London, 3 October 2023: big xyt, the independent provider of smart data and analytics solutions to the global trading and investment community, has launched its ‘first-to-market’ real-time data analytics service for a high quality, consistent and normalised dataset of European trades and EBBO (European Best Bid and Offer) benchmark prices.
Developed in collaboration with one of the world’s largest asset managers and leveraging big xyt’s proprietary European consolidated tape, this turnkey solution captures billions of messages daily, and processes data in less than one second (with 500 intraday data quality checks each day). The solution delivers a variety of off-the-shelf use cases for the trading and investment industry, including tracking accurate and reliable market share and volume calculations intra-day.
Using this service, trading firms can effectively monitor consolidated liquidity for any security (stock or ETP), including unexpected off-book trading activity, trades of unusually large size, pending trades and sudden increases in OTC volumes. Investors can access and analyse consistent and reliable pre-trade and post-trade information to better understand liquidity and trading conditions at the time it occurs and to support algorithmic strategies. Exchanges can access same-day, consolidated reports on market fragmentation to monitor liquidity and inform participants and internal teams.
Robin Mess, CEO and Co-founder at big xyt, said: “We have established a strong reputation with leading buy-side firms as the ‘Golden Source’ for European securities data. We are delighted to be able to take our proven data analytics expertise to the next level to meet growing industry demand for consolidated, normalised and real-time data analytics on European markets liquidity, particularly with respect to off-book volumes.
Moving from overnight to real-time data processing reduces the complexity of market fragmentation in a cost-effective way, and will enhance the attractiveness of European markets to issuers and investors alike.”
Cost and technical challenges have historically been impediments to real-time analytics, especially for off-book volumes, due to a lack of tape and reliable normalised data on European markets, as well as maintaining analytics on multiple streams of raw source data, in particular pre-trade metrics.
big xyt’s solution is delivered As-a-Service and is accessible via web-based front-ends and APIs, minimising the burden of resources, time and costs of implementation. big xyt is co-located in major data centres to capture tick data reliably and consistently from multiple real-time feeds, and its proprietary technology stack is designed to accommodate volume surges with the highest standards of data quality, monitoring and system resilience.
Real-time analytics are available now across big xyt’s full product range, including the Liquidity Cockpit for equities and ETFs, and the Open TCA solution for execution analytics.