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?

Your desk Illustrative
35%
45%
10%
OTH
Market average
28%
38%
18%
OTH
 
 RFQ
 Lit
 Periodic auction
 Other / off-book
4/5
of the largest European ETF
issuers use xyt data
Independent
not exchange-owned, not
broker self-reporting
8yrs+
of normalised history
for regime and trend analysis
Production-ready
workflow integration, with
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.

SalesClient CoverageMandate ReviewsRFPs

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.

Trading DeskAlgo / SORRouting LogicQuant Research

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.

01Defend Every
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
Why it matters

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.

−2 0 +2 bps EBBO Jan Apr Jul Oct Below EBBO = price improvement for clients

Monthly average effective spread vs independent EBBO.

02Tell the
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
Why it matters

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.

Q3 2025 · CLIENT EXECUTION REVIEW PREPARED BY: BROKER DESK TRADES 12,450 AVG SLIPPAGE 0.8 bps VS EBBO −0.4 bps MECHANISM OUTCOME · BY SIZE BUCKET €10–100k · RFQ saved 0.6 bps €100k–1m · Lit best on 71% of trades €1m+ · RFQ best on 64% of trades

Mock client-ready execution review - ETF-specific, not equity-derived.

03Route with
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
Why it matters

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.

€1–2M Equity ETF switchover 12 bps 2 bps Lit cost RFQ cost

Switchover zones move with ETF class, volatility, and time of day.

04Benchmark
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
Why it matters

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.

VENUE YOUR DESK MARKET Primary ex. 38% 32% MTFs 28% 24% RFQ 21% 18% Regional 8% 15% Off-book 5% 11% Gap: regional & off-book under-represented

Where your desk's mix differs from market-wide activity.

05Build Smarter
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
Why it matters

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.

09:00 11:00 13:00 15:00 17:00 Primary ex. MTFs Regional / off-book

Per-venue intraday volume - granular enough for SOR calibration.

06See the
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
Why it matters

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.

0B 2B 4B 6B 8B 2020 2022 2024 2026 RFQ Lit / Order Book Off-Exchange/SI Off-Exchange/OTC Off-Book

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.

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.