Big xyt Launches Cloud Platform Spin-off Liquidity Cockpit

Aimed primarily at the European markets, Liquidity Cockpit was introduced to track liquidity across all asset classes. The new solution uses the same back-end as with big-xyt’s primary product, the Cloud Platform, which is able of processing any number of data feeds of any size. 

Robin Mess, CEO of big xyt, says that the Cloud Platform provides data analytics for more than 70 exchanges globally, through a white-label partnership with US-based data vendor Activ Financial.

“Liquidity Cockpit uses the same back-end with the cloud platform, but combines it with interactive analytics in order to provide guidance for the trading community,” he says.

Mess says that the intent is to address the issue of liquidity sourcing, and as such, the platform processes trade data across all liquidity pools in Europe. “That means on-exchange, off-exchange, including dark and new execution possibilities such as [large-in-size] trading,” he says. “We not only process the trade data but also aggregate, and guide the user through interactive analytics.”

Big xyt has built the solution with an emphasis on usability and data quality. “We have our own normalization layer that allows a reliable comparison of the various liquidity pools,” Mess says. “Also we have a strong analytics team that is able to integrate analytics such as LIS forecasts.”

Essentially, the platform captures all trades, normalizes the data and keeps track of changes in trade conditions by applying custom measures. From that point on, the data is available to the user for download, visualization, and analysis. 

Liquidity Cockpit is a web-based tool. It consists of an interactive dashboard with visualization capabilities, allowing users to analyze the data in a number of ways, either by security, venue, index or trade conditions. Analytics are available in real time and can be integrated into any streaming infrastructure, such as order and execution management systems. 

Soon after the solution’s launch, big xyt is planning to add more capabilities to meet current trading needs, including new requirements stemming from the review of the Markets in Financial Instruments Directive. “We will soon add double-volume caps, and forecasts for when a security will reach the caps on both a market and a venue level,” Mess says. “This will allow market participants to react before something happens.”