FX

BestX® is the Industry Standard for FX TCA

BestX FX covers the full life cycle of the execution providing ex ante ex post analytics.

Pre-Trade software provides clients with the ability to analyse the costs of trading prior to execution. What-if analysis for a given trade is permitted using the proprietary BestX cost models, allowing a trade to be optimised in terms of timing, size of trade or method of execution. Netting analysis for a given currency pair is supported, allowing users to quantify the potential benefits of waiting to net or not by weighing up the opportunity cost vs spread cost for different periods of the trading day.

Post-Trade Analytics across Spot, Forwards, Swaps, NDF, NDS and vanilla FX Options provide market participants with an interface to analyse the costs and execution performance of their FX transactions. The product provides a unique set of analytics, measuring all aspects of execution performance, including spread & impact costs and signalling risk.

Exception Reporting functionality allows clients to automate their outlier detection. A fully auditable workflow with hierarchical approval for the review, explanation and approval of outliers.

RFQ Par Analysis allows clients who trade competitively to review their counterparty performance fairly, adjusting hit ratios for the size of the panel.

Trend Analysis module allows clients to generate bespoke analysis of trends in costs and other performance metrics over longer term timeframes, thereby allowing oversight of the efficacy of any changes to their execution process in the results.

Peer Analysis buy side clients have the ability to ‘opt in’ to our anonymised and aggregated community data pool to conduct statistically significant peer analysis. This allows for the assessment of their relative performance as well as their absolute.

Regulatory Reporting provides the ability to automatically generate a number of best execution reports required by MiFID II, including the RTS28 Top 5 Report. Some of the output will also be useful for other non-MiFID purposes, e.g. the Total Consideration report can also be used to generate numbers for PRIPPs and RG97, and also can simply be used to generate summary cost reports for specific accounts.

Committee Reporting brings together different aspects of Post Trade, Trend and Exceptions to automate a customisable pack for best execution committees.