Redefining FX Best Execution with Data Intelligence

Unlocking the insights from vast volumes of currency (FX) market data has long been the aim of skilled traders. Unlike equity market data, the over-the-counter (OTC) nature of FX trading means there is very little data standardization. With the new FX transaction cost analysis (TCA) tool built by BestX®, non-standardized data is normalized and presented back to traders in a way that is easily analyzed and acted upon.

Tomo Tokuyama, head of trading at First Quadrant, a large systematic alternatives manager in Los Angeles, California, has deep experience in currency markets, both on the sell side and the buy side, and has witnessed first-hand how technology has transformed FX trading. Lou Maiuri, State Street’s Chief Operating Officer, recently sat down with Tomo to discuss that evolution and how the BestX® TCA tool has taken execution to a new level with data intelligence that is helping traders better architect and deploy FX strategies in a more targeted and cost-efficient way.