News & insights

Q2 2026 European Equity Market Structure Review

Q2 was a giant for trading volumes, second only by 1% to the all-time record quarter in Q1 and 29% above the long-term Q2 average. The momentum from Q1 was sustained across nearly ...

Q1 2026 European Equity Market Structure Review

This review examines the record breaking European equity trading volumes of Q1 2026, driven by tech earnings shock and the outbreak of war in Iran. The data used is derived from th...

2026 Data Catalogue

This catalogue spans equities, ETFs, futures and options across 120+ venues, covering all trade categories and instruments. Key Themes From tick data to analysis. We turn L1/L2/L3 ...

Liquidity Analytics - Factsheet

Our Liquidity Analytics solution normalises trade conditions across over 120 venues, providing consistent aggregations of trading volumes and market quality metrics such as fill ra...

Trading Performance Intelligence - Factsheet

Our platform leverages machine learning and AI to create dynamic models that continuously learn and optimise trading performance across the entire execution lifecycle, including pr...

Data Feed - Factsheet

Whether you’re building execution models, optimising liquidity strategies, or uncovering inefficiencies, you need a reliable foundation of granular, transparent, and actionable mar...

ETF Liquidity Analytics - Factsheet

Our ETF Liquidity Analytics offer unique ETF Issuer analytics such as Fund Switch detection and ETF Market Share Dynamics together with comprehensive ETF market analytics in one pl...

Listed Derivatives - Factsheet

Our Listed Derivatives analytics offer datasets that are unique to the market such as US and EU Flex Options.

European Equity Market Structure Review 2025

This report assesses the year within the long-term context of the market structure regime put in place by MiFID2/MiFIR in 2018. The data used is derived from the xyt Market Intelli...

2025 Chart Pack

Decoding 2025 In 2025 we saw combined macro shifts - record volumes, regulatory change, product evolution - with specific events demonstrating how individual stocks process informa...

Neudata - 26 March 2026

We're delighted to sponsor Neudata's London Data Summit event on 26 March!

xyt sponsors TradeTech's Buy Side Innovation Day - 21 April 2026

On 21 April we will be hosting a roundtable as part of TradeTech's Buy Side Innovation Day. Our experts will be speaking to attendees on the following topic:

xyt sponsors TradeTech - 22 April 2026

We are proud to be sponsoring TradeTech! As part of the equities trading community we are looking forward to engaging conversations, taking part in panel discussions and finding ou...

xyt sponsors the Leaders in Trading Awards 2025

xyt's ETF Workshop - 5 November 2025

xyt's Buy Side Breakfast Roundtable - 1 October 2025

xyt sponsors the The Finance Hive, CMX event - 2 July 2025

TradeTech Europe 2025

Sponsor: TradeTech Europe 2025 At TradeTech Europe 2025, xyt's CCO Mark Montgomery presented an Auto-execution & TCA case study with Matthieu Chomez from Société Générale Luxem...

Greenwich Dealing selects eflow and xyt to enhance trade surveillance and TCA oversight

The buy-side dealing and execution services specialist has selected eflow’s trade surveillance technology and xyt’s Transaction Cost Analysis (TCA) and Execution Intelligence to mo...

Liquidity Matters

Liquidity Matters Weekly Series Click the links below to read the full blog series: Introducing Liquidity Matters Episode 1: Why Addressable Liquidity Matters Episode 2: The Cost o...

xyt Expands Buy-Side Reach as LGT Adopts Its TCA Platform

Leading private bank elevates execution strategy with advanced TCA capabilities, automation and deep customisation

xyt enhances platform to unlock AI-powered decision-making

9am BST London, 22 April 2026 – xyt is releasing new AI-powered capabilities within its platform, designed to help clients answer complex trading and market-related questions, whil...

Nvidia Q4 Earnings Tomorrow (25 February) - How will the Market React?

Nvidia Q4 Earnings Tomorrow (25 February) - How will the Market React?

Steubing AG selects xyt as Next Gen TCA Provider

9am London GMT, 10 February, 2026 – xyt, the capital markets trading data analytics company, today announced that Steubing AG, one of Germany’s leading independent securities tradi...

Flash Report: Microsoft Outperforms Meta - Or Maybe Not!

Microsoft Outperforms Meta - Or Maybe Not!

12 Days of Trading - Day 12 - O Christmas Tree

As we wrap up our 12 Days of Trading series this year. We want to extend a huge thank you for your support during the year and hope you’ve enjoyed our festive frolic though laptopl...

12 Days of Trading - Day 11 - I'm Dreaming of a Bull Market: A Quant's Christmas Carol

I’m dreaming of a bull market Just like the ones I used to know With the alpha I treasure As quants do measure New highs, five days in a row I’m dreaming of a bull market With ever...

12 Days of Trading - Day 10 - Decided where to trade? Don’t make a meal of it!

A couple of years ago we tried to address the community’s thirst for market structure knowledge by matching festive drinks to trade categories. At this festive time of year we are ...

12 Days of Trading - Day 9 - Less Ho Ho Ho, more algo, algo, algo

At Christmas, markets slow down, year-end reflections begin — and the “lights come on” …in European ETF trading.

12 Days of Trading - Day 8 - Competition for Aldi and Lidl?

As the number of shopping days until Christmas ticks down metronomically, it is easy to forget (if you’re old) or may surprise you to know (if you’re young), that UK shops have onl...

12 Days of Trading - Day 7 - Move Over, Cabbage Patch Kids—Active ETFs Are This Year's Must-Have

Ready for a playful trip down memory lane?

12 Days of Trading - Day 6 - Caps off

The white-tipped fir trees, the crunch underfoot (and hoof), the twinkle in the moonlight, the icicles on your nose. The lazy wind - "doesn't go around you, goes straight through y...

12 Days of Trading - Day 5 - Shiny Christmas Baubles

Hopefully by now, the decorations are up. We went for a smaller tree this year because it makes the baubles look bigger and somehow shinier. More practically, it makes space for th...

12 Days of Trading - Day 4 - Don’t forget the Pickles.

Thinking ahead to the food shop, it’s easy to forget the little things that make Christmas dinner special. The many ‘must-have’ accoutrements to go with the turkey include cranberr...

12 Days of Trading - Day 3 - When That Christmas Gift is Not Quite What You Wanted

It’s nearly Secret Santa time!! I don’t know about you but I always seem to get the most interesting presents. Last year, I got a forget-me-not blue, plastic referee’s whistle. I d...

12 Days of Trading - Day 2 - Will your house be on Santa’s List?

With just a few weeks to go before the big day, the elves in Santa’s navigation department are working hard on the present delivery plan. Using AI and historical data from previous...

12 Days of Trading - Day 1 - It’s Christmas! Time to get the vouchers out.

You know it’s nearly Christmas because the 12 Days of Trading team is back; and there's a tower of mince pie boxes in the foyer of your local supermarket. Although to be fair they ...

Unlock the Future of TCA

Download factsheet

xyt (formerly big xyt) launches independent Trading Data Intelligence Platform following company rebrand

Rebrand underscores evolution from analytics specialist to a market leading platform delivering instant intelligence across global capital markets LONDON — 9am BST 24 September 202...

Modernising Market Transparency: Our Understanding of the FCA Consultation Paper CP25/20

The UK Financial Conduct Authority’s (FCA) July 2025 Consultation Paper CP25/20 marks a notable moment in the evolution of UK market structure. While the proposals span both equity...

The Finance Hive’s CMX 2025: What Multi-Asset Buy-Side Desks Need from TCA

At The Finance Hive’s CMX 2025, our TCA workshop focused on how trading desks are adapting their daily workflows – using analytics to drive more informed conversations with portfol...

Regents Gate Capital Selects xyt for Enhanced Trading Analytics

London – 1 July 2025 – big xyt, a leading independent provider of high-quality trade data and analytics, is pleased to announce its selection by Regents Gate Capital (RGC), a Londo...

big xyt Withdraws from CTP Bidding Process Following Industry Consultation

Decision reflects the lack of necessary financial backing despite widespread recognition of the importance of a European Consolidated Tape

Built for the Challenge: Our Commitment to the European Consolidated Tape

Delivering the European Consolidated Tape (CT) is not merely a technical milestone – it is a foundational industry requirement for building a more transparent, competitive and glob...

Scaling European Equity and ETF Data Processing To Deliver the Consolidated Tape

Laying the technological and operational foundation is essential for the European Consolidated Tape (CT). Our infrastructure is already operating at the scale and precision that th...

big xyt Wins WatersTechnology Asia Award 2025 for Best Analytics Solution

big xyt, a leading independent provider of high-quality trade data and analytics, is proud to announce that it has been named winner for Best Analytics Solution at the WatersTechno...

Machine Learning Revolution in Trading: Key Insights from TradeTech Europe 2025

The financial industry continues to evolve rapidly with technological advancements reshaping how trading is conducted. At last week’s 25th Anniversary TradeTech Europe conference i...

ETF Trading Strategies: Evolving Execution Methods in a Growing Market

The European ETF market continues to evolve rapidly despite being only 25 years old. At last week’s TradeTech Europe conference in Paris, an industry panel brought together traders...

Assessing ETF Liquidity: What RFQ Spreads Reveal About the European Market

Liquidity is one of the defining strengths of exchange-traded funds (ETFs), but understanding how they behave across different trading venues and trade sizes remains a complex task...

big xyt shortlisted in the 2025 Financial Technologies Forum Awards

We’re pleased to share that big xyt has been shortlisted in the 2025 Financial Technologies Forum (FTF) Awards in two categories:

Market Microstructure in Motion: Insights from Liberation Day Volatility

At big xyt, we specialise in delivering granular, actionable insights into trading activity across asset classes and execution mechanisms. Recent market turbulence around “Liberati...

big xyt Announces Formal Bid for European Consolidated Tape Provider with Widespread Industry Support

big xyt, a leading independent provider of high-quality European trade data and analytics, today announced its formal intent to become the official provider of the EU Consolidated ...

The Evolution of ETF Execution: How Algorithms Are Changing the Game

Market Trends Show Significant Growth in ETF Algo Trading The Exchange-Traded Fund (ETF) market has experienced remarkable growth, reaching an all-time high in 2024 with $3.26 tril...

big xyt: Supporting the Requirement of Europe’s Equities Consolidated Tape

In a recent article by Waters Technology titled Big xyt Exploring Bid to Provide EU Equities CT, it was reported that currently, EuroCTP is the only confirmed bidder, raising conce...

big xyt nominated in the TradingTech Insight Awards USA for Best Trading Analytics Platform and Best TCA Tool

We’re pleased to share that we have been nominated in the A-Team’s TradingTech Insight Awards USA 2025 for Best Trading Analytics Platform and Best Transaction Cost Analysis (TCA) ...

Global Trading – Australia’s liquidity drought

As an independent provider of smart data and analytics, big xyt is often invited to provide the underlying market data and analysis for firms and media in the trading and investmen...

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2025

We’re delighted to announce that we have won the A-Team Group’s TradingTech Insight Awards Europe 2025 for Best Transaction Cost Analysis (TCA) Tool.

big xyt shortlisted in the Hedgeweek European Awards 2025

We’re delighted to share that we have been shortlisted in the Hedgeweek European Awards 2025 in two categories:

big xyt partners with The Finance Hive for their EU Equities Members Meeting 2025

We’re excited to announce that we’re partnering with The Finance Hive at their upcoming EU Equities Members Meeting on Jan 23.

12 Days of Trading 2024 Day 12: The Christmas tree of market structure

As the year draws to a close, we’re reminded that the world of market structure is as intricate and dynamic as a beautifully decorated Christmas tree. Shaped by regulation, technol...

12 Days of Trading 2024 Day 11: Level Tree analysis

Spruce up your critical Level Tree data points – a checklist fir optimised installation:

12 Days of Trading 2024 Day 10: A festive twist in the ETF market – change is in the air

Christmas is a season full of surprises, and the European ETF market is offering its own unexpected gift this year – a shift in trading dynamics that few might have anticipated.

12 Days of Trading 2024 Day 9: Flags out for Santa

In your home, who grumpily collects and disposes of the wrapping paper after all the presents have been opened? I must admit my OCDness does put me in this category. Often I’m sham...

12 Days of Trading 2024 Day 8: How does Santa select his reindeer?

Tradition has it that there are exactly nine magic reindeer. We assume that these reindeer must at some point have been selected from millions of potential reindeer candidates for ...

12 Days of Trading 2024 Day 7: Paddington Excess – finding the sweet spot for liquidity

A common discussion topic at this time of year is the family debate/battle to decide which Christmas movies to watch before the final, final, finale of Gavin & Stacy is broadca...

12 Days of Trading 2024 Day 6: Santa X is coming to town

You really should sell, you’d better not buy, you ought to be short, I’m telling you why, VWAP Crossing’s coming to town.

12 Days of Trading 2024 Day 5: A festive tale of EBBO and European ETFs

As the holiday season lights up the markets, there’s one star on the ETF tree that deserves special attention: the European Best Bid and Offer (EBBO). For investors navigating the ...

12 Days of Trading 2024 Day 4: All I want for Christmas is a unique dataset

These days it seems to get harder and harder to pick a really new and exciting Christmas present for your parents, spouse, friends and of course the kids. They’ve all got everythin...

12 Days of Trading 2024 Day 3: Innovation unwrapped at the midpoint

‘Twas the week before Christmas, and all through the market, The traders were stirring, no one could park it. For on Monday morning, with a festive cheer, Xetra launched Midpoint –...

12 Days of Trading 2024 Day 2: Santa can’t afford residuals

In present delivery, timing is everything. Santa has to stay exactly on schedule. Too fast and you risk a Christmas Eve delivery* or even being spotted. Too slow and the children a...

12 Days of Trading 2024 Day 1: Who swallowed the eggnog?

In our game of finding actionable insights, we love indicators. What better indicator than the ’12 Days of Trading’ series to remind us that Christmas is nigh. Now in its fifth yea...

Happy 10th Anniversary big xyt!

Happy 10th Anniversary to big xyt! And what a journey it has been, with many exciting things in store.

big xyt winner ETF Data Provider of the Year in the ETF Stream Awards 2024

We are delighted to share, for the second year running, big xyt has won the ETF Data Provider of the Year Award in the ETF Stream Awards 2024.

big xyt and Trackinsight Partner to Elevate Analytics for Global ETF Markets

This collaboration between trusted industry leaders provides the highest quality data for ETFs

big xyt speaks to The Trade

Just before we announced our fantastic news in November 2024 (big xyt has secured a €10 million investment funding round led by European growth investment firm Finch Capital after ...

big xyt welcomes Phil Lemmon as Head of TCA Sales EMEA

New appointment aligns with big xyt’s recent investment from Finch Capital and is the first of several key hires to support the firm’s future growth

Cardiff University Investment Club integrates our xyt Lab platform

We are pleased to announce our partnership with Cardiff University Investment Club, to integrate our xyt Lab platform which will enhance their research capabilities and increase th...

big xyt secures €10 million funding round to drive global expansion

Financial markets AI-analytics firm big xyt secures €10 million funding round to drive global expansion

big xyt wins Outstanding Market Data Provider – Equities award at The Trade’s Leaders in Trading Awards

We are delighted to announce that big xyt has won the Outstanding Market Data Services Provider – Equities award at The Trade’s Leaders in Trading Editors’ Choice Awards 2024.

big xyt shortlisted in ETF Stream Awards 2024

We are delighted to share that for the second year running big xyt has been shortlisted for ETF Data Provider of the Year in the ETF Stream Awards 2024.

big xyt shortlisted in The Trade’s Leaders in Trading Editors’ Choice Awards

We are delighted to share that for the third year in a row big xyt has been shortlisted for Outstanding Market Data Services Provider – Equities in The Trade’s Leaders in Trading E...

Check this out!

Fragmentation comes in different forms which makes filtering the data an endless source of entertaining insights and relevant information for those who care about this sort of thin...

Votes to Volumes: Understanding Shifts in Post-Election Liquidity

As the UK gears up for another general election on July 4th, it’s worth taking a look at what this might mean for liquidity based on the patterns observed following the 2019 electi...

big xyt wins Best Transaction Cost Analysis (TCA) Solution at the Waters Technology Asia Awards 2024

big xyt is proud to announce they have won the Waters Technology Asia Award 2024 for Best Transaction Cost Analysis (TCA) Solution for Open TCA.

big xyt named a finalist in the EU Markets Choice Awards 2024

We’re pleased to announce big xyt has been named a finalist in the Markets Media European Markets Choice Awards 2024 for Best Equity Market Data Provider.

Spread Improvement – Why Does It Matter?

Last year we observed how mid spread executions at the time of an RFQ execution did not tell the whole story about best price during a longer ‘execution window’. Using the xyt Lab ...

Impact of Large Passive Events On Price Discovery

Friday saw a significant increase in stock market activity as a result of the MSCI rebalance. A quarterly event when certain stocks are promoted or relegated between index groups.

Has the market become more addressable?

OTC reported equity volumes have been growing steadily since MiFID II. The result was less transparency for a larger portion of the market.

Vote for big xyt in the Waters Rankings 2024

The Waters Rankings 2024 survey covering the technologies and services available to capital markets firms is now open for voting.

big xyt wins ‘Best Data Analytics Provider’ at the Waters Technology Inside Market Data and Inside Reference Data Awards 2024

big xyt is proud to announce they have won the Waters Technology Inside Market Data and Inside Reference Data Award 2024 for Best Data Analytics Provider.

Thoughts on the future of AI – it’s already hear

https://big-xyt.com/wp-content/uploads/2024/03/ListenGPT.mp4

The Value Weighted Average Price (VWAP)

Market participants can use a clever technique to avoid arguments over equity and impartiality by applying a well recognised and altruistic benchmark called the Value Weighted Aver...

The difference between addressable and accessible liquidity

In equity markets, the task of identifying the difference between addressable and accessible liquidity, and what isn’t, is becoming an increasingly significant challenge.

big xyt shortlisted in the Hedgeweek European Awards 2024

We’re pleased to announce we have been shortlisted in the Hedgeweek European Awards 2024 in the Best Data Science Solution Provider category.

12 Days of Trading 2023 Day 12: Rudolph the Real-time Reindeer really led the pack this year!

A big xyt thank you and Merry Christmas and Happy New Year to all! We hope you’ve enjoyed the sixth edition of our 12 Days of Trading campaign.

12 Days of Trading 2023 Day 11: Cracking the nut: Unveiling the quirks and charms of spreads for European ETFs

‘Tis the season to unwrap the mysteries of European ETF liquidity with a sprinkle of festive humour! Move over, sugarplums – let’s talk about spreads and get into the holiday ETF s...

12 Days of Trading 2023 Day 10: Here, there and everywhere, at the same time!

While tracking a recent delivery on the Amazon app, I couldn’t help but notice that Santa was out on the sleigh very close to my street.

12 Days of Trading 2023 Day 9: ETFs unwrapped: Navigating the festive dance of trade sizes in Europe

Exploring the Christmas market of ETFs in Europe is like unwrapping presents – trade sizes above €1m do the tango on RFQ platforms (80%) and OTC (20%), while the smaller ones jingl...

12 Days of Trading 2023 Day 8: I’m a nervous fundholder, get me out of here!

Some of you may have followed a ‘marmite’ celebrity reality TV show during the last three weeks. Running over the last 20 years, it follows a theme of part social experiment in a j...

12 Days of Trading 2023 Day 7: If you want your best profile, don’t dwell on the past

Perhaps there ought to be a Sanity Clause to prevent envious kids turning litigious when they think they got a smaller pressie than other family members. But we know that wise St N...

12 Days of Trading 2023 Day 6: Unaddressable letters to Santa

Unaddressable letters to Santa may not find their rightful destination. Fortunately, with a flying sleigh, few destinations are inaccessible. Especially using Santa-Nav.

12 Days of Trading 2023 Day 5: Finding it difficult to concentrate with all the Christmas chaos?

The presents have been unwrapped, the Bellini glasses have been drained, the kids have gone back to their rooms and the out-laws are about to arrive. After a relentless pre-Christm...

12 Days of Trading 2023 Day 4: Is Santa on a diet?

‘Tis the season to be jolly, especially in the ever-evolving world of European ETFs! Did you know that more than 50% of the holiday cheer – we mean, trading volume – is now groovin...

12 Days of Trading 2023 Day 3: Big days, big stocks

About this time of the year, the old family argument kicks off over which colour lights to put on the Christmas tree. Is it an elegant warm white (Gucci style), a flashy electric b...

12 Days of Trading 2023 Day 2: Market structure for guests around the table

At this indulgent time of the year we’re all hungry (and thirsty) for market structure knowledge as well as a festive tipple. So here’s our guide to merry market mechanisms. big xy...

12 Days of Trading 2023 Day 1: The Christmas Ball

Here at big xyt, we believe that Christmas is about both the liquid and the illiquid. A mulled wine is nothing without a mince pie, the turkey needs its gravy, and of course the Ch...

big xyt launches portfolio liquidity analysis solution in partnership with Baillie Gifford

New tool automates the process of dilution application accurately and fairly to existing shareholders and protects the fund’s holdings.

big xyt wins ETF Data Provider of the Year 2023

We’re delighted to announce that we have won ETF Data Provider of the Year at the ETF Stream Awards 2023.

big xyt shortlisted in the A-Team’s TradingTech Insight Awards Europe 2024

We’re pleased to share that we have been shortlisted in the A-Team’s TradingTech Insight Awards Europe 2024 for Best Trading Analytics Platform and Best Transaction Cost Analysis (...

big xyt winner in the Hedgeweek EU Emerging Manager Awards 2023

We’re delighted to announce that we have won the Hedgeweek European Emerging Manager Award 2023 for Best Data Science Solution.

big xyt launches real-time analytics leveraging its proprietary European tape

Intra-day analytics delivers instantaneous pre-trade decision support and dynamic post-trade performance metrics

big xyt shortlisted in the Hedgeweek EU Emerging Manager Awards 2023

We’re pleased to announce that we have been shortlisted in the Hedgeweek European Emerging Manager Awards 2023 for Best Data Science Solution.

big xyt shortlisted in The TRADE Leaders in Trading 2023: Editors’ Choice Awards

We’re proud to announce that we have been shortlisted in The TRADE Leaders in Trading 2023: Editors’ Choice Awards for Outstanding Market Data Provider.

big xyt shortlisted in ETF Stream Awards 2023

We’re pleased to announce that we have been shortlisted in the ETF Stream Awards 2023 for ETF Data Provider of the Year.

big xyt shortlisted in the Hedgeweek US Awards 2023

We’re pleased to announce that we have been shortlisted in the Hedgeweek US Awards 2023 for Best Data Science Solution Provider.

Johannesburg Stock Exchange and big xyt launch new joint venture company – big xyt ecosystems

big xyt ecosystems will deliver the innovative Trade Explorer data analytics solution to global trading venues and their ecosystems.

Did someone pull the plug out?

Lit Continuous market share draining away in Q2.

The proposed tape will show the best price but NOT which venue has it…

Imagine, after many years of demand, someone creates the concept of an airline price comparison site to help the population find the cheapest flight more easily.

big xyt named a finalist in the EU Markets Choice Awards 2023

We’re pleased to announce big xyt has been named a finalist in the Markets Media European Markets Choice Awards 2023 for Best Quant Investment/Research Data.

big xyt releases new free tool for trade verification

Trade Verification Tool increases transparency for investors and issuers

big xyt named a finalist in the Europe FinTech Awards 2023

We’re proud to announce that we have been named a finalist in the Europe FinTech Awards 2023 for Data Initiative of the Year for our partnership with the JSE to deliver an innovati...

Why do EBBO metrics matter?

Order placement strategies boil down to some simple questions. Should I cross the spread or rest at the near touch? Do I join the current price at the back of the queue, or should ...

big xyt nominated in the Hedgeweek US Emerging Manager Awards 2023

We’re pleased to announce that we have been nominated in the Hedgeweek US Emerging Manager Awards 2023 for Best Data Science Solution.

Beehavioural science is revealing emotional bias of trading

Level fhive data discovery creates buzz in the market, providing new trading insights.

big xyt named a finalist in the US Markets Choice Awards 2023

We’re pleased to announce that our partnership with the JSE to deliver the JSE Trade Explorer, an innovative new analytics service for use directly by the exchange’s trading partic...

big xyt winner of Best Data Provider Overall in the Hedgeweek European Awards 2023

We’re delighted to announce that we have won the Hedgeweek European Award 2023 for Best Data Provider – Overall. Winners were announced at the awards event last night in London.

big xyt named a finalist in the UK FinTech Awards 2023

We’re proud to announce that we have been named a finalist in the UK FinTech Awards 2023 for Data Initiative of the Year for our partnership with the JSE to deliver an innovative n...

big xyt shortlisted in the Hedgeweek European Awards 2023

We’re pleased to announce we have been shortlisted in the Hedgeweek European Awards 2023 in two categories: Best Data Provider – Overall and Best Data Science Solution Provider.

European Equities Market Microstructure Survey 2022

Welcome to our annual survey of European trading volumes and market fragmentation at the end of yet another highly eventful year of trading.

12 Days of Trading 2022 Day 12: Rockin’ around the big xy Tree – Merry Christmas and Happy Holidays to all

With his circumnavigation complete, Father Christmas has earned some rest and recuperation, as have all of you after a year of challenges and surprises.

12 Days of Trading 2022 Day 11: Those elves are an odd lot

Tolkien had them as tall, fast runners and excellent archers. The Grimm brothers portrayed them as short but benevolent shoemakers, and the Christmas tradition as hard working folk...

12 Days of Trading 2022 Day 10: Santa’s got it taped

Father Christmas has continued his journey west and is now on the final leg of his deliveries. Like Vespucci, Columbus et. al. (Jolson, Capone, Pacino?) he is keen to learn more ab...

12 Days of Trading 2022 Day 9: Does Santa have a personalised number plate?

Very few people have actually seen Santa’s sleigh but there are unverified reports that it is a highly customised vintage Porsche. At big xyt we are betting that the number plate m...

12 Days of Trading 2022 Day 8: RFQs… everyone’s favourite

RFQs – Ready for Quality Street… Roses, Celebrations or whatever the contents might be in the festive family bowl of chocolates? One thing is for sure, there’ll be some variety at ...

big xyt shortlisted in the FStech Awards 2023

We’re pleased to announce that our partnership with the JSE to deliver an innovative new analytics service through a unique white-label solution for use directly by the exchange’s ...

12 Days of Trading 2022 Day 7: Hold on for deer life

To finish off the week, the 12 Days of Trading 2022 continues its longitudinal leaping, this time southwards across the Alps from Prague to Bergamo, famous for its Elfredo pasta. T...

12 Days of Trading 2022 Day 6: Does Santa have a Czech mate?

Of course, Santa has plenty of friends and it looks like some people in the market have some pals in Prague as the dark caps are looking to be relaxed (if not abolished) under the ...

12 Days of Trading 2022 Day 5: Ho Ho O…TC volumes bring seasonal rewards for some

Father Christmas may not have target benchmarks or KPIs but he does have to manage and deliver all the presents to the correct recipients by the end of the day.

12 Days of Trading 2022 Day 4: Using good data can avoid disappointment

At this time of year, we work hard to ensure that we don’t disappoint our friends and relatives on the big day. We order the food and drink well in advance, we carefully choose the...

12 Days of Trading 2022 Day 3: Look what’s in the (penalty) box

Over the weekend Santa stopped off in Qatar to watch the World Cup quarter finals (even though it was really a business trip, it was also a good excuse for a jolly).

12 Days of Trading 2022 Day 2: Some people in Japan have larger presents (presence)

If there’s one thing Father Christmas takes into consideration when it comes to presents, it’s fairness. Mrs Claus insists that siblings should always have the same amount of money...

12 Days of Trading 2022 Day 1: What’s the Grinch up to Down Under?

As we gently ease into the festive season, the big xyt team is pleased to bring you Season 5 of the ‘The 12 Days of Trading’, a light-hearted look at some of the highlights of the ...

big xyt wins Outstanding Market Data Provider award at The Trade’s Leaders in Trading Awards

We’re delighted to announce that big xyt has won The TRADE’s Leaders in Trading award for Outstanding Market Data Provider.

big xyt appoints Anthony Huck as Head of the Americas

big xyt continues its global expansion with another key hire

Product Update – EBBO Regains, Alternative Closing Mechanisms and Volume Profiles by Venue

We are pleased to inform you about the new dashboards introduced this week for the Liquidity Cockpit Enterprise user interface. These changes are driven by client requests alongsid...

big xyt to lead the discussions on data analytics for optimal execution at The Finance Hive Equities London event

We’re really looking forward to taking part in The Finance Hive Equities London Members Live Meeting next Wednesday 25 May. We’ll be leading the roundtable discussion ‘Leveraging t...

Johannesburg Stock Exchange launches innovative new equity market data analytics platform in collaboration with big xyt

JSE is first to market with online trading analytics for listed shares and ETFs, ready-made for daily use by traders, sales traders and senior business management

big xyt is a proud sponsor of TradeTech Europe 2022

big xyt is a proud sponsor of TradeTech Europe 2022 on 11-12 May.

Cowen Execution Services selects big xyt to support continued growth in European equities trading

Provides independent agency broker with improved market structure visibility and supports clients’ access to unique liquidity opportunities

European Equities Market Microstructure Survey Q1 2022

Trading turnover in European equities posted a new MiFID II era record in Q1, 34% higher than the four year average, as investors reacted to the cocktail of inflationary fears and ...

Data deluge warnings

(April Fool’s post)

Volumes alert! European equities reach new records

Do you remember the optimism of the Santa Claus rally? Only a few months ago we were being entertained by stories of the S&P 500 in the high fives by year end (that would be a ...

Calling all equity traders and sales traders

Dark trading currently represents 8% of equity turnover across all of Europe, adjusted to exclude clearly non-addressable OTC and SI prints. In UK Blue Chips that is now 11.6%, and...

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2022

We’re delighted to announce that big xyt has won the A-Team TradingTech Insight 2022 Award Europe for the Best Transaction Cost Analysis (TCA) Tool, for the second year running.

Sustainable Trading launches non-profit membership network to drive ESG change across financial markets

big xyt is delighted to be a founding member of the Sustainable Trading initiative and we look forward to collaborating with its members.

big xyt launches the Global Exchanges Directory

New website brings core information for major exchanges globally into one centralised portal for easy industry reference

European Equities Market Microstructure Survey Q4 2021

2021 has ended and all that remains are the tea leaves at the bottom of the cup.

12 Days of Trading 2021 Day 12: Revealed: Your big xyt Christmas gift!

Before we launch into our final post of the 12 Days of Trading 2021, we’d like to thank all of you in our growing client community for your support and feedback throughout the year...

12 Days of Trading 2021 Day 11: An ELF (oops ETF) lesson for Santa

When Santa visited us for one of our academy sessions, Market Structure for North Pole Inhabitants, we provided an initial introduction to European market structure using the follo...

12 Days of Trading 2021 Day 10: Sustainable Santa

Santa may need to consider moving with the times as we navigate the growing wave of social responsibility. On the one hand, reindeer power is about as green as you can get to power...

12 Days of Trading 2021 Day 9: Buon Natale

Whilst the Italians enjoy a good hearty feast on Christmas Day, traditionally they give and receive gifts on January 6th – the 12th Day of Christmas. There was a big Italian gift i...

12 Days of Trading 2021 Day 8: Father Christmas… How does he do it?

At this time of year the discussion often turns to how Father Christmas is able to get around so many households in just one night. For sure, the sleigh is fitted with the latest t...

12 Days of Trading 2021 Day 7: Grandpa’s view of Christmas since Brexit

To some people Christmas feels the same year after year, maybe because the favourite armchair in the corner of the room is comfortable, Grandpa’s view never changes too much and he...

12 Days of Trading 2021 Day 6: Systematic Internalisers… The market’s little helpers

We should be careful with three letter acronyms (TLAs) especially at this time of year when ELFs should not be confused with ELPs. Along with the bank SIs, ELPs deliver a service n...

12 Days of Trading 2021 Day 5: Dark Pools…. What’s in your Christmas stocking?

The Christmas stocking is still a major part of any family Christmas. It’s the perfect place to find last minute surprises like satsumas, bottles of gin, or a multi-rotor copter dr...

12 Days of Trading 2021 Day 4: Alternative Closing Mechanisms – what’s your festive tipple of choice?

In the good old days, your Christmas tipple might have been a gin & tonic, of which there were few mainstream choices for the spirit or the mixer. Then, almost overnight, there...

12 Days of Trading 2021 Day 3: Corporate Actions… delivering the biggest parcels

At big xyt, we like to think big. At Christmas there’s nothing like a big pile of presents under the tree on Christmas morning and the big parcels are often the least expected and ...

12 Days of Trading 2021 Day 2: Dark Blocks… the nicest presents are best kept secret

Yesterday we commented on closing auction volumes, which are, of course, composed of multiple trades in a stock at the same time and price – perhaps familiar to those of you who li...

12 Days of Trading 2021 Day 1: Closing Auctions… the desserts of the trading day

Inevitably at this time of year our thoughts turn to the important matter of choosing the right dessert to round off a hearty Christmas lunch. To get us in the mood, for our first ...

Royal Dutch Shell – is the party over?

Is the fun about to come to an end for those trying to optimise (and capitalise on) their interaction with one of the most heavily traded equities in Europe?

big xyt launches European ETF Launches weekly update

On the back of the announcement of our partnership with ETFbook yesterday, we’re pleased to provide investors with our first weekly summary report of transparency in European ETPs,...

big xyt partners with ETFbook to offer transparency in European ETF/Ps

Partnership will consolidate all issued products and their liquidity across the fragmented landscape

European Equities Market Microstructure Survey Q3 2021

The summer saw increased nervousness in the European markets in reaction to a fragile recovery from the pandemic and concerns about the spectre of inflation. However, trading in eq...

big xyt hires new head of business development for Continental Europe

Appointment of Gilles Meyruey increases big xyt footprint in the region

Equiduct selects big xyt to provide data analytics

Successful implementation provides exchange with independent data analytics to further enhance market quality and performance reporting

How fast is the market?

Do some traders have an advantage over others… and does it matter?

ESG ETF trends

Greenwashing

European Equities Market Microstructure Survey Q2 2021

Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities. If you are unfamiliar with the topic, we encourage you to visit our website ...

Is anyone else worried about this?

As a trailer for our forthcoming Q2 2021 survey of European equity market microstructure, we thought you might like a sneak peek at what’s been happening to fragmentation.

big xyt launches Market Microstructure in Practice with big xyt’s API

We have just launched the Market Microstructure in Practice for Equities with big xyt’s API interactive presentation on the big xyt Academy.

When is a Block not a Block?

In the search for liquidity, particularly whilst minimising market impact, a means to identify large trades and where they take place is key for the investing community.

New dark pools map reveals cosmic mystery

We’re not too sure what all the excitement is about… at big xyt we have been researching the changing shape of the dark landscape for years. In fact, rather like long established t...

Happy to surf the waves or curious to know what lies beneath?

Navigating the choppy waters of ETF liquidity is challenging and requires visibility of all available trade mechanisms. The chart below looks at the European ETF universe however t...

Kepler Cheuvreux launches electronic trading platform

Great article in The TRADE today on the launch of Kepler Cheuvreux’s new electronic trading platform which integrates with big xyt’s execution analytics, including TCA, which the f...

Navigating the Post-Brexit Trading Landscape

It’s now almost four months since the UK exited the EU, and from a trading and market infrastructure perspective, a clearer picture of the post-Brexit landscape is starting to emer...

European Equities Market Microstructure Survey Q1 2021

Welcome to our latest quarterly survey of market volumes and fragmentation trends in European equities.

Wales to introduce independent stock exchange

Academics from Brains Trust predict market launch will quench investors’ thirst for trading to stay local.

big xyt featured in The Most Influential FinTech Companies 2021

We’re pleased to share that big xyt has been featured in Harrington Starr’s The Most Influential FinTech Companies 2021 list in the latest issue of The Financial Technologist magaz...

big xyt wins Best TCA Tool in A-Team’s TradingTech Insight Awards Europe 2021

We are pleased to announce that we have won the Best Transaction Cost Analysis (TCA) Tool in the A-Team’s TradingTech Insight Awards Europe 2021.

big xyt increases global footprint with expansion to Asia Pacific

Philip Barnes joins as Asia Pacific Managing Director

big xyt nominated in The TRADE’s FinTech of the Year 2020 Awards

With the valuable support from our clients, we continue to be nominated for key industry awards, the most recent for The TRADE’s 2020 Leaders in Trading: The Digital Experience (Li...

Swiss movement – the pendulum swings

Those of you who keep a close eye on market microstructure will be well aware of a dress rehearsal for “non equivalence” in July 2018 when all Swiss trading was banned on competing...

MTF migration to EU venues… what happened after Brexit?

There was always bound to be some post Brexit ‘fallout’. Unsurprisingly there was plenty of market commentary last week, however we wanted to wait for the dust to settle before we ...

European Equities Market Microstructure Survey 2020

In 2020, we took to trading from our bedrooms, garden sheds and conservatories, learned how to download several hundred video conferencing packages, set up a home-school on the kit...

12 Days of Trading – Day 12 of 12: Santa sees everything… can you?

As our 12 Days of Trading campaign 2020 draws to a close, we know you like a festive finale. A global view of equity data allows us to zoom in on specific regions or individual mar...

12 Days of Trading – Day 11 of 12: easyJet shares hit a snowstorm

It’s been a turbulent year for the airlines, and just as the arrival of vaccines seemed to clear away some of the clouds, they’ve been hit by a blizzard of travel restrictions. In ...

12 Days of Trading – Day 10 of 12: I’m always touched by your presence, Elon

There may be several arguments about inclusion rules and timing and certainly when a stock with a Price /Earnings ratio of 1260 joins an index where the average P/E is 36 it is lik...

12 Days of Trading – Day 9 of 12: Everybody’s equal in the market……aren’t they?

It would be remiss of us not to comment on some observations on market quality as a result of the macro surprises experienced this year.

12 Days of Trading – Day 8 of 12: Well this is a nice surprise… look what we’ve discovered!

Having a team of super smart data scientists who use a consistent methodology on a well curated data set can bring enormous benefits when exploring new ideas. The deployment of new...

12 Days of Trading – Day 7 of 12: Making the right choices… and other tips for passive fund management

Fund managers and traders following the S&P 500 Index face a challenge when they frantically throw out the junk to make way for the new kid on the block.

12 Days of Trading – Day 6 of 12: What is Santa’s company vehicle this year?

Our image of the 21st Century Santa depicts a carbon neutral delivery of presents from technology-driven sources, prompting the question: Who will be the winner from the festive sh...

12 Days of Trading – Day 5 of 12: Should the trading day start later?

A key topic in the market this year has been whether the trading day should begin later in the morning, a move endorsed by many as a way to concentrate liquidity, especially in the...

AFME relies on big xyt as an independent reference for Equity market structure in quarterly reports

We are delighted that AFME (Association for Financial Markets in Europe) and their clients rely on big xyt as an independent reference for Equity market structure, with our analysi...

12 Days of Trading – Day 4 of 12: They might be giants

As it’s nearly Christmas, it will soon be time to wrap up the volumes-related theme we have been following these first few episodes of the 12 Days of Trading. First though, let’s t...

12 Days of Trading – Day 3 of 12: I spy… some patterns in trading

After our first post of this series where we highlighted three stocks with large price reversion before and after the close on 30th November, we had several enquiries asking if we ...

12 Days of Trading – Day 2 of 12: The many spikes of 2020

After a traumatic 12 months, we thought you might be feeling a little bristly in the lead up to the holidays. What better way to complement the mood than by looking at the impressi...

12 Days of Trading – Day 1 of 12: It takes two to tango

But did your partner tread all over your toes? In the past we have commented about the dangers of trading at the Close on days when there are significant trading volumes expected.

We’re familiar with going Dutch, but going English…?

Following the theme of Closing Auctions and new Alternative Closing Mechanisms, we can highlight a noteworthy entry to the Closing Auction records books last Friday.

Alternative Closing Auctions update

Last month we touched on the growing number of Alternative Closing Mechanisms available to the equity trading community as we added the new Turquoise Plato Trading at Last to our E...

Were you caught like a deer in the headlights?

Picture the scene. Lap 20, Hamilton, as usual, has a 15 second lead (almost enough time for a free pit stop), and a little more unexpectedly, Bottas is running a strong second, 10 ...

big xyt takes part in Harrington Starr’s The Fintech Focus TV Debate Series

Our very own Mark Montgomery took part in Harrington Starr‘s second installment of The Fintech Focus TV Debate Series, alongside Steve Grob of Vision57, Mike Powell of Rapid Additi...

You wait for one Closing Auction and then 8 come along at once

If you are benchmarking against the Official Close, how are you ensuring you have an independent view of which stocks, how much, and if anything is trading at the closing price on ...

Increasing volumes point to favour with investors

A sudden recovery in trading volumes in the energy sector is just what we would have expected from the news of the vaccine last week, and it’s in line with the broader market.

Predictive trading in Barclays plc – is there something wrong with my profile?

By Mark Montgomery, Strategy & Business Development

Company management has had a rough time in 2020, especially in the energy sector

This year, market sentiment has somewhat overwhelmed long-term business strategy and sound financial management, especially in the energy sector. We looked at six energy majors whe...

2 shots in the arm for markets, but at what cost to your trading?

The markets responded with the usual enthusiasm for major news yesterday with the announcement of Jenny Chen joining our team to extend our reach in the US market. In other news, w...

Buy-side benefits from big xyt expansion in the US

Jenny Chen joins as Americas Head of Sales

European Equities – Market Microstructure Survey Q3 2020

A Comprehensive Review of Market Volumes, Fragmentation and Other Topics.