Markit BCS is an independent and fully validated tool showing the volume of European cash equities executed in Broker Crossing Systems (BCS) within the existing MiFID framework.

The aim of the Markit BCS product is to provide the market with greater visibility of the total volume crossed within their systems by the reporting brokers.

A Broker Crossing System is defined as an internal automated process operated by a broker-dealer that matches buy and sell orders on a discretionary intra-spread basis within a pricing methodology referencing an appropriate BBO.

By using the existing publication methodology, the BCS numbers generated can be compared with total published volumes in Europe. 

Markit BCS data is a subset of total volume reported across all publication venues as ‘OTC’ and ‘SI’ and is presented in aggregate form at a country level.

Markit adopts strict data validation rules and contributing firms respect contributing principles to guarantee a high and constant data quality.
Data are published on a T+1 basis.