See your performance through the issuer's lens.
Independent performance, programme, and inventory intelligence.
ETF market making sits between issuers, exchanges, and end investors — each with their own measurement. Internal numbers are the starting point. The conversations that matter increasingly happen on the same independent dataset your counterparties already use.
The same dataset 4 of the 5 largest European ETF issuers use to measure secondary market quality.
Obligation Tracking · Illustrative
Where you stand against the threshold.
Illustrative metrics. Real reporting is configured to each MM's products and obligations.
issuers use xyt data
brokers, and buy-side
trading history
venues — a unique capability
What xyt Does for ETF Market Makers
Two halves of the role, one platform.
How you're measured by counterparties, and how you sharpen pricing and programme decisions — supported by the same independent dataset.
Issuer-Facing Performance
Show up to the review prepared.
Track obligation fulfilment, anonymised competitive ranking, and breach analytics the same way the issuer's capital markets team does. Pre-empt quarterly conversations with the same numbers — and arrive with insight, not just inventory.
Strategic Edge
Sharpen pricing and programme decisions.
Read cross-venue pricing signals, identify retail flow distinctly from institutional, evaluate exchange programme economics, and benchmark competitive intensity by product. The same data that anchors issuer conversations also feeds the inventory and pricing decisions made every day.
Core Use Cases
Seven things your desk can do — today.
Each grounded in the same independent, normalised dataset.
Review
Monitor Performance Against Issuer Obligations
Track obligation fulfilment in the same way the issuer's capital markets team does — at the level of detail a quarterly review depends on.
- Time-at-best by symbol and venue
- Quoted and effective spreads vs thresholds
- Depth at best and size at touch
- Breach frequency under stress
- Anonymised ranking vs other appointed MMs
- Per-product performance attribution
When the issuer's capital markets team raises a breach in a quarterly review, the conversation goes faster if both sides are looking at the same numbers. Pre-empting issuer conversations with the same data they use shifts the dynamic from defensive to consultative.
You Stand
Benchmark Competitive Position Across Venues
See how your firm compares to other market makers on the same products and venues — anonymised but ranked. Read the competitive intensity that matters to capital allocation.
- Aggregate time-at-best by ETF and venue
- Spread distribution at the touch
- Depth contribution by MM
- Activity during stressed regimes
Without independent benchmarking, a desk is optimising in a vacuum. Knowing where you sit in the competitive set on each product and venue combination is the input to capital allocation, programme participation, and pricing decisions.
That Pay Off
Evaluate Venue Programme Economics
Compare exchange market-maker programmes on a like-for-like basis — and understand whether each programme is delivering the economics it promised.
- Effective economics by venue and segment
- Activity needed to qualify for tiers
- Realised spread capture vs requirements
- Cross-venue competitive intensity
Programme participation is a capital and operational commitment. Independent cross-venue data informs whether a programme delivers the expected economics — and whether to expand, contract, or renegotiate.
You Can See
Cross-Venue Inventory and Pricing Signals
Identify pricing anomalies and inventory opportunities across a fragmented venue landscape — including the venues your competitors trade on that may not appear in your own MDC feed.
- Cross-venue spread divergence
- RFQ vs lit pricing differentials by size
- Off-exchange activity that moves on-screen
- Late-reported and corrected trades
ETF liquidity fragments across primary exchanges, MTFs, RFQ platforms, regional exchanges, and off-book. Visibility into the full landscape improves both pricing precision and risk management.
Retail Flows
Identify Retail Flow Across Venues
xyt isolates retail trading activity across European venues — identifying which prints come from retail investors, where they execute, and how that flow shifts over time. A capability most analytics providers don't offer.
- Retail share by ETF and venue
- Retail vs institutional flow attribution
- Retail execution quality benchmarks
- After-hours and outside-RTH activity
- Retail flow shifts during stress
- Per-issuer retail value attribution
Retail flow has materially different toxicity, hedging, and adverse-selection profiles to institutional flow. Identifying it accurately informs hedging speed, inventory risk, and the value an MM can demonstrate to issuers — especially on products with significant retail participation.
Basket Right
Basket and Underlying Liquidity for Pricing
Connect ETF secondary market dynamics to underlying basket liquidity — the input to a defensible view of cost that goes beyond the headline ETF spread.
- Basket-level ADVT, spreads, and volatility
- Top positive and negative contributors
- Tracking-error decomposition
- Constituent behaviour during stress
Tighter pricing requires a defensible view of basket cost, not just headline ETF spread. For fixed income and complex baskets, the basket view is the difference between profitable inventory and adverse selection.
Not Counterparty
Support Issuer Conversations Strategically
Bring data-led recommendations on listing strategy, venue mix, and where competitive pressure is forming — and quantify the value your firm delivers across venues, not just the primary listing.
- Data-led listing strategy input
- Cross-venue value attribution
- Fragmentation and competitive pressure signals
- Scalable issuer-facing data packs
MMs who win and retain mandates are the ones who arrive with insight, not just inventory. Independent data is the basis for those conversations — and it scales the senior conversation across more issuer accounts.
Why xyt
What sets xyt apart.
Three properties of the platform that matter when MM performance evidence has to land with issuers, exchanges, and internal management.
01Same Data the Issuer Uses
The same independent dataset 4 of the 5 largest European ETF issuers use to measure secondary market quality. Bringing those numbers into your conversations removes methodology debates and accelerates decisions — for both sides.
02The Quality Choice for Fragmented Markets
RFQ platforms, regional exchanges (including German venues), on-book and off-book activity — cleaned, normalised, and reconciled across the full European tape. The coverage gap is measurable: MM clients rely on xyt for pure turnover and market-share metrics specifically because numbers calculated without RFQ and regional venues materially undercount the fragmented European market.
03Built for Trading Workflows
Dashboards, Python API for quant teams, scheduled reports, automated alerts on breach and competitive shifts, AI-powered query tools. Integrates into existing risk, pricing, and account-management workflows — not the other way around.
Used in production
A leading European ETF market maker uses xyt as its reference for turnover across the European ETF landscape.
Fragmented venue coverage is the difference between accurate and approximate turnover numbers in European ETFs. Capturing RFQ activity, regional exchanges, and off-book prints on the same normalised basis as primary listings is what makes the metric defensible — for internal use, for issuer reporting, and for management oversight.
xyt client, European market maker · Reference for ETF turnover
See Your Performance Through the Issuer's Lens
Request your MM performance report.
A personalised report covering your priority products and venues — obligation fulfilment, anonymised competitive ranking, and programme economics — built on the same data your issuer counterparties consume.