Independent cross-venue market intelligence.

See your venue through the same lens your members and issuers use.

Most exchanges measure themselves against themselves. xyt provides an independent, cross-venue view of European market structure - with coverage extending across global markets - that issuers, market makers, and buy-side firms increasingly consult.

A common reference dataset across the market - exchanges, issuers, market makers, and buy-side firms.

Request Your Venue Benchmark Talk to Strategy Specialists

Peer Benchmark · Illustrative

How your venue ranks across the metrics that matter.

Venue Spread Depth Time@Best
#1Peer A 4.2 bps €38k 62%
#2Your venue 4.6 bps €35k 54%
#3Peer B 5.1 bps €29k 47%
#4Peer C 5.4 bps €31k 41%
#5Peer D 6.0 bps €24k 38%
Independent measurement. The same dataset members, issuers, and regulators consult - segmented by asset class, market cap, and session.

Illustrative figures. Real benchmarks segmented to a venue's priority products.

Cross-market
used by exchanges, issuers, market makers, and buy-side
Independent
not an exchange, MTF, or trading venue
8yrs+
of normalised European
market history
Cross-asset
equities, ETFs, fixed income,
and listed derivatives

What xyt Does for Exchanges

Two strategic functions, one platform.

What informs policy and strategy, and what drives commercial decisions - supported by the same independent dataset.

Strategic Intelligence

Measure venue quality on common ground.

Benchmark venue performance, evaluate market model changes, track structural trends, and produce regulator-grade and board-grade reporting - all from a dataset that's external by design, not internally sourced.

Market StructureStrategyPolicyRegulatory

Commercial Intelligence

Win listings and retain members with data.

Equip listings teams with evidence-based liquidity stories for issuer conversations, and give member-relationship teams granular visibility into where flow is moving - so commercial conversations rest on facts, not assumptions.

ListingsIssuer ServicesMember SalesRelationship Mgmt

Core Use Cases

Six things your team can do - today.

Each grounded in the same independent, normalised dataset.

01Benchmark on Common Ground

Benchmark Venue Quality Against Peers

Compare your venue against every relevant peer - lit, MTF, periodic auction, RFQ - on the metrics that matter. Segment by asset class, market cap, ETF type, country of incorporation, and trading session.
  • Quoted and effective spreads at EBBO
  • Depth and size at best
  • Time-at-best by symbol and segment
  • Intraday liquidity profiles
  • Fill rates by order type
  • Like-for-like segment grouping
Why it matters

When a member, issuer, or regulator asks how your venue compares, the answer carries more weight when it comes from the same independent dataset they're using. Independent benchmarking is the credibility layer behind every "best venue for X" conversation.

02Win the Listing Story

Support Listings with an Evidence-Based Liquidity Story

For ETF, equity, and fund issuers evaluating where to list - or whether to maintain a cross-listing - provide an evidence-based view of how comparable products trade on your venue versus alternatives.
  • Comparable-product trading patterns
  • Retail and institutional flow distribution
  • Time to meaningful secondary volume
  • Cross-listing effectiveness
  • Segment-level liquidity formation
  • Historical listing performance
Why it matters

Listing decisions are increasingly data-driven. Issuers who treat listings as a strategic capital-markets decision want independent evidence to support the choice. Credible numbers shorten the decision cycle and shift the conversation from price to fit.

03Know Where Flow Goes

Member Intelligence - Understand Where Flow Goes

See how members are routing flow across the venue landscape, where it's moving, and how their behaviour shifts around market events.
  • Member share gains and losses
  • Flow shifts: lit, dark, auction, RFQ
  • ETF-specific flow migration
  • Member behaviour around events
Why it matters

Sales and member-relationship teams need actionable context for member conversations. Knowing that a member's flow has migrated to a specific venue - and on which products - turns generic check-ins into targeted retention conversations.

04Evidence-Based Policy

Evaluate Market Model Changes - Before and After

Model the impact of programme and rule changes empirically - compare venue behaviour pre and post-change against control venues that didn't make the same change.
  • Tick-size regime adjustments
  • Auction design changes
  • Market-maker programme economics
  • LIS waiver thresholds
  • Fee schedule revisions
  • Pre/post empirical analysis
Why it matters

Market model decisions carry commercial and reputational weight. Empirical pre/post analysis on independent data is more defensible than vendor-supplied or internally-modelled forecasts - especially in regulator-facing contexts.

05Regulator-Ready Reporting

Regulatory and Board-Level Reporting

Generate market quality reports for regulators, board oversight, and member committees with consistent, independent metrics across the European venue landscape.
Deliverables you receive
  • Market quality scorecards (your venue vs peers)
  • Segment-level liquidity dashboards
  • ETF venue contribution analysis
  • Listings-effectiveness reports
  • Trend packs for board meetings
  • Member-committee reporting
Why it matters

Regulator and board conversations hinge on credible, third-party data. Producing those reports from internal systems alone invites methodology challenges. An independent dataset removes that friction.

06See Around the Corner

Track Market Structure Trends

Stay ahead of structural shifts that affect venue strategy - across mechanisms, segments, and regions.
  • RFQ growth in ETFs and fixed income
  • Retail flow patterns
  • After-hours activity dynamics
  • Periodic auction share by sector
  • Regional exchange dynamics
  • Cross-venue stress correlation
Why it matters

Strategic decisions about products, programmes, and partnerships need a macro view of where the market is going - not just a snapshot of where it's been on your own venue.

Why xyt

What sets xyt apart.

Three properties of the platform that determine whether the analytics on the page are usable in production.

Genuinely Independent

xyt is not an exchange, MTF, or trading venue. The same dataset is consumed by issuers, market makers, exchanges, and buy-side firms - which is why it carries credibility in cross-venue conversations. The credibility is the product.

Complete Coverage, Global Reach

Primary exchanges, MTFs, periodic auctions, RFQ platforms, regional exchanges (including German venues), on-book and off-book activity. The deepest European history (since 2018) with coverage extending across global markets - across equities, ETFs, fixed income, and listed derivatives.

Built for Venue-Grade Workflows

Dashboards, Python API, scheduled reports, AI-powered query tools, regulatory-grade outputs. Designed to slot into market-quality reporting, member-intelligence workflows, and strategy & policy analysis - not to be re-built around.

See Your Venue Through the Same Lens Your Members Use

Request your venue quality benchmark.

A personalised benchmark covering your priority segments - comparing your venue against the relevant peer set on spread, depth, time-at-best, and market share. Built on independent data.

Request Your Benchmark Talk to Strategy Specialists