BestEx Research has launched a new offering, Pulse Analytics, aimed at enhancing pre-trade and execution analytics.
Specifically, the platform is set to support portfolio managers and traders in estimating, measuring and improving trading costs, by allowing them to either integrate with a REST API or access Pulse Analytics through BestEx Research’s algorithm management system (AMS).
The launch also sees the platform’s first offering, the Pulse Market Impact Model for Futures going live, to provide both historical and forward-looking transaction cost estimates in both market impact and order placement cost components.
The offering enables clients to gain access to further execution-relevant analytics such as trade imbalance, spread, depth of book and benchmark prices spanning VWAP, participation-weighted price (PWP) and arrival price.
Speaking to The TRADE, Hitesh Mittal, chief executive and founder of BestEx Research, said: “With the Pulse Market Impact Model, we address a long-standing challenge in futures transaction cost estimation, presenting a model that calculates the true cost of liquidity by accounting for futures-specific nuances such as shadow liquidity, tick size, and intraday variation.
“The result is a highly accurate representation of trading costs across products, maturities, and times of day for various order sizes and trading speeds. Built from a large sample of high-frequency market data and verified on real execution data, the model offers a unique curve for each futures base symbol—putting reliable cost estimates directly into the hands of portfolio managers and traders.”
Currently, the platform covers 70 base futures products in categories spanning energy, agriculture, metals, FX, equity indices and interest rates.
Additionally, the firm is set to further expand its Pulse Analytics platform in the future, with developments expected across additional asset classes, a broker-neutral transaction cost analysis, execution optimisation tools and futures roll analytics.