Evidence execution quality - and improve every routing decision.
Independent ETF data your clients, compliance, and routing logic can rely on.
ETF liquidity is fragmented across lit venues, RFQ platforms, regional exchanges, and off-book mechanisms. Clients increasingly expect ETF-specific evidence - not generic equity TCA applied to ETFs. Without independent, cross-venue data, routing reviews and client conversations both lean on the same internal numbers.
Designed for execution desks - production-ready out of the box, with the depth a quant team can build on.
Routing Mix · Illustrative
Where does your desk sit versus the market?
issuers use xyt data
broker self-reporting
for regime and trend analysis
API depth for quant teams
What xyt Does for ETF Brokers
Evidence for clients. Intelligence for routing. One platform.
What you show clients, and what informs your routing - supported by the same independent dataset.
Client Evidence
Defend execution quality with independent data.
Move from generic equity TCA to ETF-specific evidence in mandate reviews, RFP responses, and committee reporting. Show clients how their trades compare across venues, mechanisms, and size buckets - with data they can verify independently.
Routing Intelligence
Inform routing with market-wide context.
Understand how mechanism economics shift with size, type, and regime - and how your routing mix compares to the broader market. Calibrate guidance and test routing logic against historical data, without rebuilding your infrastructure.
xyt is the independent analytics platform that helps the ETF ecosystem measure, improve, and prove secondary market quality - across every venue, every trading protocol, and every market participant.
Core Use Cases
Six things your desk can do - today.
Each grounded in the same independent, normalised dataset.
Mandate
Prove Execution Quality with Independent Evidence
Generate ETF-specific execution quality reports for mandate reviews, best execution conversations, and compliance governance - built on data clients can verify independently.
- Execution quality vs independent EBBO
- Venue selection rationale
- Mechanism choice evidence
- Fill quality by ETF type and size
- Performance by market regime
- Cross-mechanism comparison
In a market where commission is compressed and mandates are contested, the desk that evidences execution quality with independent data has a structural advantage. Sophisticated buy-side clients increasingly expect ETF-specific evidence - not generic equity TCA.
Sample Output · Illustrative
Execution quality vs independent EBBO.
Monthly average effective spread vs independent EBBO.
Execution Story
Turn ETF Data into Client-Ready Reporting
Combine pre-trade expectations with post-trade analysis into reporting that explains execution outcomes - not just lists numbers. Schedule delivery; spend desk time on the conversation, not the spreadsheet.
- Client-ready ETF best execution reports
- Mechanism outcome analysis by product and size
- Venue and mechanism benchmarking summaries
- Quarterly execution quality packs
- Pre-trade vs post-trade reconciliation
- Scheduled PDF and dashboard delivery
Client retention depends on demonstrating value at every review. ETF-specific reporting - covering RFQ, lit, venue selection, and mechanism choice - differentiates a desk from competitors who can only show generic equity execution metrics.
Sample Output · Illustrative
Quarterly execution quality pack.
Mock client-ready execution review - ETF-specific, not equity-derived.
Evidence
Inform Routing with Data, Not Defaults
See how mechanism economics shift across ETF asset class, size bucket, and market regime. Understand when displayed liquidity fits the trade and when undisplayed mechanisms perform differently - at the level of detail routing decisions actually need.
- Mechanism economics by size and type
- Switchover zones by ETF class
- Regime sensitivity analysis
- Time-of-day execution patterns
- Effective spread comparison
- Cross-venue venue selection
Desks that differentiate ETF routing - and can demonstrate the results - win flow from clients who ask hard questions. This doesn't require rebuilding the SOR. It requires knowing where the thresholds are and adjusting routing guidance accordingly.
Sample Output · Illustrative
Mechanism economics by ETF class and size.
Switchover zones move with ETF class, volatility, and time of day.
Against the Market
See How Your Desk Compares to Market-Wide Activity
Compare your routing mix, venue usage, and execution outcomes against market-wide data - an external reference point that internal dashboards alone can't provide.
- Your mechanism mix vs market average
- Venue usage vs market-wide activity
- Execution quality vs independent benchmarks
- Routing gaps by ETF type
- Peer-anonymous desk comparison
- Quarter-on-quarter mix drift
Internal TCA reviews venues, mechanisms, and brokers using the same desk's executions. Market-wide data adds an outside reference - surfacing routing gaps, venue blind spots, and mechanism biases internally, before a client review brings them up.
Sample Output · Illustrative
Desk vs market - venue contribution.
Where your desk's mix differs from market-wide activity.
Routing
Feed Data into Routing and Algo Development
Access spread at depth, EBBO presence, venue contribution, intraday profiles, and trade size distributions via Python API or scheduled file delivery. Use the data to calibrate routing logic and back-test assumptions against history.
- Spread at depth by venue
- EBBO presence and contribution
- Intraday volume and spread profiles
- Trade size distributions
- Historical regime data
- API and SFTP delivery
For desks with internal algo or SOR development, granular microstructure data across ETF-specific venues and mechanisms provides the input needed to build smarter routing - or to evaluate whether existing tools are performing.
Sample Output · Illustrative
Intraday volume profile - multi-venue.
Per-venue intraday volume - granular enough for SOR calibration.
Market Shift
Understand ETF Market Structure and Trends
ETF market share across every major venue, mechanism, and trading type - with the deepest history in Europe (since 2018) and coverage extending across global markets. See how the whole market is growing, which categories are growing fastest, and where the new flow is going.
- ADVT trend by category
- Venue market share dynamics
- Mechanism mix evolution
- Retail vs institutional flow
- Regional venue trends
- Global ETF market context
ETF volumes are growing across every category - but not at the same speed. Knowing where the growth is concentrating helps a desk allocate resources, prioritise venues and mechanisms, and stay aligned with where clients are actually trading.
Sample Output · Illustrative
European ETF ADVT (EUR) by category - 2020 to today.
Every trading category has grown - RFQ fastest, with Lit, SI, OTC, and Off-Book all moving up.
Why xyt
What sets xyt apart.
Three properties of the platform that determine whether the analytics on the page are usable in production.
Complete Cross-Venue Coverage
RFQ platforms, regional exchanges, off-book activity - every venue, every protocol. EBBO and spread benchmarks are calculated on the actual tape, with the deepest history in Europe and coverage extending across global ETF markets. An EBBO that includes the right-hand side of the venue mix, not just primary exchanges.
Independent, Trusted Analytics
Market-wide data your committee and compliance can defend. The same independent benchmark used by ETF issuers, market makers, and exchanges - a common reference, not a vendor-specific view. Decisions, reviews, and reports that hold up under client, committee, and regulator scrutiny.
Flexible Integration
Dashboards, scheduled reports, Python API, SFTP delivery, AI-powered query tools. ETF best execution sits inside the same workflow as your equity TCA - production-ready out of the box, with the depth a quant team can build on. No re-platforming, no separate stack.
Worth Forwarding
Three reasons to share this internally.
Different teams. Different conversations. Same independent data.
01
Sales Trading
Retain mandates with evidence, not assurances.
Use independent ETF execution quality evidence in client reviews and mandate conversations - and show that the desk measures itself against the market, not against itself.
02
Client Coverage
Upgrade client reporting.
Move from generic equity execution reports to ETF-specific evidence covering venue selection, mechanism choice, and routing outcomes - automated and audit-ready.
03
Quant & Routing
Calibrate routing on market-wide data.
Use mechanism comparison data by ETF type and size to refine routing guidance and back-test SOR logic - without rebuilding the infrastructure.
See Your ETF Routing Performance vs the Market
Request your routing benchmark.
A personalised snapshot showing how your desk's routing compares to market-wide data across venues, mechanisms, and size buckets. No commitment. Fast to set up.