---
title: "12 Days of Trading - Day 11 - I'm Dreaming of a Bull Market: A Quant's Christmas Carol"
description: A festive parody for finance professionals dreaming of bull markets, alpha, and the elusive consolidated tape.
---

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# [12 Days of Trading - Day 11 - I'm Dreaming of a Bull Market: A Quant's Christmas Carol](https://xyt.one/blog/12-days-of-trading-day-11-im-dreaming-of-a-bull-market-a-quants-christmas-carol)

 Written by [Mark Montgomery](https://xyt.one/blog/author/mark-montgomery) | Dec 22, 2025 11:48:15 AM

I’m dreaming of a bull market  
Just like the ones I used to know  
With the alpha I treasure  
As quants do measure  
New highs, five days in a row

I’m dreaming of a bull market  
With every present wrapped in crepe  
And to guide us through the market landscape  
Can we have a consolidated tape

I’m dreaming of a bull market  
Just like the ones I used to know  
When the Christmas parties  
Are full of PM smarties  
Sharing stock picks blow by blow by blow

I’m dreaming of a bull market  
As bright as Santa’s hat and cape  
We’ve been asking since 1968  
Please can we have a consolidated tape

The reason we built our own pan European consolidated view eight years ago was to create an environment to allow the trading community to evaluate market share and market quality across Equities and ETFs. Then with your help we discovered that so much more was possible when that complex data is curated, harmonised and understood for other purposes. For example, effective trade performance optimisation requires a clear understanding of where to put the stick in the sand/snow. A benchmark such as VWAP can be calculated for any time frame across any combination of venues or mechanisms. Here’s a nice simple example of how it can vary:

Chart: VWAP by mechanism

If you would like to know more about why these are different or prefer to join in with a festive singalong [please get in touch](https://xyt.one/contact-us).

[View full post](https://xyt.one/blog/12-days-of-trading-day-11-im-dreaming-of-a-bull-market-a-quants-christmas-carol)

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