NEWS UPDATE
SELL-SIDE
Optiver to convert to a systematic internaliser
Move will amend how Optiver reports and will see the market maker expand the number of stocks it is able to offer up liquidity in.
Optiver has moved to convert into a systematic internaliser( SI) as a“ natural next step” in the businesses’ growth and progression plan, The TRADE can reveal.
The roll out is imminent and will take place gradually over the next few months, Optiver confirmed.
The move comes as part of the natural progression of the business, Optiver’ s head of European equity market structure, Anish Puaar, told The TRADE.
“ Our direct counterparty business is growing and the SI is a more familiar framework for that liquidity provision,” he said.
“ The way that we trade with our buy-side counterparties now won’ t change at all. Our core offering of showing two way prices through to buy-side EMSs doesn’ t change in any way. We’ re just now doing it in an
SI capacity.”“ It is just a more familiar workflow for the buy-side institutions that we trade with.”
Puaar further added that the decision will allow Optiver to expand the number of stocks it can offer up liquidity for, ultimately expanding the strategies it can offer to buy-side firms.
“ That [ offering more stocks ] helps us to expand the strategies we can offer in terms of trading baskets for example. There’ s a wider universe and we can cater to different types of baskets for example. It makes a lot of things around the edges a bit cleaner.”
“ There’ s more flexibility there versus off book on exchange. When you’ re reporting to an exchange you’ re bound by that exchange universe. You can do more with an SI in terms of universe stock universe.”
EQUITIES
big xyt enters equities consolidated tape race
The launch of the first selection for the equity consolidated tape provider( CTP) is set for June 2025.
Big xyt has confirmed its intention to bid for the equities and ETF EU consolidated tape( CT). 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
8 // TheTRADE // Q2 2025 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, realtime 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.