big xyt Enters Bidding Process to Become Official EU Consolidated Tape Provider

​big xyt, a provider of European trade data and analytics, has formally announced its intention to bid for the role of official provider of the EU Consolidated Tape (CT) for equities and ETFs. The company's decision to enter the bidding process follows what it describes as "overwhelming support" from across the financial industry and aims to address concerns regarding limited competition in the selection process.

With over a decade of experience in consolidating European market data, big xyt emphasizes its expertise in harmonizing the complex trading landscape across various jurisdictions, trading venues, and currencies.

"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," stated Robin Mess, Chief Executive Officer at big xyt. He further added, "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."

big xyt highlights that its bid directly addresses key industry concerns such as data quality, cost, and, crucially, independence. The company's existing cloud platform is designed to normalize diverse trading venue conditions, enabling precise trading volume aggregations and comprehensive market analysis. This positions big xyt as a potential key partner in this significant market infrastructure undertaking.

The company notes that its independent structure would allow it to primarily focus on delivering a transparent, objective, and complete view of the EU equity and ETF market, free from bias. big xyt's capabilities include granular Level 3 analytics, real-time trading analytics with nanosecond precision, comprehensive pre- and post-trade analytics, robust data normalization, and a cloud-native technology stack capable of processing billions of records daily.

The European Securities and Markets Authority (ESMA) is currently overseeing the selection process for the consolidated tape provider under the MiFIR Review. big xyt's entry is expected to introduce significant competition to the process.

"We believe that competition in this selection process is essential to delivering the best possible outcome for all market participants," commented Robin Mess. "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."