big xyt, a provider of data and analytics solutions to the financial industry, announced the launch of the Trade Verification Tool, which can instantaneously verify price reversion and execution performance on any trade.
A Free Tool for Trade Verification
The new tool leverages the sophisticated analytics engine of its Open TCA solution for pre and post-trade execution analytics and provides transparency on ETF execution quality. In addition, it enables users to verify "suspicious trades without being exposed to the complexity of a fragmented market."
big xyt's clients include investment banks, asset managers, leading exchanges and trading venues, ETF issuers, and regulatory bodies. Its tick data analytics ecosystem covers more than 120 trading venues across equities, ETFs, FX, and listed derivatives.
The Trade Verification Tool is currently covering ETFs across more than 30,000 listings in Europe. Moreover, it is available without any charge to registered users of the company.
The press release detailed that the tool's users can verify any security trade at any point in time. The verification can be done using metrics measuring liquidity before and after the trade, including mid-price movement, changes in spreads, and changes in volume at a touch.
Finding the Pain Point
The Germany-headquartered company detailed that the new tool was launched when RFQ trading in the secondary ETF markets in Europe grew 50 percent in 2023. Such trading mechanisms can increase the chances of information leakage, resulting in a higher trading cost. The new tool will try to address this gap in the market.
"We're always discovering opportunities and developing new solutions to help the community gain more transparency and better actionable insights to reduce their trading costs," said Robin Mess, the Co-Founder and CEO of big xyt.
"We're excited to offer the Trade Verification Tool to the industry, and as part of our broader Open TCA solution, investors can systematically process all orders and trades to find the most relevant information, quickly and easily, which helps with day-to-day trading decisions."
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