A new cloud based product, called Liquidity Cockpit, designed to give global trading and investment firms enhanced visibility over dark and lit liquidity, has been launched, to provide support post the introduction of MiFID II.
The product, developed by big xyt, will help navigate and analyse European market share across a fragmented and dynamic market landscape.
Liquidity Cockpit was developed after trading venues asked big xyt for data that would ensure compliance with the MiFID II regulation.
MiFID II, which comes into force at the beginning of 2018 applies, caps on dark pool trading.There is an exemption, however – ‘Large In Scale’ (LIS) trades above a certain size specified by the European Securities and Markets Authority.
Big xyt said: “The Liquidity Cockpit is designed to immediately and continuously reflect changes in the trading environment. New logic, proprietary or shared, can be incorporated within hours; by connecting quickly and easily to our cloud-based platform via APIs, trading firms can use their own business logic on our platform to leverage analytics for their business, including data on liquidity, market share or depth of order book.”
Robin Mess, CEO at big xyt, said: "We have set out to build the tools necessary to navigate a data and analytics driven trading environment. We look forward to expanding our collaborations with the industry at large, as we envisage the Liquidity Cockpit becoming an invaluable asset to heads of trading and their teams, for both buy-side and sell-side firms as well as trading venues.”
The Liquidity Cockpit interactive dashboard uses visualisation tools that enable users to analyse data sets by security, venue, index, trade condition or share of LIS trading across European trading venues. The resulting analytics are available in real time and can be integrated into any existing streaming infrastructure, such as OMS or EMS.
Liquidity Cockpit offers a normalised view of all trading data in tick granularity across European markets. The platform captures all trades across European trading venues and trade reporting facilities, normalises the data while keeping track of changes in trade conditions, and applies custom measures such as LIS classified trades. Data, including master data, trades, quotes and market depth, is available for download, visualisation and analytics.