matters

Blog
Enormous volumes of data might be the lifeblood of quantitative analytics, but for the typical trader, dealing with data in any asset class can be complex, costly and daunting. With the explosion of data in recent years and the continuing appearance of new data sources, the challenge for practitioners is growing all the time and they need the power to identify and extract the data that is most relevant to them. Attempting to isolate data using standard spreadsheets is much like using a bucket and spade to find a grain of sand on a beach – it simply can’t be done. Traders need to understand how data has been sourced and they must be able to curate and store large volumes of data in an accessible and manageable format so that they can
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Boom in tick-data-as-a-service

Boom in tick-data-as-a-service

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The rise of quantitative analysis is mirrored by a rise in demand for its fuel – data. With one feeding the other, investment firms and banks are increasingly reliant upon products and services that can be tested and proven in a way that for many markets was impossible ten years ago. As a result, the use of outsourced tick data provision is becoming prevalent in order to support that rapid growth. Tick data – capture of the price, time and volume for every order and execution across the instruments on a given trading venue – can provide enormous value for exchanges, broker-dealers and asset managers in this context. Ten years ago, it was seen as the preserve of firms building execution algorithms. Now that demand reaches across an enterprise. From compliance to business growth, tick data sits behind many key decisions.
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Societe Generale selects big xyt’s Liquidity Cockpit for enhanced  equities trading activity analysis

Societe Generale selects big xyt’s Liquidity Cockpit for enhanced equities trading activity analysis

News
London, Frankfurt, Paris, 25th April 2018. big xyt, the independent provider of high-volume, smart data and analytics capabilities, is pleased to announce the addition of Societe Generale Corporate & Investment Banking (SG CIB) as a client of its Liquidity Cockpit, providing a consolidated view across all European trading venue activity with on-exchange and off-exchange liquidity including over-the-counter (OTC) equities and Systematic Internaliser (SI) transactions. Over the past 10 years the trading community has had to respond to a range of new regulations, changing market structures and trading patterns including more block trading activity, new initiatives launched by exchanges such as periodic auctions, and SIs. For the trading community it is key to understand the impact of all these changes on the liquidity landscape.
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Senior executive from Barclays Capital joins big xyt

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London, Frankfurt, Paris, 24th April 2018. big xyt, the independent provider of high-volume, smart data and analytics capabilities, is delighted to announce the arrival of Mark Montgomery in a key role supporting Strategy and Business Development. In this newly created role, Mark will focus on ensuring alignment of the business strategy with client needs and expanding the big xyt presence in London. Mark will extend the Executive team and will work closely with Robin Mess, CEO. Having previously worked at Barclays Capital as Director of Electronic Trading Sales and Alliance Bernstein where he was responsible for establishing a European portfolio and electronic trading desk, Mark brings significant experience of the trading community’s challenges and expertise in delivering solutions.
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Winning business by navigating through the new liquidity landscape

Winning business by navigating through the new liquidity landscape

Blog
MiFID II offers a fresh start for business relationships in capital markets. By reframing the way in which dealers and trading venues seek to manage and match client trades it is implicitly changing where buy-side firms choose to route and execute their orders. A new framework The new directive, and its sister regulation MiFIR, have established a new regulatory framework for trading venues by categorising any trading mechanism as either a regulated market (RM), multilateral trading facility (MTF), organised trading facility (OTF) or systematic internaliser (SI). This framework determines how each category can process trades, who may interact with those orders, how much pre-trade disclosure of orders is permitted, and how – and to whom – transactions are reported afterwards.
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“MiFID 2 double volume caps – the end of dark trading?” – Automated Trader Magazine publishes a report contributed by our Head of Analytics

“MiFID 2 double volume caps – the end of dark trading?” – Automated Trader Magazine publishes a report contributed by our Head of Analytics

News
MiFID 2 double volume caps – the end of dark trading?” – Automated Trader Magazine publishes a report contributed by our Head of Analytics Ulrich Nögel, Co-founder and Head of Analytics, writes about DVCs and LIS trading published in the Q3/4 issue 44 of the Automated Trader Magazine A controversial rule in MiFID 2 is the double volume cap mechanism for dark pools. Recently, a quantitative study presented dramatic numbers on the percentage of stocks that would be suspended under the regime. We investigate if the efficient use of large-in-scale trading can help to mitigate the caps. Please visit the Automated Trader Magazine to read the full report (subscribers only).
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Our CEO to speak at the Deutsche Boerse Open Day 2017, Oct 5th

Our CEO to speak at the Deutsche Boerse Open Day 2017, Oct 5th

News
Robin Mess, our CEO, will speak about navigation in a dynamic liquidity landscape (pre and post MiFID II) and how analytics helps to optimize trading performance. In the afternoon Robin will share thoughts on the dynamic liquidity landscape: Fragmented liquidity and the emergence of new venues and order types like periodic auctions, dark pools or LIS venues, are not new to Pan-European trading. With MiFID II we will see further changes with an increasing complexity (e.g. restricted dark pool trading, DVCs). In this dynamic liquidity landscape, trading firms have to overhaul their existing strategies. We show how technology and independent analytics can help the trading community to optimize execution and trading performance.
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SIX Swiss Exchange joins xyt hub for tick data distribution and analytics

SIX Swiss Exchange joins xyt hub for tick data distribution and analytics

News
London, 25 September 2017: big xyt, the independent provider of high-volume, smart data and analytics capabilities, announced today that SIX Swiss Exchange has joined the xyt hub to provide high quality tick data to its trading participants, enabling them to develop, evaluate and backtest new trading and execution strategies while providing greater transparency over trading activity. Connected to more than 100 venues globally and across asset classes, the xyt hub launched in September 2017 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.
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big xyt launches xyt hub for tick data analytics, backtesting and distribution

big xyt launches xyt hub for tick data analytics, backtesting and distribution

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

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

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

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

News
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.
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High-Performance Computing in Finance

High-Performance Computing in Finance

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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.
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Sensor Analytics and Predictive Maintenance for Wind Turbines

Sensor Analytics and Predictive Maintenance for Wind Turbines

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

News
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:
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Meet big xyt at the Artificial Intelligence and Data Science Conference

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

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

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

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

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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.
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big xyt sponsors the Open Day 2016

News
[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).
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big xyt helps ACTIV Financial to attract new customers

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

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

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

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

News
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).
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big xyt Launches the big xyt Cloud Platform

big xyt Launches the big xyt Cloud Platform

News
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.
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Join big xyt at QuanTech 2016

News
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
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Mifid II Transparency & Reporting

News
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
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Financial Markets Insight

Financial Markets Insight

News
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
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