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.
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% |
Illustrative figures. Real benchmarks segmented to a venue's priority products.
market history
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.
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.
Core Use Cases
Six things your team can do — today.
Each grounded in the same independent, normalised dataset.
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
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.
Peer Benchmark · Illustrative
Quoted spread at EBBO, your venue vs peer set. Tighter is better.
Illustrative peer set, single segment (large-cap ETFs).
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
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.
Listing Landscape · Illustrative
Where comparable ETF flow actually trades, across the venue landscape.
Illustrative flow across comparable ETF listings for one segment.
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
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.
Member Routing Shift · Illustrative
A single member's flow mix, quarter by quarter.
Illustrative routing mix for one member across four quarters.
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
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.
Size-Bucket Analysis · Illustrative
Where does RFQ start beating Lit? The venue-share crossover by trade size.
Illustrative cross-venue share by trade-value bucket; informs tick-size, LIS, and waiver design.
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.
- 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
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.
Sample Deliverable · Illustrative
A quarterly market quality scorecard, board-ready.
Illustrative scorecard layout; real reports segmented to a venue's priority products.
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
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.
ADVT Trend by Category · Illustrative
European ETF market share by trade-category, 2020 to 2026.
Illustrative European ETF average daily traded value share by category, semi-annual.
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.
Worth Forwarding
Three reasons to share this internally.
Different teams. Different conversations. Same independent data.
01
Market Structure / Strategy
Independent cross-venue benchmarking.
Supports product roadmap, programme design, and regulator-facing positioning - built on a dataset that's external by design.
02
Listings / Issuer Services
Evidence-based liquidity stories.
Material to put in front of prospective and existing issuers - particularly in ETF and cross-listing conversations where issuers expect data.
03
Member Sales / Relationships
Granular member intelligence.
Routing-behaviour insight that turns generic check-ins into targeted retention and growth conversations.
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.