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UPDATE: For the latest universe of XBO – European BB Service and XT – Consolidated Post Trade RICs please click on the links in the box on the right of this page titled “Latest RIC List"
XBO – European BBO Service
The MIFID European BBO Service or XBO provides a real time European BBO which details the best price & Venue ID across the main executable source venues in Europe. It also provides a real time consolidated Trade service which includes a trade stack of the last 5 trades reported across the executable venues:
Attributes of xbo
The XBO RIC will update with post-trade information where Refinitiv consider those trades could have been able to be hit by the majority of market participants.
Different venues refer to them by different names, but the generic trade types that update the XBO RIC are:
· On Book trades
· Open Auction trades
· Unscheduled Auction trades
· Scheduled Intraday Auction trades
· Close Auction trades
· Periodic Auction trades
· Trading at Close trades
We will also publish Dark Pool trades on the XBO RIC, but through a different set of dark trade fields.
XBO Instrument Universe
The xbo universe is based on the constituents of leading MiFID-zone indices (excluding Athens ) and also covers most equities tradeable on the Cboe Europe and Turquoise pan-European MTFs. Instruments which are no longer an index constituent will be reviewed on a 12 monthly basis and will be removed based on their liquidity level.
To see a full list of the current XBO universe, please download the XBO spreadsheet.
XT - Consolidated post trade service
The ‘xt’ provides a post trade service which consolidates trades reported by all types of source venues into one service. The Source venues include executable venues (primary exchanges, MTFs etc) and trade reporting venues (APAs). The xt is a streaming delayed data service which outputs trade data on a 15 minutes delayed basis, thereby limiting fee liability. Full Time & Sales is also available in the desktop.
Attributes of XT
All trade types are available through the XT service.
XT Instrument Universe
The .xt universe is not restricted to the Major Indices like the .xbo RIC. The universe was built originally based on the 5000 most liquid CESR ISINs for MIFID I. However over time the .xt universe has grown to incorporate more. Please see our spreadsheet for XT for the latest instrument coverage.
XT and XBO Field List
The fields available differ between the XT and XBO Services. A list of fields, their descriptions and the values that appear in each field (where applicable) are available via our Developer Portal Page. Please note this requires an additional login registration. Access it via this link: https://refinitiv.fixspec.com/stack/specs/elektron/emea/europe-mifid-composite/3-0-6
Fee Structure
The XBO & XT Product are free of fees but orderable. The XBO service requires user subscription to the source feeds, some of which have end user fees.
XBO Permissioning
The instruments in the xbo service are available via Country Segment. An instrument is placed in a segment based on where the majority of the liquidity is. To qualify to see the xbo instruments in a particular segment clients are required to be additionally subscribed to the underlying source venues.
XT Permissioning
Subscription to the xt services do not require any further end user fees because the service is offered with a delay of 15 minutes. As a minimum all clients will need to order the PDP code XTC.
The Country Segmentation does not apply to the xt service because it is delayed and has no further end user fees.
Ordering the Services
Clients wishing to order this data should contact their account manager to request access to the services.
Data Scope Customers
End of Day Data for the xbo is available via DataScope. Clients wishing to see this data need to look at the filecodes for XBO and XT to view the data.
For the latest universe of XBO – European BB Service and XT – Consolidated Post Trade RICs please click on the links in the box on the right of this page titled “Latest RIC List.
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