big xyt has confirmed its intention to bid for the equities and ETF EU consolidated tape (CT).
Robin Mess
The firm flagged concerns around the importance of a competitive process as part of the motivations behind its bid, as well as asserting it had received “overwhelming” support from the industry.
Thus far, the only other confirmed bidder for the tape is EuroCTP, headed up by Eglantine Desautel.
Robin Mess, co-founder and chief executive of big xyt, explained: “We believe that competition in this selection process is essential to delivering the best possible outcome for all market participants. Our independent approach ensures that the resulting consolidated tape will serve the entire market fairly while advancing the regulatory goals of improved transparency and efficiency.
big xyt highlighted that their bid specifically addresses the key industry concerns of: data quality, cost, and independence – allegedly free from any bias or impartiality.
Its solutions include granular level 3 analytics, real-time trading analytics with nanosecond operation, and comprehensive pre- and post-trade analytics. The firm also offers data normalisation, harmonisation and quality assurance, as well as a cloud-native proprietary technology stack.
“After careful consideration and in response to strong encouragement from our partners throughout the financial ecosystem, we are stepping forward to offer the market an independent consolidated tape solution,” added Mess.
“Since 2014, we have set the highest standard possible for transparency across markets. By building our own tape, we’ve created the foundation for best-in-class pre- and post-trade analytics. This capital-efficient solution not only enhances the quality of our insights but also reinforces our ongoing commitment to market integrity and accessible, high-quality information.”