Thomson Reuters Partners with BestX to Offer Independent Transaction Cost Analysis Service to FX Buy-Side

Thomson Reuters Partners with BestX to Offer Independent Transaction Cost Analysis Service to FX Buy-Side
05.12.2016 09:30 am

Thomson Reuters Partners with BestX to Offer Independent Transaction Cost Analysis Service to FX Buy-Side

Trading Systems

Thomson Reuters is working with FX analytics specialist BestX to enable buy-side participants using Thomson Reuters FXall and FX Trading to streamline analysis of transaction costs, helping them define, achieve and demonstrate best execution.

Through the partnership, Thomson Reuters will offer seamless connectivity to the independent transaction cost analysis (TCA) service from BestX from its FXall and FX Trading desktops. Thomson Reuters customers will be able to have their trades sent automatically to BestX for independent post-trade transaction cost analysis, and also benefit from single sign-on desktop integration. 

As MiFID II and the implementation of the Global FX Code of Conduct define the future behaviour and obligations of all market participants, there is an increasing need for buy-side institutions such as asset managers, wealth advisors and corporates to demonstrate best execution. The BestX FX Best Execution Analytics application provides customers with interactive reports that include a range of performance metrics designed for the specific characteristics of the FX market including spread cost, impact cost, performance against specific benchmarks, post-trade revaluations, implementation shortfall, and signaling risk.  It also provides a single point of analysis for trades executed across all transaction venues, using consistent methodology and benchmark data regardless of execution source.

“Thomson Reuters recognises the very specific needs of the FX buy-side for transaction cost analysis and for this reason we have been really impressed with the BestX analytics which are unique in this space,” says Neill Penney, co-head of Trading at Thomson Reuters. “Our open platform approach means we are able to connect BestX with our FXall and FX Trading platforms, bringing our customers improved capabilities while eliminating the integration work they would otherwise have to perform themselves.”

As part of the agreement, BestX will also adopt Thomson Reuters leading FX market data to calibrate and power the proprietary models in the BestX FX Analytics platform.

Co-Founders and Directors of BestX, Pete Eggleston and Oliver Jerome, believe this strategic partnership creates a unique proposition in this space: “The combination of our real-time analytics suite with the Thomson Reuters data set provides an extremely powerful offering for computing best execution performance metrics in FX” said Pete Eggleston. Oliver Jerome added: “Thomson Reuters recognises the value of offering specialised and independent Best Execution analytics to its FX customers. And by using Thomson Reuters market-leading data to power our analytics, we can now deliver the highest quality of analysis utilising an unparalleled breadth and depth of market data.”

The partnership will see Thomson Reuters take a minority equity stake in BestX and have a representative on the BestX Board.

Related News

Wai Kin Chan joins BidFX as Head of Asia Pacific

BidFX is proud to announce and welcome Wai Kin Chan as the Company’s new Head of Asia Pacific. Wai Kin will be responsible for sales team leadership, driving sales growth in... Read more »

SMBC Nikko London replaces Bloomberg SSEOMS with Itiviti’s multi-asset OMS platform

Itiviti, a leading technology, and service provider to financial institutions worldwide, today announced that SMBC Nikko London Capital Markets, a full scope IFPRU investment... Read more »

BidFX Liquidity Offering Keeps Growing, Adds Jump Liquidity

BidFX, an industry leading EMS designed for the 5 trillion daily FX market, is pleased to announce that Jump Liquidity, one of the world’s leading proprietary trading firms,... Read more »

Goldman Sachs selects QuantHouse to accelerate market data distribution from its SIGMA X MTF European platform

QuantHouse, the global provider of end-to-end systematic trading solutions including innovative market data services, algo trading platform and infrastructure products and part... Read more »

DriveWealth Brings New Talent to Executive Team

DriveWealth Holdings, Inc., a leader in global digital trading technology, announced the further strengthening of its... Read more »

Credit Suisse selects Torstone's post-trade processing platform Inferno

Torstone Technology, a leading provider of post-trade securities and derivatives processing, today announces that Credit Suisse Securities (Canada) Inc. has selected its award-... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel