Where Can I Get Level 3 Quotes?

Where Can I Get Level 3 Quotes?

Business / Trading

Today we are looking at BMLL’s Liquidity Maps!
This new financial technology product provides insight into the fragmentation of European equity markets. Achieved via a view of 600 European stocks! Across the major European trading and execution venues over a rolling 12-month period.
Part 1 – Fragmentation of Liquidity across Europe

A consolidated view of European liquidity!

Liquidity Maps allows you to take a look at a consolidated view of the European Trading Landscape. Which is essential to truly understand where both addressable and non-addressable liquidity resides. A granular breakdown of liquidity fragmentation and market share. Across the last 12 -months allows market participants to gain this vital insight.

Part 2 – Analyzing liquidity across different trading mechanisms

What are the key trends across SIs?

Systematic internalisers (SIs) are widely regarded as an effective liquidity discovery tool for market participants. However, BMLL provides not just an overview of SI market share. But a clear breakdown of volumes traded across its constituent parts.

Where can end of day liquidity be found?

Offered to enhance liquidity discovery after the price formation at the close. Trade At Last and Closing Auction mechanisms have become more prevalent. A clear view of the volumes traded through these mechanisms enables participants to effectively interact with the closing price.

How critical is off-exchange trading to a consolidated view of liquidity?

Over-The-Counter (OTC) trading plays an important function in the European capital markets as a mechanism by which securities are traded. However, unlike trading on a lit order book, not all trading is addressable to all participants. Therefore, it is crucial to understand Europe’s true addressable liquidity profile.

What are the key patterns in LIS trading?

The Large-In-Scale (LIS) threshold reduces the market impact of large orders. Achieved by allowing participants to waive and defer pre- and post-trade reporting. Understanding the trend in above LIS volumes across different trading mechanisms enables market participants to improve liquidity discovery. Furthermore, also achieve an optimal execution strategy.

Methodology: 

To offer participants a consolidated view of European liquidity. The financial technology firm BMLL considers all trades across 600 European stocks on all primary European venues. In addition, MTFs, Dark Pools, APAs, and all on- and off-book trading over the last 12 months. 

Once captured, BMLL combines all individual trade fields with the market state and the venue. Producing the most granular possible view of liquidity.

Liquidity Maps‘ charts become updated monthly. And show both a consolidated view and a granular breakdown of liquidity on all trading mechanisms. 

Try Liquidity Maps and let us know what you think! Contact Us » BMLL Technologies

Business / Trading

Where Can I Get Level 3 Quotes?