Fixed Income

BestX® Fixed Income seeks to provide an Industry Standard for Best Execution Analytics for OTC and exchange traded Fixed Income markets

The Award winning BestX platform for FX has been leveraged to expand into Fixed Income and allows existing functionality and workflow. Exception Reporting to work ‘out of the box’. Specific analytics have been developed for FI securities, including Sovereigns (G10 & EM) and Corporate Bonds and Futures. Future roadmap includes Interest Rate Swaps, CDS Indices, Pre Trade and Fixed Income Peer Analysis

Our Fixed Income Best Execution Analytics are powered by a unique set of market data from multiple vendors. To ensure the most broad and accurate coverage we have developed a bespoke waterfall approach to compensate for market data gaps in Fixed Income Markets, via a methodology that blends tick data, yield curves, client losing quote data, issue prices, client benchmarks and end of day prices. Clients are able to specify the prioritisation order of the pricing source and curves are constructed on a dynamic basis as close to completion timestamps as possible.

Clients data is enriched with detailed reference data capturing all the key characteristics of the instruments enabling the possibility for granular analysis of the business.

We cover the broad cash FI universe across sovereigns (Developed & both hard and local currency EM), corporates (IG & HY), ABS, MBS, MUNIs, Linkers and Convertibles, as well as the major FI futures in bonds and rates.

BestX has also developed Price Explainer which provides a deep dive into the price composition, isolating the benchmark rate and allows a comparison of credit spread vs. market mid at multiple points in the day.

Integration with the major OMS platforms is in place allowing clients to send their data in a standard format with minimum uplift. BestX also allows clients to evaluate Fixed Income Portfolio Trading Performance where trades can have a parent-style structure where different instruments can be linked together to form a package.

BestX also allows clients to evaluate bond trades that have an embedded FX component to highlight separately the cost of trading the bond and the associated FX cost.