After a series of long-drawn-out discussions, regulators finally agreed on establishing a consolidated tape in the EU in June this year. Now, smart data and analytics provider big xyt has launched a real-time data analytics service providing a “consistent and normalized dataset of European trades and European Best Bid and Offer (EBBO) benchmark prices”.
Big xyt describes the service as a “turnkey solution” that leverages its proprietary European tape to capture “billions of messages daily”, process data in “less than one second”, and perform 500 intra-day data quality checks every day.
In a press release announcing the launch of the service, the firm points out that “cost and technical challenges have historically been impediments to streaming 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 new solution is delivered as-a-service and can be accessed via web-based front ends and application programming interfaces (APIs), which the firm claims to minimise the burden of resources, time, and costs of implementation. Users will be able to “access same-day, consolidated reports on market fragmentation to understand the liquidity of a given stock or ETP” and “effectively monitor consolidated liquidity, including unexpected off-book trading activity, trades of unusually large size, pending trades and sudden increases in OTC volumes”.