Pan-European equities market Aquis Exchange is adding market structure analytics based on big xyt’s Liquidity Cockpit data analysis platform. Aquis will make the analytics available for use internally and by clients to power independent analysis of liquidity and market share.
According to Jonathan Clelland, COO, Aquis Exchange will use Liquidity Cockpit “to understand and develop our competitive position within the wider European landscape.” Authorised to operate multilateral trading facilities and regulated by the UK Financial Conduct Authority (FCA) and France’s Autorité des Marchés Financiers (AMF) – in the UK and in EU27, respectively – Aquis operates a lit order book and prohibits aggressive non-client proprietary trading.
Aquis’ approach is designed to reduce toxicity and signalling risk compared with other European trading venues. The venue uses a subscription pricing model, which charges users according to the message traffic they generate, rather than a percentage of the value of each stock that they trade.
Big xyt’s Liquidity Cockpit solution captures, normalises, collates and stores trade data before applying advanced techniques to drive execution analytics, and deliver a range of market overviews and individualised comparison reports to the team at Aquis Exchange.
Delivered through a custom API, Liquidity Cockpit will allow Aquis Exchange to query a vast data set which then can be personalised to its needs. All results are available for download and review using flexible, interactive dashboards.
Big xyt’s cloud-based data and analytics solutions allow trading and investment firms to process and normalise large data sets on demand and in real time, in order to comply with regulatory requirements and reduce the complexity of their operations. The company’s highly scalable data aggregation and consolidation capabilities allow buy- and sell-side firms to adopt a data-driven business model while providing actionable insights, and discovering alpha to maintain competitive advantage.
Trading venues, trading firms and independent service providers can apply their own business logic and data sets on the big xyt platform to quickly add analytics for their activities, including liquidity measures such as market share or depth of order book, as well as analytics around market impact.
Big xyt also supports an ecosystem for tick data analytics covering more than 120 trading venues globally. Its technology normalizes trade conditions of all venues allowing consistent aggregations of trading volumes. Big xyt’s analytics solutions are relevant for a broad range of use cases including strategy development, back testing and regulatory changes like MiFID II.