Hot on the heels of launching its Trade Explorer data analytics platform (a joint venture with JSE), big xyt, the independent provider of financial market data and analytics, has launched a new real-time data analytics service that provides a consistent and normalised dataset of European trades and EBBO (European Best Bid and Offer) benchmark prices.
The solution, developed in partnership with one of the world’s leading asset managers and utilising big xyt’s proprietary European consolidated tape, captures billions of messages daily, processes data at sub-second latency, and undergoes 500 intraday data quality checks each day. The service offers a range of pre-configured use cases, such as providing accurate intra-day market share and volume calculations.
Firms can view consolidated liquidity for any security, monitoring unexpected off-book trading activities, unusually large trades, pending trades, and sudden spikes in OTC volumes. Clients can access consistent pre-trade and post-trade data to support algorithmic trading strategies, and gain a deeper understanding of liquidity and trading conditions as they happen. Exchanges can also monitor liquidity by obtaining consolidated, same-day reports on market fragmentation.
Robin Mess, CEO and Co-founder at big xyt, commented: “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.”
With big xyt’s infrastructure co-located in major data centres, ensuring reliable, consistent and timely tick data capture from multiple real-time feeds, the new solution is designed to overcome the significant costs and technical challenges associated with real-time analytics due to the absence of a consolidated tape and reliable normalised data for European markets (particularly off-book volumes), as well as the complexities of maintaining analytics on multiple streams of raw source data and pre-trade metrics.
The real-time analytics feature is offered As-a-Service, accessible through web-based interfaces and APIs, and is now available across big xyt’s entire product suite, including the Liquidity Cockpit for equities and ETFs, and the Open TCA solution for execution analytics.
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