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
What xyt does for ETF market makers.
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
Six 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.
Time-at-Best by Product · Illustrative
Where you sit against the 85% obligation threshold.
Anonymised sample · 30-day rolling time-at-best · Two products flagged below threshold.
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.
Programme Economics by Venue · Illustrative
Realised spread capture vs tier requirement, across venues.
Anonymised sample · Effective spread capture vs tier requirement across four venue programmes.
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 market data 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.
Cross-Venue Spread Divergence · Illustrative
Same ETF, same instant, six venues.
Anonymised sample · Same ETF, same millisecond · Regional venue wide by 6bp against tightest cluster.
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.
Retail Share by Venue · Illustrative
Retail participation, venue-by-venue.
Anonymised sample · 30-day retail participation by venue for a single European-listed ETF.
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.
Basket Cost Contributors · Illustrative
Where the basket spread actually comes from.
Anonymised sample · Top 8 basket contributors · Weighted-average spread with concentration drivers highlighted.
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.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.
Value Delivered to Issuer · Illustrative
MM contribution across venues, not just the primary listing.
Anonymised sample · Venue mix of MM contribution vs peer average · Data pack for issuer review.
Why xyt
Three differentiators. Three business outcomes.
How the platform's properties translate into the metrics that land with issuers, exchanges, and internal management.
Comprehensive Coverage
What it enables: Full visibility across every European venue and protocol - including the RFQ and regional activity that materially changes turnover numbers
What it delivers: Pricing and inventory across the venues that actually matter
Best Data Quality
What it enables: The same independent dataset the issuer's capital markets team uses to measure your performance - methodology debates ended
What it delivers: Issuer conversations with credibility built in
Seamless Integration
What it enables: Dashboards, Python API, scheduled reports, automated breach alerts - slot into existing risk, pricing, and account workflows
What it delivers: Faster insights & lower cost to operate
The Methodology Test
The same data quality the most methodologically demanding firms build internally - without the dedicated research team.
A small number of firms produce in-depth market structure analytics from first principles, with dedicated research teams behind every metric. xyt's normalisation - trade-correction handling, late-reported adjustments, RFQ and regional venue capture - gives other MMs the same defensible numbers without rebuilding that capability internally. A leading European ETF market maker uses xyt as its reference for ETF turnover across the European landscape, specifically because numbers calculated without RFQ and regional activity materially undercount fragmented markets.
xyt MM client · ETF turnover reference · European market
Worth Forwarding
Three reasons to share this internally.
Different teams. Different conversations. Same independent data.
01
Trading / Inventory
Cross-venue pricing and basket cost.
Cross-venue pricing signals, basket liquidity for inventory cost, and competitive intensity by product - direct inputs to pricing and risk.
02
MM Programme / Cap Markets
Obligation tracking and competitive ranking.
Independent obligation tracking and anonymised competitive ranking - the data issuers are using when they evaluate your performance.
03
Account Management
Quarterly reviews as a consultative moment.
Issuer-facing data packs that turn quarterly reviews from defensive into consultative - and scale senior conversations across more accounts.
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.