FORRS Interview with big xyt

big xyt’s journey from innovation to industry standard: helping institutions navigate global market complexity with independent, turnkey solutions for liquidity analysis, transaction cost analysis (TCA), and regulatory reporting across asset classes and regions.

FORRS: How would you describe your product, and what makes it unique or new in the market?

Robin Mess: Big xyt is an independent provider of high-precision trading analytics for global markets. We help clients extract clarity from complexity through normalized, consistent, and granular data. Our solution is unique because it combines nanosecond-level precision, Level 3 visibility to assess participant behavior, and our conflict-free position – free from affiliations with trading venues or market participants. Built on a cloud-native, proprietary technology stack, our platform processes billions of records daily and delivers immediate, actionable insights. We are recognized by our clients as a benchmark for data quality, and our solutions are known for their easy integration into existing systems and workflows.

FORRS: What do your clients value most about your products? How do they use them?

Robin Mess: Our clients value the reliability, neutrality, and depth of our analytics. We support pre- and post-trade workflows, execution quality analysis, venue assessment, and compliance reporting–such as Best Execution (BestEx) and PRIIPs. Market participants – including banks, asset managers, market makers, trading venues, and issuers – use our platform to optimize strategies, monitor liquidity, and meet regulatory obligations. Seamless access via API or GUI means they can integrate our insights with minimal effort, across their analytics, trading, and compliance stacks.

FORRS: How has your client base developed globally? Who are your typical clients?

Robin Mess: Our client base has grown steadily across all major financial centers. We work with a wide range of institutions: global investment banks, exchanges, market makers, asset managers, and regulators. As trading becomes more fragmented and automated, firms need reliable, comparable insights. Our independence and expertise in data normalization and harmonization make us the trusted source for those who rely on consistency and objectivity across different asset classes and geographies.

FORRS: Were there key turning points that showed your product was succeeding?

Robin Mess: Yes. One milestone was when leading global banks retired their internal tools in favor of our platform, proving its scalability and performance. Another key moment occured when exchanges and regulators began using our analytics as reference points for market quality and compliance. These moments validated our role as a trusted industry utility. More recently, a leading data provider included our market structure content into their terminal solution. This confirms that we are working with a wide range of industry participants, solving real, pressing challenges with precision and efficiency.

FORRS: What is the technical strength of your solution?

Robin Mess: At its core, our platform is built to handle highly demanding analytics use cases. Our cloud- native architecture enables real-time processing with nanosecond resolution, allowing clients to track trading activity at the most granular level. We deliver full-depth order book analytics, enriched with participant-level insights, while ensuring data is normalized and harmonized across venues and instruments. The result is a robust, audit-ready foundation that supports complex analyses at a fraction of the typical cost for large-scale data initiatives.

FORRS: Why are you entering the German market now, after your global success?

Robin Mess: Germany is a key hub in the European financial landscape and home to many market participants. The demand we see is two-pronged. First, the German market is seeking conflict-free trading analytics – especially with growing regulatory scrutiny. Second, our international clients look to Germany as a key financial market for growth. This provides us with the opportunity to bring our capabilities closer to those in the region. With deep ties to the European market and a proven global track record, we are well-positioned to support German institutions with tools that are powerful, cost-effective, and easy to implement.

FORRS: How do you see the market evolving, and how does that affect the relevance of your product?

Robin Mess: The industry continues to evolve rapidly – toward greater automation, real-time monitoring, and regulatory compliance. These trends highlight the need for high-quality, low-latency analytics. Our solutions help clients navigate this complexity by delivering transparency, comparability, and insight into market behavior across fragmented liquidity pools. Our product continues to grow, as institutions seek to use the latest developments in technology to gain a competitive edge, reduce risk, and stay ahead of evolving rules and market dynamics.

FORRS: Can you tell us about the company’s history and milestones?

Robin Mess: Founded in 2014, big xyt set out to redefine how market participants interact with data. In 2017, we launched our flagship liquidity analytics tool “Liquidity Cockpit.” We followed this with product enhancements in post-trade and regulatory reporting. Our expansion has been organic, driven by growing demand in Europe, North America, and Asia. Today, we are recognized as a reference provider in the industry – trusted by leading firms for our data quality, regulatory expertise, and scalable infrastructure.

FORRS: You recently secured a substantial investment. What was the reason, and what are your plans for the new capital?

Robin Mess: The investment allows us to accelerate growth, while maintaining our independence and high standards. We are using the capital to expand our product suite, grow our strong team, and deepen client relationships in key markets, especially in Europe. It also supports continued innovation in areas like real-time analytics, regulatory reporting, and enhanced integration. Our goal is to support the industry by remaining a trusted, conflict-free partner, helping clients turn complex data into a strategic advantage.

big xyt’s approach to tackle trading analytics in the global market